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 revenue recognition in the amounts of $952,188 and $1,191,066, net of amounts attributable to non-controlling interests, at December 31, 2022 and March 31, 2022, respectively.

If the Company ultimately receives the unrecognized carried interest, a total of $238,047 and $297,766 as of December 31, 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.

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 $212,895 and $186,164 as of December 31, 2022 and March 31, 2022, respectively.

The Company has an unrealized net gain on its investments valued under the measurement alternative of $29,004 as of December 31, 2022, of which up to 15% may be paid 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. 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 December 31,				Nine Months Ended December 31,
	2022		2021		2022			2021
Operating lease costs	$	2,095	$	2,011	$	6,199		$	7,610
Variable lease costs	$	395	$	416	$	1,067		$	980
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,997	$	1,657	$	5,858		$	4,794

Weighted average remaining lease term (in years)					14.0			14.7
Weighted average discount rate					3.3		%	3.2		%


Remainder of FY2023	$	2,092
FY2024	7,645
FY2025	7,233
FY2026	6,623
FY2027	6,623
Thereafter	70,210
Total lease payments	100,426
Less: imputed interest	(20,877)
Total operating lease liabilities	$	79,549