The following table summarizes borrowings under the Company’s debt obligations and the associated interest rates: | | | | | | | | | | | | | | | | | | | | | | | March 31, 2025 | | | Balance | | Interest Rate | | Unused Line Fee | | Revolver (subject to variable interest rate) | | $ | 411,000 | | | 8.17 | % | | 0.35 | % |
| | | | | | | | | | | | | | | | | | | | | | | March 31, 2024 | | | Balance | | Interest Rate | | Unused Line Fee | | Revolver (subject to variable interest rate) | | $ | 386,000 | | | 7.71 | % | | 0.35 | % |
Debt obligations on the consolidated balance sheets consist of the following: | | | | | | | | | | | | | | | | | March 31, 2025 | | March 31, 2024 | | | | | | | Revolver | | $ | 411,000 | | | $ | 386,000 | | | Less: Debt issuance costs | | (2,313) | | | (2,510) | | | | | | | | | | | | | Long-term debt, net of debt issuance costs | | $ | 408,687 | | | $ | 383,490 | |
Interest expense, net, amortization of debt issuance costs, and unused line of credit fees were recorded in interest expense, net, on the consolidated statements of operations and comprehensive (loss) income, as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year ended March 31, | | | | | | | 2025 | | 2024 | | 2023 | | Interest expense, net | | | | | | $ | (32,772) | | | $ | (29,566) | | | $ | (22,420) | | | Amortization of debt issuance costs | | | | | | (1,823) | | | (906) | | | (831) | | | Unused line of credit fees and other | | | | | | (188) | | | (366) | | | (101) | | | Total interest expense, net | | | | | | $ | (34,783) | | | $ | (30,838) | | | $ | (23,352) | |
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