| Schedule of Debt |
The following table summarizes borrowings under the Company’s debt obligations and the associated interest rates:
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September 30, 2026 |
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March 31, 2026 |
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Amount |
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Effective Rate |
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Amount |
|
Effective Rate |
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(in thousands, except interest rate) |
| Term loan A (due August 2029) |
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$ |
283,219 |
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|
11.6 |
% |
|
$ |
285,000 |
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|
11.7 |
% |
| Term loan B (due August 2029) |
|
102,237 |
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|
11.9 |
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|
106,150 |
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|
11.7 |
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| Less: Original debt discount |
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(14,549) |
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(11,917) |
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| Less: Debt issuance costs |
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(6,417) |
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(7,517) |
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Less: Unamortized exit and duration fees |
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(10,885) |
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(10,753) |
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| Total debt, net |
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353,605 |
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360,963 |
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| Less: Current portion of long-term debt |
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(9,375) |
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(7,031) |
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| Long-term debt, net |
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$ |
344,230 |
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$ |
353,932 |
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The components of the Company’s interest expense, net were as follows:
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Three Months Ended
September 30, |
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Six Months Ended
September 30,
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2026 |
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2025 |
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2026 |
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2025 |
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(in thousands) |
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Interest expense on outstanding principal balances |
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$ |
11,128 |
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$ |
11,490 |
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$ |
22,418 |
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$ |
20,278 |
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Amortization of debt discount, issuance costs, and exit and duration fees |
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3,086 |
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|
2,778 |
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|
4,686 |
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|
3,932 |
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Unused line of credit fees |
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— |
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8 |
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— |
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20 |
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| Total interest expense, net |
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$ |
14,214 |
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$ |
14,276 |
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$ |
27,104 |
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$ |
24,230 |
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| Schedule of Unamortized Exit and Duration Fees |
The table below summarizes the changes in the Company’s unamortized exit and duration fees during the six months ended September 30, 2026 (in thousands):
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Balance as of March 31, 2026 |
$ |
10,753 |
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Exit and duration fees recognized over the effective interest method |
(1,218) |
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Exit and duration fees added to outstanding principal |
1,350 |
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| Balance as of September 30, 2026 |
$ |
10,885 |
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| Schedule of Maturities of Long-Term Debt |
As of September 30, 2026, the future principal payments by fiscal year, for the outstanding debt, inclusive of both exit and duration fees, are as follows (in thousands):
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| Fiscal year 2027 (remaining six months) |
$ |
4,688 |
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Fiscal year 2028 |
9,376 |
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Fiscal year 2029 |
9,376 |
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Fiscal year 2030 |
362,016 |
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| Total payments |
$ |
385,456 |
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| 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 six months ended September 30, 2026 (in thousands):
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| Balance as of March 31, 2026 |
$ |
2,164 |
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| Change in fair value |
8,606 |
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Balance as of September 30, 2026 |
$ |
10,770 |
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