v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Operating activities:      
Net income $ 387,720 $ 313,768 $ 227,207
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 9,878 9,285 8,186
Change in deferred income taxes 28,424 12,081 16,697
Change in payable to related parties pursuant to tax receivable agreement (3,503) 2,122 318
Equity-based compensation 50,867 31,407 12,133
Equity‑based consideration payable to customer 281 0 0
Equity in income of investees (51,923) (29,016) (34,893)
Net realized (gain) loss on sale of investments 0 (654) 288
Fair value adjustment of other investments (413) (10,147) 333
Proceeds received from Funds 35,102 47,250 28,254
Non-cash lease expense 9,570 9,007 8,696
Other 2,866 1,211 706
Changes in operating assets and liabilities:      
Fees receivable 29,587 (73,120) (61,151)
Prepaid expenses (2,525) (185) (1,256)
Due from related parties (7,614) (8,067) (528)
Other assets (608) 39 15,344
Accounts payable 190 964 (54)
Accrued compensation and benefits 35,598 12,577 11,789
Lease liability (9,518) (9,012) (8,578)
Other liabilities (7,254) 19,016 2,503
Consolidated Funds and Partnerships:      
Net gain on investments (413) (10,147) 333
Net cash provided by operating activities 424,917 300,820 120,852
Investing activities:      
Purchase of furniture, fixtures and equipment (5,844) (12,156) (11,073)
Purchase of investments and convertible notes (15,000) (12,692) (14,352)
Proceeds from sale of investments 0 6,948 1,343
Net proceeds from sale of Consolidated Fund 22,135 0 0
Proceeds from sale of intangible assets 0 2,078 3,305
Distributions received from Funds 12,014 22,696 14,147
Contributions to Funds (96,739) (58,408) (57,722)
Purchase of investments (15,000) (12,692) (14,352)
Net cash used in investing activities (494,822) (117,576) (122,184)
Financing activities:      
Proceeds from offering 55,484 248,403 201,671
Purchase of membership interests (55,484) (248,403) (201,671)
Borrowings of debt, net of deferred financing costs 0 97,658 0
Repayments of long term debt (12,500) (3,750) (2,500)
Draw-down of revolver 0 0 10,000
Repayment of revolver 0 0 (25,000)
Repurchase of Class A common stock for employee tax withholding (4,613) (5,468) (3,507)
Proceeds received from issuance of shares under Employee Share Purchase Plan 3,124 2,797 2,253
Payments to related parties pursuant to the tax receivable agreement (12,000) (11,924) (11,123)
Dividends paid (87,711) (75,997) (65,406)
Members’ distributions paid (54,125) (43,803) (43,872)
Consolidated Funds and Partnerships:      
Net cash provided by (used in) financing activities 155,777 (19,157) 4,399
Effect of exchange rate changes on cash and cash equivalents 2,428 (102) 0
Increase in cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships 88,300 163,985 3,067
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at beginning of the year 283,604 119,619 116,552
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at end of the year 371,904 283,604 119,619
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Funds and Partnerships to the Consolidated Balance Sheets:      
Total cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships 371,904 283,604 119,619
Class A Common Stock      
Financing activities:      
Repurchase of Class B common stock (19,986) 0 0
Class B Common Stock      
Financing activities:      
Repurchase of Class B common stock 0 (2) (2)
Primary Beneficiary      
Consolidated Funds and Partnerships:      
Cash relinquished from deconsolidation of fund 0 (12,173) (101,712)
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Funds and Partnerships to the Consolidated Balance Sheets:      
Cash and cash equivalents 0 48,112  
Consolidated Funds and Partnerships      
Adjustments to reconcile net income to net cash provided by operating activities:      
Fair value adjustment of other investments (84,758) (10,848) (1,406)
Consolidated Funds and Partnerships:      
Net gain on investments (84,758) (10,848) (1,406)
Equity in income of investees (1,509) (1,613) (1,598)
Change in other assets and liabilities 4,459 (3,072) (426)
Investing activities:      
Purchase of investments and convertible notes (434,835) (78,142) (57,832)
Purchase of investments (434,835) (78,142) (57,832)
Distributions received from investments 23,447 0 0
Cash from consolidating funds 0 12,100 0
Consolidated Funds and Partnerships:      
Contributions from non-controlling interests in Consolidated Funds and Partnerships 344,176 21,551 143,694
Distributions to non-controlling interests in Consolidated Funds and Partnerships (588) (219) (138)
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Funds and Partnerships to the Consolidated Balance Sheets:      
Cash and cash equivalents 2,941 48,112 0
Consolidated Entity Excluding Variable Interest Entities (VIE)      
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Funds and Partnerships to the Consolidated Balance Sheets:      
Cash and cash equivalents 360,955 229,161 114,634
Restricted cash $ 8,008 $ 6,331 $ 4,985