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Investments, at Fair Value (Tables)
 9 Months Ended
Dec. 31, 2024
Investments [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The composition of investments recorded at fair value by holder is included in the table below (in thousands):
December 31, 2024March 31, 2024
BenCustomer ExAlt TrustsBenCustomer ExAlt Trusts
Alternative assets$— $301,058 $— $293,916 
Public equity securities and option— 4,466 — 4,897 
Debt securities available-for-sale— 1,849 — 2,962 
Other equity securities and interests
— 26,905 6 27,338 
Total investments, at fair value$— $334,278 $6 $329,113 
The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, on December 31, 2024 and March 31, 2024 are presented below.
As of December 31, 2024
(Dollars in thousands)Level 1Level 2Level 3Total
Assets:
Public equity securities$4,466 $— $— $4,466 
Other equity interests— 12 — 12 
Debt securities available-for-sale, other— — 1,849 1,849 
Liabilities:
Convertible debt
— — 2,667 2,667 
Warrants liability
190 458 — 648 
As of March 31, 2024
(Dollars in thousands)Level 1Level 2Level 3Total
Assets:
Public equity securities$4,897 $— $— $4,897 
Other equity interests— 558 — 558 
Debt securities available-for-sale, other— 998 1,964 2,962 
Liabilities:
Warrant liability178 — — 178 
Prepaid forward liability14 — — 14 
Alternative Investments
Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of December 31, 2024 and March 31, 2024, is summarized below (in thousands):
Alternative Investments Portfolio Summary
December 31, 2024March 31, 2024
Asset ClassCarrying ValueUnfunded CommitmentsCarrying ValueUnfunded Commitments
Private Equity$137,284 $37,530 $116,462 $38,401 
Venture Capital131,775 1,660 139,495 2,548 
Natural Resources15,590 3,256 17,553 3,340 
Private Real Estate7,905 2,832 8,760 2,907 
Hedge Funds
4,135 245 6,095 245 
Other(1)
4,369 383 5,551 382 
Total$301,058 $45,906 $293,916 $47,823 
(1) “Other” includes earnouts, escrow, net other assets, and private debt strategies.
Debt Securities, Available-for-Sale
The amortized cost, estimated fair value, and unrealized gains and losses on investments in debt securities classified as available-for-sale as of December 31, 2024 and March 31, 2024 are summarized as follows:
December 31, 2024
(Dollars in thousands)Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair Value
Other debt securities$2,685 $224 $(1,060)$1,849 
Total available-for-sale debt securities$2,685 $224 $(1,060)$1,849 
March 31, 2024
(Dollars in thousands)Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair Value
Other debt securities$2,685 $1,337 $(1,060)$2,962 
Total available-for-sale debt securities$2,685 $1,337 $(1,060)$2,962 
The contractual maturities of available-for-sale debt securities as of December 31, 2024 and March 31, 2024 are as follows:
December 31, 2024March 31, 2024
(Dollars in thousands)Amortized Cost BasisFair ValueAmortized Cost BasisFair Value
Due in one year or less$1,687 $1,849 $1,687 $1,964 
No fixed maturity998 — 998 998 
$2,685 $1,849 $2,685 $2,962 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The table below indicates the length of time individual debt securities have been in a continuous loss position as of December 31, 2024 and March 31, 2024:
December 31, 2024March 31, 2024
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized Losses
Other debt securities:
Less than twelve months$— $— $— $— 
Twelve months or longer1,849 1,060 1,964 1,060 
Total available-for-sale debt securities with unrealized losses$1,849 $1,060 $1,964 $1,060 
Debt Securities, Available-for-Sale, Allowance for Credit Loss
The following table is a rollforward of credit-related losses recognized in earnings for the periods presented below:
(Dollars in thousands)Three Months Ended
December 31,		Nine Months Ended December 31,
2024202320242023
Balance, beginning of period$32,288 $31,290 $31,290 $31,290 
Credit related losses not previously recognized
— — 522 — 
Increase in amounts previously recognized
— — 476 — 
Balance, end of period$32,288 $31,290 $32,288 $31,290