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 condensed 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 condensed consolidated statements of income (loss).


	As of
	June 30, 2026		March 31, 2026
Investments in funds(1)	$	264,450	$	249,447
Accrued carried interest allocations	2,080,443		2,036,892
Legacy Greenspring investments in funds and accrued carried interest allocations(2)	783,847		752,776
Total equity method investments	$	3,128,740	$	3,039,115

_______________________________

(1)The Company’s investments in funds were $362.9 million and $347.2 million as of June 30, 2026 and March 31, 2026, respectively. The consolidation of the Consolidated Funds results in the elimination of the Company’s investments in such funds.


	Three Months Ended June 30,
	2026		2025
Carried interest allocations	$	72,547	$	113,287
Investment income	10,823		10,512
Legacy Greenspring carried interest allocations	37,171		39,637
Legacy Greenspring investment income (loss)	(5,247)		3,382
Total equity method income	$	115,294	$	166,818

The decrease in carried interest allocations for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily attributable to lower net unrealized appreciation in the fair value of certain underlying fund investments in the Company’s private equity funds. The decrease in legacy Greenspring carried interest allocations for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025 was primarily attributable to lower net unrealized appreciation in the fair value of certain underlying fund investments in the current year period as compared to 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 June 30, 2026 and March 31, 2026, the Company’s investment in two and one SMAs, respectively, each individually represented 10% or more of the total accrued carried interest allocations balance, and in the aggregate represented approximately 25% and 12%, respectively, of the total accrued carried interest allocations balance as of those dates. As of June 30, 2026 and March 31, 2026, 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 60% and 57%, 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 June 30, 2026 and March 31, 2026, $1,145.1 million and $1,100.6 million, respectively, were payable to affiliates and are included in accrued carried interest-related compensation in the condensed consolidated balance sheets. Of the total legacy Greenspring investments in funds and accrued carried interest allocations balance as of June 30, 2026 and March 31, 2026, $656.0 million and $619.2 million, respectively, were payable to former employees, as well as employees who are considered affiliates of the Company, and are included in legacy Greenspring accrued carried interest-related compensation in the condensed consolidated balance sheets and $127.8 million and $133.6 million, respectively, are reflected as non-controlling interests in legacy Greenspring entities in the condensed 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 June 30, 2026 and March 31, 2026, 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.

The Company consolidates funds and entities when it is deemed to hold a controlling financial interest. The activity of the Consolidated Funds is reflected within the condensed consolidated financial statements.


	Fair Value as of				Percentage of Total Investments as of
	June 30, 2026		March 31, 2026		June 30, 2026		March 31, 2026

Investments of Consolidated Funds:
Equity securities (cost of $12.4 million and $16.2 million as of June 30, 2026 and March 31, 2026, respectively)	$	12,435	$	6,395	1	%	1	%
Debt securities (cost of $102.3 million and $108.6 million as of June 30, 2026 and March 31, 2026, respectively)	82,803		92,096		4	%	13	%
Fund investments (cost of $1,815.2 million and $488.0 million as of June 30, 2026 and March 31, 2026, respectively)	1,940,645		616,844		95	%	86	%


Total investments of Consolidated Funds	$	2,035,883	$	715,335	100	%	100	%

As of June 30, 2026 and March 31, 2026, no individual investment had a fair value greater than 5% of the Company’s total assets. During the three months ended June 30, 2026, the Company consolidated six additional StepStone Funds which resulted in an increase in investments of Consolidated Funds.


	Three Months Ended June 30,
	2026		2025

Investment Income of Consolidated Funds:

Net realized gains on investments	$	35,306	$	872
Net unrealized gains (losses) on investments	(32,462)		20,799

Total investment income of Consolidated Funds	$	2,844	$	21,671