| Schedule of Equity Method Investments |
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 | | | | | |
_______________________________ (1)The Company’s investments in funds were $347.2 million and $275.7 million as of March 31, 2026 and 2025, respectively. The consolidation of the Consolidated Funds results in the elimination of the Company’s investments in such funds. (2)Reflects investments in funds of $133.6 million and $133.5 million and carried interest allocations of $619.2 million and $495.7 million as of March 31, 2026 and 2025, respectively. The Company recognized equity method income of the following: | | | | | | | | | | | | | | | | | | | 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 | |
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 | |
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| Schedule of Investments of Consolidated Funds |
Investments held by the Consolidated Funds are summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | 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 | % |
The following table summarizes the net realized and unrealized gains from investment activities of the Consolidated Funds: | | | | | | | | | | | | | | | | | | | Year Ended March 31, | | 2026 | | 2025 | | 2024 | | | | | | | | Investment Income of Consolidated Funds: | | | | | | | | | | | | | Net realized gains on investments | $ | 7,539 | | | $ | 3,181 | | | $ | 2,325 | | Net unrealized gains on investments | 84,868 | | | 62,193 | | | 26,147 | | | Total investment income of Consolidated Funds | $ | 92,407 | | | $ | 65,374 | | | $ | 28,472 | |
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