Fair Value Measurements (Tables)
|
12 Months Ended |
Mar. 31, 2026 |
|---|
| Fair Value Disclosures [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, 2026 | | | | March 31, 2025 | | | | | | | | | | Alternative assets | | | $ | 162,824 | | | | | $ | 259,113 | | Public equity securities | | | 4,472 | | | | | 4,065 | | | Debt securities available-for-sale | | | 1,739 | | | | | 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 1 | | Level 2 | | Level 3 | | Total | | 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 liability | | 264 | | | 44 | | | — | | | 308 | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2025 | | (Dollars in thousands) | | Level 1 | | Level 2 | | Level 3 | | Total | | 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 liability | | 180 | | | 47 | | | — | | | 227 | | | | | | | | | | | | | | | | | | |
|
| Schedule of Reconciliation of Gain (Loss) on Investments |
A reconciliation of gain (loss) on financial instruments, net for each of the periods presented herein is included in the tables below (in thousands): | | | | | | | | | | | | | | | | | Year Ended March 31, | | | 2026 | | 2025 | | Public equity securities: | | | | | | | | | | | Other public equity securities | | $ | 364 | | | $ | (831) | | | | | | | | Loss on initial issuance of convertible debt and warrant issuance to Yorkville | | — | | | (2,307) | | | Convertible debt | | — | | | 100 | | | Warrants liability | | (81) | | | 1,732 | | | Prepaid forward liability | | — | | | 14 | | | Derivative asset | | 9,496 | | | — | | | | | | | | Other equity securities and interests: | | | | | | Related party, fair value using quoted market prices of similar assets in active market | | (5) | | | (552) | | | Other, without a readily determinable fair value | | — | | | (398) | | | Gain (loss) on financial instruments, net | | $ | 9,774 | | | $ | (2,242) | |
|
| Fair Value Measurement Inputs and Valuation Techniques |
The following table provides quantitative information about the significant unobservable inputs used in the fair value measure of the Level 3 other debt securities (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value | | Valuation Methodology | | Unobservable Inputs | | Range | | Weighted Average | | March 31, 2026 | | $ | 1,739 | | | Market Approach | | Enterprise value-to-revenue multiple | | 0.2x – 18.9x | | 1.75x | | March 31, 2025 | | $ | 1,687 | | | Market Approach | | Enterprise value-to-revenue multiple | | 0.2x – 18.9x | | 1.75x |
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table reconciles the beginning and ending fair value of our Level 3 other debt securities: | | | | | | | | | | | | | | | | | Year Ended March 31, | | (Dollars in thousands) | | 2026 | | 2025 | | Beginning balance | | $ | 1,687 | | | $ | 1,964 | | | | | | | Gains (losses) recognized in accumulated other comprehensive income (loss)(1) | | 52 | | | (277) | | | Ending balance | | $ | 1,739 | | | $ | 1,687 | |
(1) Recorded in unrealized gain (loss) on available-for-sale debt securities.
|
| Fair Value Disclosure of Asset and Liability Not Measured at Fair Value |
The carrying amounts and estimated fair values of the Company’s financial instruments not recorded at fair value as of March 31, 2026 and 2025, were as noted in the table below: | | | | | | | | | | | | | | | | | | | As of March 31, 2026 | | (Dollars in thousands) | Level in Fair Value Hierarchy | | Carrying Amount | | Estimated Fair Value | | Financial assets: | | | | | | | Cash and cash equivalents | 1 | | $ | 2,543 | | | $ | 2,543 | | | | | | | | | Financial liabilities: | | | | | | Debt due to related parties, net(1) | 2 | | 96,785 | | | 92,702 | | | Accounts payable and accrued expenses | 1 | | 63,788 | | | 63,788 | |
| | | | | | | | | | | | | | | | | | | As of March 31, 2025 | | (Dollars in thousands) | Level in Fair Value Hierarchy | | Carrying Amount | | Estimated Fair Value | | Financial assets: | | | | | | | Cash and cash equivalents | 1 | | $ | 1,346 | | | $ | 1,346 | | | | | | | | | Financial liabilities: | | | | | | Debt due to related parties, net(1) | 2 | | 117,896 | | | 109,550 | | | Accounts payable and accrued expenses | 1 | | 100,345 | | | 100,345 | |
(1) The estimated fair value of debt due to related parties, net, does not include the value of accrued but unpaid interest totaling $30.5 million and $19.4 million as of March 31, 2026 and 2025, respectively, that is included in other liabilities in the consolidated statements of financial condition.
|