Related-Party Transactions

12 Months Ended

Mar. 31, 2021

Related Party Transactions [Abstract]

Related-Party Transactions

Related-Party Transactions

The Company considers its employees, directors, and equity method investments to be related parties.

Revenue and Receivables

The Company has investment management agreements with various specialized funds and customized separate accounts that it manages. The Company earned management and advisory fees from Partnerships of $199,422, $161,323, and $134,343 for the years ended March 31, 2021, 2020 and 2019, respectively. The Company earned incentive fees from Partnerships of $47,962, $24,077, and $31,876 for the years ended March 31, 2021, 2020 and 2019, respectively.

Fees receivable from the Partnerships were $14,814 and $16,970 as of March 31, 2021 and 2020, respectively, and are included in fees receivable in the Consolidated Balance Sheets.

Expenses and Payables

The Company entered into a service agreement on June 1, 2017 with a joint venture pursuant to which it incurred expenses of $3,978, $5,289 and $5,058 for the years ended March 31, 2021, 2020, and 2019 respectively, which amounts are included in general, administrative and other expenses in the Consolidated Statements of Income. The Company also has a payable to the joint venture of $325 and $428 as of March 31, 2021 and 2020, respectively, which is included in other liabilities in the Consolidated Balance Sheets.

Other Transactions

On January 31, 2020, the convertible promissory note (the “Note”) held by the Company issued by one of its equity method investments was settled by converting the outstanding principal and accrued interest into shares of the investee per the terms of the Note. The Company received 2,278,524 shares of the investee which were recorded at the carrying value of the Note of $902 at the date of conversion. These shares are included with similar shares of that investee as investments held under the measurement alternative.

On January 31, 2020, the Company entered into an asset purchase agreement with one of its equity method investments for the code and an exclusive license to distribute the Cobalt LP software. The cost of the asset acquisition was $6,373, which consisted of an upfront cash payment of $4,000, a previously deferred cash payment of $1,000 made during the fiscal year ended March 31, 2021, contribution of equity shares of the investee valued at $2,201 and direct transaction fees of $172. The assets purchased were recorded as intangible assets in other assets in the Consolidated Balance Sheets and will be amortized over 7 years.