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Investments, at Fair Value (Tables) | 3 Months Ended
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Jun. 30, 2025
Investments [Abstract] |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The composition of investments recorded at fair value held by the Customer ExAlt Trusts is included in the table below (in thousands):
|  |  | June 30, 2025 |  |  |  | March 31, 2025
Alternative assets |  |  | $ | 231,586 |  |  |  |  | $ | 259,113 |
Public equity securities |  |  | 3,995 |  |  |  |  | 4,065 |
Debt securities available-for-sale |  |  | 1,687 |  |  |  |  | 1,687 |
Other equity securities and interests |  |  | 26,501 |  |  |  |  | 26,506 |
Total investments, at fair value |  |  | $ | 263,769 |  |  |  |  | $ | 291,371 |
The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, on June 30, 2025 and March 31, 2025 are presented below.
|  | As of June 30, 2025
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Public equity securities |  | $ | 3,995 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,995 |
Other equity interests |  | — |  |  | 4 |  |  | — |  |  | 4 |
Debt securities available-for-sale, other |  | — |  |  | — |  |  | 1,687 |  |  | 1,687 |
Liabilities: |  |  |  |  |  |  |  |
Warrants liability |  | 170 |  |  | 27 |  |  | — |  |  | 197 |
|  | As of March 31, 2025
(Dollars in thousands) |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |
Public equity securities |  | $ | 4,065 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,065 |
Other equity interests |  | — |  |  | 5 |  |  | — |  |  | 5 |
Debt securities available-for-sale, other |  | — |  |  | — |  |  | 1,687 |  |  | 1,687 |
Liabilities: |  |  |  |  |  |  |  |
Warrants liability |  | 180 |  |  | 47 |  |  | — |  |  | 227 |
Alternative Investments | Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of June 30, 2025 and March 31, 2025, is summarized below (in thousands):
|  | Alternative Investments Portfolio Summary
|  | June 30, 2025 |  | March 31, 2025
Asset Class |  | Carrying Value |  | Unfunded Commitments |  | Carrying Value |  | Unfunded Commitments
Private Equity |  | $ | 114,895 |  |  | $ | 33,047 |  |  | $ | 120,008 |  |  | $ | 34,252 |
Venture Capital |  | 89,260 |  |  | 1,218 |  |  | 109,361 |  |  | 1,324 |
Natural Resources |  | 12,201 |  |  | 2,604 |  |  | 12,691 |  |  | 2,663 |
Private Real Estate |  | 6,978 |  |  | 1,910 |  |  | 6,454 |  |  | 2,777 |
Hedge Funds |  | 3,572 |  |  | — |  |  | 3,931 |  |  | 245 |
Other(1) |  | 4,680 |  |  | 376 |  |  | 6,668 |  |  | 383 |
Total |  | $ | 231,586 |  |  | $ | 39,155 |  |  | $ | 259,113 |  |  | $ | 41,644 |
(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 June 30, 2025 and March 31, 2025 are summarized as follows:
|  | June 30, 2025
(Dollars in thousands) |  | Amortized Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Other debt securities |  | $ | 2,685 |  |  | $ | — |  |  | $ | (998) |  |  | $ | 1,687 |
Total available-for-sale debt securities |  | $ | 2,685 |  |  | $ | — |  |  | $ | (998) |  |  | $ | 1,687 |
|  | March 31, 2025
(Dollars in thousands) |  | Amortized Cost Basis |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Other debt securities |  | $ | 2,685 |  |  | $ | — |  |  | $ | (998) |  |  | $ | 1,687 |
Total available-for-sale debt securities |  | $ | 2,685 |  |  | $ | — |  |  | $ | (998) |  |  | $ | 1,687 |
The contractual maturities of available-for-sale debt securities as of June 30, 2025 and March 31, 2025 are as follows:
|  | June 30, 2025 |  | March 31, 2025
(Dollars in thousands) |  | Amortized Cost Basis |  | Fair Value |  | Amortized Cost Basis |  | Fair Value
Due in one year or less |  | $ | 1,687 |  |  | $ | 1,687 |  |  | $ | 1,687 |  |  | $ | 1,687 |
No fixed maturity |  | 998 |  |  | — |  |  | 998 |  |  | — |
|  | $ | 2,685 |  |  | $ | 1,687 |  |  | $ | 2,685 |  |  | $ | 1,687 |
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 June 30, 2025 and March 31, 2025:
|  | June 30, 2025 |  | March 31, 2025
(Dollars in thousands) |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
Other debt securities: |  |  |  |  |  |  |  |
Less than twelve months |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Twelve months or longer |  | 1,687 |  |  | 998 |  |  | 1,687 |  |  | 998 |
Total available-for-sale debt securities with unrealized losses |  | $ | 1,687 |  |  | $ | 998 |  |  | $ | 1,687 |  |  | $ | 998 |
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 June 30, |  |
|  | 2025 |  | 2024 |  |  |  |
Balance, beginning of period |  | $ | 32,288 |  |  | $ | 31,290 |  |  |  |  |
Credit-related losses not previously recognized |  | — |  |  | 522 |  |  |  |  |
Balance, end of period |  | $ | 32,288 |  |  | $ | 31,812 |  |  |  |  |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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