| Fair Value Measurements |
Fair Value Measurements The following summarizes the financial assets and liabilities measured at fair value on a recurring basis:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | December 31, 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 | $ | 81 | | $ | — | | $ | 81 | | $ | — | | $ | — | | $ | — | | $ | 982 | | $ | — | | $ | 982 | | | Securitized beneficial interests | — | | 14,326 | | 14,326 | | — | | 17,671 | | 17,671 | | — | | 29,354 | | 29,354 | | | Total assets | $ | 81 | | $ | 14,326 | | $ | 14,407 | | $ | — | | $ | 17,671 | | $ | 17,671 | | $ | 982 | | $ | 29,354 | | $ | 30,336 | | | Financial Liabilities: | | | | | | | | | | | Derivative financial instruments | $ | — | | $ | — | | $ | — | | $ | 3,987 | | $ | — | | $ | 3,987 | | $ | 57 | | $ | — | | $ | 57 | | Long-term debt(1) | 436,221 | | — | | 436,221 | | 421,091 | | 49 | | 421,140 | | 433,885 | | 12 | | 433,897 | | | Guarantees | — | | 3,338 | | 3,338 | | — | | 2,666 | | 2,666 | | — | | 6,459 | | 6,459 | | | Total liabilities | $ | 436,221 | | $ | 3,338 | | $ | 439,559 | | $ | 425,078 | | $ | 2,715 | | $ | 427,793 | | $ | 433,942 | | $ | 6,471 | | $ | 440,413 | | (1) This fair value measurement disclosure does not affect the condensed consolidated balance sheets. |
The following summarizes the reconciliation of changes in Level 3 instruments measured on a recurring basis:
| | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | December 31, 2025 | December 31, 2024 | | Securitized Beneficial Interests | Long-Term Debt | Guarantees | Securitized Beneficial Interests | Long-Term Debt | Guarantees | | Balance, beginning of period | $ | 4,742 | | $ | — | | $ | 843 | | $ | 11,093 | | $ | 91 | | $ | 284 | | | Issuances | 60,443 | | — | | 2,970 | | 56,192 | | — | | 2,408 | | | Settlements | (48,213) | | — | | — | | (45,409) | | (42) | | (26) | | | Losses recognized in earnings | (2,646) | | — | | (475) | | (4,205) | | — | | — | | | Balance, end of period | $ | 14,326 | | $ | — | | $ | 3,338 | | $ | 17,671 | | $ | 49 | | $ | 2,666 | | | | | | | | | | Nine Months Ended | | December 31, 2025 | December 31, 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 | 139,452 | | — | | 3,787 | | 174,631 | | — | | 3,738 | | | Settlements | (149,401) | | (12) | | (3,758) | | (159,938) | | (111) | | (2,421) | | | Losses recognized in earnings | (5,079) | | — | | (3,150) | | (12,058) | | — | | (3,748) | | | Balance, end of period | $ | 14,326 | | $ | — | | $ | 3,338 | | $ | 17,671 | | $ | 49 | | $ | 2,666 | |
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