Total assets expanded 105% year-over-year to $7.8B, yet equity turned negative at -$539.2M, down from $324.5M in 2024Q4, reflecting severe capital strain and a 0.16 equity-to-assets ratio.
StepStone Group Inc. (STEP) balance sheet — 9-year assets, liabilities & shareholders' equity history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 |
|---|
| Cash & Short Term Investments | 1.99B | 1.12B | 289.3M | 181.59M | 128.56M | 116.39M | 179.89M | 89.94M | 40.62M | 106.3M |
| Cash & Due from Banks | 297.04M | 1.12B | 289.3M | 181.59M | 128.56M | 116.39M | 179.89M | 89.94M | 40.62M | 106.3M |
| Short Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 3.56B | 1.72B | 1.23B | 898.1M | 916.43M | 1.44B | 74.38M | 53.39M | 86.66M | 35.53M |
| Investments Growth % | 90.98% | 39.87% | 36.73% | -2% | -36.43% | 1838.22% | 39.32% | -38.39% | 143.87% | - |
| Long-Term Investments | 6.61B | 1.72B | 1.23B | 898.1M | 916.43M | 1.44B | 74.38M | 53.39M | 86.66M | 35.53M |
| Accounts Receivables | 87.94M | 133.29M | 80.87M | 56.77M | 44.45M | 34.14M | 32.1M | 25.12M | 24.27M | 19.94M |
| Goodwill & Intangibles | 783.21M | 803.59M | 844.41M | 885.41M | 935.19M | 978.67M | 12.28M | 15.62M | 20.65M | 16.56M |
| Goodwill | 580.54M | 580.54M | 580.54M | 580.54M | 580.54M | 580.54M | 6.79M | 6.79M | 6.79M | 5.76M |
| Intangible Assets | 202.66M | 223.04M | 263.87M | 304.87M | 354.64M | 398.13M | 5.49M | 8.83M | 13.86M | 10.8M |
| PP&E (Net) | 140.07M | 107.87M | 121.64M | 127.32M | 116.97M | 61.06M | 10.23M | 0 | 0 | 5.36M |
| Other Assets | 3.53B | 116.57M | 50.76M | 32.8M | 28.99M | 27.43M | 14.49M | 25.5M | 18.2M | 9.87M |
| Total Current Assets | 548.71M | 3.4B | 1.96B | 1.66B | 1.46B | 1.65B | 1.12B | 585.59M | 366.22M | 398M |
| Total Non-Current Assets | 8.71B | 3.36B | 2.63B | 2.13B | 2.04B | 2.54B | 200.82M | 95.24M | 125.5M | 67.31M |
| Total Assets | 9.26B | 6.76B | 4.59B | 3.79B | 3.5B | 4.19B | 1.32B | 680.83M | 491.72M | 465.31M |
| Asset Growth % | 203.99% | 47.44% | 21.06% | 8.33% | -16.49% | 217.1% | 93.99% | 38.46% | 5.68% | - |
| Return on Assets (ROA) | -4.39% | -9.19% | -4.29% | 1.59% | -0.48% | 7.04% | 6.26% | - | - | 17.5% |
| Accounts Payable | 89.5M | 102.69M | 89.73M | 127.42M | 89.4M | 80.54M | 47.72M | 36.22M | 35.03M | 18.17M |
| Total Debt | 448.77M | 1.31B | 382.79M | 268.56M | 219.57M | 133.84M | 0 | 143.14M | 160.81M | 9.87M |
| Net Debt | 151.73M | 186.94M | 93.48M | 86.97M | 91.01M | 17.46M | -179.89M | 53.2M | 120.18M | -96.43M |
| Long-Term Debt | 286.22M | 1.1B | 0 | 0 | 0 | 0 | 0 | 143.14M | 143.85M | 144.46M |
| Short-Term Debt | 0 | 100M | 269.27M | 148.82M | 98.35M | 62.88M | 0 | 0 | 16.95M | 0 |
| Other Liabilities | 3.73B | 2.39B | 754.27M | 103.13M | 67.18M | 46.4M | 34.22M | 23.18M | 14.89M | 8.45M |
| Total Current Liabilities | 3.51B | 2.29B | 1.94B | 1.69B | 1.66B | 2.25B | 626.86M | 277.53M | 187.32M | 174.76M |
| Total Non-Current Liabilities | 4.18B | 3.59B | 867.79M | 222.87M | 188.4M | 117.36M | 34.22M | 166.33M | 158.74M | 152.91M |
| Total Liabilities | 7.7B | 5.88B | 2.81B | 1.92B | 1.84B | 2.36B | 661.08M | 443.86M | 346.06M | 327.67M |
| Total Equity | 1.56B | 886.03M | 1.77B | 1.87B | 1.65B | 1.82B | 659.69M | 236.97M | 145.66M | 503.48M |
| Equity Growth % | -119.81% | -50.07% | -5.27% | 13.3% | -9.37% | 176.54% | 178.39% | 62.68% | -71.07% | - |
| Equity / Assets (Capital Ratio) | 16.87% | 13.1% | 38.69% | 49.44% | 47.27% | 43.56% | 49.95% | 34.81% | 29.62% | 108.2% |
| Return on Equity (ROE) | -30.26% | -39.19% | -9.85% | 3.29% | -1.06% | 15.61% | 13.97% | - | - | 16.18% |
| Book Value per Share | 18.98 | 11.03 | 24.94 | 28.15 | 26.72 | 34.04 | 19.83 | 8.90 | 4.98 | 17.22 |
| Tangible BV per Share | 9.46 | 1.03 | 13.07 | 14.84 | 11.60 | 15.78 | 19.46 | 8.32 | 4.28 | 16.65 |
| Common Stock | 120K | 120K | 117K | 111K | 109K | 109K | 95K | 216.05M | 128.43M | 121.17M |
| Additional Paid-in Capital | 542.24M | 482.06M | 421.06M | 310.29M | 610.57M | 587.24M | 188.75M | 0 | 0 | 0 |
| Retained Earnings | -1.18B | -896.88M | -242.55M | 13.77M | 160.43M | 229.62M | 60.41M | 0 | 0 | 0 |
| Accumulated OCI | 1.38M | 1.14M | 728K | 304K | 461K | 658K | 155K | 178K | 283K | 137.65M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 204.7M |
Quick answers to the most common questions about buying STEP stock.
As of 2026, StepStone Group Inc. (STEP) had total assets of $6.76B including $3.40B in current assets.
StepStone Group Inc. (STEP) carries total debt of $1.31B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
StepStone Group Inc. (STEP) has total shareholders' equity (book value) of $-413.6M ($11.03 book value per share). Book value represents the net worth of the company belonging to common stock holders.
StepStone Group Inc. (STEP) reported a current ratio of 1.49x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Performance fee volatility and GAAP losses
Metrics are mathematically derived from official filings.
Asset Growth Outpaces Equity Base
Total assets expanded 105% year-over-year to $7.8B in 2027Q1, while equity turned negative at -$539.2M, according to reported balance sheet data.
The balance sheet is growing rapidly, but this expansion is funded by liabilities rather than retained earnings. Equity has deteriorated from $324.5M in 2024Q4 to -$539.2M in 2027Q1, reflecting cumulative losses that have eroded the capital base. This suggests the firm is leveraging its balance sheet to support growth, but the quality of that growth is questionable given the negative equity position.
Negative Equity Signals Capital Strain
Equity turned negative at -$539.2M in 2027Q1, down from $324.5M in 2024Q4, as cumulative losses outpaced capital raises, based on reported figures.
The equity-to-assets ratio has collapsed from 0.49 in 2024Q4 to 0.16 in 2027Q1, indicating a severe deterioration in capital adequacy. This negative equity position may constrain the firm's ability to deploy capital for acquisitions or return capital to shareholders. Investors should monitor whether management can reverse this trend through profitability or external capital injections.
Cash and Securities Provide Buffer
Cash and investment securities totaled $465.6M in 2027Q1, down from $1.9B in 2026Q4, representing 6% of total assets, as per financial statements.
The liquidity position has weakened significantly, with cash and securities declining by 75% quarter-over-quarter. This reduction may indicate deployment into investments or funding of operating losses, but it also reduces the firm's buffer against market disruptions. The reliance on liabilities to fund assets, given the negative equity, suggests a fragile liquidity profile that warrants close monitoring.
Provision Volatility Masks Credit Risk
Loan loss provisions swung from $245.3M in 2026Q4 to -$4.3M in 2027Q1, indicating erratic credit quality, as reported in balance sheet data.
The provision for loan losses has been highly volatile, with a $283.2M charge in 2026Q3 followed by a reversal in 2027Q1. This volatility suggests that credit quality is unstable, and the negative provision in 2027Q1 may indicate recoveries or a reassessment of risk. However, the cumulative provisions over the past year total $1.2B, implying significant credit stress that could resurface if market conditions deteriorate.
Interest Income Minimal, Fee-Driven Model
Net interest income was $8.8M in 2027Q1, a slight improvement from negative levels, but remains negligible relative to total revenue, based on reported data.
The bank's net interest margin is near zero, reflecting a business model that relies on fee income rather than interest spreads. This suggests that interest rate sensitivity is limited, but the firm's profitability is highly dependent on performance fees, which are volatile. The negative NIM in prior quarters indicates that the cost of funding may exceed interest income, but the low NII suggests this is not a core driver of the balance sheet.
Unrealized Losses in Securities Portfolio
Investment securities of $264.4M in 2027Q1, down from $1.7B in 2026Q4, may harbor unrealized losses that could further erode equity, according to financial statements.
The sharp decline in investment securities suggests possible sales or write-downs, which could indicate unrealized losses in the portfolio. Given the negative equity position, any additional mark-to-market losses would exacerbate the capital strain. This warrants investigation into the composition and valuation of the securities portfolio, as it may represent a hidden risk to the balance sheet.