The Company uses the effective interest rate of its revolving facilities to determine the discount rate when evaluating leases under Topic 842. Specifically, Management applies the effective interest rate of its revolving facilities at the end of the prior fiscal year to leases entered into in the following year. For example, the effective interest rate of 7.7% at March 31, 2026 was used as the discount rate when determining the lease type and the present value of lease payments for leases entered into in fiscal 2027.

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 cost for the three months ended June 30, 2026 and 2025:


	Three months ended June 30,
	2026		2025
Lease Cost



Operating lease cost	$	6,333,845	$	6,317,365

Variable lease cost	1,035,307		954,602

Total lease cost	$	7,369,152	$	7,271,967

The following table reports other information about the Company's leases for the three months ended June 30, 2026 and 2025:


	Three months ended June 30,
	2026			2025
Other Lease Information


Operating cash flows for amounts included in the measurement of lease liabilities — operating leases	$	6,173,246		$	6,257,288


Right-of-use assets obtained in exchange for new operating lease liabilities	$	5,667,745		$	3,282,109

Weighted average remaining lease term — operating leases	6.0 years			6.4 years

Weighted-average discount rate — operating leases	7.7		%	7.1		%

The aggregate annual lease obligations as of June 30, 2026 are as follows:


	Operating Leases
Remainder of 2027	$	17,061,901
2028	19,542,702
2029	15,093,016
2030	11,594,253
2031	8,360,097
Thereafter	22,017,375
Total undiscounted lease liability	$	93,669,344
Imputed interest	18,429,698
Total discounted lease liability	$	75,239,646