Hamilton Lane (HLNE) 10-Q 6 Aug 24 2025 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2025
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)		40,532,856
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		13,664,635

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Assets
Fees receivable	$ 141,099	$ 108,291
Prepaid expenses	7,494	11,073
Furniture, fixtures and equipment, net	32,632	33,013
Lease right-of-use assets, net	62,453	62,425
Investments	620,667	603,697
Deferred income taxes	259,301	261,887
Assets of consolidated variable interest entities:
Investments	620,667	603,697
Total assets	1,371,913	1,271,200
Liabilities and equity
Accounts payable	4,683	4,505
Accrued compensation and benefits	68,236	35,979
Accrued members’ distributions	21,638	23,815
Accrued dividend	19,451	17,628
Debt	195,565	196,159
Lease liabilities	78,916	79,033
Liabilities of consolidated variable interest entities:
Total liabilities	635,083	595,242
Commitments and contingencies (Note 15)
Additional paid-in-capital	210,099	208,402
Total Hamilton Lane Incorporated stockholders’ equity	566,363	525,153
Total equity	736,830	675,958
Total liabilities and equity	1,371,913	1,271,200
Related Party
Assets
Due from related parties	14,199	8,150
Liabilities and equity
Payable to related parties pursuant to tax receivable agreement	200,346	201,422
Class A Common Stock
Liabilities of consolidated variable interest entities:
Common stock	41	41
Class B Common Stock
Liabilities of consolidated variable interest entities:
Common stock	14	14
Consolidated entity, excluding VIE
Assets
Cash and cash equivalents	151,663	114,634
Restricted cash	4,799	4,985
Investments	620,667	603,697
Other assets	34,136	34,435
Assets of consolidated variable interest entities:
Cash and cash equivalents	151,663	114,634
Investments	620,667	603,697
Other assets	34,136	34,435
Liabilities and equity
Other liabilities (includes $13,871 and $13,071 at fair value)	37,734	36,700
Liabilities of consolidated variable interest entities:
Other liabilities	37,734	36,700
Consolidated VIEs
Assets
Cash and cash equivalents	14,614	0
Investments	28,804	28,575
Other assets	52	35
Assets of consolidated variable interest entities:
Cash and cash equivalents	14,614	0
Investments	28,804	28,575
Other assets	52	35
Liabilities and equity
Other liabilities (includes $13,871 and $13,071 at fair value)	8,514	1
Liabilities of consolidated variable interest entities:
Other liabilities	8,514	1
General Partnerships
Liabilities of consolidated variable interest entities:
Stockholders' equity attributable to noncontrolling interest	5,389	5,043
Hamilton Lane Advisors, L.L.C.
Liabilities of consolidated variable interest entities:
Retained earnings	356,209	316,696
Hamilton Lane Advisors, L.L.C.
Liabilities of consolidated variable interest entities:
Stockholders' equity attributable to noncontrolling interest	160,446	145,762
Consolidated Funds
Liabilities of consolidated variable interest entities:
Stockholders' equity attributable to noncontrolling interest	$ 4,632	$ 0

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Class of Stock [Line Items]
Other liabilities, fair value	$ 13,871	$ 13,071
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	40,533,548	40,547,806
Common stock, shares outstanding (in shares)	40,533,548	40,547,806
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	13,664,635	13,664,635
Common stock, shares outstanding (in shares)	13,664,635	13,664,635

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues	$ 196,731	$ 125,037
Expenses
Compensation and benefits	78,435	44,103
Total expenses	107,120	70,098
Other income (expense)
Equity in income of investees	7,389	11,866
Interest income	765	937
Non-operating gain	9,814	232
Consolidated variable interest entities related:
Total other income (expense)	17,163	12,805
Income before income taxes	106,774	67,744
Income tax expense	19,687	16,400
Net income	87,087	51,344
Net income attributable to Hamilton Lane Incorporated	$ 58,964	$ 30,998
Class A Common Stock
Consolidated variable interest entities related:
Basic earnings per share of Class A common stock (in dollars per share)	$ 1.49	$ 0.82
Diluted earnings per share of Class A common stock (in dollars per share)	1.47	0.81
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.49	$ 0.45
Consolidated entity, excluding VIE
Expenses
General, administrative and other	$ 28,373	$ 25,761
Other income (expense)
Interest expense	(2,947)	(2,890)
Consolidated VIEs
Expenses
General, administrative and other	312	234
Other income (expense)
Interest expense	0	(6)
Interest income	17	1,740
Consolidated variable interest entities related:
Equity in income of investees	928	132
Unrealized gain	1,197	794
General Partnerships
Consolidated variable interest entities related:
Less: Income attributable to non-controlling interests	346	1
Hamilton Lane Advisors, L.L.C.
Consolidated variable interest entities related:
Less: Income attributable to non-controlling interests	27,645	19,133
Consolidated Funds
Consolidated variable interest entities related:
Less: Income attributable to non-controlling interests	132	1,212
Management and advisory fees
Revenues
Total revenues	139,962	105,407
Incentive fees
Revenues
Total revenues	56,769	19,630
Incentive fees | Consolidated entity, excluding VIE
Revenues
Total revenues	$ 56,769	$ 19,630

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands	Total	Additional Paid in Capital	Retained Earnings	Noncontrolling Interests General Partnerships	Noncontrolling Interests Hamilton Lane Advisors, L.L.C.	Noncontrolling Interests Consolidated Funds	Class A Common Stock Common Stock	Class B Common Stock Common Stock
Beginning balance at Mar. 31, 2023	$ 574,192	$ 171,567	$ 243,823	$ 3,877	$ 135,702	$ 19,169	$ 39	$ 15
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	51,344		30,998	1	19,133	1,212
Equity-based compensation	2,846	1,995			851
Purchase and retirement of Class A stock for tax withholding	(108)	(76)			(32)
Dividends declared	(16,780)		(16,780)
Capital contributions from non-controlling interests, net	43,820			126		43,694
Member distributions	(14,165)				(14,165)
Employee Share Purchase Plan share issuance	551	386			165		0
Equity reallocation between controlling and non-controlling interests	0	2,801			(2,801)
Ending balance at Jun. 30, 2023	641,700	176,673	258,041	4,004	138,853	64,075	39	15
Beginning balance at Mar. 31, 2024	675,958	208,402	316,696	5,043	145,762	0	41	14
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	87,087		58,964	346	27,645	132
Equity-based compensation	3,223	2,372			851
Purchase and retirement of Class A stock for tax withholding	(527)	(388)			(139)
Dividends declared	(19,451)		(19,451)
Capital contributions from non-controlling interests, net	4,500					4,500
Member distributions	(14,609)				(14,609)
Employee Share Purchase Plan share issuance	649	478			171
Equity reallocation between controlling and non-controlling interests	0	(765)			765
Ending balance at Jun. 30, 2024	$ 736,830	$ 210,099	$ 356,209	$ 5,389	$ 160,446	$ 4,632	$ 41	$ 14

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities:
Net income	$ 87,087	$ 51,344
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,313	1,873
Change in deferred income taxes	2,586	4,654
Change in payable to related parties pursuant to tax receivable agreement	(1,076)	(883)
Equity-based compensation	3,223	2,846
Equity in income of investees	(7,389)	(11,866)
Net realized loss on sale of investments	0	288
Fair value adjustment of other investments	(8,739)	(757)
Proceeds received from Partnerships	6,062	6,060
Non-cash lease expense	2,088	2,062
Other	198	36
Changes in operating assets and liabilities:
Fees receivable	(32,808)	(18,725)
Prepaid expenses	3,579	1,809
Due from related parties	(6,049)	(777)
Other assets	(70)	17,389
Accounts payable	178	1,015
Accrued compensation and benefits	32,257	8,336
Lease liability	(2,233)	(1,954)
Other liabilities	69	(1,402)
Consolidated variable interest entities related:
Net unrealized gain on investment	(8,739)	(757)
Net cash provided by operating activities	79,743	57,973
Investing activities:
Purchase of furniture, fixtures and equipment	(1,506)	(3,385)
Purchase of investments	(5,001)	(1,177)
Proceeds from sale of investments	0	1,343
Proceeds from sale of intangible assets	0	876
Distributions received from Partnerships	9,231	1,676
Contributions to Partnerships	(10,410)	(22,686)
Purchase of Investments	(2,282)	(16,369)
Cash from consolidating funds	12,100	0
Net cash provided by (used in) investing activities	2,132	(39,722)
Financing activities:
Repayments of debt	(625)	(625)
Draw-down on revolver	0	10,000
Repayment of revolver	0	(25,000)
Repurchase of Class A shares for employee tax withholding	(527)	(108)
Proceeds received from issuance of shares under Employee Share Purchase Plan	649	551
Dividends paid	(17,628)	(15,049)
Members’ distributions paid	(16,787)	(18,423)
Consolidated variable interest entities related:
Net cash used in financing activities	(30,418)	(4,834)
Increase in cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities	51,457	13,417
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at beginning of the period	119,619	116,552
Cash and cash equivalents, restricted cash, and cash and cash equivalents held at consolidated variable interest entities at end of the period	171,076	129,969
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	171,076	129,969
Primary Beneficiary
Adjustments to reconcile net income to net cash provided by operating activities:
Fair value adjustment of other investments	(901)	0
Consolidated variable interest entities related:
Net unrealized gain on investment	(901)	0
Equity in income of investees	(928)	(132)
Other assets and liabilities	296	(3,243)
Consolidated variable interest entities related:
Contributions from non-controlling interests in general partnerships	0	148
Distributions to non-controlling interests in general partnerships	0	(22)
Contributions from non-controlling interests in consolidated funds	4,500	43,694
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	14,614	24,909
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	151,663	100,255
Restricted cash	$ 4,799	$ 4,805

Organization

Organization	3 Months Ended
	Jun. 30, 2024
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 (“NCI”) 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 each of June 30, 2024 and March 31, 2024, HLI held approximately 73.6% of the economic interest in HLA. As future exchanges of HLA units occur pursuant to the exchange agreement, 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 and advisory fees, comprised of specialized fund and customized separate account management fees, advisory and reporting fees and distribution management fees and, to a lesser extent, incentive fees, comprised of carried interest earned from our specialized funds and certain customized separate accounts structured as single-client funds in which we have a general partner commitment, and performance fees earned on certain other specialized funds and customized separate accounts. 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, 2024
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 accounting principles generally accepted in the United States of America (“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, 2024 are not necessarily indicative of the results that may be expected for the year ending March 31, 2025. 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, 2024. 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. The results of the consolidated Variable Interest Entities (“VIEs”) are reported on a three-month lag, due to the timing of the receipt of related financial statements. The Company’s revenue earned from Partnerships, including both management and advisory fee revenue and incentive fee revenue, is not accounted for on a lag. 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: Values 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. The Company uses these levels of hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments; on a non-recurring basis, such as for acquisitions and impairment testing; for disclosure purposes, such as for long-term debt; and for other applications, as discussed in their respective notes. The carrying amount of cash and cash equivalents, fees receivable, and accounts payable approximate fair value due to the immediate or short-term maturity of these financial instruments. Recent Accounting Pronouncements In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06 - Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this ASU incorporate 14 of the 27 disclosure requirements published in SEC Release No. 33-10532 - Disclosure Update and Simplification into various topics within the Accounting Standards Codification (“ASC”). The amendments represent clarifications to, or technical corrections of, current requirements. For SEC registrants, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. Early adoption is prohibited. The amendments will be applied retrospectively to all prior periods presented in the condensed consolidated financial statements. The Company is currently assessing the impact of the new requirements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. This ASU enhances segment disclosures primarily around significant segment expenses for both interim and annual periods. The amendments in this ASU are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of the new requirements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is currently assessing the impact of the new requirements. In March 2024, the SEC adopted final rules to require disclosures about certain climate-related information in registration statements and annual reports. In April 2024, the SEC issued an order to stay the rules pending the completion of judicial review of multiple petitions challenging the rules. The rules, if implemented, would require information about a registrant’s climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks will also include disclosure of a registrant’s greenhouse gas emissions, if material. In addition, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. The Company is currently assessing the impact of the new requirements should the rules be implemented. The Organization for Economic Co-operation and Development ("OECD") has issued Pillar Two model rules introducing a new global minimum tax of 15%. While the U.S. has not yet adopted the Pillar Two rules, various other governments around the world are enacting similar legislation. The Company is not within the scope of the OECD Pillar Two model rules.

Revenue

Revenue	3 Months Ended
	Jun. 30, 2024
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 Management and advisory fees 2024 2023 Specialized funds $ 89,792 $ 57,716 Customized separate accounts 33,453 31,719 Advisory 5,911 6,293 Reporting, monitoring, data and analytics 6,994 5,557 Distribution management 498 1,213 Fund reimbursement revenue 3,314 2,909 Total management and advisory fees $ 139,962 $ 105,407 Three Months Ended Incentive fees 2024 2023 Specialized funds $ 52,054 $ 18,386 Customized separate accounts 4,715 1,244 Total incentive fees $ 56,769 $ 19,630

Investments

Investments	3 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments	4. Investments 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 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 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, investments held by the consolidated funds 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 cost of the assets held as collateral was $5,611 and $5,952 as of June 30, 2024 and March 31, 2024, respectively. The direct credit investments were debt securities classified as trading securities. Fair value investments are measured at fair value with unrealized gains and losses recorded in non-operating gain 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 gains of $948 and $29 on fair value investments held as collateral during the three months ended June 30, 2024 and 2023, respectively, that are recorded in non-operating gain. The Company recognized losses of $948 and $29 on the secured financing liability during the three months ended June 30, 2024 and 2023, respectively, that are recorded in non-operating gain in the Condensed Consolidated Statements of Income. Investments valued under the measurement alternative 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. 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)

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements The following tables summarize the Company’s financial assets and financial liabilities recorded at fair value by fair value hierarchy level: As of June 30, 2024 Level 1 Level 2 Level 3 NAV (2) Total Financial assets: Fair value investments $ 5,253 $ — $ 13,871 $ — $ 19,124 Consolidated VIEs Fair value investments — — 379 11,004 11,383 Total financial assets $ 5,253 $ — $ 14,250 $ 11,004 $ 30,507 Financial liabilities: Secured financing (1) $ — $ — $ 13,871 $ — $ 13,871 Total financial liabilities $ — $ — $ 13,871 $ — $ 13,871 As of March 31, 2024 Level 1 Level 2 Level 3 NAV (2) Total Financial assets: Fair value investments $ 4,913 $ — $ 13,071 $ — $ 17,984 Consolidated VIEs Fair value investments — — — — — Total financial assets $ 4,913 $ — $ 13,071 $ — $ 17,984 Financial liabilities: Secured financing (1) $ — $ — $ 13,071 $ — $ 13,071 Total financial liabilities $ — $ — $ 13,071 $ — $ 13,071 (1) Secured financing is recorded within other liabilities in the Condensed Consolidated Balance Sheets. (2) Investments are recorded at estimated fair value based upon the net asset value (“NAV”) of the fund utilizing the practical expedient under ASC 820, “Fair Value Measurement.” The fair value amounts presented in this column are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Note 4. The following is a reconciliation of fair value investments for which significant unobservable inputs (Level 3) were used in determining value: Private equity funds Direct credit investments Direct equity investments Total other investments Balance as of March 31, 2024 $ 5,519 $ — $ 7,552 $ 13,071 Contributions — — — — Distributions (148) — (148) Net (loss) gain (342) 1,290 948 Balance as of June 30, 2024 $ 5,029 $ — $ 8,842 $ 13,871 Private equity funds Direct credit investments Direct equity investments Total other investments Balance as of March 31, 2023 $ 6,664 $ 790 $ 6,774 $ 14,228 Contributions — — — — Distributions (50) — — (50) Net (loss) gain (184) (5) 160 (29) Balance as of June 30, 2023 $ 6,430 $ 785 $ 6,934 $ 14,149 The following is a reconciliation of investments held by our consolidated VIEs for which significant unobservable inputs (Level 3) were used in determining value: Direct credit investments Balance as of March 31, 2024 $ — Contributions 386 Net income (7) Balance as of June 30, 2024 $ 379 Direct credit investments Balance as of March 31, 2023 $ 21,163 Contributions 14,056 Distributions (40) Net loss 82 Transfer in 19,364 Balance as of June 30, 2023 $ 54,625 The valuation methodologies, significant unobservable inputs, range of inputs and the weighted average input determined based upon relative fair value of the investments used in recurring Level 3 fair value measurements of assets were as follows, as of June 30, 2024: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Other investments: Private equity funds $ 5,029 Adjusted NAV Selected market return 3.4% - 5.1% 4.8% Direct equity investments $ 8,842 Adjusted NAV Selected market return 3.4% - 9.2% 5.2% Investments of consolidated VIE: Direct credit investments $ 379 Recent precedent transactions For the significant unobservable inputs listed in the tables above a significant increase or decrease in the selected market return would result in a significantly higher or lower fair value measurement, respectively.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	6. Variable Interest Entities The Company holds variable interests in entities that 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 variable interest in such entities is in the form of direct equity interests in, and/or 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. The Company consolidates 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 funds 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 investments in funds and the assets of the consolidated funds represent cash and 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. At the point when the Company no longer qualifies as the primary beneficiary of a consolidated VIE, it will deconsolidate all the assets and liabilities of the NCI in the respective Partnership from the Condensed Consolidated Balance Sheets. Non-consolidated Variable Interest Entities Certain Partnerships that are VIEs are not consolidated because the Company has determined it is not the primary beneficiary based upon the Company’s equity interest percentage in each of the applicable VIEs. As of June 30, 2024, the total remaining unfunded commitments from the Company’s general partner entities to the non-consolidated VIEs was $182,293. Investor commitments are the primary source of financing for the non-consolidated VIEs. The maximum exposure to loss represents the potential loss of assets recognized by the Company relating to these non-consolidated VIEs. The Company believes that its maximum exposure to loss is limited because it establishes separate limited liability or limited partnership entities 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 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

Debt

Debt	3 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	7. Debt The Company’s debt consisted of the following: As of June 30, 2024 As of March 31, 2024 Principal Outstanding Carrying Value Interest Rate Principal Outstanding Carrying Value Interest Rate Term Loan $ 96,250 $ 95,922 7.25 % $ 96,875 $ 96,531 7.25 % 2020 Multi-Draw Facility 100,000 99,643 3.50 % 100,000 99,628 3.50 % Total Debt $ 196,250 $ 195,565 $ 196,875 $ 196,159

Equity

Equity	3 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	8. Equity The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2024: Class A Common Stock Class B Common Stock March 31, 2024 40,547,806 13,664,635 Forfeitures (20,420) — Shares repurchased for employee tax withholdings (16) — Shares issued pursuant to Employee Share Purchase Plan 6,178 — June 30, 2024 40,533,548 13,664,635

Equity-Based Compensation

Equity-Based Compensation	3 Months Ended
	Jun. 30, 2024
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, 2024 is presented below: Total Weighted- March 31, 2024 363,128 $ 80.34 Vested (289) $ 82.72 Forfeited (7,376) $ 78.55 June 30, 2024 355,463 $ 80.37 As of June 30, 2024, total unrecognized compensation expense related to restricted stock was $24,789. Performance Awards A summary of performance award activity for the three months ended June 30, 2024 is presented below: Total Weighted- March 31, 2024 489,150 $ 29.79 Forfeited (13,044) $ 29.79 June 30, 2024 476,106 $ 29.79 As of June 30, 2024, total estimated unrecognized expense related to the unvested performance awards was $9,102 and none of the performance awards had met their market price-based vesting condition.

Compensation and Benefits

Compensation and Benefits	3 Months Ended
	Jun. 30, 2024
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, 2024 2023 Base compensation and benefits $ 61,020 $ 36,350 Incentive fee compensation 14,192 4,907 Equity-based compensation 3,223 2,846 Total compensation and benefits $ 78,435 $ 44,103

Income Tax

Income Tax	3 Months Ended
	Jun. 30, 2024
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 18.5% for the three months ended June 30, 2024 and 24.2% for the three months ended June 30, 2023. The effective tax rates were different from the statutory tax rates due to the portion of income allocated to NCI, valuation allowance recorded against deferred tax assets and discrete tax adjustments. As of June 30, 2024, 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, 2024
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 Basic EPS of Class A common stock $ 58,964 39,695,677 $ 1.49 $ 30,998 37,707,809 $ 0.82 Adjustment to net income: Assumed vesting of employee awards 51 14 Assumed conversion of Class B and Class C Units 20,674 12,602 Effect of dilutive securities: Assumed vesting of employee awards 132,294 58,845 Assumed conversion of Class B and Class C Units 14,221,775 16,089,097 Diluted EPS of Class A common stock $ 79,689 54,049,746 $ 1.47 $ 43,614 53,855,751 $ 0.81 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 476,106 and 508,716 weighted-average shares underlying performance awards for the three months ended June 30, 2024 and 2023, respectively, as the market condition was not achieved as of June 30, 2024 and 2023.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Jun. 30, 2024
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 $115,048 and $80,303 for the three months ended June 30, 2024 and 2023 , respectively. The Company earned incentive fees from Partnerships of $55,320 and $18,625 for the three months ended June 30, 2024 and 2023, respectively. Fees receivable from the Partnerships were $120,139 and $91,317 as of June 30, 2024 and March 31, 2024, respectively, and are included in fees receivable in the Condensed Consolidated Balance Sheets.

Supplemental Cash Flow

Supplemental Cash Flow	3 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Information [Abstract]
Supplemental Cash Flow	14. Supplemental Cash Flow Three Months Ended June 30, 2024 2023 Establishment of lease liability in exchange for right of use asset $ 1,484 $ 3,116 Non-cash investing activities: Investments purchased by consolidated fund $ 8,200 $ — Non-cash purchase of other equity method investment $ — $ 2,000 Non-cash financing activities: Dividends declared but not paid $ 19,451 $ 16,780 Member distributions declared but not paid $ 21,638 $ 11,464

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Jun. 30, 2024
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 that did not meet the Company’s criteria for revenue recognition in the amounts of $1,237,605 and $1,221,488, net of amounts attributable to NCI, at June 30, 2024 and March 31, 2024, respectively. If the Company ultimately receives the unrecognized carried interest, a total of $309,401 and $305,372 as of June 30, 2024 and March 31, 2024, 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 $266,842 and $267,734 as of June 30, 2024 and March 31, 2024, respectively. In connection with certain of the Company’s strategic technology investments, a percentage of realized gains will be paid to one of our Co-CEOs for overseeing the initial investments and up to 15% may be paid as a discretionary bonus to other employees as those gains are realized. The Company has an unrealized net gain on strategic investments of $38,278 as of June 30, 2024. 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 (“LPs”). The employees also have an option to enter into a loan agreement with the Company or a third-party lender to fund committed capital. The loan is collateralized by the underlying LP’s 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, 2024, the total amount of outstanding loans at the third-party lender under the EIP was $1,073, 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, 2024 2023 Operating lease costs $ 2,206 $ 2,200 Variable lease costs $ 407 $ 399 Cash paid for amounts included in the measurement of operating lease liabilities $ 2,233 $ 2,088 Weighted average remaining lease term (in years) 12.3 13.4 Weighted average discount rate 3.5 % 3.4 % As of June 30, 2024, the maturities of operating lease liabilities were as follows: Remainder of FY2025 $ 6,574 FY2026 8,366 FY2027 8,241 FY2028 7,580 FY2029 6,773 Thereafter 60,003 Total lease payments $ 97,537 Less: imputed interest (18,621) Total operating lease liabilities $ 78,916

Subsequent Events

Subsequent Events	3 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events On August 6, 2024, the Company announced a quarterly dividend of $0.49 per share of Class A common stock to record holders at the close of business on September 16, 2024. The payment date will be October 4, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 58,964	$ 30,998

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation
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. The results of the consolidated Variable Interest Entities (“VIEs”) are reported on a three-month lag, due to the timing of the receipt of related financial statements. The Company’s revenue earned from Partnerships, including both management and advisory fee revenue and incentive fee revenue, is not accounted for on a lag.
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: Values 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. The Company uses these levels of hierarchy to measure the fair value of certain financial instruments on a recurring basis, such as for investments; on a non-recurring basis, such as for acquisitions and impairment testing; for disclosure purposes, such as for long-term debt; and for other applications, as discussed in their respective notes.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In October 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-06 - Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. The amendments in this ASU incorporate 14 of the 27 disclosure requirements published in SEC Release No. 33-10532 - Disclosure Update and Simplification into various topics within the Accounting Standards Codification (“ASC”). The amendments represent clarifications to, or technical corrections of, current requirements. For SEC registrants, the effective date for each amendment will be the date on which the SEC removes that related disclosure from its rules. Early adoption is prohibited. The amendments will be applied retrospectively to all prior periods presented in the condensed consolidated financial statements. The Company is currently assessing the impact of the new requirements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. This ASU enhances segment disclosures primarily around significant segment expenses for both interim and annual periods. The amendments in this ASU are to be applied retrospectively and are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years after December 15, 2024. Early adoption is permitted. The Company is currently assessing the impact of the new requirements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, on a prospective basis, with early adoption permitted. The Company is currently assessing the impact of the new requirements. In March 2024, the SEC adopted final rules to require disclosures about certain climate-related information in registration statements and annual reports. In April 2024, the SEC issued an order to stay the rules pending the completion of judicial review of multiple petitions challenging the rules. The rules, if implemented, would require information about a registrant’s climate-related risks that are reasonably likely to have a material impact on its business, results of operations, or financial condition. The required information about climate-related risks will also include disclosure of a registrant’s greenhouse gas emissions, if material. In addition, the rules will require registrants to present certain climate-related financial metrics in their audited financial statements. The Company is currently assessing the impact of the new requirements should the rules be implemented. The Organization for Economic Co-operation and Development ("OECD") has issued Pillar Two model rules introducing a new global minimum tax of 15%. While the U.S. has not yet adopted the Pillar Two rules, various other governments around the world are enacting similar legislation. The Company is not within the scope of the OECD Pillar Two model rules.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Jun. 30, 2024
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 Management and advisory fees 2024 2023 Specialized funds $ 89,792 $ 57,716 Customized separate accounts 33,453 31,719 Advisory 5,911 6,293 Reporting, monitoring, data and analytics 6,994 5,557 Distribution management 498 1,213 Fund reimbursement revenue 3,314 2,909 Total management and advisory fees $ 139,962 $ 105,407 Three Months Ended Incentive fees 2024 2023 Specialized funds $ 52,054 $ 18,386 Customized separate accounts 4,715 1,244 Total incentive fees $ 56,769 $ 19,630

Investments (Tables)

Investments (Tables)	3 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investment	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)

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Jun. 30, 2024
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, 2024 Level 1 Level 2 Level 3 NAV (2) Total Financial assets: Fair value investments $ 5,253 $ — $ 13,871 $ — $ 19,124 Consolidated VIEs Fair value investments — — 379 11,004 11,383 Total financial assets $ 5,253 $ — $ 14,250 $ 11,004 $ 30,507 Financial liabilities: Secured financing (1) $ — $ — $ 13,871 $ — $ 13,871 Total financial liabilities $ — $ — $ 13,871 $ — $ 13,871 As of March 31, 2024 Level 1 Level 2 Level 3 NAV (2) Total Financial assets: Fair value investments $ 4,913 $ — $ 13,071 $ — $ 17,984 Consolidated VIEs Fair value investments — — — — — Total financial assets $ 4,913 $ — $ 13,071 $ — $ 17,984 Financial liabilities: Secured financing (1) $ — $ — $ 13,071 $ — $ 13,071 Total financial liabilities $ — $ — $ 13,071 $ — $ 13,071 (1) Secured financing is recorded within other liabilities in the Condensed Consolidated Balance Sheets. (2)
Schedule of Reconciliation of Other Investments	The following is a reconciliation of fair value investments for which significant unobservable inputs (Level 3) were used in determining value: Private equity funds Direct credit investments Direct equity investments Total other investments Balance as of March 31, 2024 $ 5,519 $ — $ 7,552 $ 13,071 Contributions — — — — Distributions (148) — (148) Net (loss) gain (342) 1,290 948 Balance as of June 30, 2024 $ 5,029 $ — $ 8,842 $ 13,871 Private equity funds Direct credit investments Direct equity investments Total other investments Balance as of March 31, 2023 $ 6,664 $ 790 $ 6,774 $ 14,228 Contributions — — — — Distributions (50) — — (50) Net (loss) gain (184) (5) 160 (29) Balance as of June 30, 2023 $ 6,430 $ 785 $ 6,934 $ 14,149
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, 2024 $ — Contributions 386 Net income (7) Balance as of June 30, 2024 $ 379 Direct credit investments Balance as of March 31, 2023 $ 21,163 Contributions 14,056 Distributions (40) Net loss 82 Transfer in 19,364 Balance as of June 30, 2023 $ 54,625
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 assets were as follows, as of June 30, 2024: Significant Fair Valuation Unobservable Weighted Value Methodology Inputs Range Average Other investments: Private equity funds $ 5,029 Adjusted NAV Selected market return 3.4% - 5.1% 4.8% Direct equity investments $ 8,842 Adjusted NAV Selected market return 3.4% - 9.2% 5.2% Investments of consolidated VIE: Direct credit investments $ 379 Recent precedent transactions

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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

Debt (Tables)

Debt (Tables)	3 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The Company’s debt consisted of the following: As of June 30, 2024 As of March 31, 2024 Principal Outstanding Carrying Value Interest Rate Principal Outstanding Carrying Value Interest Rate Term Loan $ 96,250 $ 95,922 7.25 % $ 96,875 $ 96,531 7.25 % 2020 Multi-Draw Facility 100,000 99,643 3.50 % 100,000 99,628 3.50 % Total Debt $ 196,250 $ 195,565 $ 196,875 $ 196,159

Equity (Tables)

Equity (Tables)	3 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Rollforward of Common Stock	The following table shows a rollforward of the Company’s common stock outstanding since March 31, 2024: Class A Common Stock Class B Common Stock March 31, 2024 40,547,806 13,664,635 Forfeitures (20,420) — Shares repurchased for employee tax withholdings (16) — Shares issued pursuant to Employee Share Purchase Plan 6,178 — June 30, 2024 40,533,548 13,664,635

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	3 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Activity	A summary of restricted stock activity for the three months ended June 30, 2024 is presented below: Total Weighted- March 31, 2024 363,128 $ 80.34 Vested (289) $ 82.72 Forfeited (7,376) $ 78.55 June 30, 2024 355,463 $ 80.37
Schedule of Performance Units Activity	A summary of performance award activity for the three months ended June 30, 2024 is presented below: Total Weighted- March 31, 2024 489,150 $ 29.79 Forfeited (13,044) $ 29.79 June 30, 2024 476,106 $ 29.79

Compensation and Benefits (Tabl

Compensation and Benefits (Tables)	3 Months Ended
	Jun. 30, 2024
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, 2024 2023 Base compensation and benefits $ 61,020 $ 36,350 Incentive fee compensation 14,192 4,907 Equity-based compensation 3,223 2,846 Total compensation and benefits $ 78,435 $ 44,103

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Jun. 30, 2024
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 Basic EPS of Class A common stock $ 58,964 39,695,677 $ 1.49 $ 30,998 37,707,809 $ 0.82 Adjustment to net income: Assumed vesting of employee awards 51 14 Assumed conversion of Class B and Class C Units 20,674 12,602 Effect of dilutive securities: Assumed vesting of employee awards 132,294 58,845 Assumed conversion of Class B and Class C Units 14,221,775 16,089,097 Diluted EPS of Class A common stock $ 79,689 54,049,746 $ 1.47 $ 43,614 53,855,751 $ 0.81

Supplemental Cash Flow (Tables)

Supplemental Cash Flow (Tables)	3 Months Ended
	Jun. 30, 2024
Supplemental Cash Flow Information [Abstract]
Schedule of Supplemental Cash Flow Disclosures	Three Months Ended June 30, 2024 2023 Establishment of lease liability in exchange for right of use asset $ 1,484 $ 3,116 Non-cash investing activities: Investments purchased by consolidated fund $ 8,200 $ — Non-cash purchase of other equity method investment $ — $ 2,000 Non-cash financing activities: Dividends declared but not paid $ 19,451 $ 16,780 Member distributions declared but not paid $ 21,638 $ 11,464

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Supplemental Cash Flow Information, Term and Discount Rate	The following table shows lease costs and other supplemental information related to the Company’s operating leases: Three Months Ended June 30, 2024 2023 Operating lease costs $ 2,206 $ 2,200 Variable lease costs $ 407 $ 399 Cash paid for amounts included in the measurement of operating lease liabilities $ 2,233 $ 2,088 Weighted average remaining lease term (in years) 12.3 13.4 Weighted average discount rate 3.5 % 3.4 %
Schedule of Operating Lease Liability Maturities	As of June 30, 2024, the maturities of operating lease liabilities were as follows: Remainder of FY2025 $ 6,574 FY2026 8,366 FY2027 8,241 FY2028 7,580 FY2029 6,773 Thereafter 60,003 Total lease payments $ 97,537 Less: imputed interest (18,621) Total operating lease liabilities $ 78,916

Organization - Narrative (Detai

Organization - Narrative (Details)	Jun. 30, 2024	Mar. 31, 2024
Hamilton Lane Advisors, L.L.C.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Percent of economic interest held	73.60%	73.60%

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 196,731	$ 125,037
Management and advisory fees
Disaggregation of Revenue [Line Items]
Total revenues	139,962	105,407
Specialized funds
Disaggregation of Revenue [Line Items]
Total revenues	89,792	57,716
Customized separate accounts
Disaggregation of Revenue [Line Items]
Total revenues	33,453	31,719
Advisory
Disaggregation of Revenue [Line Items]
Total revenues	5,911	6,293
Reporting, monitoring, data and analytics
Disaggregation of Revenue [Line Items]
Total revenues	6,994	5,557
Distribution management
Disaggregation of Revenue [Line Items]
Total revenues	498	1,213
Fund reimbursement revenue
Disaggregation of Revenue [Line Items]
Total revenues	3,314	2,909
Incentive fees
Disaggregation of Revenue [Line Items]
Total revenues	56,769	19,630
Specialized funds
Disaggregation of Revenue [Line Items]
Total revenues	52,054	18,386
Customized separate accounts
Disaggregation of Revenue [Line Items]
Total revenues	$ 4,715	$ 1,244

Investments - Schedule of Inves

Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Fair value investments	$ 19,124	$ 17,984
Investments valued under the measurement alternative	188,922	175,522	$ 170,386	$ 168,732
Total Investments	620,667	603,697
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments	411,183	408,615
Other equity method investments
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 1,438	$ 1,576

Investments - Schedule of Varia

Investments - Schedule of Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments in Partnerships	$ 411,183	$ 408,615
Consolidated VIEs
Schedule of Equity Method Investments [Line Items]
Fair value investments	11,383	0
Total Investments of Consolidated VIEs	28,804	28,575
Consolidated VIEs | Equity method investments in Partnerships
Schedule of Equity Method Investments [Line Items]
Equity method investments in Partnerships	$ 17,421	$ 28,575

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Schedule of Equity Method Investments [Line Items]
Gain (loss) on other investments	$ 8,739	$ 757
Unrealized gain (loss) on secured borrowings, fair value adjustment		29
Reported Value Measurement
Schedule of Equity Method Investments [Line Items]
Fair value investments	$ 5,611		$ 5,952
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]
Gain (loss) on other investments	$ 948	$ 29
Unrealized gain (loss) on secured borrowings, fair value adjustment	$ 948

Investments - Schedule of Equit

Investments - Schedule of Equity Securities without Readily Determinable Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Carrying amount beginning of the period	$ 175,522	$ 168,732
Purchases	5,001	1,177
Sales / return of capital	0	(178)
Net change in unrealized gain	8,399	1,177
Net realized loss	0	(522)
Carrying amount, end of period	$ 188,922	$ 170,386

Investments - Schedule of Cumul

Investments - Schedule of Cumulative Gross Unrealized Gains(Loss) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Cumulative gross unrealized gains	$ 78,634	$ 70,235
Cumulative gross unrealized losses	$ (43,289)	$ (43,289)

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Financial assets:
Total financial assets	$ 30,507	$ 17,984
Financial liabilities:
Secured financing	13,871	13,071
Total financial liabilities	13,871	13,071
Consolidated entity, excluding VIE
Financial assets:
Fair value investments	19,124	17,984
Consolidated VIEs
Financial assets:
Fair value investments	11,383	0
Level 1
Financial assets:
Total financial assets	5,253	4,913
Financial liabilities:
Secured financing	0	0
Total financial liabilities	0	0
Level 1 | Consolidated entity, excluding VIE
Financial assets:
Fair value investments	5,253	4,913
Level 1 | Consolidated VIEs
Financial assets:
Fair value investments	0	0
Level 2
Financial assets:
Total financial assets	0	0
Financial liabilities:
Secured financing	0	0
Total financial liabilities	0	0
Level 2 | Consolidated entity, excluding VIE
Financial assets:
Fair value investments	0	0
Level 2 | Consolidated VIEs
Financial assets:
Fair value investments	0	0
Level 3
Financial assets:
Total financial assets	14,250	13,071
Financial liabilities:
Secured financing	13,871	13,071
Total financial liabilities	13,871	13,071
Level 3 | Consolidated entity, excluding VIE
Financial assets:
Fair value investments	13,871	13,071
Level 3 | Consolidated VIEs
Financial assets:
Fair value investments	379	0
NAV
Financial assets:
Total financial assets	11,004	0
Financial liabilities:
Secured financing	0	0
Total financial liabilities	0	0
NAV | Consolidated entity, excluding VIE
Financial assets:
Fair value investments	0	0
NAV | Consolidated VIEs
Financial assets:
Fair value investments	$ 11,004	$ 0

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Reconciliation of Other Investments (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Reconciliation of Other Investments (Level 3) [Roll Forward]
Other investments, beginning balance	$ 13,071	$ 14,228
Contributions	0	0
Distributions	(148)	(50)
Net (loss) gain	948	(29)
Other investments, ending balance	13,871	14,149
Private equity funds
Reconciliation of Other Investments (Level 3) [Roll Forward]
Other investments, beginning balance	5,519	6,664
Contributions	0	0
Distributions	(148)	(50)
Net (loss) gain	(342)	(184)
Other investments, ending balance	5,029	6,430
Direct credit investments
Reconciliation of Other Investments (Level 3) [Roll Forward]
Other investments, beginning balance	0	790
Contributions	0	0
Distributions		0
Net (loss) gain		(5)
Other investments, ending balance	0	785
Direct credit investments | Consolidated Funds
Reconciliation of Other Investments (Level 3) [Roll Forward]
Other investments, beginning balance	0	21,163
Contributions	386	14,056
Distributions		(40)
Net (loss) gain	(7)	82
Transfer in		19,364
Other investments, ending balance	379	54,625
Direct equity investments
Reconciliation of Other Investments (Level 3) [Roll Forward]
Other investments, beginning balance	7,552	6,774
Contributions	0	0
Distributions	0	0
Net (loss) gain	1,290	160
Other investments, ending balance	$ 8,842	$ 6,934

Fair Value Measurements - Sch_3

Fair Value Measurements - Schedule of Assumptions Used (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Private equity funds
Schedule of Equity Method Investments [Line Items]
Fair Value	$ 5,029
Direct equity investments
Schedule of Equity Method Investments [Line Items]
Fair Value	8,842
Discounted cash flow | Direct credit investments | Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Investments	$ 379
Selected market return | Adjusted NAV | Minimum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.034
Selected market return | Adjusted NAV | Minimum | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.034
Selected market return | Adjusted NAV | Maximum | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.051
Selected market return | Adjusted NAV | Maximum | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.092
Selected market return | Adjusted NAV | Weighted Average | Private equity funds
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.048
Selected market return | Adjusted NAV | Weighted Average | Direct equity investments
Schedule of Equity Method Investments [Line Items]
Range of and weighted-average inputs	0.052

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Unconsolidated VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Variable Interest Entity [Line Items]
Investments	$ 620,667	$ 603,697
Fees receivable	141,099	108,291
Total assets	1,371,913	1,271,200
Not Primary Beneficiary
Variable Interest Entity [Line Items]
Unfunded commitments	182,293
Investments	233,900	232,743
Fees receivable	76,916	61,694
Total assets	316,395	296,136
Less: Non-controlling interests	(2,155)	(1,918)
Maximum exposure to loss	314,240	294,218
Not Primary Beneficiary | Related Party
Variable Interest Entity [Line Items]
Due from related parties	$ 5,579	$ 1,699

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Debt Instrument [Line Items]
Principal Outstanding	$ 196,250	$ 196,875
Carrying Value	195,565	196,159
Line of Credit | Term Loan
Debt Instrument [Line Items]
Principal Outstanding	96,250	96,875
Carrying Value	$ 95,922	$ 96,531
Interest Rate	7.25%	7.25%
Line of Credit | 2020 Multi-Draw Facility
Debt Instrument [Line Items]
Principal Outstanding	$ 100,000	$ 100,000
Carrying Value	$ 99,643	$ 99,628
Interest Rate	3.50%	3.50%
Debt, fair value	$ 86,883	$ 87,611

Equity - Schedule of Rollforwar

Equity - Schedule of Rollforward of Common Stock (Details)	3 Months Ended
	Jun. 30, 2024 shares
Class A Common Stock
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	40,547,806
Forfeitures (in shares)	(20,420)
Shares repurchased for employee tax withholdings (in shares)	(16)
Shares issued pursuant to Employee Share Purchase Plan (in shares)	6,178
Outstanding, end of period (in shares)	40,533,548
Class B Common Stock
Common Stock, Shares Outstanding [Roll Forward]
Outstanding, beginning of period (in shares)	13,664,635
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)	13,664,635

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Restricted Stock (Details)	3 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock
Total Unvested
Unvested at beginning of period (in shares) | shares	363,128
Vested (in shares) | shares	(289)
Forfeited (in shares) | shares	(7,376)
Unvested at end of period (in shares) | shares	355,463
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share) | $ / shares	$ 80.34
Vested (in dollars per share) | $ / shares	82.72
Forfeited (in dollars per share) | $ / shares	78.55
Unvested at end of period (in dollars per share) | $ / shares	$ 80.37
Performance Shares
Total Unvested
Unvested at beginning of period (in shares) | shares	489,150
Forfeited (in shares) | shares	(13,044)
Unvested at end of period (in shares) | shares	476,106
Weighted- Average Grant-Date Fair Value of Award
Unvested at beginning of period (in dollars per share) | $ / shares	$ 29.79
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, 2024 USD ($)
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense	$ 24,789
Performance Shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total unrecognized compensation expense	$ 9,102

Compensation and Benefits - Sch

Compensation and Benefits - Schedule of Compensation and Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Compensation Related Costs [Abstract]
Base compensation and benefits	$ 61,020	$ 36,350
Incentive fee compensation	14,192	4,907
Equity-based compensation	3,223	2,846
Total compensation and benefits	$ 78,435	$ 44,103

Income Tax (Details)

Income Tax (Details) - USD ($)	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	18.50%	24.20%
Unrecognized tax positions	$ 0

Earnings per Share - Narrative

Earnings per Share - Narrative (Details)	3 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2023 shares
Performance Shares
Class of Stock [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	476,106	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) - Class A Common Stock - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Net income attributable to Class A Stockholders
Basic EPS of Class A common stock	$ 58,964	$ 30,998
Assumed vesting of employee awards	51	14
Assumed conversion of Class B and Class C Units	20,674	12,602
Diluted EPS of Class A common stock	$ 79,689	$ 43,614
Weighted-Average Shares
Weighted-average basic EPS of Class A common stock (in shares)	39,695,677	37,707,809
Weighted-average assumed vesting of employee awards (in shares)	132,294	58,845
Weighted-average assumed conversion of Class B and Class C units (in shares)	14,221,775	16,089,097
Weighted-average diluted EPS of Class A common stock (in shares)	54,049,746	53,855,751
Per share amount
Basic EPS of Class A common stock (in dollars per share)	$ 1.49	$ 0.82
Diluted EPS of Class A common stock (in dollars per share)	$ 1.47	$ 0.81

Related Party Transactions - Na

Related Party Transactions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Related Party Transaction [Line Items]
Revenues	$ 196,731	$ 125,037
Fees receivable	141,099		$ 108,291
General Partnerships
Related Party Transaction [Line Items]
Fees receivable	120,139		$ 91,317
Management and advisory fees
Related Party Transaction [Line Items]
Revenues	139,962	105,407
Management and advisory fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	115,048	80,303
Incentive fees
Related Party Transaction [Line Items]
Revenues	56,769	19,630
Incentive fees | General Partnerships
Related Party Transaction [Line Items]
Revenues	$ 55,320	$ 18,625

Supplemental Cash Flow - Schedu

Supplemental Cash Flow - Schedule of Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Supplemental Cash Flow Information [Abstract]
Establishment of lease liability in exchange for right of use asset	$ 1,484	$ 3,116
Non-cash investing activities:
Investments purchased by consolidated fund	8,200	0
Non-cash purchase of other equity method investment	0	2,000
Non-cash financing activities:
Dividends declared but not paid	19,451	16,780	$ 17,628
Member distributions declared but not paid	$ 21,638	$ 11,464

Commitments and Contingencies -

Commitments and Contingencies - Incentive Fees (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Carried interest still subject to contingencies	$ 1,237,605	$ 1,221,488
Incentive fees, unrecorded estimate	$ 309,401	$ 305,372

Commitments and Contingencies_2

Commitments and Contingencies - Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Other commitment	$ 266,842		$ 267,734
Loss Contingencies [Line Items]
Other commitment	$ 266,842		$ 267,734
Accrued discretionary bonus	15%
Net (loss) gain	$ 8,739	$ 757
Employee loans outstanding	1,073
Valued Under Measurement Alternative
Loss Contingencies [Line Items]
Net (loss) gain	$ 38,278

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Lease Cost, Cash Flows, and Other Supplemental Cash Flow Information Regarding Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 2,206	$ 2,200
Variable lease costs	407	399
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,233	$ 2,088
Weighted average remaining lease term (in years)	12 years 3 months 18 days	13 years 4 months 24 days
Weighted average discount rate	3.50%	3.40%

Commitments and Contingencies_4

Commitments and Contingencies - Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Remainder of FY2025	$ 6,574
FY2026	8,366
FY2027	8,241
FY2028	7,580
FY2029	6,773
Thereafter	60,003
Total lease payments	97,537
Less: imputed interest	(18,621)
Total operating lease liabilities	$ 78,916	$ 79,033

Subsequent Events (Details)

Subsequent Events (Details) - Class A Common Stock - $ / shares		3 Months Ended
	Aug. 06, 2024	Jun. 30, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)		$ 0.49	$ 0.45
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share of Class A common stock (in dollars per share)	$ 0.49