Fair Value Measurement

12 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

5. Fair Value Measurement

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

	As of March 31, 2023
	Level 1		Level 2		Level 3		NAV (3)		Total
Financial assets:
Other 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
	As of March 31, 2022
	Level 1		Level 2		Level 3		NAV (3)		Total
Financial assets:
Other investments	$	6,002	$	—	$	13,818	$	—	$	19,820
Investments held in trust	276,016		—		—		—		276,016
Total financial assets	$	282,018	$	—	$	13,818	$	—	$	295,836
Financial liabilities:
Warrant liability(2)	$	2,484	$	399	$	—	$	—	$	2,883
Secured financing(1)	—		—		13,818		—		13,818
Total financial liabilities	$	2,484	$	399	$	13,818	$	—	$	16,701

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

(2) Warrant liability is recorded within other liabilities of consolidated variable interests in the Consolidated Balance Sheets.

(3) Investments are recorded at estimated fair value based upon the net asset value 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 other investments for which significant unobservable inputs (Level 3) were used in determining value:

	Private equity funds		Direct credit investments		Direct equity investments		Publicly traded equity security		Total other investments
Balance as of March 31, 2021	$	6,254	$	985	$	6,059	$	—	$	13,298
Contributions	244		—		28		—		272
Distributions	(680)		(202)		—		—		(882)
Net gain (loss)	1,206		(9)		(67)		(165)		965
Transfer in	—		—		—		6,455		6,455
Transfer out	—		—		—		(6,290)		(6,290)
Balance as of March 31, 2022	$	7,024	$	774	$	6,020	$	—	$	13,818
Contributions	284		—		—		—		284
Distributions	(1,283)		(25)		—		—		(1,308)
Net gain	639		41		754		—		1,434
Balance as of March 31, 2023	$	6,664	$	790	$	6,774	$	—	$	14,228

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, 2022	$	—
Contributions	21,275
Distributions	(23)
Net loss	(89)
Balance as of March 31, 2023	$	21,163

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:

	March 31, 2023
				Significant
	Fair		Valuation	Unobservable				Weighted
	Value		Methodology	Inputs	Range			Average
Private equity funds	$	6,664	Adjusted net asset value	Selected market return	4.9%	-	10.4%	9.1%
Direct credit investments	$	790	Discounted cash flow	Market yield	12.4%	-	12.4%	12.4%
Direct equity investments	$	6,774	Market approach	EBITDA multiple	8.25x	-	14.5x	11.77x
			Market approach	Equity multiple	1.7x			1.7x
Investments of consolidated VIE
Direct credit investments	$	21,163	Recent precedent transactions

	March 31, 2022
				Significant
	Fair		Valuation	Unobservable				Weighted
	Value		Methodology	Inputs	Range			Average
Private equity funds	$	7,024	Adjusted net asset value	Selected market return	(0.6)%	-	(1.3)%	(1.1)%
Direct credit investments	$	774	Discounted cash flow	Market yield	11.7%	-	11.7%	11.7%
Direct equity investments	$	6,020	Market approach	EBITDA multiple	8.00x	-	14.00x	10.67x
			Market approach	Equity multiple	1.57x			1.57x

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 non-recurring Level 3 fair value measurements of financial assets were as follows, as of December 31, 2022:

				Significant
	Fair		Valuation	Unobservable		Weighted
	Value		Methodology	Inputs	Range	Average
Investment valued under the measurement alternative	$	30,900	Market approach	Revenue Multiple	3.50x	3.50x

For the significant unobservable inputs listed in the table 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.