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 9.5% at March 31, 2025 was used as the discount rate when determining the lease type and the present value of lease payments for leases entered into in fiscal 2026.

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.

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.

The following table reports information about the Company's lease cost for the three months ended June 30, 2025 and 2024:


	Three months ended June 30,
	2025		2024
Lease Cost



Operating lease cost	$	6,317,365	$	6,179,179

Variable lease cost	954,602		1,088,833

Total lease cost	$	7,271,967	$	7,268,012

The following table reports other information about the Company's leases for the three months ended June 30, 2025 and 2024:


	Three months ended June 30,
	2025			2024
Other Lease Information


Operating cash flows for amounts included in the measurement of lease liabilities — operating leases	$	6,257,288		$	6,288,260


Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,282,109		$	5,876,619

Weighted average remaining lease term — operating leases	6.4 years			6.7 years

Weighted-average discount rate — operating leases	7.1		%	6.4		%

The aggregate annual lease obligations as of June 30, 2025 are as follows:


	Operating Leases
2026	$	17,463,672
2027	19,281,360
2028	15,717,240
2029	11,615,907
2030	7,954,500
Thereafter	24,047,027
Total undiscounted lease liability	$	96,079,706
Imputed interest	18,992,941
Total discounted lease liability	$	77,086,765