Annual report [Section 13 and 15(d), not S-K Item 405]

Debt (Tables)

v3.26.1
Debt (Tables)
 12 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following table summarizes borrowings under the Company’s debt obligations and the associated interest rates:
March 31,
2026
2025
Amount
Effective Rate
 Amount Effective Rate
Revolver $ —  —  % $ 411,000  8.2  %
Term loans (due August 2029)
 391,150  11.7  % —  —  %
Less: Original issuance discount (11,917) — 
Less: Debt issuance costs (7,517) (2,313)
Less: Unamortized exit and duration fees
 (10,753) — 
Total debt, net 360,963  408,687 
Less: Current portion of long-term debt (7,031) — 
Long-term debt, net $ 353,932  $ 408,687 
The components of the Company’s interest expense, net were as follows:
Year Ended March 31,
2026 2025 2024
Interest expense on outstanding principal balances
 $ 44,627  $ 32,772  $ 29,566 
Amortization of debt discount, issuance costs, and exit and duration fees
 13,933  1,823  906 
Unused line of credit fees
 20  188  366 
Total interest expense, net $ 58,580  $ 34,783  $ 30,838 
Schedule of Unamortized Exit and Duration Fees
The table below summarizes the changes in the Company’s unamortized exit and duration fees during the year ended March 31, 2026:
Balance as of March 31, 2025
 $ — 
Exit and duration fees recognized over the effective interest method
 (4,497)
Exit and duration fees added to outstanding principal
 15,250 
Balance as of March 31, 2026
 $ 10,753 
Schedule of Maturities of Long-Term Debt
As of March 31, 2026, the future principal payments by fiscal year, for the outstanding debt, inclusive of both exit and duration fees, are as follows
Fiscal year 2027
 $ 7,031 
Fiscal year 2028
 9,376 
Fiscal year 2029
 9,376 
Fiscal year 2030
 365,367 
Total payments $ 391,150 
Schedule of Derivative Liabilities at Fair Value The table below is a summary of changes in the fair value of the Company’s valuations for the derivative liability for the year ended March 31, 2026:
Balance as of March 31, 2025 $ — 
Issuance of 2025 Warrants 3,668 
Change in fair value (1,504)
Balance as of March 31, 2026
 $ 2,164