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Pay vs Performance Disclosure - USD ($) | 12 Months Ended
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Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021
Pay vs Performance Disclosure |  |  |  |
Pay vs Performance Disclosure, Table | Pay versus Performance Table As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive “compensation actually paid” and certain financial performance of the Company. For further information concerning the Company’s pay for performance philosophy and how the Company aligns executive compensation with the Company’s performance, see the “Compensation Discussion and Analysis” above.
Year |  | Summary Compensation Table Total for Mr. Hart ($) (1) |  |  | Summary Compensation Table Total for Mr. Brem ($) (1) |  |  | Compensation Actually Paid to Mr. Hart ($) (2) |  |  | Compensation Actually Paid to Mr. Brem ($) |  |  | Average Summary Compensation Table Total for Non-PEO NEOs ($) (3) |  |  | Average Compensation Actually Paid to Non-PEO NEOs ($) (4) |  |  | Value of Initial Fixed $100 Investment Based On: |  |  | Net Income ($ in thousands) (7) |  |  | Fee- Related Earnings ($ in thousands) (8) |
| TSR ($) (5) |  |  | Peer Group TSR ($) (6) |
2024 |  | $ | 2,720,523 |  |  |  | N/A |  |  | $ | 3,523,650 |  |  |  | N/A |  |  | $ | 1,967,272 |  |  | $ | 2,247,099 |  |  | $ | 155.14 |  |  | $ | 182.85 |  |  | $ | 167,820 |  |  | $ | 189,793 |
2023 |  | $ | 3,595,256 |  |  |  | N/A |  |  | $ | 2,353,504 |  |  |  | N/A |  |  | $ | 3,202,157 |  |  | $ | 2,688,046 |  |  | $ | 101.29 |  |  | $ | 138.32 |  |  | $ | (45,275 | ) |  | $ | 156,158 |
2022 |  | $ | 6,210,738 |  |  | $ | 6,044,087 |  |  | $ | 5,884,459 |  |  | $ | 6,044,087 |  |  | $ | 5,994,832 |  |  | $ | 5,911,642 |  |  | $ | 134.05 |  |  | $ | 153.12 |  |  | $ | 484,281 |  |  | $ | 122,242 |
2021 |  | $ | 1,640,876 |  |  | $ | 2,740,522 |  |  | $ | 8,816,974 |  |  | $ | 2,740,522 |  |  | $ | 2,586,942 |  |  | $ | 7,349,794 |  |  | $ | 141.36 |  |  | $ | 140.46 |  |  | $ | 314,593 |  |  | $ | 89,484 |
(1) | Messrs. Hart and Brem served as Co-Chief Executive Officers during fiscal 2021 and fiscal 2022 until January 1, 2022, at which point Mr. Brem transitioned to Executive Chairman and Mr. Hart became the sole Chief Executive Officer. The dollar amounts reported in these columns represent the amounts reported for Messrs. Hart and Brem as total compensation in our Summary Compensation Table for each of the corresponding fiscal years. See “Executive Compensation Tables—Summary Compensation Table.”
(2) | The dollar amounts reported in this column represent the “compensation actually paid” to Mr. Hart, as computed in accordance with Item 402(v) of Regulation S-K and do not reflect the total compensation actually realized or received by Mr. Hart. In accordance with these rules, these amounts reflect total compensation as reported in the Summary Compensation Table for each fiscal year, adjusted as shown below for fiscal 2024. Equity values are calculated in accordance with FASB ASC Topic 718, and the valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
|  | 2024 |
Summary Compensation Table Total |  | $ | 2,720,523 |
Less, value of “Stock Awards” reported in Summary Compensation Table |  | $ | (562,515 | )
Plus, year-end fair value of outstanding and unvested equity awards granted in the year |  | $ | 570,982 |
Plus (less), year over year change in fair value of outstanding and unvested equity awards granted in prior years |  | $ | 430,733 |
Plus (less), change in fair value from prior year-end to vesting date of equity awards granted in prior years that vested in the year |  | $ | 363,927 |
Compensation Actually Paid to Mr. Hart |  | $ | 3,523,650 |
(3) | The dollar amounts reported in this column represent the average of the amounts reported for the Company’s named executive officers (NEOs) as a group (excluding Messrs. Hart and Brem) as total compensation in our Summary Compensation Table for each of the corresponding fiscal years. The names of each of the NEOs included for these purposes is as follows: (i) for fiscal 2024, Messrs. Park, Ment, Fernandez, McCabe and Randel; (ii) for fiscal 2023 and fiscal 2022, Messrs. Randel, Ment, Fernandez and McCabe; and (iii) for fiscal 2021, Messrs. Ment and McCabe.
(4) | The dollar amounts reported in this column represent the “compensation actually paid” to the NEOs as a group (excluding Messrs. Hart and Brem), as computed in accordance with Item 402(v) of Regulation S-K. In accordance with these rules, these amounts reflect total compensation as reported in the Summary Compensation Table for each fiscal year, adjusted as shown below for fiscal 2024. Equity values are
| calculated in accordance with FASB ASC Topic 718, and the valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
|  | 2024 |
Average Summary Compensation Table Total |  | $ | 1,967,272 |
Less, average value of “Stock Awards” reported in Summary Compensation Table |  | $ | (353,882 | )
Plus, average year-end fair value of outstanding and unvested equity awards granted in the year |  | $ | 282,174 |
Plus (less), average year over year change in fair value of outstanding and unvested equity awards granted in prior years |  | $ | 167,312 |
Plus (less), average change in fair value from prior year-end to vesting date of equity awards granted in prior years that vested in the year |  | $ | 184,223 |
Average Compensation Actually Paid to Non-PEO NEOs |  | $ | 2,247,099 |
(5) | Total Shareholder Return (TSR) is calculated by dividing (a) the sum of (i) the cumulative amount of dividends for the measurement period, assuming dividend reinvestment, and (ii) the difference between the Company’s share price at the end of each fiscal year shown and the beginning of the measurement period, and the beginning of the measurement period by (b) the Company’s share price at the beginning of the measurement period. The beginning of the measurement period for each year in the table is September 16, 2020, the date of the Company’s initial public offering.
(6) | The peer group used for this purpose is the following published industry index: Dow Jones US Asset Managers Index.
(7) | The dollar amounts reported represent the amount of net income reflected in the Company’s audited financial statements for the applicable year.
(8) | The dollar amounts reported represent the amount of FRE for the applicable year. FRE is a non-GAAP performance measure and is comprised of net management and advisory fees, less adjusted expenses which are operating expenses other than (a) performance fee-related compensation, (b) equity-based compensation for awards granted prior to and in connection with our IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in connection with the Private Wealth Transaction, (c) amortization of intangibles, and (d) certain other items that we believe are not indicative of our core operating performance, including charges associated with acquisitions and corporate transactions, contract terminations and employee severance. FRE is presented before income taxes.
Company Selected Measure Name | FRE |  |  |
Named Executive Officers, Footnote | The names of each of the NEOs included for these purposes is as follows: (i) for fiscal 2024, Messrs. Park, Ment, Fernandez, McCabe and Randel; (ii) for fiscal 2023 and fiscal 2022, Messrs. Randel, Ment, Fernandez and McCabe; and (iii) for fiscal 2021, Messrs. Ment and McCabe. |  |  |
Peer Group Issuers, Footnote | The peer group used for this purpose is the following published industry index: Dow Jones US Asset Managers Index. |  |  |
Adjustment To PEO Compensation, Footnote |
(2) | The dollar amounts reported in this column represent the “compensation actually paid” to Mr. Hart, as computed in accordance with Item 402(v) of Regulation S-K and do not reflect the total compensation actually realized or received by Mr. Hart. In accordance with these rules, these amounts reflect total compensation as reported in the Summary Compensation Table for each fiscal year, adjusted as shown below for fiscal 2024. Equity values are calculated in accordance with FASB ASC Topic 718, and the valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
|  | 2024 |
Summary Compensation Table Total |  | $ | 2,720,523 |
Less, value of “Stock Awards” reported in Summary Compensation Table |  | $ | (562,515 | )
Plus, year-end fair value of outstanding and unvested equity awards granted in the year |  | $ | 570,982 |
Plus (less), year over year change in fair value of outstanding and unvested equity awards granted in prior years |  | $ | 430,733 |
Plus (less), change in fair value from prior year-end to vesting date of equity awards granted in prior years that vested in the year |  | $ | 363,927 |
Compensation Actually Paid to Mr. Hart |  | $ | 3,523,650 |
Non-PEO NEO Average Total Compensation Amount | $ 1,967,272 | $ 3,202,157 | $ 5,994,832 | $ 2,586,942
Non-PEO NEO Average Compensation Actually Paid Amount | $ 2,247,099 | 2,688,046 | 5,911,642 | 7,349,794
Adjustment to Non-PEO NEO Compensation Footnote |
(4) | The dollar amounts reported in this column represent the “compensation actually paid” to the NEOs as a group (excluding Messrs. Hart and Brem), as computed in accordance with Item 402(v) of Regulation S-K. In accordance with these rules, these amounts reflect total compensation as reported in the Summary Compensation Table for each fiscal year, adjusted as shown below for fiscal 2024. Equity values are
| calculated in accordance with FASB ASC Topic 718, and the valuation assumptions used to calculate fair values did not materially differ from those disclosed at the time of grant.
|  | 2024 |
Average Summary Compensation Table Total |  | $ | 1,967,272 |
Less, average value of “Stock Awards” reported in Summary Compensation Table |  | $ | (353,882 | )
Plus, average year-end fair value of outstanding and unvested equity awards granted in the year |  | $ | 282,174 |
Plus (less), average year over year change in fair value of outstanding and unvested equity awards granted in prior years |  | $ | 167,312 |
Plus (less), average change in fair value from prior year-end to vesting date of equity awards granted in prior years that vested in the year |  | $ | 184,223 |
Average Compensation Actually Paid to Non-PEO NEOs |  | $ | 2,247,099 |
Compensation Actually Paid vs. Total Shareholder Return |  |  |  |
Compensation Actually Paid vs. Net Income |  |  |  |
Compensation Actually Paid vs. Company Selected Measure |  |  |  |
Total Shareholder Return Vs Peer Group |  |  |  |
Tabular List, Table | Financial Performance Measures As described further under “Compensation Discussion and Analysis,” the Company’s executive compensation program reflects our performance-based compensation culture. Although a large portion of our executive compensation program relies heavily on equity ownership and carried interest awards to create a direct link between the compensation realized by our NEOs and the interests of our shareholders and our clients, our annual bonus program utilizes a number of financial and non-financial performance measures to link executive compensation actually paid for fiscal 2024 to the Company’s performance:
| • |  | FRE;
| • |  | FRE margin;
| • |  | FEAUM;
| • |  | adjusted net income per share;
| • |  | client relationship management; and
| • |  | team and culture management.
Total Shareholder Return Amount | $ 155.14 | 101.29 | 134.05 | 141.36
Peer Group Total Shareholder Return Amount | 182.85 | 138.32 | 153.12 | 140.46
Net Income (Loss) | $ 167,820,000 | $ (45,275,000) | $ 484,281,000 | $ 314,593,000
Company Selected Measure Amount | 189,793,000 | 156,158,000 | 122,242,000 | 89,484,000
PEO Name | Mr. Hart |  |  |
Measure:: 1 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | FRE |  |  |
Non-GAAP Measure Description | FRE is a non-GAAP performance measure and is comprised of net management and advisory fees, less adjusted expenses which are operating expenses other than (a) performance fee-related compensation, (b) equity-based compensation for awards granted prior to and in connection with our IPO, profits interests issued by our non-wholly owned subsidiaries, and unrealized mark-to-market changes in the fair value of the profits interests issued in connection with the Private Wealth Transaction, (c) amortization of intangibles, and (d) certain other items that we believe are not indicative of our core operating performance, including charges associated with acquisitions and corporate transactions, contract terminations and employee severance. FRE is presented before income taxes. |  |  |
Measure:: 2 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | FRE margin |  |  |
Measure:: 3 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | FEAUM |  |  |
Measure:: 4 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | adjusted net income per share |  |  |
Measure:: 5 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | client relationship management |  |  |
Measure:: 6 |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Name | team and culture management |  |  |
Mr. Hart [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
PEO Total Compensation Amount | $ 2,720,523 | $ 3,595,256 | $ 6,210,738 | $ 1,640,876
PEO Actually Paid Compensation Amount | 3,523,650 | $ 2,353,504 | 5,884,459 | 8,816,974
Mr. Brem [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
PEO Total Compensation Amount |  |  | 6,044,087 | 2,740,522
PEO Actually Paid Compensation Amount |  |  | $ 6,044,087 | $ 2,740,522
PEO | Mr. Hart [Member] | Stock Awards [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (562,515) |  |  |
PEO | Mr. Hart [Member] | Year end fair value of outstanding and unvested equity awards granted in the year [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 570,982 |  |  |
PEO | Mr. Hart [Member] | Year over year change in fair value of outstanding and unvested equity awards granted in prior years [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 430,733 |  |  |
PEO | Mr. Hart [Member] | change in fair value from prior year end to vesting date of equity awards granted in prior years that vested in the year |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 363,927 |  |  |
Non-PEO NEO | Stock Awards [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | (353,882) |  |  |
Non-PEO NEO | Year end fair value of outstanding and unvested equity awards granted in the year [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 282,174 |  |  |
Non-PEO NEO | Year over year change in fair value of outstanding and unvested equity awards granted in prior years [Member] |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | 167,312 |  |  |
Non-PEO NEO | change in fair value from prior year end to vesting date of equity awards granted in prior years that vested in the year |  |  |  |
Pay vs Performance Disclosure |  |  |  |
Adjustment to Compensation, Amount | $ 184,223 |  |  |

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