Fair Value Measurements (Tables)

12 Months Ended

Mar. 31, 2026

Schedule of Fair Value of Liabilities and Assets

Financial Instruments of Consolidated Funds


	As of March 31, 2026
	Level I		Level II		Level III		Total
Assets
Equity securities	$	—	$	—	$	1,800	$	1,800
Debt securities	—		—		92,096		92,096


Total assets measured at fair value	—		—		93,896		93,896
Assets measured at net asset value(1)	—		—		—		621,439
Total assets	$	—	$	—	$	93,896	$	715,335

Liabilities
Debt obligations of Consolidated Funds(2)	$	—	$	—	$	931,185	$	931,185
Forward foreign currency contracts	—		187		—		187
Total liabilities	$	—	$	187	$	931,185	$	931,372

_______________________________

(1)Includes investment in funds, which are generally organized as partnership and LLC interests measured using the net asset value (“NAV”) per share equivalent calculated by the investment manager as a practical expedient in determining an independent fair value.

(2)As of March 31, 2026, the carrying value of the debt obligations of Consolidated Funds approximates fair value as the closing date of the fund and issuance of notes payable by the fund occurred near the reporting date.


	As of March 31, 2025
	Level I		Level II		Level III		Total
Assets
Equity securities	$	—	$	—	$	63,664	$	63,664
Fund investments	—		—		866		866
Total assets measured at fair value	—		—		64,530		64,530
Assets measured at net asset value(1)	—		—		—		350,481
Total assets	$	—	$	—	$	64,530	$	415,011

_______________________________

(1)Includes investment in funds, which are generally organized as partnership and LLC interests and equity securities measured using the NAV per share equivalent calculated by the investment manager as a practical expedient in determining an independent fair value.

Schedule of Changes in the Fair Value of Level III Financial Instruments - Partnerships and LLC Interests

A reconciliation from the beginning balance to the closing balance of Level III financial instruments of Consolidated Funds are set forth below:


	As of March 31,
	2026		2025
Financial Assets of Consolidated Funds
Balance, beginning of period:	$	64,530	$	13,694
Transfers into Level III	—		9,289
Transfers out of Level III	—		(4,332)
Purchases	10,808		38,369
Change in fair value	4,441		7,510
Deconsolidation of fund - Level III derecognition(1)	(77,861)		—
Initial consolidation of funds - Level III recognition(2)	93,896		—
Settlements	(1,918)		—

Balance, end of period:	$	93,896	$	64,530

Changes in unrealized gains included in earnings related to financial assets still held at the reporting date	$	4,441	$	7,510

_______________________________

(1)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. The related investments previously presented as Level III financial assets were derecognized due to the deconsolidation of the fund.

(2)During the year ended March 31, 2026, the Company consolidated four investment funds as it was determined that the Company held a controlling financial interest. Certain investments held by the funds have been presented as Level III financial assets.

Schedule of Changes in the Fair Value of Level III Financial Instruments


	As of March 31,
	2026		2025
Financial Liabilities of Consolidated Funds
Balance, beginning of period:	$	—	$	—
Borrowings(1)	931,185		—


Change in fair value	—		—
Balance, end of period:	$	931,185	$	—

Changes in unrealized gains included in earnings related to financial liabilities still held at the reporting date	$	—	$	—

_______________________________

(1)During the year ended March 31, 2026, the Company consolidated a CFE vehicle that issues notes payable that are backed by diversified collateral asset portfolios consisting primarily of equity investments in several of the StepStone Funds. The notes payable have been presented as Level III financial liabilities

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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