Intangibles and Goodwill

12 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consist of management contracts providing economic rights to management and advisory fees and client relationships related to future fundraising, as obtained through the Company’s acquisitions of other businesses.

Intangible assets, net consists of the following:


	As of March 31,
	2026		2025
Management contracts	$	352,002	$	352,002
Client relationships	96,650		96,650

Less: Accumulated amortization	(225,608)		(184,780)
Intangible assets, net	$	223,044	$	263,872

Amortization expense related to intangible assets was $40.8 million, $41.0 million and $42.4 million for the years ended March 31, 2026, 2025 and 2024, respectively. These amounts are included in general, administrative and other expenses in the consolidated statements of income (loss).

At March 31, 2026, the expected future amortization of finite-lived intangible assets is as follows:


Fiscal year ending March 31,
2027	$	40,759
2028	40,759
2029	40,759
2030	40,759
2031	40,759
Thereafter	19,249
Total	$	223,044

The carrying value of goodwill was $580.5 million as of March 31, 2026 and 2025. The Company determined there was no indication of goodwill impairment as of March 31, 2026 and 2025.