v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income $ 124,884 $ 77,070
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,528 2,528
Change in deferred income taxes 8,846 6,555
Change in payable to related parties pursuant to tax receivable agreement (1,951) 0
Equity-based compensation 12,907 12,799
Change in customer incentive asset 1,077 0
Equity in income of investees (3,035) (9,439)
Net realized loss on sale of investments 391 0
Fair value adjustment of other investments 0 (413)
Proceeds received from Funds 8,049 10,141
Non-cash lease expense 2,318 2,734
Other 196 321
Changes in operating assets and liabilities:    
Fees receivable (76,190) 23,350
Prepaid expenses 2,719 663
Due from related parties 197 (3,876)
Other assets (280) (1,423)
Accounts payable (456) 1,039
Accrued compensation and benefits 558 15,652
Lease liability (2,454) (2,277)
Other liabilities 12,128 2,327
Consolidated Funds and Partnerships:    
Net gain on investments 0 (413)
Net cash provided by operating activities 77,150 128,932
Investing activities:    
Purchase of furniture, fixtures and equipment (1,801) (1,344)
Distributions received from Funds 23,591 2,355
Contributions to Funds (29,534) (13,202)
Net cash used in investing activities (146,926) (93,807)
Financing activities:    
Repayments of long-term debt (4,375) (1,875)
Repurchase of Class A common stock for employee tax withholding (624) (7)
Proceeds received from issuance of shares under Employee Share Purchase Plan 819 816
Dividends paid (22,520) (20,233)
Members’ distributions paid (15,489) (16,023)
Consolidated Funds and Partnerships:    
Net cash provided by financing activities 47,804 3,261
Effect of exchange rate changes on cash and cash equivalents (206) 147
(Decrease) increase in cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships (22,178) 38,533
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at beginning of the period 371,904 283,604
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships at end of the period 349,726 322,137
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Funds and Partnerships to the Condensed Consolidated Balance Sheets:    
Total cash and cash equivalents, restricted cash, and cash and cash equivalents held at Consolidated Funds and Partnerships 349,726 322,137
Class A Common Stock    
Financing activities:    
Repurchase of Class B common stock (50,000) 0
Non-Controlling Interests in Consolidated Funds and Partnerships    
Adjustments to reconcile net income to net cash provided by operating activities:    
Fair value adjustment of other investments (20,004) (8,574)
Consolidated Funds and Partnerships:    
Net gain on investments (20,004) (8,574)
Equity in (loss) income of investees 369 (871)
Change in other assets and liabilities 4,353 626
Investing activities:    
Purchase of investments (148,088) (81,616)
Distributions received from investments 8,906 0
Consolidated Funds and Partnerships:    
Contributions from non-controlling interests in Consolidated Fund Partnerships 140,487 40,675
Distributions to non-controlling interests in Consolidated Fund Partnerships (494) (92)
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Funds and Partnerships to the Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 4,706 52,533
Consolidated Entity Excluding Variable Interest Entities (VIE)    
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Funds and Partnerships to the Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 337,018 263,347
Restricted cash $ 8,002 $ 6,257