StepStone Group Inc-A 2025年季度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM10-Q ☐QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the quarterly period ended December 31, 2024 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934For the transition period from _______________________ to ___________________________ Commission file number 001-39510 STEPSTONE GROUP INC. (Exact name of Registrant as specified in its charter) Delaware84-3868757 (State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.) (212)351-6100 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☐No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to besubmitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or forsuch shorter period that the registrant was required to submit such files). Yes☐No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,”“accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☐ Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latestpracticable date: As of February 4, 2025, there were 75,849,734 shares of the registrant’s Class A common stock,par value $0.001, and 40,127,254 shares of the registrant’s Class B common stock, par value $0.001, outstanding. Table of Contents PagePART I - FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Consolidated Balance Sheets as of December 31, 2024and March 31,20246Condensed Consolidated Statements of Income (Loss) for the Three and Nine MonthsEnded December 31, 2024and 20238Condensed Consolidated Statements of Comprehensive Income (Loss) for the Threeand Nine Months Ended December 31, 2024and 20239Condensed Consolidated Statements of Stockholders’ Equity for the Three and NineMonths Ended December 31, 2024and 202310Condensed Consolidated Statements of Cash Flows for the Nine Months EndedDecember 31, 2024and 202312Notes to Condensed Consolidated Financial Statements14Item 2. Management’s Discussion and Analysis of Financial Condition and Results ofOperations49Item 3. Qualitative and Quantitative Disclosures about Market Risk87Item 4. Controls and Procedures89PART II - OTHER INFORMATIONItem 1. Legal Proceedings90Item 1A. Risk Factors90Item 2. Unregistered Sales of Equity Securities and Use of Proceeds93 Item 3. Defaults Upon Senior Securities93Item 4. Mine Safety Disclosures93Item 5. Other Information93Item 6. Exhibits94Signatures95 This quarterly report on Form 10-Q (“Form 10-Q”) includes certain information regardingthe historical investment performance of our focused commingled funds and separatelymanaged accounts. An investment in shares of our Class A common stock is not an investmentin any StepStone Fund (as defined below). The StepStone Funds are separate, distinct legalentities that are not our subsidiaries. In the event of our bankruptcy or liquidation, you will haveno claim against the StepStone Funds. In considering the performance information relating tothe StepStone Funds contained herein, current and prospective Class A common stockholdersshould bear in mind that the performance of the StepStone Funds is not indicative of thepossible performance of shares of our Class A common stock and also is not necessarilyindicative of the future results of the StepStone Funds, even if fund investments were in factliquidated on the dates indicated, and we cannot assure you that the StepStone Funds willcontinue to achieve, or that future StepStone Funds will achieve, comparable results. Unless otherwise indicated or the context otherwise requires: • “StepStone Group Inc.” or “SSG” refers solely to StepStone Group Inc., a Delawarecorporation, and not to any of its subsidiaries; • the “Partnership” refers solely to StepStone Group LP, a Delaware limited partnership,and not to any of its subsidiaries; • “Gene