The Company leases office space and various equipment under non-cancelable operating leases, with the longest lease expiring in 2032. These lease agreements provide for various renewal options. Rent expense for the various leased office

space and equipment was approximately $2.0 million for the year ended December 31, 2021 and $1.6 million for the year-ended December 31, 2020, respectively. Rent expense for the year ended December 31, 2021 included a reduction to overall expense of $0.3 million for a rent concession as a result of the COVID-19 pandemic. P10 elected the practical expedient, whereby the concessions were treated as a reduction of rent expense during the current period.

The following table presents information regarding the Company’s operating leases as of December 31, 2021:


Operating lease right-of-use assets	$	14,789
Operating lease liabilities	$	15,700
Cash paid for lease liabilities	$	2,400
Weighted-average remaining lease term (in years)		7.64
Weighted-average discount rate		4.68	%

The future contractual lease payments as of December 31, 2021 are as follows:


2022	$	2,184
2023		2,937
2024		3,184
2025		2,028
2026		1,690
Thereafter		8,061
Total undiscounted lease payments		20,084
Less discount		(3,425	)
Less construction allowance		(959	)
Total lease liabilities	$	15,700

We may be involved, either as plaintiff or defendant, in a variety of ongoing claims, demands, suits, investigations, tax matters and proceedings that arise from time to time in the ordinary course of our business. We evaluated all potentially significant litigation, government investigations, claims or assessments in which we are involved and do not believe that any of these matters, individually or in the aggregate, will result in losses that are materially in excess of amounts already recognized, if any.

In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (COVID-19) a global pandemic, which has resulted in significant disruption and uncertainty in the global economic markets. The extent of the operational and financial impact the COVID-19 pandemic may have on the Company has yet to be determined and is dependent on its duration and spread, any related operational restrictions and the overall economy. Currently, we have activated our Business Continuity Plan, which assures the ability for all aspects of our business to continue operating without interruption. COVID-19 has not negatively impacted our business in a material way and our business continuity plan is operating as planned with limited interruptions. We are closely monitoring developments related to COVID-19 and assessing any negative impacts to our business. It is possible that our future results may be adversely affected by slowdowns in fundraising activity and the pace of capital deployment, which could result in delayed or decreased management fees.