StepStone Group Inc.STEP

StepStone Group Inc. Goodwill & Intangibles Disclosure

10-KFiled May 23, 20251 min read
Intangibles and Goodwill
Intangible assets consist of management contracts providing economic rights to management and advisory fees and client relationships related to future fundraising, as obtained through the Company’s acquisitions of other businesses.
Intangible assets, net consists of the following:
As of March 31,
20252024
Management contracts$352,002 $352,002 
Client relationships96,650 96,650 
Less: Accumulated amortization(184,780)(143,779)
Intangible assets, net$263,872 $304,873 
Amortization expense related to intangible assets was $41.0 million, $42.4 million and $43.5 million for the years ended March 31, 2025, 2024 and 2023, respectively. These amounts are included in general, administrative and other expenses in the consolidated statements of income (loss).
At March 31, 2025, the expected future amortization of finite-lived intangible assets is as follows:
Fiscal year ending March 31,
2026$40,810 
202740,776 
202840,759 
202940,759 
203040,759 
Thereafter60,009 
Total$263,872 
The carrying value of goodwill was $580.5 million as of March 31, 2025 and 2024. The Company determined there was no indication of goodwill impairment as of March 31, 2025 and 2024.
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About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.

Other Available Disclosures

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