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CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($)
$ in Thousands
Sep. 30, 2025
Mar. 31, 2025
ASSETS    
Cash and cash equivalents $ 4,902 $ 1,346
Investments, at fair value 243,978 291,371
Other assets, net (related party of $470 and $404) 54,339 49,144
Intangible assets 3,100 3,100
Goodwill 9,914 9,914
Total assets 316,233 354,875
LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT)    
Accounts payable and accrued expenses (related party of $16,143 and $14,733) 234,348 156,770
Other liabilities (related party of $24,874 and $19,360) 29,861 24,381
Warrants liability 365 227
Debt due to related parties 103,960 117,896
Total liabilities 368,534 299,274
Total temporary equity 90,526 90,526
Shareholders’ equity (deficit):    
Additional paid-in capital 1,857,211 1,844,489
Accumulated deficit (2,076,757) (2,008,052)
Treasury stock, at cost (9 shares as of September 30, 2025 and March 31, 2025) (3,444) (3,444)
Accumulated other comprehensive income (loss) 90 (2)
Noncontrolling interests 80,062 132,076
Total equity (deficit) (142,827) (34,925)
Total liabilities, temporary equity, and equity (deficit) 316,233 354,875
Preferred Series A Subclass 0    
LIABILITIES, TEMPORARY EQUITY, AND EQUITY (DEFICIT)    
Preferred Series A Subclass 0 Redeemable Unit Accounts, nonunitized 90,526 90,526
Series A preferred stock    
Shareholders’ equity (deficit):    
Preferred stock 0 0
Series B preferred stock    
Shareholders’ equity (deficit):    
Preferred stock 2 0
Class A common stock    
Shareholders’ equity (deficit):    
Common stock 9 8
Class B    
Shareholders’ equity (deficit):    
Common stock 0 0
Variable Interest Entity, Primary Beneficiary    
ASSETS    
Investments, at fair value $ 243,978 $ 291,371