StepStone Group Inc
For the period ended Mar 31, 2024. Filed May 24, 2024.
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FY2024 · Filed May 24, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Balance Sheets as of March 31, 202 and
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
| As of March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Cash and cash equivalents | $143,430 | $102,565 |
| Restricted cash | 718 | 955 |
| Fees and accounts receivable | 56,769 | 44,450 |
| Due from affiliates | 67,531 | 54,322 |
| Investments: | ||
| Investments in funds | 135,043 | 115,187 |
| Accrued carried interest allocations | 1,354,051 | 1,227,173 |
| Legacy Greenspring investments in funds and accrued carried interest allocations(1) | 631,197 | 770,652 |
| Deferred income tax assets | 184,512 | 44,358 |
| Lease right-of-use assets, net | 97,763 | 101,130 |
| Other assets and receivables | 60,611 | 44,060 |
| Intangibles, net | 304,873 | 354,645 |
| Goodwill | 580,542 | 580,542 |
| Assets of Consolidated Funds: | ||
| Cash and cash equivalents | 38,164 | 25,997 |
| Investments, at fair value | 131,858 | 30,595 |
| Other assets | 1,745 | 772 |
| Total assets | $3,788,807 | $3,497,403 |
| Liabilities and stockholders’ equity | ||
| Accounts payable, accrued expenses and other liabilities | $127,417 | $89,396 |
| Accrued compensation and benefits | 101,481 | 66,614 |
| Accrued carried interest-related compensation | 719,497 | 644,517 |
| Legacy Greenspring accrued carried interest-related compensation(1) | 484,154 | 617,994 |
| Due to affiliates | 212,918 | 205,424 |
| Lease liabilities | 119,739 | 121,224 |
| Debt obligations | 148,822 | 98,351 |
| Liabilities of Consolidated Funds: | ||
| Other liabilities | 1,645 | 566 |
| Total liabilities | 1,915,673 | 1,844,086 |
| Commitments and contingencies (Note 16) | ||
| Redeemable non-controlling interests in Consolidated Funds | 102,623 | 24,530 |
| Redeemable non-controlling interests in subsidiaries | 115,920 | — |
| Stockholders’ equity: | ||
| Class A common stock, $0.001 par value, 650,000,000 authorized; 65,614,902 and 62,834,791 issued and outstanding as of March 31, 2024 and 2023, respectively | 66 | 63 |
| Class B common stock, $0.001 par value, 125,000,000 authorized; 45,030,959 and 46,420,141 issued and outstanding as of March 31, 2024 and 2023, respectively | 45 | 46 |
| Additional paid-in capital | 310,293 | 610,567 |
| Retained earnings | 13,768 | 160,430 |
| Accumulated other comprehensive income | 304 | 461 |
| Total StepStone Group Inc. stockholders’ equity | 324,476 | 771,567 |
| Non-controlling interests in subsidiaries | 974,559 | 36,380 |
| Non-controlling interests in legacy Greenspring entities(1) | 147,042 | 152,658 |
| Non-controlling interests in the Partnership | 208,514 | 668,182 |
| Total stockholders’ equity | 1,654,591 | 1,628,787 |
| Total liabilities and stockholders’ equity | $3,788,807 | $3,497,403 |
(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 5 and 15 for more information.
Consolidated Balance Sheets
The following presents the portion of the consolidated balances presented above attributable to consolidated variable interest entities.
| As of March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Assets | ||
| Cash and cash equivalents | $46,859 | $25,959 |
| Restricted cash | 718 | 955 |
| Fees and accounts receivable | 52,566 | 39,996 |
| Due from affiliates | 23,986 | 14,061 |
| Investments in funds | 39,590 | 31,569 |
| Legacy Greenspring investments in funds and accrued carried interest allocations | 631,197 | 770,652 |
| Deferred income tax assets | 349 | 451 |
| Lease right-of-use assets, net | 16,665 | 15,084 |
| Other assets and receivables | 11,491 | 8,101 |
| Assets of Consolidated Funds: | ||
| Cash and cash equivalents | 38,164 | 25,997 |
| Investments, at fair value | 131,858 | 30,595 |
| Other assets | 1,745 | 772 |
| Total assets | $995,188 | $964,192 |
| Liabilities | ||
| Accounts payable, accrued expenses and other liabilities | $27,155 | $13,444 |
| Accrued compensation and benefits | 57,487 | 29,869 |
| Legacy Greenspring accrued carried interest-related compensation | 484,154 | 617,994 |
| Due to affiliates | 5,845 | 4,962 |
| Lease liabilities | 17,415 | 15,883 |
| Liabilities of Consolidated Funds: | ||
| Other liabilities | 1,645 | 566 |
| Total liabilities | $593,701 | $682,718 |
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