v3.26.1
Revenue
 3 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue
3. Revenue
The following tables present revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount:
Three Months Ended
June 30,
Management and advisory fees20262025
Specialized funds$108,819 $82,745 
Customized separate accounts34,690 34,575 
Advisory4,555 5,486 
Reporting, monitoring, data and analytics9,908 8,394 
Distribution management257 975 
Fund reimbursement revenue3,138 1,521 
Total management and advisory fees$161,367 $133,696 
Three Months Ended
June 30,
Incentive fees20262025
Specialized funds$107,557 $38,209 
Customized separate accounts6,407 4,053 
Total incentive fees$113,964 $42,262 
Customer Incentive
In connection with the launch of a newly created evergreen fund, the Company established an investor incentive program under which certain investors who subscribed during the Fund’s initial offering period are eligible to receive additional Fund shares. During the initial offering period, the Company purchased Fund shares that may be distributed under the program and continues to hold such shares as part of its investment in the Fund. Eligible investors may receive additional shares in three annual installments following the close of the initial offering period, subject to continued satisfaction of specified retention requirements. Any shares forfeited by investors will be retained by the Company. During the three months ended June 30, 2026, the Company recognized an asset of $9,546 recorded in other assets in the Condensed Consolidated Balance Sheets, associated with the Fund shares expected to meet retention requirements. The Company accounts for the program as consideration payable to customers, which is recognized as a reduction of management fee revenue over the three year installment period.