STEPSTONE GROUP INC.
Balance Sheet
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||
| Cash & Equivalents | $703.1M | $1.12B | $378.0M | $366.7M | $244.7M | $289.8M | $279.5M | $225.4M |
| Accounts Receivable | — | — | — | — | — | — | — | — |
| Inventory | — | — | — | — | — | — | — | — |
| Total Current Assets | — | — | — | — | — | — | — | — |
| Property, Plant & Equipment | — | $26.3M | — | — | — | $29.8M | — | — |
| Goodwill | $580.5M | $580.5M | $580.5M | $580.5M | $580.5M | $580.5M | $580.5M | $580.5M |
| Intangible Assets (Excl. Goodwill) | $212.9M | $223.0M | $233.3M | $243.5M | $253.7M | $263.9M | $274.1M | $284.4M |
| Total Assets | $7.77B | $6.76B | $5.24B | $5.33B | $4.78B | $4.59B | $4.35B | $4.04B |
| Liabilities | ||||||||
| Accounts Payable | — | — | — | — | — | — | — | — |
| Total Current Liabilities | — | — | — | — | — | — | — | — |
| Long-Term Debt | — | — | $270.2M | $269.9M | $269.6M | $269.3M | $168.9M | $172.3M |
| Total Liabilities | $6.53B | $5.88B | $4.72B | $4.11B | $3.08B | $2.81B | $2.61B | $2.04B |
| Stockholders' Equity | ||||||||
| Retained Earnings | $-1.08B | $-896.9M | $-866.3M | $-720.4M | $-332.0M | $-242.5M | $-205.7M | $4.0M |
| Total Stockholders' Equity | $-539.2M | $-413.6M | $-378.8M | $-233.5M | $153.9M | $179.4M | $209.8M | $397.5M |
If you've been playing poker for half an hour and you still don't know who the patsy is, you're the patsy.