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Related-Party Transactions
9 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Related-Party Transactions Related-Party Transactions
The Company has investment management agreements with various specialized funds and customized separate accounts that it manages. The Company earned management and advisory fees from Partnerships of $39,141 and $117,941 for the three and nine months ended December 31, 2019, respectively, and $33,724 and $97,168 for the three and nine months ended December 31, 2018, respectively. The Company earned incentive fees from Partnerships of $5,731 and $14,850 for the three and nine months ended December 31, 2019, respectively, and $10,267 and $24,857 for the three and nine months ended December 31, 2018, respectively.

The Company entered into a service agreement on June 1, 2017 with its joint venture pursuant to which it had expenses of $1,261 and $4,006 for the three and nine months ended December 31, 2019, respectively, and $1,277 and $3,725 for the three and nine months ended December 31, 2018, respectively, that are included in general, administrative and other expenses in the Condensed Consolidated Statements of Income. The Company also has a payable to the joint venture of $423 and $450 as of December 31, 2019 and March 31, 2019, respectively, which is included in other liabilities in the Condensed Consolidated Balance Sheets.

The Company holds a convertible promissory note (the “Note”) issued by one of the Company’s equity method investees. The Note contains an option for the outstanding principal and any accrued interest to be converted to shares of the issuer under certain conditions. The carrying value of the Note was $877 and $678 as of December 31, 2019 and March 31, 2019, respectively, and is recorded in other assets in the Condensed Consolidated Balance Sheets.
Due from related parties in the Condensed Consolidated Balance Sheets consists primarily of advances made on behalf of the Partnerships for the payment of certain operating costs and expenses, for which the Company is subsequently reimbursed, and refundable tax distributions made to members.

Fees receivable from the Partnerships were $3,668 and $8,927 as of December 31, 2019 and March 31, 2019, respectively, and are included in fees receivable in the Condensed Consolidated Balance Sheets.

In connection with HLA’s acquisition of Real Asset Portfolio Management LLC (“RAPM”) in 2017, the Company paid the remaining 50% of contingent compensation due to the former principals of RAPM, who are employees of the Company, during the nine months ended December 31, 2019. Such compensation was paid $3,824 in cash and $425 by issuing Class A common stock.