Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2025

Schedule of Recurring Fair Value Measurements

The following summarizes the financial assets and liabilities measured at fair value on a recurring basis:



	June 30, 2025						June 30, 2024						March 31, 2025
	Level 2		Level 3		Total at Fair Value		Level 2		Level 3		Total at Fair Value		Level 2		Level 3		Total at Fair Value
Financial Assets:
Derivative financial instruments	$	1,322	$	—	$	1,322	$	—	$	—	$	—	$	982	$	—	$	982
Securitized beneficial interests	—		16,103		16,103		—		25,640		25,640		—		29,354		29,354
Total assets	$	1,322	$	16,103	$	17,425	$	—	$	25,640	$	25,640	$	982	$	29,354	$	30,336
Financial Liabilities:
Derivative financial instruments	$	—	$	—	$	—	$	1,834	$	—	$	1,834	$	57	$	—	$	57
Long-term debt(1)	439,316		—		439,316		455,789		160		455,949		433,885		12		433,897
Guarantees	—		3,287		3,287		—		2,611		2,611		—		6,459		6,459
Total liabilities	$	439,316	$	3,287	$	442,603	$	457,623	$	2,771	$	460,394	$	433,942	$	6,471	$	440,413
(1) This fair value measurement disclosure does not affect the condensed consolidated balance sheets.

Schedule of Assets Measured on Recurring Basis

The following summarizes the reconciliation of changes in Level 3 instruments measured on a recurring basis:


	Three Months Ended
	June 30, 2025						June 30, 2024
	Securitized Beneficial Interests		Long-Term Debt		Guarantees		Securitized Beneficial Interests		Long-Term Debt		Guarantees
Balance, beginning of period	$	29,354	$	12	$	6,459	$	15,036	$	160	$	5,097
Issuances	30,431		—		300		61,029		—		938
Settlements	(42,023)		(12)		(1,242)		(45,233)		—		(715)

Losses recognized in earnings	(1,659)		—		(2,230)		(5,192)		—		(2,709)
Balance, end of period	$	16,103	$	—	$	3,287	$	25,640	$	160	$	2,611

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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