StepStone Group Inc.STEP

StepStone Group Inc. Revenue Disclosure

10-KFiled May 23, 20252 min read
Revenues
The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount:
Year Ended March 31,
Management and Advisory Fees, Net202520242023
Focused commingled funds(1)
$440,131 $295,927 $227,003 
SMAs252,709 223,958 210,187 
Advisory and other services67,061 60,057 56,244 
Fund reimbursement revenues7,113 5,198 3,745 
Total management and advisory fees, net$767,014 $585,140 $497,179 
_______________________________
(1)Includes income-based incentive fees of $8.0 million, $1.4 million and $0 million for the years ended March 31, 2025, 2024 and 2023, respectively.
Year Ended March 31,
Incentive Fees202520242023
SMAs$8,878 $16,294 $6,606 
Focused commingled funds23,397 9,045 3,057 
Total incentive fees$32,275 $25,339 $9,663 
Year Ended March 31,
Carried Interest Allocations202520242023
SMAs$171,801 $142,411 $(110,020)
Focused commingled funds129,399 33,898 (12,233)
Total carried interest allocations$301,200 $176,309 $(122,253)
Year Ended March 31,
Legacy Greenspring Carried Interest Allocations202520242023
SMAs$37 $1,029 $— 
Focused commingled funds74,304 (76,186)(452,163)
Total legacy Greenspring carried interest allocations(1)
$74,341 $(75,157)$(452,163)
_______________________________
(1)The years ended March 31, 2025, 2024, and 2023 reflect the net effect of gross realized carried interest allocations of $63.1 million, $59.7 million, and $74.7 million, respectively, and the reversal of such amounts in unrealized carried interest allocations for such periods.
See note 5 for a discussion of changes in carried interest allocations and legacy Greenspring carried interest allocations.
The Company derives revenues from clients located in both the United States and other countries. The table below presents the Company’s revenues by geographic location:
Year Ended March 31,
Revenues(1)
202520242023
United States$521,236 $191,373 $(238,441)
Non-U.S. countries653,594 520,258 170,867 
_______________________________
(1)Revenues are attributed to countries based on client location for SMAs and advisory and other services, or location of investment vehicle for focused commingled funds.
For the years ended March 31, 2025, 2024 and 2023, no individual client represented 10% or more of the Company’s net management and advisory fees.
For the years ended March 31, 2025 and 2024, the Company had management and advisory fee revenues attributable to the United States and Cayman Islands, each of which represented 10% or more of the Company’s net management and advisory fees. For the year ended March 31, 2023, the Company had management and advisory fee revenues attributable to the United States, which represented 10% or more of the Company’s net management and advisory fees.
As of March 31, 2025 and 2024, the Company had $26.8 million and $31.0 million, respectively, of deferred revenues, which is included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets. During the year ended March 31, 2025, the Company had recognized $3.2 million as revenue from amounts included in the deferred revenue balance as of March 31, 2024.
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About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

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