Debt Facilities (Tables)

3 Months Ended

Jul. 31, 2025

A summary of debt facilities is as follows:


(In thousands)	July 31, 2025		April 30, 2025
Revolving line of credit	$	168,626	$	208,322
Debt issuance costs	(4,232)		(3,553)

Revolving line of credit, net	$	164,394	$	204,769

Non-recourse notes payable - 2023-1 Issuance	$	–	$	46,289
Non-recourse notes payable - 2023-2 Issuance	73,142		92,949
Non-recourse notes payable - 2024-1 Issuance	51,696		73,158
Non-recourse notes payable - 2024-2 Issuance	155,426		194,139
Non-recourse notes payable - 2025-1 Issuance	139,399		168,318
Non-recourse notes payable - 2025-2 Issuance	193,690		-
Debt issuance costs - non-recourse notes payable	(2,603)		(2,843)

Non-recourse notes payable, net	$	610,750	$	572,010






Total debt	$	775,144	$	776,779

Summary of Original Principal Balance and Weighted Average Fixed Coupon Rate

The original principal balance and weighted average fixed coupon rate for the outstanding securitizations are as follows:


	Original Principal Balance (in thousands)		Weighted Average Fixed Coupon Rate


2023-2	$	360,300	8.80	%
2024-1	250,000		9.50	%
2024-2	300,000		7.44	%
2025-1	200,000		6.49	%
2025-2	216,000		6.27	%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details