v3.26.1
Income Taxes (Tables)
 12 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income Before Income Tax
The Company’s income (loss) before income tax consisted of the following:
Year Ended March 31,
202620252024
Domestic income (loss) before income tax$(960,921)$(278,526)$127,311 
Foreign income before income tax69,752 56,491 68,085 
Total income (loss) before income tax$(891,169)$(222,035)$195,396 
Schedule of Components of Provision for Income Taxes
The following table presents the components of the Company’s provision for income taxes:
Year Ended March 31,
202620252024
Current:
Federal$24,169 $11,869 $7,395 
State and local6,037 2,944 1,650 
Foreign17,147 11,303 9,349 
Total current income tax expense47,353 26,116 18,394 
Deferred:
Federal(166,741)(69,805)8,815 
State and local(24,037)(5,234)295 
Foreign(4,468)(285)72 
Total deferred income tax expense (benefit)(195,246)(75,324)9,182 
Total income tax expense (benefit)$(147,893)$(49,208)$27,576 
A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate for the year ended March 31, 2026, subsequent to the adoption of ASU 2023-09, is as follows:
Year Ended March 31, 2026
AmountPercentage
U.S. federal statutory income tax rate$(187,146)21.0 %
State and local taxes, net of federal tax benefit(1)
(13,563)1.5 
Foreign tax effects
Other11,964 (1.4)
Effects of cross-border tax laws2,032 (0.2)
Changes in valuation allowances1,608 (0.2)
Non-taxable or non-deductible items(5,851)0.7 
Other
Income passed through to limited partners43,568 (4.9)
Other(505)0.1 
Effective income tax rate$(147,893)16.6 %
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(1)State taxes in California and New York City comprised the majority (greater than 50%) of the tax effect in this category.
Schedule of Reconciliation of the U.S. Federal Statutory Income Tax Rate to the Effective Tax Rate
A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective tax rate for the years ended March 31, 2025 and 2024, respectively, prior to the adoption of ASU 2023-09, and as previously disclosed in prior years, is as follows:
Year Ended March 31,
20252024
Federal tax at statutory rate21.0 %21.0 %
State and local income tax0.6 1.1 
Amounts allocated to non-controlling interests0.6 (11.8)
Foreign taxes(5.0)4.8 
Valuation allowance(0.8)(0.3)
Stock-based compensation1.7 (0.5)
Return to provision adjustment1.2 (0.3)
Other2.9 0.1 
Effective tax rate22.2 %14.1 %
Schedule of Cash Paid for Income Taxes
Upon adoption of ASU 2023-09, cash paid for income taxes, net of refunds, during the year ended March 31, 2026 is as follows:
Year Ended March 31, 2026
U.S. federal$26,218 
U.S. state and local
New York City2,350 
Other1,584 
Foreign
Australia2,993 
Switzerland3,892 
Other countries5,286 
Total cash paid for income taxes, net of refunds$42,323 
Schedule of Components of Deferred Tax Assets and Liabilities
The following table presents the components of the Company’s deferred income tax assets and liabilities:
As of March 31,
20262025
Deferred tax assets:
Investment in the Partnership$635,804 $403,166 
Other10,820 3,655 
Total deferred tax assets before valuation allowance646,624 406,821 
Valuation allowance(31,836)(23,935)
Total net deferred tax assets614,788 382,886 
Deferred tax liabilities:
Total deferred tax liabilities517 420 
Net deferred tax assets$614,271 $382,466 
Schedule of Change in Valuation Allowance
A summary of the change in valuation allowance by year is as follows:
Valuation Allowance
Balance at March 31, 2024$13,596 
Income tax increase3,900 
Equity increase6,439 
Balance at March 31, 202523,935 
Income tax decrease(150)
Equity increase8,051 
Balance at March 31, 2026$31,836