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Revenues | 3 Months Ended
--- | ---
Jun. 30, 2024
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, Net | 2024 |  | 2023 |  |  |  |
Focused commingled funds(1) | $ | 104,435 |  |  | $ | 67,006 |  |  |  |  |
SMAs | 57,376 |  |  | 55,744 |  |  |  |  |
Advisory and other services | 14,769 |  |  | 14,101 |  |  |  |  |
Fund reimbursement revenues | 1,435 |  |  | 1,264 |  |  |  |  |
Total management and advisory fees, net | $ | 178,015 |  |  | $ | 138,115 |  |  |  |  |
_______________________________ (1)Includes BDC income-based incentive fees of $1.1 million for the three months ended June 30, 2024. There were no income-based incentive fees for the three months ended June 30, 2023.
| Three Months Ended June 30, |  |
Incentive Fees | 2024 |  | 2023 |  |  |  |
SMAs | $ | 800 |  |  | $ | 6 |  |  |  |  |
Focused commingled funds | 41 |  |  | — |  |  |  |  |
Total incentive fees | $ | 841 |  |  | $ | 6 |  |  |  |  |
| Three Months Ended June 30, |  |
Carried Interest Allocations | 2024 |  | 2023 |  |  |  |
SMAs | $ | (2,809) |  |  | $ | 40,136 |  |  |  |  |
Focused commingled funds | 19,443 |  |  | 23,701 |  |  |  |  |
Total carried interest allocations | $ | 16,634 |  |  | $ | 63,837 |  |  |  |  |
| Three Months Ended June 30, |  |
Legacy Greenspring Carried Interest Allocations | 2024 |  | 2023 |  |  |  |
SMAs | $ | 199 |  |  | $ | — |  |  |  |  |
Focused commingled funds | (9,288) |  |  | (23,947) |  |  |  |  |
Total legacy Greenspring carried interest allocations(1) | $ | (9,089) |  |  | $ | (23,947) |  |  |  |  |
_______________________________ (1)The three months ended June 30, 2024 and 2023 reflect the net effect of gross realized carried interest allocations of $6.6 million and $0.9 million, respectively, and the reversal of such amounts in unrealized carried interest allocations for such periods. The decrease in carried interest allocations for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023 was primarily attributable to lower net unrealized appreciation in the fair value of certain underlying investments in the Company’s private equity funds. The increase in legacy Greenspring carried interest allocations for the three months ended June 30, 2024 was primarily attributable to lower net unrealized 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) | 2024 |  | 2023 |  |  |  |
United States | $ | 71,758 |  |  | $ | 45,093 |  |  |  |  |
Non-U.S. countries | 114,643 |  |  | 132,918 |  |  |  |  |
_______________________________ (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, 2024 and 2023, no individual client represented 10% or more of the Company’s net management and advisory fees. For the three months ended June 30, 2024 and 2023, the Company had management and advisory fee revenues attributable to the United States and Cayman Islands, each of which represented 10% or more of the Company’s net management and advisory fees. As of June 30, 2024 and March 31, 2024, the Company had $29.6 million and $31.0 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, 2024, the Company had recognized $6.0 million as revenue from amounts included in the deferred revenue balance as of March 31, 2024.

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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