Debt Facilities (Tables)

3 Months Ended

Jul. 31, 2026

A summary of debt facilities is as follows:


(In thousands)	July 31, 2026		April 30, 2026

Senior secured notes payable	$	304,061	$	300,000
Debt issuance costs	(17,760)		(15,041)
Original issue discount	(10,200)		(10,800)
Non-cash debt discount - warrant	(9,896)		(10,478)

Senior secured notes payable, net	$	266,205	$	263,681

Non-recourse notes payable - 2024-2 Issuance	$	41,247	$	63,773
Non-recourse notes payable - 2025-1 Issuance	55,184		71,650
Non-recourse notes payable - 2025-2 Issuance	91,000		110,758
Non-recourse notes payable - 2025-3 Issuance	66,694		88,209
Non-recourse notes payable - 2025-4 Issuance	105,044		126,641
Debt issuance costs - non-recourse notes payable	(1,514)		(2,346)

Non-recourse notes payable, net	$	357,655	$	458,685

Total debt	$	623,860	$	722,366

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 Fixed Coupon Rate
2024-2	$	300,000	7.44	%
2025-1	200,000		6.49	%
2025-2	216,000		6.27	%
2025-3	171,960		5.46	%
2025-4	161,264		7.02	%

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details