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Fair Value Measurements | 9 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 5. Fair Value Measurements 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. 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 |
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 | $ | — |
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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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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