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Fair Value Measurements | 12 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The Company measures certain assets and liabilities at fair value on a recurring basis. The following tables provide details regarding the classification of these assets and liabilities within the fair value hierarchy as of the dates presented: Financial Instruments of the Company
| As of March 31, 2024
| Level I |  | Level II |  | Level III |  | Total
Liabilities |  |  |  |  |  |  |
Contingent consideration obligations | $ | — |  |  | $ | — |  |  | $ | 53,449 |  |  | $ | 53,449 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 53,449 |  |  | $ | 53,449 |
| As of March 31, 2023
| Level I |  | Level II |  | Level III |  | Total
Liabilities |  |  |  |  |  |  |
Contingent consideration obligations | $ | — |  |  | $ | — |  |  | $ | 36,745 |  |  | $ | 36,745 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 36,745 |  |  | $ | 36,745 |
For the financial instruments presented in the tables above, there were no changes in fair value hierarchy levels during the years ended March 31, 2024 and 2023. A reconciliation from the beginning balance to the closing balance of Level III financial instruments of the Company are set forth below:
| Year Ended March 31,
Contingent consideration obligations | 2024 |  | 2023
Balance, beginning of year: | $ | 36,745 |  |  |  |  |  |  | $ | 28,025 |  |  |  |  |
Additions | 41 |  |  |  |  |  |  | — |  |  |  |  |
Change in fair value | 16,809 |  |  |  |  |  |  | 9,361 |  |  |  |  |
Settlements | (146) |  |  |  |  |  |  | (641) |  |  |  |  |
Balance, end of year: | $ | 53,449 |  |  |  |  |  |  | $ | 36,745 |  |  |  |  |
Changes in unrealized losses included in earnings related to financial liabilities still held at the reporting date | $ | 16,809 |  |  |  |  |  |  | $ | 9,361 |  |  |  |  |
Contingent Consideration The fair value of the contingent consideration obligations is based on a discounted cash flow analysis using a probability-weighted average estimate of certain performance targets, including revenue levels. The assumptions used in the analysis are inherently subjective; therefore, the ultimate amount of the contingent consideration obligations may differ materially from the current estimate. The significant unobservable inputs required to value the contingent consideration obligations primarily relate to the future expected revenues and the discount rate applied to the expected future revenues and payments of obligations, which was 7% as of March 31, 2024. The contingent consideration obligations are included in accounts payable, accrued expenses and other liabilities in the consolidated balance sheets. Changes in the fair value of the liabilities are included in general, administrative and other expenses in the consolidated statements of income. Financial Instruments of Consolidated Funds
| As of March 31, 2024
| Level I |  | Level II |  | Level III |  | Total
Assets |  |  |  |  |  |  |
Equity securities | $ | — |  |  | $ | — |  |  | $ | 12,421 |  |  | $ | 12,421 |
Partnership and LLC interests | — |  |  | — |  |  | 1,273 |  |  | 1,273 |
Total assets | $ | — |  |  | $ | — |  |  | $ | 13,694 |  |  | $ | 13,694 |
| As of March 31, 2023
| Level I |  | Level II |  | Level III |  | Total
Assets |  |  |  |  |  |  |
Equity securities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Partnership and LLC interests | — |  |  | — |  |  | 6,901 |  |  | 6,901 |
Total assets | $ | — |  |  | $ | — |  |  | $ | 6,901 |  |  | $ | 6,901 |
For the financial instruments presented in the tables above, there were no changes in fair value hierarchy levels during the years ended March 31, 2024 and 2023. The Company generally values its investment funds, which are generally organized as partnership and LLC interests, using the NAV per share equivalent calculated by the investment manager as a practical expedient in determining an independent fair value. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the net asset value per share practical expedient. As of March 31, 2024 and 2023, investments with a combined fair value of $118.2 million and $23.7 million, respectively, are excluded from presentation in the fair value hierarchy as the fair value of these investments were measured at net asset value. As of March 31, 2024 and 2023, investments with a combined fair value of $13.7 million and $6.9 million, respectively, were classified as Level III investments. The significant unobservable input used to value these investments classified as Level III are the discounts to recent transaction prices. A reconciliation from the beginning balance to the closing balance of Level III financial instruments of Consolidated Funds are set forth below:
| As of March 31,
| 2024 |  | 2023
Partnership and LLC interests |  |  |
Balance, beginning of period: | $ | 6,901 |  |  | $ | — |
Transfers into Level III | 1,593 |  |  | — |
Transfers out of Level III | (5,067) |  |  | — |
Purchases | 8,813 |  |  | 6,901 |
Change in fair value | 1,454 |  |  | — |
Balance, end of period: | $ | 13,694 |  |  | $ | 6,901 |
Changes in unrealized gains included in earnings related to financial assets still held at the reporting date | $ | 1,454 |  |  | $ | — |

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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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