v3.26.1
Debt (Tables)
 12 Months Ended
Apr. 30, 2026
Debt Instruments [Abstract]  
Summary of Debt
A summary of debt is as follows:
As of April 30,
(In thousands)20262025
Senior Secured Notes Payable$300,000 $— 
Debt issuance costs(15,041)— 
Original issue discount(10,800)— 
Non-cash debt discount - warrant(10,478)— 
Senior Secured Notes Payable, net$263,681 $— 
Revolving line of credit$— $208,322 
Debt issuance costs— (3,553)
Revolving line of credit, net$— $204,769 
Non-recourse notes payable - 2023-1 Issuance$— $46,289 
Non-recourse notes payable - 2023-2 Issuance— 92,949 
Non-recourse notes payable - 2024-1 Issuance— 73,158 
Non-recourse notes payable - 2024-2 Issuance63,773 194,139 
Non-recourse notes payable - 2025-1 Issuance71,650 168,318 
Non-recourse notes payable - 2025-2 Issuance110,758 — 
Non-recourse notes payable - 2025-3 Issuance88,209 — 
Non-recourse notes payable - 2025-4 Issuance126,641 — 
Debt issuance costs - non-recourse notes payable(2,346)(2,843)
Non-recourse notes payable, net$458,685 $572,010 
Total debt$722,366 $776,779 
Summary of Fair Value Measurement Inputs and Valuation Techniques
The fair value of warrants issued is estimated on the date of grant using the Black-Scholes option pricing model based on the assumptions in the table below.
Years Ended,
April 30, 2026April 30, 2025
Expected terms (years)60
Risk-free interest rate3.55 %— %
Volatility57.73 %— %
Exercise stock price22.63— 
Dividend yield— %— %
The methodology and assumptions utilized to estimate the fair value of the Company’s financial instruments are as follows:
Financial Instruments and
Other Assets
Valuation Methodology
  
Cash, cash equivalents, and restricted cashThe carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instruments (Level 1).
Repossessed inventoryThe fair value approximates wholesale value (Level 1).
Finance receivables, net
The Company estimated the fair value of its receivables at what a third-party purchaser might be willing to pay. The Company has had discussions with third parties and has bought and sold portfolios and has had a third-party appraisal in 2025 that indicates a range of 38% to 43% discount to face would be a reasonable fair value in a negotiated third-party transaction. The sale of finance receivables from Car-Mart of Arkansas to Colonial is made at a 40.5% discount. For financial reporting purposes these sale transactions are eliminated (Level 2).
Accounts payableThe carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instrument (Level 2).
Contingent consideration
The fair value was based upon inputs from the earn-out projection (Level 2).
Senior secured note payableThe fair value approximates carrying value due to the variable interest rates charged on the borrowings, which reprice frequently (Level 2).
Revolving line of creditThe fair value approximates carrying value due to the variable interest rates charged on the borrowings, which reprice frequently (Level 2).
Non-recourse notes payableThe fair value was based upon inputs derived from prices for similar instruments at period end (Level 2).
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 Coupon Rate
2024-2$300,000 7.44%
2025-1200,000 6.49%
2025-2216,000 6.27%
2025-3171,960 5.46 %
2025-4161,264 7.02 %