Fair Value Measurements

3 Months Ended

Jun. 30, 2024

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 June 30, 2024
	Level 1		Level 2		Level 3		NAV(2)		Total
Financial assets:
Fair value investments	$	5,253	$	—	$	13,871	$	—	$	19,124
Consolidated VIEs
Fair value investments	—		—		379		11,004		11,383
Total financial assets	$	5,253	$	—	$	14,250	$	11,004	$	30,507
Financial liabilities:
Secured financing(1)	$	—	$	—	$	13,871	$	—	$	13,871
Total financial liabilities	$	—	$	—	$	13,871	$	—	$	13,871
	As of March 31, 2024
	Level 1		Level 2		Level 3		NAV(2)		Total
Financial assets:
Fair value investments	$	4,913	$	—	$	13,071	$	—	$	17,984
Consolidated VIEs
Fair value investments	—		—		—		—		—
Total financial assets	$	4,913	$	—	$	13,071	$	—	$	17,984
Financial liabilities:
Secured financing(1)	$	—	$	—	$	13,071	$	—	$	13,071
Total financial liabilities	$	—	$	—	$	13,071	$	—	$	13,071

(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 (“NAV”) of the fund utilizing the practical expedient under ASC 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.

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

	Private equity funds		Direct credit investments		Direct equity investments		Total other investments
Balance as of March 31, 2024	$	5,519	$	—	$	7,552	$	13,071
Contributions	—		—		—		—
Distributions	(148)				—		(148)
Net (loss) gain	(342)				1,290		948
Balance as of June 30, 2024	$	5,029	$	—	$	8,842	$	13,871

	Private equity funds		Direct credit investments		Direct equity investments		Total other investments
Balance as of March 31, 2023	$	6,664	$	790	$	6,774	$	14,228
Contributions	—		—		—		—
Distributions	(50)		—		—		(50)
Net (loss) gain	(184)		(5)		160		(29)
Balance as of June 30, 2023	$	6,430	$	785	$	6,934	$	14,149

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 March 31, 2024	$	—
Contributions	386
Net income	(7)
Balance as of June 30, 2024	$	379

	Direct credit investments
Balance as of March 31, 2023	$	21,163
Contributions	14,056
Distributions	(40)
Net loss	82
Transfer in	19,364
Balance as of June 30, 2023	$	54,625

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 assets were as follows, as of June 30, 2024:

				Significant
	Fair		Valuation	Unobservable				Weighted
	Value		Methodology	Inputs	Range			Average
Other investments:
Private equity funds	$	5,029	Adjusted NAV	Selected market return	3.4%	-	5.1%	4.8%
Direct equity investments	$	8,842	Adjusted NAV	Selected market return	3.4%	-	9.2%	5.2%
Investments of consolidated VIE:
Direct credit investments	$	379	Recent precedent transactions

For the significant unobservable inputs listed in the tables above a significant increase or decrease in the selected market return would result in a significantly higher or lower fair value measurement, respectively.