Fair Value Measurement (Tables)

6 Months Ended

Sep. 30, 2023

Schedule of Financial Assets and Liabilities

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


	As of September 30, 2023
	Level 1		Level 2		Level 3		NAV(2)		Total
Financial assets:
Fair value investments	$	4,802	$	—	$	12,373	$	—	$	17,175
Consolidated VIEs
Fair value investments	—		—		69,381		34,609		103,990
Total financial assets	$	4,802	$	—	$	81,754	$	34,609	$	121,165

Financial liabilities:
Secured financing(1)	$	—	$	—	$	12,373	$	—	$	12,373
Total financial liabilities	$	—	$	—	$	12,373	$	—	$	12,373

	As of March 31, 2023
	Level 1		Level 2		Level 3		NAV(2)		Total
Financial assets:
Fair value investments	$	7,358	$	—	$	14,228	$	—	$	21,586
Consolidated VIEs
Fair value investments	—		—		21,163		23,589		44,752

Total financial assets	$	7,358	$	—	$	35,391	$	23,589	$	66,338

Financial liabilities:

Secured financing(1)	$	—	$	—	$	14,228	$	—	$	14,228
Total financial liabilities	$	—	$	—	$	14,228	$	—	$	14,228

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

(2) Investments are recorded at estimated fair value based upon the net asset value of the fund utilizing the practical expedient under Accounting Standards Codification 820, “Fair Value Measurement.” The fair value amounts presented in this column are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Note 4.

Schedule of Reconciliation of Other Investments

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 June 30, 2023	$	6,430	$	785	$	6,934	$	14,149
Contributions	—		—		—		—
Distributions	(138)		(798)		—		(936)
Net gain (loss)	(553)		13		(300)		(840)

Balance as of September 30, 2023	$	5,739	$	—	$	6,634	$	12,373

Balance as of March 31, 2023	$	6,664	$	790	$	6,774	$	14,228
Contributions	—		—		—		—
Distributions	(188)		(798)		—		(986)
Net gain (loss)	(737)		8		(140)		(869)


Balance as of September 30, 2023	$	5,739	$	—	$	6,634	$	12,373


	Private equity funds		Direct credit investments		Direct equity investments		Total other investments
Balance as of June 30, 2022	$	6,404	$	773	$	5,754	$	12,931
Contributions	22		—		—		22
Distributions	(690)		—		—		(690)
Net gain (loss)	516		(5)		306		817

Balance as of September 30, 2022	$	6,252	$	768	$	6,060	$	13,080

Balance as of March 31, 2022	$	7,024	$	774	$	6,020	$	13,818
Contributions	22		—		—		22
Distributions	(854)		—		—		(854)
Net gain (loss)	60		(6)		40		94
Balance as of September 30, 2022	$	6,252	$	768	$	6,060	$	13,080

Schedule of Reconciliation of Investments Held by Consolidated Funds

The following is a reconciliation of investments held by our consolidated VIEs for which significant

unobservable inputs (Level 3) were used in determining value:


	Direct credit investments
Balance as of June 30, 2023	$	54,625
Contributions	10,731
Distributions	(140)
Net income	412
Transfer in	3,753

Balance as of September 30, 2023	$	69,381


	Direct credit investments
Balance as of March 31, 2023	$	21,163
Contributions	24,787
Distributions	(180)
Net income	494
Transfer in	23,117

Balance as of September 30, 2023	$	69,381

Schedule of Assumptions Used

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 September 30, 2023:

Significant

Fair

Valuation

Unobservable

Weighted

Value

Methodology

Inputs

Range

Average

Other investments:

Private equity funds

5,739

Adjusted net asset value

Selected market return

0.6%

1.5%

1.3%

Direct equity investments

6,634

Market approach

EBITDA multiple

8.25x

14.50x

12.15x

Market approach

Equity multiple

1.60x

Investments of consolidated VIE:

Direct credit investments

46,566

Discounted cash flow

Market yield

9.3%

11.8%

10.6%

Direct credit investments

22,815

Recent precedent
transactions

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.