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Investments | 12 Months Ended
--- | ---
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Investments | Investments The Company’s investments consist of equity method investments primarily related to (i) investments in the StepStone Funds for which it serves as general partner or managing member but does not have a controlling financial interest and (ii) investments of Consolidated Funds. The Company’s equity interest in its equity method investments in the StepStone Funds typically does not exceed 1% in each fund. The Company’s share of the underlying net income or loss attributable to its equity interest in the funds is recorded in investment income in the consolidated statements of income. Investment income attributable to the Consolidated Funds is recorded in investment income of Consolidated Funds. Investment income attributable to investments in certain legacy Greenspring funds for which the Company has no direct economic interests is recorded in legacy Greenspring investment income in the consolidated statements of income. Equity Method Investments The Company’s equity method investments consist of the following:
| As of March 31,
| 2024 |  | 2023
Investments in funds(1) | 135,043 |  |  | 115,187 |
Accrued carried interest allocations | 1,354,051 |  |  | 1,227,173 |
Legacy Greenspring investments in funds and accrued carried interest allocations(2) | 631,197 |  |  | 770,652 |
Total equity method investments | 2,120,291 |  |  | 2,113,012 |
_______________________________ (1)The Company’s investments in funds were $204.8 million and $147.5 million as of March 31, 2024 and 2023, 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 $147.0 million and $152.7 million and carried interest allocations of $484.2 million and $618.0 million as of March 31, 2024 and 2023, respectively. The Company recognized equity method income (loss) of the following:
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Carried interest allocations | $ | 176,309 |  |  | $ | (122,253) |  |  | $ | 786,569 |
Investment income (loss) | 7,452 |  |  | (2,509) |  |  | 26,160 |
Legacy Greenspring carried interest allocations | (75,157) |  |  | (452,163) |  |  | 187,106 |
Legacy Greenspring investment income (loss) | (9,087) |  |  | (44,075) |  |  | 32,586 |
Total equity method income (loss) | $ | 99,517 |  |  | $ | (621,000) |  |  | $ | 1,032,421 |
The increase in carried interest allocations for the year ended March 31, 2024 as compared to the prior year period was primarily attributable to unrealized appreciation in the fair value of the underlying investments in the Company’s private equity funds. See note 2 for a discussion of the Company’s accounting policy for investments on a three-month lag. The decrease in carried interest allocations for the year ended March 31, 2023 as compared to the prior year period was primarily attributable to unrealized depreciation in the fair value of the underlying investments in the Company’s private equity funds. See note 2 for a discussion of the Company’s accounting policy for investments on a three-month lag. As of March 31, 2024 and 2023, the Company’s investments in two SMAs each individually represented 10% or more of the total accrued carried interest allocations balance, and in the aggregate represented approximately 26% and 24%, respectively, of the total accrued carried interest allocations balance as of those dates. As of March 31, 2024 and 2023, the Company’s investments in three and two, respectively, commingled funds each individually represented 10% or more of the total legacy Greenspring accrued carried interest allocations balance, and in the aggregate represented approximately 36% and 24%, respectively, of the total legacy Greenspring accrued carried interest allocations balances as of those dates. Of the total accrued carried interest allocations balance as of March 31, 2024 and 2023, $719.5 million and $644.5 million, respectively, were payable to affiliates and are included in accrued carried interest-related compensation in the consolidated balance sheets. Of the total legacy Greenspring investments in funds and accrued carried interest allocations balance as of March 31, 2024 and 2023, $484.2 million and $618.0 million, respectively, were payable to employees who are considered affiliates of the Company and is included in legacy Greenspring accrued carried interest-related compensation in the consolidated balance sheets and $147.0 million and $152.7 million, respectively, are reflected as non-controlling interests in legacy Greenspring entities in the consolidated balance sheets. The Company evaluates each of its equity method investments to determine if any are considered significant as defined by the SEC. As of March 31, 2024 and 2023 and for the years ended March 31, 2024, 2023 and 2022, no individual equity method investment held by the Company met the significance criteria. As a result, the Company is not required to provide separate financial statements for any of its equity method investments. Summarized financial information for the Company’s equity method investments reflected below represents the financial position as of March 31, 2024 and 2023, and the results of operations for the years ended March 31, 2024, 2023 and 2022, which are reported on a three-month lag. Assets are primarily composed of the investments held by the StepStone Funds.
| As of March 31,
| 2024 |  | 2023
Assets | $ | 73,311,149 |  |  | $ | 65,536,494 |
Liabilities | 2,083,509 |  |  | 1,806,252 |
Equity | $ | 71,227,640 |  |  | $ | 63,730,242 |
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Investment income | $ | 131,521 |  |  | $ | 115,092 |  |  | $ | 84,279 |
Expenses | (631,707) |  |  | (446,413) |  |  | (382,704) |
Net realized and unrealized gain (loss) on investments | 3,121,627 |  |  | (4,966,901) |  |  | 16,868,454 |
Income tax expense | (28,979) |  |  | (12,261) |  |  | (10,875) |
Net income (loss) | $ | 2,592,462 |  |  | $ | (5,310,483) |  |  | $ | 16,559,154 |
Investments of Consolidated Funds The Company consolidates funds and entities when it is deemed to hold a controlling financial interest. The activity of the Consolidated Funds is reflected within the consolidated financial statements. Investments held by the Consolidated Funds are summarized below:
| Fair Value as of March 31, |  | Percentage of Total Investments as of March 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
Investments of Consolidated Funds: |  |  |  |  |  |  |
Equity securities (cost of $15.6 million and $— million as of March 31, 2024 and 2023, respectively) | $ | 17,028 |  |  | $ | — |  |  | 13 | % |  | — | %
Partnership and LLC interests (cost of $76.0 million and $21.3 million as of March 31, 2024 and 2023, respectively) | 114,830 |  |  | 30,595 |  |  | 87 | % |  | 100 | %
Total investments of Consolidated Funds | $ | 131,858 |  |  | $ | 30,595 |  |  | 100 | % |  | 100 | %
As of March 31, 2024 and 2023, no individual investment had a fair value greater than 5% of the Company’s total assets. The following table summarizes the net realized and unrealized gains (losses) from investment activities of the Consolidated Funds:
| Year Ended March 31,
| 2024 |  | 2023 |  | 2022
Investments of Consolidated Funds: |  |  |  |  |
Net realized gains on investments | $ | 2,325 |  |  | $ | 3 |  |  | $ | — |
Net unrealized gains on investments | 26,147 |  |  | 9,312 |  |  | — |

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 323 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481543/323-740-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org//323/tableOfContent + Details
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