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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

February 6, 2025
Date of Report (date of earliest event reported)

STEPSTONE GROUP INC.
(Exact name of registrant as specified in its charter)
Delaware
001-39510
84-3868757
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
277 Park Avenue, 45th Floor
New York,
NY
10172
(Address of Principal Executive Offices)
(Zip Code)
(212) 351-6100
Registrant’s telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A common stock, par value $0.001 per shareSTEPThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02. Results of Operations and Financial Condition.
On February 6, 2025, StepStone Group Inc. issued a press release announcing its financial results for the third fiscal quarter ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 2.02 as if fully set forth herein.
The information included in, or furnished with, this Item 2.02 of the report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.Description
Press Release of StepStone Group Inc. dated February 6, 2025 regarding financial results
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

STEPSTONE GROUP INC.
Date: February 6, 2025By:/s/ David Y. Park
David Y. Park
Chief Financial Officer
(Principal Financial Officer and Authorized Signatory)

step_logox5colxrgbxpng.jpg

STEPSTONE GROUP REPORTS THIRD QUARTER FISCAL YEAR 2025 RESULTS
NEW YORK, February 6, 2025 – StepStone Group Inc. (Nasdaq: STEP), a global private markets investment firm focused on providing customized investment solutions and advisory and data services, today reported results for the quarter ended December 31, 2024. This represents results for the third quarter of the fiscal year ending March 31, 2025. The Board of Directors of the Company has declared a quarterly cash dividend of $0.24 per share of Class A common stock, payable on March 14, 2025, to the holders of record as of the close of business on February 28, 2025.
StepStone issued a full detailed presentation of its third quarter fiscal 2025 results, which can be accessed by visiting the Company’s website at https://shareholders.stepstonegroup.com.
Webcast and Earnings Conference Call
Management will host a webcast and conference call today, Thursday, February 6, 2025, at 5:00 pm ET to discuss the Company’s results for the third quarter of the fiscal year ending March 31, 2025. The webcast will be made available on the Shareholders section of the Company’s website at https://shareholders.stepstonegroup.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register. A replay will also be available on the Shareholders section of the Company’s website approximately two hours after the conclusion of the event.
To join as a live participant in the question and answer portion of the call, participants must register at https://register.vevent.com/register/BI4d11263234d648c092cf5d1e8339df8d. Upon registering you will receive the dial-in number and a PIN to join the call as well as an email confirmation with the details.
About StepStone
StepStone Group Inc. (Nasdaq: STEP) is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. As of December 31, 2024, StepStone was responsible for approximately $698 billion of total capital, including $179 billion of assets under management. StepStone’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, which include high-net-worth and mass affluent individuals. StepStone partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes.
Forward-Looking Statements
Some of the statements in this release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “intend,” “may,” “plan” and “will” and similar expressions identify forward-looking statements. Forward-looking statements reflect management’s current plans, estimates and expectations and are inherently uncertain. The inclusion of any forward-looking information in this release should not be regarded as a representation that the future plans, estimates or expectations contemplated will be achieved. Forward-looking statements are subject to various risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, global and domestic market and business conditions, our successful execution of business
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and growth strategies, the favorability of the private markets fundraising environment, successful integration of acquired businesses and regulatory factors relevant to our business, as well as assumptions relating to our operations, financial results, financial condition, business prospects, growth strategy and liquidity and the risks and uncertainties described in greater detail under the “Risk Factors” section of our annual report on Form 10-K filed with the U.S. Securities and Exchange Commission on May 24, 2024, as such factors may be updated from time to time. We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use the following non-GAAP financial measures: adjusted management and advisory fees, net, adjusted revenues, adjusted net income (on both a pre-tax and after-tax basis), adjusted net income per share, adjusted weighted-average shares, fee-related earnings, fee-related earnings margin, gross realized performance fees and net realized performance fees. We have provided this non-GAAP financial information, which is not calculated or presented in accordance with GAAP, as information supplemental and in addition to the financial measures presented in this earnings release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures presented in this earnings release. The presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. In addition, the non-GAAP financial measures in this earnings release may not be comparable to similarly titled measures used by other companies in our industry or across different industries. For definitions of these non-GAAP measures and reconciliations to applicable GAAP measures, please see the section titled “Non-GAAP Financial Measures: Definitions and Reconciliations.”
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Financial Highlights and Key Business Drivers/Operating Metrics

Three Months EndedNine Months Ended December 31,Percentage Change
(in thousands, except share and per share amounts and where noted)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024vs. FQ3'24vs. FQ3'24 YTD
Financial Highlights
GAAP Results
Management and advisory fees, net$151,492 $153,410 $178,015 $184,758 $190,840 $431,730 $553,613 26 %28 %
Total revenues(14,612)356,810 186,401 271,677 339,023 354,821 797,101 na125 %
Total performance fees(166,104)203,400 8,386 86,919 148,183 (76,909)243,488 nana
Net income (loss)(23,419)82,542 48,045 53,138 (287,163)85,278 (185,980)nana
Net income (loss) per share of Class A common stock:
Basic$(0.32)$0.48 $0.20 $0.26 $(2.61)$0.43 $(2.32)(725)%na
Diluted$(0.32)$0.48 $0.20 $0.26 $(2.61)$0.43 $(2.32)(725)%na
Weighted-average shares of Class A common stock:
Basic64,068,952 64,194,859 66,187,754 68,772,051 73,687,289 63,255,604 69,561,254 15 %10 %
Diluted64,068,952 67,281,567 68,593,761 69,695,315 73,687,289 66,299,982 69,561,254 15 %5 %
Quarterly dividend per share of Class A common stock(1)
$0.21 $0.21 $0.21 $0.24 $0.24 $0.62 $0.69 14 %11 %
Supplemental dividend per share of Class A common stock(2)
$— $— $0.15 $— $— $0.25 $0.15 na(40)%
Accrued carried interest allocations1,203,847 1,354,051 1,328,853 1,381,110 1,474,543 22 %
Non-GAAP Results(3)
Adjusted management and advisory fees, net(4)
$151,943 $153,808 $178,514 $185,481 $191,832 $432,571 $555,827 26 %28 %
Adjusted revenues185,123 177,357 221,165 208,788 243,905 487,703 673,858 32 %38 %
Fee-related earnings (“FRE”)50,664 50,900 71,656 72,349 74,118 138,893 218,123 46 %57 %
FRE margin(5)
33 %33 %40 %39 %39 %32 %39 %
Gross realized performance fees33,180 23,549 42,651 23,307 52,073 55,132 118,031 57 %114 %
Adjusted net income (“ANI”)42,116 37,716 57,241 53,569 52,659 101,677 163,469 25 %61 %
Adjusted weighted-average shares
115,232,927 115,512,301 118,510,499 118,774,233 118,935,179 115,009,445 118,740,805 3 %3 %
ANI per share$0.37 $0.33 $0.48 $0.45 $0.44 $0.88 $1.38 19 %57 %
Key Business Drivers/Operating Metrics (in billions)
Assets under management (“AUM”)(6)
$149.0 $156.6 $169.3 $176.1 $179.2 20 %
Assets under advisement (“AUA”)(6)
510.5 521.1 531.4 505.9 518.7 2 %
Fee-earning AUM (“FEAUM”)89.4 93.9 100.4 104.4 114.2 28 %
Undeployed fee-earning capital (“UFEC”)
21.4 22.6 27.6 29.7 21.7 1 %
_______________________________
(1)Dividends paid, as reported in this table, relate to the preceding quarterly period in which they were earned.
(2)The supplemental cash dividend relates to earnings in respect of our full fiscal years 2023 and 2024, respectively.
(3)Adjusted management and advisory fees, net, adjusted revenues, FRE, FRE margin, gross realized performance fees, ANI, adjusted weighted-average shares and ANI per share are non-GAAP measures. See the definitions of these measures and
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reconciliations to the respective, most comparable GAAP measures under “Non-GAAP Financial Measures: Definitions and Reconciliations.”
(4)Excludes the impact of consolidating the Consolidated Funds. See reconciliation of GAAP measures to adjusted measures that follows.
(5)FRE margin is calculated by dividing FRE by adjusted management and advisory fees, net.
(6)AUM/AUA reflects final data for the prior period, adjusted for net new client account activity through the period presented. Does not include post-period investment valuation or cash activity. Net asset value (“NAV”) data for underlying investments is as of the prior period, as reported by underlying managers up to the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end. When NAV data is not available by the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end, such NAVs are adjusted for cash activity following the last available reported NAV.
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StepStone Group Inc.
GAAP Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
As of
December 31, 2024March 31, 2024
Assets
Cash and cash equivalents$223,103 $143,430 
Restricted cash720 718 
Fees and accounts receivable63,521 56,769 
Due from affiliates96,590 67,531 
Investments:
Investments in funds172,748 135,043 
Accrued carried interest allocations1,474,543 1,354,051 
Legacy Greenspring investments in funds and accrued carried interest allocations(1)
572,459 631,197 
Deferred income tax assets356,122 184,512 
Lease right-of-use assets, net90,567 97,763 
Other assets and receivables66,114 60,611 
Intangibles, net274,122 304,873 
Goodwill580,542 580,542 
Assets of Consolidated Funds:
Cash and cash equivalents55,681 38,164 
Investments, at fair value320,482 131,858 
Other assets2,333 1,745 
Total assets
$4,349,647 $3,788,807 
Liabilities and stockholders’ equity
Accounts payable, accrued expenses and other liabilities$139,068 $127,417 
Accrued compensation and benefits690,321 101,481 
Accrued carried interest-related compensation730,218 719,497 
Legacy Greenspring accrued carried interest-related compensation(1)
439,898 484,154 
Due to affiliates315,739 212,918 
Lease liabilities112,175 119,739 
Debt obligations168,942 148,822 
Liabilities of Consolidated Funds:
Other liabilities9,860 1,645 
Total liabilities2,606,221 1,915,673 
Redeemable non-controlling interests in Consolidated Funds286,822 102,623 
Redeemable non-controlling interests in subsidiaries6,552 115,920 
Stockholders’ equity:
Class A common stock, $0.001 par value, 650,000,000 authorized; 75,841,118 and 65,614,902 issued and outstanding as of December 31, 2024 and March 31, 2024, respectively
76 66 
Class B common stock, $0.001 par value, 125,000,000 authorized; 40,127,254 and 45,030,959 issued and outstanding as of December 31, 2024 and March 31, 2024, respectively
40 45 
Additional paid-in capital415,059 310,293 
Retained earnings (accumulated deficit)(205,674)13,768 
Accumulated other comprehensive income341 304 
Total StepStone Group Inc. stockholders’ equity209,842 324,476 
Non-controlling interests in subsidiaries1,051,919 974,559 
Non-controlling interests in legacy Greenspring entities(1)
132,561 147,042 
Non-controlling interests in the Partnership55,730 208,514 
Total stockholders’ equity1,450,052 1,654,591 
Total liabilities and stockholders’ equity$4,349,647 $3,788,807 
(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.
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StepStone Group Inc.
GAAP Condensed Consolidated Statements of Income (Loss) (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended December 31,Nine Months Ended December 31,
2024202320242023
Revenues
Management and advisory fees, net$190,840 $151,492 $553,613 $431,730 
Performance fees:
Incentive fees22,369 17,891 26,365 22,843 
Carried interest allocations:
Realized24,282 15,289 83,718 31,347 
Unrealized93,325 (129,584)120,370 (24,849)
Total carried interest allocations117,607 (114,295)204,088 6,498 
Legacy Greenspring carried interest allocations(1)
8,207 (69,700)13,035 (106,250)
Total performance fees148,183 (166,104)243,488 (76,909)
Total revenues339,023 (14,612)797,101 354,821 
Expenses
Compensation and benefits:
Cash-based compensation85,203 73,619 246,298 218,551 
Equity-based compensation486,418 14,032 542,929 28,420 
Performance fee-related compensation:
Realized25,477 15,444 55,092 26,266 
Unrealized49,670 (62,243)66,495 (9,320)
Total performance fee-related compensation75,147 (46,799)121,587 16,946 
Legacy Greenspring performance fee-related compensation(1)
8,207 (69,700)13,035 (106,250)
Total compensation and benefits654,975 (28,848)923,849 157,667 
General, administrative and other43,130 48,001 134,202 113,007 
Total expenses698,105 19,153 1,058,051 270,674 
Other income (expense)
Investment income (loss)1,064 (2,051)5,710 4,115 
Legacy Greenspring investment income (loss)(1)
1,167 (2,222)(4,119)(9,054)
Investment income of Consolidated Funds15,037 11,223 30,878 22,357 
Interest income2,559 827 7,632 2,235 
Interest expense(3,008)(2,562)(9,510)(6,682)
Other income (loss)(2,452)4,408 (1,626)3,763 
Total other income14,367 9,623 28,965 16,734 
Income (loss) before income tax(344,715)(24,142)(231,985)100,881 
Income tax expense (benefit)(57,552)(723)(46,005)15,603 
Net income (loss)(287,163)(23,419)(185,980)85,278 
Less: Net income attributable to non-controlling interests in subsidiaries27,226 13,552 62,966 32,797 
Less: Net income (loss) attributable to non-controlling interests in legacy Greenspring entities(1)
1,167 (2,222)(4,119)(9,054)
Less: Net income (loss) attributable to non-controlling interests in the Partnership(134,760)(20,111)(107,856)22,677 
Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds10,905 5,588 23,101 11,590 
Less: Net income attributable to redeemable non-controlling interests in subsidiaries314 — 983 — 
Net income (loss) attributable to StepStone Group Inc.$(192,015)$(20,226)$(161,055)$27,268 
Net income (loss) per share of Class A common stock:
Basic$(2.61)$(0.32)$(2.32)$0.43 
Diluted$(2.61)$(0.32)$(2.32)$0.43 
Weighted-average shares of Class A common stock:
Basic73,687,289 64,068,952 69,561,254 63,255,604 
Diluted73,687,289 64,068,952 69,561,254 66,299,982 
(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests.
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Non-GAAP Financial Measures: Definitions and Reconciliations
Adjusted Management and Advisory Fees, Net
The following table presents the components of adjusted management and advisory fees, net. We believe adjusted management and advisory fees, net is useful to investors because it removes the impact of consolidating the Consolidated Funds which we are required to consolidate under GAAP.
Three Months EndedNine Months Ended December 31,
(in thousands)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024
Focused commingled funds(1)(2)
$78,633 $80,434 $104,798 $107,855 $105,718 $216,233 $318,371 
Separately managed accounts55,838 55,945 57,376 61,393 66,245 168,013 185,014 
Advisory and other services16,069 16,147 14,769 14,907 17,458 43,910 47,134 
Fund reimbursement revenues(1)
1,403 1,282 1,571 1,326 2,411 4,415 5,308 
Adjusted management and advisory fees, net
$151,943 $153,808 $178,514 $185,481 $191,832 $432,571 $555,827 
_______________________________
(1)Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
(2)Includes income-based incentive fees of $2.1 million for the three months ended December 31, 2024, $1.3 million for the three months ended September 30, 2024, $1.1 million for the three months ended June 30, 2024, $0.8 million for the three months ended March 31, 2024, $0.6 million for the three months ended December 31, 2023, and $4.6 million and $0.6 million for the nine months ended December 31, 2024 and 2023, respectively, from certain funds.
Adjusted Revenues
Adjusted revenues represents the components of revenues used in the determination of ANI and comprise adjusted management and advisory fees, net, adjusted incentive fees (including the deferred portion) and realized carried interest allocations. We believe adjusted revenues is useful to investors because it presents a measure of realized revenues.
The table below shows a reconciliation of revenues to adjusted revenues.
Three Months EndedNine Months Ended December 31,
(in thousands)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024
Total revenues$(14,612)$356,810 $186,401 $271,677 $339,023 $354,821 $797,101 
Unrealized carried interest allocations129,584 (151,757)25,170 (52,215)(93,325)24,849 (120,370)
Deferred incentive fees— 1,450 6 2,445 — 942 2,451 
Legacy Greenspring carried interest allocations
69,700 (31,093)9,089 (13,917)(8,207)106,250 (13,035)
Management and advisory fee revenues for the Consolidated Funds(1)
451 398 499 723 992 841 2,214 
Incentive fees for the Consolidated Funds(2)
— 1,549 — 75 5,422 — 5,497 
Adjusted revenues$185,123 $177,357 $221,165 $208,788 $243,905 $487,703 $673,858 
_______________________________
(1)Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
(2)Reflects the add-back of incentive fees for the Consolidated Funds, which have been eliminated in consolidation.
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Adjusted Net Income
Adjusted net income, or “ANI,” is a non-GAAP performance measure that we present before the consolidation of StepStone Funds on a pre-tax and after-tax basis used to evaluate profitability. ANI represents the after-tax net realized income attributable to us. ANI does not reflect legacy Greenspring carried interest allocation revenues, legacy Greenspring carried interest-related compensation and legacy Greenspring investment income (loss) as none of the economics are attributable to us. The components of revenues used in the determination of ANI (“adjusted revenues”) comprise adjusted management and advisory fees, net, adjusted incentive fees (including the deferred portion) and realized carried interest allocations. In addition, ANI excludes: (a) unrealized carried interest allocation revenues and related compensation, (b) unrealized investment income (loss), (c) equity-based compensation for awards granted prior to and in connection with our IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary, (d) amortization of intangibles, (e) net income (loss) attributable to non-controlling interests in our subsidiaries and realized gains attributable to the profits interests issued in the private wealth subsidiary, (f) charges associated with acquisitions and corporate transactions, and (g) certain other items that we believe are not indicative of our core operating performance (as listed in the table below). ANI is fully taxed at our blended statutory rate. We believe ANI and adjusted revenues are useful to investors because they enable investors to evaluate the performance of our business across reporting periods.
Fee-Related Earnings
Fee-related earnings, or “FRE,” is a non-GAAP performance measure used to monitor our baseline earnings from recurring management and advisory fees. FRE is a component of ANI and comprises adjusted management and advisory fees, net, less adjusted expenses which are operating expenses other than (a) performance fee-related compensation, (b) equity-based compensation for awards granted prior to and in connection with our IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary, (c) amortization of intangibles, (d) charges associated with acquisitions and corporate transactions, and (e) certain other items that we believe are not indicative of our core operating performance (as listed in the table below). FRE is presented before income taxes. We believe FRE is useful to investors because it provides additional insight into the operating profitability of our business and our ability to cover direct base compensation and operating expenses from total fee revenue.
The table below shows a reconciliation of GAAP measures to additional non-GAAP measures. We use the non-GAAP measures presented below as components when calculating FRE and ANI (as defined below). We believe these additional non-GAAP measures are useful to investors in evaluating both the baseline earnings from recurring management and advisory fees, which provide additional insight into the operating profitability of our business, and the after-tax net realized income attributable to us, allowing investors to evaluate the performance of our business. These additional non-GAAP measures remove the impact of Consolidated Funds that we are required to consolidate under GAAP, and certain other items that we believe are not indicative of our core operating performance.
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Three Months EndedNine Months Ended December 31,
(in thousands)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024
GAAP management and advisory fees, net$151,492 $153,410 $178,015 $184,758 $190,840 $431,730 $553,613 
Management and advisory fee revenues for the Consolidated Funds(1)
451 398 499 723 992 841 2,214 
Adjusted management and advisory fees, net
$151,943 $153,808 $178,514 $185,481 $191,832 $432,571 $555,827 
GAAP incentive fees$17,891 $2,496 $841 $3,155 $22,369 $22,843 $26,365 
Incentive fee revenues for the Consolidated Funds(2)
— 1,549 — 75 5,422 — 5,497 
Adjusted incentive fees
$17,891 $4,045 $841 $3,230 $27,791 $22,843 $31,862 
GAAP cash-based compensation$73,619 $74,411 $78,224 $82,871 $85,203 $218,551 $246,298 
Adjustments(3)
(574)(461)(428)(285)339 (1,679)(374)
Adjusted cash-based compensation$73,045 $73,950 $77,796 $82,586 $85,542 $216,872 $245,924 
GAAP equity-based compensation$14,032 $13,937 $19,179 $37,332 $486,418 $28,420 $542,929 
Adjustments(4)
(12,610)(12,210)(16,785)(34,947)(483,958)(24,425)(535,690)
Adjusted equity-based compensation$1,422 $1,727 $2,394 $2,385 $2,460 $3,995 $7,239 
GAAP general, administrative and other$48,001 $54,310 $41,011 $50,061 $43,130 $113,007 $134,202 
Adjustments(5)
(21,189)(27,079)(14,343)(21,900)(13,418)(40,196)(49,661)
Adjusted general, administrative and other$26,812 $27,231 $26,668 $28,161 $29,712 $72,811 $84,541 
GAAP interest income$827 $1,429 $2,057 $3,016 $2,559 $2,235 $7,632 
Interest income earned by the Consolidated Funds(6)
(540)(612)(907)(1,363)(887)(1,033)(3,157)
Adjusted interest income$287 $817 $1,150 $1,653 $1,672 $1,202 $4,475 
GAAP other income (loss)$4,408 $(1,308)$(351)$1,177 $(2,452)$3,763 $(1,626)
Adjustments(7)
(4,301)395 (72)(1,082)1,883 (4,274)729 
Adjusted other income (loss)$107 $(913)$(423)$95 $(569)$(511)$(897)
______________________________
(1)Reflects the add-back of management and advisory fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
(2)Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
(3)Reflects the removal of compensation paid to certain employees as part of an acquisition earn-out.
(4)Reflects the removal of equity-based compensation for awards granted prior to and in connection with the IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary.
(5)Reflects the removal of lease remeasurement adjustments, accelerated depreciation of leasehold improvements for changes in lease terms, amortization of intangibles, transaction-related costs and other non-core operating income and expenses.
(6)Reflects the removal of interest income earned by the Consolidated Funds.
(7)Reflects the removal of amounts for Tax Receivable Agreements adjustments recognized as other income (loss), gain associated with amounts received as part of negotiations with a third party related to certain corporate matters, loss on sale of subsidiary and the impact of consolidation of the Consolidated Funds.
9

The table below shows a reconciliation of income (loss) before income tax to ANI and FRE.
Three Months EndedNine Months Ended December 31,
(in thousands)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024
Income (loss) before income tax$(24,142)94,515 $54,842 $57,888 $(344,715)$100,881 $(231,985)
Net income attributable to non-controlling interests in subsidiaries(1)
(15,537)(12,822)(18,951)(17,812)(32,765)(36,398)(69,528)
Net (income) loss attributable to non-controlling interests in legacy Greenspring entities2,222 33 1,255 4,031 (1,167)9,054 4,119 
Unrealized carried interest allocations129,584 (151,757)25,170 (52,215)(93,325)24,849 (120,370)
Unrealized performance fee-related compensation(62,243)84,014 (10,923)27,748 49,670 (9,320)66,495 
Unrealized investment (income) loss5,559 (2,280)(1,180)(430)656 1,373 (954)
Impact of Consolidated Funds(11,068)(4,138)(7,731)(9,267)(6,892)(21,938)(23,890)
Deferred incentive fees— 1,450 6 2,445 — 942 2,451 
Equity-based compensation(2)
12,610 12,210 16,785 34,947 483,958 24,425 535,690 
Amortization of intangibles10,661 10,423 10,250 10,250 10,250 31,983 30,750 
Tax Receivable Agreements adjustments through earnings222 90 — — — 222 — 
Non-core items(3)
6,335 16,780 4,137 11,349 2,094 4,785 17,580 
Pre-tax ANI54,203 48,518 73,660 68,934 67,764 130,858 210,358 
Income taxes(4)
(12,087)(10,802)(16,419)(15,365)(15,105)(29,181)(46,889)
ANI42,116 37,716 57,241 53,569 52,659 101,677 163,469 
Income taxes(4)
12,087 10,802 16,419 15,365 15,105 29,181 46,889 
Realized carried interest allocations(15,289)(18,054)(41,804)(17,632)(24,282)(31,347)(83,718)
Realized performance fee-related compensation(5)
15,444 11,421 20,848 8,767 25,477 26,266 55,092 
Realized investment income(3,508)(1,057)(1,415)(1,621)(1,720)(5,488)(4,756)
Adjusted incentive fees(6)
(17,891)(4,045)(841)(3,230)(27,791)(22,843)(31,862)
Deferred incentive fees— (1,450)(6)(2,445)— (942)(2,451)
Adjusted interest income(6)
(287)(817)(1,150)(1,653)(1,672)(1,202)(4,475)
Interest expense2,562 2,649 2,990 3,512 3,008 6,682 9,510 
Adjusted other (income) loss(6)(7)
(107)913 423 (95)569 511 897 
Net income attributable to non-controlling interests in subsidiaries(1)
15,537 12,822 18,951 17,812 32,765 36,398 69,528 
FRE$50,664 $50,900 $71,656 $72,349 $74,118 $138,893 $218,123 
_______________________________
(1)Reflects the portion of pre-tax ANI attributable to non-controlling interests in our subsidiaries and realized gains attributable to the profits interests issued in the private wealth subsidiary:
Three Months EndedNine Months Ended December 31,
(in thousands)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024
FRE attributable to non-controlling interests in subsidiaries and profits interests
$10,518 $11,559 $13,308 $14,969 $21,063 $30,515 $49,340 
Performance related earnings / other (income) loss attributable to non-controlling interests in subsidiaries and profits interests
5,019 1,263 5,643 2,843 11,702 5,883 20,188 
Net income attributable to non-controlling interests in subsidiaries
$15,537 $12,822 $18,951 $17,812 $32,765 $36,398 $69,528 
10

The contribution to total FRE attributable to non-controlling interests in subsidiaries and profits interests and performance related earnings / other (income) loss attributable to non-controlling interests in subsidiaries and profits interests presented above specifically related to the profits interests issued in the private wealth subsidiary is presented below.
Three Months EndedNine Months Ended December 31,
(in thousands)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024
FRE attributable to profits interests issued in the private wealth subsidiary$— $— $574 $2,051 $2,956 $— $5,581 
Performance related earnings / other (income) loss attributable to profits interests issued in the private wealth subsidiary3,074 — 51 206 11,137 3,074 11,394 
Amounts attributable to profits interests issued in the private wealth subsidiary
$3,074 $— $625 $2,257 $14,093 $3,074 $16,975 
(2)Reflects equity-based compensation for awards granted prior to and in connection with the IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in the private wealth subsidiary.
(3)Includes (income) expense related to the following non-core operating income and expenses:
Three Months EndedNine Months Ended December 31,
(in thousands)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024
Transaction costs$670 $3,985 $672 $140 $12 $870 $824 
Lease remeasurement adjustments(106)— — — — (106)— 
Accelerated depreciation of leasehold improvements for changes in lease terms631 — — — — 1,893 — 
Loss on change in fair value for contingent consideration obligation9,054 12,280 2,953 10,888 2,476 4,937 16,317 
Compensation paid to certain employees as part of an acquisition earn-out574 515 482 321 (394)1,679 409 
Gain from negotiation of certain corporate matters(5,300)— — — — (5,300)— 
Loss on sale of subsidiary812 — — — — 812 — 
Other non-core items— — 30 — — — 30 
Total non-core operating income and expenses$6,335 $16,780 $4,137 $11,349 $2,094 $4,785 $17,580 
(4)Represents corporate income taxes at a blended statutory rate applied to pre-tax ANI:
Three Months EndedNine Months Ended December 31,
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024
Federal statutory rate21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %21.0 %
Combined state, local and foreign rate1.3 %1.3 %1.3 %1.3 %1.3 %1.3 %1.3 %
Blended statutory rate22.3 %22.3 %22.3 %22.3 %22.3 %22.3 %22.3 %
(5)Includes carried interest-related compensation expense related to the portion of net carried interest allocation revenue attributable to equity holders of the Company’s consolidated subsidiaries that are not 100% owned:
Three Months EndedNine Months Ended December 31,
(in thousands)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024
Realized carried interest-related compensation
$660 $910 $— $— $— $2,849 $— 
(6)Excludes the impact of consolidating the Consolidated Funds.
(7)Excludes amounts for Tax Receivable Agreements adjustments recognized as other income (loss) ($(0.1) million for the three months ended March 31, 2024 and $(0.2) million for the three and nine months ended December 31, 2023),
11

gain associated with amounts received as part of negotiations with a third party related to certain corporate matters ($5.3 million for the three and nine months ended December 31, 2023), and loss on sale of subsidiary ($0.8 million for the three and nine months ended December 31, 2023).
Fee-Related Earnings Margin
FRE margin is a non-GAAP performance measure which is calculated by dividing FRE by adjusted management and advisory fees, net. We believe FRE margin is an important measure of profitability on revenues that are largely recurring by nature. We believe FRE margin is useful to investors because it enables them to better evaluate the operating profitability of our business across periods.
The table below shows a reconciliation of FRE to FRE margin.
Three Months EndedNine Months Ended December 31,
(in thousands)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024
FRE$50,664 $50,900 $71,656 $72,349 $74,118 $138,893 $218,123 
Adjusted management and advisory fees, net151,943 153,808 178,514 185,481 191,832 432,571 555,827 
FRE margin33 %33 %40 %39 %39 %32 %39 %
Gross Realized Performance Fees
Gross realized performance fees represents realized carried interest allocations and adjusted incentive fees, including the deferred portion. We believe gross realized performance fees is useful to investors because it presents the total performance fees realized by us.
Net Realized Performance Fees
Net realized performance fees represents gross realized performance fees, less realized performance fee-related compensation. We believe net realized performance fees is useful to investors because it presents the performance fees attributable to us, net of amounts paid to employees as performance fee-related compensation.
The table below shows a reconciliation of total performance fees to gross and net realized performance fees.
12

Three Months EndedNine Months Ended December 31,
(in thousands)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024
Incentive fees$17,891 $2,496 $841 $3,155 $22,369 $22,843 $26,365 
Realized carried interest allocations
15,289 18,054 41,804 17,632 24,282 31,347 83,718 
Unrealized carried interest allocations
(129,584)151,757 (25,170)52,215 93,325 (24,849)120,370 
Legacy Greenspring carried interest allocations
(69,700)31,093 (9,089)13,917 8,207 (106,250)13,035 
Total performance fees(166,104)203,400 8,386 86,919 148,183 (76,909)243,488 
Unrealized carried interest allocations
129,584 (151,757)25,170 (52,215)(93,325)24,849 (120,370)
Legacy Greenspring carried interest allocations69,700 (31,093)9,089 (13,917)(8,207)106,250 (13,035)
Incentive fee revenues for the Consolidated Funds(1)
— 1,549 — 75 5,422 — 5,497 
Deferred incentive fees— 1,450 6 2,445 — 942 2,451 
Gross realized performance fees33,180 23,549 42,651 23,307 52,073 55,132 118,031 
Realized performance fee-related compensation
(15,444)(11,421)(20,848)(8,767)(25,477)(26,266)(55,092)
Net realized performance fees$17,736 $12,128 $21,803 $14,540 $26,596 $28,866 $62,939 
______________________________
(1)Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
13

Adjusted Weighted-Average Shares and Adjusted Net Income Per Share
ANI per share measures our per-share earnings assuming all Class B units, Class C units and Class D units in the Partnership were exchanged for Class A common stock in SSG, including the dilutive impact of outstanding equity-based awards. ANI per share is calculated as ANI divided by adjusted weighted-average shares outstanding. We believe adjusted weighted-average shares and ANI per share are useful to investors because they enable investors to better evaluate per-share operating performance across reporting periods.
The following table shows a reconciliation of diluted weighted-average shares of Class A common stock outstanding to adjusted weighted-average shares outstanding used in the computation of ANI per share.
Three Months EndedNine Months Ended December 31,
December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024
ANI$42,116 $37,716 $57,241 $53,569 $52,659 $101,677 $163,469 
Weighted-average shares of Class A common stock outstanding – Basic64,068,952 64,194,859 66,187,754 68,772,051 73,687,289 63,255,604 69,561,254 
Assumed vesting of RSUs333,402 512,946 673,854 921,166 491,014 511,889 695,423 
Assumed vesting and exchange of Class B2 units2,553,899 2,573,762 1,732,153 — — 2,532,489 573,185 
Assumed purchase under ESPP— — — 2,098 — — 702 
Exchange of Class B units in the Partnership(1)
46,314,543 46,272,227 45,827,707 45,212,921 41,729,937 46,384,046 44,251,143 
Exchange of Class C units in the Partnership(1)
1,962,131 1,958,507 1,849,846 1,626,812 1,016,737 2,325,417 1,496,518 
Exchange of Class D units in the Partnership(1)
— — 2,239,185 2,239,185 2,010,202 — 2,162,580 
Adjusted weighted-average shares115,232,927 115,512,301 118,510,499 118,774,233 118,935,179 115,009,445 118,740,805 
ANI per share$0.37 $0.33 $0.48 $0.45 $0.44 $0.88 $1.38 
_______________________________
(1)Assumes the full exchange of Class B units, Class C units or Class D units in the Partnership for Class A common stock of SSG pursuant to the Class B Exchange Agreement, Class C Exchange Agreement or Class D Exchange Agreement, respectively.
14

Key Operating Metrics
We monitor certain operating metrics that are either common to the asset management industry or that we believe provide important data regarding our business. Refer to the Glossary below for a definition of each of these metrics.
Fee-Earning AUM
Three Months EndedNine Months Ended December 31,Percentage Change
(in millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 202420232024vs. FQ3'24
Separately Managed Accounts
Beginning balance$56,380 $56,660 $58,897 $60,272 $62,121 $55,345 $58,897 10 %
Contributions(1)
1,109 2,757 2,085 1,723 9,033 3,570 12,841 715 %
Distributions(2)
(1,397)(795)(830)(535)(1,000)(3,285)(2,365)(28)%
Market value, FX and other(3)
568 275 120 661 (180)1,030 601 na
Ending balance$56,660 $58,897 $60,272 $62,121 $69,974 $56,660 $69,974 23 %
Focused Commingled Funds
Beginning balance$30,905 $32,772 $34,961 $40,084 $42,294 $30,086 $34,961 37 %
Contributions(1)
1,898 2,429 5,653 2,122 2,520 3,686 10,295 33 %
Distributions(2)
(274)(327)(661)(282)(682)(1,514)(1,625)149 %
Market value, FX and other(3)
243 87 131 370 60 514 561 (75)%
Ending balance$32,772 $34,961 $40,084 $42,294 $44,192 $32,772 $44,192 35 %
Total
Beginning balance$87,285 $89,432 $93,858 $100,356 $104,415 $85,431 $93,858 20 %
Contributions(1)
3,007 5,186 7,738 3,845 11,553 7,256 23,136 284 %
Distributions(2)
(1,671)(1,122)(1,491)(817)(1,682)(4,799)(3,990)1 %
Market value, FX and other(3)
811 362 251 1,031 (120)1,544 1,162 na
Ending balance$89,432 $93,858 $100,356 $104,415 $114,166 $89,432 $114,166 28 %
_______________________________
(1)Contributions consist of new capital commitments that earn fees on committed capital and capital contributions to funds and accounts that earn fees on net invested capital or NAV.
(2)Distributions consist of returns of capital from funds and accounts that pay fees on net invested capital or NAV and reductions in fee-earning AUM from funds that moved from a committed capital to net invested capital fee basis or from funds and accounts that no longer pay fees.
(3)Market value, FX and other primarily consist of changes in market value appreciation (depreciation) for funds that pay on NAV and the effect of foreign exchange rate changes on non-U.S. dollar denominated commitments.
15

Asset Class Summary
Three Months EndedPercentage Change
(in millions)December 31, 2023March 31, 2024June 30, 2024September 30, 2024December 31, 2024vs. FQ3'24
FEAUM
Private equity$48,258 $49,869 $54,855 $57,136 $62,811 30%
Infrastructure19,789 20,114 20,377 20,986 23,411 18%
Private debt15,460 15,477 16,161 16,975 17,882 16%
Real estate5,925 8,398 8,963 9,318 10,062 70%
Total$89,432 $93,858 $100,356 $104,415 $114,166 28%
Separately managed accounts$56,660 $58,897 $60,272 $62,121 $69,974 23%
Focused commingled funds32,772 34,961 40,084 42,294 44,192 35%
Total$89,432 $93,858 $100,356 $104,415 $114,166 28%
AUM(1)
Private equity$78,221 $81,942 $89,329 $91,891 $93,404 19%
Infrastructure28,307 30,003 32,756 35,392 36,156 28%
Private debt27,782 28,491 30,336 31,854 31,987 15%
Real estate14,646 16,201 16,912 16,996 17,665 21%
Total$148,956 $156,637 $169,333 $176,133 $179,212 20%
Separately managed accounts$88,890 $93,938 $103,003 $107,252 $109,305 23%
Focused commingled funds45,508 48,545 51,682 53,870 55,142 21%
Advisory AUM14,558 14,154 14,648 15,011 14,765 1%
Total$148,956 $156,637 $169,333 $176,133 $179,212 20%
AUA
Private equity$266,246 $270,350 $279,909 $255,125 $263,420 (1)%
Infrastructure57,528 60,339 62,599 62,891 67,100 17%
Private debt17,916 21,976 22,280 19,328 19,325 8%
Real estate168,802 168,455 166,659 168,519 168,807 —%
Total$510,492 $521,120 $531,447 $505,863 $518,652 2%
Total capital responsibility(2)
$659,448 $677,757 $700,780 $681,996 $697,864 6%
_____________________________
Note: Amounts may not sum to total due to rounding. AUM/AUA reflects final data for the prior period, adjusted for net new client account activity through the period presented, and does not include post-period investment valuation or cash activity. Net asset value (“NAV”) data for underlying investments is as of the prior period, as reported by underlying managers up to the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end. When NAV data is not available by the business day occurring on or after 100 days, or 115 days at the fiscal year-end, following the prior period end, such NAVs are adjusted for cash activity following the last available reported NAV.
(1)Allocation of AUM by asset class is presented by underlying investment asset classification.
(2)Total capital responsibility equals assets under management (AUM) plus assets under advisement (AUA).
16

Contacts
Shareholder Relations:
Seth Weiss
shareholders@stepstonegroup.com
1-212-351-6106
Media:
Brian Ruby / Chris Gillick / Matt Lettiero, ICR
StepStonePR@icrinc.com
1-203-682-8268
17

Glossary
Assets under advisement, or “AUA,” consists of client assets for which we do not have full discretion to make investment decisions but play a role in advising the client or monitoring their investments. We generally earn revenue for advisory-related services on a contractual fixed fee basis. Advisory-related services include asset allocation, strategic planning, development of investment policies and guidelines, screening and recommending investments, legal negotiations, monitoring and reporting on investments, and investment manager review and due diligence. Advisory fees vary by client based on the scope of services, investment activity and other factors. Most of our advisory fees are fixed, and therefore, increases or decreases in AUA do not necessarily lead to proportionate changes in revenue. We believe AUA is a useful metric for assessing the relative size of our advisory business.
Our AUA is calculated as the sum of (i) the NAV of client portfolio assets for which we do not have full discretion and (ii) the unfunded commitments of clients to the underlying investments. Our AUA reflects the investment valuations in respect of the underlying investments of our client accounts on a three-month lag, adjusted for new client account activity through the period end. Our AUA does not include post-period investment valuation or cash activity. AUA as of December 31, 2024 reflects final data for the prior period (September 30, 2024), adjusted for net new client account activity through December 31, 2024. NAV data for underlying investments is as of September 30, 2024, as reported by underlying managers up to the business day occurring on or after 100 days following September 30, 2024. When NAV data is not available by the business day occurring on or after 100 days following September 30, 2024, such NAVs are adjusted for cash activity following the last available reported NAV.
Assets under management, or “AUM,” primarily reflects the assets associated with our separately managed accounts (“SMAs”) and focused commingled funds. We classify assets as AUM if we have full discretion over the investment decisions in an account or have responsibility or custody of assets. Although management fees are based on a variety of factors and are not linearly correlated with AUM, we believe AUM is a useful metric for assessing the relative size and scope of our asset management business.
Our AUM is calculated as the sum of (i) the net asset value (“NAV”) of client portfolio assets, including the StepStone Funds and (ii) the unfunded commitments of clients to the underlying investments and the StepStone Funds. Our AUM reflects the investment valuations in respect of the underlying investments of our funds and accounts on a three-month lag, adjusted for new client account activity through the period end. Our AUM does not include post-period investment valuation or cash activity. AUM as of December 31, 2024 reflects final data for the prior period (September 30, 2024), adjusted for net new client account activity through December 31, 2024. NAV data for underlying investments is as of September 30, 2024, as reported by underlying managers up to the business day occurring on or after 100 days following September 30, 2024. When NAV data is not available by the business day occurring on or after 100 days following September 30, 2024, such NAVs are adjusted for cash activity following the last available reported NAV.
Consolidated Funds refer to the StepStone Funds that we are required to consolidate as of the applicable reporting period. We consolidate funds and other entities in which we hold a controlling financial interest.
Consolidated VIEs refer to the variable interest entities that we are required to consolidate as of the applicable reporting period. We consolidate VIEs in which we hold a controlling financial interest.
18

Fee-earning AUM, or “FEAUM,” reflects the assets from which we earn management fee revenue (i.e., fee basis) and includes assets in our SMAs, focused commingled funds and assets held directly by our clients for which we have fiduciary oversight and are paid fees as the manager of the assets. Our SMAs and focused commingled funds typically pay management fees based on capital commitments, net invested capital and, in certain cases, NAV, depending on the fee terms. Management fees are only marginally affected by market appreciation or depreciation because substantially all of the StepStone Funds pay management fees based on capital commitments or net invested capital. As a result, management fees and FEAUM are not materially affected by changes in market value. We believe FEAUM is a useful metric in order to assess assets forming the basis of our management fee revenue.
Legacy Greenspring entities refers to certain entities for which the Company, indirectly through its subsidiaries, became the sole and/or managing member in connection with the Greenspring acquisition.
SSG refers solely to StepStone Group Inc., a Delaware corporation, and not to any of its subsidiaries.
StepStone Funds refer to SMAs and focused commingled funds of the Company, including acquired Greenspring funds, for which the Partnership or one of its subsidiaries acts as both investment adviser and general partner or managing member.
The Partnership refers solely to StepStone Group LP, a Delaware limited partnership, and not to any of its subsidiaries.
Total capital responsibility equals AUM plus AUA. AUM includes any accounts for which StepStone Group has full discretion over the investment decisions, has responsibility to arrange or effectuate transactions, or has custody of assets. AUA refers to accounts for which StepStone Group provides advice or consultation but for which the firm does not have discretionary authority, responsibility to arrange or effectuate transactions, or custody of assets.
Undeployed fee-earning capital represents the amount of capital commitments to StepStone Funds that has not yet been invested or considered active but will generate management fee revenue once invested or activated. We believe undeployed fee-earning capital is a useful metric for measuring the amount of capital that we can put to work in the future and thus earn management fee revenue thereon.


19
v3.25.0.1
Document and Entity Information Document
Feb. 06, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 06, 2025
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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