v3.26.1
Revenues
 3 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenues Revenues
The following presents revenues disaggregated by product offering, which aligns with the Company’s performance obligations and the basis for calculating each amount:
Three Months Ended June 30,
Management and Advisory Fees, Net20262025
Focused commingled funds(1)
$170,841 $118,668 
SMAs75,278 70,379 
Advisory and other services19,451 19,939 
Fund reimbursement revenues3,601 2,187 
Total management and advisory fees, net$269,171 $211,173 
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(1)Includes income-based incentive fees of $7.0 million and $4.4 million for the three months ended June 30, 2026 and 2025, respectively.
Three Months Ended June 30,
Incentive Fees20262025
SMAs$— $— 
Focused commingled funds— 190 
Total incentive fees$— $190 
Three Months Ended June 30,
Carried Interest Allocations20262025
SMAs$(20,662)$95,364 
Focused commingled funds93,209 17,923 
Total carried interest allocations$72,547 $113,287 
Three Months Ended June 30,
Legacy Greenspring Carried Interest Allocations20262025
SMAs$35 $98 
Focused commingled funds37,136 39,539 
Total legacy Greenspring carried interest allocations(1)
$37,171 $39,637 
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(1)The three months ended June 30, 2026 and 2025 reflect the net effect of gross realized carried interest allocations of $0.6 million and $4.9 million, respectively, and the reversal of such amounts in unrealized carried interest allocations for such periods.
See note 5 for a discussion of changes in carried interest allocations and legacy Greenspring carried interest allocations.
The Company derives revenues from clients located in both the United States and other countries. The table below presents the Company’s revenues by geographic location:
Three Months Ended June 30,
Revenues(1)
20262025
United States$280,593 $136,012 
Non-U.S. countries98,296 228,275 
Total revenues$378,889 $364,287 
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(1)Revenues are attributed to countries based on client location for SMAs and advisory and other services, or location of investment vehicle for focused commingled funds.
For the three months ended June 30, 2026 and 2025, no individual client represented 10% or more of the Company’s net management and advisory fees. There were no incentive fees for the three months ended June 30, 2026. For the three months ended June 30, 2025, one commingled fund represented 10% or more of the Company’s incentive fees.
For the three months ended June 30, 2026 and 2025, the Company had management and advisory fee revenues attributable to the United States, which represented 10% or more of the Company’s net management and advisory fees. There were no incentive fees for the three months ended June 30, 2026. For the three months ended June 30, 2025, the Company had incentive fees attributable to Luxembourg, Switzerland and Germany, each of which represented 10% or more of the Company’s incentive fees.
As of June 30, 2026 and March 31, 2026, the Company had $24.4 million and $23.8 million, respectively, of deferred revenues, which is included in accounts payable, accrued expenses and other liabilities in the condensed consolidated balance sheets. During the three months ended June 30, 2026, the Company had recognized $2.7 million as revenue from amounts included in the deferred revenue balance as of March 31, 2026.