LEASES

3 Months Ended

Jun. 30, 2024

Leases [Abstract]

LEASES

LEASES

Accounting Policies and Matters Requiring Management's Judgment

The Company uses its senior notes payable's effective annual interest rate to determine the discount rate when evaluating leases under Topic 842. Specifically, Management applies its senior notes payable's effective annual interest rate at the end of the prior fiscal year to leases entered into in the following year. For example, the senior notes payable's annual effective interest rate of 9.9% at March 31, 2024 was used as the discount rate when determining the lease type and the present value of lease payments for leases entered into in fiscal 2025.

Based on its historical practice, the Company believes it is reasonably certain to exercise a given option associated with a given office space lease. Therefore, the Company classifies all lease options for office space as “reasonably certain” unless it has specific knowledge to the contrary for a given lease. The Company does not believe it is reasonably certain to exercise any options associated with its office equipment leases.

Periodic Disclosures

The Company's operating leases consist of real estate leases for office space as well as office equipment. Both the branch real estate and office equipment lease terms generally range from three years to five years, and generally contain options to extend which mirror the original terms of the lease.

As of June 30, 2024 and 2023, the Company had no finance leases.

The following table reports information about the Company's lease cost for the three months ended June 30, 2024 and 2023:

	Three months ended June 30,
	2024		2023
Lease Cost
Operating lease cost	$	6,179,179	$	6,141,171
Variable lease cost	$	1,088,833	$	1,030,675
Total lease cost	$	7,268,012	$	7,171,846

The following table reports other information about the Company's leases for the three months ended June 30, 2024 and 2023:

	Three months ended June 30,
	2024			2023
Other Lease Information
Operating cash flows for amounts included in the measurement of lease liabilities — operating leases	$	6,288,260		$	6,324,218
Right-of-use assets obtained in exchange for new operating lease liabilities	$	5,876,619		$	3,046,251
Weighted average remaining lease term — operating leases	6.7 years			7.1 years
Weighted-average discount rate — operating leases	6.4		%	6.1		%

The aggregate annual lease obligations as of June 30, 2024 are as follows:

	Operating Leases
Remainder of 2025	$	17,584,266
2026	20,369,096
2027	16,013,979
2028	12,940,749
2029	9,224,712
Thereafter	26,848,053
Total undiscounted lease liability	$	102,980,855
Imputed interest	19,844,451
Total discounted lease liability	$	83,136,404

The Company had no leases with related parties as of June 30, 2024 or March 31, 2024.