When evaluating leases under Topic 842, the Company uses its incremental borrowing rate on its revolving credit facility to determine the discount rate. Specifically, Management applies its revolving credit facility's effective annual interest rate at the end of the prior fiscal year to leases entered into in the following year. For example, the revolving credit facility's effective annual 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 costs for the years ended March 31, 2026, 2025, and 2024:


	2026		2025		2024
Lease Cost



Operating lease cost	$	24,947,796	$	25,244,452	$	25,291,087

Variable lease cost	3,892,761		3,958,271		3,823,435

Total lease cost	$	28,840,557	$	29,202,723	$	29,114,522

The following table reports other information about the Company's leases for the years ended March 31, 2026, 2025, and 2024:


	2026			2025			2024
Other Lease Information
Cash paid for amounts included in the measurement of lease liabilities	$	24,950,992		$	25,158,809		$	25,292,363

Operating cash flows from operating leases	24,950,992			25,158,809			25,292,363


ROU assets obtained in exchange for new operating lease liabilities	$	14,614,762		$	16,102,245		$	18,024,157

Weighted average remaining lease term — operating leases	6.2 years			6.4 years			6.8 years

Weighted-average discount rate — operating leases	7.6		%	7.0		%	6.3		%


	Operating Leases
2027	$	21,805,264
2028	18,113,040
2029	13,797,082
2030	10,321,919
2031	7,023,870
Thereafter	21,697,700
Total undiscounted lease liability	$	92,758,875
Imputed interest	18,794,167
Total discounted lease liability	$	73,964,708