Fair Value Measurement

3 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level:

	As of June 30, 2022
	Level 1		Level 2		Level 3		Total		Amortized Cost
Financial assets:
Other investments	$	3,660	$	—	$	12,931	$	16,591	$	11,361
Investments held in trust	276,083		—		—		276,083		276,000
Total financial assets	$	279,743	$	—	$	12,931	$	292,674	$	287,361
Financial liabilities:
Warrant liability(1)	$	790	$	127	$	—	$	917
Secured financing(2)	—		—		12,931		12,931
Total financial liabilities	$	790	$	127	$	12,931	$	13,848

	As of March 31, 2022
	Level 1		Level 2		Level 3		Total		Amortized Cost
Financial assets:
Other investments	$	6,002	$	—	$	13,818	$	19,820	$	10,853
Investments held in trust	276,016		—		—		276,016		276,000
Total financial assets	$	282,018	$	—	$	13,818	$	295,836	$	286,853
Financial liabilities:
Warrant liability(1)	$	2,484	$	399	$	—	$	2,883
Secured financing(2)	—		—		13,818		13,818
Total financial liabilities	$	2,484	$	399	$	13,818	$	16,701

(1) Warrant liability is recorded within other liabilities of consolidated variable interests in the Condensed Consolidated Balance Sheet.

(2) Secured financing is recorded within other liabilities in the Condensed Consolidated Balance Sheet.

The following is a reconciliation of other investments for which significant unobservable inputs (Level 3) were used in determining fair value:

	Private equity funds		Direct credit investments		Direct equity investments		Total other investments
Balance as of March 31, 2022	$	7,024	$	774	$	6,020	$	13,818
Contributions	—		—		—		—
Distributions	(164)		—		—		(164)
Net loss	(456)		(1)		(266)		(723)
Balance as of June 30, 2022	$	6,404	$	773	$	5,754	$	12,931

	Private equity funds		Direct credit investments		Direct equity investments		Publicly traded equity security		Total other investments
Balance as of March 31, 2021	$	6,254	$	985	$	6,059	$	—	$	13,298
Contributions	30		—		28		—		58
Distributions	(95)		(202)		—		—		(297)
Net gain	577		12		225		—		814
Transfer in	—		—		—		6,455		6,455
Balance as of June 30, 2021	$	6,766	$	795	$	6,312	$	6,455	$	20,328

The valuation methodologies, significant unobservable inputs, range of inputs and the weighted average input determined based upon relative fair value of the investments used in recurring Level 3 fair value measurements of financial assets were as follows, as of June 30, 2022:

				Significant
	Fair		Valuation	Unobservable				Weighted
	Value		Methodology	Inputs	Range			Average
Other investments:
Private equity funds	$	6,404	Adjusted net asset value	Selected market return	(6.3)%	-	(9.2)%	(8.6)%
Direct credit investments	$	773	Discounted cash flow	Market yield	12.5%	-	12.5%	12.5%
Direct equity investments	$	5,754	Market approach	EBITDA multiple	8.00x	-	13.50x	10.59x
			Market approach	Equity multiple	1.58x			1.58x

For the significant unobservable inputs listed in the table above: (1) a significant increase or decrease in the selected market return would result in a significantly higher or lower fair value measurement, respectively; (2) a significant increase or decrease in the market yield would result in a significantly lower or higher fair value measurement, respectively; and (3) a significant increase or decrease in the selected multiple would result in a significantly higher or lower fair value measurement, respectively.