Commitments and Contingencies

12 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

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 consolidated financial statements.

Incentive Fees

The Partnerships have allocated carried interest, which has not yet been received or recognized, in the amounts of $648,772 and $441,150 at March 31, 2021 and 2020, respectively, of which $3,704 at March 31, 2020 was received and deferred by the Company.

If the Company ultimately receives the unrecognized carried interest, a total of $162,193 and $110,288 as of March 31, 2021 and 2020, respectively, would be potentially payable to certain employees and third parties pursuant to compensation arrangements related to the carried interest profit-sharing plans. Such amounts have not been recorded in the Consolidated Balance Sheets or Consolidated Statements of Income as this liability is not yet probable.

Leases

The Company’s leases consist primarily of operating leases for office space and office equipment in various locations around the world, which have remaining lease terms of one year to 17 years. Some leases have the option to extend for an additional term or terminate early. Short-term lease costs are not material.

The Company entered into a 17 year lease agreement for its new headquarters in a newly constructed building. The Company was granted access to the space in October 2020 to begin building various leasehold improvements and expects to move into the property in June 2021.

The following table shows lease costs and other supplemental information related to the Company’s operating leases:


	Year Ended March 31,
	2021		2020
Operating lease costs	$	5,216	$	4,838
Variable lease costs	$	863	$	557
Cash paid for amounts included in the measurement of operating lease liabilities	$	7,352	$	5,108

Weighted average remaining lease term (in years)	15.4		2.9
Weighted average discount rate	3.4%		5.2%

Total lease expense was $5,851 for the year ended March 31, 2019 and was recorded on the straight-line basis and included in general, administrative and other expenses in the Consolidated Statements of Income.

As of March 31, 2021, the maturities of operating lease liabilities were as follows:


FY2022	$	6,189
FY2023	6,806
FY2024	6,193
FY2025	5,691
FY2026	5,078
Thereafter	71,808
Total lease payments	$	101,765
Less: imputed interest	(26,484)
Total operating lease liabilities	$	75,281

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 aggregate unfunded commitment of the general partners to the Partnerships was $201,442 and $143,489 as of March 31, 2021 and 2020, respectively.