v3.26.1
Fair Value Measurements
 3 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company measures certain assets and liabilities at fair value on a recurring basis.
Financial Instruments of the Company
As of June 30, 2026 and March 31, 2026, respectively, the Company held no financial instruments within the fair value hierarchy measured at fair value on a recurring basis.
Financial Instruments of Consolidated Funds
As of June 30, 2026
Level ILevel IILevel IIITotal
Assets
Equity securities$— $— $4,430 $4,430 
Debt securities— — 82,803 82,803 
Total assets measured at fair value— — 87,233 87,233 
Assets measured at net asset value(1)
— — — 1,948,650 
Total assets$— $— $87,233 $2,035,883 
Liabilities
Debt obligations of Consolidated Funds(2)
$— $— $944,429 $944,429 
Total liabilities$— $— $944,429 $944,429 
_______________________________
(1)Includes investment in funds, which are generally organized as partnership and LLC interests measured using the net asset value (“NAV”) per share equivalent calculated by the investment manager as a practical expedient in determining an independent fair value.
(2)The Company has elected the fair value measurement alternative for its CFE to better align the measurement of the financial liabilities with the related financial assets measured at fair value that serve as the collateral, thereby aligning the accounting for the overall economics of the CFE within earnings. Under this election, both the financial assets and financial liabilities of the consolidated CFE are measured using the more observable of the fair value of the financial assets or the fair value of the financial liabilities. The Company has determined that the fair value of the financial assets of the CFE are more observable than the fair value of the financial liabilities of the CFE. Therefore, the financial assets of the CFE are measured at fair value and the financial liabilities are measured as the (i) sum of the fair value of the financial assets and carrying value of non-financial assets held temporarily less the (ii) fair value of beneficial interests retained by the Company (other than those that represent compensation for services) and the carrying value of beneficial interests that represent compensation.
As of March 31, 2026
Level ILevel IILevel IIITotal
Assets
Equity securities$— $— $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 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.
For the financial instruments presented in the tables above, there were no changes in fair value hierarchy levels during the three months ended June 30, 2026 and 2025.
As of June 30, 2026 and March 31, 2026, investments with a combined fair value of $87.2 million and $93.9 million, respectively, were classified as Level III investments. As of June 30, 2026 and March 31, 2026, the significant unobservable input used to value these investments classified as Level III investments may include the yield method or mid probable realization value for debt securities.
Reconciliations from the beginning balance to the closing balance of Level III financial instruments of Consolidated Funds are set forth below:
Three Months Ended June 30,
20262025
Financial Assets of Consolidated Funds
Balance, beginning of period:$93,896 $64,530 
Purchases
657 5,331 
Change in fair value
(4,180)1,673 
Sales(2,870)— 
Settlements
(270)— 
Balance, end of period:$87,233 $71,534 
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date
$(4,180)$1,673 
Three Months Ended June 30,
20262025
Financial Liabilities of Consolidated Funds(1)
Balance, beginning of period:$931,185 $— 
Borrowings31,344 — 
Change in fair value
(18,099)— 
Balance, end of period:$944,430 $— 
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date
$(18,099)$— 
_______________________________
(1)The Company consolidates 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 debt obligations of the Consolidated Funds have been presented as Level III financial liabilities.
Realized and unrealized gains and losses for Level III investments of Consolidated Funds are included within investment income of Consolidated Funds in the condensed consolidated statements of loss, and such gains and losses for Level III debt obligations of Consolidated Funds are included within other income (loss) in the condensed consolidated statements of loss.