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Investments (Tables)

3 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments consist of the following:


	June 30,		March 31,
	2024		2024
Equity method investments in Partnerships	$	411,183	$	408,615
Other equity method investments	1,438		1,576
Fair value investments	19,124		17,984
Investments valued under the measurement alternative	188,922		175,522
Total Investments	$	620,667	$	603,697

Schedule of Variable Interest Entities

Investments of consolidated VIEs consist of the following:


	June 30,		March 31,
	2024		2024
Equity method investments in Partnerships	$	17,421	$	28,575
Fair value investments	11,383		—
Total Investments of Consolidated VIEs	$	28,804	$	28,575

The carrying value of assets and liabilities recognized in the Condensed Consolidated Balance Sheets related to the Company’s interests in these non-consolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows:


	June 30,		March 31,
	2024		2024
Investments	$	233,900	$	232,743
Fees receivable	76,916		61,694
Due from related parties	5,579		1,699
Total VIE Assets	316,395		296,136
Less: Non-controlling interests	(2,155)		(1,918)
Maximum exposure to loss	$	314,240	$	294,218

Schedule of Equity Securities without Readily Determinable Fair Value


	Three Months Ended June 30,
	2024		2023
Carrying amount beginning of the period	$	175,522	$	168,732
Adjustments related to equity investments:
Purchases	5,001		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.

Schedule of Cumulative Gross Unrealized Gains(Loss)

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,
	2024		2024
Cumulative gross unrealized gains	$	78,634	$	70,235
Cumulative gross unrealized losses	$	(43,289)	$	(43,289)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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