StepStone Group Inc.

Previous wording

We are a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our clients. Our 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, which include high-net-worth and mass affluent individuals. We partner with our 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”). As of September 30, 2025, we were responsible for approximately $771 billion of total capital, including $209 billion of AUM and $562 billion of AUA.

Current wording

We are a global private markets investment firm focused on providing customized investment solutions and advisory and data services to our clients. Our 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, which include high-net-worth and mass affluent individuals. We partner with our 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”). As of December 31, 2025, we were responsible for approximately $811 billion of total capital, including $220 billion of AUM and $591 billion of AUA.

Previous wording

We are a global firm and believe that our multi-asset class expertise, local knowledge, business relationships, proprietary data and technology, and presence are all critical to securing a competitive edge in the private markets. We deploy a local staffing model, operating from 31 cities across 19 countries on five continents. Our offices are staffed by investment professionals who bring valuable regional insights and language proficiency to enhance existing client relationships and build new client relationships. Since our inception in 2007, we have invested and continue to invest heavily in our platforms to drive growth and expand our investment solutions capabilities and service offerings, including through opportunistic transactions that have helped accelerate the growth of our team and capabilities. As of September 30, 2025, we had over 1,240 total employees, including 420 investment professionals and over 820 employees across our operating team and implementation teams dedicated to sourcing, executing, analyzing and monitoring private markets opportunities.

Current wording

We are a global firm and believe that our multi-asset class expertise, local knowledge, business relationships, proprietary data and technology, and presence are all critical to securing a competitive edge in the private markets. We deploy a local staffing model, operating from 31 cities across 19 countries on five continents. Our offices are staffed by investment professionals who bring valuable regional insights and language proficiency to enhance existing client relationships and build new client relationships. Since our inception in 2007, we have invested and continue to invest heavily in our platforms to drive growth and expand our investment solutions capabilities and service offerings, including through opportunistic transactions that have helped accelerate the growth of our team and capabilities. As of December 31, 2025, we had over 1,275 total employees, including over 420 investment professionals and over 850 employees across our operating team and implementation teams dedicated to sourcing, executing, analyzing and monitoring private markets opportunities.

Previous wording

•Separately managed accounts (“SMAs”). Owned by one client and managed according to their specific preferences, SMAs integrate a combination of primaries, secondaries and co-investments across one or more asset classes. SMAs are meant to address clients’ specific portfolio objectives with respect to return, risk tolerance, diversification and liquidity. SMAs, including directly managed assets, comprised $125 billion of our AUM as of September 30, 2025.

Current wording

•Separately managed accounts (“SMAs”). Owned by one client and managed according to their specific preferences, SMAs integrate a combination of primaries, secondaries and co-investments across one or more asset classes. SMAs are meant to address clients’ specific portfolio objectives with respect to return, risk tolerance, diversification and liquidity. SMAs, including directly managed assets, comprised $130 billion of our AUM as of December 31, 2025.

Previous wording

•Focused commingled funds. Owned by multiple clients, our focused commingled funds deploy capital in specific asset classes with defined investment strategies. Focused commingled funds comprised $68 billion of our AUM as of September 30, 2025.

Current wording

•Focused commingled funds. Owned by multiple clients, our focused commingled funds deploy capital in specific asset classes with defined investment strategies. Focused commingled funds comprised $73 billion of our AUM as of December 31, 2025.

Previous wording

•Advisory and data services. These services include one or more of the following for our clients: (i) recurring support of portfolio construction and design; (ii) discrete or project-based due diligence, advice and investment recommendations; (iii) detailed review of existing private markets investments, including portfolio-level repositioning recommendations where appropriate; (iv) consulting on investment pacing, policies, strategic plans, and asset allocation to investment boards and committees; and (v) licensed access to our proprietary data and technology platforms, including StepStone Private Markets Intelligence (“SPI”) Research and our other proprietary tools. Advisory relationships comprised$562 billion of our AUA and $16 billion of our AUM as of September 30, 2025.

Current wording

•Advisory and data services. These services include one or more of the following for our clients: (i) recurring support of portfolio construction and design; (ii) discrete or project-based due diligence, advice and investment recommendations; (iii) detailed review of existing private markets investments, including portfolio-level repositioning recommendations where appropriate; (iv) consulting on investment pacing, policies, strategic plans, and asset allocation to investment boards and committees; and (v) licensed access to our proprietary data and technology platforms, including StepStone Private Markets Intelligence (“SPI”) Research and our other proprietary tools. Advisory relationships comprised$591 billion of our AUA and $16 billion of our AUM as of December 31, 2025.

Previous wording

•Portfolio analytics and reporting. We provide clients with tailored reporting packages, including customized performance benchmarks as well as associated compliance, administrative and tax capabilities. Mandates for portfolio analytics and reporting services typically include licensed access to our proprietary performance monitoring software, SPI Reporting. We provided portfolio analytics and reporting on over $829 billion of client commitments through SPI Reporting as of September 30, 2025.

Current wording

•Portfolio analytics and reporting. We provide clients with tailored reporting packages, including customized performance benchmarks as well as associated compliance, administrative and tax capabilities. Mandates for portfolio analytics and reporting services typically include licensed access to our proprietary performance monitoring software, SPI Reporting. We provided portfolio analytics and reporting on over $871 billion of client commitments through SPI Reporting as of December 31, 2025.

Previous wording

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.

Current wording

In the second half of 2025, financial markets continued to experience 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 elevated levels of inflation, slowing global growth and elevated long-term rates, unemployment has remained low, and the U.S. economy has continued to grow throughout calendar year 2025.

Previous wording

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 our income tax provision for the three and six months ended September 30, 2025 and did not have a significant impact on our condensed consolidated financial statements. We will continue to evaluate the effect of the new legislation but do not expect the legislation to have a significant effect on the condensed consolidated financial statements for the full year ending March 31, 2026.

Current wording

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 our income tax provision for the three and nine months ended December 31, 2025 and did not have a significant impact on our condensed consolidated financial statements. We will continue to evaluate the effect of the new legislation but do not expect the legislation to have a significant effect on the condensed consolidated financial statements for the full year ending March 31, 2026.

Previous wording

We are 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 on our business. Our 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 our condensed consolidated financial statements. See “Risk Factors—Risks Related to Our Industry—Difficult or volatile market and political conditions can adversely affect our business by reducing the market value of the assets we manage, causing our clients to reduce their investments in private markets, reducing the number of high-quality investment managers with whom we may invest, and reducing the ability of our funds to raise or deploy capital” and “Risk Factors—Banking system volatility may adversely affect the results and financial condition of the StepStone Funds or StepStone generally” included in our annual report on Form 10-K for the fiscal year ended March 31, 2025.

Current wording

We are 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, Europe and the Middle East, and assess the impact on financial markets and on our business. Our 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, the overall economy and our condensed consolidated financial statements. See “Risk Factors—Risks Related to Our Industry—Difficult or volatile market and political conditions can adversely affect our business by reducing the market value of the assets we manage, causing our clients to reduce their investments in private markets, reducing the number of high-quality investment managers with whom we may invest, and reducing the ability of our funds to raise or deploy capital” and “Risk Factors—Banking system volatility may adversely affect the results and financial condition of the StepStone Funds or StepStone generally” included in our annual report on Form 10-K for the fiscal year ended March 31, 2025.

Previous wording

•Management fees from focused commingled funds are generally based on a specified fee rate applied against client capital commitments during a defined investment or commitment period. Thereafter, management fees are typically calculated based on a contractual rate applied against net invested capital, or a stepped-down fee rate applied against the initial commitment. The weighted-average management fee rate from focused commingled funds was approximately 1.03% and 1.00% of average FEAUM for the twelve months ended September 30, 2024 and 2025, respectively, and primarily reflected the timing of new funds and growth in our private wealth funds which earn higher fee rates.

Current wording

•Management fees from focused commingled funds are generally based on a specified fee rate applied against client capital commitments during a defined investment or commitment period. Thereafter, management fees are typically calculated based on a contractual rate applied against net invested capital, or a stepped-down fee rate applied against the initial commitment. The weighted-average management fee rate from focused commingled funds was approximately 1.03% and 1.01% of average FEAUM for the twelve months ended December 31, 2024 and 2025, respectively, and primarily reflected the timing of new funds and growth in our private wealth funds which earn higher fee rates.

Previous wording

•The weighted-average management fee rate across SMAs and focused commingled funds was approximately 0.63% and 0.63% of average FEAUM for the twelve months ended September 30, 2024 and 2025, respectively, and primarily reflected the timing of new funds, shifts in mix between SMAs and focused commingled funds and growth in our private wealth funds which earn higher fee rates.

Current wording

•The weighted-average management fee rate across SMAs and focused commingled funds was approximately 0.64% and 0.63% of average FEAUM for the twelve months ended December 31, 2024 and 2025, respectively, and primarily reflected the timing of new funds, shifts in mix between SMAs and focused commingled funds and growth in our private wealth funds which earn higher fee rates.

Previous wording

We earn two types of performance fee revenues: incentive fees and carried interest allocations, as described below. As of September 30, 2025, we had over $100 billion of performance fee-eligible capital (excluding certain legacy Greenspring funds) across over 225 programs.

Current wording

We earn two types of performance fee revenues: incentive fees and carried interest allocations, as described below. As of December 31, 2025, we had over $105 billion of performance fee-eligible capital (excluding certain legacy Greenspring funds) across over 225 programs.

Previous wording

Total revenues increased $360.4 million, or 79%, to $818.5 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024. The overall increase was driven by higher carried interest allocations, higher management and advisory fees, net, higher legacy Greenspring carried interest allocations, and higher incentive fees, in each case, as described below.

Current wording

Total revenues increased $247.5 million, or 73%, to $586.5 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024. The overall increase was driven by higher incentive fees, higher management and advisory fees, net, and higher carried interest allocations, partially offset by a reversal of legacy Greenspring carried interest allocations in the current period as compared to positive legacy Greenspring carried interest allocations in the prior year period, in each case, as described below.

Previous wording

Management and advisory fees, net increased $30.7 million, or 17%, to $215.5 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The increase was driven by new client activity and 27% growth in average FEAUM across the platform. The three months ended September 30, 2025 included retroactive fees of $0.3 million from the closings of StepStone’s infrastructure secondaries and micro venture capital primaries funds. The three months ended September 30, 2024 included retroactive fees of $14.9 million from the closings of StepStone’s Secondary Opportunities V, Real Estate Partners V, and Infrastructure Co-Investment Partners 2022 funds.

Current wording

Management and advisory fees, net increased $49.1 million, or 26%, to $239.9 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024. The increase was driven by new client activity, 24% growth in average FEAUM across the platform and higher income-based incentive fees. The three months ended December 31, 2025 included retroactive fees of $1.1 million from the closings of StepStone’s infrastructure secondaries and multi-strategy global venture capital funds. The three months ended December 31, 2024 included retroactive fees of $9.7 million from the closings of StepStone’s Real Estate Partners V, Tactical Growth Fund IV and Infrastructure Co-Investment Partners 2022 funds.

Previous wording

Incentive fees increased $1.7 million, or 55%, to $4.9 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, largely due to higher realization activity and higher incentive fees generated by certain private wealth funds.

Current wording

Incentive fees increased $185.6 million, or 830%, to $208.0 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, largely due to higher incentive fees generated by StepStone’s Private Venture and Growth Fund (“SPRING”).

Previous wording

Realized carried interest allocation revenues increased $41.2 million, or 234%, to $58.9 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, reflecting higher realization activity within our private equity funds. Unrealized carried interest allocation revenues include the reversal of realized carried interest allocation revenues. Excluding the reversal of $58.9 million, unrealized carried interest allocation revenues increased $136.8 million, or 196%, to $206.7 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The increase in unrealized carried interest allocations for the three months ended September 30, 2025 primarily reflected a higher net increase in the cumulative allocation of gains associated with the underlying portfolios within our private equity funds.

Current wording

Realized carried interest allocation revenues increased $22.4 million, or 92%, to $46.7 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, reflecting higher realization activity within our private equity funds. Unrealized carried interest allocation revenues include the reversal of realized carried interest allocation revenues. Excluding the reversal of $46.7 million, unrealized carried interest allocation revenues increased $31.1 million, or 26%, to $148.7 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024. The increase in unrealized carried interest allocations for the three months ended December 31, 2025 primarily reflected a higher net increase in the cumulative allocation of gains associated with the underlying portfolios within our private equity and infrastructure funds.

Previous wording

Legacy Greenspring carried interest allocation revenues increased $13.2 million, or 95%, to $27.1 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024 as a result of higher net unrealized appreciation in the fair value of certain underlying fund investments in the current year period as compared to the prior year period. The three months ended September 30, 2025 reflect gross realized carried interest allocations of $13.3 million and unrealized carried interest allocations, net of the reversal of realized carried interest allocations, of $13.8 million. The three months ended September 30, 2024 reflect gross realized carried interest allocations of $11.9 million and unrealized carried interest allocations, net of the reversal of realized carried interest allocations, of $2.0 million.

Current wording

Legacy Greenspring carried interest allocation revenues decreased $18.3 million to $(10.1) million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024 as a result of net unrealized depreciation in the fair value of certain underlying fund investments in the current year period as compared to net unrealized appreciation in the prior year period. The three months ended December 31, 2025 reflect gross realized carried interest allocations of $0.3 million and unrealized carried interest allocations, net of the reversal of realized carried interest allocations, of $(10.3) million. The three months ended December 31, 2024 reflect gross realized carried interest allocations of $38.3 million and unrealized carried interest allocations, net of the reversal of realized carried interest allocations, of $(30.1) million.

Previous wording

Total revenues increased $182.5 million, or 67%, to $454.2 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The overall increase was driven by higher carried interest allocations, higher management and advisory fees, net, higher legacy Greenspring carried interest allocations, and higher incentive fees, in each case, as described below.

Current wording

Total revenues increased $607.9 million, or 76%, to $1,405.0 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024. The overall increase was driven by higher carried interest allocations, higher incentive fees, higher management and advisory fees, net, and higher legacy Greenspring carried interest allocations, in each case, as described below.

Previous wording

Management and advisory fees, net increased $63.9 million, or 18%, to $426.7 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024. The increase was driven by new client activity and 28% growth in average FEAUM across the platform. The six months ended September 30, 2025 included retroactive fees of $3.1 million from the closings of StepStone’s Real Estate Partners V, infrastructure secondaries, and micro venture capital primaries funds. The six months ended September 30, 2024 included retroactive fees of $31.5 million from the closings of StepStone’s Secondary Opportunities V, Real Estate Partners V, Infrastructure Co-Investment Partners 2022, and VC Global Partners XI funds.

Current wording

Management and advisory fees, net increased $113.0 million, or 20%, to $666.6 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024. The increase was driven by new client activity, 26% growth in average FEAUM across the platform and higher income-based incentive fees. The nine months ended December 31, 2025 included retroactive fees of $3.5 million from the closings of StepStone’s Real Estate Partners V, infrastructure secondaries and multi-strategy global venture capital funds. The nine months ended December 31, 2024 included retroactive fees of $36.8 million from the closings of StepStone’s Secondary Opportunities V, Real Estate Partners V, Infrastructure Co-Investment Partners 2022, Tactical Growth Fund IV and VC Global Partners XI funds.

Previous wording

Incentive fees increased $1.1 million, or 27%, to $5.1 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024, largely due to higher realization activity and higher incentive fees generated by certain private wealth funds.

Current wording

Incentive fees increased $186.7 million, or 708%, to $213.0 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024, largely due to higher incentive fees generated by SPRING.

Previous wording

Realized carried interest allocation revenues increased $23.8 million, or 40%, to $83.3 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024, reflecting higher realization activity within our private equity funds. Unrealized carried interest allocation revenues include the reversal of realized carried interest allocation revenues. Excluding the reversal of $83.3 million, unrealized carried interest allocation revenues increased $233.5 million, or 270%, to $320.0 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024. The increase in unrealized carried interest allocations for the six months ended September 30, 2025 primarily reflected a higher net increase in the cumulative allocation of gains associated with the underlying portfolios within our private equity funds.

Current wording

Realized carried interest allocation revenues increased $46.3 million, or 55%, to $130.0 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024, reflecting higher realization activity within our private equity funds. Unrealized carried interest allocation revenues include the reversal of realized carried interest allocation revenues. Excluding the reversal of $130.0 million, unrealized carried interest allocation revenues increased $264.6 million, or 130%, to $468.7 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024. The increase in unrealized carried interest allocations for the nine months ended December 31, 2025 primarily reflected a higher net increase in the cumulative allocation of gains associated with the underlying portfolios within our private equity funds.

Previous wording

Legacy Greenspring carried interest allocation revenues increased $62.0 million to $66.8 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024 as a result of higher net unrealized appreciation in the fair value of certain underlying fund investments in the current year period as compared to the prior year period. The six months ended September 30, 2025 reflect gross realized carried interest allocations of $18.2 million and unrealized carried interest allocations, net of the reversal of realized carried interest allocations, of $48.6 million. The six months ended September 30, 2024 reflect gross realized carried interest allocations of $18.6 million and unrealized carried interest allocations, net of the reversal of realized carried interest allocations, of $(13.7) million.

Current wording

Legacy Greenspring carried interest allocation revenues increased $43.7 million, or 335%, to $56.7 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024 as a result of higher net unrealized appreciation in the fair value of certain underlying fund investments in the current year period as compared to the prior year period. The nine months ended December 31, 2025 reflect gross realized carried interest allocations of $18.4 million and unrealized carried interest allocations, net of the reversal of realized carried interest allocations, of $38.3 million. The nine months ended December 31, 2024 reflect gross realized carried interest allocations of $56.8 million and unrealized carried interest allocations, net of the reversal of realized carried interest allocations, of $(43.8) million.

Previous wording

Total expenses increased $956.3 million, or 433%, to $1,177.0 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The overall increase resulted from increases in equity-based compensation, performance fee-related compensation, cash-based compensation and legacy Greenspring performance fee-related compensation, partially offset by lower general, administrative and other expenses, in each case, as described below.

Current wording

Total expenses increased $109.7 million, or 16%, to $807.8 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024. The overall increase resulted from increases in performance fee-related compensation, cash-based compensation, and general, administrative and other expenses, partially offset by decreases in legacy Greenspring performance fee-related compensation and equity-based compensation, in each case, as described below.

Previous wording

Cash-based compensation increased $17.5 million, or 21%, to $100.3 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, due to 16% higher average headcount and increased compensation levels from merit increases in the current year period as compared to the prior year period.

Current wording

Cash-based compensation increased $21.9 million, or 26%, to $107.1 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, due to 18% higher average headcount, increased compensation levels from merit increases and higher income-based incentive fee compensation in the current year period as compared to the prior year period.

Previous wording

Equity-based compensation increased $847.1 million to $884.5 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The increase was primarily attributable to an $847.7 million increase in expenses for liability classified awards related to the profits interest issued in SPW in the current year period as compared to the prior year period, and restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) granted in the current year period with no comparable expense for these grants in the prior year period. These increases were partially offset by a decrease of $2.5 million in expense due to the final vesting of RSUs issued in connection with our IPO. We expect that there may be additional significant increases in equity-based compensation in future periods due to further increases in the fair value of liability classified awards, which is driven by the performance of SPW. SPW generated profitability in fiscal 2025 and in fiscal 2026 to date, and we expect that there will be an increase in the profitability generated by SPW in the future which would increase the fair value of the associated liability for the profits interest issued in SPW. As of September 30, 2025 and March 31, 2025, we had recognized $1,712.9 million and $663.9 million, respectively, for liability classified awards within accrued compensation and benefits in the condensed consolidated balance sheets.

Current wording

Equity-based compensation decreased $17.6 million, or 4%, to $468.8 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024. The decrease was primarily attributable to a $19.8 million decrease in expenses for liability classified awards related to the profits interest issued in SPW in the current year period as compared to the prior year period, partially offset by increases in expenses for restricted stock units (“RSUs”) and performance-based RSUs (“PRSUs”) granted in the current year period with no comparable expense for these grants in the prior year period. We expect that there may be additional significant increases in equity-based compensation in future periods due to further increases in the fair value of liability classified awards, which is driven by the performance of SPW. SPW generated profitability in fiscal 2025 and in fiscal 2026 to date, and we expect that there will be an increase in the profitability generated by SPW in the future which would increase the fair value of the associated liability for the profits interest issued in SPW. As of December 31, 2025 and March 31, 2025, we had recognized $2,165.6 million and $663.9 million, respectively, for liability classified awards within accrued compensation and benefits in the condensed consolidated balance sheets.

Previous wording

Total performance fee-related compensation expense increased $83.2 million, or 228%, to $119.7 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily reflecting the increase in carried interest allocation revenue. Realized performance fee-related compensation increased $22.2 million, or 254%, to $31.0 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily reflecting higher realization activity.

Current wording

Total performance fee-related compensation expense increased $116.1 million, or 155%, to $191.3 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, primarily reflecting the increase in carried interest allocation and incentive fee revenues. Realized performance fee-related compensation increased $96.7 million, or 380%, to $122.2 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, primarily reflecting higher realization activity and higher incentive fees from SPRING.

Previous wording

Legacy Greenspring performance fee-related compensation expense increased $13.2 million, or 95%, to $27.1 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The three months ended September 30, 2025 reflect gross realized performance fee-related compensation expense of $13.3 million and unrealized performance fee-related compensation expense, net of the reversal of realized performance fee-related compensation expense, of $13.8 million. The three months ended September 30, 2024 reflect gross realized performance fee-related compensation expense of $11.9 million and unrealized performance fee-related compensation expense, net of the reversal of realized performance fee-related compensation expense, of $2.0 million.

Current wording

Legacy Greenspring performance fee-related compensation expense decreased $18.3 million to $(10.1) million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024. The three months ended December 31, 2025 reflect gross realized performance fee-related compensation expense of $0.3 million and unrealized performance fee-related compensation expense, net of the reversal of realized performance fee-related compensation expense, of $(10.3) million. The three months ended December 31, 2024 reflect gross realized performance fee-related compensation expense of $38.3 million and unrealized performance fee-related compensation expense, net of the reversal of realized performance fee-related compensation expense, of $(30.1) million.

Previous wording

General, administrative and other expenses decreased $4.8 million, or 10%, to $45.3 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The overall decrease primarily reflected a $10.8 million lower expense for change in fair value for contingent consideration obligation as compared to the prior period, partially offset by increases of $1.8 million in marketing and conference expenses, $1.2 million in travel and associated costs for investment evaluation and client service, $1.0 million in professional fees and other general operating expenses.

Current wording

General, administrative and other expenses increased $7.5 million, or 17%, to $50.6 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024. The overall increase primarily reflected $2.4 million in travel and associated costs for investment evaluation and client service, $2.0 million in marketing and conference expenses, $1.8 million in information and technology expense, $1.2 million in professional fees, $1.0 million in platform fees, $1.0 million in human resources and recruiting expenses and other general operating expenses, partially offset by a $2.4 million lower expense for change in fair value for contingent consideration obligation as compared to the prior period.

Previous wording

Total expenses increased $1,240.3 million, or 345%, to $1,600.3 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024. The overall increase resulted from increases in equity-based compensation, performance fee-related compensation, legacy Greenspring performance fee-related compensation, and cash-based compensation, partially offset by lower general, administrative and other expenses, in each case, as described below.

Current wording

Total expenses increased $1,350.0 million, or 128%, to $2,408.1 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024. The overall increase resulted from increases in equity-based compensation, performance fee-related compensation, cash-based compensation, legacy Greenspring performance fee-related compensation, and general, administrative and other expenses, in each case, as described below.

Previous wording

Cash-based compensation increased $35.2 million, or 22%, to $196.3 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024, due to 13% higher average headcount and increased compensation levels from merit increases in the current year period as compared to the prior year period.

Current wording

Cash-based compensation increased $57.1 million, or 23%, to $303.4 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024, due to 16% higher average headcount, increased compensation levels from merit increases and higher income-based incentive fee compensation in the current year period as compared to the prior year period.

Previous wording

Equity-based compensation increased $1,016.7 million to $1,073.2 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024. The increase was primarily attributable to a $1,018.2 million increase in expenses for liability classified awards related to the profits interest issued in SPW in the current year period as compared to the prior year period, and RSUs and PRSUs granted in the current year period with no comparable expense for these grants in the prior year period. These increases were partially offset by a decrease of $5.0 million in expense due to the final vesting of RSUs issued in connection with our IPO.

Current wording

Equity-based compensation increased $999.1 million, or 184%, to $1,542.0 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024. The increase was primarily attributable to a $998.4 million increase in expenses for liability classified awards related to the profits interest issued in SPW in the current year period as compared to the prior year period, and RSUs and PRSUs granted in the current year period with no comparable expense for these grants in the prior year period. These increases were partially offset by a decrease of $5.0 million in expense due to the final vesting of RSUs issued in connection with our IPO.

Previous wording

Total performance fee-related compensation expense increased $129.3 million, or 279%, to $175.8 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024, primarily reflecting the increase in carried interest allocation revenue. Realized performance fee-related compensation increased $13.1 million, or 44%, to $42.7 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024, primarily reflecting higher realization activity.

Current wording

Total performance fee-related compensation expense increased $245.5 million, or 202%, to $367.0 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024, primarily reflecting the increase in carried interest allocation and incentive fee revenues. Realized performance fee-related compensation increased $109.8 million, or 199%, to $164.9 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024, primarily reflecting higher realization activity and higher incentive fees from SPRING.

Previous wording

Legacy Greenspring performance fee-related compensation expense increased $62.0 million to $66.8 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024. The six months ended September 30, 2025 reflect gross realized performance fee-related compensation expense of $18.2 million and unrealized performance fee-related compensation expense, net of the reversal of realized performance fee-related compensation expense, of $48.6 million. The six months ended September 30, 2024 reflect gross realized performance fee-related compensation expense of $18.6 million and unrealized performance fee-related compensation expense, net of the reversal of realized performance fee-related compensation expense, of $(13.7) million.

Current wording

Legacy Greenspring performance fee-related compensation expense increased $43.7 million, or 335%, to $56.7 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024. The nine months ended December 31, 2025 reflect gross realized performance fee-related compensation expense of $18.4 million and unrealized performance fee-related compensation expense, net of the reversal of realized performance fee-related compensation expense, of $38.3 million. The nine months ended December 31, 2024 reflect gross realized performance fee-related compensation expense of $56.8 million and unrealized performance fee-related compensation expense, net of the reversal of realized performance fee-related compensation expense, of $(43.8) million.

Previous wording

General, administrative and other expenses decreased $2.9 million, or 3%, to $88.2 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024. The overall decrease primarily reflected a $13.7 million lower expense for change in fair value for contingent consideration obligation as compared to the prior period, partially offset by increases of $3.0 million in professional fees, $2.4 million in marketing and conference expenses, $1.5 million in travel and associated costs for investment evaluation and client service, $0.9 million in information and technology expenses and other general operating expenses.

Current wording

General, administrative and other expenses increased $4.6 million, or 3%, to $138.8 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024. The overall increase primarily reflected $4.2 million in professional fees, $4.0 million in travel and associated costs for investment evaluation and client service, $3.3 million in marketing and conference expenses, $2.6 million in information and technology expense, $2.1 million in platform fees, $1.3 million in occupancy costs and other general operating expenses, partially offset by a $16.1 million lower expense for change in fair value for contingent consideration obligation as compared to the prior period.

Previous wording

Investment income increased $4.7 million, or 100%, to $9.3 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024, primarily reflecting overall changes in the valuations of the underlying investments in StepStone Funds.

Current wording

Investment income increased $8.8 million, or 824%, to $9.8 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, primarily reflecting overall changes in the valuations of the underlying investments in StepStone Funds.

Previous wording

Legacy Greenspring investment loss decreased $5.3 million to income of $1.3 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The three months ended September 30, 2025 reflect gross realized investment income of $0.8 million and unrealized investment income, net of the reversal of realized investment income, of $0.5 million. The three months ended September 30, 2024 reflect gross realized investment income of $2.0 million and unrealized investment loss, net of the reversal of realized investment income, of $6.0 million.

Current wording

Legacy Greenspring investment income decreased $1.7 million to loss of $0.5 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024. The three months ended December 31, 2025 reflect gross realized investment income of $38 thousand and unrealized investment loss, net of the reversal of realized investment income, of $0.6 million. The three months ended December 31, 2024 reflect gross realized investment income of $3.9 million and unrealized investment loss, net of the reversal of realized investment income, of $2.8 million.

Previous wording

Investment income of Consolidated Funds increased $37.8 million, or 461%, to $46.0 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily reflecting overall changes in the valuations of the underlying investments of the Consolidated Funds on higher investment balances during the current year period as compared with the prior year period.

Current wording

Investment income of Consolidated Funds increased $6.2 million, or 42%, to $21.3 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, primarily reflecting overall changes in the valuations of the underlying investments of the Consolidated Funds.

Previous wording

Interest income increased $0.6 million, or 13%, to $5.7 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024, primarily due to higher average cash and cash equivalent balances during the current year period as compared with the prior year period. Interest income attributable to Consolidated Funds was $2.3 million in the current year and prior year periods.

Current wording

Interest income decreased $0.1 million, or 4%, to $2.5 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024, primarily due to the impact of deconsolidation of one of the Consolidated Funds during the current year period, partially offset by higher average cash and cash equivalent balances during the current year period as compared with the prior year period. Interest income attributable to Consolidated Funds was $4 thousand in the current year period as compared to $0.9 million in the prior year period.

Previous wording

Interest expense increased $0.9 million, or 26%, to $4.4 million for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024. The increase was due to higher average outstanding debt balances during the current year period as compared with the prior year period, partially offset by the lower interest rate on the Notes for the current year period.

Current wording

Interest expense increased $2.1 million, or 70%, to $5.1 million for the three months ended December 31, 2025 as compared to the three months ended December 31, 2024. The increase was due to higher average outstanding debt balances during the current year period as compared with the prior year period, partially offset by the lower interest rate on the Notes for the current year period.

Previous wording

Legacy Greenspring investment loss decreased $10.0 million to income of $4.7 million for the six months ended September 30, 2025 as compared to the six months ended September 30, 2024. The six months ended September 30, 2025 reflect gross realized investment income of $2.5 million and unrealized investment income, net of the reversal of realized investment income, of $2.2 million. The six months ended September 30, 2024 reflected gross realized investment income of $2.9 million and unrealized investment loss, net of the reversal of realized investment income, of $8.1 million.

Current wording

Legacy Greenspring investment loss decreased $8.3 million to income of $4.2 million for the nine months ended December 31, 2025 as compared to the nine months ended December 31, 2024. The nine months ended December 31, 2025 reflect gross realized investment income of $2.6 million and unrealized investment income, net of the reversal of realized investment income, of $1.6 million. The nine months ended December 31, 2024 reflected gross realized investment income of $6.8 million and unrealized investment loss, net of the reversal of realized investment income, of $10.9 million.