v3.26.1
Revenues (Tables)
 12 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount:
Year Ended March 31,
Management and Advisory Fees, Net202620252024
Focused commingled funds(1)
$547,764 $440,131 $295,927 
SMAs293,629 252,709 223,958 
Advisory and other services74,491 67,061 60,057 
Fund reimbursement revenues10,581 7,113 5,198 
Total management and advisory fees, net$926,465 $767,014 $585,140 
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(1)Includes income-based incentive fees of $22.8 million, $8.0 million and $1.4 million for the years ended March 31, 2026, 2025 and 2024, respectively.
Year Ended March 31,
Incentive Fees202620252024
SMAs$10,269 $8,878 $16,294 
Focused commingled funds209,864 23,397 9,045 
Total incentive fees$220,133 $32,275 $25,339 
Year Ended March 31,
Carried Interest Allocations202620252024
SMAs$351,506 $171,801 $142,411 
Focused commingled funds356,788 129,399 33,898 
Total carried interest allocations$708,294 $301,200 $176,309 
Year Ended March 31,
Legacy Greenspring Carried Interest Allocations202620252024
SMAs$989 $37 $1,029 
Focused commingled funds137,722 74,304 (76,186)
Total legacy Greenspring carried interest allocations(1)
$138,711 $74,341 $(75,157)
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(1)The years ended March 31, 2026, 2025, and 2024 reflect the net effect of gross realized carried interest allocations of $19.7 million, $63.1 million, and $59.7 million, respectively, and the reversal of such amounts in unrealized carried interest allocations for such periods.
Revenue from External Customers by Geographic Areas
The Company derives revenues from clients located in both the United States and other countries. The table below presents the Company’s revenues by geographic location:
Year Ended March 31,
Revenues(1)
202620252024
United States$1,071,746 $521,236 $191,373 
Non-U.S. countries921,857 653,594 520,258 
Total revenues$1,993,603 $1,174,830 $711,631 
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(1)Revenues are attributed to countries based on client location for SMAs and advisory and other services, or location of investment vehicle for focused commingled funds.