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Investments | 3 Months Ended
--- | ---
Jun. 30, 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 condensed 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 condensed consolidated statements of income. Equity Method Investments The Company’s equity method investments consist of the following:
| As of
| June 30, 2024 |  | March 31, 2024
Investments in funds(1) | $ | 145,519 |  |  | $ | 135,043 |
Accrued carried interest allocations | 1,328,853 |  |  | 1,354,051 |
Legacy Greenspring investments in funds and accrued carried interest allocations(2) | 617,539 |  |  | 631,197 |
Total equity method investments | $ | 2,091,911 |  |  | $ | 2,120,291 |
_______________________________ (1)The Company’s investments in funds were $217.9 million and $204.8 million as of June 30, 2024 and March 31, 2024, respectively. The consolidation of the Consolidated Funds results in the elimination of the Company’s investments in such funds. (2)Reflects investments in funds of $147.5 million and $147.0 million and carried interest allocations of $470.0 million and $484.2 million as of June 30, 2024 and March 31, 2024, respectively. The Company recognized equity method income (loss) of the following:
| Three Months Ended June 30, |  |
| 2024 |  | 2023 |  |  |  |
Carried interest allocations | $ | 16,634 |  |  | $ | 63,837 |  |  |  |  |
Investment income | 2,595 |  |  | 3,086 |  |  |  |  |
Legacy Greenspring carried interest allocations | (9,089) |  |  | (23,947) |  |  |  |  |
Legacy Greenspring investment loss | (1,255) |  |  | (2,866) |  |  |  |  |
Total equity method income | $ | 8,885 |  |  | $ | 40,110 |  |  |  |  |
The decrease in carried interest allocations for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023 was primarily attributable to lower net 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. As of June 30, 2024 and March 31, 2024, the Company’s investments in one and two SMAs, respectively, each individually represented 10% or more of the total accrued carried interest allocations balance, and in the aggregate represented approximately 15% and 26%, respectively, of the total accrued carried interest allocations balance as of those dates. As of June 30, 2024 and March 31, 2024, the Company’s investments in three commingled funds each individually represented 10% or more of the total legacy Greenspring accrued carried interest allocations balance, and in the aggregate represented approximately 37% and 36%, 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 June 30, 2024 and March 31, 2024, $652.1 million and $719.5 million, respectively, were payable to affiliates and are included in accrued carried interest-related compensation in the condensed consolidated balance sheets. Of the total legacy Greenspring investments in funds and accrued carried interest allocations balance as of June 30, 2024 and March 31, 2024, $470.0 million and $484.2 million, respectively, were payable to employees who are considered affiliates of the Company and are included in legacy Greenspring accrued carried interest-related compensation in the condensed consolidated balance sheets and $147.5 million and $147.0 million, respectively, are reflected as non-controlling interests in legacy Greenspring entities in the condensed 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 June 30, 2024 and March 31, 2024 and for the three months ended June 30, 2024 and 2023, 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. 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 condensed consolidated financial statements. Investments held by the Consolidated Funds are summarized below:
| Fair Value as of |  | Percentage of Total Investments as of
| June 30, 2024 |  | March 31, 2024 |  | June 30, 2024 |  | March 31, 2024
Investments of Consolidated Funds: |  |  |  |  |  |  |
Equity securities (cost of $21.9 million and $15.6 million as of June 30, 2024 and March 31, 2024, respectively) | $ | 24,553 |  |  | $ | 17,028 |  |  | 16 | % |  | 13 | %
Partnership and LLC interests (cost of $93.3 million and $76.0 million as of June 30, 2024 and March 31, 2024, respectively) | 133,669 |  |  | 114,830 |  |  | 84 | % |  | 87 | %
Total investments of Consolidated Funds | $ | 158,222 |  |  | $ | 131,858 |  |  | 100 | % |  | 100 | %
As of June 30, 2024 and March 31, 2024, 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:
| Three Months Ended June 30, |  |
| 2024 |  | 2023 |  |  |  |
Investments of Consolidated Funds: |  |  |  |  |  |  |
Net realized gains on investments | $ | 327 |  |  | $ | — |  |  |  |  |
Net unrealized gains on investments | 7,308 |  |  | 2,362 |  |  |  |  |

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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/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: 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 3: 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 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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