Every material Form 8-K StepStone filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
StepStone reported results for the quarter ended September 30, 2024, its fiscal second quarter of 2025. Total revenues rose 42% year over year to $271.7 million and adjusted net income rose 78% to $53.6 million, while GAAP net income fell 10% to $53.1 million and diluted earnings per share dropped to $0.26 from $0.42. The company also declared a quarterly dividend of $0.24 per share, up from $0.21, payable December 13, 2024.
Total revenues were $271.7 million, up from $191.4 million a year earlier; total performance fees were $86.9 million versus $49.3 million.
GAAP net income attributable to StepStone Group Inc. was $17.6 million, compared with $26.2 million a year earlier.
Adjusted net income was $53.6 million ($0.45 per share), versus $30.2 million ($0.26 per share), and fee-related earnings were $72.3 million, up from $43.8 million.
The Board declared a $0.24 quarterly dividend per share, payable December 13, 2024, to holders of record on November 29, 2024; assets under management were $176.1 billion.
StepStone Group LP, the operating subsidiary of StepStone Group Inc., issued $175 million of 5.52% Series A senior notes maturing October 22, 2029, under a note purchase agreement dated October 22, 2024. The company plans to use the proceeds for general corporate purposes, including investments, debt repayment and distributions, which adds fixed debt obligations for the firm.
Principal amount: $175 million; interest at 5.52%, paid semi-annually starting April 22, 2025
Notes mature October 22, 2029; prepayable at any time, subject to make-whole terms before April 22, 2029
Covenants include a maximum Total Net Leverage Ratio of 3.5 to 1.0 and a requirement that at least 80% of Management Fees be received without material deferral, waiver or reduction
Change of control triggers an offer to repurchase at 100% of principal plus accrued interest
StepStone Group reported results for the quarter ended June 30, 2024, its first quarter of fiscal 2025. Total revenues rose 5% to $186.4 million, but net income fell 3% to $48.0 million and GAAP diluted earnings per share fell 41% to $0.20, with performance fees down 79%. The company also declared a quarterly dividend of $0.24 per share, payable September 13, 2024.
Total revenues were $186.4 million, up 5% from $178.0 million a year earlier; management and advisory fees, net rose 29% to $178.0 million.
GAAP net income attributable to StepStone was $13.3 million, versus $21.3 million a year earlier; diluted EPS was $0.20 versus $0.34.
Non-GAAP adjusted net income rose 95% to $57.2 million, and fee-related earnings rose 61% to $71.7 million, with a 40% FRE margin.
Assets under management were $169.3 billion, up 19%; the quarterly dividend is payable September 13, 2024 to holders of record on August 30, 2024.
On May 31, 2024, StepStone Group completed the first annual exchange tied to its acquisition of equity interests in three asset class entities, paying about $13 million in cash plus 513,394 Class A shares and 2,239,185 Class D Units. After the exchange, the Partnership owns about 56% of SRE, 54% of SIRA and 55% of SPD. The filing also adds new agreements on unit exchanges and registration rights that could increase the number of shares outstanding over time.
Approximately 5% of each asset class entity was acquired in the 2024 Exchange.
Consideration totaled about $13 million in cash, 513,394 Class A shares and 2,239,185 Class D Units.
Class D Units can be exchanged one for one into Class A shares, subject to restrictions of up to one year (two years in certain acceleration cases).
The Class A shares and Class D Units were issued without SEC registration, relying on Section 4(a)(2) exemptions.
StepStone Group reported results for the fourth quarter and fiscal year ended March 31, 2024, in a press release furnished as Exhibit 99.1. Quarterly total revenues rose to $356.8 million from $172.4 million, and net income attributable to StepStone was $30.8 million, or $0.48 per diluted share, versus $28.8 million, or $0.46, a year earlier. Adjusted net income for the full year fell 2% to $139.4 million, so shareholders should note that the non-GAAP earnings measure declined even as GAAP results improved.
Q4 total revenues were $356.8 million, up from $172.4 million; diluted EPS was $0.48 versus $0.46.
Full-year net income attributable to StepStone was $58.1 million, or $0.91 per diluted share, compared with a loss of $18.4 million, or $(0.30), in fiscal 2023.
Full-year adjusted net income was $139.4 million ($1.21 per share), down from $142.7 million ($1.24 per share) in fiscal 2023.
The board declared a quarterly dividend of $0.21 and a supplemental dividend of $0.15 per Class A share, payable June 28, 2024, to holders of record on June 14, 2024.
StepStone Group LP, a subsidiary of StepStone Group Inc., entered into an amended and restated credit agreement with JPMorgan Chase Bank, N.A. as administrative agent on May 16, 2024. The filing says the agreement raises aggregate commitments to $300 million and extends the revolving facility's maturity to 2029. This is a routine refinancing of an existing facility, with the filing describing other changes only generally.
Aggregate commitments increased to $300,000,000, subject to later increases under the agreement's terms
Revolving facility maturity extended to 2029
Amends and restates the credit agreement dated September 20, 2021, as amended April 17, 2023
Full terms are in Exhibit 10.1 and were not summarized in the filing
StepStone Group entered agreements on February 7, 2024 to acquire, over a defined period, all outstanding equity of three partly owned subsidiaries: SRE, SIRA and SPD. The exchanges would be paid in Class D partnership units or Class A shares plus cash, in up to ten annual exchanges (up to fifteen for SIRA), with no more than 75 million shares issuable as stock consideration. Completion requires stockholder approval and regulatory clearance, and the first exchange uses an April 1, 2024 reference date.
Agreements dated February 7, 2024 cover SRE, SIRA and SPD, with consideration of Class D units (SRE, SIRA) or Class A common stock (SPD) plus cash
Up to ten annual exchanges, or up to fifteen for SIRA sellers; first exchange uses an April 1, 2024 reference date
No more than 75 million Class A shares may be issued as stock consideration, subject to a company option to increase the limit
Closing requires stockholder approval under Nasdaq rules and Hart-Scott-Rodino antitrust clearance
StepStone Group reported results for the fiscal third quarter ended December 31, 2023, showing a GAAP net loss of $23.4 million, wider than the $13.6 million loss a year earlier. Management and advisory fees, net and adjusted net income both grew, but total performance fees were negative $166.1 million, so GAAP revenue was also negative.
GAAP total revenues were negative $14.6 million for the quarter, compared with negative $4.2 million a year earlier.
Management and advisory fees, net rose 18% to $151.5 million.
Adjusted net income rose 35% to $42.1 million, or $0.37 per share; fee-related earnings rose 19% to $50.7 million.
The board declared a quarterly dividend of $0.21 per share, payable March 15, 2024, to holders of record on February 29, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every StepStone filing is on SEC EDGAR ↗. 8-K briefs of other companies →