Revenue

9 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The following table presents revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount:

	Three Months Ended December 31,				Nine Months Ended December 31,
Management and advisory fees	2021		2020		2021		2020
Specialized funds	$	38,233	$	38,155	$	107,935	$	102,103
Customized separate accounts	25,982		23,285		75,416		70,600
Advisory	6,119		6,618		18,781		19,928
Reporting and other	5,992		2,673		16,983		8,093
Distribution management	3,170		2,827		9,313		5,291
Fund reimbursement revenue	340		1,721		1,225		2,898
Total management and advisory fees	$	79,836	$	75,279	$	229,653	$	208,913

	Three Months Ended December 31,				Nine Months Ended December 31,
Incentive fees	2021		2020		2021		2020
Specialized funds	$	6,765	6,178		$	23,903	$	9,407
Customized separate accounts	3,725		2,502		10,314		3,105
Consolidated variable interest related:
Specialized funds	1,378		624		3,149		17,333
Total incentive fees	$	11,868	$	9,304	$	37,366	$	29,845

Cost to obtain contracts

The Company incurs incremental costs related to sales commissions paid to certain employees directly related to customized separate account contracts. These incremental costs are capitalized and amortized over the expected contract length proportionately to the management fee revenue expected to be recognized in each year as a percentage of the total expected revenue for the contract. The contract asset related to the cost to obtain contracts was $1,022 and $964 as of December 31, 2021 and March 31, 2021, respectively, and is included in other assets in the Condensed Consolidated Balance Sheets. Amortization expense related to this contract asset was $121 and $373 for the three and nine months ended December 31, 2021, respectively, and $135 and $389 for the three and nine months ended December 31, 2020, respectively, and is included in compensation and benefits in the Condensed Consolidated Statements of Income.