v3.26.1
Equity (Tables)
 12 Months Ended
Mar. 31, 2026
Equity  
Schedule of general partner notional unit repurchases
The following table summarizes the notional unit repurchases during the last two fiscal years:
Total Number ofAverage Price
GP Notional UnitsPaid PerAggregate Purchase
PeriodRepurchasedGP Notional UnitPrice
(in thousands)
July 1, 2024 - September 30, 2024500 $4.2329 $2 
April 1, 2025 - June 30, 20251,876 $4.2854 $8 
July 1, 2025 - September 30, 20254,421 $4.7349 $21 
October 1, 2025 - December 31, 20251,612 $9.7735 $16 
January 1, 2026 - March 31, 2026298 $9.5444 $3 
Schedule of common unit repurchases
The following table summarizes our common unit repurchases during the last two fiscal years:
Total Number ofAverage Price
Common Units Paid PerAggregate Purchase
PeriodRepurchasedCommon UnitPrice with Commissions
(in thousands)
July 1, 2024 - September 30, 2024500,000 $4.2329 $2,126 
April 1, 2025 - June 30, 20251,873,838 $4.2854 $8,068 
July 1, 2025 - September 30, 20254,416,425 $4.7349 $21,000 
October 1, 2025 - December 31, 2025 (1)1,611,088 $9.7735 $15,746 
January 1, 2026 - March 31, 2026297,126 $9.5444 $2,835 
(1)    Included within the common units repurchases during the three months ended December 31, 2025, were 450,000 common units repurchased, from a member of management, in a privately negotiated transaction on November 22, 2025, for a per unit price of $9.86 and an aggregate purchase price of approximately $4.4 million. The price per unit was based on the closing price the day prior to the transaction date.
Schedule of Class D preferred unit repurchases
The following table summarizes the Class D Preferred Units repurchases during the current fiscal year:
Total Number of
Class D PreferredAverage Price Paid PerAggregate Purchase
Date RedeemedUnits RepurchasedClass D Preferred UnitPrice with Distributions
(in thousands)
May 19, 2025 (1)20,000 $1,410.00 $28,200 
June 23, 2025 (2)50,000 $1,470.00 $73,500 
October 17, 2025 (3)18,506 $1,474.48 $27,287 
March 18, 2026 (4)196,005 $1,530.58 $300,002 
(1)    The redemption price was $1,394.04, calculated at 134.30% of $1,037.98 (the Class D Preferred Unit Price), plus distributions of $15.96.
(2)    The redemption price was $1,442.57, calculated at 138.98% of $1,037.98 (the Class D Preferred Unit Price), plus distributions of $27.43.
(3)    The redemption price was $1,469.08, calculated at 141.53% of $1,037.98 (the Class D Preferred Unit Price), plus distributions of $5.40.
(4)    The redemption price was $1,506.86, calculated at 145.17% of $1,037.98 (the Class D Preferred Unit Price), plus distributions of $23.72.
Schedule of outstanding warrants
The following table summarizes the outstanding warrants at March 31, 2026:
Issuance Date and DescriptionNumber of WarrantsExercise Price
October 31, 2019
Premium warrants1,250,000 $16.28 
Par warrants875,000 $13.56 
2025 Plan Service Award  
Equity  
Schedule of estimated equity-based expense to be recorded on the awards granted
The following table summarizes the estimated future expense we expect to record on the unvested Service Awards at March 31, 2026 (in thousands):
Year Ending March 31,
2027$6,508 
20286,170 
2029329 
2030133 
Total$13,140 
2025 Plan Service Award | 2025 Long-Term Incentive Plan  
Equity  
Schedule of scheduled vesting of awards
The following table summarizes the scheduled vesting of our unvested Service Awards at March 31, 2026:
Year Ending March 31,
20271,013,334 
202826,667 
20291,026,666 
203013,333 
Total2,080,000 
Series B Preferred Stock  
Equity  
Schedule of distributions declared
The following table summarizes the distributions declared for our Class B Preferred Units during the last two fiscal years:
Three-MonthDistributionAmount Paid to Class B
Date DeclaredRecord DatePayment DateSOFRRatePreferred Unitholders
(in thousands)
June 21, 2024July 1, 2024July 15, 20245.300 %$0.8153 $10,261 
September 19, 2024October 1, 2024October 15, 20245.332 %$0.8004 $10,073 
December 12, 2024January 1, 2025January 15, 20254.593 %$0.7542 $9,493 
March 19, 2025April 1, 2025April 15, 20254.329 %$0.7377 $9,284 
June 18, 2025July 1, 2025July 15, 20254.298 %$0.7358 $9,261 
September 18, 2025October 1, 2025October 15, 20254.291 %$0.7353 $9,255 
December 16, 2025January 1, 2026January 15, 20263.985 %$0.7162 $9,014 
March 18, 2026April 1, 2026April 15, 20263.661 %$0.6960 $8,759 
Series C Preferred Stock  
Equity  
Schedule of distributions declared
The following table summarizes the distributions declared for our Class C Preferred Units during the last two fiscal years:
Three-MonthDistributionAmount Paid to Class C
Date DeclaredRecord DatePayment DateSOFRRatePreferred Unitholders
(in thousands)
June 21, 2024July 1, 2024July 15, 20245.300 %$0.7926 $1,426 
September 19, 2024October 1, 2024October 15, 20245.332 %$0.7947 $1,431 
December 12, 2024January 1, 2025January 15, 20254.593 %$0.7486 $1,347 
March 19, 2025April 1, 2025April 15, 20254.329 %$0.7320 $1,318 
June 18, 2025July 1, 2025July 15, 20254.298 %$0.7301 $1,314 
September 18, 2025October 1, 2025October 15, 20254.291 %$0.7297 $1,313 
December 16, 2025January 1, 2026January 15, 20263.985 %$0.7106 $1,279 
March 18, 2026April 1, 2026April 15, 20263.661 %$0.6903 $1,243 
Series D Preferred Stock  
Equity  
Schedule of distributions declared
The following table summarizes the distributions declared on our Class D Preferred Units during the last two fiscal years:
Three-MonthDistributionAmount Paid to Class D
Date DeclaredRecord DatePayment DateSOFRRatePreferred Unitholders
(in thousands)
June 21, 2024 (1)July 1, 2024July 15, 2024$26.01 $15,825 
September 19, 2024October 1, 2024October 15, 20245.332 %$32.08 $19,248 
December 12, 2024January 1, 2025January 15, 20254.593 %$30.16 $18,095 
March 19, 2025April 1, 2025April 15, 20254.329 %$32.07 $19,243 
June 18, 2025July 1, 2025July 15, 20254.298 %$29.39 $15,578 
September 18, 2025October 1, 2025October 15, 20254.291 %$29.37 $15,568 
December 16, 2025January 1, 2026January 15, 20263.985 %$28.58 $14,619 
March 18, 2026April 1, 2026April 15, 20263.661 %$27.74 $8,751 
(1)     The distribution rate was 10.00% (equal to $100.00 per every 1,000 in unit value per year).