Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2026

Schedule of Fair Value of Assets and Liabilities

Financial Instruments of Consolidated Funds


	As of June 30, 2026
	Level I		Level II		Level III		Total
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 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 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.

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

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,
	2026		2025
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

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


	Three Months Ended June 30,
	2026		2025
Financial Liabilities of Consolidated Funds(1)
Balance, beginning of period:	$	931,185	$	—
Borrowings	31,344		—


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.

- 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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