0001628280-25-050217 | 10-Q | XBRL Viewer

Accrued carried interest allocations

Investments in funds

210,162

183,694

1,733,922

1,495,664

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

679,470

629,228

Deferred income tax assets

524,320

382,886

Lease right-of-use assets, net

86,646

91,841

Intangibles, net

243,458

263,872

Goodwill

580,542

Total assets

5,332,107

4,586,693

Accounts payable, accrued expenses and other liabilities

93,310

89,731

Accrued compensation and benefits

1,826,201

736,695

Accrued carried interest-related compensation

891,485

757,968

Legacy Greenspring accrued carried interest-related compensation

^[1]

544,919

495,739

Due to affiliates

346,952

331,821

Lease liabilities

109,458

113,519

Debt obligations

269,920

269,268

Total liabilities

4,106,321

2,812,321

Commitments and contingencies (Note 14)

Additional paid-in capital

485,919

421,057

Accumulated deficit

(720,431)

(242,546)

Accumulated other comprehensive income

935

728

Total StepStone Group Inc. stockholders’ equity

(233,459)

179,356

Total stockholders’ equity

546,791

1,390,148

Total liabilities and stockholders’ equity

5,332,107

4,586,693

Class A Common Stock

Common stock

Class B Common Stock

Noncontrolling Interest In Consolidated Funds

Common stock

Redeemable non-controlling interests in Consolidated Funds

671,705

377,897

Non-Controlling Interests in Subsidiaries

Redeemable non-controlling interests in Consolidated Funds

7,290

6,327

Non-controlling interests

927,728

1,056,510

Non-Controlling Interests in Legacy Greenspring Entities

Non-controlling interests

^[1]

134,551

133,489

Non-Controlling Interests in the Partnership

Non-controlling interests

(282,029)

20,793

Consolidated funds

Assets

Restricted cash

531

502

Fees and accounts receivable

60,116

66,692

Due from affiliates

66,206

43,830

Legacy Greenspring investments in funds and accrued carried interest allocations

Investments in funds

64,899

47,362

679,470

629,228

Deferred income tax assets

275

Lease right-of-use assets, net

17,076

18,307

Total assets

1,760,343

1,376,034

Accounts payable, accrued expenses and other liabilities

32,438

29,484

Accrued compensation and benefits

1,764,869

699,015

Legacy Greenspring accrued carried interest-related compensation

544,919

495,739

Due to affiliates

25,767

18,072

Lease liabilities

17,912

18,814

Total liabilities

2,409,981

1,278,704

Excluding Consolidated Funds

Assets

229,824

244,791

Excluding Consolidated Funds | Consolidated funds

57,661

62,869

Assets

73,040

75,769

12,215

16,859

Consolidated Funds

Assets

136,353

44,511

Investments, at fair value

2,335

17,688

647,827

415,011

Consolidated Funds | Consolidated funds

Other liabilities

24,076

17,580

Assets

136,353

44,511

Investments, at fair value

2,335

17,688

647,827

415,011

Other liabilities

$ 24,076

$ 17,580

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 2 and 5 for more information.

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Sep. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration paid						$ 5,800,000
Changes in assets fair value hierarchy levels	$ 0		$ 0	$ 0	$ 0
Partnership and LLC interests	647,827,000	$ 415,011,000		647,827,000		415,011,000
Fair Value Measured at Net Asset Value Per Share
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Partnership and LLC interests	568,100,000	350,500,000		568,100,000		350,500,000
Fair Value, Inputs, Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Partnership and LLC interests	$ 79,800,000	64,500,000		$ 79,800,000		$ 64,500,000
Greenspring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Earn-out amount		$ 75,000,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2025	Mar. 31, 2025
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	650,000,000	650,000,000
Common stock, shares issued (in shares)	79,124,247	76,761,399
Common stock, shares outstanding (in shares)	79,124,247	76,761,399
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock, shares issued (in shares)	39,133,716	39,656,954
Common stock, shares outstanding (in shares)	39,133,716	39,656,954

Equity-Based Compensation - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2024 shares	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($) shares	Mar. 31, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized non-cash compensation, period of recognition				3 years 2 months 12 days
Vested (in shares) \| shares	2,566,566
Discount rate		0.30		0.30		0.34
Trading multiple		20.0		20.0		20.0
Liability based awards, expense		$ 884,470	$ 37,332	$ 1,073,188	$ 56,511
Maximum share purchase, value		$ 5
Shares purchased (in shares) \| shares		37,712	38,096	37,712	38,096
Class B2 units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized non-cash compensation		$ 47,300		$ 47,300
Conversion basis	1
Liability Classified Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Liability based awards, expense		879,700	$ 32,000	1,063,700	$ 45,500
Liability classified awards, settlement		8,500	$ 600	15,100	$ 600
Liability classified awards recognized in accounts payable, accrued expenses, and other liabilities		$ 1,712,900		$ 1,712,900		$ 663,900
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase period		6 months
Discount rate		85.00%
Maximum share purchase (in shares) \| shares		1,000
Number of shares reserved for future issuance (in shares) \| shares		2,092,481		2,092,481

Variable Interest Entities (Tables)

6 Months Ended

Sep. 30, 2025

Schedule of Carrying Value of the Assets and Liabilities of the Company's Variable Interest Entities

The carrying value of the assets and liabilities recognized in the condensed consolidated balance sheets with respect to the Company’s interests in VIEs that were not consolidated is set forth below:


	As of
	September 30, 2025		March 31, 2025
Investments in funds	$	202,436	$	176,339
Legacy Greenspring investments in funds	134,551		133,489
Due from affiliates, net	44,972		47,693
Less: Amounts attributable to non-controlling interests in subsidiaries	25,289		26,465
Less: Amounts attributable to non-controlling interests in legacy Greenspring entities	134,551		133,489
Maximum exposure to loss	$	222,119	$	197,567

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Increase in deferred tax assets, exchange of partnership units for common stock	$ 8,800,000
Increase in due to related parties, tax receivable agreements	$ 7,400,000
Percentage of total net cash savings due to exchanging limited partners	85.00%		85.00%
Increase (decrease) in deferred tax liabilities, exchange of partnership units for common stock	$ (1,700,000)
Payments to related parties under Tax Receivable Agreements	0	$ 0	$ 11,494,000	$ 9,802,000
Due to related parties, tax receivable agreements	321,600,000		321,600,000
impact on effective tax rate for equity-based compensation expense	$ 125,100,000		$ 150,300,000
Effective tax rate	14.80%	8.20%	15.60%	10.20%
Unrecognized tax benefits	$ 0		$ 0
Changes to uncertain tax positions	0		$ 0
Exchange of Partnership Units for Common Stock
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Increase (decrease) in valuation allowance	$ 2,400,000

Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Amounts payable to certain employee equity holders of consolidated subsidiaries
Due from affiliates	$ 117,621	$ 92,723
Due to affiliates	346,952	331,821
Amounts receivable from StepStone Funds
Amounts payable to certain employee equity holders of consolidated subsidiaries
Due from affiliates	66,770	65,765
Amounts receivable from employees
Amounts payable to certain employee equity holders of consolidated subsidiaries
Due from affiliates	36,008	12,919
Amounts receivable from loans
Amounts payable to certain employee equity holders of consolidated subsidiaries
Due from affiliates	14,843	14,039
Amounts payable to non-controlling interest holders in connection with Tax Receivable Agreements
Amounts payable to certain employee equity holders of consolidated subsidiaries
Due to affiliates	321,628	313,749
Amounts payable to StepStone Funds
Amounts payable to certain employee equity holders of consolidated subsidiaries
Due to affiliates	21,798	18,072
Amounts payable to certain employee equity holders of consolidated subsidiaries
Amounts payable to certain employee equity holders of consolidated subsidiaries
Due to affiliates	$ 3,526	$ 0

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Schedule of Rollforward of the Company's Shares of Common Stock Outstanding

Stockholders' Equity and Redeemable Non-Controlling Interests (Tables)

6 Months Ended

Sep. 30, 2025

Equity [Abstract]

The following table shows a rollforward of the Company’s shares of common stock outstanding since March 31, 2025:


	Class A Common Stock	Class B Common Stock
March 31, 2025	76,761,399	39,656,954

Class A common stock issued in exchange for Class B Partnership units	523,238	(523,238)
Class A common stock issued in exchange for Class C Partnership units	34,658	—
Class A common stock issued in exchange for Class D Partnership units	1,000,337	—
Class A common stock issued for vesting of RSUs, net of shares withheld for taxes	10,798	—
Class A common stock issued for purchase of asset class non-controlling interests	756,105	—
Class A common stock issued under ESPP	37,712	—

September 30, 2025	79,124,247	39,133,716

Schedule of Redeemable Non-Controlling Interests

The following table summarizes the activities associated with the redeemable non-controlling interests in Consolidated Funds:


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
Beginning balance	$	459,927	$	142,547	$	377,897	$	102,623

Contributions	213,747		56,552		281,447		90,805
Redemption of redeemable non-controlling interests	(41,628)		—		(48,255)		—
Net income	39,659		6,525		60,616		12,196
Ending balance	$	671,705	$	205,624	$	671,705	$	205,624

The following table summarizes the activities associated with the redeemable non-controlling interests in subsidiaries:


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
Beginning balance	$	6,906	$	5,931	$	6,327	$	115,920

Net income	384		307		963		669
Redemption of redeemable non-controlling interests	—		—		—		(110,351)


Ending balance	$	7,290	$	6,238	$	7,290	$	6,238

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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Revenue from Contract with Customer [Abstract]

Intangibles and Goodwill - Schedule of Future Amortization of Finite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of FY2026	$ 20,414
FY2027	40,759
FY2028	40,759
FY2029	40,759
FY2030	40,759
Thereafter	60,008
Intangibles, net	$ 243,458	$ 263,872

Revenues - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
Revenues - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2025	Mar. 31, 2025
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 23.4	$ 26.8
Deferred revenue, revenue recognized	$ 4.5

Revenues

6 Months Ended

Sep. 30, 2025

Revenues

The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount:


	Three Months Ended September 30,				Six Months Ended September 30,
Management and Advisory Fees, Net	2025		2024		2025		2024
Focused commingled funds(1)	$	125,344	$	107,272	$	244,012	$	211,707
SMAs	71,685		61,393		142,064		118,769
Advisory and other services	16,259		14,907		36,198		29,676
Fund reimbursement revenues	2,201		1,186		4,388		2,621
Total management and advisory fees, net	$	215,489	$	184,758	$	426,662	$	362,773

_______________________________

(1)Includes income-based incentive fees of $5.3 million and $1.3 million for the three months ended September 30, 2025 and 2024, respectively, and $9.7 million and $2.5 million for the six months ended September 30, 2025 and 2024, respectively.


	Three Months Ended September 30,				Six Months Ended September 30,
Incentive Fees	2025		2024		2025		2024
SMAs	$	4,853	$	2,875	$	4,853	$	3,675
Focused commingled funds	49		280		239		321
Total incentive fees	$	4,902	$	3,155	$	5,092	$	3,996


	Three Months Ended September 30,				Six Months Ended September 30,
Carried Interest Allocations	2025		2024		2025		2024
SMAs	$	124,813	$	62,095	$	220,177	$	59,286
Focused commingled funds	81,878		7,752		99,801		27,195
Total carried interest allocations	$	206,691	$	69,847	$	319,978	$	86,481


	Three Months Ended September 30,				Six Months Ended September 30,
Legacy Greenspring Carried Interest Allocations	2025		2024		2025		2024
SMAs	$	330	$	71	$	428	$	270
Focused commingled funds	26,813		13,846		66,352		4,558
Total legacy Greenspring carried interest allocations(1)	$	27,143	$	13,917	$	66,780	$	4,828

_______________________________

(1)The three months ended September 30, 2025 and 2024 reflect the net effect of gross realized carried interest allocations of $13.3 million and $11.9 million, respectively, and the six months ended September 30, 2025 and 2024 reflect the net effect of gross realized carried interest allocations of $18.2 million and $18.6 million, respectively, and the reversal of such amounts in unrealized carried interest allocations for such periods.

See note 5 for a discussion of changes in carried interest allocations and legacy Greenspring carried interest allocations.

The Company derives revenues from clients located in both the United States and other countries. The table below presents the Company’s revenues by geographic location:


	Three Months Ended September 30,				Six Months Ended September 30,
Revenues(1)	2025		2024		2025		2024
United States	$	197,054	$	98,053	$	333,066	$	169,811
Non-U.S. countries	257,171		173,624		485,446		288,267
Total revenues	$	454,225	$	271,677	$	818,512	$	458,078

_______________________________

(1)Revenues are attributed to countries based on client location for SMAs and advisory and other services, or location of investment vehicle for focused commingled funds.

For the three and six months ended September 30, 2025 and 2024, no individual client represented 10% or more of the Company’s net management and advisory fees.

For the three and six months ended September 30, 2025, the Company had management and advisory fee revenues attributable to the United States, which represented 10% or more of the Company’s net management and advisory fees. For the three and six months ended September 30, 2024, the Company had management and advisory fee revenues attributable to the United States and Cayman Islands, each of which represented 10% or more of the Company’s net management and advisory fees.

As of September 30, 2025 and March 31, 2025, the Company had $23.4 million and $26.8 million, respectively, of deferred revenues, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. During the six months ended September 30, 2025, the Company had recognized $4.5 million as revenue from amounts included in the deferred revenue balance as of March 31, 2025.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

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-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

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-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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-Subparagraph (b)
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-Topic 606
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-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

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-Topic 606
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-Name Accounting Standards Codification
-Topic 606
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-URI https://asc.fasb.org/606/tableOfContent

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation (Tables)

6 Months Ended

Sep. 30, 2025

Schedule of Change in Unvested Restricted Stock Units and Performance-Based Restricted Stock Units

The change in unvested RSUs is as follows:


	Number of RSUs	Weighted-Average Grant-Date Fair Value Per RSU
Balance as of March 31, 2025	1,024,007	$	42.28
Granted	64,507	$	59.44
Vested	(10,798)	$	50.93
Forfeited	(10,223)	$	(36.74)
Balance as of September 30, 2025	1,067,493	$	43.28

The change in unvested PRSUs is as follows:


	Number of PRSUs	Weighted-Average Grant-Date Fair Value Per PRSU
Balance as of March 31, 2025	69,870	$	53.67
Granted	10,804	$	57.85
Vested	—	$	—
Forfeited	—	$	—
Balance as of September 30, 2025	80,674	$	54.23

Related Party Transactions

6 Months Ended

Sep. 30, 2025

Related Party Transactions

The Company considers its directors, greater than 5% beneficial owner of any class of the Company’s stock, senior executives, employees and equity method investments to be related parties. A substantial portion of the Company’s management and advisory fees and carried interest allocations is earned from various StepStone Funds. The Company earned net management and advisory fees from the StepStone Funds of $156.3 million and $124.8 million for the three months ended September 30, 2025 and 2024, respectively, and $307.9 million and $248.5 million for the six months ended September 30, 2025 and 2024, respectively. The Company earned no incentive fees from the StepStone Funds for the three and six months ended September 30, 2025, respectively, and $0.2 million for the three and six months ended September 30, 2024, respectively. Carried interest allocation revenues earned from the StepStone Funds totaled $206.7 million and $69.8 million for the three months ended September 30, 2025 and 2024, respectively, and $320.0 million and $86.5 million for the six months ended September 30, 2025 and 2024, respectively. Legacy Greenspring carried interest allocation revenues earned from certain legacy Greenspring funds for which the Company has no direct economic interests totaled $27.1 million and $13.9 million for the three months ended September 30, 2025 and 2024, respectively, and $66.8 million and $4.8 million for the six months ended September 30, 2025 and 2024, respectively.

Due from affiliates in the condensed consolidated balance sheets consists primarily of fees and accounts receivable from the StepStone Funds, advances made on behalf of the StepStone Funds for the payment of certain organization and operating costs and expenses for which the Company is subsequently reimbursed, amounts due from employees and loans due from affiliated entities, as set forth below.


	As of
	September 30, 2025		March 31, 2025
Amounts receivable from StepStone Funds	$	66,770	$	65,765
Amounts receivable from employees	36,008		12,919
Amounts receivable from loans	14,843		14,039
Total due from affiliates	$	117,621	$	92,723

Due to affiliates in the condensed consolidated balance sheets consists primarily of amounts payable to certain non-controlling interest holders in connection with the Tax Receivable Agreements, amounts payable to the StepStone Funds and amounts due to employee equity holders of consolidated subsidiaries, as set forth below.


	As of
	September 30, 2025		March 31, 2025
Amounts payable to non-controlling interest holders in connection with Tax Receivable Agreements	$	321,628	$	313,749
Amounts payable to StepStone Funds	21,798		18,072
Amounts payable to certain employee equity holders of consolidated subsidiaries	3,526		—
Total due to affiliates	$	346,952	$	331,821

The Company made no payments during the three months ended September 30, 2025 and 2024, respectively, and $11.5 million and $9.8 million for the six months ended September 30, 2025 and 2024, respectively, under the Tax Receivable Agreements.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

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-Subparagraph (SX 210.6-07(2)(e))
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-Topic 850
-Name Accounting Standards Codification
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Income Taxes	6 Months Ended
Income Taxes	Sep. 30, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In connection with the exchanges of Class B, Class C and Class D units of the Partnership for Class A common stock by certain limited partners of the Partnership during the three months ended September 30, 2025, the Company recorded an increase to the deferred tax asset of $8.8 million and an increase in the valuation allowance of $2.4 million. Additionally, a corresponding Tax Receivable Agreements liability of $7.4 million was recorded, representing 85% of the incremental net cash tax savings for the Company as a result of these exchanges. The Company also recorded a $1.7 million decrease to the Tax Receivable Agreements liability in connection with certain basis adjustments to the estimated net cash tax savings from prior exchanges. The Company made no payments during the three months ended September 30, 2025 and 2024, respectively, and payments of $11.5 million and $9.8 million during the six months ended September 30, 2025 and 2024, respectively, under the Tax Receivable Agreements. As of September 30, 2025, the Company’s total Tax Receivable Agreements liability was $321.6 million. See note 12 for more information on the Tax Receivable Agreements. During the three and six months ended September 30, 2025, the Company recognized an expense within equity-based compensation expense in the condensed consolidated statements of income (loss) to remeasure the profits interests issued in SPW which are accounted for as liability classified awards. This expense is not currently deductible for tax purposes, resulting in a temporary difference that increased the Company’s deferred tax asset by $125.1 million and $150.3 million during the three and six months ended September 30, 2025, respectively. See note 9 for more information. The Company’s effective tax rate was 14.8% and 8.2% for the three months ended September 30, 2025 and 2024, respectively and 15.6% and 10.2% for the six months ended September 30, 2025 and 2024, respectively. The Company’s overall effective tax rate in each of the periods described above is less than the statutory rate. For the three and six months ended September 30, 2025, this is primarily due to a portion of net loss allocated to non-controlling interests and the related tax benefit being borne by the holders of non-controlling interests. For the three and six months ended September 30, 2024, this is primarily due to a portion of net income allocated to non-controlling interests and the related tax liability being borne by the holders of non-controlling interests. The increase in the effective tax rate for the three and six months ended September 30, 2025 as compared to the prior year period was mainly driven by a decrease in the tax benefit associated with net loss allocated to non-controlling interests in a period of increased pre-tax net loss, as well as an increase in tax benefits associated with the vesting of RSUs for the three and six months ended September 30, 2024. The Company continues to monitor and evaluate legislative developments related to the proposed Global Anti-Base Erosion (“GloBE”) Model Rules established under the Organization for Economic Co-operation and Development’s Pillar Two framework. Several countries where the Company operates have adopted GloBE into their legislation, and additional countries are anticipated to adopt these rules in the future. To date, these legislative changes have not had a material impact on the Company’s effective tax rate. The Company evaluates the realizability of its deferred tax assets on a quarterly basis and adjusts the valuation allowance when it is more-likely-than-not that all or a portion of the deferred tax assets may not be realized. As of September 30, 2025, the Company has not recorded any unrecognized tax benefits and does not expect there to be any material changes to uncertain tax positions within the next 12 months.

The entire disclosure for income tax.

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Intangibles and Goodwill - Schedule of Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Less: Accumulated amortization	$ (205,194)	$ (184,780)
Intangibles, net	243,458	263,872
Management contracts
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	352,002	352,002
Client relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 96,650	$ 96,650

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Investments - Schedule of Net Realized and Unrealized Gains (Losses) From Investment Activities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Net realized gains (losses) on investments	$ 525	$ (56)	$ 1,397	$ 271
Net unrealized gains on investments	45,519	8,262	66,318	15,570
Total investment income of Consolidated Funds	$ 46,044	$ 8,206	$ 67,715	$ 15,841

Commitments and Contingencies - Narrative (Details) $ in Millions	6 Months Ended
	Sep. 30, 2025 USD ($) city	May 31, 2025 USD ($)	Mar. 31, 2025 USD ($)
Other Commitments [Line Items]
Number of cities for leased offices \| city	31
Future lease payments		$ 59.0
Term of contract		15 years
Unfunded capital commitments	$ 115.2		$ 125.0
Carried interest, contingent repayment obligations	396.4
Legacy Funds
Other Commitments [Line Items]
Unfunded capital commitments	$ 39.2		$ 47.8

Organization (Details)	6 Months Ended
Organization (Details)	Sep. 30, 2025 vote
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, number of votes	1
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, number of votes	1
StepStone Group LP
Subsidiary, Sale of Stock [Line Items]
Economic interest	64.90%
StepStone Group LP \| General Partner
Subsidiary, Sale of Stock [Line Items]
Membership ownership percentage	100.00%

Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Variable Interest Entity [Line Items]
Assets	$ 5,332,107	$ 4,586,693
Liabilities	4,106,321	2,812,321
Consolidated funds
Variable Interest Entity [Line Items]
Assets	1,760,343	1,376,034
Liabilities	$ 2,409,981	$ 1,278,704

Amount of asset recognized for present right to economic benefit.

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Reference 21: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies (Tables)

6 Months Ended

Sep. 30, 2025

Schedule of Components of Lease Expense and Supplemental Cash Flow Information

The components of lease expense included in general, administrative and other expenses in the condensed consolidated statements of income (loss) were as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
Operating lease cost(1)	$	4,247	$	4,036	$	8,244	$	8,037
Variable lease cost	355		334		729		668
Sublease income	(464)		(461)		(925)		(919)
Total lease cost	$	4,138	$	3,909	$	8,048	$	7,786

_______________________________

(1)Operating lease cost includes an immaterial amount of short-term leases.

Supplemental cash flow information related to leases was as follows:


	Six Months Ended September 30,
	2025			2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	8,654		$	7,176
Weighted-average remaining lease term for operating leases (in years)	10.3			11.0
Weighted-average discount rate for operating leases	4.7		%	4.7		%

Schedule of Maturities of Operating Lease Liabilities

As of September 30, 2025, maturities of operating lease liabilities were as follows:



Remainder of FY2026	$	8,672
FY2027	16,034
FY2028	13,828
FY2029	15,909
FY2030	16,206
Thereafter	72,968
Total lease liabilities	143,617
Less: Imputed interest	(34,159)
Total operating lease liabilities	$	109,458

Intangibles and Goodwill (Tables)

6 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets, Net

Intangible assets, net consists of the following:


	As of
	September 30, 2025		March 31, 2025
Management contracts	$	352,002	$	352,002
Client relationships	96,650		96,650

Less: Accumulated amortization	(205,194)		(184,780)
Intangible assets, net	$	243,458	$	263,872

Schedule of Future Amortization of Finite-lived Intangible Assets

At September 30, 2025, the expected future amortization of finite-lived intangible assets is as follows:


Remainder of FY2026	$	20,414
FY2027	40,759
FY2028	40,759
FY2029	40,759
FY2030	40,759
Thereafter	60,008
Total	$	243,458

Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	$ 647,827	$ 415,011
Debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	1,915	0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	88,478	70,178
Partnership and LLC interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	557,434	344,833
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	79,776	64,530
Fair Value, Recurring \| Debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	1,915
Fair Value, Recurring \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	76,727	63,664
Fair Value, Recurring \| Partnership and LLC interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	1,134	866
Level I \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level I \| Fair Value, Recurring \| Debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	0
Level I \| Fair Value, Recurring \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	0	0
Level I \| Fair Value, Recurring \| Partnership and LLC interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	0	0
Level II \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Level II \| Fair Value, Recurring \| Debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	0
Level II \| Fair Value, Recurring \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	0	0
Level II \| Fair Value, Recurring \| Partnership and LLC interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	0	0
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	79,800	64,500
Level III \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	79,776	64,530
Level III \| Fair Value, Recurring \| Debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	1,915
Level III \| Fair Value, Recurring \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	76,727	63,664
Level III \| Fair Value, Recurring \| Partnership and LLC interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments of consolidated funds	$ 1,134	$ 866

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
$ in Thousands

Total

Non-Controlling Interests in Subsidiaries

Additional Paid-in Capital

Accumulated Deficit

Accumulated Other Comprehensive Income

Noncontrolling Interest

Non-Controlling Interests in Subsidiaries

Noncontrolling Interest

Non-Controlling Interests in Legacy Greenspring Entities

Noncontrolling Interest

Non-Controlling Interests in the Partnership

Class A Common Stock

Common Stock

Class B Common Stock

Common Stock

Total stockholders' equity, beginning balance at Mar. 31, 2024

$ 1,654,591

$ 310,293

$ 13,768

$ 304

$ 974,559

$ 147,042

$ 208,514

$ 66

$ 45

Increase (Decrease) in Stockholders' Equity [Roll Forward]

88,318

30,960

35,740

(5,286)

26,904

(207)

(68)

(95)

(44)

18,746

11,008

6,113

408

4,487

(88,073)

(31,148)

(9,650)

(47,275)

Vesting of RSUs, net of shares withheld for employee taxes

(40,736)

(1,123)

(673)

(451)

Exchange of Class B, Class C and Class D units for Class A common stock and redemption of corresponding Class B common stock

1,115

684

431

(5)

(6)

(5)

Vesting of Class B2 units and issuance of corresponding Class B common stock at par value

Purchase of non-controlling interests

(5,398)

$ (110,351)

(3,149)

(2,249)

Settlement of non-controlling interests related to awards of carried interest allocations

54,977

Redemption of redeemable non-controlling interests in subsidiaries

97,383

55,879

41,504

Equity reallocation between controlling and non-controlling interests

26,096

(12,666)

(13,430)

Deferred tax effect resulting from transactions affecting ownership in the Partnership

^[1]

(2,122)

Total stockholders' equity, ending balance at Sep. 30, 2024

1,788,477

393,115

3,992

236

1,021,775

150,852

218,391

Total stockholders' equity, beginning balance at Jun. 30, 2024

1,790,983

363,529

2,995

297

1,027,558

147,536

248,954

Increase (Decrease) in Stockholders' Equity [Roll Forward]

46,306

17,632

19,125

(4,031)

13,580

(185)

(61)

(85)

(39)

11,614

5,329

2,992

204

2,133

(52,576)

(23,281)

(4,267)

(25,028)

Vesting of RSUs, net of shares withheld for employee taxes

(16,635)

(1,123)

(673)

(451)

Exchange of Class B, Class C and Class D units for Class A common stock and redemption of corresponding Class B common stock

1,115

684

431

(3)

(4)

(3)

Settlement of non-controlling interests related to awards of carried interest allocations

(602)

Equity reallocation between controlling and non-controlling interests

22,333

(1,144)

(21,189)

Deferred tax effect resulting from transactions affecting ownership in the Partnership

^[1]

4,254

Total stockholders' equity, ending balance at Sep. 30, 2024

1,788,477

393,115

3,992

236

1,021,775

150,852

218,391

Total stockholders' equity, beginning balance at Mar. 31, 2025

1,390,148

421,057

(242,546)

728

1,056,510

133,489

20,793

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(649,080)

(404,566)

37,859

4,695

(287,068)

(800)

(303)

(325)

(172)

2,391

1,580

810

9,446

5,826

364

3,256

(117,297)

(51,286)

(4,443)

(61,568)

(73,319)

Exchange of Class B, Class C and Class D units for Class A common stock and redemption of corresponding Class B common stock

1,728

1,113

615

(1)

Purchase of non-controlling interests

(10,339)

$ 0

(6,566)

(3,773)

Class A common stock issued for purchase of asset class non-controlling interests

(1)

Settlement of non-controlling interests related to awards of carried interest allocations

Equity reallocation between controlling and non-controlling interests

70,577

510

(116,974)

45,887

Deferred tax effect resulting from transactions affecting ownership in the Partnership

^[1]

(6,086)

Total stockholders' equity, ending balance at Sep. 30, 2025

546,791

485,919

(720,431)

935

927,728

134,551

(282,029)

Total stockholders' equity, beginning balance at Jun. 30, 2025

1,230,579

484,859

(331,990)

944

946,033

134,332

(3,718)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

(615,533)

(366,142)

9,242

1,313

(259,946)

(23)

(9)

(5)

451

388

4,777

2,960

182

1,635

(54,169)

(29,389)

(1,482)

(23,298)

(22,299)

Exchange of Class B, Class C and Class D units for Class A common stock and redemption of corresponding Class B common stock

1,728

1,113

615

(1)

Equity reallocation between controlling and non-controlling interests

(4,294)

1,606

2,688

Deferred tax effect resulting from transactions affecting ownership in the Partnership

^[1]

1,281

Total stockholders' equity, ending balance at Sep. 30, 2025

$ 546,791

$ 485,919

$ (720,431)

$ 935

$ 927,728

$ 134,551

$ (282,029)

$ 79

$ 39

[1]	See notes 10 and 13 for more information.

Organization	6 Months Ended
Organization	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization StepStone Group Inc. (“SSG”) was incorporated in the state of Delaware on November 20, 2019 and, following its initial public offering in 2020, acts as a holding company for StepStone Group LP (the “Partnership”). SSG is the sole managing member of StepStone Group Holdings LLC (the “General Partner”), the general partner of the Partnership. Unless otherwise specified, “StepStone” or the “Company” refers to SSG and its consolidated subsidiaries, including the Partnership, throughout the remainder of these notes to the condensed consolidated financial statements. The Company is a global private markets investment firm focused on providing customized investment solutions and advisory and data services to its clients. The Company’s clients include some of the world’s largest public and private defined benefit and defined contribution pension funds, sovereign wealth funds and insurance companies, as well as prominent endowments, foundations, family offices and private wealth clients, including high-net-worth and mass affluent individuals. The Company partners with its clients to develop and build private markets portfolios designed to meet their specific objectives across the private equity, infrastructure, private debt and real estate asset classes. These portfolios utilize several types of synergistic investment strategies with third-party fund managers, including commitments to funds (“primaries”), acquiring stakes in existing funds on the secondary market (“secondaries”) and investing directly into companies (“co-investments”). The Company, through its subsidiaries, acts as the investment advisor and general partner or managing member to separately managed accounts (“SMAs”) and focused commingled funds (collectively, the “StepStone Funds”). SSG is a holding company whose principal asset is a controlling financial interest in the Partnership through its ownership of all of the Partnership’s Class A units and 100% of the membership interests in the General Partner of the Partnership. SSG acts as the sole managing member of the General Partner of the Partnership and, as a result, indirectly operates and controls all of the Partnership’s business and affairs. As a result, SSG consolidates the financial results of the Partnership and reports non-controlling interests related to the Class B, Class C and Class D units of the Partnership which are not owned by SSG. The assets and liabilities of the Partnership represent substantially all of SSG’s consolidated assets and liabilities, with the exception of certain deferred income taxes and payables due to affiliates pursuant to tax receivable agreements (see note 10). Each share of Class A common stock and Class B common stock is entitled to one vote. As of September 30, 2025, SSG held approximately 64.9% of the economic interest in the Partnership. As the Partnership’s limited partners exchange their Class B, Class C and Class D units into SSG’s Class A common stock in the future, SSG’s economic interest in the Partnership will increase relative to that of the Class B, Class C and Class D unitholders.

Investments (Tables)

6 Months Ended

Sep. 30, 2025

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

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


	As of
	September 30, 2025		March 31, 2025
Investments in funds(1)	$	210,162	$	183,694
Accrued carried interest allocations	1,733,922		1,495,664
Legacy Greenspring investments in funds and accrued carried interest allocations(2)	679,470		629,228
Total equity method investments	$	2,623,554	$	2,308,586

_______________________________

(1)The Company’s investments in funds were $313.9 million and $275.7 million as of September 30, 2025 and March 31, 2025, 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 $134.6 million and $133.5 million and carried interest allocations of $544.9 million and $495.7 million as of September 30, 2025 and March 31, 2025, respectively.

The Company recognized equity method income of the following:


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
Carried interest allocations	$	206,691	$	69,847	$	319,978	$	86,481
Investment income (loss)	(1,210)		2,051		9,302		4,646
Legacy Greenspring carried interest allocations	27,143		13,917		66,780		4,828
Legacy Greenspring investment income (loss)	1,313		(4,031)		4,695		(5,286)
Total equity method income	$	233,937	$	81,784	$	400,755	$	90,669

Schedule of Investments of Consolidated Funds

Investments held by the Consolidated Funds are summarized below:


	Fair Value as of				Percentage of Total Investments as of
	September 30, 2025		March 31, 2025		September 30, 2025		March 31, 2025

Investments of Consolidated Funds:
Debt securities (cost of $1.9 million and $0 million as of September 30, 2025 and March 31, 2025, respectively)	$	1,915	$	—	1	%	—	%
Equity securities (cost of $68.9 million and $60.0 million as of September 30, 2025 and March 31, 2025, respectively)	88,478		70,178		14	%	17	%
Partnership and LLC interests (cost of $409.2 million and $257.0 million as of September 30, 2025 and March 31, 2025, respectively)	557,434		344,833		86	%	83	%


Total investments of Consolidated Funds	$	647,827	$	415,011	100	%	100	%

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024

Investment Income of Consolidated Funds:

Net realized gains (losses) on investments	$	525	$	(56)	$	1,397	$	271
Net unrealized gains on investments	45,519		8,262		66,318		15,570

Total investment income of Consolidated Funds	$	46,044	$	8,206	$	67,715	$	15,841

Earnings Per Share (Tables)

6 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Reconciliations of Basic and Diluted Earnings Per Share of Class A Common Stock

The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
(in thousands, except share and per share amounts)
Numerator:
Net income (loss) attributable to StepStone Group Inc. – Basic	$	(366,142)	$	17,632	$	(404,566)	$	30,960
Incremental income from assumed vesting of RSUs	—		222		—		338
Incremental income from assumed vesting and exchange of Class B2 units1	—		—		—		364
Incremental income from assumed purchase under ESPP	—		1		—		1
Net income (loss) attributable to StepStone Group Inc. – Diluted	$	(366,142)	$	17,855	$	(404,566)	$	31,663

Denominator:
Weighted-average shares of Class A common stock outstanding – Basic	78,561,587		68,772,051		78,206,102		67,486,964
Assumed vesting of RSUs	—		921,166		—		798,186
Assumed vesting and exchange of Class B2 units1	—		—		—		861,344
Assumed purchase under ESPP	—		2,098		—		1,055
Weighted-average shares of Class A common stock outstanding – Diluted	78,561,587		69,695,315		78,206,102		69,147,549

Net income (loss) per share of Class A common stock:
Basic	$	(4.66)	$	0.26	$	(5.17)	$	0.46
Diluted	$	(4.66)	$	0.26	$	(5.17)	$	0.46

_______________________________

(1)The Class B2 units fully vested in June 2024.

Commitments and Contingencies

6 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Litigation

In the ordinary course of business, and from time to time, the Company may be subject to various legal, regulatory and/or administrative proceedings. The Company accrues a liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. Although there can be no assurance of the outcome of such proceedings, based on information known by management, the Company does not expect a potential liability related to any current legal proceedings or claims that would individually or in the aggregate materially affect its condensed consolidated financial statements as of September 30, 2025.

Lease Commitments

The Company leases offices in 31 cities in North America, South America, Europe, Asia and Australia, and certain equipment subject to operating lease agreements expiring through 2039, some of which may include options to extend or terminate the lease. As of September 30, 2025, there were no finance leases outstanding.

In May 2025, the Company executed an agreement to lease an additional floor for its New York office. The Company expects to gain access to the office space in 2026. At that time, the Company will establish a ROU asset and lease liability for the new lease. Upon lease commencement, total future lease payments are expected to be approximately $59 million over approximately 15 years.

The components of lease expense included in general, administrative and other expenses in the condensed consolidated statements of income (loss) were as follows:


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
Operating lease cost(1)	$	4,247	$	4,036	$	8,244	$	8,037
Variable lease cost	355		334		729		668
Sublease income	(464)		(461)		(925)		(919)
Total lease cost	$	4,138	$	3,909	$	8,048	$	7,786

_______________________________

(1)Operating lease cost includes an immaterial amount of short-term leases.

Supplemental cash flow information related to leases was as follows:


	Six Months Ended September 30,
	2025			2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used for operating leases	$	8,654		$	7,176
Weighted-average remaining lease term for operating leases (in years)	10.3			11.0
Weighted-average discount rate for operating leases	4.7		%	4.7		%

As of September 30, 2025, maturities of operating lease liabilities were as follows:



Remainder of FY2026	$	8,672
FY2027	16,034
FY2028	13,828
FY2029	15,909
FY2030	16,206
Thereafter	72,968
Total lease liabilities	143,617
Less: Imputed interest	(34,159)
Total operating lease liabilities	$	109,458

Unfunded Capital Commitments

As of September 30, 2025 and March 31, 2025, the Company, generally in its capacity as general partner or managing member of the StepStone Funds, had unfunded commitments totaling $115.2 million and $125.0 million, respectively. The $115.2 million and $125.0 million of unfunded commitments as of September 30, 2025 and March 31, 2025, respectively, exclude $39.2 million and $47.8 million, respectively, related to commitments held by general partner entities for certain funds in which the Company does not hold any direct economic interests, including the legacy Greenspring funds.

Carried Interest Allocations

Carried interest allocations are subject to reversal in the event of future losses, to the extent of the cumulative revenues recognized by the Company in income to date. Additionally, if the Company has received net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company may be obligated to repay previously distributed carried interest that exceeds the amounts to which the Company is ultimately entitled. In these situations, a liability is accrued for the potential clawback obligation if amounts previously distributed to the Company would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life. As of September 30, 2025 and March 31, 2025, no material amounts for potential clawback obligations had been accrued. This contingent obligation is normally reduced by income taxes that the Company has paid related to the carried interest allocations. As of September 30, 2025, the maximum amount of carried interest allocations (excluding legacy Greenspring carried interest allocations) attributable to the Company subject to contingent repayment was an estimated $396.4 million, net of tax, assuming the fair value of all investments was zero, a possibility that the Company views as remote.

Indemnification Arrangements

In the normal course of business and consistent with standard business practices, the Company has provided general indemnifications to its limited partners, officers and directors when they act in good faith in the performance of their duties for the Company. The terms of these indemnities vary from contract to contract. The Company’s maximum exposure under these arrangements cannot be determined as these indemnities relate to future claims that may be made against the Company or related parties, but which have not yet occurred. No liability related to these indemnities has been recorded in the condensed consolidated balance sheets as of September 30, 2025 and March 31, 2025. Based on past experience, management believes that the risk of loss related to these indemnities is remote.

Debt Obligations - Narrative (Details) - USD ($)		6 Months Ended
Debt Obligations - Narrative (Details) - USD ($)	Oct. 22, 2024	Sep. 30, 2025	Sep. 30, 2024	May 31, 2024	Apr. 30, 2024
Line of Credit Facility [Line Items]
Proceeds from revolving credit facility		$ 0	$ 25,000,000
Credit Agreement
Line of Credit Facility [Line Items]
Letters of credit outstanding		10,100,000
Credit Agreement \| Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 300,000,000		$ 300,000,000	$ 225,000,000
Base interest rate		1.00%
Interest rate in effect		6.40%
Spread on base commitment fee percentage if utilization greater than 50%		0.25%
Spread on base commitment fee percentage if utilization less than 50%		0.35%
Credit Agreement \| Revolving credit facility \| New York Federal Reserve Bank Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		0.50%
Credit Agreement \| Revolving credit facility \| 1 Month Term Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		1.10%
Credit Agreement \| Revolving credit facility \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.10%
Credit Agreement \| Revolving credit facility \| EURIBOR Rate Multiplied By Statutory Reserve Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.00%
Credit Agreement \| Revolving credit facility \| Sterling Overnight Index Average
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.03%
Credit Agreement \| Revolving credit facility \| Swiss Average Rate Overnight
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.00%
Credit Agreement \| Revolving credit facility \| AUD Screen Rate Multiplied By Statutory Reserve Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.20%
Credit Agreement \| Letters of credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 10,000,000
Fund Credit Facility \| Revolving credit facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		125,000,000
Line of credit		$ 17,500,000
Interest rate in effect		6.75%
Debt instrument, term		180 days
Fund Credit Facility \| Revolving credit facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.50%
Fund Credit Facility \| Revolving credit facility \| GBP Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.50%
Fund Credit Facility \| Revolving credit facility \| Eurodollar
Line of Credit Facility [Line Items]
Basis spread on variable interest rate		2.50%
Series A 5.52% Notes \| Senior Notes
Line of Credit Facility [Line Items]
Senior notes issued	$ 175,000,000
Senior notes, interest rate	5.52%
Minimum amount of prepayment, percentage	0.05
Redemption price, percentage	100.00%
Minimum management fees payable		80.00%

Related Party Transactions - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Amounts payable to certain employee equity holders of consolidated subsidiaries
Related party, beneficial owner, minimum percentage	0.05		0.05
Payments to related parties under Tax Receivable Agreements	$ 0	$ 0	$ 11,494	$ 9,802
Management and advisory fees, net
Amounts payable to certain employee equity holders of consolidated subsidiaries
Revenue from contracts with customer	215,489	184,758	426,662	362,773
Management and advisory fees, net \| Equity Method Investee
Amounts payable to certain employee equity holders of consolidated subsidiaries
Revenue from contracts with customer	156,300	124,800	307,900	248,500
Total incentive fees
Amounts payable to certain employee equity holders of consolidated subsidiaries
Revenue from contracts with customer	4,902	3,155	5,092	3,996
Total incentive fees \| Equity Method Investee
Amounts payable to certain employee equity holders of consolidated subsidiaries
Revenue from contracts with customer	0	200	0	200
Carried interest allocations
Amounts payable to certain employee equity holders of consolidated subsidiaries
Total carried interest allocations	206,691	69,847	319,978	86,481
Carried interest allocations \| Equity Method Investee
Amounts payable to certain employee equity holders of consolidated subsidiaries
Total carried interest allocations	206,700	69,800	320,000	86,500
Legacy Greenspring carried interest allocations
Amounts payable to certain employee equity holders of consolidated subsidiaries
Total carried interest allocations	27,143	13,917	66,780	4,828
Legacy Greenspring carried interest allocations \| Equity Method Investee
Amounts payable to certain employee equity holders of consolidated subsidiaries
Total carried interest allocations	$ 27,100	$ 13,900	$ 66,800	$ 4,800

Debt Obligations

6 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Debt Obligations

The Company’s debt obligations consist of the following:


	As of
	September 30, 2025		March 31, 2025
Series A senior notes	$	175,000	$	175,000
Revolver	100,000		100,000
Total remaining principal	275,000		275,000
Less: Debt issuance costs	(5,080)		(5,732)
Total debt obligations	$	269,920	$	269,268

Senior Notes

On October 22, 2024, the Partnership issued $175.0 million aggregate principal amount of its 5.52% Series A senior notes due October 22, 2029 (the “Notes”), pursuant to a note purchase agreement, dated as of October 22, 2024 (the “Note Purchase Agreement”), in a private placement exempt from registration under the Securities Act.

Interest on the Notes is payable semi-annually in arrears on April 22 and October 22 of each year. Interest on the Notes accrues from and including October 22, 2024. The Notes will mature on October 22, 2029. The Partnership may, at its option, prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the Notes then outstanding at a redemption price equal to 100% of the principal amount thereof plus any applicable “make-whole amount” and accrued and unpaid interest to the redemption date. So long as no default or event of default shall have occurred and be continuing under the Note Purchase Agreement, no make-whole amount will be due if the Notes are paid on or after April 22, 2029.

The fair value of the Notes, which are recorded at amortized cost, is classified as a Level III valuation within the fair value hierarchy. As of September 30, 2025 and March 31, 2025, respectively, the carrying value of the Notes, net of debt issuance costs, approximated fair value.

Revolving Credit Facility

The Company is party to a credit agreement, as amended and restated in May 2024 (the “Credit Agreement”), which, among other things, increased the aggregate principal amount of the commitments thereunder to $300.0 million from $225.0 million and extended the maturity date of the revolving facility to May 2029. The Credit Agreement was arranged by JPMorgan Chase Bank, N.A., as the administrative agent and collateral agent, and certain other lenders party thereto and provides for a $300.0 million multicurrency revolving credit facility (the “Revolver”).

Borrowings under the Revolver bear interest at a variable rate per annum. The Company may designate each borrowing as (i) in the case of any borrowing in U.S. dollars, a base rate loan or a Term Secured Overnight Financing Rate (“SOFR”) rate loan, (ii) in the case of any borrowing denominated in Euros, a EURIBOR rate loan, (iii) in the case of any borrowing denominated in British Pounds Sterling, a Sterling Overnight Index Average (“SONIA”) loan, (iv) in the case of any borrowing denominated in Swiss Francs, a Swiss Average Rate Overnight (“SARON”) loan, and (v) in the case of any borrowing denominated in Australian dollars, an AUD rate loan. Borrowings bear interest equal to (i) in the case of base rate loans, 1.00% plus the greatest of (a) the Prime Rate, (b) the New York Federal Reserve Bank Rate plus 0.50% and (c) the 1 month Term SOFR, plus 1.10%, (ii) in the case of a Term SOFR rate loan, the Term SOFR rate plus 2.10%, (iii) in the case of a EURIBOR rate loan, the EURIBOR rate multiplied by the Statutory Reserve Rate (as defined in the Credit Agreement) plus 2.00%, (iv) in the case of a SONIA loan, the Sterling Overnight Index Average plus 2.03%, (v) in the case of a SARON loan, the Swiss Average Rate Overnight plus 2.00%, and (vi) in the case of an AUD rate loan, the AUD Screen Rate (as defined in the Credit Agreement) multiplied by the Statutory Reserve Rate plus 2.20%, in certain cases subject to applicable interest rate floors. The weighted-average interest rate in effect for the Revolver as of September 30, 2025 was 6.40%.

Borrowings under the Revolver may be repaid at any time during the term of the Credit Agreement and, subject to certain terms and conditions, may be reborrowed prior to the maturity date. Any outstanding principal amounts, together with any accrued interest thereon, shall be due and payable on the maturity date. The maturity date for the Revolver is May 16, 2029.

The Revolver bears a fee on undrawn commitments equal to 0.25% per annum if total utilization of revolving commitments is equal to or greater than 50% and 0.35% per annum if total utilization of revolving commitments is less than 50%.

The carrying value of the Revolver approximates fair value, as the loan is subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.

The Company can use available funding capacity under the Revolver to satisfy letters of credit in amounts up to $10.0 million. Amounts used to satisfy the letters of credit reduce the available capacity under the Revolver. As of September 30, 2025, the Company had outstanding letters of credit totaling $10.1 million.

Debt Obligations of Consolidated Funds

Certain Consolidated Funds may maintain revolving credit facilities that are secured by fund assets to fund investments on a short-term basis. The debt obligations of the Consolidated Funds are non-recourse to the Company.

In December 2024, one of the Company’s consolidated investment funds entered into a credit agreement with Northern Trust Global Service SE (the “Fund Credit Facility”). The Fund Credit Facility provides for a multi-currency revolving credit facility of up to $125.0 million. Amounts drawn under the facility must be repaid within 180 days. As of September 30, 2025, the outstanding balance on the Fund Credit Facility was $17.5 million and is presented within other liabilities of Consolidated Funds in the condensed consolidated balance sheets. The outstanding borrowings under the Fund Credit Facility mature in March 2026.

Borrowings under the Fund Credit Facility bear interest at a variable rate per annum. Borrowings in USD will bear interest at the applicable federal funds target rate (upper range) plus a margin of 250 basis points. Borrowings in GBP will bear interest at the Bank of England base rate plus a margin of 250 basis points. Borrowings in EUR will bear interest at the European Central Bank main refinancing rate plus a margin of 250 basis points. The weighted-average interest rate in effect for the Fund Credit Facility as of September 30, 2025 was 6.75%.

The carrying value of the Fund Credit Facility approximates fair value, as the loan is subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.

Debt Covenants

Senior Notes

The Note Purchase Agreement contains certain covenants, including those requiring the Company to (a) maintain a total net leverage ratio, (b) maintain a minimum total of fee-earning assets under management, (c) cause at least 80% of all management fees payable by material subsidiaries to the Company to be collected each period without deferral, waiver or reduction, (d) limit the amount of secured indebtedness to be incurred by the Company, and (e) other customary covenants. The Note Purchase Agreement also provides for customary events of default, which, if any occur and is continuing, could permit or require the entire unpaid principal amount of any or all Notes, plus all accrued and unpaid interest thereon and any applicable “make-whole amount” to become or to be declared due and payable immediately.

Revolving Credit Facility

Under the terms of the Credit Agreement, certain of the Company’s assets serve as pledged collateral. In addition, the Credit Agreement contains covenants that, among other things: limit the Company’s ability to incur indebtedness; create, incur or allow liens; transfer or dispose of assets; merge with other companies; make certain investments; pay dividends or make distributions in certain circumstances; engage in new or different lines of business; and engage in certain transactions with affiliates. The Credit Agreement also contains financial covenants requiring the Company to maintain a total net leverage ratio and a minimum total of fee-earning assets under management.

Fund Credit Facility

Under the terms of the Fund Credit Facility, certain of the assets of the Consolidated Funds serve as pledged collateral. In addition, the Fund Credit Facility contains covenants that, among other things: limit the ability of the fund to incur indebtedness; create, incur or allow liens; and other customary covenants. The Fund Credit Facility also provides for customary events of default, which, if any occur and are continuing, could permit or require the entire unpaid principal amount of any or all loans under the Fund Credit Facility, plus all accrued and unpaid interest thereon to become or to be declared due and payable immediately.

As of September 30, 2025, the Company was in compliance with the covenants under its various debt agreements.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its annual report on Form 10-K for the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission (“SEC”). Certain of the StepStone Funds are investment companies that follow specialized accounting under GAAP and reflect their investments at estimated fair value. Accordingly, the carrying value of the Company’s equity method investments in such entities retains the specialized accounting.
Consolidation	Consolidation The Company consolidates all entities that it controls through a majority voting interest or as the primary beneficiary of a variable interest entity (“VIE”). Under the VIE model, management first assesses whether the Company has a variable interest in an entity. In evaluating whether the Company holds a variable interest, fees received as a decision maker or in exchange for services (including management fees, incentive fees and carried interest allocations) that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. If the Company has a variable interest in an entity, management further assesses whether that entity is a VIE, and if so, whether the Company is the primary beneficiary under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation under the voting interest model. The consolidation analysis can generally be performed qualitatively; however, in certain situations a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective StepStone Funds that are VIEs could affect the entity’s status as a VIE or the determination of the primary beneficiary. Under the VIE model, an entity is deemed to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly affect the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. When assessing whether the Company is the primary beneficiary of a VIE, management evaluates whether the Company’s involvement, through holding interests directly or indirectly in an entity or contractually through other variable interests, would give the Company a controlling financial interest. This analysis includes an evaluation of the Company’s control rights, as well as the economic interests that the Company holds in the VIE, including indirectly through related parties. The Company provides investment advisory services to the StepStone Funds, which have third-party clients. These funds are investment companies and are typically organized as limited partnerships or limited liability companies for which the Company, through its operating subsidiaries, acts as the general partner or managing member. A limited partnership or similar entity is a VIE if the unaffiliated limited partners or members do not have substantive rights to terminate or liquidate the fund or remove the general partner or substantive rights to participate. Certain StepStone Funds are VIEs because they have not granted unaffiliated limited partners or members substantive rights to terminate the fund or remove the general partner or substantive rights to participate. The Company does not consolidate these StepStone Funds because it is not the primary beneficiary of those funds, primarily because it does not hold an interest in those funds that is considered more than insignificant and its fee arrangements are considered customary and commensurate. The Company has determined that certain of its operating subsidiaries, including StepStone Group Real Assets LP (“SRA”), StepStone Group Real Estate LP (“SRE”), StepStone Group Private Debt AG (“SPD”), and StepStone Group Private Wealth LLC (“SPW”) and certain StepStone Funds are VIEs, and that the Company is the primary beneficiary of each entity because it has a controlling financial interest in each entity; accordingly, the Company consolidates these entities. The assets and liabilities of the consolidated VIEs are presented gross in the condensed consolidated balance sheets. The assets of the consolidated VIEs may only be used to settle obligations of the consolidated VIEs. See note 4 for more information on both consolidated and unconsolidated VIEs. In connection with the acquisition of Greenspring Associates Inc. and certain of its affiliates (“Greenspring”) that was completed on September 20, 2021 (the “Greenspring acquisition”), the Company, indirectly through its subsidiaries, became the sole and/or managing member of certain entities, each of which is the general partner of an investment fund (“legacy Greenspring general partner entities”). The Company did not acquire any direct economic interests attributable to the legacy Greenspring general partner entities, including legacy Greenspring investments in funds and carried interest allocations. However, certain arrangements negotiated as part of the acquisition represent variable interests that could be significant. The Company determined that the legacy Greenspring general partner entities are VIEs and it is the primary beneficiary of each such entity because it has a controlling financial interest in each entity. As a result, the Company consolidates these entities. The Company and its subsidiaries manages or controls certain entities that constitute client investment funds that have been consolidated in the accompanying condensed consolidated financial statements (“Consolidated Funds”). Including the results of the Consolidated Funds increases the reported amounts of the assets, liabilities, expenses and cash flows in the accompanying condensed consolidated financial statements, and amounts related to economic interests held by third-party investors are reflected as redeemable non-controlling interests in Consolidated Funds. The revenues earned by the Company as investment manager of the Consolidated Funds are eliminated in consolidation and generally have no direct effect on the net income attributable to SSG or to Stockholders’ Equity.
Non-Controlling Interests	Non-Controlling Interests Non-controlling interests (“NCI”) reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders and employees in certain consolidated subsidiaries that are not 100% owned by the Company. Non-controlling interests are presented as separate components of stockholders’ equity on the Company’s condensed consolidated balance sheets to clearly distinguish between the Company’s interests and the economic interests of third parties and employees in those entities. Net income (loss) attributable to SSG, as reported in the condensed consolidated statements of income (loss), is presented net of the portion of net income (loss) attributable to holders of non-controlling interests. See note 13 for more information on ownership interests in the Company. Non-controlling interests in subsidiaries represent the economic interests in the consolidated subsidiaries of the Partnership held by third parties and employees. Non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss. Non-controlling interests in legacy Greenspring entities represent the economic interests in the legacy Greenspring general partner entities. The Company did not acquire any direct economic interests in the legacy Greenspring general partner entities. As a result, all of the net income (loss) attributable to the legacy Greenspring general partner entities is allocated to non-controlling interests in legacy Greenspring entities. Non-controlling interests in the Partnership represent the economic interests related to the Class B, Class C and Class D units of the Partnership which are not owned by SSG. Non-controlling interests in the Partnership are allocated a share of income or loss in the Partnership in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss. Redeemable non-controlling interests in Consolidated Funds represent the economic interests in the Consolidated Funds which are not held by SSG, but are held by the client investors in the funds. These interests are presented as redeemable non-controlling interests in Consolidated Funds within the condensed consolidated balance sheets, outside of permanent capital as the investors in these funds generally have the right to withdraw their capital, subject to the terms of the respective contractual agreements. Redeemable non-controlling interests in Consolidated Funds are allocated a share of income or loss in the respective fund in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss. Redeemable non-controlling interests in subsidiaries represent the redeemable economic interests in the consolidated subsidiaries of the Partnership held by third parties and employees in those entities that were established in connection with the Transaction Agreements as described in note 13. Redeemable non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.
Accounting for Differing Fiscal Periods	Accounting for Differing Fiscal Periods The StepStone Funds primarily have a fiscal year end as of December 31. The Company accounts for its investments in the StepStone Funds on a three-month lag due to the timing of receipt of financial information from the investments held by the StepStone Funds. The StepStone Funds primarily invest in private markets funds that generally require at least 90 days following the calendar year end to provide audited financial statements. As a result, the Company uses the December 31 audited financial statements of the StepStone Funds, which reflect the underlying private markets funds as of December 31, to record its investments (including any carried interest allocated by those investments) for its fiscal year-end consolidated financial statements as of March 31. The Company further adjusts the reported carrying values of its investments in the StepStone Funds for its share of capital contributions to and distributions from the StepStone Funds during the three-month lag period. For this interim period ended September 30, 2025, the Company used the June 30, 2025 unaudited financial statements of the StepStone Funds, which reflect the underlying private market funds as of June 30, 2025, to record its investments (including any carried interest allocated from those investments), as adjusted for capital contributions and distributions during the three-month lag period ended September 30, 2025. The Company does not account for management and advisory fees or incentive fees on a three-month lag. To the extent that management becomes aware of any material events that affect the StepStone Funds during the three-month lag period, the effect of the events would be disclosed in the notes to the condensed consolidated financial statements.
Current Events	Current Events In early 2025, financial markets experienced significant volatility in response to the uncertainty of the economic impact from U.S. trade policy developments including the announcement and implementation of increases on tariffs charged by the U.S. on certain imports and the weakening of the U.S. dollar against several major foreign currencies. Despite persistent elevated inflation, unemployment has remained low, and the U.S. economy has continued to grow throughout calendar year 2025. On July 4, 2025, the One Big Beautiful Bill Act was enacted in the United States, which includes extensive amendments to existing tax laws applicable to businesses. The relevant provisions were included in the Company’s income tax provision for the three and six months ended September 30, 2025 and did not have a significant impact on the Company’s condensed consolidated financial statements. The Company will continue to evaluate the effect of the new legislation but does not expect the legislation to have a significant effect on the condensed consolidated financial statements for the full year ending March 31, 2026. The Company is continuing to closely monitor developments related to inflation, decreasing but still elevated interest rates, trade, regulatory and other governmental policy, fluctuations in foreign currency exchange rates, banking system volatility, geopolitical tension, unrest or conflicts, including in or with China, Russia, Ukraine, and the Middle East, and assess the impact on financial markets and the Company’s business. The Company’s results and the overall industry results have been and may continue to be adversely affected by slowdowns in fundraising activity and the pace of capital deployment, which have resulted in, and may continue to result in, delayed or decreased management fees. Further, fund managers have been unable or less able to exit existing investments profitably. Such conditions have resulted in, and may continue to result in, delayed or decreased performance fee revenues. It is currently not possible to predict the ultimate effects of these events on the financial markets, overall economy and the Company’s condensed consolidated financial statements. On October 1, 2025, the U.S. government entered a shutdown, which is ongoing. A prolonged U.S. federal government shutdown could adversely affect the Company’s operations, investments, regulatory approvals, and financial performance and could cause volatility in the capital markets which may interrupt the Company’s access to capital. The Company currently does not expect the shutdown to have a significant impact on its condensed consolidated financial statements.
Fair Value Measurements	Fair Value Measurements GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace – including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and therefore a lesser degree of judgment is used in measuring their fair value. Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of their fair values, as follows: •Level I – Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date. •Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments classified in this category include less liquid securities traded in active markets and securities traded in other than active markets. •Level III – Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the financial instrument. The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for financial instruments categorized in Level III. The variability and availability of the observable inputs affected by the factors described above may result in transfers between Levels I, II, and III. The Company considers its cash, cash equivalents, restricted cash, fees and accounts receivable, accounts payable, investments, notes payable, and revolving credit facility to be financial instruments. The carrying amounts of cash, cash equivalents, restricted cash, fees and accounts receivable and accounts payable equal or approximate their fair values due to their nature and/or the relatively short period over which they are held. See note 8 for additional details regarding the fair value of the Company’s notes payable and revolving credit facility balances.
Restricted Cash	Restricted Cash Restricted cash consists of cash that the Company is contractually obligated to maintain to secure its letters of credit used primarily related to its office facilities and other obligations.
Investments	Investments Investments primarily include the Company’s ownership interests in the StepStone Funds, as general partner or managing member of such funds. The Company accounts for all investments in which it has or is otherwise presumed to have significant influence, but not control, including the StepStone Funds, using the equity method of accounting. The carrying value of these equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss (including carried interest allocations), less distributions received. Investments include the Company’s cumulative accrued carried interest allocations from the StepStone Funds, which primarily represent performance-based capital allocations, assuming the StepStone Funds were liquidated as of each reporting date in accordance with the funds’ governing documents. Legacy Greenspring investments in funds and accrued carried interest allocations represent the economic interests held by the legacy Greenspring general partner entities in certain funds for which the Company does not have any direct economic interests. All of the economics in respect of such interests are payable to employees and are therefore reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring performance fee-related compensation. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Management’s determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates. Investments of Consolidated Funds The Company’s Consolidated Funds are investment companies under GAAP and reflect their investments at estimated fair value. The Company has retained the specialized investment company accounting for the Consolidated Funds under GAAP. Investments of the Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in fair value is recognized in the condensed consolidated statements of income (loss). In addition, the Consolidated Funds do not consolidate their majority-owned and controlled investments in underlying portfolio companies.
Leases	Leases The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company’s identified leases primarily consist of operating lease agreements for office space and certain equipment, as the lessee. Operating leases are included in lease right-of-use-assets, net and lease liabilities in the condensed consolidated balance sheets. Certain leases include lease and non-lease components, which the Company accounts for as a single lease component. Lease right-of-use (“ROU”) assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Lease ROU assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate in determining the present value of future minimum lease payments. The Company’s lease terms may include options to extend or terminate the lease, which are included in the measurement of ROU assets and lease liabilities when it is reasonably certain that the Company will exercise those options. Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income (loss). Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheets.
Intangibles and Goodwill	Intangibles and Goodwill The Company’s finite-lived intangible assets consist of acquired contractual rights to earn future management and advisory fee income and client relationships. Finite-lived intangible assets are amortized over their estimated useful lives, which is 10 years. The Company did not have any intangible assets that were deemed to have an indefinite life as of September 30, 2025. Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no impairment charges related to the Company’s finite-lived intangible assets during the three and six months ended September 30, 2025 and 2024. Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. Goodwill is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach. The Company performs its annual goodwill impairment test as of January 1, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill.
Revenues	Revenues The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Revenue is recognized in a manner that depicts the transfer of promised goods or services to customers and for an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The application of ASC 606 requires an entity to identify its contract(s) with a customer, identify the performance obligations in a contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, variable consideration is included only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The Company has elected to apply the variable consideration allocation exception for its fee arrangements with its customers. Management and Advisory Fees, Net The Company earns management fees for services provided to its SMAs and focused commingled funds. The Company earns advisory fees for services provided to advisory clients where the Company does not have discretion over investment decisions. The Company considers its performance obligations in its customer contracts from which it earns management and advisory fees to be one or more of the following, based on the services promised: asset management services, advisory services and/or the arrangement of administrative services. Management fees include income-based incentive fees, which are based on net investment income of certain funds. The Company recognizes revenues from asset management services and advisory services when control of the promised services is transferred to customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. SMAs are generally contractual arrangements involving an investment management agreement between the Company and a single client, and are typically structured as a partnership or limited liability company for which a subsidiary of SSG serves as the general partner or managing member. Focused commingled funds are structured as limited partnerships or limited liability companies with multiple clients, for which a subsidiary of the Company serves as the general partner or managing member. The Company determined that the individual client or single limited partner or member is the customer with respect to SMAs and advisory clients. Based on certain facts and circumstances specific to each individual fund structure, the Company has determined that for accounting purposes, either the StepStone Fund or the individual investors in the fund may be considered to be the customer for arrangements with focused commingled funds. When asset management services and the arrangement of administrative services are the performance obligations promised in a contract, the Company satisfies these performance obligations over time because the customer simultaneously receives and consumes the benefits of the services as they are performed. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. Management fees earned from these contracts where the Company has discretion over investment decisions are generally calculated based on a percentage of unaffiliated committed capital or net invested capital, and these amounts are typically billed quarterly. For certain investment funds, management fees are initially based on committed capital during the investment period and on net invested capital through the remainder of the fund’s term. In addition, the management fee rate charged may also be reduced for certain investment funds depending on the contractual arrangement. The management fee basis is subject to factors outside of the Company’s control. Therefore, estimates of future period management fees are not included in the transaction price because those estimates would be considered constrained. Advisory fees from contracts where the Company does not have discretion over investment decisions are generally based on fixed amounts and typically billed quarterly. Management fees generally exclude reimbursements for expenses paid by the Company on behalf of its customers, including amounts related to certain professional fees and other fund administrative expenses pursuant to the fund’s governing documents. For professional and administrative services that the Company arranges to be performed by third parties on behalf of investment funds, management has concluded that the nature of its promise is to arrange for the services to be provided and, accordingly, the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the reimbursements for these professional fees paid on behalf of the investment funds are generally presented on a net basis. The Company and certain investment funds that it manages have distribution and service agreements with third-party financial institutions, whereby the Company pays a portion of the fees it receives to such institutions for ongoing distribution and servicing of customer accounts. Management has concluded that the Company does not act as principal for the third-party services, as the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the management fees are recorded net of these service fees. The Company may incur certain costs in connection with satisfying its performance obligations for investment management services – primarily employee travel costs – for which it receives reimbursements from its customers. For reimbursable employee travel costs, the Company concluded it controls the services provided by its employees and, therefore, is acting as principal. Accordingly, the Company records the reimbursement for these costs incurred on a gross basis – that is, as revenue in management and advisory fees, net and expense in general, administrative and other expenses in the condensed consolidated statements of income (loss). For reimbursable costs incurred in connection with satisfying its performance obligations for administration services, the Company concluded it does not control the services provided by other third parties and, therefore, is acting as agent. Accordingly, the Company records the reimbursement for these costs incurred on a net basis. Performance Fees The Company earns two types of performance fee revenues: incentive fees and carried interest allocations, as described below. Incentive fees are generally calculated as a percentage of the profits (up to 15%) earned in respect of certain accounts, including certain permanent capital vehicles, for which the Company is the investment adviser, subject to the achievement of minimum return levels or performance benchmarks. Incentive fees are a form of variable consideration and represent contractual fee arrangements in the Company’s contracts with its customers. Incentive fees are typically subject to reversal until the end of a defined performance period, as these fees are affected by changes in the fair value of the assets under management or advisement over such performance period. Moreover, incentive fees that are received prior to the end of the defined performance period are typically subject to clawback, net of tax. The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant risk of reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period (i.e., crystallization). However, clawback terms for incentive fees received prior to crystallization only require the return of amounts on a net of tax basis. Accordingly, the tax-related portion of incentive fees received in advance of crystallization is not subject to clawback and is therefore recognized as revenue immediately upon receipt. Incentive fees received in advance of crystallization that remain subject to clawback are recorded as deferred incentive fee revenue and included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. Carried interest allocations include the allocation of performance-based fees, commonly referred to as carried interest, to the Company from unaffiliated limited partners in the StepStone Funds in which the Company holds an equity interest. The Company is entitled to a carried interest allocation (typically 5% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These carried interest allocations are subject to the achievement of minimum return levels (typically 5% to 10%) in accordance with the terms set forth in each respective fund’s governing documents. The Company accounts for its investment balances in the StepStone Funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, carried interest allocations are not deemed to be within the scope of ASC 606. Legacy Greenspring carried interest allocations reflect the allocation of carried interest to legacy Greenspring general partner entities from limited partners in certain legacy Greenspring funds in which the legacy Greenspring general partner entities hold an equity interest. The legacy Greenspring general partner entities are entitled to a carried interest allocation (typically 5% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. The Company accounts for the investment balances in the legacy Greenspring funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, legacy Greenspring carried interest allocations are not deemed to be within the scope of ASC 606. The Company does not hold any direct economic interests in the legacy Greenspring general partner entities and thus is not entitled to any carried interest allocation from the legacy funds. All of the carried interest allocations in respect of the legacy Greenspring funds are payable to employees who are considered affiliates of the Company and are therefore reflected as legacy Greenspring performance fee-related compensation in the condensed consolidated statements of income (loss). The Company recognizes revenue attributable to carried interest allocations from a fund based on the amount that would be due to the Company pursuant to the fund’s governing documents, assuming the fund was liquidated based on the current fair value of its underlying investments as of that date. Accordingly, the amount recognized as carried interest allocation revenue reflects the Company’s share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period. The Company records the amount of carried interest allocated to the Company as of each period end as accrued carried interest allocations receivable, which is included as a component of investments in the condensed consolidated balance sheets. Management’s determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates. Carried interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates, as defined in the applicable governing documents. Carried interest is subject to reversal to the extent that the amount received to date exceeds the amount due to the Company based on cumulative results. As such, a liability is accrued for potential clawback obligations if amounts previously distributed to the Company would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life.
Compensation and Benefits	Compensation and Benefits Cash-based compensation expense primarily includes salaries, bonuses, employee benefits, cash-based incentive awards and employer-related payroll taxes. Bonuses are accrued over the service period in which they are earned. Expense for cash-based incentive awards granted to employees is recognized and adjusted to fair value over the vesting period to track the performance for one of the Company’s designated investment funds. During fiscal 2025, the Company adopted the StepStone Group LP Evergreen Fund Incentive Plan, under which grants of share unit (“Evergreen Fund Units”) awards entitle the holder to receive shares of one of the Company’s evergreen investment funds, or the cash value thereof, following vesting. The Evergreen Fund Units are accounted for as cash-based incentive awards. During the year ended March 31, 2025, the Company granted Evergreen Fund Unit awards valued at $2.0 million to certain employees of the Company which vest over four years in equal installments subject to continued service through the vesting date. The Company recognized $0.1 million and $0.3 million of expense related to cash-based incentive awards for the three and six months ended September 30, 2025, respectively. There was no expense recognized related to cash-based incentive awards for the three and six months ended September 30, 2024. Equity-based compensation represents grants of equity-based awards or arrangements to certain employees and directors. The Company accounts for grants of equity-based awards, including service-based restricted stock units (“RSUs”) and performance-based RSUs (or “PRSUs”), to certain employees and directors at fair value as of the grant date. The Company recognizes non-cash compensation expense attributable to these grants on a straight-line basis over the requisite service and performance period, which is generally the vesting period. Expense related to grants of PRSUs is recognized if it is probable that the performance condition will be satisfied. Expense related to grants of equity-based awards is recognized as equity-based compensation expense in the condensed consolidated statements of income (loss). The fair value of RSUs and PRSUs is determined by the closing stock price on the grant date. Forfeitures of equity-based awards are recognized as they occur. Awards classified as liabilities are remeasured at the end of each reporting period until settlement. Equity-based compensation cost for the employee stock purchase plan (“ESPP”) is measured as the discount the employee receives upon purchase of shares and the option value of a share when the offering contains a look-back option feature.
Income Taxes	Income Taxes SSG is a corporation for U.S. federal income tax purposes and therefore is subject to U.S. federal and state income taxes on its share of taxable income generated by the Partnership. The Partnership is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by the Partnership flows through to its limited partners, including SSG, and is generally not subject to U.S. federal or state income tax at the Partnership level. The Partnership’s non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to non-U.S. income taxes. Additionally, certain subsidiaries are subject to local jurisdiction taxes at the entity level, which are reflected within income tax expense in the condensed consolidated statements of income (loss). As a result, the Partnership does not record U.S. federal and state income taxes on income in the Partnership or its subsidiaries, except for certain local and foreign income taxes discussed above. Taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period when the change is enacted. Deferred tax liabilities are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. The principal items giving rise to temporary differences are certain basis differences resulting from exchanges of Partnership units. See Tax Receivable Agreements below. Deferred tax assets are reduced by a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies. The Company is subject to the provisions of ASC Subtopic 740-10, Accounting for Uncertainty in Income Taxes. This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax return positions in the financial statements as more-likely-than-not to be sustained by the relevant taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50% likely to be realized. If upon performance of an assessment pursuant to this subtopic, management determines that uncertainties in tax positions exist that do not meet the minimum threshold for recognition of the related tax benefit, a liability is recorded in the condensed consolidated financial statements. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as interest expense and general, administrative and other expenses, respectively, in the condensed consolidated statements of income (loss). See note 10 for more information. The Company has elected to account for global intangible low-taxed income (“GILTI”) earned by foreign subsidiaries in the period the tax is incurred. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available.
Tax Receivable Agreements	Tax Receivable Agreements The Tax Receivable Agreements provide for payment by SSG to the Class B limited partners, Class C limited partners, Class D limited partners and pre-IPO institutional investors of the Partnership of 85% of the amount of the net cash tax savings, if any, that SSG realizes (or, under certain circumstances, is deemed to realize) as a result of increases in tax basis (and utilization of certain other tax benefits) resulting from (i) SSG’s acquisition of such partners’ and institutional investors’ Partnership units and (ii) in the case of the Exchanges Tax Receivable Agreement, any payments SSG makes under the Exchanges Tax Receivable Agreement (including tax benefits related to imputed interest). SSG will retain the benefit of the remaining 15% of these net cash tax savings under the Tax Receivable Agreements.
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income The Company’s accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains and losses on the defined benefit plan sponsored by one of its subsidiaries.
Segments	Segments The Company operates as one business, a fully-integrated private markets solution provider. The Company’s chief operating decision maker (“CODM”), who is the Company’s chief executive officer, utilizes a consolidated approach to assess the performance of and allocate resources to the business. Accordingly, management has concluded that the Company consists of a single operating segment and single reportable segment for accounting and financial reporting purposes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs issued during the current period not listed below were assessed and determined to either be not applicable to the Company, or not expected to have a material impact on the condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends current guidance to provide expanded disclosure for the rate reconciliation with information about specific categories and reconciling items that meet a specific threshold, and to provide additional information about income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material effect on the condensed consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which amends current guidance to add requirements for disaggregation of certain costs and expenses included within relevant expense captions. The update also requires the separate disclosure of total selling costs. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact on the condensed consolidated financial statements. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which amends current guidance to improve how entities determine the accounting acquirer in business combinations involving a VIE, particularly when the transaction is primarily executed though the exchange of equity interests. It aligns the criteria for determining the acquirer for accounting purposes in transactions in which the acquiree is a VIE with those used in other acquisition transactions. The amendments are effective for annual periods beginning after December 15, 2026, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material effect on the condensed consolidated financial statements.

Revenues - Schedule of Disaggregation of Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Total revenues	$ 454,225	$ 271,677	$ 818,512	$ 458,078
United States
Disaggregation of Revenue [Line Items]
Total revenues	197,054	98,053	333,066	169,811
Non-U.S. countries
Disaggregation of Revenue [Line Items]
Total revenues	$ 257,171	$ 173,624	$ 485,446	$ 288,267

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Schedule of Components of Accumulated Other Comprehensive Income

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

The components of accumulated other comprehensive income were as follows:


	As of
	September 30, 2025		March 31, 2025
Foreign currency translation adjustments	$	268	$	92
Unrealized gain on defined benefit plan, net	667		636
Accumulated other comprehensive income	$	935	$	728

Stockholders' Equity and Redeemable Non-Controlling Interests - Narrative (Details) $ / shares in Units, $ in Thousands				1 Months Ended		3 Months Ended	6 Months Ended
	May 30, 2025 USD ($) shares	May 31, 2024 USD ($) $ / shares shares	Apr. 01, 2024 USD ($)	Sep. 30, 2025 USD ($) classOfStock $ / shares shares	Jun. 30, 2025 USD ($) shares	Sep. 30, 2025 USD ($) classOfStock $ / shares shares	Sep. 30, 2025 USD ($) classOfStock $ / shares shares	Mar. 31, 2025 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Feb. 07, 2024 exchange
Subsidiary, Sale of Stock [Line Items]
Number of classes of common stock outstanding \| classOfStock				2		2	2
Preferred stock, shares authorized (in shares)				25,000,000		25,000,000	25,000,000
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.001		$ 0.001	$ 0.001
Preferred stock, shares outstanding (in shares)				0		0	0
Preferred stock, shares issued (in shares)				0		0	0
Annual exchanges \| exchange												10
Number of additional exchanges \| exchange												15
Payments to acquire additional interests \| $	$ 10,000	$ 13,000	$ 5,400
Annual portion of equity interests to be exchanged	5.00%	5.00%
Transaction agreement, exchange ratio		1
Class D exchange agreement, period		1 year
Class D exchange agreement, acceleration exchange, period		2 years
Non-Controlling Interests in Subsidiaries
Subsidiary, Sale of Stock [Line Items]
Redeemable non-controlling interests in Consolidated Funds \| $				$ 7,290	$ 6,906	$ 7,290	$ 7,290	$ 6,327	$ 6,238	$ 5,931	$ 115,920
SRA
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest, ownership by parent	60.00%	54.00%
SRE
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest, ownership by parent	60.00%	56.00%
SPD
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest, ownership by parent	59.00%	54.00%
Limited Partners
Subsidiary, Sale of Stock [Line Items]
Share exchange ratio				1
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Units issued for purchase of asset class non-controlling interests (in shares)	756,105	513,394					756,105
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001		$ 0.001		$ 0.001	$ 0.001	$ 0.001
Class A Common Stock \| O 2026 Q1 Dividends
Subsidiary, Sale of Stock [Line Items]
Dividend (in dollars per share) \| $ / shares						0.28
Class A Common Stock \| Limited Partners \| Exchange One
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares issued (in shares)				370,470	152,768
Class A Common Stock \| Limited Partners \| Exchange Two
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares issued (in shares)				16,658	18,000
Class A Common Stock \| Limited Partners \| Exchange Three
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares issued (in shares)				135,697	864,640
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares				$ 0.001		$ 0.001	$ 0.001	$ 0.001
Class B Common Stock \| Limited Partners \| Exchange One
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares exchanged (in shares)				370,470	152,768
Class C Common Stock
Subsidiary, Sale of Stock [Line Items]
Conversion basis							1
Class C Common Stock \| Limited Partners \| Exchange Two
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares exchanged (in shares)				16,658	18,000
Class D Partnership Units
Subsidiary, Sale of Stock [Line Items]
Units issued for purchase of asset class non-controlling interests (in shares)	2,438,403	2,239,185
Class D Partnership Units \| Limited Partners \| Exchange Three
Subsidiary, Sale of Stock [Line Items]
Share exchange, shares exchanged (in shares)				135,697	864,640

Investments - Schedule of Equity Method Investments (Details) - USD ($)
$ in Thousands

Sep. 30, 2025

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in funds

$ 210,162

$ 183,694

Accrued carried interest allocations

1,733,922

1,495,664

Legacy Greenspring investments in funds and accrued carried interest allocations

^[1]

679,470

629,228

Total equity method investments

2,623,554

2,308,586

Investment in fund, before eliminations

313,900

275,700

Legacy investments in funds

134,600

133,500

Legacy accrued carried interest allocations

$ 544,900

$ 495,700

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 2 and 5 for more information.

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

Schedule of Fair Value of Assets and Liabilities

Fair Value Measurements (Tables)

6 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Financial Instruments of Consolidated Funds


	As of September 30, 2025
	Level I		Level II		Level III		Total
Assets
Debt securities	$	—	$	—	$	1,915	$	1,915
Equity securities	—		—		76,727		76,727
Partnership and LLC interests	—		—		1,134		1,134
Total assets	$	—	$	—	$	79,776	$	79,776


	As of March 31, 2025
	Level I		Level II		Level III		Total
Assets
Equity securities	$	—	$	—	$	63,664	$	63,664
Partnership and LLC interests	—		—		866		866
Total assets	$	—	$	—	$	64,530	$	64,530

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

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
Financial Instruments of Consolidated Funds
Balance, beginning of period:	$	71,534	$	16,466	$	64,530	$	13,694
Transfers into Level III	—		9,289		—		9,289
Transfers out of Level III	—		(779)		—		(4,332)
Purchases	5,473		2,495		10,805		8,820
Change in fair value	2,769		—		4,441		—

Balance, end of period:	$	79,776	$	27,471	$	79,776	$	27,471

Changes in unrealized gains included in earnings related to financial assets still held at the reporting date	$	2,769	$	—	$	4,441	$	—

Segment Reporting	6 Months Ended
Segment Reporting	Sep. 30, 2025
Segment Reporting [Abstract]
Segment Reporting	Segment Reporting The Company operates as one business, a fully-integrated private markets solution provider. The Company’s chief operating decision maker (“CODM”), who is the Company’s chief executive officer, utilizes a consolidated approach to assess the performance of and allocate resources to the business. Accordingly, management has concluded that the Company consists of a single operating segment and single reportable segment for accounting and financial reporting purposes. The Company’s single reportable segment earns substantially all its revenue from management, advisory, and performance fees. The CODM manages the Company on a consolidated basis and utilizes GAAP net income (loss) as presented in the condensed consolidated statements of income (loss) as the primary financial measure used to assess the performance of and allocate resources to the business. The CODM regularly reviews the GAAP condensed consolidated statements of income (loss) including the revenue, expense and other captions as presented in the Company’s periodic filings. There are no other significant expenses or specified revenue and expense categories reviewed by the CODM other than as reflected in the condensed consolidated statements of income (loss). The CODM reviews segment assets at the consolidated level within the condensed consolidated balance sheets, as there is no difference between segment assets and total consolidated assets. As the Company operates as a single segment, the accounting policies utilized by the segment are consistent with those included in the condensed consolidated financial statements here within.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Organization, Consolidation and Presentation of Financial Statements [Abstract]

Fair Value Measurements - Schedule of Changes in the Fair Value of Level III Financial Instruments (Details) - Partnerships and LLC Interests - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning of period:	$ 71,534	$ 16,466	$ 64,530	$ 13,694
Transfers into Level III	0	9,289	0	9,289
Transfers out of Level III	0	(779)	0	(4,332)
Purchases	5,473	2,495	10,805	8,820
Change in fair value	2,769	0	4,441	0
Balance, end of period:	79,776	27,471	79,776	27,471
Changes in unrealized gains included in earnings related to financial assets still held at the reporting date	$ 2,769	$ 0	$ 4,441	$ 0

Variable Interest Entities

6 Months Ended

Sep. 30, 2025

Variable Interest Entities

Consolidated VIEs

The Company consolidates certain VIEs for which it is the primary beneficiary. Such VIEs consist of certain operating entities not wholly-owned by the Company (e.g., SPD, SRA and SRE), SPW, legacy Greenspring general partner entities and certain StepStone Funds. See note 2 for more information on the Company’s accounting policies related to the consolidation of VIEs. The assets of the consolidated VIEs totaled $1,760.3 million and $1,376.0 million as of September 30, 2025 and March 31, 2025, respectively. The liabilities of the consolidated VIEs totaled $2,410.0 million and $1,278.7 million as of September 30, 2025 and March 31, 2025, respectively. The assets of the consolidated VIEs may only be used to settle obligations of the same VIE. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities, except for certain entities in which there could be a clawback of previously distributed carried interest. As of September 30, 2025 and March 31, 2025, no material amounts previously distributed have been accrued for clawback liabilities.

Unconsolidated VIEs

The Company holds variable interests in the form of direct equity interests in certain VIEs that are not consolidated because the Company is not the primary beneficiary. The Company’s maximum exposure to loss is limited to the potential loss of assets recognized by the Company relating to these unconsolidated entities. The carrying value of the assets and liabilities recognized in the condensed consolidated balance sheets with respect to the Company’s interests in VIEs that were not consolidated is set forth below:


	As of
	September 30, 2025		March 31, 2025
Investments in funds	$	202,436	$	176,339
Legacy Greenspring investments in funds	134,551		133,489
Due from affiliates, net	44,972		47,693
Less: Amounts attributable to non-controlling interests in subsidiaries	25,289		26,465
Less: Amounts attributable to non-controlling interests in legacy Greenspring entities	134,551		133,489
Maximum exposure to loss	$	222,119	$	197,567

Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Debt Instrument [Line Items]
Total remaining principal	$ 275,000	$ 275,000
Less: Debt issuance costs	(5,080)	(5,732)
Total debt obligations	269,920	269,268
Revolving credit facility
Debt Instrument [Line Items]
Total remaining principal	100,000	100,000
Series A 5.52% Notes \| Senior Notes
Debt Instrument [Line Items]
Total remaining principal	$ 175,000	$ 175,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Non-Rule 10b5-1 Arrangement Adopted

Subsequent Events (Details)	Nov. 06, 2025 $ / shares
Class A Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Dividend (in dollars per share)	$ 0.28

Earnings Per Share - Schedule of Reconciliations of Basic and Diluted Earnings Per Share of Class A Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net income (loss) attributable to StepStone Group Inc. – Basic	$ (366,142)	$ 17,632	$ (404,566)	$ 30,960
Net income (loss) attributable to StepStone Group Inc. – Diluted	$ (366,142)	$ 17,855	$ (404,566)	$ 31,663
Denominator:
Weighted-average shares of Class A common stock outstanding – Basic (in shares)	78,561,587	68,772,051	78,206,102	67,486,964
Weighted-average shares of Class A common stock outstanding - Diluted (in shares)	78,561,587	69,695,315	78,206,102	69,147,549
Net income (loss) per share of Class A common stock:
Basic (in dollars per share)	$ (4.66)	$ 0.26	$ (5.17)	$ 0.46
Diluted (in dollars per share)	$ (4.66)	$ 0.26	$ (5.17)	$ 0.46
Restricted Stock Units (RSUs)
Numerator:
Incremental income from assumed shares	$ 0	$ 222	$ 0	$ 338
Denominator:
Assumed vesting of shares (in shares)	0	921,166	0	798,186
Class B2 units
Numerator:
Incremental income from assumed shares	$ 0	$ 0	$ 0	$ 364
Denominator:
Assumed vesting of shares (in shares)	0	0	0	861,344
Employee Stock
Numerator:
Incremental income from assumed shares	$ 0	$ 1	$ 0	$ 1
Denominator:
Assumed vesting of shares (in shares)	0	2,098	0	1,055

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2025

Trading Arrangements, by Individual

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Jose Fernandez [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

The table below summarizes the terms of “Rule 10b5-1 trading arrangements,” as defined in Item 408 of Regulation S-K, adopted, modified or terminated by our executive officers or directors during the period covered by this quarterly report on Form 10-Q. All of the trading arrangements listed below are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Name

Title

Date of Adoption or Termination

Duration of Plan(1)

Aggregate number of Class A ordinary shares to be sold pursuant to the trading agreement

Jose Fernandez

Co-Chief Operating Officer and Director

Plan adopted August 11, 2025

Plan terminates December 31, 2025

211,210

_______________________________

(1)Each plan will expire on the earlier of the expiration date or the completion of all transactions under the trading arrangement.

Name

Jose Fernandez

Title

Co-Chief Operating Officer and Director

Rule 10b5-1 Arrangement Adopted

true

8/11/2025

12/31/2025

142 days

211,210

Revenues - Schedule of Disaggregation of Revenue by Product Offering (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Management and advisory fees, net
Disaggregation of Revenue [Line Items]
Revenues	$ 215,489	$ 184,758	$ 426,662	$ 362,773
Focused commingled funds
Disaggregation of Revenue [Line Items]
Revenues	125,344	107,272	244,012	211,707
SMAs
Disaggregation of Revenue [Line Items]
Revenues	71,685	61,393	142,064	118,769
Advisory and other services
Disaggregation of Revenue [Line Items]
Revenues	16,259	14,907	36,198	29,676
Fund reimbursement revenues
Disaggregation of Revenue [Line Items]
Revenues	2,201	1,186	4,388	2,621
Income-based incentive fees
Disaggregation of Revenue [Line Items]
Revenues	5,300	1,300	9,700	2,500
Total incentive fees
Disaggregation of Revenue [Line Items]
Revenues	4,902	3,155	5,092	3,996
SMAs
Disaggregation of Revenue [Line Items]
Revenues	4,853	2,875	4,853	3,675
Focused commingled funds
Disaggregation of Revenue [Line Items]
Revenues	49	280	239	321
Carried interest allocations
Disaggregation of Revenue [Line Items]
Total carried interest allocations	206,691	69,847	319,978	86,481
Carried interest allocations, SMAs
Disaggregation of Revenue [Line Items]
Total carried interest allocations	124,813	62,095	220,177	59,286
Carried interest allocation, focused commingled funds
Disaggregation of Revenue [Line Items]
Total carried interest allocations	81,878	7,752	99,801	27,195
Legacy Greenspring carried interest allocations
Disaggregation of Revenue [Line Items]
Total carried interest allocations	27,143	13,917	66,780	4,828
Legacy carried interest allocation, SMAs
Disaggregation of Revenue [Line Items]
Total carried interest allocations	330	71	428	270
Legacy carried interest allocation, focused comingled funds
Disaggregation of Revenue [Line Items]
Total carried interest allocations	26,813	13,846	66,352	4,558
Legacy gross carried interest allocation, focused comingled funds
Disaggregation of Revenue [Line Items]
Total carried interest allocations	$ 13,300	$ 11,900	$ 18,200	$ 18,600

Fair Value Measurements

6 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company measures certain assets and liabilities at fair value on a recurring basis.

Financial Instruments of the Company

As of September 30, 2025 and March 31, 2025, respectively, the Company held no financial instruments within the fair value hierarchy measured at fair value on a recurring basis.

Contingent Consideration

The Company previously held a contingent consideration obligation liability that was measured at fair value on a recurring basis. The fair value of the contingent consideration obligation was based on a discounted cash flow analysis using a probability-weighted average estimate of certain performance targets, including revenue levels. The significant unobservable inputs required to value the contingent consideration obligation primarily related to the future expected revenues and the discount rate applied to the expected future revenues and payments of obligations. The management fee revenue target for calendar year 2024 was achieved resulting in the full earn-out amount of $75.0 million, which was fully paid during the three months ended March 31, 2025. In accordance with the contingent consideration arrangement, a portion of the contingent earn-out liability otherwise payable to the sellers included amounts paid to certain of the Company’s employees and former employees during the year ended March 31, 2025. As a result, the contingent consideration liability was settled net of $5.8 million paid. Changes in the fair value of the liabilities are included in general, administrative and other expenses in the condensed consolidated statements of income (loss).

Financial Instruments of Consolidated Funds


	As of September 30, 2025
	Level I		Level II		Level III		Total
Assets
Debt securities	$	—	$	—	$	1,915	$	1,915
Equity securities	—		—		76,727		76,727
Partnership and LLC interests	—		—		1,134		1,134
Total assets	$	—	$	—	$	79,776	$	79,776


	As of March 31, 2025
	Level I		Level II		Level III		Total
Assets
Equity securities	$	—	$	—	$	63,664	$	63,664
Partnership and LLC interests	—		—		866		866
Total assets	$	—	$	—	$	64,530	$	64,530

For the financial instruments presented in the tables above, there were no changes in fair value hierarchy levels during the three and six months ended September 30, 2025 and 2024.

The Company generally values its investment funds, which are generally organized as partnership and LLC interests, using the NAV per share equivalent calculated by the investment manager as a practical expedient in determining an independent fair value. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the net asset value per share practical expedient. As of September 30, 2025 and March 31, 2025, investments with a combined fair value of $568.1 million and $350.5 million, respectively, are excluded from presentation in the fair value hierarchy as the fair value of these investments were measured at net asset value. As of September 30, 2025 and March 31, 2025, investments with a combined fair value of $79.8 million and $64.5 million, respectively, were classified as Level III investments. Depending on the valuation methodology applied, the significant unobservable input used to value these investments classified as Level III investments may include the enterprise value to revenue multiple, discounts to recent transaction prices or recent round of financing, or the yield method.

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
Financial Instruments of Consolidated Funds
Balance, beginning of period:	$	71,534	$	16,466	$	64,530	$	13,694
Transfers into Level III	—		9,289		—		9,289
Transfers out of Level III	—		(779)		—		(4,332)
Purchases	5,473		2,495		10,805		8,820
Change in fair value	2,769		—		4,441		—

Balance, end of period:	$	79,776	$	27,471	$	79,776	$	27,471

Changes in unrealized gains included in earnings related to financial assets still held at the reporting date	$	2,769	$	—	$	4,441	$	—

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Summary of Significant Accounting Policies - Schedule of Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	$ 546,791	$ 1,230,579	$ 1,390,148	$ 1,788,477	$ 1,790,983	$ 1,654,591
Foreign currency translation adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	268		92
Unrealized gain on defined benefit plan, net
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	667		636
Accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total stockholders' equity	$ 935	$ 944	$ 728	$ 236	$ 297	$ 304

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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Reference 52: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 57: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(3)
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-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Investments - Schedule of Investments Held by Consolidated Funds (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Schedule of Equity Method Investments [Line Items]
Investments of consolidated funds	$ 647,827	$ 415,011
Percentage of Total Investments as of	100.00%	100.00%
Debt securities
Schedule of Equity Method Investments [Line Items]
Investments of consolidated funds	$ 1,915	$ 0
Percentage of Total Investments as of	1.00%	0.00%
Purchases of investments of Consolidated Funds	$ 1,900	$ 0
Equity securities
Schedule of Equity Method Investments [Line Items]
Investments of consolidated funds	$ 88,478	$ 70,178
Percentage of Total Investments as of	14.00%	17.00%
Purchases of investments of Consolidated Funds	$ 68,900	$ 60,000
Partnership and LLC interests
Schedule of Equity Method Investments [Line Items]
Investments of consolidated funds	$ 557,434	$ 344,833
Percentage of Total Investments as of	86.00%	83.00%
Purchases of investments of Consolidated Funds	$ 409,200	$ 257,000

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Stockholders' Equity and Redeemable Non-Controlling Interests - Schedule of Redeemable Non-Controlling Interests (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemption of redeemable non-controlling interests			$ (10,339)	$ (5,398)
Net income	$ 39,659	$ 6,525	60,616	12,196
Noncontrolling Interest In Consolidated Funds
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	459,927	142,547	377,897	102,623
Contributions	213,747	56,552	281,447	90,805
Redemption of redeemable non-controlling interests	(41,628)	0	(48,255)	0
Net income	39,659	6,525	60,616	12,196
Ending balance	671,705	205,624	671,705	205,624
Non-Controlling Interests in Subsidiaries
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	6,906	5,931	6,327	115,920
Redemption of redeemable non-controlling interests			0	(110,351)
Net income	384	307	963	669
Redemption of redeemable non-controlling interests	0	0
Ending balance	$ 7,290	$ 6,238	$ 7,290	$ 6,238

Summary of Significant Accounting Policies - Narrative (Details)	3 Months Ended			6 Months Ended
	Sep. 30, 2025 USD ($)	Jun. 30, 2025	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) segment	Sep. 30, 2024 USD ($)	Mar. 31, 2025 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Finite-lived intangible assets, estimated useful lives	10 years			10 years
Impairment of finite-lived intangible assets	$ 0		$ 0	$ 0	$ 0
Incentive fees as percentage of profits				15.00%
Cash-based incentive awards granted, value						$ 2,000,000
Cash-based compensation, term		4 years
Cash-based compensation, expense	$ 100,000		$ 0	$ 300,000	$ 0
Percentage of total net cash savings due to exchanging limited partners	85.00%			85.00%
Percentage of total net cash savings retained				15.00%
Number of operating segments \| segment				1
Number of reportable segments \| segment				1
Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Carried interest allocation as percentage of cumulative fund or account performance				5.00%
Revenue, carried interest allocation, minimum return levels required				5.00%
Legacy carried interest allocation as percentage of cumulative fund or account performance				5.00%
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Carried interest allocation as percentage of cumulative fund or account performance				20.00%
Revenue, carried interest allocation, minimum return levels required				10.00%
Legacy carried interest allocation as percentage of cumulative fund or account performance				20.00%

Variable Interest Entities - Schedule of Carrying Value of the Assets and Liabilities of the Company's Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Variable Interest Entity [Line Items]
Investments in funds	$ 210,162	$ 183,694
Legacy Greenspring investments in funds	134,600	133,500
Due from affiliates	117,621	92,723
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Investments in funds	202,436	176,339
Legacy Greenspring investments in funds	134,551	133,489
Due from affiliates	44,972	47,693
Maximum exposure to loss	222,119	197,567
Variable Interest Entity, Not Primary Beneficiary, Subsidiaries
Variable Interest Entity [Line Items]
Less: Amounts attributable to non-controlling interests	25,289	26,465
Variable Interest Entity, Not Primary Beneficiary, Legacy Entities
Variable Interest Entity [Line Items]
Less: Amounts attributable to non-controlling interests	$ 134,551	$ 133,489

Amount of equity (deficit) attributable to noncontrolling interest. Excludes temporary equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Intangibles and Goodwill - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 10,200,000	$ 10,300,000	$ 20,400,000	$ 20,500,000
Goodwill	580,542,000		580,542,000		$ 580,542,000
Goodwill, impairment loss	$ 0		$ 0		$ 0

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Schedule of Equity Method Investments [Line Items]

Earnings Per Share - Narrative (Details) - shares	3 Months Ended	6 Months Ended
Earnings Per Share - Narrative (Details) - shares	Sep. 30, 2025	Sep. 30, 2025	Sep. 30, 2024
Performance Restricted Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		80,674
Class B units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		39,133,716	42,482,042
Class C Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		931,103	1,041,403
Class D Partnership Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		2,810,039	2,239,185
Class A Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,067,493	1,067,493

Investments - Schedule of Equity Method Income (Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Investment income (loss)

$ (1,210)

$ 2,051

$ 9,302

$ 4,646

Legacy Greenspring investment income (loss)

^[1]

1,313

(4,031)

4,695

(5,286)

Total equity method income

233,937

81,784

400,755

90,669

Carried interest allocations

Schedule of Equity Method Investments [Line Items]

Total carried interest allocations

206,691

69,847

319,978

86,481

Legacy Greenspring carried interest allocations

Schedule of Equity Method Investments [Line Items]

Total carried interest allocations

$ 27,143

$ 13,917

$ 66,780

$ 4,828

[1]	Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 2, 3 and 5 for more information.

Amount of income (loss) for proportionate share of equity method investee's income (loss).

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Stockholders' Equity and Redeemable Non-Controlling Interests

Stockholders' Equity and Redeemable Non-Controlling Interests

6 Months Ended

Sep. 30, 2025

Equity [Abstract]

Stockholders’ Equity and Redeemable Non-Controlling Interests

Stockholders’ Equity

The Company has two classes of common stock outstanding, Class A common stock and Class B common stock. Holders of Class A common stock and Class B common stock generally vote together as a single class on all matters presented to the Company’s stockholders for their vote or approval. Holders of Class A common stock are entitled to receive dividends when and if declared by the board of directors. Holders of the Class B common stock are not entitled to dividends in respect of their shares of Class B common stock.

The Class C and Class D (further described below) limited partnership interests of the Partnership have substantially the same rights and obligations as are applicable to the existing holders of Class B units of the Partnership. The Company has no ownership interest in the Class C and Class D units, which are held by certain employees of the Company. The Company has entered into agreements with the Class C limited partners of the Partnership (the “Class C Exchange Agreement”) and Class D limited partners of the Partnership (the “Class D Exchange Agreement”) to allow for the exchange of Class C units and Class D units, respectively, to shares of Class A common stock of the Company on a one-for-one basis, subject to certain restrictions, as further described below in respect of the Class D Exchange Agreement.

The following table shows a rollforward of the Company’s shares of common stock outstanding since March 31, 2025:


	Class A Common Stock	Class B Common Stock
March 31, 2025	76,761,399	39,656,954

Class A common stock issued in exchange for Class B Partnership units	523,238	(523,238)
Class A common stock issued in exchange for Class C Partnership units	34,658	—
Class A common stock issued in exchange for Class D Partnership units	1,000,337	—
Class A common stock issued for vesting of RSUs, net of shares withheld for taxes	10,798	—
Class A common stock issued for purchase of asset class non-controlling interests	756,105	—
Class A common stock issued under ESPP	37,712	—

September 30, 2025	79,124,247	39,133,716

The Company has 25,000,000 authorized shares of preferred stock, par value of $0.001 per share, and as of September 30, 2025, no shares of preferred stock were issued or outstanding.

In September 2025, the Company issued 370,470 shares of Class A common stock to certain limited partners of the Partnership in exchange for 370,470 Class B units of the Partnership in accordance with the elective exchange notices submitted pursuant to an agreement with the Class B limited partners (the “Class B Exchange Agreement”) to allow for exchange of Class B units of the Partnership to shares of Class A common stock of the Company on a one-for-one basis, subject to certain restrictions. A corresponding number of shares of Class B common stock were automatically redeemed at par value and canceled in connection with such exchange and a corresponding number of Class A units of the Partnership were issued to the Company. The Company also issued 16,658 shares of Class A common stock to certain limited partners of the Partnership in exchange for 16,658 Class C units of the Partnership in accordance with the elective exchange notices submitted pursuant to the Class C Exchange Agreement, and a corresponding number of Class A units of the Partnership were issued to the Company. The Company also issued 135,697 shares of Class A common stock to certain limited partners of the Partnership in exchange for 135,697 Class D units of the Partnership in accordance with the elective exchange notices submitted pursuant to the Class D Exchange Agreement, and a corresponding number of Class A units of the Partnership were issued to the Company.

In June 2025, the Company issued 152,768 shares of Class A common stock to certain limited partners of the Partnership in exchange for 152,768 Class B units of the Partnership in accordance with the elective exchange notices submitted pursuant to the Class B Exchange Agreement. A corresponding number of shares of Class B common stock were automatically redeemed at par value and canceled in connection with such exchange and a corresponding number of Class A units of the Partnership were issued to the Company. The Company also issued 18,000 shares of Class A common stock to certain limited partners of the Partnership in exchange for 18,000 Class C units of the Partnership in accordance with the elective exchange notices submitted pursuant to the Class C Exchange Agreement, and a corresponding number of Class A units of the Partnership were issued to the Company. The Company also issued 864,640 shares of Class A common stock to certain limited partners of the Partnership in exchange for 864,640 Class D units of the Partnership in accordance with the elective exchange notices submitted pursuant to the Class D Exchange Agreement, and a corresponding number of Class A units of the Partnership were issued to the Company.

Purchase of Asset Class Non-Controlling Interests

On February 7, 2024, SSG and the Partnership entered into agreements (the “Transaction Agreements”) with each of SRA, SRE and SPD (the “Asset Class Entities”), their respective asset class heads as seller representatives, the seller parties signatory thereto, and certain other parties. The Transaction Agreements provide a path to the Partnership owning all of the outstanding equity interests of the Asset Class Entities over a defined period of time.

The Transaction Agreements provide for, among other things and subject to the terms and conditions therein, the exchange of the sellers’ equity interests in the Asset Class Entities, as applicable, for a combination of (i) Class D units, in the case of SRA and SRE, or shares of the Company’s Class A common stock, in the case of SPD and (ii) cash (at the discretion of the Company for all exchanges except the initial exchange), in up to ten annual exchanges (increased to up to fifteen annual exchanges in certain circumstances in case of the sellers of SRA equity interests).

On April 1, 2024, certain of the Company’s subsidiaries underwent transactions to effect unitization of the outstanding classes of limited partnership interests. The economic rights and obligations of limited partnership interest holders were the same immediately prior to the unitization as immediately after the unitization. The outstanding classes of limited partnership interests, including the class of interests relating to awards of carried interest allocations granted to employees, were essentially combined into a single class of limited partnership interest and redesignated into units. The class of interests relating to awards of carried interest allocations granted to employees were previously accounted for as compensation arrangements under ASC 710, Compensation, and presented as carried interest-related compensation expense. The transaction was considered to be a transaction amongst equity holders, and the Company did not recognize any incremental compensation cost related to settlement of the accrued carried interest-related compensation.

Also on April 1, 2024, the Company exchanged certain ordinary shares in the SPD subsidiary and paid $5.4 million to purchase certain preferred shares in SPD with liquidation preference rights in connection with the Transaction Agreements (defined below). There was no change in the Company’s economic interest in SPD as a result of the transaction.

On May 31, 2024, the Company completed the first annual exchange (the “2024 Exchange”) to acquire approximately 5% of the equity interests of each of SRA, SRE and SPD pursuant to the Transaction Agreements. As a result of the 2024 Exchange, the Partnership owned approximately 54% of the outstanding equity interests of SRA, 56% of the outstanding equity interests of SRE and 54% of the outstanding equity interests of SPD. The aggregate consideration paid by the Company in the 2024 Exchange was approximately (i) $13 million in cash, (ii) 513,394 shares of the Company’s Class A common stock and (iii) 2,239,185 Class D units of the Partnership.

In connection with the transactions contemplated by the SRA Transaction Agreement and SRE Transaction Agreement, SSG and the Partnership entered into a Class D Exchange Agreement at the closing of the 2024 Exchange on May 31, 2024. The Class D Exchange Agreement provides, among other things, sellers under the SRA Transaction Agreement and SRE Transaction Agreement with the ability, in certain circumstances and subject to certain conditions, to exchange the Class D units issued to them on a one-for-one basis with shares of the Company’s Class A common stock, par value $0.001. In addition, the Class D Exchange Agreement restricts the exchange of the Class D units issued to such sellers, which restriction applies for a maximum of one year (or two years if a Transaction Agreement Exchange (as defined in the Class D Exchange Agreement) constitutes an Acceleration Exchange (as defined in the Class D Exchange Agreement)), subject to certain exceptions.

On May 30, 2025, the Company completed the second annual exchange (the “2025 Exchange”) to acquire approximately 5% of the equity interests of each of SRA, SRE and SPD pursuant to the Transaction Agreements. As a result of the 2025 Exchange, the Partnership now owns approximately 60% of the outstanding equity interests of SRA, 60% of the outstanding equity interests of SRE and 59% of the outstanding equity interests of SPD. The aggregate consideration paid by the Company in the 2025 Exchange was approximately (i) $10 million in cash, (ii) 756,105 shares of the Company’s Class A common stock and (iii) 2,438,403 Class D units of the Partnership.

The Company accounts for adjustments to the redemption value of a redeemable equity instrument that is currently redeemable by adjusting the carrying value of the equity instrument to the maximum redemption value at each reporting period based on conditions that exist as of the reporting date. If the redeemable equity instrument is probable of becoming redeemable in the near future, the carrying value of a redeemable equity instrument is adjusted to the redemption value immediately as changes occur based on conditions that exist at that date or at each reporting date. For redeemable equity instruments either not redeemable or probable of becoming redeemable in the near future, no adjustment to the carrying value is made until it is probable that the equity instrument will become redeemable. The Company recognizes adjustments to the carrying value of redeemable equity instruments with charges against retained earnings, or to additional paid-in-capital in the absence of retained earnings.

As of September 30, 2025, the Company determined that redemption of the redeemable non-controlling interests in subsidiaries was probable and presented the carrying value at the redemption amount based on the conditions that existed as of that date of $7.3 million in the condensed consolidated balance sheets within redeemable non-controlling interests in subsidiaries.

The reallocation adjustment between SSG stockholders’ equity, non-controlling interests in the Partnership and non-controlling interests in subsidiaries relates to the impact of changes in economic ownership percentages during the period and adjusting previously recorded equity transactions to the economic ownership percentage as of the end of each reporting period.

Dividends and Distributions

Dividends and distributions are reflected in the condensed consolidated statements of stockholders’ equity when declared by the board of directors. Dividends are made to Class A common stockholders and distributions are made to limited partners of the Partnership and holders of non-controlling interests in subsidiaries.

On August 7, 2025, the Company announced a quarterly cash dividend of $0.28 per share of Class A common stock, which was paid on September 15, 2025 to holders of record as of the close of business on August 29, 2025.

Redeemable Non-Controlling Interests

The following table summarizes the activities associated with the redeemable non-controlling interests in Consolidated Funds:


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
Beginning balance	$	459,927	$	142,547	$	377,897	$	102,623

Contributions	213,747		56,552		281,447		90,805
Redemption of redeemable non-controlling interests	(41,628)		—		(48,255)		—
Net income	39,659		6,525		60,616		12,196
Ending balance	$	671,705	$	205,624	$	671,705	$	205,624

The following table summarizes the activities associated with the redeemable non-controlling interests in subsidiaries:


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
Beginning balance	$	6,906	$	5,931	$	6,327	$	115,920

Net income	384		307		963		669
Redemption of redeemable non-controlling interests	—		—		—		(110,351)


Ending balance	$	7,290	$	6,238	$	7,290	$	6,238

The entire disclosure for equity.

Schedule of Debt Obligations

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net income (loss)	$ (575,490)	$ 53,138	$ (587,501)	$ 101,183
Other comprehensive income (loss):
Foreign currency translation adjustment	(23)	(185)	(800)	(207)
Total other comprehensive loss	(23)	(185)	(800)	(207)
Comprehensive income (loss) before non-controlling interests	(575,513)	52,953	(588,301)	100,976
Comprehensive income (loss) attributable to StepStone Group Inc.	(366,151)	17,571	(404,869)	30,892
Non-Controlling Interests in Subsidiaries
Other comprehensive income (loss):
Less: Comprehensive income attributable to non-controlling interests	9,233	19,040	37,534	35,645
Less: Comprehensive income attributable to redeemable non-controlling interests	384	307	963	669
Non-Controlling Interests in Legacy Greenspring Entities
Other comprehensive income (loss):
Less: Comprehensive income attributable to non-controlling interests	1,313	(4,031)	4,695	(5,286)
Non-Controlling Interests in the Partnership
Other comprehensive income (loss):
Less: Comprehensive income attributable to non-controlling interests	(259,951)	13,541	(287,240)	26,860
Noncontrolling Interest In Consolidated Funds
Other comprehensive income (loss):
Less: Comprehensive income attributable to redeemable non-controlling interests	$ 39,659	$ 6,525	$ 60,616	$ 12,196

Debt Obligations (Tables)

6 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

The Company’s debt obligations consist of the following:


	As of
	September 30, 2025		March 31, 2025
Series A senior notes	$	175,000	$	175,000
Revolver	100,000		100,000
Total remaining principal	275,000		275,000
Less: Debt issuance costs	(5,080)		(5,732)
Total debt obligations	$	269,920	$	269,268

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net income (loss)	$ (587,501)	$ 101,183
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	22,884	22,703
Unrealized performance fee-related compensation	133,084	16,825
Amortization of deferred financing costs	652	255
Equity-based compensation	1,057,152	53,523
Change in deferred income taxes	(126,795)	2,519
Fair value adjustment for acquisition-related contingent consideration	0	13,666
Adjustments to reconcile net income (loss) to net cash used in operating activities of Consolidated Funds:
Unrealized investment income of Consolidated Funds	(66,318)	(15,569)
Purchases of investments of Consolidated Funds	(166,498)	(88,458)
Proceeds from sale of investments of Consolidated Funds	0	2,487
Changes in operating assets and liabilities:
Fees and accounts receivable	(564)	(11,334)
Due from affiliates	(22,295)	(12,749)
Accounts payable, accrued expenses and other liabilities	2,761	2,862
Accrued compensation and benefits	41,800	31,361
Due to affiliates	7,251	2,769
Lease right-of-use assets, net and lease liabilities	1,134	1,521
Changes in operating assets and liabilities of Consolidated Funds:
Net cash provided by operating activities	62,523	103,866
Cash flows from investing activities
Purchases of property and equipment	(1,426)	(1,869)
Other investing activities	0	1
Net cash used in investing activities	(21,575)	(34,089)
Cash flows from financing activities
Purchase of non-controlling interests	(10,339)	(5,398)
Proceeds from revolving credit facility	0	25,000
Proceeds from issuance of Class A common stock of shares under ESPP	1,728	1,115
Deferred financing costs	0	(1,813)
Dividends paid to common stockholders	(72,261)	(40,110)
Payments for taxes related to net settlement of RSUs	0	(1,123)
Payments to related parties under Tax Receivable Agreements	(11,494)	(9,802)
Other financing activities	(1)	(2)
Cash flows from financing activities of Consolidated Funds:
Net cash provided by (used in) financing activities	43,419	(23,623)
Effect of foreign currency exchange rate changes	(7,463)	(3,085)
Net increase in cash, cash equivalents and restricted cash	76,904	43,069
Cash, cash equivalents and restricted cash at beginning of period	289,804	182,312
Cash, cash equivalents and restricted cash at end of period	366,708	225,381
Non-cash operating, investing, and financing activities:
Accrued dividends	1,058	626
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements	(6,086)	(2,122)
Settlement of non-controlling interests related to awards of carried interest allocations	0	54,977
Equity issued for redemption of redeemable non-controlling interests	0	97,383
Equity issued for purchase of non-controlling interests	160,876	0
Reconciliation of cash, cash equivalents and restricted cash:
Restricted cash	531	763
Total cash, cash equivalents and restricted cash	366,708	225,381
Excluding Consolidated Funds
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	229,824	179,066
Consolidated Funds
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	136,353	45,552
Consolidated Entities, Excluding Legacy Entities
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized carried interest allocations and investment income	(254,297)	(28,655)
Unrealized performance fee-related compensation	133,084	16,825
Cash flows from investing activities
Contributions to investments	(29,666)	(25,864)
Distributions received from investments	8,426	5,598
Non-Controlling Interests in Legacy Greenspring Entities
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Unrealized carried interest allocations and investment income	(50,771)	21,867
Unrealized performance fee-related compensation	48,617	(13,723)
Cash flows from investing activities
Contributions to investments	(810)	(18,746)
Distributions received from investments	1,901	6,791
Cash flows from financing activities
Proceeds from capital contributions from non-controlling interests	810	18,746
Distributions to non-controlling interests	(4,443)	(9,650)
Consolidated Entity, Excluding Consolidated VIE
Changes in operating assets and liabilities:
Other assets and receivables	17,878	120
Changes in operating assets and liabilities of Consolidated Funds:
Other assets and receivables	17,878	120
Cash flows from financing activities
Redemption of redeemable non-controlling interests	0	(12,968)
Cash flows from financing activities of Consolidated Funds:
Redemptions of redeemable non-controlling interests in Consolidated Funds	0	(12,968)
Non-Controlling Interests in Subsidiaries
Cash flows from financing activities
Proceeds from capital contributions from non-controlling interests	1,581	0
Distributions to non-controlling interests	(112,854)	(78,423)
Consolidated funds
Changes in operating assets and liabilities:
Other assets and receivables	15,353	(1,066)
Changes in operating assets and liabilities of Consolidated Funds:
Other assets and receivables	15,353	(1,066)
Other liabilities and payables	(11,004)	1,759
Cash flows from financing activities
Redemption of redeemable non-controlling interests	(48,255)	0
Cash flows from financing activities of Consolidated Funds:
Proceeds from borrowings on fund credit facility	17,500	0
Contributions from redeemable non-controlling interests in Consolidated Funds	281,447	90,805
Redemptions of redeemable non-controlling interests in Consolidated Funds	(48,255)	$ 0
Reconciliation of cash, cash equivalents and restricted cash:
Restricted cash	531
Consolidated funds \| Excluding Consolidated Funds
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	73,040
Consolidated funds \| Consolidated Funds
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 136,353

Earnings Per Share

6 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Share

Basic and diluted earnings per share of Class A common stock are presented for the three and six months ended September 30, 2025 and 2024. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock:


	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
(in thousands, except share and per share amounts)
Numerator:
Net income (loss) attributable to StepStone Group Inc. – Basic	$	(366,142)	$	17,632	$	(404,566)	$	30,960
Incremental income from assumed vesting of RSUs	—		222		—		338
Incremental income from assumed vesting and exchange of Class B2 units1	—		—		—		364
Incremental income from assumed purchase under ESPP	—		1		—		1
Net income (loss) attributable to StepStone Group Inc. – Diluted	$	(366,142)	$	17,855	$	(404,566)	$	31,663

Denominator:
Weighted-average shares of Class A common stock outstanding – Basic	78,561,587		68,772,051		78,206,102		67,486,964
Assumed vesting of RSUs	—		921,166		—		798,186
Assumed vesting and exchange of Class B2 units1	—		—		—		861,344
Assumed purchase under ESPP	—		2,098		—		1,055
Weighted-average shares of Class A common stock outstanding – Diluted	78,561,587		69,695,315		78,206,102		69,147,549

Net income (loss) per share of Class A common stock:
Basic	$	(4.66)	$	0.26	$	(5.17)	$	0.46
Diluted	$	(4.66)	$	0.26	$	(5.17)	$	0.46

_______________________________

(1)The Class B2 units fully vested in June 2024.

Diluted earnings per share of Class A common stock is computed by dividing net income (loss) attributable to SSG, giving consideration to the reallocation of net income between holders of Class A common stock and non-controlling interests, by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities, if any.

Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to SSG and therefore are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included.

The calculation of diluted earnings per share excludes 39,133,716 Class B units, 931,103 Class C units and 2,810,039 Class D units of the Partnership outstanding as of September 30, 2025, and 42,482,042 Class B units, 1,041,403 Class C units and 2,239,185 Class D units of the Partnership outstanding as of September 30, 2024, which are exchangeable into Class A common stock under the if-converted method, as the inclusion of such shares would be anti-dilutive. The calculation of diluted earnings per share excludes 80,674 PRSUs outstanding as of September 30, 2025 as the related performance targets have not been met as of September 30, 2025.

As the Company was in a net loss position for the three and six months ended September 30, 2025, the calculation of diluted earnings per share excludes potential shares of Class A common stock for 1,067,493 outstanding RSUs, as the inclusion of such shares would be anti-dilutive.

Segment Reporting (Details)	6 Months Ended
Segment Reporting (Details)	Sep. 30, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Remainder of FY2026	$ 8,672
FY2027	16,034
FY2028	13,828
FY2029	15,909
FY2030	16,206
Thereafter	72,968
Total lease liabilities	143,617
Less: Imputed interest	(34,159)
Total operating lease liabilities	$ 109,458	$ 113,519

Equity-Based Compensation - Schedule of Change in Unvested Restricted Stock Units and Performance-Based Restricted Stock Units (Details) - $ / shares	1 Months Ended	6 Months Ended
	Jun. 30, 2024	Sep. 30, 2025
Number of RSUs and PRSU
Vested (in shares)	(2,566,566)
Restricted Stock Units (RSUs)
Number of RSUs and PRSU
Beginning balance (in shares)		1,024,007
Granted (in shares)		64,507
Vested (in shares)		(10,798)
Forfeited (in shares)		(10,223)
Ending balance (in shares)		1,067,493
Weighted-Average Grant-Date Fair Value Per RSU and PRSU
Beginning balance (in dollars per share)		$ 42.28
Granted (in dollars per share)		59.44
Vested (in dollars per share)		50.93
Forfeited (in dollars per share)		(36.74)
Ending balance (in dollars per share)		$ 43.28
Performance-Based Restricted Stock Units
Number of RSUs and PRSU
Beginning balance (in shares)		69,870
Granted (in shares)		10,804
Vested (in shares)		0
Forfeited (in shares)		0
Ending balance (in shares)		80,674
Weighted-Average Grant-Date Fair Value Per RSU and PRSU
Beginning balance (in dollars per share)		$ 53.67
Granted (in dollars per share)		57.85
Vested (in dollars per share)		0
Forfeited (in dollars per share)		0
Ending balance (in dollars per share)		$ 54.23

Summary of Significant Accounting Policies

6 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Management believes it has made all necessary adjustments (consisting of only normal recurring items) such that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. The condensed consolidated financial statements include the accounts of the Company, its wholly-owned or majority-owned subsidiaries and entities in which the Company is deemed to have a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its annual report on Form 10-K for the fiscal year ended March 31, 2025 filed with the Securities and Exchange Commission (“SEC”).

Certain of the StepStone Funds are investment companies that follow specialized accounting under GAAP and reflect their investments at estimated fair value. Accordingly, the carrying value of the Company’s equity method investments in such entities retains the specialized accounting.

Consolidation

The Company consolidates all entities that it controls through a majority voting interest or as the primary beneficiary of a variable interest entity (“VIE”). Under the VIE model, management first assesses whether the Company has a variable interest in an entity. In evaluating whether the Company holds a variable interest, fees received as a decision maker or in exchange for services (including management fees, incentive fees and carried interest allocations) that are customary and commensurate with the level of services provided, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, are not considered variable interests. If the Company has a variable interest in an entity, management further assesses whether that entity is a VIE, and if so, whether the Company is the primary beneficiary under the VIE model. Entities that do not qualify as VIEs are assessed for consolidation under the voting interest model. The consolidation analysis can generally be performed qualitatively; however, in certain situations a quantitative analysis may also be performed. Investments and redemptions (either by the Company, affiliates of the Company or third parties) or amendments to the governing documents of the respective StepStone Funds that are VIEs could affect the entity’s status as a VIE or the determination of the primary beneficiary.

Under the VIE model, an entity is deemed to be the primary beneficiary of a VIE if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly affect the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. Management determines whether the Company is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion at each reporting date. When assessing whether the Company is the primary beneficiary of a VIE, management evaluates whether the Company’s involvement, through holding interests directly or indirectly in an entity or contractually through other variable interests, would give the Company a controlling financial interest. This analysis includes an evaluation of the Company’s control rights, as well as the economic interests that the Company holds in the VIE, including indirectly through related parties.

The Company provides investment advisory services to the StepStone Funds, which have third-party clients. These funds are investment companies and are typically organized as limited partnerships or limited liability companies for which the Company, through its operating subsidiaries, acts as the general partner or managing member. A limited partnership or similar entity is a VIE if the unaffiliated limited partners or members do not have substantive rights to terminate or liquidate the fund or remove the general partner or substantive rights to participate. Certain StepStone Funds are VIEs because they have not granted unaffiliated limited partners or members substantive rights to terminate the fund or remove the general partner or substantive rights to participate. The Company does not consolidate these StepStone Funds because it is not the primary beneficiary of those funds, primarily because it does not hold an interest in those funds that is considered more than insignificant and its fee arrangements are considered customary and commensurate.

The Company has determined that certain of its operating subsidiaries, including StepStone Group Real Assets LP (“SRA”), StepStone Group Real Estate LP (“SRE”), StepStone Group Private Debt AG (“SPD”), and StepStone Group Private Wealth LLC (“SPW”) and certain StepStone Funds are VIEs, and that the Company is the primary beneficiary of each entity because it has a controlling financial interest in each entity; accordingly, the Company consolidates these entities. The assets and liabilities of the consolidated VIEs are presented gross in the condensed consolidated balance sheets. The assets of the consolidated VIEs may only be used to settle obligations of the consolidated VIEs. See note 4 for more information on both consolidated and unconsolidated VIEs.

In connection with the acquisition of Greenspring Associates Inc. and certain of its affiliates (“Greenspring”) that was completed on September 20, 2021 (the “Greenspring acquisition”), the Company, indirectly through its subsidiaries, became the sole and/or managing member of certain entities, each of which is the general partner of an investment fund (“legacy Greenspring general partner entities”). The Company did not acquire any direct economic interests attributable to the legacy Greenspring general partner entities, including legacy Greenspring investments in funds and carried interest allocations. However, certain arrangements negotiated as part of the acquisition represent variable interests that could be significant. The Company determined that the legacy Greenspring general partner entities are VIEs and it is the primary beneficiary of each such entity because it has a controlling financial interest in each entity. As a result, the Company consolidates these entities.

The Company and its subsidiaries manages or controls certain entities that constitute client investment funds that have been consolidated in the accompanying condensed consolidated financial statements (“Consolidated Funds”). Including the results of the Consolidated Funds increases the reported amounts of the assets, liabilities, expenses and cash flows in the accompanying condensed consolidated financial statements, and amounts related to economic interests held by third-party investors are reflected as redeemable non-controlling interests in Consolidated Funds. The revenues earned by the Company as investment manager of the Consolidated Funds are eliminated in consolidation and generally have no direct effect on the net income attributable to SSG or to Stockholders’ Equity.

Non-Controlling Interests

Non-controlling interests (“NCI”) reflect the portion of income or loss and the corresponding equity attributable to third-party equity holders and employees in certain consolidated subsidiaries that are not 100% owned by the Company. Non-controlling interests are presented as separate components of stockholders’ equity on the Company’s condensed consolidated balance sheets to clearly distinguish between the Company’s interests and the economic interests of third parties and employees in those entities. Net income (loss) attributable to SSG, as reported in the condensed consolidated statements of income (loss), is presented net of the portion of net income (loss) attributable to holders of non-controlling interests. See note 13 for more information on ownership interests in the Company.

Non-controlling interests in subsidiaries represent the economic interests in the consolidated subsidiaries of the Partnership held by third parties and employees. Non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Non-controlling interests in legacy Greenspring entities represent the economic interests in the legacy Greenspring general partner entities. The Company did not acquire any direct economic interests in the legacy Greenspring general partner entities. As a result, all of the net income (loss) attributable to the legacy Greenspring general partner entities is allocated to non-controlling interests in legacy Greenspring entities.

Non-controlling interests in the Partnership represent the economic interests related to the Class B, Class C and Class D units of the Partnership which are not owned by SSG. Non-controlling interests in the Partnership are allocated a share of income or loss in the Partnership in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Redeemable non-controlling interests in Consolidated Funds represent the economic interests in the Consolidated Funds which are not held by SSG, but are held by the client investors in the funds. These interests are presented as redeemable non-controlling interests in Consolidated Funds within the condensed consolidated balance sheets, outside of permanent capital as the investors in these funds generally have the right to withdraw their capital, subject to the terms of the respective contractual agreements. Redeemable non-controlling interests in Consolidated Funds are allocated a share of income or loss in the respective fund in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Redeemable non-controlling interests in subsidiaries represent the redeemable economic interests in the consolidated subsidiaries of the Partnership held by third parties and employees in those entities that were established in connection with the Transaction Agreements as described in note 13. Redeemable non-controlling interests in subsidiaries are allocated a share of income or loss in the respective consolidated subsidiary in proportion to their relative ownership interests, after consideration of contractual arrangements that govern allocations of income or loss.

Accounting for Differing Fiscal Periods

The StepStone Funds primarily have a fiscal year end as of December 31. The Company accounts for its investments in the StepStone Funds on a three-month lag due to the timing of receipt of financial information from the investments held by the StepStone Funds. The StepStone Funds primarily invest in private markets funds that generally require at least 90 days following the calendar year end to provide audited financial statements. As a result, the Company uses the December 31 audited financial statements of the StepStone Funds, which reflect the underlying private markets funds as of December 31, to record its investments (including any carried interest allocated by those investments) for its fiscal year-end consolidated financial statements as of March 31. The Company further adjusts the reported carrying values of its investments in the StepStone Funds for its share of capital contributions to and distributions from the StepStone Funds during the three-month lag period. For this interim period ended September 30, 2025, the Company used the June 30, 2025 unaudited financial statements of the StepStone Funds, which reflect the underlying private market funds as of June 30, 2025, to record its investments (including any carried interest allocated from those investments), as adjusted for capital contributions and distributions during the three-month lag period ended September 30, 2025.

The Company does not account for management and advisory fees or incentive fees on a three-month lag.

To the extent that management becomes aware of any material events that affect the StepStone Funds during the three-month lag period, the effect of the events would be disclosed in the notes to the condensed consolidated financial statements.

Current Events

In early 2025, financial markets experienced significant volatility in response to the uncertainty of the economic impact from U.S. trade policy developments including the announcement and implementation of increases on tariffs charged by the U.S. on certain imports and the weakening of the U.S. dollar against several major foreign currencies. Despite persistent elevated inflation, unemployment has remained low, and the U.S. economy has continued to grow throughout calendar year 2025.

On July 4, 2025, the One Big Beautiful Bill Act was enacted in the United States, which includes extensive amendments to existing tax laws applicable to businesses. The relevant provisions were included in the Company’s income tax provision for the three and six months ended September 30, 2025 and did not have a significant impact on the Company’s condensed consolidated financial statements. The Company will continue to evaluate the effect of the new legislation but does not expect the legislation to have a significant effect on the condensed consolidated financial statements for the full year ending March 31, 2026.

The Company is continuing to closely monitor developments related to inflation, decreasing but still elevated interest rates, trade, regulatory and other governmental policy, fluctuations in foreign currency exchange rates, banking system volatility, geopolitical tension, unrest or conflicts, including in or with China, Russia, Ukraine, and the Middle East, and assess the impact on financial markets and the Company’s business. The Company’s results and the overall industry results have been and may continue to be adversely affected by slowdowns in fundraising activity and the pace of capital deployment, which have resulted in, and may continue to result in, delayed or decreased management fees. Further, fund managers have been unable or less able to exit existing investments profitably. Such conditions have resulted in, and may continue to result in, delayed or decreased performance fee revenues. It is currently not possible to predict the ultimate effects of these events on the financial markets, overall economy and the Company’s condensed consolidated financial statements.

On October 1, 2025, the U.S. government entered a shutdown, which is ongoing. A prolonged U.S. federal government shutdown could adversely affect the Company’s operations, investments, regulatory approvals, and financial performance and could cause volatility in the capital markets which may interrupt the Company’s access to capital. The Company currently does not expect the shutdown to have a significant impact on its condensed consolidated financial statements.

Fair Value Measurements

GAAP establishes a hierarchical disclosure framework, which prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is affected by a number of factors, including the type of financial instrument, the characteristics specific to the financial instrument and the state of the marketplace – including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices in active markets generally will have a higher degree of market price observability and therefore a lesser degree of judgment is used in measuring their fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of their fair values, as follows:

•Level I – Pricing inputs are unadjusted, quoted prices in active markets for identical assets or liabilities as of the measurement date.

•Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the measurement date, and fair value is determined through the use of models or other valuation methodologies. The types of financial instruments classified in this category include less liquid securities traded in active markets and securities traded in other than active markets.

•Level III – Pricing inputs are unobservable for the financial instruments and include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value require significant management judgment or estimation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the financial instrument.

The availability of observable inputs can vary depending on the financial asset or liability and is affected by a wide variety of factors including, for example, the type of instrument, whether the instrument has recently been issued, whether the instrument is traded on an active exchange or in the secondary market, and current market conditions. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for financial instruments categorized in Level III. The variability and availability of the observable inputs affected by the factors described above may result in transfers between Levels I, II, and III.

The Company considers its cash, cash equivalents, restricted cash, fees and accounts receivable, accounts payable, investments, notes payable, and revolving credit facility to be financial instruments. The carrying amounts of cash, cash equivalents, restricted cash, fees and accounts receivable and accounts payable equal or approximate their fair values due to their nature and/or the relatively short period over which they are held. See note 8 for additional details regarding the fair value of the Company’s notes payable and revolving credit facility balances.

Restricted Cash

Restricted cash consists of cash that the Company is contractually obligated to maintain to secure its letters of credit used primarily related to its office facilities and other obligations.

Investments

Investments primarily include the Company’s ownership interests in the StepStone Funds, as general partner or managing member of such funds. The Company accounts for all investments in which it has or is otherwise presumed to have significant influence, but not control, including the StepStone Funds, using the equity method of accounting. The carrying value of these equity method investments is determined based on amounts invested by the Company, adjusted for the Company’s share in the earnings or losses of each investee, after consideration of contractual arrangements that govern allocations of income or loss (including carried interest allocations), less distributions received. Investments include the Company’s cumulative accrued carried interest allocations from the StepStone Funds, which primarily represent performance-based capital allocations, assuming the StepStone Funds were liquidated as of each reporting date in accordance with the funds’ governing documents. Legacy Greenspring investments in funds and accrued carried interest allocations represent the economic interests held by the legacy Greenspring general partner entities in certain funds for which the Company does not have any direct economic interests. All of the economics in respect of such interests are payable to employees and are therefore reflected as non-controlling interests in legacy Greenspring entities and legacy Greenspring performance fee-related compensation. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable.

Management’s determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates.

Investments of Consolidated Funds

The Company’s Consolidated Funds are investment companies under GAAP and reflect their investments at estimated fair value. The Company has retained the specialized investment company accounting for the Consolidated Funds under GAAP. Investments of the Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in fair value is recognized in the condensed consolidated statements of income (loss). In addition, the Consolidated Funds do not consolidate their majority-owned and controlled investments in underlying portfolio companies.

Leases

The Company determines whether an arrangement contains a lease at inception of the arrangement. A lease is a contract that provides the right to control an identified asset for a period of time in exchange for consideration. For identified leases, the Company determines the classification as either an operating or finance lease. The Company’s identified leases primarily consist of operating lease agreements for office space and certain equipment, as the lessee. Operating leases are included in lease right-of-use-assets, net and lease liabilities in the condensed consolidated balance sheets. Certain leases include lease and non-lease components, which the Company accounts for as a single lease component. Lease right-of-use (“ROU”) assets and lease liabilities are measured based on the present value of future minimum lease payments over the lease term at the commencement date. Lease ROU assets include initial direct costs incurred by the Company and are presented net of deferred rent and lease incentives. The Company uses its incremental borrowing rate in determining the present value of future minimum lease payments. The Company’s lease terms may include options to extend or terminate the lease, which are included in the measurement of ROU assets and lease liabilities when it is reasonably certain that the Company will exercise those options.

Operating lease expense associated with minimum lease payments is recognized on a straight-line basis over the lease term in general, administrative and other expenses in the condensed consolidated statements of income (loss). Minimum lease payments for leases with an initial term of twelve months or less are not recorded in the condensed consolidated balance sheets. See note 14 for more information.

Intangibles and Goodwill

The Company’s finite-lived intangible assets consist of acquired contractual rights to earn future management and advisory fee income and client relationships. Finite-lived intangible assets are amortized over their estimated useful lives, which is 10 years. The Company did not have any intangible assets that were deemed to have an indefinite life as of September 30, 2025.

Finite-lived intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. There were no impairment charges related to the Company’s finite-lived intangible assets during the three and six months ended September 30, 2025 and 2024.

Goodwill represents the excess amount of consideration transferred in a business combination above the fair value of the identifiable net assets. Goodwill is assessed for impairment at least annually using a qualitative and, if necessary, a quantitative approach. The Company performs its annual goodwill impairment test as of January 1, or more frequently, if events and circumstances indicate that an impairment may exist. Goodwill is tested for impairment at the reporting unit level. The initial assessment for impairment under the qualitative approach is to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than the carrying amount, a quantitative assessment is performed to measure the amount of impairment loss, if any. The quantitative assessment includes comparing the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of the reporting unit exceeds its fair value, an impairment loss is recognized equal to the lesser of (a) the difference between the carrying amount of the reporting unit and its fair value and (b) the total carrying amount of the reporting unit’s goodwill.

Revenues

The Company recognizes revenue in accordance with Accounting Standards Codification Topic 606 (“ASC 606”), Revenue from Contracts with Customers. Revenue is recognized in a manner that depicts the transfer of promised goods or services to customers and for an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The application of ASC 606 requires an entity to identify its contract(s) with a customer, identify the performance obligations in a contract, determine the transaction price, allocate the transaction price to the performance obligations in the contract and recognize revenue when (or as) the entity satisfies a performance obligation. In determining the transaction price, variable consideration is included only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration is resolved. The Company has elected to apply the variable consideration allocation exception for its fee arrangements with its customers.

Management and Advisory Fees, Net

The Company earns management fees for services provided to its SMAs and focused commingled funds. The Company earns advisory fees for services provided to advisory clients where the Company does not have discretion over investment decisions. The Company considers its performance obligations in its customer contracts from which it earns management and advisory fees to be one or more of the following, based on the services promised: asset management services, advisory services and/or the arrangement of administrative services. Management fees include income-based incentive fees, which are based on net investment income of certain funds.

The Company recognizes revenues from asset management services and advisory services when control of the promised services is transferred to customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those services. SMAs are generally contractual arrangements involving an investment management agreement between the Company and a single client, and are typically structured as a partnership or limited liability company for which a subsidiary of SSG serves as the general partner or managing member. Focused commingled funds are structured as limited partnerships or limited liability companies with multiple clients, for which a subsidiary of the Company serves as the general partner or managing member. The Company determined that the individual client or single limited partner or member is the customer with respect to SMAs and advisory clients. Based on certain facts and circumstances specific to each individual fund structure, the Company has determined that for accounting purposes, either the StepStone Fund or the individual investors in the fund may be considered to be the customer for arrangements with focused commingled funds.

When asset management services and the arrangement of administrative services are the performance obligations promised in a contract, the Company satisfies these performance obligations over time because the customer simultaneously receives and consumes the benefits of the services as they are performed. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring the promised services to the customer. Management fees earned from these contracts where the Company has discretion over investment decisions are generally calculated based on a percentage of unaffiliated committed capital or net invested capital, and these amounts are typically billed quarterly. For certain investment funds, management fees are initially based on committed capital during the investment period and on net invested capital through the remainder of the fund’s term. In addition, the management fee rate charged may also be reduced for certain investment funds depending on the contractual arrangement. The management fee basis is subject to factors outside of the Company’s control. Therefore, estimates of future period management fees are not included in the transaction price because those estimates would be considered constrained. Advisory fees from contracts where the Company does not have discretion over investment decisions are generally based on fixed amounts and typically billed quarterly.

Management fees generally exclude reimbursements for expenses paid by the Company on behalf of its customers, including amounts related to certain professional fees and other fund administrative expenses pursuant to the fund’s governing documents. For professional and administrative services that the Company arranges to be performed by third parties on behalf of investment funds, management has concluded that the nature of its promise is to arrange for the services to be provided and, accordingly, the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the reimbursements for these professional fees paid on behalf of the investment funds are generally presented on a net basis.

The Company and certain investment funds that it manages have distribution and service agreements with third-party financial institutions, whereby the Company pays a portion of the fees it receives to such institutions for ongoing distribution and servicing of customer accounts. Management has concluded that the Company does not act as principal for the third-party services, as the Company does not control the services provided by the third parties before they are transferred to the customer. Therefore, the Company is acting as an agent, and the management fees are recorded net of these service fees.

The Company may incur certain costs in connection with satisfying its performance obligations for investment management services – primarily employee travel costs – for which it receives reimbursements from its customers. For reimbursable employee travel costs, the Company concluded it controls the services provided by its employees and, therefore, is acting as principal. Accordingly, the Company records the reimbursement for these costs incurred on a gross basis – that is, as revenue in management and advisory fees, net and expense in general, administrative and other expenses in the condensed consolidated statements of income (loss). For reimbursable costs incurred in connection with satisfying its performance obligations for administration services, the Company concluded it does not control the services provided by other third parties and, therefore, is acting as agent. Accordingly, the Company records the reimbursement for these costs incurred on a net basis.

Performance Fees

The Company earns two types of performance fee revenues: incentive fees and carried interest allocations, as described below.

Incentive fees are generally calculated as a percentage of the profits (up to 15%) earned in respect of certain accounts, including certain permanent capital vehicles, for which the Company is the investment adviser, subject to the achievement of minimum return levels or performance benchmarks. Incentive fees are a form of variable consideration and represent contractual fee arrangements in the Company’s contracts with its customers. Incentive fees are typically subject to reversal until the end of a defined performance period, as these fees are affected by changes in the fair value of the assets under management or advisement over such performance period. Moreover, incentive fees that are received prior to the end of the defined performance period are typically subject to clawback, net of tax.

The Company recognizes incentive fee revenue only when these amounts are realized and no longer subject to significant risk of reversal, which is typically at the end of a defined performance period and/or upon expiration of the associated clawback period (i.e., crystallization). However, clawback terms for incentive fees received prior to crystallization only require the return of amounts on a net of tax basis. Accordingly, the tax-related portion of incentive fees received in advance of crystallization is not subject to clawback and is therefore recognized as revenue immediately upon receipt. Incentive fees received in advance of crystallization that remain subject to clawback are recorded as deferred incentive fee revenue and included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets.

Carried interest allocations include the allocation of performance-based fees, commonly referred to as carried interest, to the Company from unaffiliated limited partners in the StepStone Funds in which the Company holds an equity interest. The Company is entitled to a carried interest allocation (typically 5% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. These carried interest allocations are subject to the achievement of minimum return levels (typically 5% to 10%) in accordance with the terms set forth in each respective fund’s governing documents. The Company accounts for its investment balances in the StepStone Funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, carried interest allocations are not deemed to be within the scope of ASC 606.

Legacy Greenspring carried interest allocations reflect the allocation of carried interest to legacy Greenspring general partner entities from limited partners in certain legacy Greenspring funds in which the legacy Greenspring general partner entities hold an equity interest. The legacy Greenspring general partner entities are entitled to a carried interest allocation (typically 5% to 20%) based on cumulative fund or account performance to date, irrespective of whether such amounts have been realized. The Company accounts for the investment balances in the legacy Greenspring funds, including carried interest allocations, under the equity method of accounting because it is presumed to have significant influence as the general partner or managing member. Accordingly, legacy Greenspring carried interest allocations are not deemed to be within the scope of ASC 606. The Company does not hold any direct economic interests in the legacy Greenspring general partner entities and thus is not entitled to any carried interest allocation from the legacy funds. All of the carried interest allocations in respect of the legacy Greenspring funds are payable to employees who are considered affiliates of the Company and are therefore reflected as legacy Greenspring performance fee-related compensation in the condensed consolidated statements of income (loss).

The Company recognizes revenue attributable to carried interest allocations from a fund based on the amount that would be due to the Company pursuant to the fund’s governing documents, assuming the fund was liquidated based on the current fair value of its underlying investments as of that date. Accordingly, the amount recognized as carried interest allocation revenue reflects the Company’s share of the gains and losses of the associated fund’s underlying investments measured at their then-fair values, relative to the fair values as of the end of the prior period. The Company records the amount of carried interest allocated to the Company as of each period end as accrued carried interest allocations receivable, which is included as a component of investments in the condensed consolidated balance sheets. Management’s determination of fair value for investments in the underlying funds includes various valuation techniques. These techniques may include a market approach, recent transaction price, net asset value approach, or discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA, revenue multiples, discount rates, weighted average cost of capital, exit multiples, or terminal growth rates.

Carried interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates, as defined in the applicable governing documents. Carried interest is subject to reversal to the extent that the amount received to date exceeds the amount due to the Company based on cumulative results. As such, a liability is accrued for potential clawback obligations if amounts previously distributed to the Company would require repayment to a fund if such fund were to be liquidated based on the current fair value of their underlying investments as of the reporting date. Actual repayment obligations generally do not become realized until the end of a fund’s life. As of September 30, 2025 and March 31, 2025, no material amounts for potential clawback obligations had been accrued.

Compensation and Benefits

Cash-based compensation expense primarily includes salaries, bonuses, employee benefits, cash-based incentive awards and employer-related payroll taxes. Bonuses are accrued over the service period in which they are earned. Expense for cash-based incentive awards granted to employees is recognized and adjusted to fair value over the vesting period to track the performance for one of the Company’s designated investment funds. During fiscal 2025, the Company adopted the StepStone Group LP Evergreen Fund Incentive Plan, under which grants of share unit (“Evergreen Fund Units”) awards entitle the holder to receive shares of one of the Company’s evergreen investment funds, or the cash value thereof, following vesting. The Evergreen Fund Units are accounted for as cash-based incentive awards. During the year ended March 31, 2025, the Company granted Evergreen Fund Unit awards valued at $2.0 million to certain employees of the Company which vest over four years in equal installments subject to continued service through the vesting date. The Company recognized $0.1 million and $0.3 million of expense related to cash-based incentive awards for the three and six months ended September 30, 2025, respectively. There was no expense recognized related to cash-based incentive awards for the three and six months ended September 30, 2024.

Equity-based compensation represents grants of equity-based awards or arrangements to certain employees and directors. The Company accounts for grants of equity-based awards, including service-based restricted stock units (“RSUs”) and performance-based RSUs (or “PRSUs”), to certain employees and directors at fair value as of the grant date. The Company recognizes non-cash compensation expense attributable to these grants on a straight-line basis over the requisite service and performance period, which is generally the vesting period. Expense related to grants of PRSUs is recognized if it is probable that the performance condition will be satisfied. Expense related to grants of equity-based awards is recognized as equity-based compensation expense in the condensed consolidated statements of income (loss). The fair value of RSUs and PRSUs is determined by the closing stock price on the grant date. Forfeitures of equity-based awards are recognized as they occur. Awards classified as liabilities are remeasured at the end of each reporting period until settlement. Equity-based compensation cost for the employee stock purchase plan (“ESPP”) is measured as the discount the employee receives upon purchase of shares and the option value of a share when the offering contains a look-back option feature. See note 9 for additional information regarding the Company’s accounting for equity-based awards.

Income Taxes

SSG is a corporation for U.S. federal income tax purposes and therefore is subject to U.S. federal and state income taxes on its share of taxable income generated by the Partnership. The Partnership is treated as a pass-through entity for U.S. federal and state income tax purposes. As such, income generated by the Partnership flows through to its limited partners, including SSG, and is generally not subject to U.S. federal or state income tax at the Partnership level. The Partnership’s non-U.S. subsidiaries generally operate as corporate entities in non-U.S. jurisdictions, with certain of these entities subject to non-U.S. income taxes. Additionally, certain subsidiaries are subject to local jurisdiction taxes at the entity level, which are reflected within income tax expense in the condensed consolidated statements of income (loss). As a result, the Partnership does not record U.S. federal and state income taxes on income in the Partnership or its subsidiaries, except for certain local and foreign income taxes discussed above.

Taxes are accounted for using the asset and liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases, using tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period when the change is enacted. Deferred tax liabilities are included within accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. The principal items giving rise to temporary differences are certain basis differences resulting from exchanges of Partnership units. See Tax Receivable Agreements below.

Deferred tax assets are reduced by a valuation allowance when it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. The realization of deferred tax assets is dependent on the amount, timing and character of the Company’s future taxable income. When evaluating the realizability of deferred tax assets, all evidence – both positive and negative – is considered. This evidence includes, but is not limited to, expectations regarding future earnings, future reversals of existing temporary tax differences and tax planning strategies.

The Company is subject to the provisions of ASC Subtopic 740-10, Accounting for Uncertainty in Income Taxes. This standard establishes consistent thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax return positions in the financial statements as more-likely-than-not to be sustained by the relevant taxing authority and requires measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50% likely to be realized. If upon performance of an assessment pursuant to this subtopic, management determines that uncertainties in tax positions exist that do not meet the minimum threshold for recognition of the related tax benefit, a liability is recorded in the condensed consolidated financial statements. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits as interest expense and general, administrative and other expenses, respectively, in the condensed consolidated statements of income (loss). See note 10 for more information.

The Company has elected to account for global intangible low-taxed income (“GILTI”) earned by foreign subsidiaries in the period the tax is incurred.

Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available.

Tax Receivable Agreements

The Tax Receivable Agreements provide for payment by SSG to the Class B limited partners, Class C limited partners, Class D limited partners and pre-IPO institutional investors of the Partnership of 85% of the amount of the net cash tax savings, if any, that SSG realizes (or, under certain circumstances, is deemed to realize) as a result of increases in tax basis (and utilization of certain other tax benefits) resulting from (i) SSG’s acquisition of such partners’ and institutional investors’ Partnership units and (ii) in the case of the Exchanges Tax Receivable Agreement, any payments SSG makes under the Exchanges Tax Receivable Agreement (including tax benefits related to imputed interest). SSG will retain the benefit of the remaining 15% of these net cash tax savings under the Tax Receivable Agreements. See note 13 for more information.

Accumulated Other Comprehensive Income

The Company’s accumulated other comprehensive income consists of foreign currency translation adjustments and unrealized gains and losses on the defined benefit plan sponsored by one of its subsidiaries. The components of accumulated other comprehensive income were as follows:


	As of
	September 30, 2025		March 31, 2025
Foreign currency translation adjustments	$	268	$	92
Unrealized gain on defined benefit plan, net	667		636
Accumulated other comprehensive income	$	935	$	728

Segments

The Company operates as one business, a fully-integrated private markets solution provider. The Company’s chief operating decision maker (“CODM”), who is the Company’s chief executive officer, utilizes a consolidated approach to assess the performance of and allocate resources to the business. Accordingly, management has concluded that the Company consists of a single operating segment and single reportable segment for accounting and financial reporting purposes. See note 15 for more information.

Recent Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs issued during the current period not listed below were assessed and determined to either be not applicable to the Company, or not expected to have a material impact on the condensed consolidated financial statements.

In November 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which amends current guidance to provide expanded disclosure for the rate reconciliation with information about specific categories and reconciling items that meet a specific threshold, and to provide additional information about income taxes paid disaggregated by jurisdiction. The amendments are effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material effect on the condensed consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which amends current guidance to add requirements for disaggregation of certain costs and expenses included within relevant expense captions. The update also requires the separate disclosure of total selling costs. The amendments are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact on the condensed consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which amends current guidance to improve how entities determine the accounting acquirer in business combinations involving a VIE, particularly when the transaction is primarily executed though the exchange of equity interests. It aligns the criteria for determining the acquirer for accounting purposes in transactions in which the acquiree is a VIE with those used in other acquisition transactions. The amendments are effective for annual periods beginning after December 15, 2026, with early adoption permitted. The Company does not expect the adoption of this guidance to have a material effect on the condensed consolidated financial statements.

Stockholders' Equity and Redeemable Non-Controlling Interests - Schedule of Rollforward of the Company's Shares of Common Stock Outstanding (Details) - shares			3 Months Ended		6 Months Ended
	May 30, 2025	May 31, 2024	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued under ESPP (in shares)			37,712	38,096	37,712	38,096
Class A Common Stock
Schedule of Common Stock Outstanding [Roll Forward]
Common stock, shares outstanding, beginning balance (in shares)					76,761,399
Class A common stock issued for vesting of RSUs, net of shares withheld for employee taxes (in shares)					10,798
Class A common stock issued for purchase of asset class non-controlling interests (in shares)	756,105	513,394			756,105
Class A common stock issued under ESPP (in shares)					37,712
Common stock, shares outstanding, ending balance (in shares)			79,124,247		79,124,247
Class A Common Stock \| Class B Partnership Unit
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued in exchange for Class B, Class C and Class D partnership units (in shares)					523,238
Class A Common Stock \| Class C Partnership Unit
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued in exchange for Class B, Class C and Class D partnership units (in shares)					34,658
Class A Common Stock \| Class D Partnership Units
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued in exchange for Class B, Class C and Class D partnership units (in shares)					1,000,337
Class B Common Stock
Schedule of Common Stock Outstanding [Roll Forward]
Common stock, shares outstanding, beginning balance (in shares)					39,656,954
Common stock, shares outstanding, ending balance (in shares)			39,133,716		39,133,716
Class B Common Stock \| Class B Partnership Unit
Schedule of Common Stock Outstanding [Roll Forward]
Class A common stock issued in exchange for Class B, Class C and Class D partnership units (in shares)					(523,238)

Related Party Transactions (Tables)

6 Months Ended

Sep. 30, 2025

Schedule of Related Party Transactions


	As of
	September 30, 2025		March 31, 2025
Amounts receivable from StepStone Funds	$	66,770	$	65,765
Amounts receivable from employees	36,008		12,919
Amounts receivable from loans	14,843		14,039
Total due from affiliates	$	117,621	$	92,723


	As of
	September 30, 2025		March 31, 2025
Amounts payable to non-controlling interest holders in connection with Tax Receivable Agreements	$	321,628	$	313,749
Amounts payable to StepStone Funds	21,798		18,072
Amounts payable to certain employee equity holders of consolidated subsidiaries	3,526		—
Total due to affiliates	$	346,952	$	331,821

Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Sep. 30, 2025

Sep. 30, 2024

Sep. 30, 2025

Sep. 30, 2024

Revenues

$ 454,225

$ 271,677

$ 818,512

$ 458,078

Compensation and benefits:

Cash-based compensation

100,348

82,871

196,333

161,095

Performance fee-related compensation:

884,470

37,332

1,073,188

56,511

Realized

30,995

8,767

42,700

29,615

Unrealized

88,727

27,748

133,084

16,825

Total performance fee-related compensation

119,722

36,515

175,784

46,440

Legacy Greenspring performance fee-related compensation

^[1]

27,143

13,917

66,780

4,828

Total compensation and benefits

1,131,683

170,635

1,512,085

268,874

General, administrative and other

45,292

50,061

88,206

91,072

Total expenses

1,176,975

220,696

1,600,291

359,946

Legacy Greenspring investment income (loss)

Investment income (loss)

(1,210)

2,051

9,302

4,646

^[1]

1,313

(4,031)

4,695

(5,286)

Investment income of Consolidated Funds

46,044

8,206

67,715

15,841

Interest income

3,224

3,016

5,720

5,073

Interest expense

(4,425)

(3,512)

(8,959)

(6,502)

Other income

1,978

1,177

7,130

826

Total other income

46,924

6,907

85,603

14,598

Income (loss) before income tax

(675,826)

57,888

(696,176)

112,730

Income tax expense (benefit)

(100,336)

4,750

(108,675)

11,547

Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds

(575,490)

53,138

(587,501)

101,183

39,659

6,525

60,616

12,196

Net income (loss) attributable to StepStone Group Inc.

$ (366,142)

$ 17,632

$ (404,566)

$ 30,960

Net income (loss) per share of Class A common stock:

Basic (in dollars per share)

$ (4.66)

$ 0.26

$ (5.17)

$ 0.46

Diluted (in dollars per share)

$ (4.66)

$ 0.26

$ (5.17)

$ 0.46

Weighted-average shares of Class A common stock:

Basic (in shares)

78,561,587

68,772,051

78,206,102

67,486,964

Diluted (in shares)

78,561,587

69,695,315

78,206,102

69,147,549

Non-Controlling Interests in Subsidiaries

Less: Net income (loss) attributable to non-controlling interests

$ 9,242

$ 19,125

$ 37,859

$ 35,740

Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds

384

307

963

669

Non-Controlling Interests in Legacy Greenspring Entities

Performance fee-related compensation:

Unrealized

48,617

(13,723)

Less: Net income (loss) attributable to non-controlling interests

^[1]

1,313

(4,031)

4,695

(5,286)

Non-Controlling Interests in the Partnership

Less: Net income (loss) attributable to non-controlling interests

(259,946)

13,580

(287,068)

26,904

Management and advisory fees, net

Revenues

215,489

184,758

426,662

362,773

Performance fees

Revenues

238,736

86,919

391,850

95,305

Incentive fees

Revenues

Carried interest allocations

4,902

3,155

5,092

3,996

Revenues

206,691

69,847

319,978

86,481

Realized

Revenues

58,878

17,632

83,282

59,436

Unrealized

Revenues

Legacy Greenspring carried interest allocations

147,813

52,215

236,696

27,045

Revenues