Fair Value Measurements

9 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

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

	As of December 31, 2022
	Level 1		Level 2		Level 3		Total		Amortized Cost
Financial assets:
Other investments	$	6,235	$	—	$	13,954	$	20,189	$	10,703
Total financial assets	$	6,235	$	—	$	13,954	$	20,189	$	10,703
Financial liabilities:
Secured financing(1)	—		—		13,954		13,954
Total financial liabilities	$	—	$	—	$	13,954	$	13,954

	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(2)	$	2,484	$	399	$	—	$	2,883
Secured financing(1)	—		—		13,818		13,818
Total financial liabilities	$	2,484	$	399	$	13,818	$	16,701

(1) Secured financing is recorded within other liabilities in the Condensed Consolidated Balance Sheets.

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

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 September 30, 2022	$	6,252	$	768	$	6,060	$	13,080
Contributions	91		—		—		91
Distributions	(38)		—		—		(38)
Net gain	417		18		386		821
Balance as of December 31, 2022	$	6,722	$	786	$	6,446	$	13,954
Balance as of March 31, 2022	$	7,024	$	774	$	6,020	$	13,818
Contributions	114		—		—		114
Distributions	(893)		—		—		(893)
Net gain	477		12		426		915
Balance as of December 31, 2022	$	6,722	$	786	$	6,446	$	13,954

	Private equity funds		Direct credit investments		Direct equity investments		Publicly traded equity security		Total other investments
Balance as of September 30, 2021	$	7,159	$	783	$	6,068	$	6,122	$	20,132
Contributions	204		—		—		—		204
Distributions	(25)		—		—		—		(25)
Net gain (loss)	1,464		(1)		825		168		2,456
Transfer out	—		—		—		(6,290)		(6,290)
Balance as of December 31, 2021	$	8,802	$	782	$	6,893	$	—	$	16,477

	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	293		—		28		—		321
Distributions	(179)		(202)		—		—		(381)
Net gain (loss)	2,434		(1)		806		(165)		3,074
Transfer in	—		—		—		6,455		6,455
Transfer out	—		—		—		(6,290)		(6,290)
Balance as of December 31, 2021	$	8,802	$	782	$	6,893	$	—	$	16,477

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 December 31, 2022:

				Significant
	Fair		Valuation	Unobservable				Weighted
	Value		Methodology	Inputs	Range			Average
Other investments:
Private equity funds	$	6,722	Adjusted net asset value	Selected market return	2.3%	-	6.3%	3.2%
Direct credit investments	$	786	Discounted cash flow	Market yield	12.9%	-	12.9%	12.9%
Direct equity investments	$	6,446	Market approach	EBITDA multiple	8.25	-	14.25x	11.61x
			Market approach	Equity multiple	1.8x			1.8x

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 non-recurring Level 3 fair value measurements of financial assets were as follows, as of December 31, 2022:

				Significant
	Fair		Valuation	Unobservable		Weighted
	Value		Methodology	Inputs	Range	Average
Investment valued under the measurement alternative	$	30,900	Market approach	Revenue Multiple	3.5x	3.5x

For the significant unobservable inputs listed in the tables 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.