Investments (Tables)

12 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Investments consist of the following:


	March 31,
	2026		2025
Equity method investments in Funds	$	567,888	$	453,636
Other equity method investments	—		386
Fair value investments	—		12,190
Measurement alternative investments	206,555		198,142
Total Investments	$	774,443	$	664,354

Schedule of Variable Interest Entities

Investments of Consolidated Funds and Partnerships consist of the following:


	March 31,
	2026		2025
Equity method investments in Funds	$	20,841	$	19,292
Fair value investments	505,237		77,408
Total Investments of Consolidated Funds and Partnerships	$	526,078	$	96,700

The following table presents the assets and liabilities of consolidated VIEs that are included in the Consolidated Balance Sheets.


	March 31,
	2026		2025
Assets of Consolidated Funds and Partnerships:
Cash and cash equivalents	$	—	$	48,112
Investments	487,357		96,700
Other assets	9,516		460
Total assets	$	496,873	$	145,272

Liabilities of Consolidated Funds and Partnerships:
Subscriptions in advance	$	55,561	$	—
Other liabilities	12,902		922
Total liabilities	$	68,463	$	922

The carrying value of assets and liabilities recognized in the Consolidated Balance Sheets related to the Company’s interests in these non-consolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows:


	March 31,
	2026		2025
Investments	$	284,958	$	256,350
Fees receivable	43,607		48,601
Due from related parties	7,573		4,723
Total VIE assets	336,138		309,674
Non-controlling interests	(2,190)		(2,497)
Maximum exposure to loss	$	333,948	$	307,177

Schedule of Equity Method Investments

The Company’s equity method investments in Funds consist of the following types:


	March 31,
	2026		2025
Primary funds	$	39,972	$	35,251
Secondary funds	70,601		60,545
Direct investment funds	100,116		94,257
Customized separate accounts	163,090		141,088
Evergreen funds	194,109		122,495
Total equity method investments in Funds	$	567,888	$	453,636

The summarized financial information of the Company’s equity method investments in Funds is as follows:


	March 31,
	2026		2025
Assets
Investments	$	59,976,551	$	50,486,273
Other assets	2,231,251		1,242,238
Total assets	$	62,207,802	$	51,728,511
Liabilities and Partners’ Capital
Debt	$	369,438	$	494,430
Other liabilities	851,571		741,822
Total liabilities	1,221,009		1,236,252
Partners’ capital	60,986,792		50,492,259
Total liabilities and partners’ capital	$	62,207,801	$	51,728,511

	Year Ended March 31,
	2026		2025		2024
Investment income	$	916,410	$	870,828	$	625,176
Expenses	531,670		487,339		403,517
Net investment income	384,740		383,489		221,659
Net realized and unrealized gain	4,470,303		1,690,743		2,672,499
Net income	$	4,855,043	$	2,074,232	$	2,894,158

Schedule of Equity Securities without Readily Determinable Fair Value

The following table summarizes the activity related to the Company’s measurement alternative investments:


	Year Ended March 31,
	2026		2025		2024
Carrying amount, beginning of the year	$	198,142	$	175,522	$	168,732
Adjustments related to equity investments
Purchases	8,000		13,853		6,311
Sales / return of capital	—		—		(176)
Net change in unrealized gain (loss)1	413		8,767		1,177
Net realized loss	—		—		(522)

Carrying amount, end of year	$	206,555	$	198,142	$	175,522

(1) Net change in unrealized gain (loss) consists of fair value adjustments for observable price changes of identical or similar investments.

Schedule of Cumulative Gross Unrealized Gains(Loss)

The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses related to the Company’s measurement alternative investments:


	As of March 31,
	2026		2025		2024
Cumulative gross unrealized gains	$	79,414	$	79,002	$	70,235
Cumulative gross unrealized losses	$	(43,289)	$	(43,289)	$	(43,289)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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