Annual report [Section 13 and 15(d), not S-K Item 405]

Temporary Equity (Tables)

Temporary Equity (Tables)

12 Months Ended

Mar. 31, 2026

Temporary Equity Disclosure [Abstract]

The following table presents the activity in the Redeemable Preferred Units for the fiscal years presented (in thousands):


		Year Ended March 31,
		2026		2025
Balance, beginning of year		$	13,859	$	13,859
Accretion to maximum redemption value			69,606		—
Redemption of preferred units			(83,465)		—
Balance, end of year		$	0	$	13,859

The following table presents the activity in the Redeemable Series A Convertible Preferred Stock since issuance (in thousands):


		Year Ended March 31,
		2026
Balance, beginning of year	$	—
Issuance of Redeemable Series A Preferred Stock, net of issuance costs		73,936
PIK dividend accrual		—
Balance, end of year	$	73,936

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details