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Fair Value Measurements
 3 Months Ended
Jun. 30, 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 June 30, 2024
Level ILevel IILevel IIITotal
Liabilities
Contingent consideration obligation
$— $— $56,312 $56,312 
Total liabilities$— $— $56,312 $56,312 
As of March 31, 2024
Level ILevel IILevel IIITotal
Liabilities
Contingent consideration obligation
$— $— $53,449 $53,449 
Total liabilities$— $— $53,449 $53,449 
For the financial instruments presented in the tables above, there were no changes in fair value hierarchy levels during the three months ended June 30, 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:
Three Months Ended June 30,
20242023
Contingent consideration obligations
Balance, beginning of period:$53,449 $36,745 
Additions
— — 
Change in fair value
2,863 (1,267)
Settlements
— (146)
Balance, end of period:$56,312 $35,332 
Changes in unrealized (gains) losses included in earnings related to financial instruments still held at the reporting date
$2,863 $(1,267)
Contingent Consideration
The fair value of the contingent consideration obligation is based on a discounted cash flow analysis using a probability-weighted average estimate of certain performance targets, including revenue levels. The assumptions used in the analysis are inherently subjective; therefore, the ultimate amount of the contingent consideration obligations may differ materially from the current estimate. The significant unobservable inputs required to value the contingent consideration obligation primarily relate to the future expected revenues and the discount rate applied to the expected future revenues and payments of obligations, which was 7% as of June 30, 2024. The contingent consideration obligation balance is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. Changes in the fair value of the liabilities are included in general, administrative and other expenses in the condensed consolidated statements of income.
Financial Instruments of Consolidated Funds
As of June 30, 2024
Level ILevel IILevel IIITotal
Assets
Equity securities$— $— $10,697 $10,697 
Partnership and LLC interests
— — 5,769 5,769 
Total assets$— $— $16,466 $16,466 
As of March 31, 2024
Level ILevel IILevel IIITotal
Assets
Equity securities$— $— $12,421 $12,421 
Partnership and LLC interests
— — 1,273 1,273 
Total assets$— $— $13,694 $13,694 
For the financial instruments presented in the tables above, there were no changes in fair value hierarchy levels during the three months ended June 30, 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 June 30, 2024 and March 31, 2024, investments with a combined fair value of $141.8 million and $118.2 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 June 30, 2024 and March 31, 2024, investments with a combined fair value of $16.5 million and $13.7 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:
Three Months Ended June 30,
20242023

Balance, beginning of period:$13,694 $6,901 
Transfers into Level III— — 
Transfers out of Level III(3,553)(5,067)
Purchases
6,325 — 
Change in fair value
— — 
Balance, end of period:$16,466 $1,834 
Changes in unrealized gains (losses) included in earnings related to financial instruments still held at the reporting date
$— $—