v3.26.1
Income Tax (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Taxes
The Company’s income before income taxes consisted of the following:
Year Ended March 31,
202620252024
Domestic income before income taxes$452,327 $353,992 $276,021 
Foreign income before income taxes10,596 8,285 5,640 
Total income before income taxes$462,923 $362,277 $281,661 
Schedule of Components of Income Tax Expense
Components of income tax expense consist of the following:
Year Ended March 31,
202620252024
Current:
Federal$39,823 $27,768 $31,551 
State and local3,498 5,619 4,395 
Foreign3,636 3,041 1,811 
Total current income tax expense$46,957 $36,428 $37,757 
Deferred:
Federal$17,955 $14,144 $13,148 
State and local9,921 (1,760)3,556 
Foreign370 (303)(7)
Total deferred income tax expense28,246 12,081 16,697 
Total income tax expense$75,203 $48,509 $54,454 
Schedule of Reconciliation of U.S. Statutory Income Tax Rate to the Company's Effective Tax Rate A reconciliation of the U.S. federal statutory income tax rate to the Company's effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended March 31, 2026 is as follows:
AmountETR
U.S. Federal Statutory Tax Rate$97,214 21.0 %
State and Local Income Tax, Net of Federal (National) Income Tax Effect(1)
10,3822.2 %
Foreign Tax Effects
   Other Jurisdictions1,692 0.4 %
Effect of Changes in Tax Laws or Rates Enacted in the Current Period
Effect of Cross-Border Tax Laws2,637 0.6 %
Tax Credits(1,500)(0.3)%
Changes in Valuation Allowances(6,605)(1.4)%
Nontaxable or Nondeductible Items
      NCI(29,093)(6.3)%
      Other355 0.1 %
Other Adjustments121 — %
Effective tax rate$75,203 16.3 %
(1)State taxes in CA, NY and PA made up the majority (greater than 50 percent) of the tax effect in this category.
A reconciliation of the U.S. statutory income tax rate to the Company’s effective tax rate is as follows:
Year Ended March 31,
20252024
Federal tax at statutory rate21.0 %21.0 %
State income taxes, net of federal benefit1.2 %2.8 %
NCI(5.6)%(6.4)%
Valuation allowance(4.4)%1.6 %
Other1.2 %0.3 %
Effective tax rate13.4 %19.3 %
Schedule of Significant Components of Deferred Tax Assets
The significant components of deferred tax assets are as follows:
Year Ended March 31,
20262025
Basis difference in HLA$306,551 $329,129 
Tax Receivable Agreement54,743 57,255 
Valuation allowance(69,565)(79,432)
State taxes— 394 
Other1,363 1,179 
Total deferred tax assets
$293,092 $308,525 
Schedule of Income Taxes Paid (Net of Refunds)
Pursuant to the disclosure requirements of ASU 2023-09, the following table summarizes income taxes paid (net of refunds) exceeding five percent of total income taxes paid (net of refunds) in the following jurisdictions:
Year Ended
March 31, 2026
U.S. Federal$44,501 
U.S. State and Local6,363
Foreign3,569 
Total income taxes paid (net of refunds)$54,433 
Year Ended March 31,
202620252024
Cash paid during the year for interest$11,850 $10,399 $11,049 
Cash paid during the year for income taxes$54,433 $27,036 $39,758 
Non-cash operating activities:
Establishment of lease liability in exchange for ROU asset$7,030 $5,087 $5,903 
Deconsolidation of net (assets)/ liabilities held by deconsolidated fund$6,042 $(3,568)$6,095 
Other$— $311 $— 
Non-cash investing activities:
Investments purchased by Consolidated Fund not yet paid$(5,800)$— $— 
Deconsolidation of investments held by deconsolidated fund$23,846 $9,758 $103,990 
Transfer of equity method investment in Funds from deconsolidated fund$12,324 $27,240 $32,018 
Conversion of note receivable$— $2,161 $— 
Purchase of other equity method investment$— $— $2,000 
Non-cash financing activities:
Establishment of payable to related parties pursuant to tax receivable agreement$10,280 $49,029 $37,526 
Dividends declared but not paid$22,520 $20,233 $17,628 
Members’ distributions declared but not paid$27,066 $26,810 $23,815 
Warrant related asset$8,367 $— $—