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Revenues | 6 Months Ended
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Sep. 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 September 30, |  | Six Months Ended September 30,
Management and Advisory Fees, Net | 2021 |  | 2020 |  | 2021 |  | 2020
Focused commingled funds | $ | 28,500 |  |  | $ | 30,821 |  |  | $ | 52,650 |  |  | $ | 50,674 |
SMAs | 42,510 |  |  | 31,229 |  |  | 83,115 |  |  | 61,951 |
Advisory and other services | 12,380 |  |  | 13,602 |  |  | 25,635 |  |  | 26,465 |
Fund reimbursement revenues | 193 |  |  | — |  |  | 244 |  |  | 62 |
Total management and advisory fees, net | $ | 83,583 |  |  | $ | 75,652 |  |  | $ | 161,644 |  |  | $ | 139,152 |
| Three Months Ended September 30, |  | Six Months Ended September 30,
Incentive Fees | 2021 |  | 2020 |  | 2021 |  | 2020
SMAs | $ | 1,793 |  |  | $ | 1,168 |  |  | $ | 5,905 |  |  | $ | 4,757 |
Focused commingled funds | 3 |  |  | 28 |  |  | 73 |  |  | 28 |
Total incentive fees | $ | 1,796 |  |  | $ | 1,196 |  |  | $ | 5,978 |  |  | $ | 4,785 |
| Three Months Ended September 30, |  | Six Months Ended September 30,
Carried Interest Allocations | 2021 |  | 2020 |  | 2021 |  | 2020
SMAs | $ | 129,829 |  |  | $ | 127,227 |  |  | $ | 302,622 |  |  | $ | 21,459 |
Focused commingled funds | 66,557 |  |  | 38,838 |  |  | 120,126 |  |  | 16,104 |
Total carried interest allocations | $ | 196,386 |  |  | $ | 166,065 |  |  | $ | 422,748 |  |  | $ | 37,563 |
| Three Months Ended September 30, |  | Six Months Ended September 30,
Legacy Greenspring Carried Interest Allocations | 2021 |  | 2020 |  | 2021 |  | 2020
SMAs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Focused commingled funds(1) | — |  |  | — |  |  | — |  |  | — |
Total legacy Greenspring carried interest allocations | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
_______________________________ (1)Reflects the net effect of gross realized carried interest allocations of $3.0 million and the reversal of such amounts in unrealized carried interest allocations for the period from September 20, 2021 to September 30, 2021. The increase in carried interest allocations for the three and six months ended September 30, 2021 and 2020 was primarily attributable to net unrealized appreciation 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 September 30, |  | Six Months Ended September 30,
Revenues(1) | 2021 |  | 2020 |  | 2021 |  | 2020
United States | $ | 60,985 |  |  | $ | 46,551 |  |  | $ | 111,640 |  |  | $ | 51,961 |
Non-U.S. countries | 220,780 |  |  | 196,362 |  |  | 478,730 |  |  | 129,539 |
_______________________________ (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 and six months ended September 30, 2021 and 2020, no individual client represented 10% or more of the Company’s management and advisory fees. As of September 30, 2021 and March 31, 2021, the Company had $20.3 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 six months ended September 30, 2021, the Company had recognized $0.3 million as revenue from amounts included in the deferred revenue balance as of March 31, 2021.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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