Intangibles and Goodwill

3 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Intangible assets consist of management contracts providing economic rights to management and advisory fees and client relationships related to future fundraising, as obtained through the Company’s acquisitions of other businesses.

Intangible assets, net consists of the following:


	As of
	June 30, 2026		March 31, 2026
Management contracts	$	352,002	$	352,002
Client relationships	96,650		96,650

Less: Accumulated amortization	(235,797)		(225,608)
Intangible assets, net	$	212,855	$	223,044

Amortization expense related to intangible assets was $10.2 million for the three months ended June 30, 2026 and 2025, respectively. These amounts are included in general, administrative and other expenses in the condensed consolidated statements of loss.

At June 30, 2026, the expected future amortization of finite-lived intangible assets is as follows:


Remainder of FY2027	$	30,570
FY2028	40,759
FY2029	40,759
FY2030	40,759
FY2031	40,759
Thereafter	19,249
Total	$	212,855

The carrying value of goodwill was $580.5 million as of June 30, 2026 and March 31, 2026. The Company determined there was no indication of goodwill impairment as of June 30, 2026 and March 31, 2026.