v3.26.1
Fair Value Measurements
 3 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements
5. Fair Value Measurements
The following tables summarize the Company’s financial assets recorded at fair value by fair value hierarchy level:
As of June 30, 2026
Level 1Level 2Level 3
NAV(1)
Total
Consolidated Funds
Fair value investments163,504 — — 519,858 683,362 
Total financial assets$163,504 $— $— $519,858 $683,362 
As of March 31, 2026
Level 1Level 2Level 3
NAV(1)
Total
Consolidated Funds
Fair value investments107,379 — 6,305 391,553 505,237 
Total financial assets$107,379 $— $6,305 $391,553 $505,237 
(1) The fair value amounts presented in this column are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Note 4.


The following table lists information regarding all investments recorded at estimated fair value based upon the NAV:
Fair ValueUnfunded Commitment
Direct investment funds$56,080 $7,594 
Secondary funds463,778 91,099 
$519,858 $98,693 
The investments valued under NAV can only be redeemed through distributions received from the liquidation of the underlying investments, and the timing of distributions is currently indeterminable.

The following is a reconciliation of investments held by the Company’s Consolidated Funds and Partnerships for which significant unobservable inputs (Level 3) were used in determining value:
Direct Equity Investments
Balance as of March 31, 2026
$6,305 
Transfer out (1)
(6,305)
Balance as of June 30, 2026
$— 
(1)An equity investment was transferred out of Level 3 as a result of utilizing NAV to estimate fair value.
Direct Equity Investments
Balance as of March 31, 2025
$3,916 
Transfer out (1)
(1,916)
Balance as of June 30, 2025
$2,000 
(1)An equity investment was transferred out of Level 3 as a result of utilizing NAV to estimate fair value.