(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
Press Release of StepStone Group Inc. dated May 23, 2024 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
STEPSTONE GROUP INC. | ||||||||
Date: May 23, 2024 | By: | /s/ David Y. Park | ||||||
David Y. Park | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer and Authorized Signatory) |
Three Months Ended | Year Ended March 31, | Percentage Change | |||||||||||||||||||||||||||||||||
(in thousands, except share and per share amounts and where noted) | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | 2023 | 2024 | vs. FQ4'23 | vs. FY'23 | ||||||||||||||||||||||||||
Financial Highlights | |||||||||||||||||||||||||||||||||||
GAAP Results | |||||||||||||||||||||||||||||||||||
Management and advisory fees, net | $ | 132,573 | $ | 138,115 | $ | 142,123 | $ | 151,492 | $ | 153,410 | $ | 497,179 | $ | 585,140 | 16 | % | 18 | % | |||||||||||||||||
Total revenues | 172,374 | 178,011 | 191,422 | (14,612) | 356,810 | (67,574) | 711,631 | 107 | % | na | |||||||||||||||||||||||||
Total performance fees | 39,801 | 39,896 | 49,299 | (166,104) | 203,400 | (564,753) | 126,491 | 411 | % | na | |||||||||||||||||||||||||
Net income (loss) | 56,816 | 49,446 | 59,251 | (23,419) | 82,542 | (45,275) | 167,820 | 45 | % | na | |||||||||||||||||||||||||
Net income (loss) per share of Class A common stock: | |||||||||||||||||||||||||||||||||||
Basic | $ | 0.46 | $ | 0.34 | $ | 0.42 | $ | (0.32) | $ | 0.48 | $ | (0.30) | $ | 0.91 | 4 | % | na | ||||||||||||||||||
Diluted | $ | 0.46 | $ | 0.34 | $ | 0.42 | $ | (0.32) | $ | 0.48 | $ | (0.30) | $ | 0.91 | 4 | % | na | ||||||||||||||||||
Weighted-average shares of Class A common stock: | |||||||||||||||||||||||||||||||||||
Basic | 62,805,788 | 62,834,818 | 62,858,468 | 64,068,952 | 64,194,859 | 61,884,671 | 63,489,135 | 2 | % | 3 | % | ||||||||||||||||||||||||
Diluted | 65,831,409 | 65,739,470 | 66,198,129 | 64,068,952 | 67,281,567 | 61,884,671 | 66,544,038 | 2 | % | 8 | % | ||||||||||||||||||||||||
Quarterly dividend per share of Class A common stock(1) | $ | 0.20 | $ | 0.20 | $ | 0.21 | $ | 0.21 | $ | 0.21 | $ | 0.80 | $ | 0.83 | 5 | % | 4 | % | |||||||||||||||||
Supplemental dividend per share of Class A common stock(2) | $ | — | $ | 0.25 | $ | — | $ | — | $ | — | $ | — | $ | 0.25 | na | na | |||||||||||||||||||
Accrued carried interest allocations | $ | 1,227,173 | $ | 1,277,783 | $ | 1,331,778 | $ | 1,203,847 | $ | 1,354,051 | 10 | % | |||||||||||||||||||||||
Non-GAAP Results(3) | |||||||||||||||||||||||||||||||||||
Adjusted management and advisory fees, net(4) | $ | 132,720 | $ | 138,301 | $ | 142,327 | $ | 151,943 | $ | 153,808 | $ | 497,326 | $ | 586,379 | 16 | % | 18 | % | |||||||||||||||||
Adjusted revenues | 152,940 | 152,780 | 149,800 | 185,123 | 177,357 | 641,970 | 665,060 | 16 | % | 4 | % | ||||||||||||||||||||||||
Fee-related earnings (“FRE”) | 37,796 | 44,402 | 43,827 | 50,664 | 50,900 | 156,158 | 189,793 | 35 | % | 22 | % | ||||||||||||||||||||||||
FRE margin(5) | 28 | % | 32 | % | 31 | % | 33 | % | 33 | % | 31 | % | 32 | % | |||||||||||||||||||||
Gross realized performance fees | 20,220 | 14,479 | 7,473 | 33,180 | 23,549 | 144,644 | 78,681 | 16 | % | (46) | % | ||||||||||||||||||||||||
Adjusted net income (“ANI”) | 27,115 | 29,388 | 30,173 | 42,116 | 37,716 | 142,663 | 139,393 | 39 | % | (2) | % | ||||||||||||||||||||||||
Adjusted weighted-average shares | 114,765,635 | 114,673,696 | 115,118,060 | 115,232,927 | 115,512,301 | 114,618,105 | 115,134,473 | ||||||||||||||||||||||||||||
ANI per share | $ | 0.24 | $ | 0.26 | $ | 0.26 | $ | 0.37 | $ | 0.33 | $ | 1.24 | $ | 1.21 | 38 | % | (2) | % | |||||||||||||||||
Key Business Drivers/Operating Metrics (in billions) | |||||||||||||||||||||||||||||||||||
Assets under management (“AUM”)(6) | $ | 138.4 | $ | 142.6 | $ | 145.8 | $ | 149.0 | $ | 156.6 | 13 | % | |||||||||||||||||||||||
Assets under advisement (“AUA”)(6) | 482.2 | 497.0 | 512.9 | 510.5 | 521.1 | 8 | % | ||||||||||||||||||||||||||||
Fee-earning AUM (“FEAUM”) | 85.4 | 87.4 | 87.3 | 89.4 | 93.9 | 10 | % | ||||||||||||||||||||||||||||
Undeployed fee-earning capital (“UFEC”) | 15.7 | 16.9 | 18.1 | 21.4 | 22.6 | 44 | % |
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 | |||||||||
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 |
Three Months Ended March 31, | Year Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Management and advisory fees, net | $ | 153,410 | $ | 132,573 | $ | 585,140 | $ | 497,179 | |||||||||||||||
Performance fees: | |||||||||||||||||||||||
Incentive fees | 2,496 | 1,318 | 25,339 | 9,663 | |||||||||||||||||||
Carried interest allocations: | |||||||||||||||||||||||
Realized | 18,054 | 18,693 | 49,401 | 131,089 | |||||||||||||||||||
Unrealized | 151,757 | 100,753 | 126,908 | (253,342) | |||||||||||||||||||
Total carried interest allocations | 169,811 | 119,446 | 176,309 | (122,253) | |||||||||||||||||||
Legacy Greenspring carried interest allocations(1) | 31,093 | (80,963) | (75,157) | (452,163) | |||||||||||||||||||
Total performance fees | 203,400 | 39,801 | 126,491 | (564,753) | |||||||||||||||||||
Total revenues | 356,810 | 172,374 | 711,631 | (67,574) | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Compensation and benefits: | |||||||||||||||||||||||
Cash-based compensation | 74,411 | 69,990 | 292,962 | 252,180 | |||||||||||||||||||
Equity-based compensation | 13,937 | 9,335 | 42,357 | 24,940 | |||||||||||||||||||
Performance fee-related compensation: | |||||||||||||||||||||||
Realized | 11,421 | 12,755 | 37,687 | 79,846 | |||||||||||||||||||
Unrealized | 84,014 | 53,515 | 74,694 | (119,039) | |||||||||||||||||||
Total performance fee-related compensation | 95,435 | 66,270 | 112,381 | (39,193) | |||||||||||||||||||
Legacy Greenspring performance fee-related compensation(1) | 31,093 | (80,963) | (75,157) | (452,163) | |||||||||||||||||||
Total compensation and benefits | 214,876 | 64,632 | 372,543 | (214,236) | |||||||||||||||||||
General, administrative and other | 54,310 | 35,612 | 167,317 | 147,159 | |||||||||||||||||||
Total expenses | 269,186 | 100,244 | 539,860 | (67,077) | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Investment income (loss) | 3,337 | 2,964 | 7,452 | (2,509) | |||||||||||||||||||
Legacy Greenspring investment loss(1) | (33) | (11,148) | (9,087) | (44,075) | |||||||||||||||||||
Investment income of Consolidated Funds | 6,115 | 4,420 | 28,472 | 9,315 | |||||||||||||||||||
Interest income | 1,429 | 853 | 3,664 | 1,921 | |||||||||||||||||||
Interest expense | (2,649) | (1,674) | (9,331) | (4,189) | |||||||||||||||||||
Other income (loss) | (1,308) | (40) | 2,455 | (1,420) | |||||||||||||||||||
Total other income (expense) | 6,891 | (4,625) | 23,625 | (40,957) | |||||||||||||||||||
Income (loss) before income tax | 94,515 | 67,505 | 195,396 | (41,454) | |||||||||||||||||||
Income tax expense | 11,973 | 10,689 | 27,576 | 3,821 | |||||||||||||||||||
Net income (loss) | 82,542 | 56,816 | 167,820 | (45,275) | |||||||||||||||||||
Less: Net income attributable to non-controlling interests in subsidiaries | 4,443 | 9,358 | 37,240 | 35,194 | |||||||||||||||||||
Less: Net loss attributable to non-controlling interests in legacy Greenspring entities(1) | (33) | (11,148) | (9,087) | (44,075) | |||||||||||||||||||
Less: Net income (loss) attributable to non-controlling interests in the Partnership | 37,279 | 28,420 | 59,956 | (19,772) | |||||||||||||||||||
Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds | 4,248 | 1,385 | 15,838 | 1,776 | |||||||||||||||||||
Less: Net income attributable to redeemable non-controlling interests in subsidiaries | 5,782 | — | 5,782 | — | |||||||||||||||||||
Net income (loss) attributable to StepStone Group Inc. | $ | 30,823 | $ | 28,801 | $ | 58,091 | $ | (18,398) | |||||||||||||||
Net income (loss) per share of Class A common stock: | |||||||||||||||||||||||
Basic | $ | 0.48 | $ | 0.46 | $ | 0.91 | $ | (0.30) | |||||||||||||||
Diluted | $ | 0.48 | $ | 0.46 | $ | 0.91 | $ | (0.30) | |||||||||||||||
Weighted-average shares of Class A common stock: | |||||||||||||||||||||||
Basic | 64,194,859 | 62,805,788 | 63,489,135 | 61,884,671 | |||||||||||||||||||
Diluted | 67,281,567 | 65,831,409 | 66,544,038 | 61,884,671 |
Three Months Ended | Year Ended March 31, | |||||||||||||||||||||||||
(in thousands) | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | 2023 | 2024 | |||||||||||||||||||
Focused commingled funds(1)(2) | $ | 62,093 | $ | 67,119 | $ | 70,481 | $ | 78,633 | $ | 80,434 | $ | 227,068 | $ | 296,667 | ||||||||||||
Separately managed accounts | 54,033 | 55,744 | 56,431 | 55,838 | 55,945 | 210,187 | 223,958 | |||||||||||||||||||
Advisory and other services | 15,546 | 14,101 | 13,740 | 16,069 | 16,147 | 56,244 | 60,057 | |||||||||||||||||||
Fund reimbursement revenues(1) | 1,048 | 1,337 | 1,675 | 1,403 | 1,282 | 3,827 | 5,697 | |||||||||||||||||||
Adjusted management and advisory fees, net | $ | 132,720 | $ | 138,301 | $ | 142,327 | $ | 151,943 | $ | 153,808 | $ | 497,326 | $ | 586,379 | ||||||||||||
Three Months Ended | Year Ended March 31, | |||||||||||||||||||||||||
(in thousands) | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | 2023 | 2024 | |||||||||||||||||||
Total revenues | $ | 172,374 | $ | 178,011 | $ | 191,422 | $ | (14,612) | $ | 356,810 | $ | (67,574) | $ | 711,631 | ||||||||||||
Unrealized carried interest allocations | (100,753) | (49,364) | (55,371) | 129,584 | (151,757) | 253,342 | (126,908) | |||||||||||||||||||
Deferred incentive fees | 209 | — | 942 | — | 1,450 | 3,892 | 2,392 | |||||||||||||||||||
Legacy Greenspring carried interest allocations | 80,963 | 23,947 | 12,603 | 69,700 | (31,093) | 452,163 | 75,157 | |||||||||||||||||||
Management and advisory fee revenues for the Consolidated Funds(1) | 147 | 186 | 204 | 451 | 398 | 147 | 1,239 | |||||||||||||||||||
Incentive fees for the Consolidated Funds(2) | — | — | — | — | 1,549 | — | 1,549 | |||||||||||||||||||
Adjusted revenues | $ | 152,940 | $ | 152,780 | $ | 149,800 | $ | 185,123 | $ | 177,357 | $ | 641,970 | $ | 665,060 |
Three Months Ended | Year Ended March 31, | |||||||||||||||||||||||||
(in thousands) | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | 2023 | 2024 | |||||||||||||||||||
GAAP management and advisory fees, net | $ | 132,573 | $ | 138,115 | $ | 142,123 | $ | 151,492 | $ | 153,410 | $ | 497,179 | $ | 585,140 | ||||||||||||
Management and advisory fee revenues for the Consolidated Funds(1) | 147 | 186 | 204 | 451 | 398 | 147 | 1,239 | |||||||||||||||||||
Adjusted management and advisory fees, net | $ | 132,720 | $ | 138,301 | $ | 142,327 | $ | 151,943 | $ | 153,808 | $ | 497,326 | $ | 586,379 | ||||||||||||
GAAP incentive fees | $ | 1,318 | $ | 6 | $ | 4,946 | $ | 17,891 | $ | 2,496 | $ | 9,663 | $ | 25,339 | ||||||||||||
Incentive fee revenues for the Consolidated Funds(2) | — | — | — | — | 1,549 | — | 1,549 | |||||||||||||||||||
Adjusted incentive fees | $ | 1,318 | $ | 6 | $ | 4,946 | $ | 17,891 | $ | 4,045 | $ | 9,663 | $ | 26,888 | ||||||||||||
GAAP cash-based compensation | $ | 69,990 | $ | 70,081 | $ | 74,851 | $ | 73,619 | $ | 74,411 | $ | 252,180 | $ | 292,962 | ||||||||||||
Adjustments(3) | (653) | (531) | (574) | (574) | (461) | (2,604) | (2,140) | |||||||||||||||||||
Adjusted cash-based compensation | $ | 69,337 | $ | 69,550 | $ | 74,277 | $ | 73,045 | $ | 73,950 | $ | 249,576 | $ | 290,822 | ||||||||||||
GAAP equity-based compensation | $ | 9,335 | $ | 8,472 | $ | 5,916 | $ | 14,032 | $ | 13,937 | $ | 24,940 | $ | 42,357 | ||||||||||||
Adjustments(4) | (8,274) | (7,171) | (4,644) | (12,610) | (12,210) | (21,914) | (36,635) | |||||||||||||||||||
Adjusted equity-based compensation | $ | 1,061 | $ | 1,301 | $ | 1,272 | $ | 1,422 | $ | 1,727 | $ | 3,026 | $ | 5,722 | ||||||||||||
GAAP general, administrative and other | $ | 35,612 | $ | 33,277 | $ | 31,729 | $ | 48,001 | $ | 54,310 | $ | 147,159 | $ | 167,317 | ||||||||||||
Adjustments(5) | (11,086) | (10,229) | (8,778) | (21,189) | (27,079) | (58,593) | (67,275) | |||||||||||||||||||
Adjusted general, administrative and other | $ | 24,526 | $ | 23,048 | $ | 22,951 | $ | 26,812 | $ | 27,231 | $ | 88,566 | $ | 100,042 | ||||||||||||
GAAP interest income | $ | 853 | $ | 431 | $ | 977 | $ | 827 | $ | 1,429 | $ | 1,921 | $ | 3,664 | ||||||||||||
Interest income earned by the Consolidated Funds(6) | (195) | (244) | (249) | (540) | (612) | (195) | (1,645) | |||||||||||||||||||
Adjusted interest income | $ | 658 | $ | 187 | $ | 728 | $ | 287 | $ | 817 | $ | 1,726 | $ | 2,019 | ||||||||||||
GAAP other income (loss) | $ | (40) | $ | 227 | $ | (872) | $ | 4,408 | $ | (1,308) | $ | (1,420) | $ | 2,455 | ||||||||||||
Adjustments(7) | 86 | (376) | 403 | (4,301) | 395 | 86 | (3,879) | |||||||||||||||||||
Adjusted other income (loss) | $ | 46 | $ | (149) | $ | (469) | $ | 107 | $ | (913) | $ | (1,334) | $ | (1,424) |
Three Months Ended | Year Ended March 31, | |||||||||||||||||||||||||
(in thousands) | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | 2023 | 2024 | |||||||||||||||||||
Income (loss) before income tax | $ | 67,505 | 58,043 | $ | 66,980 | $ | (24,142) | $ | 94,515 | $ | (41,454) | $ | 195,396 | |||||||||||||
Net income attributable to non-controlling interests in subsidiaries(1) | (10,151) | (10,540) | (10,321) | (15,537) | (12,822) | (39,054) | (49,220) | |||||||||||||||||||
Net loss attributable to non-controlling interests in legacy Greenspring entities | 11,148 | 2,866 | 3,966 | 2,222 | 33 | 44,075 | 9,087 | |||||||||||||||||||
Unrealized carried interest allocations | (100,753) | (49,364) | (55,371) | 129,584 | (151,757) | 253,342 | (126,908) | |||||||||||||||||||
Unrealized performance fee-related compensation | 53,515 | 24,211 | 28,712 | (62,243) | 84,014 | (119,039) | 74,694 | |||||||||||||||||||
Unrealized investment (income) loss | (2,207) | (2,529) | (1,657) | 5,559 | (2,280) | 8,012 | (907) | |||||||||||||||||||
Impact of Consolidated Funds | (4,002) | (2,647) | (8,223) | (11,068) | (4,138) | (8,897) | (26,076) | |||||||||||||||||||
Deferred incentive fees | 209 | — | 942 | — | 1,450 | 3,892 | 2,392 | |||||||||||||||||||
Equity-based compensation(2) | 8,274 | 7,171 | 4,644 | 12,610 | 12,210 | 21,914 | 36,635 | |||||||||||||||||||
Amortization of intangibles | 10,870 | 10,661 | 10,661 | 10,661 | 10,423 | 43,481 | 42,406 | |||||||||||||||||||
Tax Receivable Agreements adjustments through earnings | (244) | — | — | 222 | 90 | (244) | 312 | |||||||||||||||||||
Non-core items(3) | 733 | (50) | (1,500) | 6,335 | 16,780 | 17,580 | 21,565 | |||||||||||||||||||
Pre-tax ANI | 34,897 | 37,822 | 38,833 | 54,203 | 48,518 | 183,608 | 179,376 | |||||||||||||||||||
Income taxes(4) | (7,782) | (8,434) | (8,660) | (12,087) | (10,802) | (40,945) | (39,983) | |||||||||||||||||||
ANI | 27,115 | 29,388 | 30,173 | 42,116 | 37,716 | 142,663 | 139,393 | |||||||||||||||||||
Income taxes(4) | 7,782 | 8,434 | 8,660 | 12,087 | 10,802 | 40,945 | 39,983 | |||||||||||||||||||
Realized carried interest allocations | (18,693) | (14,473) | (1,585) | (15,289) | (18,054) | (131,089) | (49,401) | |||||||||||||||||||
Realized performance fee-related compensation(5) | 12,755 | 9,102 | 1,720 | 15,444 | 11,421 | 79,846 | 37,687 | |||||||||||||||||||
Realized investment income | (757) | (557) | (1,423) | (3,508) | (1,057) | (5,503) | (6,545) | |||||||||||||||||||
Adjusted incentive fees(6) | (1,318) | (6) | (4,946) | (17,891) | (4,045) | (9,663) | (26,888) | |||||||||||||||||||
Deferred incentive fees | (209) | — | (942) | — | (1,450) | (3,892) | (2,392) | |||||||||||||||||||
Adjusted interest income(6) | (658) | (187) | (728) | (287) | (817) | (1,726) | (2,019) | |||||||||||||||||||
Interest expense | 1,674 | 2,012 | 2,108 | 2,562 | 2,649 | 4,189 | 9,331 | |||||||||||||||||||
Adjusted other (income) loss(6)(7) | (46) | 149 | 469 | (107) | 913 | 1,334 | 1,424 | |||||||||||||||||||
Net income attributable to non-controlling interests in subsidiaries(1) | 10,151 | 10,540 | 10,321 | 15,537 | 12,822 | 39,054 | 49,220 | |||||||||||||||||||
FRE | $ | 37,796 | $ | 44,402 | $ | 43,827 | $ | 50,664 | $ | 50,900 | $ | 156,158 | $ | 189,793 |
Three Months Ended | Year Ended March 31, | |||||||||||||||||||||||||
(in thousands) | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | 2023 | 2024 | |||||||||||||||||||
FRE attributable to non-controlling interests in subsidiaries | $ | 9,843 | $ | 10,534 | $ | 9,463 | $ | 10,518 | $ | 11,559 | $ | 38,673 | $ | 42,074 | ||||||||||||
Non fee-related earnings attributable to non-controlling interests in subsidiaries and profits interests | 308 | 6 | 858 | 5,019 | 1,263 | 381 | 7,146 | |||||||||||||||||||
Net income attributable to non-controlling interests in subsidiaries | $ | 10,151 | $ | 10,540 | $ | 10,321 | $ | 15,537 | $ | 12,822 | $ | 39,054 | $ | 49,220 |
Three Months Ended | Year Ended March 31, | |||||||||||||||||||||||||
(in thousands) | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | 2023 | 2024 | |||||||||||||||||||
Transaction costs | $ | 38 | $ | 37 | $ | 163 | $ | 670 | $ | 3,985 | $ | 6,853 | $ | 4,855 | ||||||||||||
Lease remeasurement adjustments | — | — | — | (106) | — | (2,709) | (106) | |||||||||||||||||||
Accelerated depreciation of leasehold improvements for changes in lease terms | 631 | 631 | 631 | 631 | — | 1,472 | 1,893 | |||||||||||||||||||
Severance costs | 73 | — | — | — | — | 293 | — | |||||||||||||||||||
(Gain) loss on change in fair value for contingent consideration obligation | (588) | (1,249) | (2,868) | 9,054 | 12,280 | 9,361 | 17,217 | |||||||||||||||||||
Compensation paid to certain employees as part of an acquisition earn-out | 579 | 531 | 574 | 574 | 515 | 2,310 | 2,194 | |||||||||||||||||||
Gain from negotiation of certain corporate matters | — | — | — | (5,300) | — | — | (5,300) | |||||||||||||||||||
Loss on sale of subsidiary | — | — | — | 812 | — | — | 812 | |||||||||||||||||||
Total non-core operating income and expenses | $ | 733 | $ | (50) | $ | (1,500) | $ | 6,335 | $ | 16,780 | $ | 17,580 | $ | 21,565 |
Three Months Ended | Year Ended March 31, | |||||||||||||||||||||||||
March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | 2023 | 2024 | ||||||||||||||||||||
Federal statutory rate | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | 21.0 | % | ||||||||||||
Combined state, local and foreign rate | 1.3 | % | 1.3 | % | 1.3 | % | 1.3 | % | 1.3 | % | 1.3 | % | 1.3 | % | ||||||||||||
Blended statutory rate | 22.3 | % | 22.3 | % | 22.3 | % | 22.3 | % | 22.3 | % | 22.3 | % | 22.3 | % |
Three Months Ended | Year Ended March 31, | |||||||||||||||||||||||||
(in thousands) | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | 2023 | 2024 | |||||||||||||||||||
Realized carried interest-related compensation | $ | 2,358 | $ | 2,189 | $ | — | $ | 660 | $ | 910 | $ | 11,375 | $ | 3,759 |
Three Months Ended | Year Ended March 31, | |||||||||||||||||||||||||
(in thousands) | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | 2023 | 2024 | |||||||||||||||||||
FRE | $ | 37,796 | $ | 44,402 | $ | 43,827 | $ | 50,664 | $ | 50,900 | $ | 156,158 | $ | 189,793 | ||||||||||||
Adjusted management and advisory fees, net | 132,720 | 138,301 | 142,327 | 151,943 | 153,808 | 497,326 | 586,379 | |||||||||||||||||||
FRE margin | 28 | % | 32 | % | 31 | % | 33 | % | 33 | % | 31 | % | 32 | % |
Three Months Ended | Year Ended March 31, | |||||||||||||||||||||||||
(in thousands) | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | 2023 | 2024 | |||||||||||||||||||
Incentive fees | $ | 1,318 | $ | 6 | $ | 4,946 | $ | 17,891 | $ | 2,496 | $ | 9,663 | $ | 25,339 | ||||||||||||
Realized carried interest allocations | 18,693 | 14,473 | 1,585 | 15,289 | 18,054 | 131,089 | 49,401 | |||||||||||||||||||
Unrealized carried interest allocations | 100,753 | 49,364 | 55,371 | (129,584) | 151,757 | (253,342) | 126,908 | |||||||||||||||||||
Legacy Greenspring carried interest allocations | (80,963) | (23,947) | (12,603) | (69,700) | 31,093 | (452,163) | (75,157) | |||||||||||||||||||
Total performance fees | 39,801 | 39,896 | 49,299 | (166,104) | 203,400 | (564,753) | 126,491 | |||||||||||||||||||
Unrealized carried interest allocations | (100,753) | (49,364) | (55,371) | 129,584 | (151,757) | 253,342 | (126,908) | |||||||||||||||||||
Legacy Greenspring carried interest allocations | 80,963 | 23,947 | 12,603 | 69,700 | (31,093) | 452,163 | 75,157 | |||||||||||||||||||
Incentive fee revenues for the Consolidated Funds(1) | — | — | — | — | 1,549 | — | 1,549 | |||||||||||||||||||
Deferred incentive fees | 209 | — | 942 | — | 1,450 | 3,892 | 2,392 | |||||||||||||||||||
Gross realized performance fees | 20,220 | 14,479 | 7,473 | 33,180 | 23,549 | 144,644 | 78,681 | |||||||||||||||||||
Realized performance fee-related compensation | (12,755) | (9,102) | (1,720) | (15,444) | (11,421) | (79,846) | (37,687) | |||||||||||||||||||
Net realized performance fees | $ | 7,465 | $ | 5,377 | $ | 5,753 | $ | 17,736 | $ | 12,128 | $ | 64,798 | $ | 40,994 |
Three Months Ended | Year Ended March 31, | |||||||||||||||||||||||||
March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | 2023 | 2024 | ||||||||||||||||||||
ANI | $ | 27,115 | $ | 29,388 | $ | 30,173 | $ | 42,116 | $ | 37,716 | $ | 142,663 | $ | 139,393 | ||||||||||||
Weighted-average shares of Class A common stock outstanding – Basic | 62,805,788 | 62,834,818 | 62,858,468 | 64,068,952 | 64,194,859 | 61,884,671 | 63,489,135 | |||||||||||||||||||
Assumed vesting of RSUs | 524,576 | 400,034 | 801,014 | 333,402 | 512,946 | 669,966 | 512,152 | |||||||||||||||||||
Assumed vesting and exchange of Class B2 units | 2,501,045 | 2,504,618 | 2,538,647 | 2,553,899 | 2,573,762 | 2,475,501 | 2,542,751 | |||||||||||||||||||
Exchange of Class B units in the Partnership(1) | 46,420,141 | 46,420,141 | 46,417,845 | 46,314,543 | 46,272,227 | 46,780,724 | 46,356,244 | |||||||||||||||||||
Exchange of Class C units in the Partnership(2) | 2,514,085 | 2,514,085 | 2,502,086 | 1,962,131 | 1,958,507 | 2,807,243 | 2,234,191 | |||||||||||||||||||
Adjusted weighted-average shares | 114,765,635 | 114,673,696 | 115,118,060 | 115,232,927 | 115,512,301 | 114,618,105 | 115,134,473 | |||||||||||||||||||
ANI per share | $ | 0.24 | $ | 0.26 | $ | 0.26 | $ | 0.37 | $ | 0.33 | $ | 1.24 | $ | 1.21 |
Three Months Ended | Year Ended March 31, | Percentage Change | ||||||||||||||||||||||||||||||
(in millions) | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | 2023 | 2024 | vs. FQ4'23 | ||||||||||||||||||||||||
Separately Managed Accounts | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 53,420 | $ | 55,345 | $ | 56,645 | $ | 56,380 | $ | 56,660 | $ | 49,586 | $ | 55,345 | 6 | % | ||||||||||||||||
Contributions(1) | 2,378 | 1,425 | 1,036 | 1,109 | 2,757 | 9,658 | 6,327 | 16 | % | |||||||||||||||||||||||
Distributions(2) | (997) | (429) | (1,459) | (1,397) | (795) | (4,208) | (4,080) | (20) | % | |||||||||||||||||||||||
Market value, FX and other(4) | 544 | 304 | 158 | 568 | 275 | 309 | 1,305 | (49) | % | |||||||||||||||||||||||
Ending balance | $ | 55,345 | $ | 56,645 | $ | 56,380 | $ | 56,660 | $ | 58,897 | $ | 55,345 | $ | 58,897 | 6 | % | ||||||||||||||||
Focused Commingled Funds | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 29,565 | $ | 30,086 | $ | 30,762 | $ | 30,905 | $ | 32,772 | $ | 25,587 | $ | 30,086 | 11 | % | ||||||||||||||||
Contributions(1) | 713 | 796 | 992 | 1,898 | 2,429 | 5,509 | 6,115 | 241 | % | |||||||||||||||||||||||
Distributions(2) | (308) | (252) | (988) | (274) | (327) | (1,162) | (1,841) | 6 | % | |||||||||||||||||||||||
Market value, FX and other(3) | 116 | 132 | 139 | 243 | 87 | 152 | 601 | (25) | % | |||||||||||||||||||||||
Ending balance | $ | 30,086 | $ | 30,762 | $ | 30,905 | $ | 32,772 | $ | 34,961 | $ | 30,086 | $ | 34,961 | 16 | % | ||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 82,985 | $ | 85,431 | $ | 87,407 | $ | 87,285 | $ | 89,432 | $ | 75,173 | $ | 85,431 | 8 | % | ||||||||||||||||
Contributions(1) | 3,091 | 2,221 | 2,028 | 3,007 | 5,186 | 15,167 | 12,442 | 68 | % | |||||||||||||||||||||||
Distributions(2) | (1,305) | (681) | (2,447) | (1,671) | (1,122) | (5,370) | (5,921) | (14) | % | |||||||||||||||||||||||
Market value, FX and other(3) | 660 | 436 | 297 | 811 | 362 | 461 | 1,906 | (45) | % | |||||||||||||||||||||||
Ending balance | $ | 85,431 | $ | 87,407 | $ | 87,285 | $ | 89,432 | $ | 93,858 | $ | 85,431 | $ | 93,858 | 10 | % |
Three Months Ended | Percentage Change | ||||||||||||||||||||||
(in millions) | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | vs. FQ4'23 | |||||||||||||||||
FEAUM | |||||||||||||||||||||||
Private equity | $ | 45,766 | $ | 46,539 | $ | 46,464 | $ | 48,258 | $ | 49,869 | 9% | ||||||||||||
Infrastructure | 19,274 | 19,874 | 20,122 | 19,789 | 20,114 | 4% | |||||||||||||||||
Private debt | 14,361 | 14,865 | 15,122 | 15,460 | 15,477 | 8% | |||||||||||||||||
Real estate | 6,030 | 6,129 | 5,577 | 5,925 | 8,398 | 39% | |||||||||||||||||
Total | $ | 85,431 | $ | 87,407 | $ | 87,285 | $ | 89,432 | $ | 93,858 | 10% | ||||||||||||
Separately managed accounts | $ | 55,345 | $ | 56,645 | $ | 56,380 | $ | 56,660 | $ | 58,897 | 6% | ||||||||||||
Focused commingled funds | 30,086 | 30,762 | 30,905 | 32,772 | 34,961 | 16% | |||||||||||||||||
Total | $ | 85,431 | $ | 87,407 | $ | 87,285 | $ | 89,432 | $ | 93,858 | 10% | ||||||||||||
AUM(1) | |||||||||||||||||||||||
Private equity | $ | 71,611 | $ | 73,511 | $ | 76,031 | $ | 78,221 | $ | 81,942 | 14% | ||||||||||||
Infrastructure | 27,285 | 28,521 | 28,678 | 28,307 | 30,003 | 10% | |||||||||||||||||
Private debt | 26,592 | 27,099 | 27,520 | 27,782 | 28,491 | 7% | |||||||||||||||||
Real estate | 12,891 | 13,469 | 13,612 | 14,646 | 16,201 | 26% | |||||||||||||||||
Total | $ | 138,379 | $ | 142,600 | $ | 145,841 | $ | 148,956 | $ | 156,637 | 13% | ||||||||||||
Separately managed accounts | $ | 82,243 | $ | 85,058 | $ | 85,387 | $ | 88,890 | $ | 93,938 | 14% | ||||||||||||
Focused commingled funds | 43,062 | 44,389 | 46,266 | 45,508 | 48,545 | 13% | |||||||||||||||||
Advisory AUM | 13,074 | 13,153 | 14,188 | 14,558 | 14,154 | 8% | |||||||||||||||||
Total | $ | 138,379 | $ | 142,600 | $ | 145,841 | $ | 148,956 | $ | 156,637 | 13% | ||||||||||||
Advisory AUA | |||||||||||||||||||||||
Private equity | $ | 242,461 | $ | 251,880 | $ | 264,327 | $ | 266,246 | $ | 270,350 | 12% | ||||||||||||
Infrastructure | 50,700 | 53,593 | 55,146 | 57,528 | 60,339 | 19% | |||||||||||||||||
Private debt | 17,362 | 17,525 | 18,026 | 17,916 | 21,976 | 27% | |||||||||||||||||
Real estate | 171,668 | 173,992 | 175,369 | 168,802 | 168,455 | (2)% | |||||||||||||||||
Total | $ | 482,191 | $ | 496,990 | $ | 512,868 | $ | 510,492 | $ | 521,120 | 8% | ||||||||||||
Total capital responsibility(2) | $ | 620,570 | $ | 639,590 | $ | 658,709 | $ | 659,448 | $ | 677,757 | 9% |
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Document and Entity Information Document |
May 23, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 23, 2024 |
Entity Registrant Name | STEPSTONE GROUP INC. |
Entity Central Index Key | 0001796022 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39510 |
Entity Tax Identification Number | 84-3868757 |
Entity Address, Address Line One | 277 Park Avenue, 45th Floor |
Entity Address, City or Town | New York, |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10172 |
City Area Code | 212 |
Local Phone Number | 351-6100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A common stock, par value $0.001 per share |
Trading Symbol | STEP |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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