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.

The Partnerships have allocated carried interest still subject to contingencies and did not meet the Company’s criteria for recognition in the amounts of $1,064,430 and $648,772, net of amounts attributable to non-controlling interests, at December 31, 2021 and March 31, 2021, respectively.

If the Company ultimately receives the unrecognized carried interest, a total of $266,107 and $162,193 as of December 31, 2021 and March 31, 2021, 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.

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 $183,843 and $201,442 as of December 31, 2021 and March 31, 2021, respectively.

The Company has unrealized gains on its investments valued under the measurement alternative of $54,003 as of December 31, 2021, of which up to 15% may be accrued as a discretionary bonus as those gains are realized.

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 moved into the property in June 2021.

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


	Three Months Ended December 31,				Nine Months Ended December 31,
	2021		2020		2021			2020
Operating lease costs	$	2,011	$	2,471	$	7,610		$	4,908
Variable lease costs	$	416	$	387	$	980		$	688
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,657	$	1,338	$	4,794		$	3,889

Weighted average remaining lease term (in years)					14.7			15.4
Weighted average discount rate					3.2		%	3.2		%


Remainder of FY2022	$	1,927
FY2023	7,984
FY2024	7,411
FY2025	6,977
FY2026	6,382
Thereafter	76,180
Total lease payments	106,861
Less: imputed interest	(23,141)
Total operating lease liabilities	$	83,720