The Company’s investments consist of equity method investments primarily related to (i) investments in the StepStone Funds for which it serves as general partner or managing member but does not have a controlling financial interest and (ii) investments of Consolidated Funds. The Company’s equity interest in its equity method investments in the StepStone Funds typically does not exceed 1% in each fund. The Company’s share of the underlying net income or loss attributable to its equity interest in the funds is recorded in investment income (loss) in the consolidated statements of income (loss). Investment income attributable to the Consolidated Funds is recorded in investment income of Consolidated Funds. Investment income attributable to investments in certain legacy Greenspring funds for which the Company has no direct economic interests is recorded in legacy Greenspring investment income (loss) in the consolidated statements of income (loss).

The Company’s equity method investments consist of the following:


	As of March 31,
	2026	2025


Investments in funds(1)	249,447	183,694
Accrued carried interest allocations	2,036,892	1,495,664
Legacy Greenspring investments in funds and accrued carried interest allocations(2)	752,776	629,228
Total equity method investments	3,039,115	2,308,586

_______________________________


	Year Ended March 31,
	2026		2025		2024
Carried interest allocations	$	708,294	$	301,200	$	176,309
Investment income	40,819		15,096		7,452
Legacy Greenspring carried interest allocations	138,711		74,341		(75,157)
Legacy Greenspring investment income (loss)	4,945		(1,185)		(9,087)
Total equity method income	$	892,769	$	389,452	$	99,517

The increase in carried interest allocations for the year ended March 31, 2026 as compared to the year ended March 31, 2025 was primarily attributable to higher net unrealized appreciation in the fair value of certain underlying fund investments in the Company’s private equity, infrastructure and real estate funds. The increase in carried interest allocations for the year ended March 31, 2025 as compared to the year ended March 31, 2024 was primarily attributable to higher net unrealized appreciation in the fair value of certain underlying fund investments in the Company’s private equity funds. The increase in legacy Greenspring carried interest allocations for the year ended March 31, 2026 as compared to the year ended March 31, 2025 was primarily attributable to higher net unrealized appreciation in the fair value of certain underlying fund investments in the current year period as compared to the prior year period. The increase in legacy Greenspring carried interest allocations for the year ended March 31, 2025 as compared to the year ended March 31, 2024 was primarily attributable to net unrealized appreciation in the fair value of certain underlying fund investments as compared to net unrealized depreciation in the prior year period. See note 2 for a discussion of the Company’s accounting policy for investments on a three-month lag.

As of March 31, 2026 and 2025, the Company’s investment in one SMA represented 10% or more of the total accrued carried interest allocations balance, and in the aggregate represented approximately 12% and 15%, respectively, of the total accrued carried interest allocations balance as of those dates. As of March 31, 2026 and 2025, the Company’s investments in each of three commingled funds individually represented 10% or more of the total legacy Greenspring accrued carried interest allocations balance, and in the aggregate represented approximately 57% and 47%, respectively, of the total legacy Greenspring accrued carried interest allocations balances as of those dates.

Of the total accrued carried interest allocations balance as of March 31, 2026 and 2025, $1,100.6 million and $758.0 million, respectively, were payable to affiliates and are included in accrued carried interest-related compensation in the consolidated balance sheets. Of the total legacy Greenspring investments in funds and accrued carried interest allocations balance as of March 31, 2026 and 2025, $619.2 million and $495.7 million, respectively, were payable to employees who are considered affiliates of the Company and are included in legacy Greenspring accrued carried interest-related compensation in the consolidated balance sheets and $133.6 million and $133.5 million, respectively, are reflected as non-controlling interests in legacy Greenspring entities in the consolidated balance sheets.

The Company evaluates each of its equity method investments to determine if any are considered significant as defined by the SEC. As of March 31, 2026 and 2025 and for the years ended March 31, 2026, 2025 and 2024, no individual equity method investment held by the Company met the significance criteria. As a result, the Company is not required to provide separate financial statements for any of its equity method investments.

Summarized financial information for the Company’s equity method investments reflected below represents the financial position as of March 31, 2026 and 2025, and the results of operations for the years ended March 31, 2026, 2025 and 2024, which are reported on a three-month lag. Assets are primarily composed of the investments held by the StepStone Funds.


	As of March 31,
	2026		2025
Assets	$	116,735,613	$	91,879,641
Liabilities	4,719,668		3,003,340
Equity	$	112,015,945	$	88,876,301


	Year Ended March 31,
	2026		2025		2024
Investment income	$	491,220	$	213,758	$	131,521
Expenses	(1,304,996)		(901,553)		(631,707)
Net realized and unrealized gain on investments	11,482,693		5,215,482		3,121,627
Income tax expense	(5,471)		(11,644)		(28,979)
Net income	$	10,663,446	$	4,516,043	$	2,592,462


	Fair Value as of March 31,				Percentage of Total Investments as of March 31,
	2026		2025		2026		2025

Investments of Consolidated Funds:
Equity securities (cost of $16.2 million and $60.0 million as of March 31, 2026 and 2025, respectively)	$	6,395	$	70,178	1	%	17	%
Debt securities (cost of $108.6 million and $0 million as of March 31, 2026 and 2025, respectively)	92,096		—		13	%	—	%
Fund investments (cost of $488.0 million and $257.0 million as of March 31, 2026 and 2025, respectively)	616,844		344,833		86	%	83	%


Total investments of Consolidated Funds	$	715,335	$	415,011	100	%	100	%

As of March 31, 2026 and 2025, no individual investment had a fair value greater than 5% of the Company’s total assets. During the year ended March 31, 2026, the Company deconsolidated an investment fund that was previously consolidated in the Company’s results as it was determined that the Company no longer held a controlling financial interest. As the Company continues to hold significant influence over the fund, the investment is accounted for under the equity method of accounting and is classified as a related party transaction. See note 13 for more information. Also, during the year ended March 31, 2026, the Company consolidated four additional StepStone Funds, including a CFE that issues notes payable that are backed by diversified collateral asset portfolios consisting primarily of interests in several of the StepStone Funds.