INVESTMENTS (Tables)

9 Months Ended

Dec. 31, 2012

Valuation technique and qualitative information

The table below presents the valuation technique and quantitative information about the significant unobservable inputs utilized by the Company to value our Level 3 investments as of December 31, 2012. Unobservable inputs are those inputs for which little or no market data exists and therefore require an entity to develop its own assumptions. The table is not intended to be all inclusive, but instead captures the significant unobservable inputs relevant to our determination of fair value.

Type	Valuation Technique	Fair Value (in millions)		Unobservable Input	Range				Weighted Average
Preferred & Common Equity	Market Approach	$	325.5	EBITDA Multiple		3.25x - 6.56x			6.42	x
	Market Approach	$	10.9	Revenue Multiple		0.30x – 1.70x			0.95	x
	Market Approach	$	6.7	Cash and Asset Value		NA			NA
	Discounted Cash Flow	$	0.8	Discount Rate		1.81	%		1.81	%
	Market Approach	$	2.5	Multiple of Tangible Book Value		1.05	x		1.05	x
	Market Approach	$	22.6	Recent Transaction Price		NA			NA
	Market Approach	$	0.2	Market Value of Held Securities		NA			NA
		$	369.2
Warrants	Black Scholes Pricing Model	$	0.0	Stock Price and Expected Volatility	$	0.00		$	0.00

Debt	Discounted Cash Flow	$	4.3	Discount Rate		10.00	%		10.00	%
	Recent Transaction Price	$	3.0	Recent Transaction Price		NA			NA
		$	7.3
Partnership Interests	Net Asset Value*	$	10.0	Fund Value		NA			NA
	Total	$	386.5

*	All funds are valued in accordance with ASC 820.

Investment portfolio

The following fair value hierarchy tables set forth our investment portfolio by level as of December 31, 2012 and March 31, 2012 (in millions):

	Fair Value Measurements at 12/31/12 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Debt	$	7.3	$	−	$	−	$	7.3
Partnership Interests		10.0		−		−		10.0
Preferred Equity		44.1		−		−		44.1
Common Equity		489.9		164.8		−		325.1
Total Investments	$	551.3	$	164.8	$	−	$	386.5

	Fair Value Measurements at 3/31/12 Using
Asset Category	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Debt	$	11.2	$	−	$	−	$	11.2
Partnership Interests		11.0		−		−		11.0
Preferred Equity		33.9		−		−		33.9
Common Equity		502.4		240.7		−		261.7
Total Investments	$	558.5	$	240.7	$	−	$	317.8

Changes in the fair value of investments

The following table provides a summary of changes in the fair value of investments measured using Level 3 inputs during the nine months ended December 31, 2012 (in millions):

	Fair Value 3/31/12		Net Unrealized Appreciation (Depreciation)			Net Changes from Unrealized to Realized			New / Add-On Invest- ments		Conversion of Security from Debt to Equity			Fair Value 12/31/12
Debt	$	11.2	$	(4.2	)	$	−		$	3.5	$	(3.2	)	$	7.3
Partnership Interest		11.0		(0.4	)		(0.8	)		0.2		−			10.0
Preferred Equity		33.9		11.8			(4.8	)		−		3.2			44.1
Common Equity		261.7		64.1			(0.7	)		−		−			325.1
Total Investments	$	317.8	$	71.3		$	(6.3	)	$	3.7	$	−		$	386.5

- Definition

Tabular disclosure related to assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a recurring and/or nonrecurring basis in periods after initial recognition. Disclosures include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3) as well as transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a,b,bb)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2C

-URI http://asc.fasb.org/extlink&oid=7578670&loc=SL7498348-110258

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details