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 Funds have allocated carried interest still subject to contingencies that did not meet the Company’s criteria for revenue recognition in the amounts of $1,450,510 and $1,546,358, net of amounts attributable to NCI, at June 30, 2026 and March 31, 2026, respectively.

If the Company ultimately receives the unrecognized carried interest, a total of $362,628 and $386,589 as of June 30, 2026 and March 31, 2026, 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’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,
	2026			2025
Operating lease costs	$	2,188		$	2,324
Variable lease costs	$	802		$	524
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,454		$	2,277

	June 30, 2026			March 31, 2026
Weighted-average remaining lease term (in years)	10.4			10.5
Weighted-average discount rate	4.1		%	3.6		%


Remainder of FY2027	$	3,553
FY2028	9,570
FY2029	8,891
FY2030	11,287
FY2031	11,003
Thereafter	68,557
Total lease payments	$	112,861
Less: imputed interest	(22,270)
Total operating lease liabilities	$	90,591

The Company serves as the investment manager of the Funds. The general partner or managing member of each Fund 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 Funds was $290,257 and $272,151 as of June 30, 2026 and March 31, 2026, respectively.

In connection with certain of the Company’s strategic technology investments, a percentage of realized gains will be paid to one of the Company’s Co-CEOs for overseeing the initial investments and up to 15% may be paid as a discretionary bonus to other employees as those gains are realized. The Company has an unrealized net gain on strategic investments of $33,753 as of June 30, 2026.

The Company offers an Employee Investment Program (“EIP”) through which certain employees are able to invest directly into certain Company managed Funds as individual limited partners (“LPs”). The employees also have an option to enter into a loan agreement with the Company or a third-party lender to fund committed capital. The loan is collateralized by the underlying LP’s interest in the fund and return of capital distributions are utilized to pay the outstanding loan balance. The Company entered into a separate agreement with the third-party lender to backstop the employee’s performance under the loan with a commitment to purchase the LP interest from the lender at the greater of fair value or the outstanding balance of the loan in the event of a default by the employee. As of June 30, 2026 and March 31, 2026, the total amount of outstanding loans at the third-party lender under the EIP were $1,849 and $1,663, respectively, and the Company believes the risk of default by an employee to be remote.