Variable Interest Entities (Tables)

3 Months Ended

Jun. 30, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Investments of Consolidated Funds and Partnerships consist of the following:



	June 30, 2026		March 31, 2026
Equity method investments in Funds	$	19,961	$	20,841
Fair value investments	683,362		505,237
Total Investments of Consolidated Funds and Partnerships	$	703,323	$	526,078

The following table presents the assets and liabilities of consolidated VIEs that are included in the Condensed Consolidated Balance Sheets.



	June 30, 2026		March 31, 2026
Assets of Consolidated Funds and Partnerships:

Investments	657,237		487,357
Other assets	1,536		9,516
Total assets	$	658,773	$	496,873

Liabilities of Consolidated Funds and Partnerships:
Subscriptions in advance	$	14,349	$	55,561
Other liabilities	28,054		12,902
Total liabilities	$	42,403	$	68,463

The carrying value of assets and liabilities recognized in the Condensed Consolidated Balance Sheets related to the Company’s interests in these non-consolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows:



	June 30, 2026		March 31, 2026
Investments	$	291,606	$	284,958
Fees receivable	52,991		43,607
Due from related parties	7,144		7,573
Total VIE Assets	351,741		336,138
Less: Non-controlling interests	(817)		(2,190)
Maximum exposure to loss	$	350,924	$	333,948

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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