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Investments, at Fair Value (Tables)
 6 Months Ended
Sep. 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):
September 30, 2025March 31, 2025
Alternative assets$211,324 $259,113 
Public equity securities
4,376 4,065 
Debt securities available-for-sale1,777 1,687 
Other equity securities and interests
26,501 26,506 
Total investments, at fair value$243,978 $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 September 30, 2025 and March 31, 2025 are presented below.
As of September 30, 2025
(Dollars in thousands)Level 1Level 2Level 3Total
Assets:
Public equity securities$4,376 $— $— $4,376 
Debt securities available-for-sale, other— — 1,777 1,777 
Liabilities:
Warrants liability
355 10 — 365 
As of March 31, 2025
(Dollars in thousands)Level 1Level 2Level 3Total
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 September 30, 2025 and March 31, 2025, is summarized below (in thousands):
Alternative Investments Portfolio Summary
September 30, 2025March 31, 2025
Asset ClassCarrying ValueUnfunded CommitmentsCarrying ValueUnfunded Commitments
Private Equity$109,837 $31,313 $120,008 $34,252 
Venture Capital81,643 1,217 109,361 1,324 
Natural Resources12,097 2,453 12,691 2,663 
Private Real Estate6,567 1,663 6,454 2,777 
Hedge Funds
3,517 — 3,931 245 
Other(1)
(2,337)376 6,668 383 
Total$211,324 $37,022 $259,113 $41,644 
(1) “Other” includes earnouts, escrow, net other assets (liabilities), 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 September 30, 2025 and March 31, 2025 are summarized as follows:
September 30, 2025
(Dollars in thousands)Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair Value
Other debt securities$1,687 $90 $— $1,777 
Total available-for-sale debt securities$1,687 $90 $— $1,777 
March 31, 2025
(Dollars in thousands)Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair 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 September 30, 2025 and March 31, 2025 are as follows:
September 30, 2025March 31, 2025
(Dollars in thousands)Amortized Cost BasisFair ValueAmortized Cost BasisFair Value
Due in one year or less$1,687 $1,777 $1,687 $1,687 
No fixed maturity— — 998 — 
$1,687 $1,777 $2,685 $1,687 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The table below indicates the length of time individual debt securities have been in a continuous loss position as of September 30, 2025 and March 31, 2025:
September 30, 2025March 31, 2025
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized Losses
Other debt securities:
Less than twelve months$— $— $— $— 
Twelve months or longer— — 1,687 998 
Total available-for-sale debt securities with unrealized losses$— $— $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
September 30,		Six Months Ended September 30,
2025202420252024
Balance, beginning of period$32,288 $31,812 $32,288 $31,290 
Credit-related losses not previously recognized
— — — 522 
Increase in amounts previously recognized
— 476 — 476 
Balance, end of period$32,288 $32,288 $32,288 $32,288