Commitments and Contingencies

3 Months Ended

Jun. 30, 2022

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 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 $1,102,214 and $1,191,066, net of amounts attributable to non-controlling interests, at June 30, 2022 and March 31, 2022, respectively.

If the Company ultimately receives the unrecognized carried interest, a total of $275,554 and $297,766 as of June 30, 2022 and March 31, 2022, 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 $192,952 and $186,164 as of June 30, 2022 and March 31, 2022, respectively.

The Company has unrealized gains on its investments valued under the measurement alternative of $58,060 as of June 30, 2022, of which up to 15% may be accrued as a discretionary bonus as those gains are realized.

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,
						2022		2021
Operating lease costs						$	2,059	$	3,382
Variable lease costs						$	237	$	205
Cash paid for amounts included in the measurement of operating lease liabilities						$	1,939	$	1,500

Weighted average remaining lease term (in years)	14.4			15.6
Weighted average discount rate	3.2	%		3.4	%

As of June 30, 2022, the maturities of operating lease liabilities were as follows:


Remainder of FY2022	$	5,910
FY2023	7,411
FY2024	7,002
FY2025	6,483
FY2026	6,628
Thereafter	70,239
Total lease payments	103,673
Less: imputed interest	(23,240)
Total operating lease liabilities	$	80,433