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Fair Value Measurement (Tables) | 9 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Liabilities | The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level:
| As of December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | NAV(2) |  | Total
Financial assets: |  |  |  |  |  |  |  |  |
Fair value investments | $ | 5,447 |  |  | $ | — |  |  | $ | 13,123 |  |  | $ | — |  |  | $ | 18,570 |
Total financial assets | $ | 5,447 |  |  | $ | — |  |  | $ | 13,123 |  |  | $ | — |  |  | $ | 18,570 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Secured financing(1) | $ | — |  |  | $ | — |  |  | $ | 13,123 |  |  | $ | — |  |  | $ | 13,123 |
Total financial liabilities | $ | — |  |  | $ | — |  |  | $ | 13,123 |  |  | $ | — |  |  | $ | 13,123 |
| As of March 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | NAV(2) |  | Total
Financial assets: |  |  |  |  |  |  |  |  |
Fair value investments | $ | 7,358 |  |  | $ | — |  |  | $ | 14,228 |  |  | $ | — |  |  | $ | 21,586 |
Consolidated VIEs |  |  |  |  |  |  |  |  |
Fair value investments | — |  |  | — |  |  | 21,163 |  |  | 23,589 |  |  | 44,752 |
Total financial assets | $ | 7,358 |  |  | $ | — |  |  | $ | 35,391 |  |  | $ | 23,589 |  |  | $ | 66,338 |
Financial liabilities: |  |  |  |  |  |  |  |  |
Secured financing(1) | $ | — |  |  | $ | — |  |  | $ | 14,228 |  |  | $ | — |  |  | $ | 14,228 |
Total financial liabilities | $ | — |  |  | $ | — |  |  | $ | 14,228 |  |  | $ | — |  |  | $ | 14,228 |
(1) Secured financing is recorded within other liabilities in the Condensed Consolidated Balance Sheets. (2) Investments are recorded at estimated fair value based upon the net asset value of the fund utilizing the practical expedient under ASC 820, “Fair Value Measurement.” The fair value amounts presented in this column are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Note 4.
Schedule of Reconciliation of Other Investments | The following is a reconciliation of other investments for which significant unobservable inputs (Level 3) were used in determining fair value:
| Private equity funds |  | Direct credit investments |  | Direct equity investments |  |  |  | Total other investments
Balance as of September 30, 2023 | $ | 5,739 |  |  | $ | — |  |  | $ | 6,634 |  |  |  |  | $ | 12,373 |
Contributions | 152 |  |  | — |  |  | — |  |  |  |  | 152 |
Distributions | (39) |  |  | — |  |  | — |  |  |  |  | (39) |
Net (loss) gain | (11) |  |  | — |  |  | 648 |  |  |  |  | 637 |
Balance as of December 31, 2023 | $ | 5,841 |  |  | $ | — |  |  | $ | 7,282 |  |  |  |  | $ | 13,123 |
Balance as of March 31, 2023 | $ | 6,664 |  |  | $ | 790 |  |  | $ | 6,774 |  |  |  |  | $ | 14,228 |
Contributions | 152 |  |  | — |  |  | — |  |  |  |  | 152 |
Distributions | (229) |  |  | (798) |  |  | — |  |  |  |  | (1,027) |
Net (loss) gain | (746) |  |  | 8 |  |  | 508 |  |  |  |  | (230) |
Balance as of December 31, 2023 | $ | 5,841 |  |  | $ | — |  |  | $ | 7,282 |  |  |  |  | $ | 13,123 |
| Private equity funds |  | Direct credit investments |  | Direct equity investments |  | Total other investments
Balance as of September 30, 2022 | $ | 6,252 |  |  | $ | 768 |  |  | $ | 6,060 |  |  | $ | 13,080 |
Contributions | 91 |  |  | — |  |  | — |  |  | 91 |
Distributions | (38) |  |  | — |  |  | — |  |  | (38) |
Net gain | 417 |  |  | 18 |  |  | 386 |  |  | 821 |
Balance as of December 31, 2022 | $ | 6,722 |  |  | $ | 786 |  |  | $ | 6,446 |  |  | $ | 13,954 |
| Private equity funds |  | Direct credit investments |  | Direct equity investments |  | Total other investments
Balance as of March 31, 2022 | $ | 7,024 |  |  | $ | 774 |  |  | $ | 6,020 |  |  | $ | 13,818 |
Contributions | 114 |  |  | — |  |  | — |  |  | 114 |
Distributions | (893) |  |  | — |  |  | — |  |  | (893) |
Net gain | 477 |  |  | 12 |  |  | 426 |  |  | 915 |
Balance as of December 31, 2022 | $ | 6,722 |  |  | $ | 786 |  |  | $ | 6,446 |  |  | $ | 13,954 |
Schedule of Reconciliation of Investments Held by Consolidated Funds | The following is a reconciliation of investments held by our consolidated VIEs for which significant unobservable inputs (Level 3) were used in determining value:
| Direct credit investments
Balance as of September 30, 2023 | $ | 69,381 |
Contributions | — |
Distributions | — |
Net income | — |
Transfer in | — |
Transfer out due to deconsolidation | (69,381) |
Balance as of December 31, 2023 | $ | — |
| Direct credit investments
Balance as of March 31, 2023 | $ | 21,163 |
Contributions | 24,787 |
Distributions | (180) |
Net income | 494 |
Transfer in | 23,117 |
Transfer out due to deconsolidation | (69,381) |
Balance as of December 31, 2023 | $ | — |
Schedule of Assumptions Used | The valuation methodologies, significant unobservable inputs, range of inputs and the weighted average input determined based upon relative fair value of the investments used in recurring Level 3 fair value measurements of financial assets were as follows, as of December 31, 2023:
|  |  |  |  | Significant |  |  |  |  |  |
| Fair |  | Valuation |  | Unobservable |  |  |  |  |  | Weighted
| Value |  | Methodology |  | Inputs |  | Range |  | Average
Other investments: |  |  |  |  |  |  |  |  |  |  |
Private equity funds | $ | 5,841 |  |  | Adjusted net asset value |  | Selected market return |  | 6.7% | - | 7.2% |  | 7.1%
Direct equity investments | $ | 7,282 |  |  | Market approach |  | EBITDA multiple |  | 7.50x | - | 15.50x |  | 12.05x
For the significant unobservable inputs listed in the tables above: (1) a significant increase or decrease in the selected market return would result in a significantly higher or lower fair value measurement, respectively; and (2) a significant increase or decrease in the selected multiple would result in a significantly higher or lower fair value measurement, respectively.

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