v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities      
Net income (loss) $ (743,276) $ (172,827) $ 167,820
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 45,731 45,489 47,588
Unrealized performance fee-related compensation 342,225 94,272 74,694
Amortization of deferred financing costs 1,304 847 472
Equity-based compensation 1,617,562 650,132 39,448
Change in deferred income taxes (194,952) (75,061) 9,212
Fair value adjustment for acquisition-related contingent consideration 0 15,776 16,809
Gain on remeasurement of lease liabilities 0 0 (106)
Loss on sale of subsidiary 0 0 812
Payments for acquisition-related contingent consideration 0 (51,456) 0
Other non-cash activities 0 103 579
Adjustments to reconcile net income (loss) to net cash used in operating activities of Consolidated Funds:      
Unrealized investment income of Consolidated Funds (84,867) (62,192) (26,147)
Purchases of investments of Consolidated Funds (333,587) (226,160) (77,144)
Proceeds from sale of investments of Consolidated Funds 7,037 5,199 2,028
Changes in operating assets and liabilities:      
Fees and accounts receivable (64,400) (24,102) (12,349)
Due from affiliates (15,820) (24,355) (15,484)
Accounts payable, accrued expenses and other liabilities 16,518 13,151 16,646
Accrued compensation and benefits 28,583 3,583 16,458
Due to affiliates (1,453) 11,158 815
Lease right-of-use assets, net and lease liabilities 357 (298) 1,988
Changes in operating assets and liabilities of Consolidated Funds:      
Net cash provided by operating activities 66,481 64,928 161,522
Cash flows from investing activities      
Net cash recognized upon initial consolidation of funds 812,052 0 0
Net cash derecognized from deconsolidation of fund (36,992) 0 0
Purchases of property and equipment (2,620) (5,100) (19,607)
Other investing activities 0 1 0
Net cash provided by (used in) investing activities 732,881 (43,475) (47,347)
Cash flows from financing activities      
Purchase of non-controlling interests (10,319) (5,398) 0
Proceeds from revolving credit facility 75,000 125,000 50,000
Proceeds from issuance of Class A common stock of shares under ESPP 3,677 2,521 0
Proceeds from issuance of notes payable 0 175,000 0
Deferred financing costs 0 (5,401) 0
Payments on revolving credit facility (75,000) (175,000) 0
Payments for acquisition-related contingent consideration 0 (17,769) 0
Dividends paid to common stockholders (117,764) (75,840) (68,474)
Payments for taxes related to net settlement of equity-based awards (400) (1,472) (695)
Payments for repurchases of Class A common stock (8,715) 0 0
Payments to related parties under Tax Receivable Agreements (12,565) (9,819) (10,281)
Other financing activities 0 (5) (1)
Cash flows from financing activities of Consolidated Funds:      
Net cash provided by (used in) financing activities 37,439 87,481 (57,978)
Effect of foreign currency exchange rate changes (7,604) (1,442) (3,402)
Net increase in cash, cash equivalents and restricted cash 829,197 107,492 52,795
Cash, cash equivalents and restricted cash at beginning of period 289,804 182,312 129,517
Cash, cash equivalents and restricted cash at end of period 1,119,001 289,804 182,312
Supplemental disclosures:      
Interest paid 16,081 7,237 8,462
Taxes paid 42,323 14,145 14,289
Non-cash operating, investing, and financing activities:      
Accrued dividends 761 911 1,872
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements (1,973) 5,950 132,560
Establishment of lease liabilities in exchange for lease right-of-use assets 0 0 5,501
Issuance of note related to sale of subsidiary 0 0 8,436
Initial consolidation of Consolidated Funds 394,095 0 0
Reclassification and adjustment of non-controlling interests in subsidiaries to redeemable equity at redemption value 0 0 1,086,492
Settlement of non-controlling interests related to awards of carried interest allocations 0 54,977 0
Equity issued for redemption of redeemable non-controlling interests 0 97,383 0
Equity issued for purchase of non-controlling interests 160,876 0 0
Reconciliation of cash, cash equivalents and restricted cash:      
Restricted cash 579 502 718
Total cash, cash equivalents and restricted cash 1,119,001 289,804 182,312
Consolidated Entities, Excluding Legacy Entities      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Unrealized carried interest allocations and investment income (587,735) (148,508) (127,815)
Unrealized performance fee-related compensation 341,956 94,272 74,694
Cash flows from investing activities      
Contributions to investments (56,845) (58,613) (23,380)
Distributions received from investments 15,403 15,805 4,412
Non-Controlling Interests in Legacy Greenspring Entities      
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Unrealized carried interest allocations and investment income (120,955) (2,090) 149,293
Unrealized performance fee-related compensation 118,969 11,211 (134,906)
Cash flows from investing activities      
Contributions to investments (1,359) (19,603) (12,460)
Distributions received from investments 3,242 24,035 3,688
Cash flows from financing activities      
Proceeds from capital contributions 1,359 19,603 12,460
Distributions to non-controlling interests (6,203) (31,971) (8,989)
Consolidated Entity, Excluding Consolidated VIE      
Changes in operating assets and liabilities:      
Other assets and receivables 20,205 1,024 10,705
Changes in operating assets and liabilities of Consolidated Funds:      
Other assets and receivables 20,205 1,024 10,705
Cash flows from financing activities      
Redemption of redeemable non-controlling interests 0 (12,968) 0
Proceeds from sale of non-controlling interests 0 0 3,045
Cash flows from financing activities of Consolidated Funds:      
Contributions from redeemable non-controlling interests in Consolidated Funds 0 0 3,045
Redemptions of redeemable non-controlling interests in Consolidated Funds 0 (12,968) 0
Consolidated VIEs      
Changes in operating assets and liabilities:      
Other assets and receivables 15,888 (15,943) (973)
Changes in operating assets and liabilities of Consolidated Funds:      
Other assets and receivables 15,888 (15,943) (973)
Other liabilities and payables (584) 15,975 1,079
Cash flows from financing activities      
Redemption of redeemable non-controlling interests (53,681) (18,713) 0
Proceeds from sale of non-controlling interests 403,323 240,256 62,255
Cash flows from financing activities of Consolidated Funds:      
Proceeds from borrowings on fund credit facility 17,500 7,872 0
Payments on fund credit facility (17,500) (7,912) 0
Contributions from redeemable non-controlling interests in Consolidated Funds 403,323 240,256 62,255
Redemptions of redeemable non-controlling interests in Consolidated Funds (53,681) (18,713) 0
Reconciliation of cash, cash equivalents and restricted cash:      
Restricted cash 579 502  
Non-Controlling Interests in Subsidiaries      
Cash flows from financing activities      
Proceeds from capital contributions 3,317 8,776 43
Distributions to non-controlling interests (164,590) (129,279) (97,341)
Excluding Consolidated Funds      
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 213,065 244,791 143,430
Excluding Consolidated Funds | Consolidated VIEs      
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 90,403 75,769  
Consolidated Funds      
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 905,357 44,511 $ 38,164
Consolidated Funds | Consolidated VIEs      
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents $ 905,357 $ 44,511