(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 November 6, 2023 regarding financial results | ||||||||
Press Release of StepStone Group Inc. dated November 6, 2023 regarding management changes | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
STEPSTONE GROUP INC. | ||||||||
Date: November 6, 2023 | By: | /s/ Johnny D. Randel | ||||||
Johnny D. Randel | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer and Authorized Signatory) |
Three Months Ended | Six Months Ended September 30, | Percentage Change | |||||||||||||||||||||||||||||||||
(in thousands, except share and per share amounts and where noted) | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | 2022 | 2023 | vs. FQ2'23 | vs. FQ2'23 YTD | ||||||||||||||||||||||||||
Financial Highlights | |||||||||||||||||||||||||||||||||||
GAAP Results | |||||||||||||||||||||||||||||||||||
Management and advisory fees, net | $ | 119,121 | $ | 128,753 | $ | 132,573 | $ | 138,115 | $ | 142,123 | $ | 235,853 | $ | 280,238 | 19 | % | 19 | % | |||||||||||||||||
Total revenues | (158,495) | (4,235) | 172,374 | 178,011 | 191,422 | (235,713) | 369,433 | na | na | ||||||||||||||||||||||||||
Total performance fees | (277,616) | (132,988) | 39,801 | 39,896 | 49,299 | (471,566) | 89,195 | na | na | ||||||||||||||||||||||||||
Net income (loss) | (67,065) | (13,555) | 56,816 | 49,446 | 59,251 | (88,536) | 108,697 | na | na | ||||||||||||||||||||||||||
Net income (loss) per share of Class A common stock: | |||||||||||||||||||||||||||||||||||
Basic | $ | (0.48) | $ | (0.11) | $ | 0.46 | $ | 0.34 | $ | 0.42 | $ | (0.66) | $ | 0.76 | na | na | |||||||||||||||||||
Diluted | $ | (0.48) | $ | (0.11) | $ | 0.46 | $ | 0.34 | $ | 0.42 | $ | (0.66) | $ | 0.75 | na | na | |||||||||||||||||||
Weighted-average shares of Class A common stock: | |||||||||||||||||||||||||||||||||||
Basic | 61,407,834 | 62,192,899 | 62,805,788 | 62,834,818 | 62,858,468 | 61,276,707 | 62,846,708 | 2 | % | 3 | % | ||||||||||||||||||||||||
Diluted | 61,407,834 | 62,192,899 | 65,831,409 | 65,739,470 | 66,198,129 | 61,276,707 | 65,970,053 | 8 | % | 8 | % | ||||||||||||||||||||||||
Quarterly dividend per share of Class A common stock(1) | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.20 | $ | 0.21 | $ | 0.40 | $ | 0.41 | 5 | % | 3 | % | |||||||||||||||||
Supplemental dividend per share of Class A common stock(2) | $ | — | $ | — | $ | — | $ | 0.25 | $ | — | $ | — | $ | 0.25 | na | na | |||||||||||||||||||
Accrued carried interest allocations | 1,189,323 | 1,126,386 | 1,227,173 | 1,277,783 | 1,331,778 | 12 | % | ||||||||||||||||||||||||||||
Non-GAAP Results(3) | |||||||||||||||||||||||||||||||||||
Adjusted management and advisory fees, net(4) | $ | 119,121 | $ | 128,753 | $ | 132,720 | $ | 138,301 | $ | 142,327 | $ | 235,853 | $ | 280,628 | 19 | % | 19 | % | |||||||||||||||||
Adjusted revenues | 150,638 | 148,053 | 152,940 | 152,780 | 149,800 | 340,977 | 302,580 | (1) | % | (11) | % | ||||||||||||||||||||||||
Fee-related earnings (“FRE”) | 39,044 | 42,701 | 37,796 | 44,402 | 43,827 | 75,661 | 88,229 | 12 | % | 17 | % | ||||||||||||||||||||||||
FRE margin(5) | 33 | % | 33 | % | 28 | % | 32 | % | 31 | % | 32 | % | 31 | % | |||||||||||||||||||||
Gross realized performance fees | 31,517 | 19,300 | 20,220 | 14,479 | 7,473 | 105,124 | 21,952 | (76) | % | (79) | % | ||||||||||||||||||||||||
Adjusted net income (“ANI”) | 37,261 | 31,153 | 27,115 | 29,388 | 30,173 | 84,395 | 59,561 | (19) | % | (29) | % | ||||||||||||||||||||||||
Adjusted weighted-average shares | 114,606,326 | 114,651,163 | 114,765,635 | 114,673,696 | 115,118,060 | 114,537,025 | 114,897,093 | — | % | — | % | ||||||||||||||||||||||||
ANI per share | $ | 0.33 | $ | 0.27 | $ | 0.24 | $ | 0.26 | $ | 0.26 | $ | 0.74 | $ | 0.52 | (21) | % | (30) | % | |||||||||||||||||
Key Business Drivers/Operating Metrics (in billions) | |||||||||||||||||||||||||||||||||||
Assets under management (“AUM”)(6) | $ | 135.0 | $ | 134.0 | $ | 138.4 | $ | 142.6 | $ | 145.8 | 8 | % | |||||||||||||||||||||||
Assets under advisement (“AUA”)(6) | 466.7 | 468.0 | 482.2 | 497.0 | 512.9 | 10 | % | ||||||||||||||||||||||||||||
Fee-earning AUM (“FEAUM”) | 80.1 | 83.0 | 85.4 | 87.4 | 87.3 | 9 | % | ||||||||||||||||||||||||||||
Undeployed fee-earning capital (“UFEC”) | 16.5 | 14.0 | 15.7 | 16.9 | 18.1 | 10 | % |
As of | |||||||||||
September 30, 2023 | March 31, 2023 | ||||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | 117,484 | $ | 102,565 | |||||||
Restricted cash | 679 | 955 | |||||||||
Fees and accounts receivable | 45,237 | 44,450 | |||||||||
Due from affiliates | 51,050 | 54,322 | |||||||||
Investments: | |||||||||||
Investments in funds | 129,768 | 115,187 | |||||||||
Accrued carried interest allocations | 1,331,778 | 1,227,173 | |||||||||
Legacy Greenspring investments in funds and accrued carried interest allocations(1) | 700,473 | 770,652 | |||||||||
Deferred income tax assets | 36,828 | 44,358 | |||||||||
Lease right-of-use assets, net | 99,843 | 101,130 | |||||||||
Other assets and receivables | 52,615 | 44,060 | |||||||||
Intangibles, net | 333,322 | 354,645 | |||||||||
Goodwill | 580,542 | 580,542 | |||||||||
Assets of Consolidated Funds: | |||||||||||
Cash and cash equivalents | 58,639 | 25,997 | |||||||||
Investments, at fair value | 68,481 | 30,595 | |||||||||
Other assets | 1,624 | 772 | |||||||||
Total assets | $ | 3,608,363 | $ | 3,497,403 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 91,561 | $ | 89,396 | |||||||
Accrued compensation and benefits | 110,413 | 66,614 | |||||||||
Accrued carried interest-related compensation | 697,377 | 644,517 | |||||||||
Legacy Greenspring accrued carried interest-related compensation(1) | 556,219 | 617,994 | |||||||||
Due to affiliates | 204,503 | 205,424 | |||||||||
Lease liabilities | 119,117 | 121,224 | |||||||||
Debt obligations | 123,586 | 98,351 | |||||||||
Liabilities of Consolidated Funds: | |||||||||||
Other liabilities | 7,904 | 566 | |||||||||
Total liabilities | 1,910,680 | 1,844,086 | |||||||||
Redeemable non-controlling interests in Consolidated Funds | 59,272 | 24,530 | |||||||||
Stockholders’ equity: | |||||||||||
Class A common stock, $0.001 par value, 650,000,000 authorized; 64,068,952 and 62,834,791 issued and outstanding as of September 30, 2023 and March 31, 2023, respectively | 64 | 63 | |||||||||
Class B common stock, $0.001 par value, 125,000,000 authorized; 46,314,543 and 46,420,141 issued and outstanding as of September 30, 2023 and March 31, 2023, respectively | 46 | 46 | |||||||||
Additional paid-in capital | 628,977 | 610,567 | |||||||||
Retained earnings | 165,240 | 160,430 | |||||||||
Accumulated other comprehensive income | 338 | 461 | |||||||||
Total StepStone Group Inc. stockholders’ equity | 794,665 | 771,567 | |||||||||
Non-controlling interests in subsidiaries | 30,394 | 36,380 | |||||||||
Non-controlling interests in legacy Greenspring entities(1) | 144,255 | 152,658 | |||||||||
Non-controlling interests in the Partnership | 669,097 | 668,182 | |||||||||
Total stockholders’ equity | 1,638,411 | 1,628,787 | |||||||||
Total liabilities and stockholders’ equity | $ | 3,608,363 | $ | 3,497,403 |
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Management and advisory fees, net | $ | 142,123 | $ | 119,121 | $ | 280,238 | $ | 235,853 | |||||||||||||||
Performance fees: | |||||||||||||||||||||||
Incentive fees | 4,946 | 5,365 | 4,952 | 5,365 | |||||||||||||||||||
Carried interest allocations: | |||||||||||||||||||||||
Realized | 1,585 | 22,469 | 16,058 | 96,076 | |||||||||||||||||||
Unrealized | 55,371 | (176,778) | 104,735 | (290,728) | |||||||||||||||||||
Total carried interest allocations | 56,956 | (154,309) | 120,793 | (194,652) | |||||||||||||||||||
Legacy Greenspring carried interest allocations(1) | (12,603) | (128,672) | (36,550) | (282,279) | |||||||||||||||||||
Total performance fees | 49,299 | (277,616) | 89,195 | (471,566) | |||||||||||||||||||
Total revenues | 191,422 | (158,495) | 369,433 | (235,713) | |||||||||||||||||||
Expenses | |||||||||||||||||||||||
Compensation and benefits: | |||||||||||||||||||||||
Cash-based compensation | 74,851 | 59,501 | 144,932 | 119,562 | |||||||||||||||||||
Equity-based compensation | 5,916 | 3,783 | 14,388 | 7,497 | |||||||||||||||||||
Performance fee-related compensation: | |||||||||||||||||||||||
Realized | 1,720 | 13,630 | 10,822 | 55,365 | |||||||||||||||||||
Unrealized | 28,712 | (86,126) | 52,923 | (140,679) | |||||||||||||||||||
Total performance fee-related compensation | 30,432 | (72,496) | 63,745 | (85,314) | |||||||||||||||||||
Legacy Greenspring performance fee-related compensation(1) | (12,603) | (128,672) | (36,550) | (282,279) | |||||||||||||||||||
Total compensation and benefits | 98,596 | (137,884) | 186,515 | (240,534) | |||||||||||||||||||
General, administrative and other | 31,729 | 33,733 | 65,006 | 67,965 | |||||||||||||||||||
Total expenses | 130,325 | (104,151) | 251,521 | (172,569) | |||||||||||||||||||
Other income (expense) | |||||||||||||||||||||||
Investment income (loss) | 3,080 | (3,691) | 6,166 | (4,792) | |||||||||||||||||||
Legacy Greenspring investment loss(1) | (3,966) | (15,357) | (6,832) | (23,961) | |||||||||||||||||||
Investment income of Consolidated Funds | 8,772 | — | 11,134 | — | |||||||||||||||||||
Interest income | 977 | 356 | 1,408 | 367 | |||||||||||||||||||
Interest expense | (2,108) | (817) | (4,120) | (1,404) | |||||||||||||||||||
Other loss | (872) | (634) | (645) | (1,738) | |||||||||||||||||||
Total other income (expense) | 5,883 | (20,143) | 7,111 | (31,528) | |||||||||||||||||||
Income (loss) before income tax | 66,980 | (74,487) | 125,023 | (94,672) | |||||||||||||||||||
Income tax expense (benefit) | 7,729 | (7,422) | 16,326 | (6,136) | |||||||||||||||||||
Net income (loss) | 59,251 | (67,065) | 108,697 | (88,536) | |||||||||||||||||||
Less: Net income attributable to non-controlling interests in subsidiaries | 9,615 | 8,690 | 19,245 | 16,261 | |||||||||||||||||||
Less: Net loss attributable to non-controlling interests in legacy Greenspring entities(1) | (3,966) | (15,357) | (6,832) | (23,961) | |||||||||||||||||||
Less: Net income (loss) attributable to non-controlling interests in the Partnership | 22,928 | (31,177) | 42,788 | (40,575) | |||||||||||||||||||
Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds | 4,449 | — | 6,002 | — | |||||||||||||||||||
Net income (loss) attributable to StepStone Group Inc. | $ | 26,225 | $ | (29,221) | $ | 47,494 | $ | (40,261) | |||||||||||||||
Net income (loss) per share of Class A common stock: | |||||||||||||||||||||||
Basic | $ | 0.42 | $ | (0.48) | $ | 0.76 | $ | (0.66) | |||||||||||||||
Diluted | $ | 0.42 | $ | (0.48) | $ | 0.75 | $ | (0.66) | |||||||||||||||
Weighted-average shares of Class A common stock: | |||||||||||||||||||||||
Basic | 62,858,468 | 61,407,834 | 62,846,708 | 61,276,707 | |||||||||||||||||||
Diluted | 66,198,129 | 61,407,834 | 65,970,053 | 61,276,707 |
Three Months Ended | Six Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | 2022 | 2023 | |||||||||||||||||||
Focused commingled funds(1) | $ | 51,553 | $ | 60,680 | $ | 62,093 | $ | 67,119 | $ | 70,481 | $ | 104,295 | $ | 137,600 | ||||||||||||
Separately managed accounts | 52,179 | 53,515 | 54,033 | 55,744 | 56,431 | 102,639 | 112,175 | |||||||||||||||||||
Advisory and other services | 13,788 | 13,926 | 15,546 | 14,101 | 13,740 | 26,772 | 27,841 | |||||||||||||||||||
Fund reimbursement revenues(1) | 1,601 | 632 | 1,048 | 1,337 | 1,675 | 2,147 | 3,012 | |||||||||||||||||||
Adjusted management and advisory fees, net | $ | 119,121 | $ | 128,753 | $ | 132,720 | $ | 138,301 | $ | 142,327 | $ | 235,853 | $ | 280,628 | ||||||||||||
Three Months Ended | Six Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | 2022 | 2023 | |||||||||||||||||||
Total revenues | $ | (158,495) | $ | (4,235) | $ | 172,374 | $ | 178,011 | $ | 191,422 | $ | (235,713) | $ | 369,433 | ||||||||||||
Unrealized carried interest allocations | 176,778 | 63,367 | (100,753) | (49,364) | (55,371) | 290,728 | (104,735) | |||||||||||||||||||
Deferred incentive fees | 3,683 | — | 209 | — | 942 | 3,683 | 942 | |||||||||||||||||||
Legacy Greenspring carried interest allocations | 128,672 | 88,921 | 80,963 | 23,947 | 12,603 | 282,279 | 36,550 | |||||||||||||||||||
Management and advisory fee revenues for the Consolidated Funds(1) | — | — | 147 | 186 | 204 | — | 390 | |||||||||||||||||||
Adjusted revenues | $ | 150,638 | $ | 148,053 | $ | 152,940 | $ | 152,780 | $ | 149,800 | $ | 340,977 | $ | 302,580 |
Three Months Ended | Six Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | 2022 | 2023 | |||||||||||||||||||
GAAP management and advisory fees, net | $ | 119,121 | $ | 128,753 | $ | 132,573 | $ | 138,115 | $ | 142,123 | $ | 235,853 | $ | 280,238 | ||||||||||||
Management and advisory fee revenues for the Consolidated Funds(1) | — | — | 147 | 186 | 204 | — | 390 | |||||||||||||||||||
Adjusted management and advisory fees, net | $ | 119,121 | $ | 128,753 | $ | 132,720 | $ | 138,301 | $ | 142,327 | $ | 235,853 | $ | 280,628 | ||||||||||||
GAAP cash-based compensation | $ | 59,501 | $ | 62,628 | $ | 69,990 | $ | 70,081 | $ | 74,851 | $ | 119,562 | $ | 144,932 | ||||||||||||
Adjustments(2) | (740) | (520) | (653) | (531) | (574) | (1,431) | (1,105) | |||||||||||||||||||
Adjusted cash-based compensation | $ | 58,761 | $ | 62,108 | $ | 69,337 | $ | 69,550 | $ | 74,277 | $ | 118,131 | $ | 143,827 | ||||||||||||
GAAP equity-based compensation | $ | 3,783 | $ | 8,108 | $ | 9,335 | $ | 8,472 | $ | 5,916 | $ | 7,497 | $ | 14,388 | ||||||||||||
Adjustments(3) | (3,125) | (7,444) | (8,274) | (7,171) | (4,644) | (6,196) | (11,815) | |||||||||||||||||||
Adjusted equity-based compensation | $ | 658 | $ | 664 | $ | 1,061 | $ | 1,301 | $ | 1,272 | $ | 1,301 | $ | 2,573 | ||||||||||||
GAAP general, administrative and other | $ | 33,733 | $ | 43,582 | $ | 35,612 | $ | 33,277 | $ | 31,729 | $ | 67,965 | $ | 65,006 | ||||||||||||
Adjustments(4) | (13,075) | (20,302) | (11,086) | (10,229) | (8,778) | (27,205) | (19,007) | |||||||||||||||||||
Adjusted general, administrative and other | $ | 20,658 | $ | 23,280 | $ | 24,526 | $ | 23,048 | $ | 22,951 | $ | 40,760 | $ | 45,999 | ||||||||||||
GAAP interest income | $ | 356 | $ | 701 | $ | 853 | $ | 431 | $ | 977 | $ | 367 | $ | 1,408 | ||||||||||||
Interest income earned by the Consolidated Funds(5) | — | — | (195) | (244) | (249) | — | (493) | |||||||||||||||||||
Adjusted interest income | $ | 356 | $ | 701 | $ | 658 | $ | 187 | $ | 728 | $ | 367 | $ | 915 | ||||||||||||
GAAP other income (loss) | $ | (634) | $ | 358 | $ | (40) | $ | 227 | $ | (872) | $ | (1,738) | $ | (645) | ||||||||||||
Adjustments(6) | — | — | 86 | (376) | 403 | — | 27 | |||||||||||||||||||
Adjusted other income (loss) | $ | (634) | $ | 358 | $ | 46 | $ | (149) | $ | (469) | $ | (1,738) | $ | (618) |
Three Months Ended | Six Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | 2022 | 2023 | |||||||||||||||||||
Income (loss) before income tax | $ | (74,487) | (14,287) | $ | 67,505 | $ | 58,043 | $ | 66,980 | $ | (94,672) | $ | 125,023 | |||||||||||||
Net income attributable to non-controlling interests in subsidiaries(1) | (9,985) | (10,802) | (10,151) | (10,540) | (10,321) | (18,101) | (20,861) | |||||||||||||||||||
Net loss attributable to non-controlling interests in legacy Greenspring entities | 15,357 | 8,966 | 11,148 | 2,866 | 3,966 | 23,961 | 6,832 | |||||||||||||||||||
Unrealized carried interest allocations | 176,778 | 63,367 | (100,753) | (49,364) | (55,371) | 290,728 | (104,735) | |||||||||||||||||||
Unrealized performance fee-related compensation | (86,126) | (31,875) | 53,515 | 24,211 | 28,712 | (140,679) | 52,923 | |||||||||||||||||||
Unrealized investment (income) loss | 5,795 | 1,354 | (2,207) | (2,529) | (1,657) | 8,865 | (4,186) | |||||||||||||||||||
Impact of Consolidated Funds | — | (4,895) | (4,002) | (2,647) | (8,223) | — | (10,870) | |||||||||||||||||||
Deferred incentive fees | 3,683 | — | 209 | — | 942 | 3,683 | 942 | |||||||||||||||||||
Equity-based compensation(2) | 3,125 | 7,444 | 8,274 | 7,171 | 4,644 | 6,196 | 11,815 | |||||||||||||||||||
Amortization of intangibles | 10,870 | 10,870 | 10,870 | 10,661 | 10,661 | 21,741 | 21,322 | |||||||||||||||||||
Tax Receivable Agreements adjustments through earnings | — | — | (244) | — | — | — | — | |||||||||||||||||||
Non-core items(3) | 2,945 | 9,952 | 733 | (50) | (1,500) | 6,895 | (1,550) | |||||||||||||||||||
Pre-tax ANI | 47,955 | 40,094 | 34,897 | 37,822 | 38,833 | 108,617 | 76,655 | |||||||||||||||||||
Income taxes(4) | (10,694) | (8,941) | (7,782) | (8,434) | (8,660) | (24,222) | (17,094) | |||||||||||||||||||
ANI | 37,261 | 31,153 | 27,115 | 29,388 | 30,173 | 84,395 | 59,561 | |||||||||||||||||||
Income taxes(4) | 10,694 | 8,941 | 7,782 | 8,434 | 8,660 | 24,222 | 17,094 | |||||||||||||||||||
Realized carried interest allocations | (22,469) | (16,320) | (18,693) | (14,473) | (1,585) | (96,076) | (16,058) | |||||||||||||||||||
Realized performance fee-related compensation(5) | 13,630 | 11,726 | 12,755 | 9,102 | 1,720 | 55,365 | 10,822 | |||||||||||||||||||
Realized investment income | (2,104) | (673) | (757) | (557) | (1,423) | (4,073) | (1,980) | |||||||||||||||||||
Incentive fees | (5,365) | (2,980) | (1,318) | (6) | (4,946) | (5,365) | (4,952) | |||||||||||||||||||
Deferred incentive fees | (3,683) | — | (209) | — | (942) | (3,683) | (942) | |||||||||||||||||||
Adjusted interest income(6) | (356) | (701) | (658) | (187) | (728) | (367) | (915) | |||||||||||||||||||
Interest expense | 817 | 1,111 | 1,674 | 2,012 | 2,108 | 1,404 | 4,120 | |||||||||||||||||||
Adjusted other (income) loss(6)(7) | 634 | (358) | (46) | 149 | 469 | 1,738 | 618 | |||||||||||||||||||
Net income attributable to non-controlling interests in subsidiaries(1) | 9,985 | 10,802 | 10,151 | 10,540 | 10,321 | 18,101 | 20,861 | |||||||||||||||||||
FRE | $ | 39,044 | $ | 42,701 | $ | 37,796 | $ | 44,402 | $ | 43,827 | $ | 75,661 | $ | 88,229 |
Three Months Ended | Six Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | 2022 | 2023 | |||||||||||||||||||
FRE attributable to non-controlling interests in subsidiaries | $ | 10,149 | $ | 10,167 | $ | 9,843 | $ | 10,534 | $ | 9,463 | $ | 18,663 | $ | 19,997 | ||||||||||||
Non fee-related earnings (losses) attributable to non-controlling interests in subsidiaries | (164) | 635 | 308 | 6 | 858 | (562) | 864 | |||||||||||||||||||
Net income attributable to non-controlling interests in subsidiaries | $ | 9,985 | $ | 10,802 | $ | 10,151 | $ | 10,540 | $ | 10,321 | $ | 18,101 | $ | 20,861 |
Three Months Ended | Six Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | 2022 | 2023 | |||||||||||||||||||
Transaction costs | $ | — | $ | 6,812 | $ | 38 | $ | 37 | $ | 163 | $ | 3 | $ | 200 | ||||||||||||
Lease remeasurement adjustments | (2,709) | — | — | — | — | (2,709) | — | |||||||||||||||||||
Accelerated depreciation of leasehold improvements for changes in lease terms | 210 | 631 | 631 | 631 | 631 | 210 | 1,262 | |||||||||||||||||||
Severance costs | 134 | 42 | 73 | — | — | 178 | — | |||||||||||||||||||
(Gain) loss on change in fair value for contingent consideration obligation | 4,704 | 1,989 | (588) | (1,249) | (2,868) | 7,960 | (4,117) | |||||||||||||||||||
Compensation paid to certain employees as part of an acquisition earn-out | 606 | 478 | 579 | 531 | 574 | 1,253 | 1,105 | |||||||||||||||||||
Total non-core operating income and expenses | $ | 2,945 | $ | 9,952 | $ | 733 | $ | (50) | $ | (1,500) | $ | 6,895 | $ | (1,550) |
Three Months Ended | Six Months Ended September 30, | |||||||||||||||||||||||||
September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | 2022 | 2023 | ||||||||||||||||||||
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 | Six Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | 2022 | 2023 | |||||||||||||||||||
Realized carried interest-related compensation | $ | 2,412 | $ | 2,208 | $ | 2,358 | $ | 2,189 | $ | — | $ | 6,809 | $ | 2,189 |
Three Months Ended | Six Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | 2022 | 2023 | |||||||||||||||||||
FRE | $ | 39,044 | $ | 42,701 | $ | 37,796 | $ | 44,402 | $ | 43,827 | $ | 75,661 | $ | 88,229 | ||||||||||||
Adjusted management and advisory fees, net | 119,121 | 128,753 | 132,720 | 138,301 | 142,327 | 235,853 | 280,628 | |||||||||||||||||||
FRE margin | 33 | % | 33 | % | 28 | % | 32 | % | 31 | % | 32 | % | 31 | % |
Three Months Ended | Six Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | 2022 | 2023 | |||||||||||||||||||
Incentive fees | $ | 5,365 | $ | 2,980 | $ | 1,318 | $ | 6 | $ | 4,946 | $ | 5,365 | $ | 4,952 | ||||||||||||
Realized carried interest allocations | 22,469 | 16,320 | 18,693 | 14,473 | 1,585 | 96,076 | 16,058 | |||||||||||||||||||
Unrealized carried interest allocations | (176,778) | (63,367) | 100,753 | 49,364 | 55,371 | (290,728) | 104,735 | |||||||||||||||||||
Legacy Greenspring carried interest allocations | (128,672) | (88,921) | (80,963) | (23,947) | (12,603) | (282,279) | (36,550) | |||||||||||||||||||
Total performance fees | (277,616) | (132,988) | 39,801 | 39,896 | 49,299 | (471,566) | 89,195 | |||||||||||||||||||
Unrealized carried interest allocations | 176,778 | 63,367 | (100,753) | (49,364) | (55,371) | 290,728 | (104,735) | |||||||||||||||||||
Legacy Greenspring carried interest allocations | 128,672 | 88,921 | 80,963 | 23,947 | 12,603 | 282,279 | 36,550 | |||||||||||||||||||
Deferred incentive fees | 3,683 | — | 209 | — | 942 | 3,683 | 942 | |||||||||||||||||||
Gross realized performance fees | 31,517 | 19,300 | 20,220 | 14,479 | 7,473 | 105,124 | 21,952 | |||||||||||||||||||
Realized performance fee-related compensation(1) | (13,630) | (11,726) | (12,755) | (9,102) | (1,720) | (55,365) | (10,822) | |||||||||||||||||||
Net realized performance fees | $ | 17,887 | $ | 7,574 | $ | 7,465 | $ | 5,377 | $ | 5,753 | $ | 49,759 | $ | 11,130 |
Three Months Ended | Six Months Ended September 30, | |||||||||||||||||||||||||
September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | 2022 | 2023 | ||||||||||||||||||||
ANI | $ | 37,261 | $ | 31,153 | $ | 27,115 | $ | 29,388 | $ | 30,173 | $ | 84,395 | $ | 59,561 | ||||||||||||
Weighted-average shares of Class A common stock outstanding – Basic | 61,407,834 | 62,192,899 | 62,805,788 | 62,834,818 | 62,858,468 | 61,276,707 | 62,846,708 | |||||||||||||||||||
Assumed vesting of RSUs | 913,479 | 457,818 | 524,576 | 400,034 | 801,014 | 856,217 | 601,620 | |||||||||||||||||||
Assumed vesting and exchange of Class B2 units | 2,466,194 | 2,486,197 | 2,501,045 | 2,504,618 | 2,538,647 | 2,457,561 | 2,521,725 | |||||||||||||||||||
Exchange of Class B units in the Partnership(1) | 46,889,995 | 46,662,062 | 46,420,141 | 46,420,141 | 46,417,845 | 47,017,716 | 46,418,987 | |||||||||||||||||||
Exchange of Class C units in the Partnership(2) | 2,928,824 | 2,852,187 | 2,514,085 | 2,514,085 | 2,502,086 | 2,928,824 | 2,508,053 | |||||||||||||||||||
Adjusted weighted-average shares | 114,606,326 | 114,651,163 | 114,765,635 | 114,673,696 | 115,118,060 | 114,537,025 | 114,897,093 | |||||||||||||||||||
ANI per share | $ | 0.33 | $ | 0.27 | $ | 0.24 | $ | 0.26 | $ | 0.26 | $ | 0.74 | $ | 0.52 |
Three Months Ended | Six Months Ended September 30, | Percentage Change | ||||||||||||||||||||||||||||||
(in millions) | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | 2022 | 2023 | vs. FQ2'23 | ||||||||||||||||||||||||
Separately Managed Accounts | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 52,198 | $ | 52,881 | $ | 53,420 | $ | 55,345 | $ | 56,645 | $ | 49,586 | $ | 55,345 | 9 | % | ||||||||||||||||
Contributions(1) | 1,760 | 2,149 | 2,378 | 1,425 | 1,036 | 5,131 | 2,461 | (41) | % | |||||||||||||||||||||||
Distributions(2) | (588) | (2,178) | (997) | (429) | (1,459) | (1,033) | (1,888) | 148 | % | |||||||||||||||||||||||
Market value, FX and other(3) | (489) | 568 | 544 | 304 | 158 | (803) | 462 | na | ||||||||||||||||||||||||
Ending balance | $ | 52,881 | $ | 53,420 | $ | 55,345 | $ | 56,645 | $ | 56,380 | $ | 52,881 | $ | 56,380 | 7 | % | ||||||||||||||||
Focused Commingled Funds | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 26,352 | $ | 27,236 | $ | 29,565 | $ | 30,086 | $ | 30,762 | $ | 25,587 | $ | 30,086 | 17 | % | ||||||||||||||||
Contributions(1) | 1,139 | 2,497 | 713 | 796 | 992 | 2,299 | 1,788 | (13) | % | |||||||||||||||||||||||
Distributions(2) | (304) | (168) | (308) | (252) | (988) | (686) | (1,240) | 225 | % | |||||||||||||||||||||||
Market value, FX and other(3) | 49 | — | 116 | 132 | 139 | 36 | 271 | 184 | % | |||||||||||||||||||||||
Ending balance | $ | 27,236 | $ | 29,565 | $ | 30,086 | $ | 30,762 | $ | 30,905 | $ | 27,236 | $ | 30,905 | 13 | % | ||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 78,550 | $ | 80,117 | $ | 82,985 | $ | 85,431 | $ | 87,407 | $ | 75,173 | $ | 85,431 | 11 | % | ||||||||||||||||
Contributions(1) | 2,899 | 4,646 | 3,091 | 2,221 | 2,028 | 7,430 | 4,249 | (30) | % | |||||||||||||||||||||||
Distributions(2) | (892) | (2,346) | (1,305) | (681) | (2,447) | (1,719) | (3,128) | 174 | % | |||||||||||||||||||||||
Market value, FX and other(3) | (440) | 568 | 660 | 436 | 297 | (767) | 733 | na | ||||||||||||||||||||||||
Ending balance | $ | 80,117 | $ | 82,985 | $ | 85,431 | $ | 87,407 | $ | 87,285 | $ | 80,117 | $ | 87,285 | 9 | % |
Three Months Ended | Percentage Change | ||||||||||||||||||||||
(in millions) | September 30, 2022 | December 31, 2022 | March 31, 2023 | June 30, 2023 | September 30, 2023 | vs. FQ2'23 | |||||||||||||||||
FEAUM | |||||||||||||||||||||||
Private equity | $ | 42,781 | $ | 45,048 | $ | 45,766 | $ | 46,539 | $ | 46,464 | 9% | ||||||||||||
Infrastructure | 18,592 | 18,314 | 19,274 | 19,874 | 20,122 | 8% | |||||||||||||||||
Private debt | 13,377 | 14,082 | 14,361 | 14,865 | 15,122 | 13% | |||||||||||||||||
Real estate | 5,367 | 5,541 | 6,030 | 6,129 | 5,577 | 4% | |||||||||||||||||
Total | $ | 80,117 | $ | 82,985 | $ | 85,431 | $ | 87,407 | $ | 87,285 | 9% | ||||||||||||
Separately managed accounts | $ | 52,881 | $ | 53,420 | $ | 55,345 | $ | 56,645 | $ | 56,380 | 7% | ||||||||||||
Focused commingled funds | 27,236 | 29,565 | 30,086 | 30,762 | 30,905 | 13% | |||||||||||||||||
Total | $ | 80,117 | $ | 82,985 | $ | 85,431 | $ | 87,407 | $ | 87,285 | 9% | ||||||||||||
AUM(1) | |||||||||||||||||||||||
Private equity | $ | 72,169 | $ | 70,868 | $ | 71,611 | $ | 73,511 | $ | 76,031 | 5% | ||||||||||||
Infrastructure | 27,749 | 27,324 | 27,285 | 28,521 | 28,678 | 3% | |||||||||||||||||
Private debt | 23,583 | 24,437 | 26,592 | 27,099 | 27,520 | 17% | |||||||||||||||||
Real estate | 11,516 | 11,372 | 12,891 | 13,469 | 13,612 | 18% | |||||||||||||||||
Total | $ | 135,017 | $ | 134,001 | $ | 138,379 | $ | 142,600 | $ | 145,841 | 8% | ||||||||||||
Separately managed accounts | $ | 78,625 | $ | 77,797 | $ | 82,243 | $ | 85,058 | $ | 85,387 | 9% | ||||||||||||
Focused commingled funds | 43,928 | 43,289 | 43,062 | 44,389 | 46,266 | 5% | |||||||||||||||||
Advisory AUM | 12,464 | 12,915 | 13,074 | 13,153 | 14,188 | 14% | |||||||||||||||||
Total | $ | 135,017 | $ | 134,001 | $ | 138,379 | $ | 142,600 | $ | 145,841 | 8% | ||||||||||||
AUA | |||||||||||||||||||||||
Private equity | $ | 239,640 | $ | 239,270 | $ | 242,461 | $ | 251,880 | $ | 264,327 | 10% | ||||||||||||
Infrastructure | 47,538 | 47,833 | 50,700 | 53,593 | 55,146 | 16% | |||||||||||||||||
Private debt | 16,831 | 16,823 | 17,362 | 17,525 | 18,026 | 7% | |||||||||||||||||
Real estate | 162,691 | 164,072 | 171,668 | 173,992 | 175,369 | 8% | |||||||||||||||||
Total | $ | 466,700 | $ | 467,998 | $ | 482,191 | $ | 496,990 | $ | 512,868 | 10% | ||||||||||||
Total capital responsibility(2) | $ | 601,717 | $ | 601,999 | $ | 620,570 | $ | 639,590 | $ | 658,709 | 9% |
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Document and Entity Information Document |
Nov. 01, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 01, 2023 |
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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