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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Operating activities:    
Net income $ 88,163 $ 78,590
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,379 1,759
Change in deferred income taxes 7,197 18,945
Change in payable to related parties pursuant to tax receivable agreement 150 (9,134)
Equity-based compensation 5,244 4,777
Equity in income of investees (14,331) (10,096)
Gain on sale of investments valued under the measurement alternative (4,973) (11,133)
Proceeds received from investments 8,475 11,652
Other 598 (482)
Changes in operating assets and liabilities:    
Fees receivable 856 (2,029)
Prepaid expenses 126 (66)
Due from related parties (39) 728
Other assets 329 (262)
Accounts payable (108) 744
Accrued compensation and benefits 14,510 25,130
Deferred incentive fees 0 (2,541)
Other liabilities (521) 327
Net cash provided by operating activities 108,055 106,909
Investing activities:    
Purchase of furniture, fixtures and equipment (1,207) (4,758)
Purchase of other investments (3,967) 0
Proceeds from sales of investments valued under the measurement alternative 6,419 22,531
Loan to investee (157) (944)
Distributions received from investments 6,878 8,166
Contributions to investments (37,196) (30,642)
Net cash used in investing activities (29,230) (5,647)
Financing activities:    
Proceeds from offering 147,122 129,626
Purchase of membership interests (147,122) (129,626)
Repayments of debt (3,750) (1,875)
Draw-down on revolver 15,000 0
Repayment of revolver (15,000) (10,450)
Secured financing 15,750 0
Contributions from non-controlling interest in general partnerships 30 30
Distributions to non-controlling interest in general partnerships (898) (1,817)
Repurchase of Class B common stock (2) (2)
Repurchase of Class A shares for employee tax withholding (45) (174)
Proceeds received from issuance of shares under Employee Share Purchase Plan 885 0
Dividends paid (21,041) (13,351)
Members’ distributions paid (36,613) (41,878)
Net cash used in financing activities (45,684) (69,517)
Effect of exchange rate changes on cash and cash equivalents (37) 13
Increase in cash, cash equivalents, and restricted cash 33,104 31,758
Cash, cash equivalents, and restricted cash at beginning of the period 51,590 49,383
Cash, cash equivalents, and restricted cash at end of the period $ 84,694 $ 81,141