v3.26.1
Investments, at Fair Value (Tables)
 12 Months Ended
Mar. 31, 2026
Investments [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis The composition of investments recorded at fair value held by the Customer ExAlt Trusts is included in the table below (in thousands):
March 31, 2026March 31, 2025
Alternative assets$162,824 $259,113 
Public equity securities
4,472 4,065 
Debt securities available-for-sale1,739 1,687 
Other equity securities and interests
26,501 26,506 
Total investments, at fair value$195,536 $291,371 
The Company’s financial assets and liabilities carried at fair value on a recurring basis, including the level in the fair value hierarchy, on March 31, 2026 and 2025 are presented below.
As of March 31, 2026
(Dollars in thousands)Level 1Level 2Level 3Total
Assets:
Public equity securities$4,472 $— $— $4,472 
Debt securities available-for-sale, other— — 1,739 1,739 
Derivative asset— — 21,652 21,652 
Liabilities:
Warrants liability264 44 — 308 
As of March 31, 2025
(Dollars in thousands)Level 1Level 2Level 3Total
Assets:
Public equity securities$4,065 $— $— $4,065 
Other equity interests— 5 — 5 
Debt securities available-for-sale, other— — 1,687 1,687 
Liabilities:
Warrants liability180 47 — 227
Alternative Investments
Our portfolio of alternative asset investments, held by certain of the Customer ExAlt Trusts by asset class of each fund as of March 31, 2026 and 2025, is summarized below (in thousands):
Alternative Investments Portfolio Summary
March 31, 2026March 31, 2025
Asset ClassCarrying ValueUnfunded CommitmentsCarrying ValueUnfunded Commitments
Private Equity$80,685 $25,975 $120,008 $34,252 
Private Real Estate6,300 1,650 6,454 2,777 
Natural Resources6,111 1,250 12,691 2,663 
Venture Capital60,021 1,183 109,361 1,324 
Hedge Funds
3,332 — 3,931 245 
Other(1)
6,375 376 6,668 383 
Total$162,824 $30,434 $259,113 $41,644 
(1)    “Other” includes earnouts, escrow, net other assets (liabilities), and private debt strategies.
Debt Securities, Available-for-Sale
The amortized cost, estimated fair value, and unrealized gains and losses on investments in debt securities classified as available-for-sale as of March 31, 2026 and 2025 are summarized as follows:
March 31, 2026
(Dollars in thousands)Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair Value
Other debt securities$1,687 $52 $— $1,739 
Total available-for-sale debt securities$1,687 $52 $— $1,739 
March 31, 2025
(Dollars in thousands)Amortized Cost BasisGross Unrealized GainsGross Unrealized LossesFair Value
Other debt securities$2,685 $— $(998)$1,687 
Total available-for-sale debt securities$2,685 $— $(998)$1,687 
The contractual maturities of available-for-sale debt securities as of March 31, 2026 and 2025 are as follows:
March 31, 2026March 31, 2025
(Dollars in thousands)Amortized Cost BasisFair ValueAmortized Cost BasisFair Value
Due in one year or less$1,687 $1,739 $1,687 $1,687 
No fixed maturity— — 998 — 
$1,687 $1,739 $2,685 $1,687 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
The table below indicates the length of time individual debt securities have been in a continuous loss position as of March 31, 2026 and 2025:
March 31, 2026March 31, 2025
(Dollars in thousands)Fair ValueUnrealized LossesFair ValueUnrealized Losses
Other debt securities:
Less than twelve months$— $— $— $— 
Twelve months or longer— — 1,687 998 
Total available-for-sale debt securities with unrealized losses$— $— $1,687 $998 
Debt Securities, Available-for-Sale, Allowance for Credit Loss A reconciliation of provision for credit losses for each of the periods presented herein is presented below:
Year Ended March 31,
(in thousands)20262025
Bad debt expense on other receivables$1,048 $2 
Credit loss on AFS debt securities (Note 5)
— 998 
Provision for credit losses$1,048 $1,000 
The following table is a rollforward of credit-related losses recognized in earnings for the periods presented below:

Year Ended March 31,
(Dollars in thousands)20262025
Cumulative losses as of the beginning of period$32,288 $31,290 
Credit related losses not previously recognized
— 998 
Increase in amounts previously recognized
— — 
Cumulative losses as of the end of period$32,288 $32,288