The Company has adopted its 2020 Long-Term Incentive Plan (“LTIP”), which allows for the granting of stock options, stock appreciation rights, restricted stock awards, RSUs and PRSUs to employees, directors and consultants. As of March 31, 2026, there were 33,350,662 shares of Class A common stock available to grant under the LTIP.

RSUs represent the right to receive payment on the date of vesting in the form of one share of Class A common stock for each RSU. Holders of unvested RSUs do not have the right to vote with the underlying shares of Class A common stock, but are entitled to accrue dividend equivalents which are generally paid in cash when such RSUs vest. The RSUs granted generally vest over four years in equal annual installments. Upon vesting, the Company will typically withhold or cause the participant to sell the number of shares to satisfy the statutory withholding tax obligation and deliver the net number of resulting shares vested.

The weighted-average grant-date fair value of RSUs granted during the years ended March 31, 2026, 2025, and 2024 was $46.50, $53.60, and $35.07, respectively. The total fair value as of the respective vesting dates of RSUs vested during the years ended March 31, 2026, 2025 and 2024 was $20.2 million, $48.9 million and $24.3 million, respectively.

The Company grants PRSUs to certain employees that are subject to both performance-based and service-based vesting conditions. The vesting of the awards is subject to achievement of an annual income contribution target for any fiscal year within a five-year performance period and continued employment through the date the performance target is certified at the end of the fiscal year in which the target is achieved. The performance target may be met in any fiscal year within the five-year performance period, and the vesting date will occur at the end of the fiscal year period in which the target is achieved. If the performance target is not met by the end of the performance period, the awards will immediately be forfeited. Compensation cost is recognized over the requisite service period if it is probable that the performance condition will be satisfied.

The weighted-average grant-date fair value of PRSUs granted during the years ended March 31, 2026 and 2025 was $57.85 and $53.67, respectively. No PRSUs were granted during the year ended March 31, 2024. The total fair value as of the respective vesting dates of PRSUs vested during the year ended March 31, 2026 was $0.1 million. No PRSUs vested during the years ended March 31, 2025 and 2024, respectively.

In June 2018, the Company issued an aggregate of 5.2% of profits interests (the “Class B2 Interests”) in the Company to certain key employees. These Class B2 Interests provide the recipients with an opportunity to participate in the profits of the Company and proceeds of certain capital events. The Class B2 Interests vest over a period of six years from the grant date, subject to an employee’s continuous service with the Company through the applicable vesting date. Under the terms of the Fifth Amended and Restated Limited Partnership Agreement dated March 8, 2018, the vesting of the awards will occur as follows: (i) 0% during the first three years from the date of issuance, (ii) 30.0% on the third anniversary of the date of issuance, and (iii) 5.8% for each fiscal quarter after the third anniversary of the date of issuance (fully vested on the sixth anniversary of the date of issuance, or June 2024). Upon the final vesting date, all of the Class B2 units were automatically converted into Class B units and unitholders were entitled to purchase from the Company one share of Class B common stock for each Class B unit at its par value. Prior to vesting, holders of Class B2 units did not have the right to receive any distributions from the Partnership, other than tax-related distributions.

In November 2022, the Company issued a profits interest in SPW to certain employees of the SPW team and concurrently entered into an option agreement which provides that (i) StepStone has the right to acquire the profits interest at the end of any fiscal quarter after June 30, 2027, in exchange for payment of a call price and (ii) the SPW management team, through an entity named CH Equity Partners, LLC, has the right to put the profits interest to StepStone on June 30, 2026 or at the end of any fiscal quarter thereafter, in exchange for payment of a put price. The applicable call or put price is, in certain circumstances, subject to an earn-out or earn-down. The call or put price will be payable in cash unless the Company elects to pay a portion of the consideration in units of the Partnership, each to be exchangeable into shares of the Company’s Class A common stock, and, in either case, rights under one or more tax receivable agreements.

The Company accounted for the profits interest and option agreement as a single unit of account as a liability classified equity-based award. There are no vesting provisions or service requirements related to the award. As of March 31, 2026, the fair value of the liability classified awards was based on the contractual redemption price. The contractual redemption price is calculated based on the adjusted net income of SPW multiplied by an adjusted trading multiple for the Company’s Class A common stock, and then increased or reduced for certain other specified items. As of March 31, 2025, the fair value of the liability classified awards was based on an income approach using a discounted cash flow analysis, a market approach using observable inputs from similar or comparable transactions in the market and the contractual redemption price. A third-party valuation specialist assisted the Company with the fair value estimate for the awards. Certain assumptions used in determining the fair value are inherently subjective; therefore, the ultimate settlement amount for the liability classified awards may differ materially from the current estimate. The significant unobservable inputs required to value the liability classified awards primarily relate to future projected earnings of SPW, a discount rate and an adjusted trading multiple. The Company applied a discount rate of 27% and 34% as of March 31, 2026 and 2025, respectively, and an adjusted trading multiple of 14.7x and 20.0x as of March 31, 2026 and 2025, respectively.

For the years ended March 31, 2026, 2025 and 2024, the Company recognized $1,720.9 million, $651.8 million and $22.9 million, respectively, of expense related to liability classified awards within equity-based compensation expense in the consolidated statements of income (loss). For the years ended March 31, 2026, 2025 and 2024, the Company paid $118.8 million, $16.2 million, and $3.1 million, respectively, related to the settlement of liability classified awards. As of March 31, 2026 and 2025, the Company had recognized $2,265.8 million and $663.9 million, respectively, for liability classified awards within accrued compensation and benefits in the consolidated balance sheets.

The Company has an ESPP under which eligible employees may purchase shares of Class A common stock of the Company at six-month period intervals for 85% of the lower of the fair market value on either the first or last trading day of the offering period. The offering periods run from April 1 to September 30, and October 1 to March 31 each year. Each eligible employee may purchase up to five thousand dollars worth of shares each six-month offering period, limited to a maximum of 1,000 shares. During the years ended March 31, 2026 and 2025, 85,764 shares and 69,807 shares, respectively, were purchased under the ESPP. There were no shares purchased under the ESPP during the year ended March 31, 2024 as the ESPP had not yet commenced. As of March 31, 2026, the Company has 2,044,429 shares of Class A common stock reserved for future issuances under the ESPP.