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Investments (Tables)

9 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments consist of the following:


	December 31,		March 31,
	2023		2023
Equity method investments in Partnerships	$	391,884	$	340,603
Other equity method investments	1,795		—
Fair value investments	18,570		21,586
Investments valued under the measurement alternative	175,522		168,732
Total Investments	$	587,771	$	530,921

Schedule of Variable Interest Entities

Investments of consolidated variable interest entities (“VIEs”) consist of the following:


	December 31,		March 31,
	2023		2023
Equity method investments in Partnerships	$	15,855	$	12,292
Fair value investments	—		44,752
Total Investments of Consolidated VIEs	$	15,855	$	57,044

The carrying value of assets and liabilities recognized in the Condensed Consolidated Balance Sheets related to the Company’s interests in these nonconsolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows:


	December 31,		March 31,
	2023		2023
Investments	$	199,101	$	199,858
Fees receivable	27,614		15,829
Due from related parties	3,043		1,960
Total VIE Assets	229,758		217,647
Less: Non-controlling interests	(1,647)		(1,665)
Maximum exposure to loss	$	228,111	$	215,982

Schedule of Equity Securities without Readily Determinable Fair Value


	Three Months Ended December 31,				Nine Months Ended December 31,
	2023		2022		2023		2022
Carrying amount beginning of the period	$	175,522	$	190,023	$	168,732	$	156,100
Adjustments related to equity investments:
Purchases	—		7,440		6,312		34,676
Sales / return of capital	—		—		(177)		—
Net unrealized gain (loss)1	—		(31,631)		1,177		(24,944)
Net realized loss	—		—		(522)		—

Carrying amount, end of period	$	175,522	$	165,832	$	175,522	$	165,832

(1) Net unrealized gain (loss) consists of fair value adjustments for observable price changes of identical or similar investments.

Schedule of Unrealized Gain (Loss) on Investments

The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses related to the Company’s investments under the measurement alternative:


	December 31,		March 31,
	2023		2023
Cumulative gross unrealized gains	$	70,235	$	69,058
Cumulative gross unrealized losses	$	(43,289)	$	(43,289)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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