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Revenues
 3 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount:
Three Months Ended June 30,
Management and Advisory Fees, Net20212020
Focused commingled funds$24,150 $19,853 
SMAs40,605 30,722 
Advisory and other services13,255 12,863 
Fund reimbursement revenues51 62 
Total management and advisory fees, net$78,061 $63,500 

Three Months Ended June 30,
Incentive Fees20212020
SMAs$4,112 $3,589 
Focused commingled funds70 — 
Total incentive fees$4,182 $3,589 

Three Months Ended June 30,
Carried Interest Allocation20212020
SMAs$172,793 $(105,768)
Focused commingled funds53,569 (22,734)
Total carried interest allocation$226,362 $(128,502)
The increase (decrease) in carried interest allocation for the three months ended June 30, 2021 and 2020 was primarily attributable to net unrealized appreciation or depreciation in the fair value of certain underlying fund investments. See note 2 for a discussion of the Company’s accounting policy for investments on a three-month lag.
The Company derives revenues from clients located in both the United States and other countries. The table below presents the Company’s revenues by geographic location:
Three Months Ended June 30,
Revenues(1)
20212020
United States$50,655 $5,410 
Non-U.S. countries257,950 (66,823)
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(1)Revenues are attributed to countries based on client location for SMAs and advisory and other services, or location of investment vehicle for focused commingled funds.
For the three months ended June 30, 2021 and 2020, no individual client represented 10% or more of the Company’s management and advisory fees.
As of June 30, 2021 and March 31, 2021, the Company had $21.2 million and $13.9 million, respectively, of deferred revenues, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. During the three months ended June 30, 2021, the Company had recognized $0.3 million as revenue from amounts included in the deferred revenue balance as of March 31, 2021.