Our leasing activity primarily includes product storage, office space, real estate, railcars, vehicles and equipment.


	Three Months Ended June 30,
	2026		2025
	(in thousands)
Operating lease cost (1)	$	10,887	$	10,040
Variable lease cost (1)	12,054		8,935
Short-term lease cost (1)	135		221
Finance lease cost
Amortization of right-of-use asset (2)	341		69
Interest on lease obligation (3)	159		47
Total lease cost	$	23,576	$	19,312

(1) Included in operating expenses in our unaudited condensed consolidated statements of operations.

(2) Included in depreciation and amortization expense in our unaudited condensed consolidated statements of operations.

(3) Included in interest expense in our unaudited condensed consolidated statements of operations.

The following table summarizes maturities of our lease obligations at June 30, 2026 (in thousands):


	Operating		Finance
Year Ending March 31,	Leases		Leases (1)
2027 (nine months)	$	33,052	$	2,975
2028	40,561		3,967
2029	28,380		2,177
2030	15,619		184
2031	5,757		—
2032	3,049		—
Thereafter	17,246		—
Total lease payments	143,664		9,303
Less imputed interest	(26,030)		(826)
Total lease obligations	$	117,634	$	8,477

(1) At June 30, 2026, the short-term finance lease obligation of $3.4 million is included in accrued expenses and other payables and the long-term finance lease obligation of $5.1 million is included in other noncurrent liabilities in our unaudited condensed consolidated balance sheet.

The following table summarizes supplemental cash flow information related to our leases for the periods indicated:


	Three Months Ended June 30,
	2026		2025
	(in thousands)
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease obligations
Operating cash outflows from operating leases	$	10,836	$	10,022
Operating cash outflows from finance leases	$	159	$	—
Financing cash outflows from finance leases	$	707	$	—

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	10,556	$	11,894
Finance leases	$	1,977	$	5,796

Our lessor arrangements include storage, railcar, office space and surface contracts. We also, from time to time, sublease certain of our storage capacity and railcars to third-parties. Fixed rental revenue is recognized on a straight-line basis over the lease term. During the three months ended June 30, 2026 and 2025, fixed rental revenue was $3.3 million and $3.0 million, respectively, which includes $1.1 million and $0.7 million of sublease revenue, respectively.

The following table summarizes future minimum lease payments to be received under various noncancelable operating lease agreements at June 30, 2026 (in thousands):


Year Ending March 31,
2027 (nine months)	$	8,425
2028	10,198
2029	4,590
2030	608
2031	617
2032	424
Thereafter	90
Total	$	24,952