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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

November 7, 2024
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 November 7, 2024, StepStone Group Inc. issued a press release announcing its financial results for the second fiscal quarter ended September 30, 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 November 7, 2024 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: November 7, 2024By:/s/ David Y. Park
David Y. Park
Chief Financial Officer
(Principal Financial Officer and Authorized Signatory)

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STEPSTONE GROUP REPORTS SECOND QUARTER FISCAL YEAR 2025 RESULTS
NEW YORK, November 7, 2024 – 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 September 30, 2024. This represents results for the second 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 December 13, 2024, to the holders of record as of the close of business on November 29, 2024.
StepStone issued a full detailed presentation of its second 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 on Thursday, November 7, 2024, at 5:00 pm ET to discuss the Company’s results for the second 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/BI6beb1f9d540a4ca3965ff36afb3a4ae0. 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 September 30, 2024, StepStone was responsible for approximately $682 billion of total capital, including $176 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 and growth strategies, the favorability of the private markets fundraising environment, successful
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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 EndedSix Months Ended September 30,Percentage Change
(in thousands, except share and per share amounts and where noted)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 202420232024vs. FQ2'24vs. FQ2'24 YTD
Financial Highlights
GAAP Results
Management and advisory fees, net$142,123 $151,492 $153,410 $178,015 $184,758 $280,238 $362,773 30 %29 %
Total revenues191,422 (14,612)356,810 186,401 271,677 369,433 458,078 42 %24 %
Total performance fees49,299 (166,104)203,400 8,386 86,919 89,195 95,305 76 %7 %
Net income (loss)59,251 (23,419)82,542 48,045 53,138 108,697 101,183 (10)%(7)%
Net income (loss) per share of Class A common stock:
Basic$0.42 $(0.32)$0.48 $0.20 $0.26 $0.76 $0.46 (39)%(39)%
Diluted$0.42 $(0.32)$0.48 $0.20 $0.26 $0.75 $0.46 (38)%(39)%
Weighted-average shares of Class A common stock:
Basic62,858,468 64,068,952 64,194,859 66,187,754 68,772,051 62,846,708 67,486,964 9 %7 %
Diluted66,198,129 64,068,952 67,281,567 68,593,761 69,695,315 65,970,053 69,147,549 5 %5 %
Quarterly dividend per share of Class A common stock(1)
$0.21 $0.21 $0.21 $0.21 $0.24 $0.41 $0.45 14 %10 %
Supplemental dividend per share of Class A common stock(2)
$— $— $— $0.15 $— $0.25 $0.15 na(40)%
Accrued carried interest allocations1,331,778 1,203,847 1,354,051 1,328,853 1,381,110 4 %
Non-GAAP Results(3)
Adjusted management and advisory fees, net(4)
$142,327 $151,943 $153,808 $178,514 $185,481 $280,628 $363,995 30 %30 %
Adjusted revenues149,800 185,123 177,357 221,165 208,788 302,580 429,953 39 %42 %
Fee-related earnings (“FRE”)43,827 50,664 50,900 71,656 72,349 88,229 144,005 65 %63 %
FRE margin(5)
31 %33 %33 %40 %39 %31 %40 %
Gross realized performance fees7,473 33,180 23,549 42,651 23,307 21,952 65,958 212 %200 %
Adjusted net income (“ANI”)30,173 42,116 37,716 57,241 53,569 59,561 110,810 78 %86 %
Adjusted weighted-average shares
115,118,060 115,232,927 115,512,301 118,510,499 118,774,233 114,897,093 118,643,088 3 %3 %
ANI per share$0.26 $0.37 $0.33 $0.48 $0.45 $0.52 $0.93 73 %79 %
Key Business Drivers/Operating Metrics (in billions)
Assets under management (“AUM”)(6)
$145.8 $149.0 $156.6 $169.3 $176.1 21 %
Assets under advisement (“AUA”)(6)
512.9 510.5 521.1 531.4 505.9 (1)%
Fee-earning AUM (“FEAUM”)87.3 89.4 93.9 100.4 104.4 20 %
Undeployed fee-earning capital (“UFEC”)
18.1 21.4 22.6 27.6 29.7 64 %
_______________________________
(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
September 30, 2024March 31, 2024
Assets
Cash and cash equivalents$179,066 $143,430 
Restricted cash763 718 
Fees and accounts receivable68,103 56,769 
Due from affiliates80,280 67,531 
Investments:
Investments in funds155,857 135,043 
Accrued carried interest allocations1,381,110 1,354,051 
Legacy Greenspring investments in funds and accrued carried interest allocations(1)
623,546 631,197 
Deferred income tax assets244,732 184,512 
Lease right-of-use assets, net92,752 97,763 
Other assets and receivables67,035 60,611 
Intangibles, net284,372 304,873 
Goodwill580,542 580,542 
Assets of Consolidated Funds:
Cash and cash equivalents45,552 38,164 
Investments, at fair value233,398 131,858 
Other assets2,811 1,745 
Total assets
$4,039,919 $3,788,807 
Liabilities and stockholders’ equity
Accounts payable, accrued expenses and other liabilities$148,409 $127,417 
Accrued compensation and benefits175,357 101,481 
Accrued carried interest-related compensation680,459 719,497 
Legacy Greenspring accrued carried interest-related compensation(1)
472,693 484,154 
Due to affiliates270,745 212,918 
Lease liabilities116,249 119,739 
Debt obligations172,264 148,822 
Liabilities of Consolidated Funds:
Other liabilities3,404 1,645 
Total liabilities2,039,580 1,915,673 
Redeemable non-controlling interests in Consolidated Funds205,624 102,623 
Redeemable non-controlling interests in subsidiaries6,238 115,920 
Stockholders’ equity:
Class A common stock, $0.001 par value, 650,000,000 authorized; 72,681,239 and 65,614,902 issued and outstanding as of September 30, 2024 and March 31, 2024, respectively
73 66 
Class B common stock, $0.001 par value, 125,000,000 authorized; 42,482,042 and 45,030,959 issued and outstanding as of September 30, 2024 and March 31, 2024, respectively
43 45 
Additional paid-in capital393,115 310,293 
Retained earnings3,992 13,768 
Accumulated other comprehensive income236 304 
Total StepStone Group Inc. stockholders’ equity397,459 324,476 
Non-controlling interests in subsidiaries1,021,775 974,559 
Non-controlling interests in legacy Greenspring entities(1)
150,852 147,042 
Non-controlling interests in the Partnership218,391 208,514 
Total stockholders’ equity1,788,477 1,654,591 
Total liabilities and stockholders’ equity$4,039,919 $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 (Unaudited)
(in thousands, except share and per share amounts)
Three Months Ended September 30,Six Months Ended September 30,
2024202320242023
Revenues
Management and advisory fees, net$184,758 $142,123 $362,773 $280,238 
Performance fees:
Incentive fees3,155 4,946 3,996 4,952 
Carried interest allocations:
Realized17,632 1,585 59,436 16,058 
Unrealized52,215 55,371 27,045 104,735 
Total carried interest allocations69,847 56,956 86,481 120,793 
Legacy Greenspring carried interest allocations(1)
13,917 (12,603)4,828 (36,550)
Total performance fees86,919 49,299 95,305 89,195 
Total revenues271,677 191,422 458,078 369,433 
Expenses
Compensation and benefits:
Cash-based compensation82,871 74,851 161,095 144,932 
Equity-based compensation37,332 5,916 56,511 14,388 
Performance fee-related compensation:
Realized8,767 1,720 29,615 10,822 
Unrealized27,748 28,712 16,825 52,923 
Total performance fee-related compensation36,515 30,432 46,440 63,745 
Legacy Greenspring performance fee-related compensation(1)
13,917 (12,603)4,828 (36,550)
Total compensation and benefits170,635 98,596 268,874 186,515 
General, administrative and other50,061 31,729 91,072 65,006 
Total expenses220,696 130,325 359,946 251,521 
Other income (expense)
Investment income2,051 3,080 4,646 6,166 
Legacy Greenspring investment loss(1)
(4,031)(3,966)(5,286)(6,832)
Investment income of Consolidated Funds8,206 8,772 15,841 11,134 
Interest income3,016 977 5,073 1,408 
Interest expense(3,512)(2,108)(6,502)(4,120)
Other income (loss)1,177 (872)826 (645)
Total other income6,907 5,883 14,598 7,111 
Income before income tax57,888 66,980 112,730 125,023 
Income tax expense4,750 7,729 11,547 16,326 
Net income53,138 59,251 101,183 108,697 
Less: Net income attributable to non-controlling interests in subsidiaries19,125 9,615 35,740 19,245 
Less: Net loss attributable to non-controlling interests in legacy Greenspring entities(1)
(4,031)(3,966)(5,286)(6,832)
Less: Net income attributable to non-controlling interests in the Partnership13,580 22,928 26,904 42,788 
Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds6,525 4,449 12,196 6,002 
Less: Net income attributable to redeemable non-controlling interests in subsidiaries307 — 669 — 
Net income attributable to StepStone Group Inc.$17,632 $26,225 $30,960 $47,494 
Net income per share of Class A common stock:
Basic$0.26 $0.42 $0.46 $0.76 
Diluted$0.26 $0.42 $0.46 $0.75 
Weighted-average shares of Class A common stock:
Basic68,772,051 62,858,468 67,486,964 62,846,708 
Diluted69,695,315 66,198,129 69,147,549 65,970,053 
(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 EndedSix Months Ended September 30,
(in thousands)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 202420232024
Focused commingled funds(1)(2)
$70,481 $78,633 $80,434 $104,798 $107,855 $137,600 $212,653 
Separately managed accounts56,431 55,838 55,945 57,376 61,393 112,175 118,769 
Advisory and other services13,740 16,069 16,147 14,769 14,907 27,841 29,676 
Fund reimbursement revenues(1)
1,675 1,403 1,282 1,571 1,326 3,012 2,897 
Adjusted management and advisory fees, net
$142,327 $151,943 $153,808 $178,514 $185,481 $280,628 $363,995 
_______________________________
(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 $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 $2.5 million for the six months ended September 30, 2024 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 EndedSix Months Ended September 30,
(in thousands)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 202420232024
Total revenues$191,422 $(14,612)$356,810 $186,401 $271,677 $369,433 $458,078 
Unrealized carried interest allocations(55,371)129,584 (151,757)25,170 (52,215)(104,735)(27,045)
Deferred incentive fees942 — 1,450 6 2,445 942 2,451 
Legacy Greenspring carried interest allocations
12,603 69,700 (31,093)9,089 (13,917)36,550 (4,828)
Management and advisory fee revenues for the Consolidated Funds(1)
204 451 398 499 723 390 1,222 
Incentive fees for the Consolidated Funds(2)
— — 1,549 — 75 — 75 
Adjusted revenues$149,800 $185,123 $177,357 $221,165 $208,788 $302,580 $429,953 
_______________________________
(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 EndedSix Months Ended September 30,
(in thousands)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 202420232024
GAAP management and advisory fees, net$142,123 $151,492 $153,410 $178,015 $184,758 $280,238 $362,773 
Management and advisory fee revenues for the Consolidated Funds(1)
204 451 398 499 723 390 1,222 
Adjusted management and advisory fees, net
$142,327 $151,943 $153,808 $178,514 $185,481 $280,628 $363,995 
GAAP incentive fees$4,946 $17,891 $2,496 $841 $3,155 $4,952 $3,996 
Incentive fee revenues for the Consolidated Funds(2)
— — 1,549 — 75 — 75 
Adjusted incentive fees
$4,946 $17,891 $4,045 $841 $3,230 $4,952 $4,071 
GAAP cash-based compensation$74,851 $73,619 $74,411 $78,224 $82,871 $144,932 $161,095 
Adjustments(3)
(574)(574)(461)(428)(285)(1,105)(713)
Adjusted cash-based compensation$74,277 $73,045 $73,950 $77,796 $82,586 $143,827 $160,382 
GAAP equity-based compensation$5,916 $14,032 $13,937 $19,179 $37,332 $14,388 $56,511 
Adjustments(4)
(4,644)(12,610)(12,210)(16,785)(34,947)(11,815)(51,732)
Adjusted equity-based compensation$1,272 $1,422 $1,727 $2,394 $2,385 $2,573 $4,779 
GAAP general, administrative and other$31,729 $48,001 $54,310 $41,011 $50,061 $65,006 $91,072 
Adjustments(5)
(8,778)(21,189)(27,079)(14,343)(21,900)(19,007)(36,243)
Adjusted general, administrative and other$22,951 $26,812 $27,231 $26,668 $28,161 $45,999 $54,829 
GAAP interest income$977 $827 $1,429 $2,057 $3,016 $1,408 $5,073 
Interest income earned by the Consolidated Funds(6)
(249)(540)(612)(907)(1,363)(493)(2,270)
Adjusted interest income$728 $287 $817 $1,150 $1,653 $915 $2,803 
GAAP other income (loss)$(872)$4,408 $(1,308)$(351)$1,177 $(645)$826 
Adjustments(7)
403 (4,301)395 (72)(1,082)27 (1,154)
Adjusted other income (loss)$(469)$107 $(913)$(423)$95 $(618)$(328)
______________________________
(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 EndedSix Months Ended September 30,
(in thousands)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 202420232024
Income (loss) before income tax$66,980 (24,142)$94,515 $54,842 $57,888 $125,023 $112,730 
Net income attributable to non-controlling interests in subsidiaries(1)
(10,321)(15,537)(12,822)(18,951)(17,812)(20,861)(36,763)
Net loss attributable to non-controlling interests in legacy Greenspring entities3,966 2,222 33 1,255 4,031 6,832 5,286 
Unrealized carried interest allocations(55,371)129,584 (151,757)25,170 (52,215)(104,735)(27,045)
Unrealized performance fee-related compensation28,712 (62,243)84,014 (10,923)27,748 52,923 16,825 
Unrealized investment (income) loss(1,657)5,559 (2,280)(1,180)(430)(4,186)(1,610)
Impact of Consolidated Funds(8,223)(11,068)(4,138)(7,731)(9,267)(10,870)(16,998)
Deferred incentive fees942 — 1,450 6 2,445 942 2,451 
Equity-based compensation(2)
4,644 12,610 12,210 16,785 34,947 11,815 51,732 
Amortization of intangibles10,661 10,661 10,423 10,250 10,250 21,322 20,500 
Tax Receivable Agreements adjustments through earnings— 222 90 — — — — 
Non-core items(3)
(1,500)6,335 16,780 4,137 11,349 (1,550)15,486 
Pre-tax ANI38,833 54,203 48,518 73,660 68,934 76,655 142,594 
Income taxes(4)
(8,660)(12,087)(10,802)(16,419)(15,365)(17,094)(31,784)
ANI30,173 42,116 37,716 57,241 53,569 59,561 110,810 
Income taxes(4)
8,660 12,087 10,802 16,419 15,365 17,094 31,784 
Realized carried interest allocations(1,585)(15,289)(18,054)(41,804)(17,632)(16,058)(59,436)
Realized performance fee-related compensation(5)
1,720 15,444 11,421 20,848 8,767 10,822 29,615 
Realized investment income(1,423)(3,508)(1,057)(1,415)(1,621)(1,980)(3,036)
Adjusted incentive fees(6)
(4,946)(17,891)(4,045)(841)(3,230)(4,952)(4,071)
Deferred incentive fees(942)— (1,450)(6)(2,445)(942)(2,451)
Adjusted interest income(6)
(728)(287)(817)(1,150)(1,653)(915)(2,803)
Interest expense2,108 2,562 2,649 2,990 3,512 4,120 6,502 
Adjusted other (income) loss(6)(7)
469 (107)913 423 (95)618 328 
Net income attributable to non-controlling interests in subsidiaries(1)
10,321 15,537 12,822 18,951 17,812 20,861 36,763 
FRE$43,827 $50,664 $50,900 $71,656 $72,349 $88,229 $144,005 
_______________________________
(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 EndedSix Months Ended September 30,
(in thousands)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 202420232024
FRE attributable to non-controlling interests in subsidiaries and profits interests
$9,463 $10,518 $11,559 $13,308 $14,969 $19,997 $28,277 
Performance related earnings / other (income) loss attributable to non-controlling interests in subsidiaries and profits interests
858 5,019 1,263 5,643 2,843 864 8,486 
Net income attributable to non-controlling interests in subsidiaries
$10,321 $15,537 $12,822 $18,951 $17,812 $20,861 $36,763 
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.
10

Three Months EndedSix Months Ended September 30,
(in thousands)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 202420232024
FRE attributable to profits interests issued in the private wealth subsidiary$— $— $— $574 $2,051 $— $2,625 
Performance related earnings / other (income) loss attributable to profits interests issued in the private wealth subsidiary— 3,074 — 51 206 — 257 
Amounts attributable to profits interests issued in the private wealth subsidiary
$— $3,074 $— $625 $2,257 $— $2,882 
(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 EndedSix Months Ended September 30,
(in thousands)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 202420232024
Transaction costs$163 $670 $3,985 $672 $140 $200 $812 
Lease remeasurement adjustments— (106)— — — — — 
Accelerated depreciation of leasehold improvements for changes in lease terms631 631 — — — 1,262 — 
(Gain) loss on change in fair value for contingent consideration obligation(2,868)9,054 12,280 2,953 10,888 (4,117)13,841 
Compensation paid to certain employees as part of an acquisition earn-out574 574 515 482 321 1,105 803 
Gain from negotiation of certain corporate matters— (5,300)— — — — — 
Loss on sale of subsidiary— 812 — — — — — 
Other non-core items— — — 30 — — 30 
Total non-core operating income and expenses$(1,500)$6,335 $16,780 $4,137 $11,349 $(1,550)$15,486 
(4)Represents corporate income taxes at a blended statutory rate applied to pre-tax ANI:
Three Months EndedSix Months Ended September 30,
September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 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 EndedSix Months Ended September 30,
(in thousands)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 202420232024
Realized carried interest-related compensation
$— $660 $910 $— $— $2,189 $— 
(6)Excludes the impact of consolidating the Consolidated Funds.
(7)Excludes amounts for Tax Receivable Agreements adjustments recognized as other income (loss) ($(0.1) million for the three months ended March 31, 2024 and $(0.2) million for the three months ended December 31, 2023), gain associated with amounts received as part of negotiations with a third party related to certain corporate matters ($5.3 million for the three months ended December 31, 2023), and loss on sale of subsidiary ($0.8 million for the three months ended December 31, 2023).
11

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 EndedSix Months Ended September 30,
(in thousands)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 202420232024
FRE$43,827 $50,664 $50,900 $71,656 $72,349 $88,229 $144,005 
Adjusted management and advisory fees, net142,327 151,943 153,808 178,514 185,481 280,628 363,995 
FRE margin31 %33 %33 %40 %39 %31 %40 %
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.
Three Months EndedSix Months Ended September 30,
(in thousands)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 202420232024
Incentive fees$4,946 $17,891 $2,496 $841 $3,155 $4,952 $3,996 
Realized carried interest allocations
1,585 15,289 18,054 41,804 17,632 16,058 59,436 
Unrealized carried interest allocations
55,371 (129,584)151,757 (25,170)52,215 104,735 27,045 
Legacy Greenspring carried interest allocations
(12,603)(69,700)31,093 (9,089)13,917 (36,550)4,828 
Total performance fees49,299 (166,104)203,400 8,386 86,919 89,195 95,305 
Unrealized carried interest allocations
(55,371)129,584 (151,757)25,170 (52,215)(104,735)(27,045)
Legacy Greenspring carried interest allocations12,603 69,700 (31,093)9,089 (13,917)36,550 (4,828)
Incentive fee revenues for the Consolidated Funds(1)
— — 1,549 — 75 — 75 
Deferred incentive fees942 — 1,450 6 2,445 942 2,451 
Gross realized performance fees7,473 33,180 23,549 42,651 23,307 21,952 65,958 
Realized performance fee-related compensation
(1,720)(15,444)(11,421)(20,848)(8,767)(10,822)(29,615)
Net realized performance fees$5,753 $17,736 $12,128 $21,803 $14,540 $11,130 $36,343 
______________________________
12

(1)Reflects the add-back of incentive fee revenues for the Consolidated Funds, which have been eliminated in consolidation.
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 EndedSix Months Ended September 30,
September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 202420232024
ANI$30,173 $42,116 $37,716 $57,241 $53,569 $59,561 $110,810 
Weighted-average shares of Class A common stock outstanding – Basic62,858,468 64,068,952 64,194,859 66,187,754 68,772,051 62,846,708 67,486,964 
Assumed vesting of RSUs801,014 333,402 512,946 673,854 921,166 601,620 798,186 
Assumed vesting and exchange of Class B2 units2,538,647 2,553,899 2,573,762 1,732,153 — 2,521,725 861,344 
Assumed purchase under ESPP— — — — 2,098 — 1,055 
Exchange of Class B units in the Partnership(1)
46,417,845 46,314,543 46,272,227 45,827,707 45,212,921 46,418,987 45,518,634 
Exchange of Class C units in the Partnership(1)
2,502,086 1,962,131 1,958,507 1,849,846 1,626,812 2,508,053 1,737,720 
Exchange of Class D units in the Partnership(1)
— — — 2,239,185 2,239,185 — 2,239,185 
Adjusted weighted-average shares115,118,060 115,232,927 115,512,301 118,510,499 118,774,233 114,897,093 118,643,088 
ANI per share$0.26 $0.37 $0.33 $0.48 $0.45 $0.52 $0.93 
_______________________________
(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.
13

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 EndedSix Months Ended September 30,Percentage Change
(in millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 202420232024vs. FQ2'24
Separately Managed Accounts
Beginning balance$56,645 $56,380 $56,660 $58,897 $60,272 $55,345 $58,897 6 %
Contributions(1)
1,036 1,109 2,757 2,085 1,723 2,461 3,808 66 %
Distributions(2)
(1,459)(1,397)(795)(830)(535)(1,888)(1,365)(63)%
Market value, FX and other(3)
158 568 275 120 661 462 781 318 %
Ending balance$56,380 $56,660 $58,897 $60,272 $62,121 $56,380 $62,121 10 %
Focused Commingled Funds
Beginning balance$30,762 $30,905 $32,772 $34,961 $40,084 $30,086 $34,961 30 %
Contributions(1)
992 1,898 2,429 5,653 2,122 1,788 7,775 114 %
Distributions(2)
(988)(274)(327)(661)(282)(1,240)(943)(71)%
Market value, FX and other(3)
139 243 87 131 370 271 501 166 %
Ending balance$30,905 $32,772 $34,961 $40,084 $42,294 $30,905 $42,294 37 %
Total
Beginning balance$87,407 $87,285 $89,432 $93,858 $100,356 $85,431 $93,858 15 %
Contributions(1)
2,028 3,007 5,186 7,738 3,845 4,249 11,583 90 %
Distributions(2)
(2,447)(1,671)(1,122)(1,491)(817)(3,128)(2,308)(67)%
Market value, FX and other(3)
297 811 362 251 1,031 733 1,282 247 %
Ending balance$87,285 $89,432 $93,858 $100,356 $104,415 $87,285 $104,415 20 %
_______________________________
(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.
14

Asset Class Summary
Three Months EndedPercentage Change
(in millions)September 30, 2023December 31, 2023March 31, 2024June 30, 2024September 30, 2024vs. FQ2'24
FEAUM
Private equity$46,464 $48,258 $49,869 $54,855 $57,136 23%
Infrastructure20,122 19,789 20,114 20,377 20,986 4%
Private debt15,122 15,460 15,477 16,161 16,975 12%
Real estate5,577 5,925 8,398 8,963 9,318 67%
Total$87,285 $89,432 $93,858 $100,356 $104,415 20%
Separately managed accounts$56,380 $56,660 $58,897 $60,272 $62,121 10%
Focused commingled funds30,905 32,772 34,961 40,084 42,294 37%
Total$87,285 $89,432 $93,858 $100,356 $104,415 20%
AUM(1)
Private equity$76,031 $78,221 $81,942 $89,329 $91,891 21%
Infrastructure28,678 28,307 30,003 32,756 35,392 23%
Private debt27,520 27,782 28,491 30,336 31,854 16%
Real estate13,612 14,646 16,201 16,912 16,996 25%
Total$145,841 $148,956 $156,637 $169,333 $176,133 21%
Separately managed accounts$85,387 $88,890 $93,938 $103,003 $107,252 26%
Focused commingled funds46,266 45,508 48,545 51,682 53,870 16%
Advisory AUM14,188 14,558 14,154 14,648 15,011 6%
Total$145,841 $148,956 $156,637 $169,333 $176,133 21%
AUA
Private equity$264,327 $266,246 $270,350 $279,909 $255,125 (3)%
Infrastructure55,146 57,528 60,339 62,599 62,891 14%
Private debt18,026 17,916 21,976 22,280 19,328 7%
Real estate175,369 168,802 168,455 166,659 168,519 (4)%
Total$512,868 $510,492 $521,120 $531,447 $505,863 (1)%
Total capital responsibility(2)
$658,709 $659,448 $677,757 $700,780 $681,996 4%
_____________________________
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).
15

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
16

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 September 30, 2024 reflects final data for the prior period (June 30, 2024), adjusted for net new client account activity through September 30, 2024. NAV data for underlying investments is as of June 30, 2024, as reported by underlying managers up to the business day occurring on or after 100 days following June 30, 2024. When NAV data is not available by the business day occurring on or after 100 days following June 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 September 30, 2024 reflects final data for the prior period (June 30, 2024), adjusted for net new client account activity through September 30, 2024. NAV data for underlying investments is as of June 30, 2024, as reported by underlying managers up to the business day occurring on or after 100 days following June 30, 2024. When NAV data is not available by the business day occurring on or after 100 days following June 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.
17

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.


18
v3.24.3
Document and Entity Information Document
Nov. 07, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 07, 2024
Entity Registrant Name STEPSTONE GROUP INC.
Entity Central Index Key 0001796022
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 001-39510
Entity Tax Identification Number 84-3868757
Entity Address, Address Line One 277 Park Avenue, 45th Floor
Entity Address, City or Town New York,
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10172
City Area Code 212
Local Phone Number 351-6100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A common stock, par value $0.001 per share
Trading Symbol STEP
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
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