Investments (Tables)

12 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

The Company’s equity method investments consist of the following:


	As of March 31,
	2025	2024


Investments in funds(1)	183,694	135,043
Accrued carried interest allocations	1,495,664	1,354,051
Legacy Greenspring investments in funds and accrued carried interest allocations(2)	629,228	631,197
Total equity method investments	2,308,586	2,120,291

_______________________________

(1)The Company’s investments in funds were $275.7 million and $204.8 million as of March 31, 2025 and 2024, 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 $133.5 million and $147.0 million and carried interest allocations of $495.7 million and $484.2 million as of March 31, 2025 and 2024, respectively.

The Company recognized equity method income (loss) of the following:


	Year Ended March 31,
	2025		2024		2023
Carried interest allocations	$	301,200	$	176,309	$	(122,253)
Investment income (loss)	15,096		7,452		(2,509)
Legacy Greenspring carried interest allocations	74,341		(75,157)		(452,163)
Legacy Greenspring investment loss	(1,185)		(9,087)		(44,075)
Total equity method income (loss)	$	389,452	$	99,517	$	(621,000)

Summarized financial information for the Company’s equity method investments reflected below represents the financial position as of March 31, 2025 and 2024, and the results of operations for the years ended March 31, 2025, 2024 and 2023, which are reported on a three-month lag. Assets are primarily composed of the investments held by the StepStone Funds.


	As of March 31,
	2025		2024
Assets	$	91,879,641	$	73,311,149
Liabilities	3,003,340		2,083,509
Equity	$	88,876,301	$	71,227,640


	Year Ended March 31,
	2025		2024		2023
Investment income	$	213,758	$	131,521	$	115,092
Expenses	(901,553)		(631,707)		(446,413)
Net realized and unrealized gain (loss) on investments	5,215,482		3,121,627		(4,966,901)
Income tax expense	(11,644)		(28,979)		(12,261)
Net income (loss)	$	4,516,043	$	2,592,462	$	(5,310,483)

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,
	2025		2024		2025		2024

Investments of Consolidated Funds:
Equity securities (cost of $60.0 million and $15.6 million as of March 31, 2025 and 2024, respectively)	$	70,178	$	17,028	17	%	13	%
Partnership and LLC interests (cost of $257.0 million and $76.0 million as of March 31, 2025 and 2024, respectively)	344,833		114,830		83	%	87	%


Total investments of Consolidated Funds	$	415,011	$	131,858	100	%	100	%

The following table summarizes the net realized and unrealized gains (losses) from investment activities of the Consolidated Funds:


	Year Ended March 31,
	2025		2024		2023

Investment Income of Consolidated Funds:

Net realized gains on investments	$	3,181	$	2,325	$	3
Net unrealized gains on investments	62,193		26,147		9,312
Total investment income of Consolidated Funds	$	65,374	$	28,472	$	9,315

StepStone Group Inc. 10-K