StepStone Group Inc-A 2026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 OF 1934 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________________ to ___________________________Commission file number 001-39510 STEPSTONE GROUP INC. (Exact name of Registrant as specified in its charter) (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 the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch 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, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(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 latest practicable date: As of February3,2026, there were 80,143,962 shares of the registrant’s Class A common stock, par value $0.001, and 39,017,716 shares of the registrant’s Class Bcommon stock, par value $0.001, outstanding. Table of Contents PART I - FINANCIAL INFORMATIONItem 1. Financial StatementsCondensed Consolidated Balance Sheets as ofDecember31, 2025 andMarch31, 20256Condensed Consolidated Statements of Loss for theThree and Nine Months Ended December 31, 2025 and 20248Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months Ended December31, 2025 and 20249Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended December31, 2025 and 202410Condensed Consolidated Statements of Cash Flows for theNine Months Ended December 31, 2025 and 202412Notes to Condensed Consolidated Financial Statements14Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations49Item 3. Qualitative and Quantitative Disclosures about Market Risk88Item 4. Controls and Procedures90PART II - OTHER INFORMATIONItem 1. Legal Proceedings90Item 1A. Risk Factors91Item 2. Unregistered Sales of Equity Securities and Use of Proceeds91Item 3. Defaults Upon Senior Securities91Item 4. Mine Safety Disclosures91Item 5. Other Information91Item 6. Exhibits92Signatures93 This quarterly report on Form 10-Q (“Form 10-Q”) includes certain information regarding the historicalinvestment performance of our focused commingled funds and separately managed accounts. An investment in shares ofour Class A common stock is not an investment in any StepStone Fund (as defined below). The StepStone Funds areseparate, distinct legal entities that are not our subsidiaries. In the event of our bankruptcy or liquidation, you will have noclaim against the StepStone Funds. In considering the performance information relating to the StepStone Funds containedherein, current and prospective Class A common stockholders should bear in mind that the performance of the StepStoneFunds is not indicative of the possible 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 fact liquidated on the datesindicated, and we cannot assure you that the StepStone Funds will continue to achieve, or that future StepStone Funds willachieve, comparable results. Unless otherwise indicated or the context otherwise requires: • “StepStone Group Inc.” or “SSG” refers solely to StepStone Group Inc., a Delaware corporation, and not toany of its subsidiaries; • the “Partnership” refers solely to StepStone Group LP, a Delaware limited partnership, and not to any of itssubsidiaries; • “General Partner” refers to StepStone Group Holdings LLC, a Delaware limited liability company, and the solegeneral partner of the Partnership; • “we,” “us,” “our,”