v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (170,366) $ (12,011)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 11,369 11,424
Unrealized performance fee-related compensation 44,686 44,357
Amortization of deferred financing costs 326 326
Equity-based compensation 292,806 181,654
Change in deferred income taxes (42,528) (14,102)
Adjustments to reconcile net loss to net cash used in operating activities of Consolidated Funds:    
Unrealized (income) loss on investments of Consolidated Funds 10,308 (20,799)
Unrealized income from notes payable of Consolidated Funds (18,098) 0
Contributions to investments of Consolidated Funds (903,683) (57,696)
Distributions received from investments of Consolidated Funds 289,036 0
Changes in operating assets and liabilities:    
Fees and accounts receivable 23,576 (9,637)
Due from affiliates (39,869) (9,891)
Accounts payable, accrued expenses and other liabilities (16,901) (14,726)
Accrued compensation and benefits 34,795 29,327
Due to affiliates 7,038 7,835
Lease right-of-use assets, net and lease liabilities (792) 1,714
Changes in operating assets and liabilities of Consolidated Funds:    
Net cash provided by (used in) operating activities (457,511) 46,282
Cash flows from investing activities    
Net cash recognized upon initial consolidation of funds 27,582 0
Purchases of property and equipment (549) (1,095)
Net cash provided by (used in) investing activities 21,402 (11,793)
Cash flows from financing activities    
Purchase of non-controlling interests (9,589) (10,339)
Dividends paid to common stockholders (68,618) (50,274)
Payments for repurchases of Class A common stock (19,221) 0
Payments to related parties under Tax Receivable Agreements (16,205) (11,494)
Other financing activities (1) 0
Cash flows from financing activities of Consolidated Funds:    
Net cash provided by (used in) financing activities 19,080 (72,222)
Effect of foreign currency exchange rate changes 1,129 (7,416)
Net decrease in cash, cash equivalents and restricted cash (415,900) (45,149)
Cash, cash equivalents and restricted cash at beginning of period 1,119,001 289,804
Cash, cash equivalents and restricted cash at end of period 703,101 244,655
Non-cash operating, investing, and financing activities:    
Accrued dividends 1,198 746
Deferred tax effect resulting from transactions affecting ownership in the Partnership, including net amounts payable under Tax Receivable Agreements (6,734) (7,367)
Initial consolidation of Consolidated Funds 731,588 0
Establishment of lease liabilities in exchange for lease right-of-use assets 6,222 0
Remeasurement of lease liabilities 8,900 0
Equity issued for purchase of non-controlling interests 165,703 160,876
Reconciliation of cash, cash equivalents and restricted cash:    
Restricted cash 581 524
Total cash, cash equivalents and restricted cash 703,101 244,655
Excluding Consolidated Funds    
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 201,167 191,469
Consolidated Funds    
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 501,353 52,662
Consolidated Entities, Excluding Legacy Entities    
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Unrealized carried interest allocations and investment income (53,919) (98,455)
Unrealized performance fee-related compensation 44,686 44,357
Cash flows from investing activities    
Contributions to investments (11,116) (17,702)
Distributions received from investments 5,128 6,222
Non-Controlling Interests in Legacy Greenspring Entities    
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Unrealized carried interest allocations and investment income (31,128) (36,398)
Unrealized performance fee-related compensation 36,547 34,772
Cash flows from investing activities    
Contributions to investments (200) (422)
Distributions received from investments 557 1,204
Cash flows from financing activities    
Proceeds from capital contributions from non-controlling interests 200 422
Distributions to non-controlling interests (731) (2,961)
Cash flows from financing activities of Consolidated Funds:    
Proceeds from capital contributions from non-controlling interests in Consolidated Funds 200 422
Distributions to non-controlling interests in Consolidated Funds (731) (2,961)
Consolidated Entity, Excluding Consolidated VIE    
Changes in operating assets and liabilities:    
Other assets and receivables (2,911) 8,198
Changes in operating assets and liabilities of Consolidated Funds:    
Other assets and receivables (2,911) 8,198
Non-Controlling Interests in Subsidiaries    
Cash flows from financing activities    
Proceeds from capital contributions from non-controlling interests 7,703 1,518
Distributions to non-controlling interests (53,864) (60,167)
Cash flows from financing activities of Consolidated Funds:    
Proceeds from capital contributions from non-controlling interests in Consolidated Funds 7,703 1,518
Distributions to non-controlling interests in Consolidated Funds (53,864) (60,167)
Consolidated funds    
Changes in operating assets and liabilities:    
Other assets and receivables 86,363 15,460
Changes in operating assets and liabilities of Consolidated Funds:    
Other assets and receivables 86,363 15,460
Other liabilities and payables (14,166) (15,070)
Cash flows from financing activities    
Proceeds from capital contributions from non-controlling interests 143,372 0
Distributions to non-controlling interests (276,296) 0
Cash flows from financing activities of Consolidated Funds:    
Issuance of notes payable 31,344 0
Proceeds from borrowings on fund credit facilities 241,102 0
Payments on fund credit facilities (25,275) 0
Payment of debt issuance costs on fund credit facilities (4,855) 0
Proceeds from capital contributions from non-controlling interests in Consolidated Funds 143,372 0
Distributions to non-controlling interests in Consolidated Funds (276,296) 0
Contributions from redeemable non-controlling interests in Consolidated Funds 72,005 67,700
Redemptions of redeemable non-controlling interests in Consolidated Funds (1,991) $ (6,627)
Reconciliation of cash, cash equivalents and restricted cash:    
Restricted cash 581  
Consolidated funds | Excluding Consolidated Funds    
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 104,312  
Consolidated funds | Consolidated Funds    
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents $ 501,353