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Investments
 3 Months Ended
Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments
4. Investments

Investments consist of the following:

June 30,March 31,
20242024
Equity method investments in Partnerships$411,183 $408,615 
Other equity method investments1,438 1,576 
Fair value investments19,124 17,984
Investments valued under the measurement alternative188,922 175,522
Total Investments$620,667 $603,697 

Investments of consolidated VIEs consist of the following:

June 30,March 31,
20242024
Equity method investments in Partnerships$17,421 $28,575 
Fair value investments11,383 — 
Total Investments of Consolidated VIEs$28,804 $28,575 
Equity method investments

The Company’s equity method investments in Partnerships represent its ownership in certain specialized funds and customized separate accounts. The strategies and geographic location of investments within the Partnerships vary by fund. The Company has a 1% interest in substantially all of the Partnerships, representing a general partner interest. The Company’s other equity method investments represent its ownership in a technology company to develop an AI-powered investment assistant for private markets.

Fair value investments

The Company’s fair value investments represent a publicly traded security, investments held by the consolidated funds and investments in private equity funds and direct credit and equity investments that are held as collateral on the Company’s secured financing. The private equity fund investments can only be redeemed through distributions received from the liquidation of underlying investments of the fund, and the timing of distributions is currently indeterminable. The cost of the assets held as collateral was $5,611 and $5,952 as of June 30, 2024 and March 31, 2024, respectively. The direct credit investments were debt securities classified as trading securities. Fair value investments are measured at fair value with unrealized gains and losses recorded in non-operating gain in the Condensed Consolidated Statements of Income.

The Company accounts for its secured financing at fair value under the fair value option. The primary reason for electing the fair value option is to mitigate volatility in earnings from using different measurement attributes. The significant input to the fair value of the secured financing is the fair value of the fair value investments delivered as collateral which are estimated using Level 3 inputs with the significant inputs as shown in Note 5 below.

The Company recognized gains of $948 and $29 on fair value investments held as collateral during the three months ended June 30, 2024 and 2023, respectively, that are recorded in non-operating gain. The Company recognized losses of $948 and $29 on the secured financing liability during the three months ended June 30, 2024 and 2023, respectively, that are recorded in non-operating gain in the Condensed Consolidated Statements of Income.

Investments valued under the measurement alternative

Three Months Ended June 30,
20242023
Carrying amount beginning of the period$175,522 $168,732 
Adjustments related to equity investments:
Purchases5,001 1,177 
Sales / return of capital — (178)
Net change in unrealized gain (1)
8,399 1,177 
Net realized loss— (522)
Carrying amount, end of period$188,922 $170,386 
(1) Net change in unrealized gain consists of fair value adjustments for observable price changes of identical or similar investments.
The following table summarizes the cumulative gross unrealized gains and cumulative gross unrealized losses related to the Company’s investments under the measurement alternative:

June 30,March 31,
20242024
Cumulative gross unrealized gains$78,634 $70,235 
Cumulative gross unrealized losses $(43,289)$(43,289)