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Fair Value Measurements
 9 Months Ended
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 1Level 2Level 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 1Level 2Level 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 fundsDirect credit investmentsDirect equity investmentsTotal other investments
Balance as of September 30, 2023
$5,739 $— $6,634 $12,373 
Contributions152 — — 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 
Contributions152 — — 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 fundsDirect credit investmentsDirect equity investmentsTotal other investments
Balance as of September 30, 2022
$6,252 $768 $6,060 $13,080 
Contributions91 — — 91 
Distributions(38)— — (38)
Net gain417 18 386 821 
Balance as of December 31, 2022
$6,722 $786 $6,446 $13,954 
Private equity fundsDirect credit investmentsDirect equity investmentsTotal other investments
Balance as of March 31, 2022
$7,024 $774 $6,020 $13,818 
Contributions114 — — 114 
Distributions(893)— — (893)
Net gain477 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 
Contributions24,787 
Distributions(180)
Net income494 
Transfer in23,117 
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
FairValuationUnobservableWeighted
ValueMethodologyInputsRangeAverage
Other investments:
Private equity funds
$5,841 Adjusted net asset valueSelected market return6.7%-7.2%7.1%
Direct equity investments
$7,282 Market approachEBITDA 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.