Hamilton Lane (HLNE) 10-Q 1 Aug 23 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38021
Entity Registrant Name	HAMILTON LANE INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-2482738
Entity Address, Address Line One	110 Washington Street,
Entity Address, Address Line Two	Suite 1300
Entity Address, City or Town	Conshohocken,
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19428
City Area Code	610
Local Phone Number	934-2222
Title of 12(b) Security	Class A Common Stock, $0.001 par value per share
Trading Symbol	HLNE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001433642
Current Fiscal Year End Date	--03-31
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		38,588,557
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		15,409,507

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Assets
Fees receivable	$ 65,864	$ 47,140
Prepaid expenses	8,007	9,817
Due from related parties	7,963	7,186
Furniture, fixtures and equipment, net	30,360	28,425
Lease right-of-use assets, net	64,396	62,327
Investments	546,080	530,921
Deferred income taxes	229,259	233,912
Assets of consolidated variable interest entities:
Investments	546,080	530,921
Total assets	1,200,094	1,140,543
Liabilities and equity
Accounts payable	5,574	4,559
Accrued compensation and benefits	32,525	24,190
Accrued members’ distributions	11,464	15,723
Accrued dividend	16,780	15,049
Debt	197,939	213,533
Payable to related parties pursuant to tax receivable agreement	173,818	174,702
Lease liabilities	80,994	78,817
Liabilities of consolidated variable interest entities:
Total liabilities	558,394	566,351
Commitments and contingencies (Note 15)
Preferred stock, $0.001 par value, 10,000,000 authorized, none issued	0	0
Additional paid-in-capital	176,673	171,567
Total Hamilton Lane Incorporated stockholders’ equity	434,768	415,444
Total equity	641,700	574,192
Total liabilities and equity	1,200,094	1,140,543
Class A Common Stock
Liabilities of consolidated variable interest entities:
Common stock	39	39
Class B Common Stock
Liabilities of consolidated variable interest entities:
Common stock	15	15
Consolidated Entity Excluding Variable Interest Entities (VIE)
Assets
Cash and cash equivalents	100,255	99,686
Restricted cash	4,805	4,804
Investments	546,080	530,921
Other assets	28,092	46,784
Assets of consolidated variable interest entities:
Cash and cash equivalents	100,255	99,686
Investments	546,080	530,921
Other assets	28,092	46,784
Liabilities and equity
Other liabilities (includes $14,149 and $14,228 at fair value)	33,376	32,856
Liabilities of consolidated variable interest entities:
Other liabilities	33,376	32,856
Consolidated VIEs
Assets
Cash and cash equivalents	24,909	12,062
Investments	88,260	57,044
Other assets	1,844	435
Assets of consolidated variable interest entities:
Cash and cash equivalents	24,909	12,062
Investments	88,260	57,044
Other assets	1,844	435
Liabilities and equity
Other liabilities (includes $14,149 and $14,228 at fair value)	5,924	6,922
Liabilities of consolidated variable interest entities:
Other liabilities	5,924	6,922
General Partnerships
Liabilities of consolidated variable interest entities:
Stockholders' equity attributable to noncontrolling interest	4,004	3,877
Subsidiaries
Liabilities of consolidated variable interest entities:
Retained earnings	258,041	243,823
Hamilton Lane Advisors, L.L.C.
Liabilities of consolidated variable interest entities:
Stockholders' equity attributable to noncontrolling interest	138,853	135,702
Consolidated Funds
Liabilities of consolidated variable interest entities:
Stockholders' equity attributable to noncontrolling interest	$ 64,075	$ 19,169

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Class of Stock [Line Items]
Other liabilities, fair value	$ 14,149	$ 14,228
Preferred stock, par value (in USD per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	38,589,298	38,611,919
Common stock, shares outstanding (in shares)	38,589,298	38,611,919
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in USD per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	15,409,507	15,409,507
Common stock, shares outstanding (in shares)	15,409,507	15,409,507

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 125,037	$ 135,509
Consolidated variable interest entities related:
Total revenues	125,037	135,509
Expenses
Compensation and benefits	44,103	52,194
Consolidated variable interest entities related:
Total expenses	70,098	72,984
Other income (expense)
Equity in income (loss) of investees	11,866	(625)
Interest income	937	168
Non-operating income	232	4,343
Consolidated variable interest entities related:
Unrealized income	757	4,344
Total other income (expense)	12,805	5,089
Income before income taxes	67,744	67,614
Income tax expense	16,400	11,488
Net income	51,344	56,126
Net income attributable to Hamilton Lane Incorporated	30,998	33,484
Class A Common Stock
Consolidated variable interest entities related:
Net income attributable to Hamilton Lane Incorporated	$ 30,998	$ 33,484
Basic earnings per share of Class A common stock (in dollars per share)	$ 0.82	$ 0.92
Diluted earnings per share of Class A common stock (in dollars per share)	0.81	0.91
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.45	$ 0.40
Consolidated Entity Excluding Variable Interest Entities (VIE)
Expenses
General, administrative and other	$ 25,761	$ 20,513
Consolidated variable interest entities related:
General, administrative and other	25,761	20,513
Other income (expense)
Interest expense	(2,890)	(1,495)
Consolidated VIEs
Expenses
General, administrative and other	234	277
Consolidated variable interest entities related:
General, administrative and other	234	277
Other income (expense)
Interest expense	(6)	0
Interest income	1,740	0
Consolidated variable interest entities related:
Equity in income of investees	132	732
Unrealized income	794	1,966
General Partnerships
Consolidated variable interest entities related:
Less: Income attributable to non-controlling interests	1	308
Hamilton Lane Advisors, L.L.C.
Consolidated variable interest entities related:
Less: Income attributable to non-controlling interests	19,133	20,168
Hamilton Lane Alliance Holdings I, Inc.
Consolidated variable interest entities related:
Less: Income attributable to non-controlling interests	0	2,166
Consolidated Funds
Consolidated variable interest entities related:
Less: Income attributable to non-controlling interests	1,212	0
Management and advisory fees
Revenues
Total revenues	105,407	85,946
Consolidated variable interest entities related:
Total revenues	105,407	85,946
Incentive fees
Revenues
Total revenues	19,630	49,563
Consolidated variable interest entities related:
Total revenues	19,630	49,563
Incentive fees | Consolidated Entity Excluding Variable Interest Entities (VIE)
Revenues
Total revenues	19,630	49,524
Consolidated variable interest entities related:
Total revenues	19,630	49,524
Incentive fees | Consolidated VIEs
Revenues
Total revenues	0	39
Consolidated variable interest entities related:
Total revenues	$ 0	$ 39

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid in Capital	Retained Earnings	Consolidated Funds Noncontrolling Interests	General Partnerships Noncontrolling Interests	Hamilton Lane Advisors, L.L.C. Noncontrolling Interests
Beginning balance at Mar. 31, 2022	$ 461,486	$ 37	$ 16	$ 161,676	$ 185,149	$ 0	$ 3,423	$ 111,185
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	53,960				33,484		308	20,168
Equity-based compensation	1,897			1,307				590
Dividends declared	(14,800)				(14,800)
Capital distribution to non-controlling interests, net	(99)						(99)
Member distributions	(14,121)							(14,121)
Employee Share Purchase Plan share issuance	485			334				151
Adjustment of redeemable non-controlling interest to redemption value	2,166				1,492			674
Equity reallocation between controlling and non-controlling interests	0			(188)				188
Ending balance at Jun. 30, 2022	490,974	37	16	163,129	205,325	0	3,632	118,835
Beginning balance at Mar. 31, 2023	574,192	39	15	171,567	243,823	19,169	3,877	135,702
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	51,344				30,998	1,212	1	19,133
Equity-based compensation	2,846			1,995				851
Repurchase of Class A shares for employee tax withholding	(108)			(76)				(32)
Dividends declared	(16,780)				(16,780)
Capital contributions from non-controlling interests, net	43,820					43,694	126
Member distributions	(14,165)							(14,165)
Employee Share Purchase Plan share issuance	551			386				165
Equity reallocation between controlling and non-controlling interests	0			2,801				(2,801)
Ending balance at Jun. 30, 2023	$ 641,700	$ 39	$ 15	$ 176,673	$ 258,041	$ 64,075	$ 4,004	$ 138,853

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 51,344	$ 56,126
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,873	1,764
Change in deferred income taxes	4,654	(1,043)
Change in payable to related parties pursuant to tax receivable agreement	(883)	0
Equity-based compensation	2,846	1,897
Equity in (income) loss of investees	(11,866)	625
Net realized loss on sale of investments	288	0
Fair value adjustment of investments	(757)	(4,344)
Proceeds received from partnerships	6,060	3,343
Non-cash lease expense	2,062	1,374
Other	36	14
Changes in operating assets and liabilities:
Fees receivable	(18,725)	6,887
Prepaid expenses	1,809	283
Due from related parties	(777)	(1,908)
Other assets	17,389	1,128
Accounts payable	1,015	743
Accrued compensation and benefits	8,336	16,807
Lease liability	(1,954)	(1,819)
Other liabilities	(1,402)	(18,241)
Consolidated variable interest entities related:
Net cash provided by operating activities	57,973	60,952
Investing activities:
Purchase of furniture, fixtures and equipment	(3,385)	(1,707)
Cash paid for acquisition of business	0	(1,500)
Purchase of investments	(1,177)	(20,236)
Proceeds from sale of investments	1,343	0
Proceeds from sale of intangible assets	876	0
Distributions received from Partnerships	1,676	2,227
Contributions to Partnerships	(22,686)	(35,237)
Net cash used in investing activities	(39,722)	(56,453)
Financing activities:
Borrowings of debt	0	25,000
Repayments of debt	(625)	(457)
Draw-down on revolver	10,000	25,000
Repayment of revolver	(25,000)	0
Repurchase of Class A shares for employee tax withholding	(108)	0
Proceeds received from issuance of shares under Employee Share Purchase Plan	551	485
Dividends paid	(15,049)	(12,947)
Members’ distributions paid	(18,423)	(30,485)
Consolidated variable interest entities related:
Net cash (used in) provided by financing activities	(4,834)	6,496
Increase in cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities	13,417	10,995
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at beginning of the period	116,552	76,197
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at end of the period	129,969	87,192
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Balance Sheets:
Total cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities	129,969	87,192
Consolidated VIEs
Adjustments to reconcile net income to net cash provided by operating activities:
Fair value adjustment of investments	(794)	(1,966)
Consolidated variable interest entities related:
Change in warrant liability measured at fair value	0	(1,966)
Equity in income of investees	(132)	(732)
Other assets and liabilities	(3,243)	14
Investing activities:
Purchase of investments	(16,369)	0
Consolidated variable interest entities related:
Contributions from non-controlling interest in general partnerships	148	133
Distributions to non-controlling interest in general partnerships	(22)	(233)
Contributions from non-controlling interest in consolidated funds	43,694	0
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	24,909	144
Consolidated Entity Excluding Variable Interest Entities (VIE)
Reconciliation of Cash and Cash Equivalents, Restricted Cash and Cash and Cash Equivalents Held at Consolidated Variable Interest Entities to the Condensed Consolidated Balance Sheets:
Cash and cash equivalents	100,255	83,052
Restricted cash	$ 4,805	$ 3,996

Organization

Organization	3 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Hamilton Lane Incorporated (“HLI”) was incorporated in the State of Delaware on December 31, 2007 and, following its 2017 initial public offering, is a holding company whose principal asset is a controlling equity interest in Hamilton Lane Advisors, L.L.C. (“HLA”). As the sole managing member of HLA, HLI operates and controls all of the business and affairs of HLA, and through HLA, conducts its business. As a result, HLI consolidates HLA’s financial results and reports a non-controlling interest related to the portion of HLA units not owned by HLI. The assets and liabilities of HLA represent substantially all of HLI’s consolidated assets and liabilities with the exception of certain cash, certain deferred tax assets and liabilities, payables to related parties pursuant to a tax receivable agreement, and dividends payable. Unless otherwise specified, “the Company” refers to the consolidated entity of HLI, HLA and subsidiaries throughout the remainder of these notes. As of June 30, 2023 and March 31, 2023, HLI held approximately 70.1% of the economic interest in HLA. As future exchanges of HLA units occur pursuant to the exchange agreement in place with HLA’s members, the economic interest in HLA held by HLI will increase. HLA is a registered investment advisor with the United States Securities and Exchange Commission (“SEC”), providing asset management and advisory services, primarily to institutional investors, to design, build and manage private markets portfolios. HLA generates revenues primarily from management fees, by managing assets on behalf of customized separate accounts, specialized fund products and distribution management accounts, and advisory fees and by providing asset supervisory and reporting services. HLA sponsors the formation, and serves as the general partner or managing member, of various limited liability partnerships consisting of specialized funds and certain single client separate account entities (“Partnerships”) that acquire interests in third-party managed investment funds that make private equity and equity-related investments. The Partnerships may also make direct investments, including investments in debt, equity, and other equity-based instruments. The Company, which includes certain subsidiaries that serve as the general partner or managing member of the Partnerships, may invest its own capital in the Partnerships and generally makes all investment and operating decisions for the Partnerships. HLA operates several wholly-owned entities through which it conducts its foreign operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Management believes it has made all necessary adjustments (which consisted of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. Results of operations for the three months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending March 31, 2024. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in HLI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023. Accounting for Differing Fiscal Periods The Partnerships primarily have a fiscal year end as of December 31, and the Company accounts for its investments in the Partnerships using a three-month lag due to the timing of financial information received from the investments held by the Partnerships. The Partnerships primarily invest in private equity funds, which generally require at least 90 days following the calendar year end to present audited financial statements. The Company records its share of capital contributions to and distributions from the Partnerships in investments in the Condensed Consolidated Balance Sheets during the three-month lag period. Fair Value of Financial Instruments The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy are described below: • Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. • Level 2: Values are determined using quoted prices for similar financial instruments and valuation models whose inputs are observable. • Level 3: V alues are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Revenue

Revenue	3 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	3. Revenue The following table presents revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount: Three Months Ended June 30, Management and advisory fees 2023 2022 Specialized funds $ 57,716 $ 43,649 Customized separate accounts 31,719 28,375 Advisory 6,293 6,248 Reporting and other 5,557 6,318 Distribution management 1,213 496 Fund reimbursement revenue 2,909 860 Total management and advisory fees $ 105,407 $ 85,946 Three Months Ended June 30, Incentive fees 2023 2022 Specialized funds $ 18,386 $ 42,209 Customized separate accounts 1,244 7,315 Consolidated variable interest entities related: Specialized funds — 39 Total incentive fees $ 19,630 $ 49,563

Investments

Investments	3 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments	4. Investments Investments consist of the following: June 30, March 31, 2023 2023 Equity method investments in Partnerships $ 353,540 $ 340,603 Other equity method investments 2,000 — Fair value investments 20,154 21,586 Investments valued under the measurement alternative 170,386 168,732 Total Investments $ 546,080 $ 530,921 Investments of consolidated variable interest entities (“VIEs”) consist of the following: June 30, March 31, 2023 2023 Equity method investments in Partnerships $ 12,984 $ 12,292 Fair value investments 75,276 44,752 Total Investments of Consolidated VIEs $ 88,260 $ 57,044 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 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 amortized cost of the assets held as collateral was $7,388 and $7,429 as of June 30, 2023 and March 31, 2023, respectively. The direct credit investments are debt securities classified as trading securities. Fair value investments are measured at fair value with unrealized holding gains and losses recorded in non-operating (expense) income 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 a loss on fair value investments held as collateral of $29 during the three months ended June 30, 2023 and a loss of $723 during the three months ended June 30, 2022, that are recorded in non-operating (expense) income. The Company recognized a gain on the secured financing liability of $29 during the three months ended June 30, 2023, and a gain of $723 during the three months ended June 30, 2022, that are recorded in non-operating (expense) income in the Condensed Consolidated Statements of Income. Investments valued under the measurement alternative Three Months Ended June 30, 2023 2022 Carrying amount beginning of the year $ 168,732 $ 156,100 Adjustments related to equity investments Purchases 1,177 20,236 Sales / return of capital (178) — Net unrealized gain 1 1,177 6,687 Net realized (loss) gain (522) — Carrying amount, end of year $ 170,386 $ 183,023 (1) Net 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, 2023 2023 Cumulative gross unrealized gains $ 70,235 $ 69,058 Cumulative gross unrealized losses $ (43,289) $ (43,289)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2023
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, 2023 Level 1 Level 2 Level 3 NAV (2) Total Financial assets: Fair value investments $ 6,005 $ — $ 14,149 $ — $ 20,154 Consolidated VIEs Fair value investments — — 54,625 20,651 75,276 Total financial assets $ 6,005 $ — $ 68,774 $ 20,651 $ 95,430 Financial liabilities: Secured financing (1) $ — $ — $ 14,149 $ — $ 14,149 Total financial liabilities $ — $ — $ 14,149 $ — $ 14,149 As of March 31, 2023 Level 1 Level 2 Level 3 NAV (2) Total Financial assets: Fair value 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 (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 of the fund utilizing the practical expedient under Accounting Standards Codification 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 fair value: 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 Private equity funds Direct credit investments Direct equity investments Total other investments Balance as of March 31, 2022 $ 7,024 $ 774 $ 6,020 $ 13,818 Contributions — — — — Distributions (164) — — (164) Net loss (456) (1) (266) (723) Balance as of June 30, 2022 $ 6,404 $ 773 $ 5,754 $ 12,931 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, 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 financial assets were as follows, as of June 30, 2023: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Other investments: Private equity funds $ 6,430 Adjusted net asset value Selected market return 4.8% - 7.9% 7.3% Direct credit investments $ 785 Discounted cash flow Market yield 13.2% - 13.2% 13.2% Direct equity investments $ 6,934 Market approach EBITDA multiple 8.25x - 14.75x 12.62x Market approach Equity multiple 1.65x 1.65x Investments of consolidated VIE: Direct credit investments $ 16,853 Discounted cash flow Market yield 8.6% - 10.2% 9.7% Direct credit investments $ 37,772 Recent precedent For the significant unobservable inputs listed in the tables above: (1) a significant increase or decrease in the selected market return would result in a significantly higher or lower fair value measurement,

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	6. Variable Interest Entities The Company consolidates certain VIEs in which it is determined that the Company is the primary beneficiary. Consolidated Variable Interest Entities The Company consolidates general partner entities of certain Partnerships and a fund in which it is currently the primary beneficiary, which are not wholly-owned by the Company. The assets of the consolidated general partner VIEs represent equity method-investments in direct investment funds and customized separate accounts and the assets of the consolidated fund represent cash and direct credit investments. The assets may only be used to settle obligations of the respective consolidated VIEs, if any. In addition, there is no recourse to the Company for the consolidated VIEs’ liabilities, except for certain entities in which there could be a clawback of previously distributed carried interest. Nonconsolidated Variable Interest Entities The Company holds variable interests in certain Partnerships that are VIEs, which are not consolidated, as it is determined that the Company is not the primary beneficiary based upon the Company’s equity interest percentage in each of the VIEs. Certain Partnerships are considered VIEs because limited partners lack the ability to remove the general partner or dissolve the entity without cause, by simple majority vote (i.e., do not have substantive “kick out” or “liquidation” rights). The Company’s involvement with such entities is in the form of direct equity interests in, and fee arrangements with, the Partnerships in which it also serves as the general partner or managing member. In the Company’s role as general partner or managing member, it generally considers itself the sponsor of the applicable Partnership and makes all investment and operating decisions. As of June 30, 2023, the total remaining unfunded commitments from the Company’s general partner entities to the nonconsolidated VIEs was $142,665. Investor commitments are the primary source of financing for the nonconsolidated VIEs. The maximum exposure to loss represents the potential loss of assets recognized by the Company relating to these nonconsolidated entities. The Company believes that its maximum exposure to loss is limited because it establishes separate limited partnerships or limited liability companies to serve as the general partner or managing member of the Partnerships. The carrying value of assets and liabilities recognized in the Condensed Consolidated Balance Sheets related to the Company’s interests in these nonconsolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows: June 30, March 31, 2023 2023 Investments $ 204,504 $ 199,858 Fees receivable 23,986 15,829 Due from related parties 3,344 1,960 Total VIE Assets 231,834 217,647 Less: Non-controlling interests (1,570) (1,665) Maximum exposure to loss $ 230,264 $ 215,982

Debt

Debt	3 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	7. Debt The Company’s debt consisted of the following: As of June 30, 2023 As of March 31, 2023 Principal Outstanding Carrying Value Interest Rate Principal Outstanding Carrying Value Interest Rate Term Loan $ 98,750 $ 98,359 7.00 % $ 99,375 $ 98,969 6.75 % 2020 Multi-Draw Facility 100,000 99,580 3.50 % 100,000 99,564 3.50 % Revolver — — 15,000 15,000 6.50 % Total Debt $ 198,750 $ 197,939 $ 214,375 $ 213,533

Equity

Equity	3 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Equity	8. Equity The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2023: Class A Common Stock Class B Common Stock March 31, 2023 38,611,919 15,409,507 Forfeitures (30,697) — Shares repurchased for employee tax withholdings (25) — Shares issued pursuant to Employee Share Purchase Plan 8,101 — June 30, 2023 38,589,298 15,409,507

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	9. Equity Based Compensation Restricted Stock Awards A summary of restricted stock activity for the three months ended June 30, 2023 is presented below: Total Weighted- March 31, 2023 377,668 $ 65.70 Granted — $ — Vested (2,101) $ 74.68 Forfeited (11,131) $ 66.63 June 30, 2023 364,436 $ 65.62 As of June 30, 2023, total unrecognized compensation expense related to restricted stock was $20,894. Performance Awards A summary of performance award activity for the three months ended June 30, 2023 is presented below: Total Weighted- March 31, 2023 528,282 $ 29.79 Granted — $ — Vested — $ — Forfeited (19,566) $ 29.79 June 30, 2023 508,716 $ 29.79 As of June 30, 2023, total estimated unrecognized expense related to the unvested performance awards was $12,764, and none of the performance awards have met their market price based vesting condition.

Compensation and Benefits

Compensation and Benefits	3 Months Ended
	Jun. 30, 2023
Compensation Related Costs [Abstract]
Compensation and Benefits	10. Compensation and Benefits The Company has recorded the following amounts related to compensation and benefits: Three Months Ended June 30, 2023 2022 Base compensation and benefits $ 36,350 $ 37,907 Incentive fee compensation 4,907 12,390 Equity-based compensation 2,846 1,897 Total compensation and benefits $ 44,103 $ 52,194

Income Tax

Income Tax	3 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Tax	11. Income Tax The Company’s effective tax rate used for interim periods is based on an estimated annual effective tax rate including the tax effect of items required to be recorded discretely in the interim period in which those items occur. The effective tax rate is dependent on many factors, including the estimated amount of income subject to income tax; therefore, the effective tax rate can vary from period to period. The Company evaluates the realizability of its deferred tax asset on a quarterly basis and adjusts the valuation allowance when it is more likely than not that all or a portion of the deferred tax asset may not be realized. The Company’s effective tax rate was 24.2% for the three months ended June 30, 2023, and 17.0% for the three months ended June 30, 2022. The effective tax rates were different from the statutory tax rates due to the portion of income allocated to non-controlling interests, valuation allowance recorded against deferred tax assets and discrete tax adjustments recorded in the periods. As of June 30, 2023, the Company had no unrecognized tax positions and believes there will be no changes to uncertain tax positions within the next 12 months.

Earnings per Share

Earnings per Share	3 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings per Share	12. Earnings per Share Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to HLI, and, therefore, are not participating securities. As a result, a separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been included. Shares of the Company’s Class B common stock are, however, considered potentially dilutive to the Class A common stock because the Class B units to which the Class B common stock corresponds are exchangeable for shares of Class A common stock on a one-for-one basis, at which time the share of Class B common stock is surrendered in exchange for a payment of its par value. The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock: Three Months Ended Three Months Ended Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to HLI $ 30,998 $ 33,484 Impact of changes in carrying amount of redeemable NCI — 380 Basic EPS of Class A common stock $ 30,998 37,707,809 $ 0.82 $ 33,864 36,999,561 $ 0.92 Adjustment to net income: Assumed vesting of employee awards 14 9 Assumed conversion of Class B and Class C Units 12,602 15,179 Effect of dilutive securities: Assumed vesting of employee awards 58,845 31,546 Assumed conversion of Class B and Class C Units 16,089,097 16,675,834 Diluted EPS of Class A common stock $ 43,614 53,855,751 $ 0.81 $ 49,052 53,706,941 $ 0.91 The adjustments to net income for dilutive securities are based upon the additional income that would be allocated to HLI for the change in its ownership percentage due to the dilutive securities and adjusted for the incremental income tax expense related to the additional allocated income. Net income (loss) recorded by HLI on a standalone basis will determine if the Class B and Class C units are dilutive or antidilutive in each respective period. The calculation of diluted earnings per share excludes 508,716 performance awards for the three months ended June 30, 2023 as the market condition was not achieved as of June 30, 2023.

Related-Party Transactions

Related-Party Transactions	3 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related-Party Transactions	13. Related Party Transactions The Company considers its employees, directors, and equity method investments to be related parties. Revenue and Receivables The Company has investment management agreements with various specialized funds and customized separate accounts that it manages. The Company earned management and advisory fees from Partnerships of $80,303 and $60,711 for the three months ended June 30, 2023 and 2022, respectively. The Company earned incentive fees from Partnerships of $18,625 and $49,178 for the three months ended June 30, 2023 and 2022, respectively. Fees receivable from the Partnerships were $46,916 and $31,684 as of June 30, 2023 and March 31, 2023, respectively, and are included in fees receivable in the Condensed Consolidated Balance Sheets.

Supplemental Cash Flow

Supplemental Cash Flow	3 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow	14. Supplemental Cash Flow Three Months Ended June 30, 2023 2022 Establishment of lease liability in exchange for right of use asset $ 3,116 $ — Non-cash investing activities: Other equity method investment $ 2,000 $ — Non-cash financing activities: Dividends declared but not paid $ 16,780 $ 14,800 Member distributions declared but not paid $ 11,464 $ 10,754

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies Litigation In the ordinary course of business, the Company may be subject to various legal, regulatory, and/or administrative proceedings from time to time. Although there can be no assurance of the outcome of such proceedings, in the opinion of management, the Company does not believe it is probable that any pending or, to its knowledge, threatened legal proceeding or claim would individually or in the aggregate materially affect its condensed consolidated financial statements. Incentive Fees The Partnerships have allocated carried interest still subject to contingencies and did not meet the Company’s criteria for revenue recognition in the amounts of $1,100,591 and $1,022,250, net of amounts attributable to non-controlling interests, at June 30, 2023 and March 31, 2023, respectively. If the Company ultimately receives the unrecognized carried interest, a total of $275,148 and $255,562 as of June 30, 2023 and March 31, 2023, respectively, would potentially be payable to certain employees and third parties pursuant to compensation arrangements related to carried interest profit-sharing plans. Such amounts have not been recorded in the Condensed Consolidated Balance Sheets or Condensed Consolidated Statements of Income as the payment is not yet probable. Commitments The Company serves as the investment manager of the Partnerships. The general partner or managing member of each Partnership is generally a separate subsidiary of the Company and has agreed to invest funds on the same basis as the limited partners in most instances. The Company’s aggregate unfunded commitment to the Partnerships was $218,356 and $211,556 as of June 30, 2023 and March 31, 2023, respectively. The Company has an unrealized net gain on its investments valued under the measurement alternative and a fair value investment of $31,231 as of June 30, 2023, of which up to 15% may be paid as a discretionary bonus as those gains are realized. The Company offers an Employee Investment Program (“EIP”) through which certain employees are able to invest directly into certain Company managed funds as individual limited partners (“LP”). The employees also have an option to enter into a loan agreement with a third-party lender to fund committed capital. The loan is collateralized by the underlying LP interest in the fund and return of capital distributions are utilized to pay the outstanding loan balance. The Company entered into a separate agreement with the third-party lender to backstop the employee’s performance under the loan with a commitment to purchase the LP interest from the lender at the greater of fair value or the outstanding balance of the loan in the event of a default by the employee. As of June 30, 2023, the total amount of outstanding loans under the EIP was $647, and the Company believes the risk of default by an employee to be remote. Leases The Company’s leases consist primarily of operating leases for office space and office equipment in various locations around the world. Some leases have the option to extend for an additional term or terminate early. Short-term lease costs are not material . The following table shows lease costs and other supplemental information related to the Company’s operating leases: Three Months Ended June 30, 2023 2022 Operating lease costs $ 2,200 $ 2,059 Variable lease costs $ 399 $ 237 Cash paid for amounts included in the measurement of operating lease liabilities $ 2,088 $ 194 Weighted average remaining lease term (in years) 13.4 14.4 Weighted average discount rate 3.4 % 3.2 % As of June 30, 2023, the maturities of operating lease liabilities were as follows: Remainder of FY2024 $ 6,223 FY2025 8,204 FY2026 7,650 FY2027 7,397 FY2028 6,929 Thereafter 65,141 Total lease payments 101,544 Less: imputed interest (20,550) Total operating lease liabilities $ 80,994

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events On August 1, 2023, the Company declared a quarterly dividend of $0.445 per share of Class A common stock to record holders at the close of business on September 15, 2023. The payment date will be October 5, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income attributable to HLI	$ 30,998	$ 33,484

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Management believes it has made all necessary adjustments (which consisted of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing the condensed consolidated financial statements are reasonable and prudent. Results of operations for the three months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ending March 31, 2024. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in HLI’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023.
Accounting for Differing Fiscal Periods	Accounting for Differing Fiscal Periods The Partnerships primarily have a fiscal year end as of December 31, and the Company accounts for its investments in the Partnerships using a three-month lag due to the timing of financial information received from the investments held by the Partnerships. The Partnerships primarily invest in private equity funds, which generally require at least 90 days following the calendar year end to present audited financial statements. The Company records its share of capital contributions to and distributions from the Partnerships in investments in the Condensed Consolidated Balance Sheets during the three-month lag period.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company utilizes a hierarchy that prioritizes fair value measurements based on the types of inputs used for the various valuation techniques (market approach, income approach, and cost approach). The levels of the hierarchy are described below: • Level 1: Values are determined using quoted market prices for identical financial instruments in an active market. • Level 2: Values are determined using quoted prices for similar financial instruments and valuation models whose inputs are observable. • Level 3: V alues are determined using pricing models that use significant inputs that are primarily unobservable, discounted cash flow methodologies or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table presents revenues disaggregated by product offering, which aligns with the identified performance obligations and the basis for calculating each amount: Three Months Ended June 30, Management and advisory fees 2023 2022 Specialized funds $ 57,716 $ 43,649 Customized separate accounts 31,719 28,375 Advisory 6,293 6,248 Reporting and other 5,557 6,318 Distribution management 1,213 496 Fund reimbursement revenue 2,909 860 Total management and advisory fees $ 105,407 $ 85,946 Three Months Ended June 30, Incentive fees 2023 2022 Specialized funds $ 18,386 $ 42,209 Customized separate accounts 1,244 7,315 Consolidated variable interest entities related: Specialized funds — 39 Total incentive fees $ 19,630 $ 49,563

Investments (Tables)

Investments (Tables)	3 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investment	Investments consist of the following: June 30, March 31, 2023 2023 Equity method investments in Partnerships $ 353,540 $ 340,603 Other equity method investments 2,000 — Fair value investments 20,154 21,586 Investments valued under the measurement alternative 170,386 168,732 Total Investments $ 546,080 $ 530,921
Schedule of Variable Interest Entities	Investments of consolidated variable interest entities (“VIEs”) consist of the following: June 30, March 31, 2023 2023 Equity method investments in Partnerships $ 12,984 $ 12,292 Fair value investments 75,276 44,752 Total Investments of Consolidated VIEs $ 88,260 $ 57,044 The carrying value of assets and liabilities recognized in the Condensed Consolidated Balance Sheets related to the Company’s interests in these nonconsolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows: June 30, March 31, 2023 2023 Investments $ 204,504 $ 199,858 Fees receivable 23,986 15,829 Due from related parties 3,344 1,960 Total VIE Assets 231,834 217,647 Less: Non-controlling interests (1,570) (1,665) Maximum exposure to loss $ 230,264 $ 215,982
Schedule of Equity Securities without Readily Determinable Fair Value	Three Months Ended June 30, 2023 2022 Carrying amount beginning of the year $ 168,732 $ 156,100 Adjustments related to equity investments Purchases 1,177 20,236 Sales / return of capital (178) — Net unrealized gain 1 1,177 6,687 Net realized (loss) gain (522) — Carrying amount, end of year $ 170,386 $ 183,023 (1) Net unrealized gain consists of fair value adjustments for observable price changes of identical or similar investments.
Schedule of Unrealized Gain (Loss) on 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, 2023 2023 Cumulative gross unrealized gains $ 70,235 $ 69,058 Cumulative gross unrealized losses $ (43,289) $ (43,289)

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities	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, 2023 Level 1 Level 2 Level 3 NAV (2) Total Financial assets: Fair value investments $ 6,005 $ — $ 14,149 $ — $ 20,154 Consolidated VIEs Fair value investments — — 54,625 20,651 75,276 Total financial assets $ 6,005 $ — $ 68,774 $ 20,651 $ 95,430 Financial liabilities: Secured financing (1) $ — $ — $ 14,149 $ — $ 14,149 Total financial liabilities $ — $ — $ 14,149 $ — $ 14,149 As of March 31, 2023 Level 1 Level 2 Level 3 NAV (2) Total Financial assets: Fair value 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 (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 of the fund utilizing the practical expedient under Accounting Standards Codification 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.
Schedule of Reconciliation of Other Investments	The following is a reconciliation of other investments for which significant unobservable inputs (Level 3) were used in determining fair value: 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 Private equity funds Direct credit investments Direct equity investments Total other investments Balance as of March 31, 2022 $ 7,024 $ 774 $ 6,020 $ 13,818 Contributions — — — — Distributions (164) — — (164) Net loss (456) (1) (266) (723) Balance as of June 30, 2022 $ 6,404 $ 773 $ 5,754 $ 12,931
Schedule of Reconciliation of Investments Held by Consolidated Funds	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, 2023 $ 21,163 Contributions 14,056 Distributions (40) Net loss 82 Transfer in 19,364 Balance as of June 30, 2023 $ 54,625
Schedule of Assumptions Used	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 financial assets were as follows, as of June 30, 2023: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Other investments: Private equity funds $ 6,430 Adjusted net asset value Selected market return 4.8% - 7.9% 7.3% Direct credit investments $ 785 Discounted cash flow Market yield 13.2% - 13.2% 13.2% Direct equity investments $ 6,934 Market approach EBITDA multiple 8.25x - 14.75x 12.62x Market approach Equity multiple 1.65x 1.65x Investments of consolidated VIE: Direct credit investments $ 16,853 Discounted cash flow Market yield 8.6% - 10.2% 9.7% Direct credit investments $ 37,772 Recent precedent For the significant unobservable inputs listed in the tables above: (1) a significant increase or decrease in the selected market return would result in a significantly higher or lower fair value measurement,

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	Investments of consolidated variable interest entities (“VIEs”) consist of the following: June 30, March 31, 2023 2023 Equity method investments in Partnerships $ 12,984 $ 12,292 Fair value investments 75,276 44,752 Total Investments of Consolidated VIEs $ 88,260 $ 57,044 The carrying value of assets and liabilities recognized in the Condensed Consolidated Balance Sheets related to the Company’s interests in these nonconsolidated VIEs and the Company’s maximum exposure to loss relating to non-consolidated VIEs were as follows: June 30, March 31, 2023 2023 Investments $ 204,504 $ 199,858 Fees receivable 23,986 15,829 Due from related parties 3,344 1,960 Total VIE Assets 231,834 217,647 Less: Non-controlling interests (1,570) (1,665) Maximum exposure to loss $ 230,264 $ 215,982

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt consisted of the following: As of June 30, 2023 As of March 31, 2023 Principal Outstanding Carrying Value Interest Rate Principal Outstanding Carrying Value Interest Rate Term Loan $ 98,750 $ 98,359 7.00 % $ 99,375 $ 98,969 6.75 % 2020 Multi-Draw Facility 100,000 99,580 3.50 % 100,000 99,564 3.50 % Revolver — — 15,000 15,000 6.50 % Total Debt $ 198,750 $ 197,939 $ 214,375 $ 213,533

Equity (Tables)

Equity (Tables)	3 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Rollforward of Common Stock	The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2023: Class A Common Stock Class B Common Stock March 31, 2023 38,611,919 15,409,507 Forfeitures (30,697) — Shares repurchased for employee tax withholdings (25) — Shares issued pursuant to Employee Share Purchase Plan 8,101 — June 30, 2023 38,589,298 15,409,507

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	A summary of restricted stock activity for the three months ended June 30, 2023 is presented below: Total Weighted- March 31, 2023 377,668 $ 65.70 Granted — $ — Vested (2,101) $ 74.68 Forfeited (11,131) $ 66.63 June 30, 2023 364,436 $ 65.62
Schedule of Performance Units Activity	A summary of performance award activity for the three months ended June 30, 2023 is presented below: Total Weighted- March 31, 2023 528,282 $ 29.79 Granted — $ — Vested — $ — Forfeited (19,566) $ 29.79 June 30, 2023 508,716 $ 29.79

Compensation and Benefits (Tabl

Compensation and Benefits (Tables)	3 Months Ended
	Jun. 30, 2023
Compensation Related Costs [Abstract]
Schedule of Compensation and Benefits	The Company has recorded the following amounts related to compensation and benefits: Three Months Ended June 30, 2023 2022 Base compensation and benefits $ 36,350 $ 37,907 Incentive fee compensation 4,907 12,390 Equity-based compensation 2,846 1,897 Total compensation and benefits $ 44,103 $ 52,194

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth reconciliations of the numerators and denominators used to compute basic and diluted earnings per share of Class A common stock: Three Months Ended Three Months Ended Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to Class A Stockholders Weighted-Average Shares Per share amount Net income attributable to HLI $ 30,998 $ 33,484 Impact of changes in carrying amount of redeemable NCI — 380 Basic EPS of Class A common stock $ 30,998 37,707,809 $ 0.82 $ 33,864 36,999,561 $ 0.92 Adjustment to net income: Assumed vesting of employee awards 14 9 Assumed conversion of Class B and Class C Units 12,602 15,179 Effect of dilutive securities: Assumed vesting of employee awards 58,845 31,546 Assumed conversion of Class B and Class C Units 16,089,097 16,675,834 Diluted EPS of Class A common stock $ 43,614 53,855,751 $ 0.81 $ 49,052 53,706,941 $ 0.91

Supplemental Cash Flow (Tables)

Supplemental Cash Flow (Tables)	3 Months Ended
	Jun. 30, 2023
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Three Months Ended June 30, 2023 2022 Establishment of lease liability in exchange for right of use asset $ 3,116 $ — Non-cash investing activities: Other equity method investment $ 2,000 $ — Non-cash financing activities: Dividends declared but not paid $ 16,780 $ 14,800 Member distributions declared but not paid $ 11,464 $ 10,754

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Cost, Cash Flows, and Other Supplemental Cash Flow Information Regarding Leases	The following table shows lease costs and other supplemental information related to the Company’s operating leases: Three Months Ended June 30, 2023 2022 Operating lease costs $ 2,200 $ 2,059 Variable lease costs $ 399 $ 237 Cash paid for amounts included in the measurement of operating lease liabilities $ 2,088 $ 194 Weighted average remaining lease term (in years) 13.4 14.4 Weighted average discount rate 3.4 % 3.2 %
Schedule of Maturity of Operating Lease Liabilities	As of June 30, 2023, the maturities of operating lease liabilities were as follows: Remainder of FY2024 $ 6,223 FY2025 8,204 FY2026 7,650 FY2027 7,397 FY2028 6,929 Thereafter 65,141 Total lease payments 101,544 Less: imputed interest (20,550) Total operating lease liabilities $ 80,994

Organization - Narrative (Detai

Organization - Narrative (Details)	Jun. 30, 2023	Mar. 31, 2023
HLA
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percent of economic interest held	70.10%	70.10%

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 125,037	$ 135,509
Management and advisory fees
Disaggregation of Revenue [Line Items]
Revenues	105,407	85,946
Specialized funds
Disaggregation of Revenue [Line Items]
Revenues	57,716	43,649
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues	31,719	28,375
Advisory
Disaggregation of Revenue [Line Items]
Revenues	6,293	6,248
Reporting and other
Disaggregation of Revenue [Line Items]
Revenues	5,557	6,318
Distribution management
Disaggregation of Revenue [Line Items]
Revenues	1,213	496
Fund reimbursement revenue
Disaggregation of Revenue [Line Items]
Revenues	2,909	860
Incentive fees
Disaggregation of Revenue [Line Items]
Revenues	19,630	49,563
Incentive fees | Consolidated Entity Excluding Variable Interest Entities (VIE)
Disaggregation of Revenue [Line Items]
Revenues	19,630	49,524
Incentive fees | Consolidated VIEs
Disaggregation of Revenue [Line Items]
Revenues	0	39
Specialized funds | Consolidated Entity Excluding Variable Interest Entities (VIE)
Disaggregation of Revenue [Line Items]
Revenues	18,386	42,209
Specialized funds | Consolidated VIEs
Disaggregation of Revenue [Line Items]
Revenues	0	39
Customized separate accounts
Disaggregation of Revenue [Line Items]
Revenues	$ 1,244	$ 7,315

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Fair value investments	$ 20,154	$ 21,586
Investments valued under the measurement alternative	170,386	168,732	$ 183,023	$ 156,100
Total Investments	546,080	530,921
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	353,540	340,603
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 2,000	$ 0

Investments - Schedule of Inv_2

Investments - Schedule of Investments of Consolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Fair value investments	$ 20,154	$ 21,586
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments in Partnerships	353,540	340,603
Consolidated VIEs
Schedule of Equity Method Investments [Line Items]
Fair value investments	75,276	44,752
Total Investments of Consolidated VIEs	88,260	57,044
Consolidated VIEs | Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments in Partnerships	$ 12,984	$ 12,292

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Net gain (loss)	$ 757	$ 4,344
Unrealized gain/(loss) on secured borrowings, fair value adjustment	29	723
Reported Value Measurement
Schedule of Equity Method Investments [Line Items]
Fair value investments	$ 7,388		$ 7,429
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Percent interest in partnerships	1%
Investment, Held As Collateral
Schedule of Equity Method Investments [Line Items]
Net gain (loss)	$ (29)	$ (723)

Investments - Equity Method Inv

Investments - Equity Method Investments Roll forward (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Carrying amount beginning of the year	$ 168,732	$ 156,100
Purchases	1,177	20,236
Sales / return of capital	(178)	0
Net unrealized loss gain	1,177	6,687
Net realized (loss) gain	(522)	0
Carrying amount, end of year	$ 170,386	$ 183,023

Investments - Schedule Cumulati

Investments - Schedule Cumulative Gross Unrealized Gains (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Cumulative gross unrealized gains	$ 70,235	$ 69,058
Cumulative gross unrealized losses	$ (43,289)	$ (43,289)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Financial assets:
Fair value investments	$ 20,154	$ 21,586
Total financial assets	95,430	66,338
Financial liabilities:
Secured financing	14,149	14,228
Total financial liabilities	14,149	14,228
Consolidated VIEs
Financial assets:
Fair value investments	75,276	44,752
Level 1
Financial assets:
Fair value investments	6,005	7,358
Total financial assets	6,005	7,358
Financial liabilities:
Secured financing	0	0
Total financial liabilities	0	0
Level 1 | Consolidated VIEs
Financial assets:
Fair value investments	0	0
Level 2
Financial assets:
Fair value investments	0	0
Total financial assets	0	0
Financial liabilities:
Secured financing	0	0
Total financial liabilities	0	0
Level 2 | Consolidated VIEs
Financial assets:
Fair value investments	0	0
Level 3
Financial assets:
Fair value investments	14,149	14,228
Total financial assets	68,774	35,391
Financial liabilities:
Secured financing	14,149	14,228
Total financial liabilities	14,149	14,228
Level 3 | Consolidated VIEs
Financial assets:
Fair value investments	54,625	21,163
NAV
Financial assets:
Fair value investments	0	0
Total financial assets	20,651	23,589
Financial liabilities:
Secured financing	0	0
Total financial liabilities	0	0
NAV | Consolidated VIEs
Financial assets:
Fair value investments	$ 20,651	$ 23,589

Fair Value Measurements - Recon

Fair Value Measurements - Reconciliation of Other Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Reconciliation Of Other Investments [Roll Forward]
Net gain (loss)	$ 757	$ 4,344
Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	14,228	13,818
Contributions	0	0
Distributions	(50)	(164)
Net gain (loss)	(29)	(723)
Other investments, ending balance	14,149	12,931
Private equity funds
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	6,430
Private equity funds | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	6,664	7,024
Contributions	0	0
Distributions	(50)	(164)
Net gain (loss)	(184)	(456)
Other investments, ending balance	6,430	6,404
Direct credit investments
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	785
Direct credit investments | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	790	774
Contributions	0	0
Distributions	0	0
Net gain (loss)	(5)	(1)
Other investments, ending balance	785	773
Direct credit investments | Level 3 | Consolidated Funds
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	21,163
Contributions	14,056
Distributions	(40)
Net gain (loss)	82
Transfer in	19,364
Other investments, ending balance	54,625
Direct equity investments
Reconciliation Of Other Investments [Roll Forward]
Other investments, ending balance	6,934
Direct equity investments | Level 3
Reconciliation Of Other Investments [Roll Forward]
Other investments, beginning balance	6,774	6,020
Contributions	0	0
Distributions	0	0
Net gain (loss)	160	(266)
Other investments, ending balance	$ 6,934	$ 5,754

Fair Value Measurements - Valua

Fair Value Measurements - Valuation Methodologies (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Private equity funds
Schedule of Equity Method Investments [Line Items]
Fair Value	$ 6,430
Direct credit investments
Schedule of Equity Method Investments [Line Items]
Fair Value	785
Direct equity investments
Schedule of Equity Method Investments [Line Items]
Fair Value	6,934
Discounted cash flow | Direct credit investments | VIE
Schedule of Equity Method Investments [Line Items]
Investments	16,853
Recent precedent transactions | Direct credit investments | VIE
Schedule of Equity Method Investments [Line Items]
Investments	$ 37,772
Selected market return | Adjusted net asset value | Minimum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.048
Selected market return | Adjusted net asset value | Maximum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.079
Selected market return | Adjusted net asset value | Weighted Average | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.073
Market yield | Discounted cash flow | Minimum | Direct credit investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.132
Market yield | Discounted cash flow | Minimum | Direct credit investments | VIE
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.086
Market yield | Discounted cash flow | Maximum | Direct credit investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.132
Market yield | Discounted cash flow | Maximum | Direct credit investments | VIE
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.102
Market yield | Discounted cash flow | Weighted Average | Direct credit investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.132
Market yield | Discounted cash flow | Weighted Average | Direct credit investments | VIE
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.097
EBITDA multiple | Market approach | Minimum | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	8.25
EBITDA multiple | Market approach | Maximum | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	14.75
EBITDA multiple | Market approach | Weighted Average | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	12.62
Equity multiple | Market approach | Weighted Average | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	1.65

Variable Interest Entities - Un

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Variable Interest Entity [Line Items]
Remaining unfunded commitments from the limited partners and general partners to the unconsolidated VIE	$ 142,665
Statement of Financial Position [Abstract]
Investments	546,080	$ 530,921
Fees receivable	65,864	47,140
Due from related parties	7,963	7,186
Total assets	1,200,094	1,140,543
Not Primary Beneficiary
Statement of Financial Position [Abstract]
Investments	204,504	199,858
Fees receivable	23,986	15,829
Due from related parties	3,344	1,960
Total assets	231,834	217,647
Less: Non-controlling interests	(1,570)	(1,665)
Maximum exposure to loss	$ 230,264	$ 215,982

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Mar. 31, 2022
Debt Instrument [Line Items]
Principal Outstanding	$ 198,750		$ 214,375
Carrying Value	197,939	$ 213,533	213,533
Line of Credit | Term Loan
Debt Instrument [Line Items]
Principal Outstanding	98,750		99,375
Carrying Value	$ 98,359		$ 98,969
Interest Rate	7%		6.75%
Line of Credit | 2020 Multi-Draw Facility
Debt Instrument [Line Items]
Principal Outstanding	$ 100,000		$ 100,000
Carrying Value	$ 99,580		$ 99,564
Interest Rate	3.50%		3.50%
Debt, fair value	$ 86,792	$ 88,136
Line of Credit | Revolver
Debt Instrument [Line Items]
Principal Outstanding	0		$ 15,000
Carrying Value	$ 0		$ 15,000
Interest Rate			6.50%

Equity - Shares of Common Stock

Equity - Shares of Common Stock Outstanding (Details)	3 Months Ended
	Jun. 30, 2023 shares
Class A Common Stock
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	38,611,919
Forfeitures (in shares)	(30,697)
Shares repurchased for employee tax withholdings (in shares)	(25)
Shares issued pursuant to Employee Share Purchase Plan (in shares)	8,101
Outstanding, end of period (in shares)	38,589,298
Class B Common Stock
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	15,409,507
Forfeitures (in shares)	0
Shares repurchased for employee tax withholdings (in shares)	0
Shares issued pursuant to Employee Share Purchase Plan (in shares)	0
Outstanding, end of period (in shares)	15,409,507

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Restricted Stock (Details)	3 Months Ended
	Jun. 30, 2023 $ / shares shares
Restricted Stock
Total Unvested
Unvested at beginning of period (in shares) | shares	377,668
Granted (in shares) | shares	0
Vested (in shares) | shares	(2,101)
Forfeited (in shares) | shares	(11,131)
Unvested at end of period (in shares) | shares	364,436
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share) | $ / shares	$ 65.70
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	74.68
Forfeited (in dollars per share) | $ / shares	66.63
Unvested at end of period (in dollars per share) | $ / shares	$ 65.62
Performance Shares
Total Unvested
Unvested at beginning of period (in shares) | shares	528,282
Granted (in shares) | shares	0
Vested (in shares) | shares	0
Forfeited (in shares) | shares	(19,566)
Unvested at end of period (in shares) | shares	508,716
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share) | $ / shares	$ 29.79
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	29.79
Unvested at end of period (in dollars per share) | $ / shares	$ 29.79

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense	$ 20,894
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense	$ 12,764

Compensation and Benefits - Sch

Compensation and Benefits - Schedule of Compensation and Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Compensation Related Costs [Abstract]
Base compensation and benefits	$ 36,350	$ 37,907
Incentive fee compensation	4,907	12,390
Equity-based compensation	2,846	1,897
Total compensation and benefits	$ 44,103	$ 52,194

Income Tax (Details)

Income Tax (Details) - USD ($)	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	24.20%	17%
Unrecognized tax positions	$ 0

Earnings per Share - Narrative

Earnings per Share - Narrative (Details)	3 Months Ended
	Jun. 30, 2023 shares
Performance Shares
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	508,716
Class B Common Stock
Class of Stock [Line Items]
Common stock, conversion ratio	1

Earnings per Share - Schedule o

Earnings per Share - Schedule of Earnings Per Share - Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Net income attributable to Class A Stockholders
Net income attributable to HLI	$ 30,998	$ 33,484
Class A Common Stock
Net income attributable to Class A Stockholders
Net income attributable to HLI	30,998	33,484
Impact of changes in carrying amount of redeemable NCI	0	380
Basic EPS of Class A common stock	30,998	33,864
Assumed vesting of employee awards	14	9
Assumed conversion of Class B and Class C Units	12,602	15,179
Diluted EPS of Class A common stock	$ 43,614	$ 49,052
Weighted-Average Shares
Weighted-average basic EPS of Class A common stock (in shares)	37,707,809	36,999,561
Weighted-average assumed vesting of employee awards (in shares)	58,845	31,546
Weighted-average assumed conversion of Class B and Class C units (in shares)	16,089,097	16,675,834
Weighted-average diluted EPS of Class A common stock (in shares)	53,855,751	53,706,941
Per share amount
Basic EPS of Class A common stock (in dollars per share)	$ 0.82	$ 0.92
Diluted EPS of Class A common stock (in dollars per share)	$ 0.81	$ 0.91

Related-Party Transactions - Na

Related-Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Related Party Transaction [Line Items]
Revenues	$ 125,037	$ 135,509
Fees receivable	65,864		$ 47,140
General Partnerships
Related Party Transaction [Line Items]
Fees receivable	46,916		$ 31,684
Management and advisory fees
Related Party Transaction [Line Items]
Revenues	105,407	85,946
Management and advisory fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	80,303	60,711
Incentive fees
Related Party Transaction [Line Items]
Revenues	19,630	49,563
Incentive fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	$ 18,625	$ 49,178

Supplemental Cash Flow (Details

Supplemental Cash Flow (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Supplemental Cash Flow Information [Abstract]
Establishment of lease liability in exchange for right of use asset	$ 3,116	$ 0
Non-cash investing activities:
Other equity method investment	2,000	0
Non-cash financing activities:
Dividends declared but not paid	16,780	14,800	$ 15,049
Member distributions declared but not paid	$ 11,464	$ 10,754

Commitments and Contingencies -

Commitments and Contingencies - Incentive Fees (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Carried interest still subject to contingencies	$ 1,100,591	$ 1,022,250
Incentive fees, unrecorded estimate	$ 275,148	$ 255,562

Commitments and Contingencies_2

Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Other commitment	$ 218,356		$ 211,556
Loss Contingencies [Line Items]
Other commitment	218,356		$ 211,556
Net gain (loss)	757	$ 4,344
Employee loans outstanding	647
Valued Under Measurement Alternative
Loss Contingencies [Line Items]
Net gain (loss)	$ 31,231
Maximum
Loss Contingencies [Line Items]
Accrued discretionary bonus	15%

Commitments and Contingencies_3

Commitments and Contingencies - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 2,200	$ 2,059
Variable lease costs	399	237
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,088	$ 194
Weighted average remaining lease term (in years)	13 years 4 months 24 days	14 years 4 months 24 days
Weighted average discount rate	3.40%	3.20%

Commitments and Contingencies_4

Commitments and Contingencies - Operating Lease Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Remainder of FY2024	$ 6,223
FY2025	8,204
FY2026	7,650
FY2027	7,397
FY2028	6,929
Thereafter	65,141
Total lease payments	101,544
Less: imputed interest	(20,550)
Total operating lease liabilities	$ 80,994	$ 78,817

Subsequent Events (Details)

Subsequent Events (Details) - Class A Common Stock - $ / shares		3 Months Ended
	Aug. 01, 2023	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)		$ 0.45	$ 0.40
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.445