XML 22 R10.htm IDEA: XBRL DOCUMENT v3.24.2.u1
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, Net20242023
Focused commingled funds(1)
$104,435 $67,006 
SMAs57,376 55,744 
Advisory and other services14,769 14,101 
Fund reimbursement revenues1,435 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 Fees20242023
SMAs$800 $6 
Focused commingled funds41 — 
Total incentive fees$841 $6 
Three Months Ended June 30,
Carried Interest Allocations20242023
SMAs$(2,809)$40,136 
Focused commingled funds19,443 23,701 
Total carried interest allocations$16,634 $63,837 
Three Months Ended June 30,
Legacy Greenspring Carried Interest Allocations20242023
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)
20242023
United States$71,758 $45,093 
Non-U.S. countries114,643 132,918 
_______________________________
(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.