Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________________________

Form 10-Q

__________________________________

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT of 1934

For the transition period from ______________ to ______________

Commission File Number: 000-19599

WORLD ACCEPTANCE CORPORATION

(Exact name of registrant as specified in its charter.)


South Carolina						57-0425114
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)


104 S Main Street
Greenville,	South Carolina	29601
(Address of principal executive offices)
(Zip Code)


(864)			298-9800
(registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of each exchange on which registered
Common Stock, no par value	WRLD	The NASDAQ Stock Market LLC (NASDAQ Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for shorter period than the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The number of outstanding shares of the issuer’s common stock, no par value, as of January 31, 2025 was 5,746,677.

WORLD ACCEPTANCE CORPORATION

FORM 10-Q

TABLE OF CONTENTS


Item No.	Contents	Page
	GLOSSARY OF DEFINED TERMS	4

	PART I - FINANCIAL INFORMATION
1.	Consolidated Financial Statements (unaudited):	5
	Consolidated Balance Sheets as of December 31, 2024 and March 31, 2024	5
	Consolidated Statements of Operations for the three and nine months ended December 31, 2024 and December 31, 2023	6

	Consolidated Statements of Shareholders' Equity for the three and nine months ended December 31, 2024 and December 31, 2023	7
	Consolidated Statements of Cash Flows for the nine months ended December 31, 2024 and December 31, 2023	9
	Notes to Consolidated Financial Statements	11
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	35
3.	Quantitative and Qualitative Disclosures about Market Risk	45
4.	Controls and Procedures	45

	PART II - OTHER INFORMATION
1.	Legal Proceedings	46
1A.	Risk Factors	46
2.	Unregistered Sales of Equity Securities and Use of Proceeds	46
3.	Defaults Upon Senior Securities	46
4.	Mine Safety Disclosures	46
5.	Other Information	46
6.	Exhibits	46

	EXHIBIT INDEX	47

	SIGNATURES	48

Introductory Note: As used herein, the "Company," "we," "our," "us," or similar formulations include World Acceptance Corporation and each of its subsidiaries, unless otherwise expressly noted or the context otherwise requires that it include only World Acceptance Corporation. All references in this report to "fiscal 2025" are to the Company’s fiscal year ending March 31, 2025; all references in this report to "fiscal 2024" are to the Company's fiscal year ended March 31, 2024; and all references to "fiscal 2019" are to the Company’s fiscal year ended March 31, 2019.

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GLOSSARY OF DEFINED TERMS

The following terms may be used throughout this Report, including consolidated financial statements and related notes.


Term			Definition
2008 Plan			World Acceptance Corporation 2008 Stock Option Plan
2011 Plan			World Acceptance Corporation 2011 Stock Option Plan
2017 Plan			World Acceptance Corporation 2017 Stock Incentive Plan
2018 Performance Option Measurement Period			The 6.5 year performance period beginning on September 30, 2018 and ending on March 31, 2025 over which Performance Options are eligible to vest, following certification by the Compensation Committee of achievement
2018 Performance Share Measurement Period			The 6.5 year performance period beginning on September 30, 2018 and ending on March 31, 2025 over which Performance Shares are eligible to vest, following certification by the Compensation Committee of achievement
2024 Performance Option Measurement Period			The 1 year performance period beginning on January 01, 2025 and ending on December 31, 2025
2024 Performance Share Measurement Period			The 1 year performance period beginning on January 01, 2025 and ending on December 31, 2025 over which Performance Shares are eligible to vest, following certification by the Compensation Committee of achievement
$20.45 Performance Shares			Performance shares associated with the $20.45 trailing 4-Quarter EPS target for September 30, 2018 through March 31, 2025
ASC			Accounting Standards Codification
ASU			Accounting Standards Update
CECL			Current Expected Credit Loss
CEO			Chief Executive Officer
CFO			Chief Financial Officer
CFPB			U.S. Consumer Financial Protection Bureau
Compensation Committee			Compensation and Stock Option Committee
Customer Tenure			The number of months since a customer was first serviced by the Company


EPS			Earnings per share
ERISA			Employee Retirement Income Security Act
Exchange Act			Securities Exchange Act of 1934, as amended
FASB			Financial Accounting Standards Board
FICO			The Fair Isaac Corporation
G&A			General and administrative
GAAP			U.S. generally accepted accounting principles
HTC			Historic Tax Credit
IRS			U.S. Internal Revenue Service
Notes			$300 million in aggregate principal amount of 7.0% unsecured senior notes due November 2026 issued on September 27, 2021
PCD			Purchased Assets with Credit Deterioration
Performance Options			Performance-based stock options
Performance Shares			Service- and performance-based restricted stock awards
Rehab Rate			Percentage of 91 days or more delinquent that do not charge off
Restricted Stock			Service-based restricted stock awards
SEC			U.S. Securities and Exchange Commission
Service Options			Service-based stock options
SOFR			Secured Overnight Finance Rate

TAL			Tax Advance Loan

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PART I. FINANCIAL INFORMATION

WORLD ACCEPTANCE CORPORATION

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)


	December 31, 2024		March 31, 2024
ASSETS
Cash and cash equivalents	$	15,582,553	$	11,839,460
Gross loans receivable	1,381,461,902		1,277,149,256
Less:
Unearned interest, insurance and fees	(361,444,148)		(326,746,136)
Allowance for credit losses	(116,110,946)		(102,962,811)
Loans receivable, net	903,906,808		847,440,309
Income taxes receivable	7,188,053		3,091,229
Operating lease right‐of‐use assets, net	78,856,773		79,501,238

Property and equipment, net	20,551,225		22,897,197
Deferred income taxes, net	31,967,282		30,942,844
Other assets, net	36,775,212		42,198,242
Goodwill	7,370,791		7,370,791
Intangible assets, net	8,301,486		11,069,733


Total assets	$	1,110,500,183	$	1,056,351,043

LIABILITIES & SHAREHOLDERS' EQUITY

Liabilities:
Senior notes payable	$	335,949,020	$	223,419,132
Senior unsecured notes payable, net	223,910,142		272,609,632

Operating lease liability	81,207,297		81,920,865

Accounts payable and accrued expenses	41,263,775		53,974,198

Total liabilities	682,330,234		631,923,827

Commitments and contingencies

Shareholders' equity:
Preferred stock, no par value Authorized 5,000,000, no shares issued or outstanding	—		—
Common stock, no par value Authorized 95,000,000 shares; issued and outstanding 5,787,976 and 5,938,665 shares at December 31, 2024 and March 31, 2024, respectively	—		—
Additional paid-in capital	267,074,904		286,432,952
Retained earnings	161,095,045		137,994,264

Total shareholders' equity	428,169,949		424,427,216

Total liabilities and shareholders' equity	$	1,110,500,183	$	1,056,351,043

See accompanying notes to consolidated financial statements.

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WORLD ACCEPTANCE CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023

Revenues:
Interest and fee income	$	122,390,403	$	118,665,105	$	347,456,761	$	352,237,133
Insurance and other income, net	16,242,350		19,084,282		52,112,762		61,711,366
Total revenues	138,632,753		137,749,387		399,569,523		413,948,499

Expenses:
Provision for credit losses	44,103,495		40,631,994		136,191,023		127,697,072
General and administrative expenses:
Personnel	41,074,877		39,890,187		99,804,998		120,119,638
Occupancy and equipment	12,293,093		12,090,198		36,793,516		37,138,444
Advertising	4,448,074		3,721,155		8,925,597		8,712,406
Amortization of intangible assets	938,026		1,050,926		2,902,848		3,182,805
Other	8,468,838		9,156,841		26,563,688		27,828,730
Total general and administrative expenses	67,222,908		65,909,307		174,990,647		196,982,023

Interest expense	11,293,874		11,689,924		31,520,066		36,475,411
Total expenses	122,620,277		118,231,225		342,701,736		361,154,506

Income before income taxes	16,012,476		19,518,162		56,867,787		52,793,993

Income tax expense	2,624,180		2,853,344		11,403,906		10,508,008

Net income	$	13,388,296	$	16,664,818	$	45,463,881	$	42,285,985

Net income per common share:
Basic	$	2.46	$	2.89	$	8.32	$	7.32
Diluted	$	2.45	$	2.84	$	8.23	$	7.17
Weighted average common shares outstanding:
Basic	5,436,688		5,772,503		5,461,990		5,775,108
Diluted	5,464,217		5,860,117		5,526,784		5,896,716

See accompanying notes to consolidated financial statements.

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WORLD ACCEPTANCE CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

(Unaudited)


	Three months ended December 31, 2024
	Common Stock
	Shares	Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balances at September 30, 2024	5,769,530	$	268,746,030	$	148,717,724	$	417,463,754
Proceeds from exercise of stock options	5,324	424,420		—		424,420
Common stock repurchases	(9,465)	—		(1,010,975)		(1,010,975)
Stock-based compensation (reversal) related to restricted stock, net of cancellations ($2,544,812)	22,587	(2,181,186)		—		(2,181,186)
Stock-based compensation related to stock options	—	85,640		—		85,640

Net income	—	—		13,388,296		13,388,296
Balances at December 31, 2024	5,787,976	$	267,074,904	$	161,095,045	$	428,169,949


	Three months ended December 31, 2023
	Common Stock
	Shares	Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balances at September 30, 2023	6,246,818	$	287,246,730	$	122,776,065	$	410,022,795
Proceeds from exercise of stock options	11,104	948,441		—		948,441
Common stock repurchases	(148,765)	—		(17,291,997)		(17,291,997)
Stock-based compensation (reversal) related to restricted stock, net of cancellations ($2,823,774)	(35,858)	(3,514,473)		—		(3,514,473)
Stock-based compensation related to stock options	—	189,582		—		189,582

Net income	—	—		16,664,818		16,664,818
Balances at December 31, 2023	6,073,299	$	284,870,280	$	122,148,886	$	407,019,166

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	Nine months ended December 31, 2024
	Common Stock
	Shares	Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balances at March 31, 2024	5,938,665	$	286,432,952	$	137,994,264	$	424,427,216
Proceeds from exercise of stock options	20,310	1,881,436		—		1,881,436
Common stock repurchases	(174,632)	—		(22,363,100)		(22,363,100)
Stock-based compensation (reversal) related to restricted stock, net of cancellations ($2,676,053)	3,633	(21,562,624)		—		(21,562,624)
Stock-based compensation related to stock options	—	323,140		—		323,140

Net income	—	—		45,463,881		45,463,881
Balances at December 31, 2024	5,787,976	$	267,074,904	$	161,095,045	$	428,169,949



	Nine months ended December 31, 2023
	Common Stock
	Shares	Additional Paid-in Capital		Retained Earnings		Total Shareholders' Equity
Balances at March 31, 2023	6,231,082	$	288,071,839	$	97,154,898	$	385,226,737
Proceeds from exercise of stock options	22,847	2,018,412		—		2,018,412
Common stock repurchases	(148,765)			(17,291,997)		(17,291,997)
Stock-based compensation (reversal) related to restricted stock, net of cancellations ($2,823,774)	(31,865)	(1,348,623)		—		(1,348,623)
Stock-based compensation (reversal) related to stock options	—	(3,871,348)		—		(3,871,348)



Net income	—	—		42,285,985		42,285,985
Balances at December 31, 2023	6,073,299	$	284,870,280	$	122,148,886	$	407,019,166

See accompanying notes to consolidated financial statements.

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WORLD ACCEPTANCE CORPORATION

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


	Nine months ended December 31,
	2024		2023
Cash flow from operating activities:
Net income	$	45,463,881	$	42,285,985
Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of intangible assets	2,902,848		3,182,805

Accrued unearned interest	(4,437,733)		(4,225,244)
Amortization of deferred loan cost	10,461,809		10,285,733
Gain on extinguishment of senior unsecured notes payable	(1,160,067)		(1,162,581)
Amortization of debt issuance costs	999,688		1,338,352
Amortization of discount on loans acquired in an asset purchase	(380,232)		—
Provision for credit losses	136,191,023		127,697,072
Depreciation	4,799,367		4,937,169


Gain on sale of property and equipment	(78,011)		(95,621)
Deferred income tax expense (benefit)	(1,024,438)		4,674,792
Stock-based compensation (reversal) related to equity classified awards	(18,563,431)		(2,396,197)


Change in accounts:
Other assets, net	5,007,294		5,213,994
Income taxes receivable	(4,096,824)		(4,249,555)
Accounts payable and accrued expenses	(12,878,833)		(5,516,759)
Net cash provided by operating activities	163,206,341		181,969,945
Cash flows from investing activities:
Increase in loans receivable, net	(179,488,673)		(153,198,324)

Cash paid for acquisitions, primarily loans	(18,947,294)		—

Purchases of property and equipment	(2,814,437)		(4,419,445)


Proceeds from the sale of property and equipment	439,053		308,174
Net cash used in investing activities	(200,811,351)		(157,309,595)
Cash flow from financing activities:
Borrowings from senior notes payable	297,385,341		215,066,622
Payments on senior notes payable	(184,855,453)		(217,887,966)
Payments for extinguished senior unsecured notes payable	(48,148,250)		(6,978,717)


Payments for debt extinguishment costs	(12,500)		(20,625)
Debt issuance costs associated with senior notes payable	(31,728)		(475,716)
Proceeds from exercise of stock options	1,881,436		2,018,412
Payments for taxes related to net share settlement of equity awards	(2,676,053)		(2,823,774)

Repurchase of common stock	(22,194,690)		(17,291,997)

Net cash provided by (used in) financing activities	41,348,103		(28,393,761)

Net change in cash and cash equivalents	3,743,093		(3,733,411)
Cash and cash equivalents at beginning of period	11,839,460		16,508,935

Cash and cash equivalents at end of period	$	15,582,553	$	12,775,524



Supplemental Disclosures:
Interest paid during the period	$	36,476,307	$	41,233,947
Income taxes paid during the period	$	3,204,509	$	7,726,889
Excise tax on stock repurchases not paid during the period	$	168,410	$	—

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See accompanying notes to consolidated financial statements.

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WORLD ACCEPTANCE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 – BASIS OF PRESENTATION

The consolidated financial statements of the Company at December 31, 2024 and 2023 and for the three and nine months then ended were prepared in accordance with the instructions for Form 10-Q and are unaudited; however, in the opinion of management, all adjustments (consisting only of items of a normal, recurring nature) necessary for a fair presentation of the financial position at December 31, 2024, and the results of operations and cash flows for the periods ended December 31, 2024 and 2023, have been included. The results for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.

The consolidated financial statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fiscal year ended March 31, 2024, included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024, as filed with the SEC (the "fiscal 2024 Annual Report"). The Company applies the accounting policies contained in Note 1 to the Consolidated Financial Statements included in fiscal 2024 Annual Report. The Company believes that the disclosures are adequate to make the information presented not misleading.

NOTE 2 – SUMMARY OF SIGNIFICANT POLICIES

Nature of Operations

The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. The Company offers income tax return preparation services to its loan customers and other individuals.

Seasonality

The Company's loan volume and corresponding loans receivable follow seasonal trends. The Company's highest loan demand generally occurs from October through December, its third fiscal quarter. Loan demand is generally lowest and loan repayment highest from January to March, its fourth fiscal quarter. Loan volume and average balances remain relatively level during the remainder of the year. Consequently, the Company experiences significant seasonal fluctuations in its operating results and cash needs. Operating results for the Company's third fiscal quarter are generally lower than in other quarters, and operating results for its fourth fiscal quarter are generally higher than in other quarters.

Loans receivable, net

Loans receivable are carried at amortized cost, which is the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for credit losses. Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Net unamortized deferred origination costs were $6.6 million and $5.0 million as of December 31, 2024 and March 31, 2024, respectively.

From time to time, the Company will sell charged off loans receivable, which are accounted for as a sale in accordance with ASC 860, Transfers and Servicing. See Note 4 to the Consolidated Financial Statements for further information.

Allowance for credit losses

Refer to Note 4 to the Consolidated Financial Statements for information regarding the Company's CECL allowance model and a description of the policies and methodology utilized.

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Reclassification

From time to time, prior period amounts will be reclassified to conform to the current presentation. Such reclassifications have no impact on previously reported net income or shareholders' equity.

Recently Issued Accounting Standards Not Yet Adopted

Improvements to Reportable Segment Disclosures

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to expand annual disclosures to 1) include specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold and 2) disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes. ASU 2023-09 also requires entities to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign, among other changes. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires additional disclosure, in the notes to financial statements, about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, which was clarified by ASU 2025-01, Clarifying the Effective Date. Early adoption is permitted. ASU 2024-03 should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures.

We reviewed all other newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on the consolidated financial statements and related disclosures as a result of future adoption.

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NOTE 3 – FAIR VALUE

Fair Value Disclosures

The Company may carry certain financial instruments and derivative assets and liabilities at fair value measured on a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Company measures the fair values of its financial instruments based on the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.

Fair value measurements are grouped in three levels. The levels prioritize the inputs used to measure the fair value of the assets or liabilities. These levels are:

•Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2 – Inputs other than quoted prices that are observable for assets and liabilities, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are less active.

•Level 3 – Unobservable inputs for assets or liabilities reflecting the reporting entity’s own assumptions.

The Company’s financial instruments consist of cash and cash equivalents, loans receivable, net, the senior notes payable, and the senior unsecured notes payable. Loans receivable are originated at prevailing market rates and have an average life of up to twelve months. Given the short-term nature of these loans, they are continually repriced at current market rates. The Company’s senior notes payable, consisting of a senior revolving credit facility, has a variable rate based on a margin over SOFR and reprices with any changes in SOFR. The fair value of the senior unsecured notes payable is estimated based on quoted prices in markets that are not active. The Company also considers its creditworthiness in its estimation of fair value.

The carrying amounts and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and their level within the fair value hierarchy are summarized below.


		December 31, 2024				March 31, 2024
	Input Level	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
ASSETS
Cash and cash equivalents	1	$	15,582,553	$	15,582,553	$	11,839,460	$	11,839,460
Loans receivable, net	3	903,906,808		903,906,808		847,440,309		847,440,309

LIABILITIES
Senior unsecured notes payable, net	2	223,910,142		222,969,719		272,609,632		254,208,482
Senior notes payable	3	335,949,020		335,949,020		223,419,132		223,419,132

There were no significant assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2024 or March 31, 2024.

NOTE 4 – LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

The following is a summary of gross loans receivable by Customer Tenure as of:

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Customer Tenure	December 31, 2024		March 31, 2024
0 to 5 months	$	120,206,225	$	73,699,568
6 to 17 months	83,792,574		69,616,739
18 to 35 months	119,019,301		140,340,728
36 to 59 months	152,290,291		181,399,293
60+ months	904,874,073		799,703,920

TALs	1,279,438		12,389,008
Total gross loans	$	1,381,461,902	$	1,277,149,256

Current payment performance is used to assess the capability of the borrower to repay contractual obligations of the loan agreements as scheduled, which is monitored by management on a daily basis. The Company’s payment performance buckets are as follows: current, 30-60 days past due, 61-90 days past due, 91 days or more past due.

All loans, except for TALs, that are greater than 90 days past due on a recency basis and not written off as of the reporting date are reserved for at 100% of the outstanding balance, net of a calculated Rehab Rate. The weighted average Rehab Rate at December 31, 2024 and March 31, 2024 was 4.7% and 4.9%, respectively. A loan is charged off within the allowance for credit losses in the month following when an account reaches 120 days past due on a recency basis, subject to certain exceptions. Specifically, the Company’s customer accounts in a confirmed bankruptcy are generally charged off in the month after they reach 60 days past due on a recency basis. The accounts of deceased or incarcerated customers are also generally charged off in the month after they reach 60 days past due on a recency basis, with the exception of deceased customers with credit life insurance. Subsequent recoveries of amounts charged off, if any, are credited to the allowance for credit losses.

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at December 31, 2024:



	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,191,801,595	$	53,796,457	$	5,232,034	$	246,907	$	5,097	$	4,612	$	1,251,086,702
30 - 60 days past due	45,078,425		5,587,931		771,319		88,677		5,498		12,712		51,544,562
61 - 90 days past due	27,968,712		3,192,929		387,807		46,475		5,912		518		31,602,353
91 or more days past due	38,928,934		6,353,121		611,384		52,719		2,689		—		45,948,847
Total	$	1,303,777,666	$	68,930,438	$	7,002,544	$	434,778	$	19,196	$	17,842	$	1,380,182,464

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	191,926	$	—	$	—	$	—	$	—	$	—	$	191,926
30 - 60 days past due	71,880		—		—		—		—		—		71,880
61 - 90 days past due	56,193		—		—		—		—		—		56,193
91 or more days past due	959,439		—		—		—		—		—		959,439
Total	$	1,279,438	$	—	$	—	$	—	$	—	$	—	$	1,279,438
Total gross loans													$	1,381,461,902

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The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2024:


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,094,896,350	$	61,853,967	$	4,807,924	$	109,050	$	25,850	$	1,371	$	1,161,694,512
30 - 60 days past due	34,034,537		4,600,615		610,649		10,856		14,076		5,429		39,276,162
61 - 90 days past due	21,874,701		2,154,561		200,117		17,493		204		—		24,247,076
91 or more days past due	34,560,868		4,600,040		364,386		6,151		5,617		5,436		39,542,498
Total	$	1,185,366,456	$	73,209,183	$	5,983,076	$	143,550	$	45,747	$	12,236	$	1,264,760,248

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	7,441,660	$	860	$	—	$	—	$	—	$	—	$	7,442,520
30 - 60 days past due	4,942,757		788		—		—		—		—		4,943,545
61 - 90 days past due	—		1,650		—		—		—		—		1,650
91 or more days past due	—		1,293		—		—		—		—		1,293
Total	$	12,384,417	$	4,591	$	—	$	—	$	—	$	—	$	12,389,008
Total gross loans													$	1,277,149,256

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at December 31, 2024:

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	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,179,892,149	$	47,643,195	$	4,032,753	$	130,939	$	—	$	—	$	1,231,699,036
30 - 60 days past due	46,938,294		4,289,434		347,554		10,189		—		4,836		51,590,307
61 - 90 days past due	30,851,070		3,357,138		300,261		20,307		205		—		34,528,981
91 or more days past due	46,096,156		13,640,670		2,321,974		273,343		18,991		13,006		62,364,140
Total	$	1,303,777,669	$	68,930,437	$	7,002,542	$	434,778	$	19,196	$	17,842	$	1,380,182,464

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	158,737	$	—	$	—	$	—	$	—	$	—	$	158,737
30 - 60 days past due	50,553		—		—		—		—		—		50,553
61 - 90 days past due	37,596		—		—		—		—		—		37,596
91 or more days past due	1,032,552		—		—		—		—		—		1,032,552
Total	$	1,279,438	$	—	$	—	$	—	$	—	$	—	$	1,279,438
Total gross loans													$	1,381,461,902

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2024:

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	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,079,720,968	$	54,770,231	$	3,681,104	$	39,921	$	10,484	$	1,371	$	1,138,224,079
30 - 60 days past due	37,475,784		3,388,380		288,576		1,064		—		—		41,153,804
61 - 90 days past due	26,191,269		2,903,253		208,172		3,430		204		—		29,306,328
91 or more days past due	41,978,436		12,147,320		1,805,223		99,134		35,059		10,865		56,076,037
Total	$	1,185,366,457	$	73,209,184	$	5,983,075	$	143,549	$	45,747	$	12,236	$	1,264,760,248

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	7,441,661	$	—	$	—	$	—	$	—	$	—	$	7,441,661
30 - 60 days past due	4,942,757		—		—		—		—		—		4,942,757
61 - 90 days past due	—		—		—		—		—		—		—
91 or more days past due	—		4,590		—		—		—		—		4,590
Total	$	12,384,418	$	4,590	$	—	$	—	$	—	$	—	$	12,389,008
Total gross loans													$	1,277,149,256

The following table provides a breakdown of the Company’s gross charge-offs by fiscal year of origination for the three and nine months ended December 31, 2024:


	Three months ended December 31,						Nine months ended December 31,
	Gross Charge-offs by Origination						Gross Charge-offs by Origination
Origination Year	Loans		TALs		Total		Loans		TALs		Total
2020 and prior	$	—	$	—	$	—	$	24,919	$	—	$	24,919
2021	2,675		—		2,675		26,161		—		26,161
2022	148,994		—		148,994		708,565		—		708,565
2023	1,463,591		—		1,463,591		8,571,378		175		8,571,553
2024	23,325,438		651,498		23,976,936		103,377,399		2,814,391		106,191,790
2025	23,230,774		—		23,230,774		23,867,489		—		23,867,489
Total	$	48,171,472	$	651,498	$	48,822,970	$	136,575,911	$	2,814,566	$	139,390,477

The following table provides a breakdown of the Company’s gross charge-offs by fiscal year of origination for the three and nine months ended December 31, 2023:

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	Three months ended December 31,						Nine months ended December 31,
	Gross Charge-offs by Origination						Gross Charge-offs by Origination
Origination Year	Loans		TALs		Total		Loans		TALs		Total
2019 and prior	$	1,958	$	—	$	1,958	$	11,385	$	—	$	11,385
2020	3,909		—		3,909		33,560		—		33,560
2021	44,632		—		44,632		275,558		—		275,558
2022	1,660,567		188		1,660,755		10,243,978		5,197		10,249,175
2023	28,683,289		118,287		28,801,576		120,931,950		1,260,273		122,192,223
2024	24,222,152		—		24,222,152		24,466,713		—		24,466,713
Total	$	54,616,507	$	118,475	$	54,734,982	$	155,963,144	$	1,265,470	$	157,228,614

Credit risk is inherent in the business of extending loans to borrowers and is continuously monitored by management and reflected within the allowance for credit losses for loans. The allowance for credit losses is an estimate of expected losses inherent within the Company’s gross loans receivable portfolio. In estimating the allowance for credit losses, loans with similar risk characteristics are aggregated into pools and collectively assessed. The Company’s loan products have generally the same terms therefore the Company looks to borrower characteristics as a way to disaggregate loans into pools sharing similar risks.

In determining the allowance for credit losses, the Company examined four borrower risk metrics as noted below.

1.Borrower type

2.Active months

3.Prior loan performance

4.Customer Tenure

To determine how well each metric predicts default risk the Company used loss rate data over an observation period of twelve months at the loan level.

The information value was then calculated for each metric. From this analysis management determined the metric that had the strongest predictor of default risk was Customer Tenure. The Customer Tenure buckets used in the allowance for credit loss calculation are:

1.0 to 5 months

2.6 to 17 months

3.18 to 35 months

4.36 to 59 months

5.60+ months

Management will continue to monitor this credit metric on a quarterly basis.

Management estimates an allowance for each Customer Tenure bucket by performing a historical migration analysis of loans in that bucket for the twelve most recent historical twelve-month migration periods. Management considers whether current credit conditions might suggest a change is needed to the allowance for credit losses by monitoring trends in first pay success for new borrowers, 60-89 day delinquencies on a recency basis, percent of loan balances that are paying and percentage of gross loans that are acquired loans. If management determines that historical migration rates should be adjusted to reflect expected credit losses, a qualitative adjustment is made to reflect management's judgment regarding observable changes in recent or expected economic trends and conditions, portfolio composition, or other significant events or conditions that affect the current estimate. The increase in the allowance for credit losses from March 31, 2024 to December 31, 2024 was primarily due to loan growth during the period.

Due to the short term nature of the loan portfolio, forecasted changes in macroeconomic variables such as unemployment levels, general inflation and commodity prices, typically do not have a significant impact on loans outstanding at the end of a particular reporting period, unless those changes are particularly severe and sudden in nature. Therefore, management develops a reasonable and supportable forecast of losses by comparing the most recent six-month loss curves as compared to historical loss curves to see if there are significant changes in borrower behavior that may indicate the historical migration rates should be adjusted. If a change is determined necessary, then the Company has elected to immediately revert back to historical experience past the forecast period. As of December 31, 2024 and March 31, 2024, there were no conditions or other factors considered significant enough to warrant a forecast adjustment.

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The following table presents a roll forward of the allowance for credit losses for the three and nine months ended December 31, 2024 and 2023:


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023
Beginning balance	$	114,455,495	$	128,892,192	$	102,962,811	$	125,552,733

Provision for credit losses	44,103,495		40,631,994		136,191,023		127,697,072
Charge-offs	(48,822,970)		(54,734,982)		(139,390,477)		(157,228,614)
Recoveries1	6,374,926		6,292,864		16,347,589		25,060,877
Net charge-offs	(42,448,044)		(48,442,118)		(123,042,888)		(132,167,737)
Ending Balance	$	116,110,946	$	121,082,068	$	116,110,946	$	121,082,068

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at December 31, 2024:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	97,729,708	$	8,178,732	$	5,850,084	$	8,447,701	$	22,476,517	$	120,206,225
6 to 17 months	71,894,285		4,123,710		2,957,998		4,816,581		11,898,289		83,792,574
18 to 35 months	104,818,028		5,232,991		3,486,649		5,481,633		14,201,273		119,019,301
36 to 59 months	135,845,513		6,391,258		3,906,289		6,147,231		16,444,778		152,290,291
60+ months	840,799,168		27,617,871		15,401,333		21,055,701		64,074,905		904,874,073

TALs	191,926		71,880		56,193		959,439		1,087,512		1,279,438
Total gross loans	1,251,278,628		51,616,442		31,658,546		46,908,286		130,183,274		1,381,461,902
Unearned interest, insurance and fees	(331,428,164)		(9,525,813)		(8,350,208)		(12,139,963)		(30,015,984)		(361,444,148)
Total net loans	$	919,850,464	$	42,090,629	$	23,308,338	$	34,768,323	$	100,167,290	$	1,020,017,754

Percentage of period-end gross loans receivable			3.7%		2.3%		3.4%		9.4%

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2024:

1 Recoveries during the three months ended December 31, 2024 include $2.6 million and $1.5 million in proceeds related to the recurring sales of charge-offs and bulk sale of charge-offs from prior periods, respectively. Recoveries during the nine months ended December 31, 2024 include $7.6 million and $1.5 million in proceeds related to the recurring sales of charge-offs and bulk sale of charge-offs from prior periods, respectively. Recoveries during the three months ended December 31, 2023 include $2.9 million and $0.8 million in proceeds related to the recurring sales of charge-offs and bulk sale of charge-offs from prior periods, respectively. Recoveries during the nine months ended December 31, 2023 include $10.5 million and $5.7 million in proceeds related to the recurring sales of charge-offs and bulk sale of charge-offs from prior periods, respectively. These proceeds are included as a component of Provision for credit losses in the Consolidated Statements of Operations.

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			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	56,802,704	$	4,720,149		$	4,496,518		$	7,680,197		$	16,896,864		$	73,699,568
6 to 17 months	60,634,735		3,155,423			2,075,608			3,750,973			8,982,004			69,616,739
18 to 35 months	126,843,010		5,057,256			3,224,662			5,215,800			13,497,718			140,340,728
36 to 59 months	165,694,013		6,159,335			3,519,743			6,026,202			15,705,280			181,399,293
60+ months	751,720,050		20,183,999			10,930,545			16,869,326			47,983,870			799,703,920

TALs	7,442,520		4,943,545			1,650			1,293			4,946,488			12,389,008
Total gross loans	1,169,137,032		44,219,707			24,248,726			39,543,791			108,012,224			1,277,149,256
Unearned interest, insurance and fees	(301,616,958)		(7,677,494)			(6,674,554)			(10,777,130)			(25,129,178)			(326,746,136)
Total net loans	$	867,520,074	$	36,542,213		$	17,574,172		$	28,766,661		$	82,883,046		$	950,403,120

Percentage of period-end gross loans receivable			3.5		%	1.9		%	3.1		%	8.5		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at December 31, 2024:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due			Total Loans
0 to 5 months	$	97,003,231	$	8,063,335	$	5,874,364	$	9,265,295	$	23,202,994		$	120,206,225
6 to 17 months	70,860,586		4,036,915		2,987,142		5,907,931		12,931,988			83,792,574
18 to 35 months	102,558,371		5,188,437		3,806,830		7,465,663		16,460,930			119,019,301
36 to 59 months	133,059,756		6,150,175		4,191,450		8,888,910		19,230,535			152,290,291
60+ months	828,217,092		28,151,445		17,669,195		30,836,341		76,656,981			904,874,073

TALs	158,737		50,553		37,596		1,032,552		1,120,701			1,279,438
Total gross loans	1,231,857,773		51,640,860		34,566,577		63,396,692		149,604,129			1,381,461,902
Unearned interest, insurance and fees	(327,330,320)		(8,969,250)		(9,101,669)		(16,042,909)		(34,113,828)			(361,444,148)
Total net loans	$	904,527,453	$	42,671,610	$	25,464,908	$	47,353,783	$	115,490,301		$	1,020,017,754

Percentage of period-end gross loans receivable			3.7%		2.5%		4.6%		10.8		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2024:

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			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	55,572,691	$	4,645,860		$	4,784,273		$	8,696,744		$	18,126,877		$	73,699,568
6 to 17 months	58,920,283		2,990,455			2,364,202			5,341,799			10,696,456			69,616,739
18 to 35 months	123,878,546		5,246,778			3,813,284			7,402,120			16,462,182			140,340,728
36 to 59 months	161,614,270		6,388,791			4,435,367			8,960,865			19,785,023			181,399,293
60+ months	738,238,289		21,881,920			13,909,202			25,674,509			61,465,631			799,703,920

TALs	7,441,661		4,942,757			—			4,590			4,947,347			12,389,008
Total gross loans	1,145,665,740		46,096,561			29,306,328			56,080,627			131,483,516			1,277,149,256
Unearned interest, insurance and fees	(296,584,056)		(7,544,366)			(7,936,622)			(14,681,092)			(30,162,080)			(326,746,136)
Total net loans	$	849,081,684	$	38,552,195		$	21,369,706		$	41,399,535		$	101,321,436		$	950,403,120

Percentage of period-end gross loans receivable			3.6		%	2.3		%	4.4		%	10.3		%

The Company elected not to record an allowance for credit losses for accrued interest as outlined in ASC 326-20-30-5A. Loans are placed on nonaccrual status when management determines that the full payment of principal and collection of interest according to contractual terms is no longer likely. The accrual of interest is discontinued when a loan is 61 days or more past the contractual due date. When the interest accrual is discontinued, all unpaid accrued interest is reversed against interest income. While a loan is on nonaccrual status, interest income is recognized only when a payment is received. Once a loan moves to nonaccrual status, it remains in nonaccrual status until it is paid out, charged off or refinanced.

The following table presents unpaid accrued interest reversed against interest income by Customer Tenure for the three and nine months ended December 31, 2024 and 2023:


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023
Customer Tenure
0 to 5 months	$	(1,513,556)	$	(1,364,409)	$	(3,943,143)	$	(3,910,003)
6 to 17 months	(802,513)		(779,642)		(2,201,034)		(2,653,697)
18 to 35 months	(789,715)		(949,250)		(2,378,004)		(2,612,375)
36 to 59 months	(829,641)		(1,068,613)		(2,553,282)		(3,214,245)
60+ months	(3,227,592)		(2,828,677)		(8,869,807)		(7,977,412)
Total	$	(7,163,017)	$	(6,990,591)	$	(19,945,270)	$	(20,367,732)

The following table presents the amortized cost basis of loans on nonaccrual status as of the beginning of the reporting period and the end of the reporting period, as well as interest income recognized on nonaccrual loans for the three and nine months ended December 31, 2024 and 2023:

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	Nonaccrual Loans Receivable
Customer Tenure	As of December 31, 2024		As of March 31, 2024		Interest Income Recognized for the three months ended December 31, 2024		Interest Income Recognized for the three months ended December 31, 2023		Interest Income Recognized for the nine months ended December 31, 2024		Interest Income Recognized for the nine months ended December 31, 2023
0 to 5 months	$	14,404,816	$	13,971,062	$	152,639	$	197,470	$	521,894	$	769,418
6 to 17 months	9,047,425		8,507,503		217,517		319,474		661,265		1,168,253
18 to 35 months	11,964,366		12,569,729		346,761		396,720		1,057,869		1,249,102
36 to 59 months	13,915,169		15,250,596		402,275		547,608		1,315,569		1,728,965
60+ months	51,333,978		45,091,589		1,507,229		1,497,757		4,463,586		4,785,842


Unearned interest, insurance and fees	(26,362,491)		(24,643,778)		—		—		—		—
Total	$	74,303,263	$	70,746,701	$	2,626,421	$	2,959,029	$	8,020,183	$	9,701,580

As of December 31, 2024 and March 31, 2024, there were no loans receivable 61 days or more past due, not on nonaccrual status, and no loans receivable on nonaccrual status with no related allowance for credit losses.

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NOTE 5 – LEASES

Accounting Policies and Matters Requiring Management's Judgment

The Company uses its senior notes payable's effective annual interest rate to determine the discount rate when evaluating leases under Topic 842. Specifically, Management applies its senior notes payable's effective annual interest rate at the end of the prior fiscal year to leases entered into in the following year. For example, the senior notes payable's annual effective interest rate of 9.9% at March 31, 2024 was used as the discount rate when determining the lease type and the present value of lease payments for leases entered into in fiscal 2025.

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.

Periodic Disclosures

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.

As of December 31, 2024 and 2023, the Company had no finance leases.

The following table reports information about the Company's lease cost for the three and nine months ended December 31, 2024 and 2023:


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023
Lease Cost



Operating lease cost	$	6,387,738	$	6,163,762	$	18,846,686	$	19,000,163

Variable lease cost	940,465		888,119		2,949,878		2,808,845

Total lease cost	$	7,328,203	$	7,051,881	$	21,796,564	$	21,809,008

The following table reports other information about the Company's leases for the three and nine months ended December 31, 2024 and 2023:


	Three months ended December 31,						Nine months ended December 31,
	2024			2023			2024			2023
Other Lease Information


Operating cash flows for amounts included in the measurement of lease liabilities — operating leases	$	6,301,091		$	6,265,527		$	18,884,883		$	18,965,468


Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,247,250		$	4,568,169		$	13,812,021		$	13,560,648

Weighted average remaining lease term — operating leases	6.5 years			6.9 years			6.5 years			6.9 years

Weighted-average discount rate — operating leases	6.8		%	6.3		%	6.8		%	6.3		%

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The aggregate annual lease obligations as of December 31, 2024 are as follows:


	Operating Leases
Remainder of 2025	$	6,160,520
2026	22,367,057
2027	17,961,935
2028	14,520,255
2029	10,573,915
Thereafter	29,343,439
Total undiscounted lease liability	$	100,927,121
Imputed interest	19,719,824
Total discounted lease liability	$	81,207,297

The Company had no leases with related parties as of December 31, 2024 or March 31, 2024.

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NOTE 6 – AVERAGE SHARE INFORMATION

The following is a summary of the basic and diluted average common shares outstanding:


	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Basic:
Weighted average common shares outstanding (denominator)	5,436,688	5,772,503	5,461,990	5,775,108

Diluted:
Weighted average common shares outstanding	5,436,688	5,772,503	5,461,990	5,775,108
Dilutive potential common shares	27,529	87,614	64,794	121,608
Weighted average diluted shares outstanding (denominator)	5,464,217	5,860,117	5,526,784	5,896,716

Options to purchase 246,111 and 291,826 shares of common stock at various prices were outstanding during the three months ended December 31, 2024 and 2023, respectively, but were not included in diluted shares outstanding because the option exercise price exceeded the market value of the shares.

Options to purchase 250,034 and 299,904 shares of common stock at various prices were outstanding during the nine months ended December 31, 2024 and 2023, respectively, but were not included in diluted shares outstanding because the option exercise price exceeded the market value of the shares.

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NOTE 7 – STOCK-BASED COMPENSATION

Stock Incentive Plans

The Company maintains the 2008 Plan, the 2011 Plan and the 2017 Plan for the benefit of certain non-employee directors, officers, and key employees. Under these plans, a total of 3,350,000 shares of authorized common stock have been reserved for issuance pursuant to grants approved by the Compensation Committee. Stock options granted under these plans have a maximum term of 10 years, may be subject to certain vesting requirements, which are generally three to six years for officers, non-employee directors, and key employees, and are priced at the market value of the Company's common stock on the option's grant date. At December 31, 2024, there were a total of 187,020 shares of common stock remaining available for grant under the 2017 Plan.

Stock-based compensation is recognized as provided under FASB ASC Topic 718-10 and FASB ASC Topic 505-50. FASB ASC Topic 718-10 requires all share-based payments to employees, including grants of employee stock options, to be recognized as compensation expense over the requisite service period (generally the vesting period) in the consolidated financial statements based on their grant date fair values. Stock-based compensation related to restricted stock is based on the number of shares expected to vest and the fair market value of the common stock on the grant date. Stock-based compensation related to stock option awards is based on the number of shares expected to vest and the estimated fair value of the awards on the grant date using the Black-Scholes valuation model. Under the Black-Scholes valuation method, the assumptions used to determine the fair value are expected volatility, expected life, average risk-free rate, and dividend yield, if any. The expected stock price volatility is based on the historical volatility of the Company's common stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after the grant date. The risk-free rate reflects the interest rate at grant date on zero coupon U.S. governmental bonds having a remaining life similar to the expected option term.

2018 Long-term Incentive Program and Non-Employee Director Awards

On October 15, 2018, the Compensation Committee and Board of Directors approved and adopted a long-term incentive program that seeks to motivate and reward certain employees and to align management’s interest with shareholders’ interest by focusing executives on the achievement of long-term results. The program is comprised of four components: Service Options, Performance Options, Restricted Stock, and Performance Shares.

Pursuant to this program, in fiscal 2019, the Compensation Committee approved certain grants of Service Options, Performance Options, Restricted Stock and Performance Shares under the 2011 Plan and the 2017 Plan to certain employee directors, vice presidents of operations, vice presidents, senior vice presidents, and executive officers. Separately, the Compensation Committee approved certain grants of Service Options and Restricted Stock to certain non-employee directors of the Company.

Under the long-term incentive program, up to 100% of the shares of restricted stock subject to the Performance Shares will vest, if at all, based on the achievement of two trailing EPS performance targets established by the Compensation Committee that are based on EPS (measured at the end of each calendar quarter, commencing with the calendar quarter ending September 30, 2019) for the previous four calendar quarters. The Performance Shares are eligible to vest over the 2018 Performance Share Measurement Period, subject to each respective employee’s continued employment at the Company through the last day of the 2018 Performance Share Measurement Period (or as otherwise provided under the terms of the applicable award agreement or applicable employment agreement).

The Performance Share performance targets are set forth below.


Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025			Restricted Stock Eligible for Vesting (Percentage of Award)
$16.35			40%
$20.45			60%

During the second quarter of fiscal 2025, it was determined that the $20.45 Performance Share performance target was no longer probable of being achieved and that the $20.45 Performance Shares would likely be forfeited as of the last day of the performance period in accordance with their terms. As a result and in accordance with ASC 718, the Company reversed $18.5 million in previously recognized stock-based compensation related to the $20.45 Performance Shares during the second quarter of fiscal 2025.

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The Restricted Stock awards typically vest in three to six equal annual installments, beginning on the first anniversary of the grant date, subject to each respective employee’s continued employment at the Company through each applicable vesting date or otherwise provided under the terms of the applicable award agreement or applicable employment agreement.

The Service Options typically vest in three equal annual installments, beginning on the first anniversary of the grant date, subject to each respective employee’s continued employment at the Company through each applicable vesting date or otherwise provided under the terms of the applicable award agreement or applicable employment agreement. The option price is equal to the fair market value of the common stock on the grant date and the Service Options have a 10-year term.

The Performance Options will fully vest if the Company attains the trailing EPS target over four consecutive calendar quarters occurring between September 30, 2018 and March 31, 2025 as described below. Such performance target was established by the Compensation Committee and will be measured at the end of each calendar quarter commencing on September 30, 2019. The Performance Options are eligible to vest over the 2018 Performance Option Measurement Period, subject to each respective employee’s continued employment at the Company through the last day of the 2018 Performance Option Measurement Period or as otherwise provided under the terms of the applicable award agreement or applicable employment agreement. The option price is equal to the fair market value of the common stock on the grant date and the Performance Options have a 10-year term. The Performance Option performance target is set forth below.


Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025			Options Eligible for Vesting (Percentage of Award)
$25.30			100%

During the second quarter of fiscal 2024, it was determined that the Performance Option performance target was no longer probable of being achieved and that the Performance Options would likely be forfeited as of the last day of the performance period in accordance with their terms. As a result and in accordance with ASC 718, the Company reversed $4.9 million in previously recognized stock-based compensation related to these Performance Options during the second quarter of fiscal 2024.

2024 Long-term Incentive Program and Non-Employee Director Awards

On December 18, 2024, the Compensation Committee and Board of Directors approved certain grants of Service Options, Performance Options, Restricted Stock and Performance Shares under the 2017 Plan to certain employee directors, vice presidents of operations, vice presidents, senior vice presidents, and executive officers. Separately, the Compensation Committee approved certain grants of Restricted Stock to certain non-employee directors of the Company.

Up to 100% of the shares of restricted stock subject to the Performance Shares will vest, if at all, based on the achievement of certain performance goals established by the Compensation Committee related to company operational performance metrics during the 2024 Performance Share Measurement Period, for which achievement must be certified by the Compensation Committee. The Performance Shares are eligible to vest over the 2024 Performance Share Measurement Period, subject to each respective employee’s continued employment at the Company through the last day of the 2024 Performance Share Measurement Period or otherwise provided under the terms of the applicable award agreement or applicable employment agreement.

The Restricted Stock awards fully vest on the first anniversary of the grant date, subject to each respective employee’s continued employment at the Company through the vesting date or otherwise provided under the terms of the applicable award agreement or applicable employment agreement.

The Service Options vest in three equal annual installments, beginning on the first anniversary of the grant date, subject to each respective employee’s continued employment at the Company through each applicable vesting date or otherwise provided under the terms of the applicable award agreement or applicable employment agreement. The option price is equal to the fair market value of the common stock on the grant date and the Service Options have a 10-year term.

Up to 100% of the Performance Options will vest, if at all, based on the achievement of certain performance goals established by the Compensation Committee related to company operational performance metrics during the 2024 Performance Option Measurement Period, for which achievement must be certified by the Compensation Committee. The Performance Options typically vest in three equal annual installments, beginning on January 30, 2026, subject to each respective employee’s continued employment at the Company through each applicable vesting date or otherwise provided under the terms of the

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applicable award agreement or applicable employment agreement. The option price is equal to the fair market value of the common stock on the grant date and the Performance Options have a 10-year term.

Stock Options

The weighted-average fair value at the grant date for options issued during the three months ended December 31, 2024 and 2023 was $58.29 and $68.52, respectively. The weighted-average fair value at the grant date for options issued during the nine months ended December 31, 2024 and 2023 was $58.29 and $69.00, respectively.

Fair value was estimated at grant date using the weighted-average assumptions listed below:


	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023

Dividend yield	—%	—%	—%	—%
Expected volatility	59.53%	62.54%	59.53%	62.55%
Average risk-free rate	4.39%	4.70%	4.39%	4.69%
Expected life	4.5 years	4.6 years	4.5 years	4.6 years

Option activity for the nine months ended December 31, 2024 was as follows:


	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value

Options outstanding, beginning of period	267,947		$	105.77
Granted during period	38,661		111.68
Exercised during period	(20,310)		92.64
Forfeited during period	(8,212)		102.62
Expired during period	(1,549)		206.52
Options outstanding, end of period	276,537	2	$	107.09	5.1 years	$	2,850,363
Options exercisable, end of period	131,659		$	110.58	4.6 years	$	1,594,728

The aggregate intrinsic value reflected in the table above represents the total pre-tax intrinsic value (the difference between the closing stock price on December 31, 2024 and the exercise price, multiplied by the number of in-the-money options that are currently exercisable) that would have been received by option holders had all option holders exercised their options as of December 31, 2024. This amount will change as the market price of the common stock changes. The total intrinsic value and tax benefit of options exercised during the three and nine month periods ended December 31, 2024 and 2023 were as follows:


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023

Intrinsic value of options exercised	$	215,599	$	369,543	$	732,318	$	810,853
Tax benefit of options exercised	52,822		90,538		179,418		198,659

The total fair value of stock options vested during the nine months ended December 31, 2024 was $2,120,670. As of December 31, 2024, total unrecognized stock-based compensation expense related to non-vested stock options amounted to approximately $1.9 million, which is expected to be recognized over a weighted-average period of approximately 2.5 years.

2 Of the 276,537 options outstanding, 16,453 are not yet exercisable based solely on fulfilling a service condition and another 128,425 are not yet exercisable based solely on fulfilling performance conditions.

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Restricted Stock

During the first nine months of fiscal 2025, the Company granted 71,186 shares of restricted stock (which are equity classified) to certain vice presidents, senior vice presidents, executive officers and non-employee directors with a grant date weighted average fair value of $111.64 per share.

During fiscal 2024, the Company granted 3,993 shares of restricted stock (which are equity classified) to certain vice presidents and senior vice presidents with a grant date weighted average fair value of $120.12 per share.

The total fair value of restricted stock vested during the nine months ended December 31, 2024 was $7,293,854. As of December 31, 2024, there was approximately $7.7 million of unrecognized compensation cost related to unvested restricted stock awards, which is expected to be recognized over the next 1.0 year based on current estimates.

A summary of the status of the Company’s restricted stock as of December 31, 2024, and changes during the nine months ended December 31, 2024, are presented below:


	Shares	Weighted Average Fair Value at Grant Date

Outstanding at March 31, 2024	388,577	$	101.18
Granted during the period	71,186	111.64
Vested during the period	(62,577)	104.08
Forfeited during the period	(44,566)	100.37
Outstanding at December 31, 2024	352,620	$	102.88

Total Stock-Based Compensation

Total stock-based compensation included as a component of personnel expenses in the Company's Consolidated Statements of Operations during the three and nine month periods ended December 31, 2024 and 2023 was as follows:


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023
Stock-based compensation related to equity classified awards:
Stock-based compensation (reversal) related to stock options3	$	85,640	$	189,582	$	323,140	$	(3,871,348)
Stock-based compensation (reversal) related to restricted stock4	363,626		(690,699)		(18,886,571)		1,475,151
Total stock-based compensation (reversal) related to equity classified awards	$	449,266	$	(501,117)	$	(18,563,431)	$	(2,396,197)

NOTE 8 – ACQUISITIONS

The Company evaluates each set of assets and activities it acquires to determine if the set meets the definition of a business according to FASB ASC Topic 805-10-55. Acquisitions meeting the definition of a business are accounted for as business combinations while all other acquisitions are accounted for as asset purchases.

3 The $(3,871,348) for the nine months ended December 31, 2023 represents the reversal of $4.9 million in previously recognized stock-based compensation related to the Performance Options and $0.4 million in forfeiture credit, offset by $1.4 million in current period expense.

4 The $(18,886,570) for the nine months ended December 31, 2024 represents the reversal of $18.5 million in previously recognized stock-based compensation related to the $20.45 Performance Shares and $1.8 million in forfeiture credit, offset by $1.4 million in current period expense. The $(690,699) for the three months ended December 31, 2023 represents $1.4 million in forfeiture credit, offset by $0.7 million in current period expense.

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The following table sets forth the Company's acquisition activity for the nine months ended December 31, 2024 and 2023:


	Nine months ended December 31,
	2024		2023
Acquisitions:

Number of loan portfolios acquired through asset purchases	6		—


Purchase price	$	18,947,294	$	—

Tangible assets:
Loans receivable, net	18,812,693		—



Purchase price amount over carrying value of net tangible assets	$	134,601	$	—

Customer lists	$	127,995	$	—
Non-compete agreements	$	6,606	$	—

Acquisitions that are accounted for as business combinations typically result in one or more new branches. In such cases, the Company typically retains the existing employees and the branch location from the acquisition. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair market values at the acquisition date. The remainder is allocated to goodwill.

Acquisitions that are accounted for as asset purchases are typically limited to acquisitions of loan portfolios. The purchase price is allocated to the tangible assets and intangible assets acquired based upon their estimated fair values at the acquisition date. In an asset purchase, no goodwill is recorded. When the cost of an asset acquisition is less than the fair value of the net assets acquired, the benefit is allocated to nonmonetary long-lived assets acquired on a relative fair value basis. However, any assets for which the subsequent application of GAAP would result in an immediate gain (e.g., financial assets, assets held for sale) are not allocated a portion of the cost below fair value. Any remaining benefit is recorded as a discount on purchase, which is a component of Unearned interest, insurance and fees in the Company's Consolidated Balance Sheets, and is amortized over the life of loans receivable acquired. During the nine months ended December 31, 2024, the Company recorded a $1.0 million discount on loans acquired in asset purchases.

The Company’s acquisitions include tangible assets (generally loans and furniture and equipment) and intangible assets (generally non-compete agreements, customer lists, and goodwill), both of which are recorded at their fair values, which are estimated pursuant to the processes described below.

Acquired loans are valued at the net loan balance. Given the short-term nature of these loans, generally less than twelve months, and that these loans are priced at current rates, management believes the net loan balances approximate their fair value. Under CECL, acquired loans are included in the reserve calculations for all loan types (excluding TALs). Management includes recent acquisition activity compared to historical activity when considering reasonable and supportable forecasts as it relates to assessing the adequacy of the allowance for expected credit losses. The Company did not acquire any loans that would qualify as PCDs during the nine months ended December 31, 2024 and 2023.

Furniture and equipment are valued at the specific purchase price as agreed to by both parties at the time of acquisition, which management believes approximates their fair values.

Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates their fair values.

Customer lists are valued with a valuation model that utilizes the Company’s historical data to estimate the value of any acquired customer lists.

The results of all acquisitions are included in the Company’s consolidated financial statements since the respective acquisition date. The pro forma impact of these branches as though they had been acquired at the beginning of the periods presented would not have a material effect on the results of operations as reported.

NOTE 9 – INTANGIBLE ASSETS

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The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets:


	December 31, 2024						March 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Intangible Asset		Gross Carrying Amount		Accumulated Amortization		Net Intangible Asset
Customer lists	$	55,858,615	$	(47,593,700)	$	8,264,915	$	55,730,620	$	(44,796,996)	$	10,933,624
Non-compete agreements	10,534,749		(10,498,178)		36,571		10,528,143		(10,392,034)		136,109
Total	$	66,393,364	$	(58,091,878)	$	8,301,486	$	66,258,763	$	(55,189,030)	$	11,069,733

The estimated amortization expense for intangible assets for future fiscal years ended March 31 is as follows: $0.9 million for the remainder of 2025; $3.2 million for 2026; $2.7 million for 2027; $0.9 million for 2028; $0.4 million for 2029; and an aggregate of $0.2 million for the years thereafter.

NOTE 10 – DEBT

Senior Notes Payable; Revolving Credit Facility

At December 31, 2024, the Company's senior notes payable consisted of a $580.0 million senior revolving credit facility, which has an accordion feature permitting the maximum aggregate commitments to increase to $730.0 million provided that certain conditions are met.

At December 31, 2024, $335.9 million was outstanding under the Company's credit facility, not including $725.8 thousand in outstanding standby letters of credit, which include (i) $300.0 thousand related to worker's compensation expiring on December 31, 2025 and (ii) $425.8 thousand related to the Company's investment in captive insurance expiring on April 12, 2025. Both letters of credit automatically extend for one year on their expiration dates. To the extent that the letter of credit is drawn upon, the disbursement will be funded by the credit facility. There are no amounts due related to the letters of credit as of December 31, 2024. Subject to a borrowing base formula, the Company may borrow at the rate of one month SOFR plus 0.10% and an applicable margin of 3.5% with a minimum rate of 4.5%. The revolving credit facility has a commitment fee of 0.50% per annum on the unused portion of the commitment. Commitment fees on the unused portion of the borrowing totaled $1.2 million and $1.3 million for the nine months ended December 31, 2024 and 2023, respectively.

For the nine months ended December 31, 2024 and fiscal year ended March 31, 2024, the Company’s effective interest rate, including the commitment fee and amortization of debt issuance costs, was 9.7% annualized and 9.9%, respectively. At December 31, 2024, the unused amount available under the revolving credit facility was $243.3 million and borrowings under the revolving credit facility mature on June 7, 2026.

Substantially all of the Company’s assets are pledged as collateral for borrowings under the revolving credit agreement.

Senior Unsecured Notes Payable

On September 27, 2021, we issued $300 million in aggregate principal amount of 7.0% senior notes due November 2026. The Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"). The Notes are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all of the Company’s existing and certain of its future subsidiaries that guarantee the revolving credit facility. Interest on the Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing May 1, 2022. At any time prior to November 1, 2023, the Company could have redeemed the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus a make-whole premium, as described in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. At any time on or after November 1, 2023, the Company may redeem the Notes at redemption prices set forth in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. In addition, at any time prior to November 1, 2023, the Company could have used the proceeds of certain equity offerings to redeem up to 40.0% of the aggregate principal amount of the Notes issued under the indenture at a redemption price equal to 107.0% of the principal amount of Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption.

We used the net proceeds from this offering to repay a portion of the outstanding indebtedness under our revolving credit facility and for general corporate purposes.

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During the nine months ended December 31, 2024, the Company repurchased and extinguished $49.3 million of its Notes, net of $0.4 million unamortized debt issuance costs related to the extinguished debt, on the open market for a reacquisition price of $48.1 million.

During fiscal 2024, the Company repurchased and extinguished $15.7 million of its Notes, net of $0.2 million unamortized debt issuance costs related to the extinguished debt, on the open market for a reacquisition price of $14.1 million.

For the three months ended December 31, 2024 and 2023, the Company recognized a $50.0 thousand loss and a $0.6 million gain on extinguishment, respectively. For each of the the nine months ended December 31, 2024 and 2023, the Company recognized a $1.2 million gain on extinguishment. In accordance with ASC 470, the Company recognized the gain and loss on extinguishments as a component of interest expense in the Company's Consolidated Statements of Operations.

Debt Covenants

The agreement governing the Company’s revolving credit facility contains affirmative and negative covenants, including covenants that generally restrict the ability of the Company and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, pay dividends and repurchase or redeem capital stock, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, redeem or prepay subordinated debt, amend subordinated debt documents, make changes in the nature of its business, and engage in transactions with affiliates. The agreement allows the Company to incur subordinated debt that matures after the termination date for the revolving credit facility and that contains specified subordination terms, subject to limitations on amount imposed by the financial covenants under the agreement. The agreement's financial covenants include (i) a minimum consolidated net worth of $325.0 million on and after December 31, 2020; (ii) a maximum ratio of total debt to consolidated adjusted net worth of 2.25 to 1.0 for the fiscal quarter ended December 31, 2023 and each fiscal quarter thereafter; (iii) a maximum collateral performance indicator of 26.0% as of the end of each calendar month; and (iv) a minimum fixed charges coverage ratio of 2.0 to 1.0 for the fiscal quarters ending December 31, 2023 through December 31, 2024, and 2.25 to 1.0 for each fiscal quarter thereafter, where the ratio for the most recent four consecutive fiscal quarters (other than for the fiscal quarter ended September 30, 2023) must be at least 2.0 to 1.0 in order for the Company to declare dividends or purchase any class or series of its capital stock or other equity.

The collateral performance indicator is equal to the sum of (a) a three-month rolling average rate of receivables at least sixty days past due and (b) an eight-month rolling average net charge-off rate.

The Company was in compliance with these covenants at December 31, 2024 and does not believe that these covenants will materially limit its business and expansion strategy.

The agreement contains events of default including, without limitation, nonpayment of principal, interest or other obligations, violation of covenants, misrepresentation, cross-default to other debt, bankruptcy and other insolvency events, judgments, certain ERISA events, actual or asserted invalidity of loan documentation, invalidity of subordination provisions of subordinated debt, certain changes of control of the Company, and the occurrence of certain regulatory events, (including the entry of any stay, order, judgment, ruling or similar event related to the Company’s or any of its subsidiaries’ originating, holding, pledging, collecting or enforcing its eligible loans receivable that is material to the Company or any subsidiary) which remains unvacated, undischarged, unbonded or unstayed by appeal or otherwise for a period of 60 days from the date of its entry and is reasonably likely to cause a material adverse change.

The indenture governing the Notes contains certain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to (i) incur additional indebtedness or issue certain disqualified stock and preferred stock; (ii) pay dividends or distributions or redeem or purchase capital stock; (iii) prepay subordinated debt or make certain investments; (iv) transfer and sell assets; (v) create or permit to exist liens; (vi) enter into agreements that restrict dividends, loans and other distributions from their subsidiaries; (vii) engage in a merger, consolidation or sell, transfer or otherwise dispose of all or substantially all of their assets; and (viii) engage in transactions with affiliates. However, these covenants are subject to a number of important detailed qualifications and exceptions.

Debt Maturities

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The aggregate annual maturities of the Company's debt arrangements for future fiscal years ended March 31 are as follows:


	Amount
Remainder of 2025	$	—
2026	—
2027	561,249,020
2028	—
2029	—
Thereafter	—
Total future debt payments	$	561,249,020

NOTE 11 – INCOME TAXES

As of December 31, 2024 and March 31, 2024, the Company had $1.1 million of total gross unrecognized tax benefits including interest. Approximately $0.8 million represents the amount of net unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate. At December 31, 2024, approximately $0.4 million of gross unrecognized tax benefits are expected to be resolved during the next twelve months through the expiration of the statute of limitations and settlement with taxing authorities. The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company had approximately $327.9 thousand accrued for gross interest as of December 31, 2024, and accrued $10.9 thousand during the nine months ended December 31, 2024.

Investment in HTC was $18.7 million and $24.8 million as of December 31, 2024 and March 31, 2024, respectively, which is included as a component of Other assets, net in the Consolidated Balance Sheets. The Company recognized net amortization from these investments of $4.2 million and $1.2 million during the three months ended December 31, 2024 and 2023, respectively, and $12.4 million and $3.2 million during the nine months ended December 31, 2024 and 2023, respectively, in income tax expense. The Company recognized tax benefits from these investments of $4.3 million and $1.2 million for the three months ended December 31, 2024 and 2023, respectively, and $13.6 million and $3.6 million for the nine months ended December 31, 2024 and 2023, respectively, in income tax expense and in Income taxes payable in the Consolidated Statements of Cash Flows. The Company did not recognize any non-tax related activity or have any significant modifications in the investments during the current period.

The Company is subject to U.S. income taxes, as well as taxes in various other state and local jurisdictions. With the exception of a few states, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2021, although carryforward attributes that were generated prior to 2021 may still be adjusted upon examination by the taxing authorities if they either have been or will be used in a future period.

The Company’s effective income tax rate increased to 16.4% for the three months ended December 31, 2024 compared to 14.6% for the prior year quarter. The increase is primarily due to the effects of provision to return adjustments treated as discrete items in the prior year quarter, which were partially offset by pretax book earnings relative to the effects of various permanent items including a decrease in the disallowed executive compensation under Section 162(m) and the recognition of additional HTCs when compared to the prior year.

NOTE 12 – COMMITMENTS AND CONTINGENCIES

From time to time the Company is involved in litigation matters relating to claims arising out of its operations in the normal course of business.

Estimating an amount or range of possible losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve fines, penalties or damages that are discretionary in amount, involve a large number of claimants or significant discretion by regulatory authorities, represent a change in regulatory policy or interpretation, present novel legal theories, are in the early stages of the proceedings, are subject to appeal or could result in a change in business practices. In addition, because most legal proceedings are resolved over extended periods of time, potential losses are subject to change due to, among other things, new developments, changes in legal strategy, the outcome of intermediate procedural and substantive rulings and other parties’ settlement posture and their evaluation of the strength or weakness of their case against us. For these reasons, we are currently unable to predict the ultimate timing or outcome of, or reasonably estimate the possible

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losses or a range of possible losses resulting from, any currently pending claims. Based on information currently available, the

Company does not believe that any reasonably possible losses arising from currently pending legal matters will be material to

the Company’s results of operations or financial conditions. However, in light of the inherent uncertainties involved in such matters, an adverse outcome in one or more of these matters could materially and adversely affect the Company’s financial condition, results of operations or cash flows in any particular reporting period.

NOTE 13 – SUBSEQUENT EVENTS

Management is not aware of any significant events occurring subsequent to the balance sheet date that would have a material effect on the financial statements thereby requiring adjustment or disclosure.

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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Note Regarding Forward-Looking Information

This report on Form 10-Q, including "Management’s Discussion and Analysis of Financial Condition and Results of Operations," contains various "forward-looking statements," within the meaning of The Private Securities Litigation Reform Act of 1995, that are based on management’s beliefs and assumptions, as well as information currently available to management. Statements other than those of historical fact, including those identified by words such as “anticipate,” “estimate,” “intend,” “plan,” “expect,” "project," “believe,” “may,” “will,” “should,” "would," "could," "continue," "probable," "forecast," and any variation of the foregoing and similar expressions, are forward-looking statements. Although the Company believes that the expectations reflected in any such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Any such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, the Company’s actual financial results, performance or financial condition may vary materially from those anticipated, estimated or expected. Therefore, you should not rely on any of these forward-looking statements.

Among the key factors that could cause our actual financial results, performance or condition to differ from the expectations expressed or implied in such forward-looking statements are the following: recently enacted, proposed or future legislation and the manner in which it is implemented, including pursuant to policies of the new U.S. administration; changes in the U.S. tax code; the nature and scope of regulatory authority, particularly discretionary authority, that is or may be exercised by regulators, including, but not limited to, the U.S. Consumer Financial Protection Bureau, and individual state regulators having jurisdiction over the Company; the unpredictable nature of regulatory examinations, proceedings and litigation; employee misconduct or misconduct by third parties; uncertainties associated with management turnover and the effective succession of senior management; media and public characterization of consumer installment loans; labor unrest; the impact of changes in accounting rules and regulations, or their interpretation or application, which could materially and adversely affect the Company’s reported consolidated financial statements or necessitate material delays or changes in the issuance of the Company’s audited consolidated financial statements; the Company's assessment of its internal control over financial reporting; changes in interest rates; the impact of inflation; risks relating to the acquisition or sale of assets or businesses or other strategic initiatives, including increased loan delinquencies or net charge-offs, the loss of key personnel, integration or migration issues, the failure to achieve anticipated synergies, increased costs of servicing, incomplete records, and retention of customers; risks inherent in making loans, including repayment risks and value of collateral; cybersecurity threats or incidents, including the potential or actual misappropriation of assets or sensitive information, corruption of data or operational disruption and the costs of the associated response thereto; our dependence on debt and the potential impact of limitations in the Company’s amended revolving credit facility or other impacts on the Company's ability to borrow money on favorable terms, or at all; the timing and amount of revenues that may be recognized by the Company; changes in current revenue and expense trends (including trends affecting delinquency and charge-offs); the impact of extreme weather events and natural disasters; changes in the Company’s markets and general changes in the economy (particularly in the markets served by the Company).

These and other risks are discussed in more detail in Part I, Item 1A “Risk Factors” in the Company's fiscal 2024 Annual Report, and in the Company’s other reports filed with, or furnished to, the SEC from time to time. The Company does not undertake any obligation to update any forward-looking statements it may make, except to the extent required by law.

Results of Operations

The following table sets forth certain information derived from the Company's Consolidated Statements of Operations and Consolidated Balance Sheets (unaudited), as well as operating data and ratios, for the periods indicated:

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	Three months ended December 31,						Nine months ended December 31,
	2024			2023			2024			2023
	(Dollars in thousands)
Gross loans receivable	$	1,381,462		$	1,400,622		$	1,381,462		$	1,400,622
Average gross loans receivable (1)	1,336,375			1,383,194			1,299,519			1,388,752
Net loans receivable (2)	1,020,018			1,028,311			1,020,018			1,028,311
Average net loans receivable (3)	987,833			1,014,113			961,767			1,015,237

Expenses as a percentage of total revenue:
Provision for credit losses	31.8		%	29.5		%	34.1		%	30.8		%
General and administrative	48.5		%	47.8		%	43.8		%	47.6		%
Interest expense	8.1		%	8.5		%	7.9		%	8.8		%
Operating income as a % of total revenue (4)	19.7		%	22.7		%	22.1		%	21.6		%

Loan volume (5)	$	777,197		$	744,193		$	2,161,632		$	2,133,642

Net charge-offs as percent of average net loans receivable on an annualized basis	17.2		%	19.1		%	17.1		%	17.4		%

Return on average assets (trailing 12 months)	7.5		%	6.0		%	7.5		%	6.0		%

Return on average equity (trailing 12 months)	19.2		%	17.3		%	19.2		%	17.3		%

Branches opened or acquired (merged or closed), net	(10)			(1)			(13)			(21)

Branches open (at period end)	1,035			1,052			1,035			1,052

_______________________________________________________

(1) Average gross loans receivable has been determined by averaging month-end gross loans receivable over the indicated period, excluding TALs.

(2) Net loans receivable is defined as gross loans receivable less unearned interest and deferred fees.

(3) Average net loans receivable has been determined by averaging month-end gross loans receivable less unearned interest and deferred fees over the indicated period, excluding TALs.

(4) Operating income is computed as total revenue less provision for credit losses and general and administrative expenses.

(5) Loan volume includes all loan balances originated by the Company. It does not include loans purchased through acquisitions.

Comparison of three months ended December 31, 2024 versus three months ended December 31, 2023

Gross loans outstanding decreased to $1.38 billion as of December 31, 2024, a 1.4% decrease from the $1.40 billion of gross loans outstanding as of December 31, 2023. During the most recent quarter, gross loans outstanding increased sequentially 6.6%, or $85.6 million, from $1.30 billion as of September 30, 2024, compared to an increase of 1.5%, or $21.1 million, in the comparable quarter of the prior year. During the most recent quarter, we saw improvement in borrowing from new, former and existing customers compared to the same quarter of fiscal year 2024. Specifically, new, former and refinance loan customer volume during the quarter increased 22.6%, 13.9% and 1.5%, respectively, compared to the same quarter of fiscal year 2024. Our customer base increased by 3.7% during the twelve-month period ended December 31, 2024, compared to a decrease of 2.4% for the comparable period ended December 31, 2023. During the three months ended December 31, 2024 our unique borrowers increased by 6.2% compared to an increase of 2.4% during the three months ended December 31, 2023. We continued to improve the gross yield to expected loss ratio for all new, former and refinance customer originations and will continue to monitor performance indicators and intend to adjust underwriting accordingly.

Net income for the three months ended December 31, 2024 decreased to $13.4 million, a 19.7% decrease from net income of $16.7 million for the same period of the prior year. Operating income, which is revenue less provision for credit losses and general and administrative expenses, decreased by $3.9 million, or 12.5%, compared to the same period of the prior year.

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Revenues for the three months ended December 31, 2024 increased by $0.9 million, or 0.6%, to $138.6 million from $137.7 million for the same period of the prior year. Interest and fee income for the three months ended December 31, 2024 increased by $3.7 million, or 3.1%, from the same period of the prior year mostly due to an increase in interest yields.

Insurance and other income for the three months ended December 31, 2024 decreased by $2.8 million, or 14.9%, from the same period of the prior year. Insurance income decreased by approximately $2.0 million, or 14.1%, during the three months ended December 31, 2024 when compared to the three months ended December 31, 2023. Insurance commissions decreased primarily due to a decrease in loans where our insurance products are available to our customer. The large loan portfolio decreased from 55.2% of the overall portfolio as of December 31, 2023, to 48.2% as of December 31, 2024. Other income decreased by $0.8 million primarily due to lower motor club sales driven by fewer large loan customers.

The provision for credit losses increased $3.5 million, or 8.5%, to $44.1 million from $40.6 million when comparing the third quarter of fiscal 2025 to the third quarter of fiscal 2024. The table below itemizes the key components of the CECL allowance and provision impact during the quarter.


CECL Allowance and Provision (Dollars in millions)	Q3 FY 2025	Q3 FY 2024	Difference	Reconciliation
Beginning Allowance - September 30	$114.4	$128.9	$(14.5)
Change due to Growth	$7.6	$2.0	$5.6	$5.6
Change due to Expected Loss Rate on Performing Loans	$(5.6)	$(10.0)	$4.4	$4.4
Change due to 90 day past due	$(0.3)	$0.2	$(0.5)	$(0.5)
Ending Allowance - December 31	$116.1	$121.1	$(5.0)	$9.5
Net Charge-offs	$42.4	$48.4	$(6.0)	$(6.0)
Provision	$44.1	$40.6	$3.5	$3.5
Note: The change in allowance for the quarter plus net charge-offs for the quarter equals the provision for the quarter (see above reconciliation).

The provision was negatively impacted by loan growth and a smaller decrease in expected loss rates during the quarter. Specifically, expected loss rates were negatively impacted by an increase in our 0-5 month customers, our riskiest customers, as a percentage of the portfolio during the current quarter.

Net charge-offs for the quarter decreased $6.0 million, from $48.4 million in the third quarter of fiscal 2024 to $42.4 million in the third quarter of fiscal 2025. Net charge-offs as a percentage of average net loan receivables on an annualized basis decreased from 19.1% in the third quarter of fiscal 2024 to 17.2% in the third quarter of fiscal 2025.

The Company's allowance for credit losses as a percentage of net loans was 11.4% at December 31, 2024 compared to 11.8% at December 31, 2023. Accounts that were 61 days or more past due on a recency basis decreased to 5.7% at December 31, 2024 compared to 5.8% at December 31, 2023.

We experienced an improvement in recency delinquency on accounts at least 90 days past due, improving from 3.7% at December 31, 2023, to 3.4% at December 31, 2024.

G&A expenses for the three months ended December 31, 2024 increased by $1.3 million, or 2.0%, from the corresponding period of the previous year. As a percentage of revenues, G&A expenses increased from 47.8% during the three months ended December 31, 2023 to 48.5% during the three months ended December 31, 2024. G&A expenses per average open branch increased by 3.3% when comparing the two three-month periods. The change in G&A expense is explained in greater detail below.

Personnel expense totaled $41.1 million for the three months ended December 31, 2024, a $1.2 million, or 3.0%, increase over the three months ended December 31, 2023. Salary expense increased approximately $0.4 million, or 1.1%, during the quarter ended December 31, 2024, compared to the quarter ended December 31, 2023. Our headcount as of December 31, 2024, decreased 3.1% compared to December 31, 2023. Benefit expense decreased approximately $0.7 million, or 8.8%, when comparing the quarterly periods ended December 31, 2024 and 2023. Incentive expense increased $1.9 million in the third quarter of fiscal 2025 compared to the third quarter of fiscal 2024. The increase in incentive expense is mostly due to an increase in bonuses paid.

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Occupancy and equipment expense totaled $12.3 million for the three months ended December 31, 2024, a $0.2 million, or 1.7%, increase over the three months ended December 31, 2023. Occupancy and equipment expense is generally a function of the number of branches the Company has open throughout the period.

Advertising expense increased $0.7 million, or 19.5%, in the third quarter of fiscal 2025 compared to the third quarter of fiscal 2024 due to increased spending on customer acquisition programs.

Amortization of intangible assets totaled $0.9 million for the three months ended December 31, 2024, a $0.1 million, or 10.7%, decrease over the three months ended December 31, 2023.

Other expense totaled $8.5 million for the three months ended December 31, 2024, a $0.7 million, or 7.5%, decrease over the three months ended December 31, 2023.

Interest expense for the three months ended December 31, 2024 decreased by $0.4 million, or 3.4%, from the corresponding three months of the previous year. The decrease in interest expense was due to a 5.8% decrease in the average debt outstanding from $567.1 million to $534.0 million and a 2.4% decrease in the effective interest rate from 8.6% to 8.4%. The Company’s debt-to-equity ratio decreased from 1.4:1 at December 31, 2023 to 1.3:1 at December 31, 2024. The Company repurchased and extinguished $15.6 million of its Notes, net of $0.1 million unamortized debt issuance costs related to the extinguished debt, on the open market for a reacquisition price of $15.6 million during the third quarter of fiscal 2025.

Other key return ratios for the three months ended December 31, 2024 included a 7.5% return on average assets and a return on average equity of 19.2% (both on a trailing 12-month basis), as compared to a 6.0% return on average assets and a return on average equity of 17.3% (both on a trailing 12-month basis) for the three months ended December 31, 2023.

The Company’s effective income tax rate increased to 16.4% for the three months ended December 31, 2024 compared to 14.6% for the corresponding period of the previous year. The increase is primarily due to the effects of provision to return adjustments treated as discrete items in the prior year quarter, which were partially offset by pretax book earnings relative to the effects of various permanent items including a decrease in the disallowed executive compensation under Section 162(m) and the recognition of additional HTCs when compared to the prior year.

Comparison of nine months ended December 31, 2024 versus nine months ended December 31, 2023

Gross loans outstanding decreased to $1.38 billion as of December 31, 2024, a 1.4% decrease from the $1.40 billion of gross loans outstanding as of December 31, 2023.

Net income for the nine months ended December 31, 2024 increased to $45.5 million from the $42.3 million net income reported for the same period of the prior year. Operating income, which is revenue less provision for credit losses and general and administrative expenses, decreased by $0.9 million, or 1.0%.

Revenues decreased by $14.4 million, or 3.5%, to $399.6 million during the nine months ended December 31, 2024 from $413.9 million for the same period of the prior year. The decrease was primarily due to a decrease in average net loans outstanding.

Interest and fee income for the nine months ended December 31, 2024 decreased by $4.8 million, or 1.4%, from the same period of the prior year. Net loans outstanding at December 31, 2024 decreased by 0.8% over the balance at December 31, 2023. Average net loans outstanding decreased by 5.3% for the nine months ended December 31, 2024 compared to the nine-month period ended December 31, 2023.

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Insurance commissions and other income for the nine months ended December 31, 2024 decreased by $9.6 million, or 15.6%, from the same period of the prior year. Insurance commissions decreased by approximately $8.3 million, or 18.1%, during the nine months ended December 31, 2024 when compared to the nine months ended December 31, 2023. Insurance commissions decreased primarily due to a decrease in loans where our insurance products are available to our customer. Other income decreased by $1.3 million. Sales of our motor club product decreased by $2.0 million as sales opportunities decreased with lower originations. This decrease was offset by a $0.8 million increase in revenue from the Company's tax preparation.

The provision for credit losses increased $8.5 million, or 6.7%, to $136.2 million from $127.7 million when comparing the first three quarters of fiscal 2025 to the first three quarters of fiscal 2024. Net charge-offs as a percentage of average net loans receivable on an annualized basis decreased from 17.4% in the first three quarters of fiscal 2024 to 17.1% in the first three quarters of fiscal 2025.

G&A expenses for the nine months ended December 31, 2024 decreased by $22.0 million, or 11.2%, from the corresponding period of the previous year. As a percentage of revenues, G&A expenses decreased from 47.6% during the first nine months of fiscal 2024 to 43.8% during the first nine months of fiscal 2025. G&A expenses per average open branch decreased by 10.1% when comparing the two nine-month periods. The change in G&A expense is explained in greater detail below.

Personnel expense totaled $99.8 million for the nine months ended December 31, 2024, a $20.3 million, or 16.9%, decrease over the nine months ended December 31, 2023. Salary expense decreased approximately $0.4 million, or 0.5%, when comparing the nine month periods ended December 31, 2024 and 2023. Our headcount as of December 31, 2024, decreased 3.1% compared to December 31, 2023. Benefit expense decreased approximately $2.7 million, or 10.7%, when comparing the nine month periods ended December 31, 2024 and 2023. Incentive expense decreased $16.2 million, mostly due to the $18.5 million reversal of the expense associated with the $20.45 Performance Shares during the second quarter of fiscal 2025.

Occupancy and equipment expense totaled $36.8 million for the nine months ended December 31, 2024, a $0.3 million, or 0.9%, decrease over the nine months ended December 31, 2023. Occupancy and equipment expense is generally a function of the number of branches the Company has open throughout the period.

Advertising expense totaled $8.9 million for the nine months ended December 31, 2024, a $0.2 million, or 2.4%, increase over the nine months ended December 31, 2023 due to increased spending on customer acquisition programs.

Amortization of intangible assets totaled $2.9 million for the nine months ended December 31, 2024, a $0.3 million, or 8.8%, decrease over the nine months ended December 31, 2023.

Other expense totaled $26.6 million for the nine months ended December 31, 2024, a $1.3 million, or 4.5% decrease over the nine months ended December 31, 2023.

Interest expense for the nine months ended December 31, 2024 decreased by $5.0 million, or 13.6%, from the corresponding nine months of the previous year. The decrease in interest expense was due to a 12.6% decrease in the average debt outstanding, from $581.0 million to $507.5 million. The Company repurchased and extinguished $49.3 million of its Notes, net of $0.4 million unamortized debt issuance costs related to the extinguished debt, on the open market for a reacquisition price of $48.1 million, during the nine months ended December 31, 2024.

Other key return ratios for the first nine months of fiscal 2025 included a 7.5% return on average assets and a return on average equity of 19.2% (both on a trailing 12-month basis), as compared to a 6.0% return on average assets and a return on average equity of 17.3% (both on a trailing 12-month basis) for the first nine months of fiscal 2024.

The Company’s effective income tax rate increased to 20.1% for the nine months ended December 31, 2024 compared to 19.9% for the corresponding period of the previous year. The effective tax rate remained substantially unchanged from the prior year with the slight increase related to provision adjustments recorded as discrete items in the prior year.

Regulatory Matters

CFPB Rulemaking Initiatives

On October 5, 2017, the CFPB issued a final rule (the "Rule") imposing limitations on (i) short-term consumer loans, (ii) longer-term consumer installment loans with balloon payments, and (iii) higher-rate consumer installment loans repayable by a payment authorization. The Rule originally required lenders originating short-term loans and longer-term balloon payment

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loans to evaluate whether each consumer has the ability to repay the loan along with current obligations and expenses (“ability to repay requirements”); however, the ability to repay requirements was rescinded in July 2020. The Rule also curtails repeated unsuccessful attempts to debit consumers’ accounts for short-term loans, balloon payment loans, and installment loans that involve a payment authorization and an annual percentage rate over 36% (“payment requirements”). Implementation of the Rule’s payment requirements may require changes to the Company’s practices and procedures for such loans, which could materially and adversely affect the Company’s ability to make such loans, the cost of making such loans, the Company’s ability to, or frequency with which it could, refinance any such loans, and the profitability of such loans.

In July 2020, the CFPB rescinded provisions of the Rule governing the ability to repay requirements. The payment requirements were scheduled to take effect in June 2022. However, on October 19, 2022, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit ruled, in Community Financial Services Association of America v. Consumer Financial Protection Bureau, that the funding mechanism for the CFPB violates the appropriations clause of the U.S. Constitution, and as a result, vacated the Rule. On October 3, 2023, the U.S. Supreme Court held oral argument to decide the constitutionality of the CFPB's funding mechanism. On May 16, 2024, the Supreme Court held that the funding mechanism for the CFPB complies with the appropriations clause of the U.S. Constitution, reversing the judgment of the Court of Appeals, and remanding the cause for further proceedings. In June 2024, the CFPB announced that the Rule would go into effect on March 30, 2025. Such regulatory changes could have effects beyond those currently contemplated that could further materially and adversely impact our business and operations. Unless rescinded or otherwise amended, the Company will have to comply with the Rule’s payment requirements if it continues to allow consumers to set up future recurring payments online for certain covered loans such that it meets the definition of having a “leveraged payment mechanism” under the Rule. If the payment provisions of the Rule apply, the Company will have to modify its loan payment procedures to comply with the required notices and mandated timeframes set forth in the final rule.

The CFPB also has stated that it expects to conduct separate rulemaking to identify larger participants in the installment lending market for purposes of its supervision program. This initiative was classified as “inactive” on the CFPB’s Spring 2018 rulemaking agenda and has remained inactive since, but the CFPB indicated that such action was not a decision on the merits. Though the likelihood and timing of any such rulemaking is uncertain, the Company believes that the implementation of such rules would likely bring the Company’s business under the CFPB’s supervisory authority which, among other things, would subject the Company to reporting obligations to, and on-site compliance examinations by, the CFPB. In addition, even in the absence of a “larger participant” rule, the CFPB has the power to order individual nonbank financial institutions to submit to supervision where the CFPB has reasonable cause to determine that the institution is engaged in “conduct that poses risks to consumers” under 12 USC 5514(a)(1)(C). In 2022, the CFPB announced that it had begun using this “dormant authority” to examine nonbank entities and the CFPB is attempting to expand the number of nonbank entities it currently supervises. Specifically, the CFPB previously notified the Company that it was seeking to establish such supervisory authority over the Company. Since then, the CFPB issued a public designation order setting forth its determination that the Company has met the legal requirements for supervision (the "Order"). Pursuant to the terms of the Order, the CFPB has supervisory authority over the Company pursuant to section 1024(a)(1)(C) of the Consumer Financial Protection Act of 2010 until such time as the Order is terminated consistent with 12 C.F.R. 1091.113. Importantly, while the Order establishes that the CFPB has supervisory authority over the Company, it does not constitute a finding that the Company has engaged in wrongdoing, nor does it require any immediate action on the part of the Company. However, the outcome of such supervision could result in operational changes which could reduce our ability to operate profitably or increase compliance costs. The supervision could also result in additional examinations, investigations, litigation, consent orders or administrative proceedings, which could require considerable resources, time, effort and attention from our management, and may result in operational changes, monetary penalties or declines in our stock price.

See Part I, Item 1, “Business Government Regulation Federal legislation,” for a further discussion of these matters and the federal regulations to which the Company’s operations are subject and Part I, Item 1A, “Risk Factors,” in each case, in the Company’s fiscal 2024 Annual Report for more information regarding these regulatory and related risks.

Liquidity and Capital Resources

The Company has historically financed and continues to finance its operations, acquisitions and branch expansion primarily through a combination of cash flows from operations and borrowings from its institutional lenders. As discussed below, the Company has also issued debt securities to finance its operations and repay a portion of its outstanding indebtedness. The Company has generally applied its cash flows from operations to fund its loan volume, fund acquisitions, repay long-term indebtedness, and repurchase its common stock. Net cash provided by operating activities for the nine months ended December 31, 2024 was $163.2 million.

The Company believes that attractive opportunities to acquire new branches or receivables from its competitors or to acquire branches in communities not currently served by the Company will continue to become available as conditions in local economies and the financial circumstances of owners change.

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On September 27, 2021, we issued $300 million in aggregate principal amount of 7.0% senior notes due November 2026. The Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act. The Notes are unconditionally guaranteed, jointly and severally, on a senior unsecured basis by all of the Company’s existing and certain of its future subsidiaries that guarantee the revolving credit facility. Interest on the Notes is payable semi-annually in arrears on May 1 and November 1 of each year, commencing May 1, 2022. At any time prior to November 1, 2023, the Company could have redeemed the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount plus a make-whole premium, as described in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. At any time on or after November 1, 2023, the Company may redeem the Notes at redemption prices set forth in the indenture, plus accrued and unpaid interest, if any, to, but not including, the date of redemption. In addition, at any time prior to November 1, 2023, the Company could have used the proceeds of certain equity offerings to redeem up to 40% of the aggregate principal amount of the Notes issued under the indenture at a redemption price equal to 107.0% of the principal amount of Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the date of redemption.

We used the net proceeds from this offering to repay a portion of the outstanding indebtedness under our revolving credit facility and for general corporate purposes.

The Company recognized a $50.0 thousand loss and a $0.5 million gain on extinguishment during the three months ended December 31, 2024 and 2023, respectively. For each of the nine months ended December 31, 2024 and 2023, the Company recognized a $1.2 million gain on extinguishment. In accordance with ASC 470, the Company recognized the gain and loss on extinguishments as a component of interest expense in the Company's Consolidated Statements of Operations.

The Company continues to believe stock repurchases are a viable component of the Company’s long-term financial strategy and an excellent use of excess cash when the opportunity arises. However, our revolving credit facility and the Notes limit share repurchases to up to 50% of consolidated adjusted net income for the period commencing January 1, 2019. As of December 31, 2024, subject to further approval from our Board of Directors, we could repurchase approximately $32.2 million of shares under the terms of our debt facilities (subject to further board approval). Additional share repurchases can be made subject to compliance with, among other things, applicable restricted payment covenants under the revolving credit facility and the Notes.

The Company has a revolving credit facility with a syndicate of banks. The revolving credit facility provides for revolving borrowings of up to the lesser of (a) the aggregate commitments under the facility and (b) a borrowing base, and it includes $725.8 thousand in outstanding standby letters of credit.

Subject to a borrowing base formula, the Company may borrow at the rate of one month SOFR plus 0.10% and an applicable margin of 3.5% with a minimum rate of 4.5%. At December 31, 2024, the aggregate commitments under the revolving credit facility were $580.0 million. The Company had $725.8 thousand in outstanding standby letters of credit which include (i) $300.0 thousand related to worker's compensation expiring on December 31, 2025 and (ii) $425.8 thousand related to the Company's investment in captive insurance expiring on April 12, 2025. Both letters of credit automatically extend for one year on their expiration dates. The borrowing base limitation is equal to the product of (a) the Company’s eligible finance receivables, less unearned finance charges, insurance premiums and insurance commissions applicable to such eligible finance receivables, and (b) an advance rate percentage that ranges from 70% to 80% based on a collateral performance indicator, as more completely described below. Further, under the amended and restated revolving credit agreement, the administrative agent has the right to set aside reasonable reserves against the available borrowing base in such amounts as it may deem appropriate, including, without limitation, reserves with respect to certain regulatory events or any increased operational, legal, or regulatory risk of the Company and its subsidiaries.

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For the nine months ended December 31, 2024 and fiscal year ended March 31, 2024, the Company’s effective interest rate, including the commitment fee and amortization of debt issuance costs, as it relates to the revolving credit facility was 9.7% annualized and 9.9%, respectively. At December 31, 2024, the unused amount available under the revolving credit facility was $243.3 million. Borrowings under the revolving credit facility mature on June 7, 2026.

The Company’s obligations under the revolving credit facility, together with treasury management and hedging obligations owing to any lender under the revolving credit facility or any affiliate of any such lender, are required to be guaranteed by each of the Company’s wholly-owned domestic subsidiaries. The obligations of the Company and the subsidiary guarantors under the revolving credit facility, together with such treasury management and hedging obligations, are secured by a first-priority security interest in substantially all assets of the Company and the subsidiary guarantors.

The agreement governing the Company’s revolving credit facility contains affirmative and negative covenants, including covenants that restrict the ability of the Company and its subsidiaries to, among other things, incur or guarantee indebtedness, incur liens, pay dividends and repurchase or redeem capital stock, dispose of assets, engage in mergers and consolidations, make acquisitions or other investments, redeem or prepay subordinated debt, amend subordinated debt documents, make changes in the nature of its business, and engage in transactions with affiliates. The agreement allows the Company to incur subordinated debt that matures after the termination date for the revolving credit facility and that contains specified subordination terms, subject to limitations on amount imposed by the financial covenants under the agreement. The agreement's financial covenants include (i) a minimum consolidated net worth of $325 million on and after December 31, 2020; (ii) a maximum ratio of total debt to consolidated adjusted net worth of 2.25 to 1.0 for the fiscal quarter ended December 31, 2023 and each fiscal quarter thereafter; (iii) a maximum collateral performance indicator of 26.0% as of the end of each calendar month; and (iv) a minimum fixed charges coverage ratio of 2.0 to 1.0 for the fiscal quarters ending December 31, 2023 through December 31, 2024, and 2.25 to 1.0 for each fiscal quarter thereafter, where the ratio for the most recent four consecutive fiscal quarters (other than for the fiscal quarter ended September 30, 2023) must be at least 2.0 to 1.0, in order for the Company to declare dividends or purchase any class or series of its capital stock or other equity.

The Company was in compliance with these covenants at December 31, 2024 and does not believe that these covenants will materially limit its business and expansion strategy.

As of December 31, 2024, the Company's debt outstanding was $559.9 million, net of $1.4 million unamortized debt issuance costs related to the unsecured senior notes payable, and its shareholders' equity was $428.2 million resulting in a debt-to-equity ratio of 1.3:1.0. Management will continue to monitor the Company's debt-to-equity ratio and is committed to maintaining a debt level that will allow the Company to continue to execute its business objectives, while not putting undue stress on its consolidated balance sheet.

The Company believes that cash flow from operations and borrowings under its revolving credit facility or other sources will be adequate to fund the expected cost of opening or acquiring new branches, including funding initial operating losses of new branches and funding loans receivable originated by those branches and the Company's other branches (for the next 12 months and for the foreseeable future beyond that). Except as otherwise discussed in (i) this report including, but not limited to, any discussions in Part II, Item 1A, "Risk Factors" in this Quarterly Report on Form 10-Q and (ii) Part I, Item 1A, "Risk Factors" in the Company's fiscal 2024 Annual Report (as supplemented by any subsequent disclosures in information the Company files with or furnishes to the SEC from time to time), management is not currently aware of any trends, demands, commitments, events or uncertainties that it believes will or could result in, or are or could be reasonably likely to result in, any material adverse effect on the Company’s liquidity.

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Share Repurchase Program

On May 15, 2024, the Board of Directors authorized the Company to repurchase up to $20.0 million of the Company’s outstanding common stock, inclusive of the amount that remained available for repurchase under prior repurchase authorizations. As of December 31, 2024, the Company had $9.0 million in aggregate remaining repurchase capacity under its current share repurchase program. The timing and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements, available funds, alternative uses of capital, restrictions under the revolving credit agreement, and other market and economic conditions. The Company’s stock repurchase program may be suspended or discontinued at any time.

The Company continues to believe stock repurchases are a viable component of the Company’s long-term financial strategy and an excellent use of excess cash when the opportunity arises. Additional share repurchases can be made subject to compliance with, among other things, applicable restricted payment covenants under the revolving credit facility and the Notes. Our first priority is to ensure we have enough capital to fund loan growth. As of December 31, 2024, subject to further approval from our Board of Directors, we could repurchase approximately $32.2 million of shares under the terms of our debt facilities (subject to further board approval). To the extent we have excess capital, we may repurchase stock, if appropriate and as authorized by our Board of Directors.

Inflation

The Company does not believe that inflation will have a materially adverse effect on its financial condition, unless changes in inflation are particularly severe and sudden in nature. Although inflation would increase the Company’s operating costs in absolute terms, the Company expects that the same decrease in the value of money would result in an increase in the size of loans demanded by its customer base. It is reasonable to anticipate that such a change in customer preference would result in an increase in total loans receivable and an increase in absolute revenue to be generated from that larger amount of loans receivable. The Company believes that this increase in absolute revenue should offset any increase in operating costs. In addition, because the Company’s loans have a relatively short contractual term and average life, it is unlikely that loans made at any given point in time will be repaid with significantly inflated dollars.

Quarterly Information and Seasonality

See Note 2 to the Consolidated Financial Statements.

Recently Adopted Accounting Pronouncements

There were no new accounting pronouncements recently adopted. See Note 2 to the Consolidated Financial Statements for information regarding recently issued accounting standards not yet adopted.

Critical Accounting Policies

The Company’s accounting and reporting policies are in accordance with GAAP and conform to general practices within the finance company industry. Certain accounting policies involve significant judgment by the Company’s management, including the use of estimates and assumptions which affect the reported amounts of assets, liabilities, revenue, and expenses. As a result, changes in these estimates and assumptions could significantly affect the Company’s financial position and results of operations. The Company considers its policies regarding the allowance for credit losses, share-based compensation and income taxes to be its most critical accounting policies due to the significant degree of management judgment involved.

Allowance for Credit Losses

Accounting policies related to the allowance for credit losses are considered to be critical as these policies involve considerable subjective judgement and estimation by management. In the case of loans, the allowance for credit losses is a contra-asset valuation account, calculated in accordance with ASC 326 that is deducted from the amortized cost basis of loans to present the net amount expected to be collected. The amount of the allowance account represents management’s best estimate of current expected credit losses on these financial instruments considering available information, from internal and external sources, relevant to assessing exposure to credit loss over the contractual term of the instrument. Relevant available information includes historical credit loss experience, current conditions, qualitative factors, and reasonable and supportable forecasts.

Share-Based Compensation

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The Company measures compensation cost for share-based awards at fair value and recognizes compensation over the service period for awards expected to vest. The fair value of restricted stock is based on the number of shares granted and the quoted price of the Company’s common stock at the time of grant, and the fair value of stock options is determined using the Black-Scholes valuation model. The Black-Scholes model requires the input of assumptions, including expected volatility, risk-free interest rate and expected life.

Income Taxes

Management uses certain assumptions and estimates in determining income taxes payable or refundable, deferred income tax liabilities and assets for events recognized differently in its financial statements and income tax returns, and income tax expense. Determining these amounts requires analysis of certain transactions and interpretation of tax laws and regulations. Management exercises considerable judgment in evaluating the amount and timing of recognition of the resulting income tax liabilities and assets. These judgments and estimates are re-evaluated on a periodic basis as regulatory and business factors change.

No assurance can be given that either the tax returns submitted by management or the income tax reported on the consolidated financial statements will not be adjusted by either adverse rulings, changes in the tax code, or assessments made by the IRS, state, or foreign taxing authorities. The Company is subject to potential adverse adjustments, including but not limited to: an increase in the statutory federal or state income tax rates, the permanent non-deductibility of amounts currently considered deductible either now or in future periods, and the dependency on the generation of future taxable income in order to ultimately realize deferred income tax assets.

Under FASB ASC Topic 740, the Company will include the current and deferred tax impact of its tax positions in the financial statements when it is more likely than not (likelihood of greater than 50%) that such positions will be sustained by taxing authorities, with full knowledge of relevant information, based on the technical merits of the tax position. While the Company supports its tax positions by unambiguous tax law, prior experience with the taxing authority, and analysis of what it considers to be all relevant facts, circumstances and regulations, management must still rely on assumptions and estimates to determine the overall likelihood of success and proper quantification of a given tax position.

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Item 3. Quantitative and Qualitative Disclosures about Market Risk

Interest Rate Risk

The Company’s outstanding debt under its revolving credit facility was $335.9 million at December 31, 2024. Interest on borrowings under this facility is based on the greater of 4.5% or one month SOFR plus 0.10% and an applicable margin of 3.5%. Based on the outstanding balance under the Company's revolving credit facility at December 31, 2024, a change of 1.0% in the interest rate would cause a change in interest expense of approximately $3.4 million on an annual basis.

Item 4. Controls and Procedures

Changes in Internal Control over Financial Reporting

There were no changes to our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Evaluation of Disclosure Controls and Procedures

Based on management’s evaluation, with the participation of our CEO and CFO, as of the end of the period covered by this report, our CEO and CFO have concluded that our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, are effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Our management is responsible for establishing and maintaining adequate “internal control over financial reporting,” as defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Our management, including the CEO and CFO do not expect that our internal controls will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

See Note 12 to the Consolidated Financial Statements included in this report for information regarding legal proceedings.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed in Part I, Item 1A of the Company's fiscal 2024 Annual Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

The Company's credit agreements contain certain limits on share repurchases. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources."

On May 15, 2024, the Board of Directors of the Company approved a share repurchase program authorizing the Company to repurchase up to $20.0 million of its outstanding common stock, inclusive of any amount that remains available for repurchase under prior repurchase authorizations. As of December 31, 2024 the Company had $9.0 million in aggregate remaining repurchase capacity under its current share repurchase program. The timing and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements, available funds, alternative uses of capital, restrictions under the revolving credit agreement, and other market and economic conditions. The Company’s stock repurchase program may be suspended or discontinued at any time.

The repurchase authorization does not have a stated expiration date. The following table details purchases of the Company's common stock, if any, made by the Company during the three months ended December 31, 2024:


	(a) Total number of shares purchased	(b) Average price paid per share		(c) Total number of shares purchased as part of publicly announced plans or programs	(d) Approximate dollar value of shares that may yet be purchased under the plans or programs
October 1 through October 31, 2024	—	$	—	—	$	10,001,742
November 1 through November 30, 2024	—	—		—	10,001,742
December 1 through December 31, 2024	9,465	110.5		9,465	8,955,896
Total for the quarter	9,465	$	110.50	9,465

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None of our officers or directors entered into, modified or terminated any “Rule 10b5-1 trading arrangements” or “non-Rule 10b5-1 trading arrangements” (each as defined in in Item 408(c) of Regulation S-K) during the quarter ended December 31, 2024.

Item 6. Exhibits

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Exhibit
Number

Exhibit Description

Filed
Herewith

Incorporated by Reference

Form or
Registration
Number

Exhibit

Filing
Date

3.01

Second Amended and Restated Articles of Incorporation of World Acceptance Corporation, as amended

S-8

3.1

07-29-03

3.02

Eighth Amended and Restated Bylaws of World Acceptance Corporation

10-Q

3.01

11-08-18

31.01

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

31.02

Rule 13a-14(a)/15d-14(a) Certification of Chief Financial and Strategy Officer

32.01

Section 1350 Certification of Chief Executive Officer

32.02

Section 1350 Certification of Chief Financial and Strategy Officer

101.01

The following materials from the Company's Quarterly Report for the fiscal quarter ended December 31, 2024, formatted in Inline XBRL:

(i)

Consolidated Balance Sheets as of December 31, 2024 and March 31, 2024;

(ii)

Consolidated Statements of Operations for the three and nine months ended December 31, 2024 and December 31, 2023;

(iii)

Consolidated Statements of Shareholders' Equity for the three and nine months ended December 31, 2024 and December 31, 2023;

(iv)

Consolidated Statements of Cash Flows for the nine months ended December 31, 2024 and December 31, 2023; and

(v)

Notes to the Consolidated Financial Statements.

104.01

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


*			Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

WORLD ACCEPTANCE CORPORATION

By: /s/ Scott McIntyre

Scott McIntyre

Senior Vice President of Accounting

Signing on behalf of the registrant and as principal accounting officer

Date:

February 6, 2025

EXHIBIT 31.01

CERTIFICATION

I, R. Chad Prashad, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of World Acceptance Corporation;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Dated:	February 6, 2025	/s/ R. Chad Prashad
		R. Chad Prashad
		President and Chief Executive Officer

EXHIBIT 31.02

CERTIFICATION

I, John L. Calmes, Jr., certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of World Acceptance Corporation;

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Dated:	February 6, 2025	/s/ John L. Calmes, Jr.
		John L. Calmes, Jr.
		Executive Vice President and Chief Financial and Strategy Officer

EXHIBIT 32.01

CERTIFICATION OF PERIODIC REPORT

I, R. Chad Prashad, President and Chief Executive Officer of World Acceptance Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to my knowledge:

(1)the Quarterly Report on Form 10-Q of the Company for the quarter ended December 31, 2024, (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated:	February 6, 2025	/s/ R. Chad Prashad
		R. Chad Prashad
		President and Chief Executive Officer

EXHIBIT 32.02

CERTIFICATION OF PERIODIC REPORT

I, John L. Calmes, Jr., Executive Vice President and Chief Financial and Strategy Officer of World Acceptance Corporation (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, that to my knowledge:

(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Dated:	February 6, 2025	/s/ John L. Calmes, Jr.
		John L. Calmes, Jr.
		Executive Vice President and Chief Financial and Strategy Officer

COVER - shares	9 Months Ended
COVER - shares	Dec. 31, 2024	Jan. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	000-19599
Entity Registrant Name	WORLD ACCEPTANCE CORP
Entity Incorporation, State or Country Code	SC
Entity Tax Identification Number	57-0425114
Entity Address, Address Line One	104 S Main Street
Entity Address, City or Town	Greenville,
Entity Address, State or Province	SC
Entity Address, Postal Zip Code	29601
City Area Code	(864)
Local Phone Number	298-9800
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	WRLD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,746,677
Entity Central Index Key	0000108385
Current Fiscal Year End Date	--03-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2024	Mar. 31, 2024
ASSETS
Cash and cash equivalents	$ 15,582,553	$ 11,839,460
Gross loans receivable	1,381,461,902	1,277,149,256
Less:
Unearned interest, insurance and fees	(361,444,148)	(326,746,136)
Allowance for credit losses	(116,110,946)	(102,962,811)
Loans receivable, net	903,906,808	847,440,309
Income taxes receivable	7,188,053	3,091,229
Operating lease right‐of‐use assets, net	78,856,773	79,501,238
Property and equipment, net	20,551,225	22,897,197
Deferred income taxes, net	31,967,282	30,942,844
Other assets, net	36,775,212	42,198,242
Goodwill	7,370,791	7,370,791
Intangible assets, net	8,301,486	11,069,733
Total assets	1,110,500,183	1,056,351,043
Liabilities:
Senior notes payable	335,949,020	223,419,132
Senior unsecured notes payable, net	223,910,142	272,609,632
Operating lease liability	81,207,297	81,920,865
Accounts payable and accrued expenses	41,263,775	53,974,198
Total liabilities	682,330,234	631,923,827
Commitments and contingencies
Shareholders' equity:
Preferred stock, no par value Authorized 5,000,000, no shares issued or outstanding	0	0
Common stock, no par value Authorized 95,000,000 shares; issued and outstanding 5,787,976 and 5,938,665 shares at December 31, 2024 and March 31, 2024, respectively	0	0
Additional paid-in capital	267,074,904	286,432,952
Retained earnings	161,095,045	137,994,264
Total shareholders' equity	428,169,949	424,427,216
Total liabilities and shareholders' equity	$ 1,110,500,183	$ 1,056,351,043

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Mar. 31, 2024
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	95,000,000	95,000,000
Common stock, shares issued (in shares)	5,787,976	5,938,665
Common stock, shares outstanding (in shares)	5,787,976	5,938,665

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenues:
Interest and fee income	$ 122,390,403	$ 118,665,105	$ 347,456,761	$ 352,237,133
Insurance and other income, net	16,242,350	19,084,282	52,112,762	61,711,366
Total revenues	138,632,753	137,749,387	399,569,523	413,948,499
Expenses:
Provision for credit losses	44,103,495	40,631,994	136,191,023	127,697,072
General and administrative expenses:
Personnel	41,074,877	39,890,187	99,804,998	120,119,638
Occupancy and equipment	12,293,093	12,090,198	36,793,516	37,138,444
Advertising	4,448,074	3,721,155	8,925,597	8,712,406
Amortization of intangible assets	938,026	1,050,926	2,902,848	3,182,805
Other	8,468,838	9,156,841	26,563,688	27,828,730
Total general and administrative expenses	67,222,908	65,909,307	174,990,647	196,982,023
Interest expense	11,293,874	11,689,924	31,520,066	36,475,411
Total expenses	122,620,277	118,231,225	342,701,736	361,154,506
Income before income taxes	16,012,476	19,518,162	56,867,787	52,793,993
Income tax expense	2,624,180	2,853,344	11,403,906	10,508,008
Net income	$ 13,388,296	$ 16,664,818	$ 45,463,881	$ 42,285,985
Net income per common share:
Basic (in dollars per share)	$ 2.46	$ 2.89	$ 8.32	$ 7.32
Diluted (in dollars per share)	$ 2.45	$ 2.84	$ 8.23	$ 7.17
Weighted average common shares outstanding:
Basic (in shares)	5,436,688	5,772,503	5,461,990	5,775,108
Diluted (in shares)	5,464,217	5,860,117	5,526,784	5,896,716

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings
Beginning balance (in shares) at Mar. 31, 2023		6,231,082
Beginning balances at Mar. 31, 2023	$ 385,226,737		$ 288,071,839	$ 97,154,898
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Proceeds from exercise of stock options (in shares)		22,847
Proceeds from exercise of stock options	2,018,412		2,018,412
Common stock repurchases (in shares)		(148,765)
Common stock repurchases	(17,291,997)			(17,291,997)
Stock-based compensation (reversal) related to restricted stock, net of cancellations (in shares)		31,865
Stock-based compensation (reversal) related to restricted stock, net of cancellations	(1,348,623)		(1,348,623)
Stock-based compensation related to stock options	(3,871,348)		(3,871,348)
Net income	42,285,985			42,285,985
Ending balance (in shares) at Dec. 31, 2023		6,073,299
Ending balances at Dec. 31, 2023	407,019,166		284,870,280	122,148,886
Beginning balance (in shares) at Sep. 30, 2023		6,246,818
Beginning balances at Sep. 30, 2023	410,022,795		287,246,730	122,776,065
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Proceeds from exercise of stock options (in shares)		11,104
Proceeds from exercise of stock options	948,441		948,441
Common stock repurchases (in shares)		(148,765)
Common stock repurchases	(17,291,997)			(17,291,997)
Stock-based compensation (reversal) related to restricted stock, net of cancellations (in shares)		35,858
Stock-based compensation (reversal) related to restricted stock, net of cancellations	(3,514,473)		(3,514,473)
Stock-based compensation related to stock options	189,582		189,582
Net income	16,664,818			16,664,818
Ending balance (in shares) at Dec. 31, 2023		6,073,299
Ending balances at Dec. 31, 2023	$ 407,019,166		284,870,280	122,148,886
Beginning balance (in shares) at Mar. 31, 2024	5,938,665	5,938,665
Beginning balances at Mar. 31, 2024	$ 424,427,216		286,432,952	137,994,264
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Proceeds from exercise of stock options (in shares)		20,310
Proceeds from exercise of stock options	1,881,436		1,881,436
Common stock repurchases (in shares)		(174,632)
Common stock repurchases	(22,363,100)			(22,363,100)
Stock-based compensation (reversal) related to restricted stock, net of cancellations (in shares)		3,633
Stock-based compensation (reversal) related to restricted stock, net of cancellations	(21,562,624)		(21,562,624)
Stock-based compensation related to stock options	323,140		323,140
Net income	$ 45,463,881			45,463,881
Ending balance (in shares) at Dec. 31, 2024	5,787,976	5,787,976
Ending balances at Dec. 31, 2024	$ 428,169,949		267,074,904	161,095,045
Beginning balance (in shares) at Sep. 30, 2024		5,769,530
Beginning balances at Sep. 30, 2024	417,463,754		268,746,030	148,717,724
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Proceeds from exercise of stock options (in shares)		5,324
Proceeds from exercise of stock options	424,420		424,420
Common stock repurchases (in shares)		(9,465)
Common stock repurchases	(1,010,975)			(1,010,975)
Stock-based compensation (reversal) related to restricted stock, net of cancellations (in shares)		22,587
Stock-based compensation (reversal) related to restricted stock, net of cancellations	(2,181,186)		(2,181,186)
Stock-based compensation related to stock options	85,640		85,640
Net income	$ 13,388,296			13,388,296
Ending balance (in shares) at Dec. 31, 2024	5,787,976	5,787,976
Ending balances at Dec. 31, 2024	$ 428,169,949		$ 267,074,904	$ 161,095,045

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of restricted common stock under stock option plan	$ 2,544,812	$ 2,823,774	$ 2,676,053	$ 2,823,774

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Cash flow from operating activities:
Net income	$ 13,388,296	$ 16,664,818	$ 45,463,881	$ 42,285,985
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of intangible assets	938,026	1,050,926	2,902,848	3,182,805
Accrued unearned interest			(4,437,733)	(4,225,244)
Amortization of deferred loan cost			10,461,809	10,285,733
Gain on extinguishment of senior unsecured notes payable			(1,160,067)	(1,162,581)
Amortization of debt issuance costs			999,688	1,338,352
Amortization of discount on loans acquired in an asset purchase			(380,232)	0
Provision for credit losses	44,103,495	40,631,994	136,191,023	127,697,072
Depreciation			4,799,367	4,937,169
Gain on sale of property and equipment			(78,011)	(95,621)
Deferred income tax expense (benefit)			(1,024,438)	4,674,792
Stock-based compensation (reversal) related to equity classified awards			(18,563,431)	(2,396,197)
Change in accounts:
Other assets, net			5,007,294	5,213,994
Income taxes receivable			(4,096,824)	(4,249,555)
Accounts payable and accrued expenses			(12,878,833)	(5,516,759)
Net cash provided by operating activities			163,206,341	181,969,945
Cash flows from investing activities:
Increase in loans receivable, net			(179,488,673)	(153,198,324)
Cash paid for acquisitions, primarily loans			(18,947,294)	0
Purchases of property and equipment			(2,814,437)	(4,419,445)
Proceeds from the sale of property and equipment			439,053	308,174
Net cash used in investing activities			(200,811,351)	(157,309,595)
Cash flow from financing activities:
Borrowings from senior notes payable			297,385,341	215,066,622
Payments on senior notes payable			(184,855,453)	(217,887,966)
Payments for extinguished senior unsecured notes payable			(48,148,250)	(6,978,717)
Payments for debt extinguishment costs			(12,500)	(20,625)
Debt issuance costs associated with senior notes payable			(31,728)	(475,716)
Proceeds from exercise of stock options			1,881,436	2,018,412
Payments for taxes related to net share settlement of equity awards			(2,676,053)	(2,823,774)
Repurchase of common stock			(22,194,690)	(17,291,997)
Net cash provided by (used in) financing activities			41,348,103	(28,393,761)
Net change in cash and cash equivalents			3,743,093	(3,733,411)
Cash and cash equivalents at beginning of period			11,839,460	16,508,935	$ 16,508,935
Cash and cash equivalents at end of period	$ 15,582,553	$ 12,775,524	15,582,553	12,775,524	$ 11,839,460
Supplemental Disclosures:
Interest paid during the period			36,476,307	41,233,947
Income taxes paid during the period			3,204,509	7,726,889
Excise tax on stock repurchases not paid during the period			$ 168,410	$ 0

BASIS OF PRESENTATION	9 Months Ended
BASIS OF PRESENTATION	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The consolidated financial statements of the Company at December 31, 2024 and 2023 and for the three and nine months then ended were prepared in accordance with the instructions for Form 10-Q and are unaudited; however, in the opinion of management, all adjustments (consisting only of items of a normal, recurring nature) necessary for a fair presentation of the financial position at December 31, 2024, and the results of operations and cash flows for the periods ended December 31, 2024 and 2023, have been included. The results for the interim periods are not necessarily indicative of the results that may be expected for the full year or any other interim period. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the reporting period. Actual results could differ from those estimates. The consolidated financial statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fiscal year ended March 31, 2024, included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2024, as filed with the SEC (the "fiscal 2024 Annual Report"). The Company applies the accounting policies contained in Note 1 to the Consolidated Financial Statements included in fiscal 2024 Annual Report. The Company believes that the disclosures are adequate to make the information presented not misleading.

SUMMARY OF SIGNIFICANT POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT POLICIES	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT POLICIES	SUMMARY OF SIGNIFICANT POLICIES Nature of Operations The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. The Company offers income tax return preparation services to its loan customers and other individuals. Seasonality The Company's loan volume and corresponding loans receivable follow seasonal trends. The Company's highest loan demand generally occurs from October through December, its third fiscal quarter. Loan demand is generally lowest and loan repayment highest from January to March, its fourth fiscal quarter. Loan volume and average balances remain relatively level during the remainder of the year. Consequently, the Company experiences significant seasonal fluctuations in its operating results and cash needs. Operating results for the Company's third fiscal quarter are generally lower than in other quarters, and operating results for its fourth fiscal quarter are generally higher than in other quarters. Loans receivable, net Loans receivable are carried at amortized cost, which is the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for credit losses. Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Net unamortized deferred origination costs were $6.6 million and $5.0 million as of December 31, 2024 and March 31, 2024, respectively. From time to time, the Company will sell charged off loans receivable, which are accounted for as a sale in accordance with ASC 860, Transfers and Servicing. See Note 4 to the Consolidated Financial Statements for further information. Allowance for credit losses Refer to Note 4 to the Consolidated Financial Statements for information regarding the Company's CECL allowance model and a description of the policies and methodology utilized. Reclassification From time to time, prior period amounts will be reclassified to conform to the current presentation. Such reclassifications have no impact on previously reported net income or shareholders' equity. Recently Issued Accounting Standards Not Yet Adopted Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to expand annual disclosures to 1) include specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold and 2) disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes. ASU 2023-09 also requires entities to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign, among other changes. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires additional disclosure, in the notes to financial statements, about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, which was clarified by ASU 2025-01, Clarifying the Effective Date. Early adoption is permitted. ASU 2024-03 should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures. We reviewed all other newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on the consolidated financial statements and related disclosures as a result of future adoption.

FAIR VALUE

9 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE

Fair Value Disclosures

Fair value measurements are grouped in three levels. The levels prioritize the inputs used to measure the fair value of the assets or liabilities. These levels are:

•Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 3 – Unobservable inputs for assets or liabilities reflecting the reporting entity’s own assumptions.

The carrying amounts and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and their level within the fair value hierarchy are summarized below.


		December 31, 2024				March 31, 2024
	Input Level	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
ASSETS
Cash and cash equivalents	1	$	15,582,553	$	15,582,553	$	11,839,460	$	11,839,460
Loans receivable, net	3	903,906,808		903,906,808		847,440,309		847,440,309

LIABILITIES
Senior unsecured notes payable, net	2	223,910,142		222,969,719		272,609,632		254,208,482
Senior notes payable	3	335,949,020		335,949,020		223,419,132		223,419,132

There were no significant assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2024 or March 31, 2024.

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

9 Months Ended

Dec. 31, 2024

Receivables [Abstract]

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES

The following is a summary of gross loans receivable by Customer Tenure as of:


Customer Tenure	December 31, 2024		March 31, 2024
0 to 5 months	$	120,206,225	$	73,699,568
6 to 17 months	83,792,574		69,616,739
18 to 35 months	119,019,301		140,340,728
36 to 59 months	152,290,291		181,399,293
60+ months	904,874,073		799,703,920

TALs	1,279,438		12,389,008
Total gross loans	$	1,381,461,902	$	1,277,149,256

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at December 31, 2024:



	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,191,801,595	$	53,796,457	$	5,232,034	$	246,907	$	5,097	$	4,612	$	1,251,086,702
30 - 60 days past due	45,078,425		5,587,931		771,319		88,677		5,498		12,712		51,544,562
61 - 90 days past due	27,968,712		3,192,929		387,807		46,475		5,912		518		31,602,353
91 or more days past due	38,928,934		6,353,121		611,384		52,719		2,689		—		45,948,847
Total	$	1,303,777,666	$	68,930,438	$	7,002,544	$	434,778	$	19,196	$	17,842	$	1,380,182,464

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	191,926	$	—	$	—	$	—	$	—	$	—	$	191,926
30 - 60 days past due	71,880		—		—		—		—		—		71,880
61 - 90 days past due	56,193		—		—		—		—		—		56,193
91 or more days past due	959,439		—		—		—		—		—		959,439
Total	$	1,279,438	$	—	$	—	$	—	$	—	$	—	$	1,279,438
Total gross loans													$	1,381,461,902

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2024:


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,094,896,350	$	61,853,967	$	4,807,924	$	109,050	$	25,850	$	1,371	$	1,161,694,512
30 - 60 days past due	34,034,537		4,600,615		610,649		10,856		14,076		5,429		39,276,162
61 - 90 days past due	21,874,701		2,154,561		200,117		17,493		204		—		24,247,076
91 or more days past due	34,560,868		4,600,040		364,386		6,151		5,617		5,436		39,542,498
Total	$	1,185,366,456	$	73,209,183	$	5,983,076	$	143,550	$	45,747	$	12,236	$	1,264,760,248

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	7,441,660	$	860	$	—	$	—	$	—	$	—	$	7,442,520
30 - 60 days past due	4,942,757		788		—		—		—		—		4,943,545
61 - 90 days past due	—		1,650		—		—		—		—		1,650
91 or more days past due	—		1,293		—		—		—		—		1,293
Total	$	12,384,417	$	4,591	$	—	$	—	$	—	$	—	$	12,389,008
Total gross loans													$	1,277,149,256

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at December 31, 2024:


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,179,892,149	$	47,643,195	$	4,032,753	$	130,939	$	—	$	—	$	1,231,699,036
30 - 60 days past due	46,938,294		4,289,434		347,554		10,189		—		4,836		51,590,307
61 - 90 days past due	30,851,070		3,357,138		300,261		20,307		205		—		34,528,981
91 or more days past due	46,096,156		13,640,670		2,321,974		273,343		18,991		13,006		62,364,140
Total	$	1,303,777,669	$	68,930,437	$	7,002,542	$	434,778	$	19,196	$	17,842	$	1,380,182,464

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	158,737	$	—	$	—	$	—	$	—	$	—	$	158,737
30 - 60 days past due	50,553		—		—		—		—		—		50,553
61 - 90 days past due	37,596		—		—		—		—		—		37,596
91 or more days past due	1,032,552		—		—		—		—		—		1,032,552
Total	$	1,279,438	$	—	$	—	$	—	$	—	$	—	$	1,279,438
Total gross loans													$	1,381,461,902

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2024:


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,079,720,968	$	54,770,231	$	3,681,104	$	39,921	$	10,484	$	1,371	$	1,138,224,079
30 - 60 days past due	37,475,784		3,388,380		288,576		1,064		—		—		41,153,804
61 - 90 days past due	26,191,269		2,903,253		208,172		3,430		204		—		29,306,328
91 or more days past due	41,978,436		12,147,320		1,805,223		99,134		35,059		10,865		56,076,037
Total	$	1,185,366,457	$	73,209,184	$	5,983,075	$	143,549	$	45,747	$	12,236	$	1,264,760,248

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	7,441,661	$	—	$	—	$	—	$	—	$	—	$	7,441,661
30 - 60 days past due	4,942,757		—		—		—		—		—		4,942,757
61 - 90 days past due	—		—		—		—		—		—		—
91 or more days past due	—		4,590		—		—		—		—		4,590
Total	$	12,384,418	$	4,590	$	—	$	—	$	—	$	—	$	12,389,008
Total gross loans													$	1,277,149,256

The following table provides a breakdown of the Company’s gross charge-offs by fiscal year of origination for the three and nine months ended December 31, 2024:


	Three months ended December 31,						Nine months ended December 31,
	Gross Charge-offs by Origination						Gross Charge-offs by Origination
Origination Year	Loans		TALs		Total		Loans		TALs		Total
2020 and prior	$	—	$	—	$	—	$	24,919	$	—	$	24,919
2021	2,675		—		2,675		26,161		—		26,161
2022	148,994		—		148,994		708,565		—		708,565
2023	1,463,591		—		1,463,591		8,571,378		175		8,571,553
2024	23,325,438		651,498		23,976,936		103,377,399		2,814,391		106,191,790
2025	23,230,774		—		23,230,774		23,867,489		—		23,867,489
Total	$	48,171,472	$	651,498	$	48,822,970	$	136,575,911	$	2,814,566	$	139,390,477

The following table provides a breakdown of the Company’s gross charge-offs by fiscal year of origination for the three and nine months ended December 31, 2023:


	Three months ended December 31,						Nine months ended December 31,
	Gross Charge-offs by Origination						Gross Charge-offs by Origination
Origination Year	Loans		TALs		Total		Loans		TALs		Total
2019 and prior	$	1,958	$	—	$	1,958	$	11,385	$	—	$	11,385
2020	3,909		—		3,909		33,560		—		33,560
2021	44,632		—		44,632		275,558		—		275,558
2022	1,660,567		188		1,660,755		10,243,978		5,197		10,249,175
2023	28,683,289		118,287		28,801,576		120,931,950		1,260,273		122,192,223
2024	24,222,152		—		24,222,152		24,466,713		—		24,466,713
Total	$	54,616,507	$	118,475	$	54,734,982	$	155,963,144	$	1,265,470	$	157,228,614

In determining the allowance for credit losses, the Company examined four borrower risk metrics as noted below.

1.Borrower type

2.Active months

3.Prior loan performance

4.Customer Tenure

To determine how well each metric predicts default risk the Company used loss rate data over an observation period of twelve months at the loan level.

1.0 to 5 months

2.6 to 17 months

3.18 to 35 months

4.36 to 59 months

5.60+ months

Management will continue to monitor this credit metric on a quarterly basis.

The following table presents a roll forward of the allowance for credit losses for the three and nine months ended December 31, 2024 and 2023:


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023
Beginning balance	$	114,455,495	$	128,892,192	$	102,962,811	$	125,552,733

Provision for credit losses	44,103,495		40,631,994		136,191,023		127,697,072
Charge-offs	(48,822,970)		(54,734,982)		(139,390,477)		(157,228,614)
Recoveries1	6,374,926		6,292,864		16,347,589		25,060,877
Net charge-offs	(42,448,044)		(48,442,118)		(123,042,888)		(132,167,737)
Ending Balance	$	116,110,946	$	121,082,068	$	116,110,946	$	121,082,068

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at December 31, 2024:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	97,729,708	$	8,178,732	$	5,850,084	$	8,447,701	$	22,476,517	$	120,206,225
6 to 17 months	71,894,285		4,123,710		2,957,998		4,816,581		11,898,289		83,792,574
18 to 35 months	104,818,028		5,232,991		3,486,649		5,481,633		14,201,273		119,019,301
36 to 59 months	135,845,513		6,391,258		3,906,289		6,147,231		16,444,778		152,290,291
60+ months	840,799,168		27,617,871		15,401,333		21,055,701		64,074,905		904,874,073

TALs	191,926		71,880		56,193		959,439		1,087,512		1,279,438
Total gross loans	1,251,278,628		51,616,442		31,658,546		46,908,286		130,183,274		1,381,461,902
Unearned interest, insurance and fees	(331,428,164)		(9,525,813)		(8,350,208)		(12,139,963)		(30,015,984)		(361,444,148)
Total net loans	$	919,850,464	$	42,090,629	$	23,308,338	$	34,768,323	$	100,167,290	$	1,020,017,754

Percentage of period-end gross loans receivable			3.7%		2.3%		3.4%		9.4%

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2024:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	56,802,704	$	4,720,149		$	4,496,518		$	7,680,197		$	16,896,864		$	73,699,568
6 to 17 months	60,634,735		3,155,423			2,075,608			3,750,973			8,982,004			69,616,739
18 to 35 months	126,843,010		5,057,256			3,224,662			5,215,800			13,497,718			140,340,728
36 to 59 months	165,694,013		6,159,335			3,519,743			6,026,202			15,705,280			181,399,293
60+ months	751,720,050		20,183,999			10,930,545			16,869,326			47,983,870			799,703,920

TALs	7,442,520		4,943,545			1,650			1,293			4,946,488			12,389,008
Total gross loans	1,169,137,032		44,219,707			24,248,726			39,543,791			108,012,224			1,277,149,256
Unearned interest, insurance and fees	(301,616,958)		(7,677,494)			(6,674,554)			(10,777,130)			(25,129,178)			(326,746,136)
Total net loans	$	867,520,074	$	36,542,213		$	17,574,172		$	28,766,661		$	82,883,046		$	950,403,120

Percentage of period-end gross loans receivable			3.5		%	1.9		%	3.1		%	8.5		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at December 31, 2024:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due			Total Loans
0 to 5 months	$	97,003,231	$	8,063,335	$	5,874,364	$	9,265,295	$	23,202,994		$	120,206,225
6 to 17 months	70,860,586		4,036,915		2,987,142		5,907,931		12,931,988			83,792,574
18 to 35 months	102,558,371		5,188,437		3,806,830		7,465,663		16,460,930			119,019,301
36 to 59 months	133,059,756		6,150,175		4,191,450		8,888,910		19,230,535			152,290,291
60+ months	828,217,092		28,151,445		17,669,195		30,836,341		76,656,981			904,874,073

TALs	158,737		50,553		37,596		1,032,552		1,120,701			1,279,438
Total gross loans	1,231,857,773		51,640,860		34,566,577		63,396,692		149,604,129			1,381,461,902
Unearned interest, insurance and fees	(327,330,320)		(8,969,250)		(9,101,669)		(16,042,909)		(34,113,828)			(361,444,148)
Total net loans	$	904,527,453	$	42,671,610	$	25,464,908	$	47,353,783	$	115,490,301		$	1,020,017,754

Percentage of period-end gross loans receivable			3.7%		2.5%		4.6%		10.8		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2024:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	55,572,691	$	4,645,860		$	4,784,273		$	8,696,744		$	18,126,877		$	73,699,568
6 to 17 months	58,920,283		2,990,455			2,364,202			5,341,799			10,696,456			69,616,739
18 to 35 months	123,878,546		5,246,778			3,813,284			7,402,120			16,462,182			140,340,728
36 to 59 months	161,614,270		6,388,791			4,435,367			8,960,865			19,785,023			181,399,293
60+ months	738,238,289		21,881,920			13,909,202			25,674,509			61,465,631			799,703,920

TALs	7,441,661		4,942,757			—			4,590			4,947,347			12,389,008
Total gross loans	1,145,665,740		46,096,561			29,306,328			56,080,627			131,483,516			1,277,149,256
Unearned interest, insurance and fees	(296,584,056)		(7,544,366)			(7,936,622)			(14,681,092)			(30,162,080)			(326,746,136)
Total net loans	$	849,081,684	$	38,552,195		$	21,369,706		$	41,399,535		$	101,321,436		$	950,403,120

Percentage of period-end gross loans receivable			3.6		%	2.3		%	4.4		%	10.3		%

The following table presents unpaid accrued interest reversed against interest income by Customer Tenure for the three and nine months ended December 31, 2024 and 2023:


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023
Customer Tenure
0 to 5 months	$	(1,513,556)	$	(1,364,409)	$	(3,943,143)	$	(3,910,003)
6 to 17 months	(802,513)		(779,642)		(2,201,034)		(2,653,697)
18 to 35 months	(789,715)		(949,250)		(2,378,004)		(2,612,375)
36 to 59 months	(829,641)		(1,068,613)		(2,553,282)		(3,214,245)
60+ months	(3,227,592)		(2,828,677)		(8,869,807)		(7,977,412)
Total	$	(7,163,017)	$	(6,990,591)	$	(19,945,270)	$	(20,367,732)


	Nonaccrual Loans Receivable
Customer Tenure	As of December 31, 2024		As of March 31, 2024		Interest Income Recognized for the three months ended December 31, 2024		Interest Income Recognized for the three months ended December 31, 2023		Interest Income Recognized for the nine months ended December 31, 2024		Interest Income Recognized for the nine months ended December 31, 2023
0 to 5 months	$	14,404,816	$	13,971,062	$	152,639	$	197,470	$	521,894	$	769,418
6 to 17 months	9,047,425		8,507,503		217,517		319,474		661,265		1,168,253
18 to 35 months	11,964,366		12,569,729		346,761		396,720		1,057,869		1,249,102
36 to 59 months	13,915,169		15,250,596		402,275		547,608		1,315,569		1,728,965
60+ months	51,333,978		45,091,589		1,507,229		1,497,757		4,463,586		4,785,842


Unearned interest, insurance and fees	(26,362,491)		(24,643,778)		—		—		—		—
Total	$	74,303,263	$	70,746,701	$	2,626,421	$	2,959,029	$	8,020,183	$	9,701,580

LEASES

9 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASES

Accounting Policies and Matters Requiring Management's Judgment

Periodic Disclosures

As of December 31, 2024 and 2023, the Company had no finance leases.

The following table reports information about the Company's lease cost for the three and nine months ended December 31, 2024 and 2023:


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023
Lease Cost



Operating lease cost	$	6,387,738	$	6,163,762	$	18,846,686	$	19,000,163

Variable lease cost	940,465		888,119		2,949,878		2,808,845

Total lease cost	$	7,328,203	$	7,051,881	$	21,796,564	$	21,809,008

The following table reports other information about the Company's leases for the three and nine months ended December 31, 2024 and 2023:


	Three months ended December 31,						Nine months ended December 31,
	2024			2023			2024			2023
Other Lease Information


Operating cash flows for amounts included in the measurement of lease liabilities — operating leases	$	6,301,091		$	6,265,527		$	18,884,883		$	18,965,468


Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,247,250		$	4,568,169		$	13,812,021		$	13,560,648

Weighted average remaining lease term — operating leases	6.5 years			6.9 years			6.5 years			6.9 years

Weighted-average discount rate — operating leases	6.8		%	6.3		%	6.8		%	6.3		%

The aggregate annual lease obligations as of December 31, 2024 are as follows:


	Operating Leases
Remainder of 2025	$	6,160,520
2026	22,367,057
2027	17,961,935
2028	14,520,255
2029	10,573,915
Thereafter	29,343,439
Total undiscounted lease liability	$	100,927,121
Imputed interest	19,719,824
Total discounted lease liability	$	81,207,297

The Company had no leases with related parties as of December 31, 2024 or March 31, 2024.

AVERAGE SHARE INFORMATION

9 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

AVERAGE SHARE INFORMATION

The following is a summary of the basic and diluted average common shares outstanding:


	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Basic:
Weighted average common shares outstanding (denominator)	5,436,688	5,772,503	5,461,990	5,775,108

Diluted:
Weighted average common shares outstanding	5,436,688	5,772,503	5,461,990	5,775,108
Dilutive potential common shares	27,529	87,614	64,794	121,608
Weighted average diluted shares outstanding (denominator)	5,464,217	5,860,117	5,526,784	5,896,716

STOCK-BASED COMPENSATION

9 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Stock Incentive Plans

2018 Long-term Incentive Program and Non-Employee Director Awards

The Performance Share performance targets are set forth below.


Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025			Restricted Stock Eligible for Vesting (Percentage of Award)
$16.35			40%
$20.45			60%


Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025			Options Eligible for Vesting (Percentage of Award)
$25.30			100%

2024 Long-term Incentive Program and Non-Employee Director Awards

Stock Options

Fair value was estimated at grant date using the weighted-average assumptions listed below:


	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023

Dividend yield	—%	—%	—%	—%
Expected volatility	59.53%	62.54%	59.53%	62.55%
Average risk-free rate	4.39%	4.70%	4.39%	4.69%
Expected life	4.5 years	4.6 years	4.5 years	4.6 years

Option activity for the nine months ended December 31, 2024 was as follows:


	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value

Options outstanding, beginning of period	267,947		$	105.77
Granted during period	38,661		111.68
Exercised during period	(20,310)		92.64
Forfeited during period	(8,212)		102.62
Expired during period	(1,549)		206.52
Options outstanding, end of period	276,537	2	$	107.09	5.1 years	$	2,850,363
Options exercisable, end of period	131,659		$	110.58	4.6 years	$	1,594,728


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023

Intrinsic value of options exercised	$	215,599	$	369,543	$	732,318	$	810,853
Tax benefit of options exercised	52,822		90,538		179,418		198,659

Restricted Stock

A summary of the status of the Company’s restricted stock as of December 31, 2024, and changes during the nine months ended December 31, 2024, are presented below:


	Shares	Weighted Average Fair Value at Grant Date

Outstanding at March 31, 2024	388,577	$	101.18
Granted during the period	71,186	111.64
Vested during the period	(62,577)	104.08
Forfeited during the period	(44,566)	100.37
Outstanding at December 31, 2024	352,620	$	102.88

Total Stock-Based Compensation


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023
Stock-based compensation related to equity classified awards:
Stock-based compensation (reversal) related to stock options3	$	85,640	$	189,582	$	323,140	$	(3,871,348)
Stock-based compensation (reversal) related to restricted stock4	363,626		(690,699)		(18,886,571)		1,475,151
Total stock-based compensation (reversal) related to equity classified awards	$	449,266	$	(501,117)	$	(18,563,431)	$	(2,396,197)

ACQUISITIONS

9 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITIONS

The following table sets forth the Company's acquisition activity for the nine months ended December 31, 2024 and 2023:


	Nine months ended December 31,
	2024		2023
Acquisitions:

Number of loan portfolios acquired through asset purchases	6		—


Purchase price	$	18,947,294	$	—

Tangible assets:
Loans receivable, net	18,812,693		—



Purchase price amount over carrying value of net tangible assets	$	134,601	$	—

Customer lists	$	127,995	$	—
Non-compete agreements	$	6,606	$	—

Furniture and equipment are valued at the specific purchase price as agreed to by both parties at the time of acquisition, which management believes approximates their fair values.

Non-compete agreements are valued at the stated amount paid to the other party for these agreements, which the Company believes approximates their fair values.

Customer lists are valued with a valuation model that utilizes the Company’s historical data to estimate the value of any acquired customer lists.

INTANGIBLE ASSETS

9 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets:


	December 31, 2024						March 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Intangible Asset		Gross Carrying Amount		Accumulated Amortization		Net Intangible Asset
Customer lists	$	55,858,615	$	(47,593,700)	$	8,264,915	$	55,730,620	$	(44,796,996)	$	10,933,624
Non-compete agreements	10,534,749		(10,498,178)		36,571		10,528,143		(10,392,034)		136,109
Total	$	66,393,364	$	(58,091,878)	$	8,301,486	$	66,258,763	$	(55,189,030)	$	11,069,733

DEBT

9 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

DEBT

Senior Notes Payable; Revolving Credit Facility

Substantially all of the Company’s assets are pledged as collateral for borrowings under the revolving credit agreement.

Senior Unsecured Notes Payable

We used the net proceeds from this offering to repay a portion of the outstanding indebtedness under our revolving credit facility and for general corporate purposes.

Debt Covenants

The Company was in compliance with these covenants at December 31, 2024 and does not believe that these covenants will materially limit its business and expansion strategy.

Debt Maturities

The aggregate annual maturities of the Company's debt arrangements for future fiscal years ended March 31 are as follows:


	Amount
Remainder of 2025	$	—
2026	—
2027	561,249,020
2028	—
2029	—
Thereafter	—
Total future debt payments	$	561,249,020

INCOME TAXES	9 Months Ended
INCOME TAXES	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES As of December 31, 2024 and March 31, 2024, the Company had $1.1 million of total gross unrecognized tax benefits including interest. Approximately $0.8 million represents the amount of net unrecognized tax benefits that are permanent in nature and, if recognized, would affect the annual effective tax rate. At December 31, 2024, approximately $0.4 million of gross unrecognized tax benefits are expected to be resolved during the next twelve months through the expiration of the statute of limitations and settlement with taxing authorities. The Company’s continuing practice is to recognize interest and penalties related to income tax matters in income tax expense. The Company had approximately $327.9 thousand accrued for gross interest as of December 31, 2024, and accrued $10.9 thousand during the nine months ended December 31, 2024. Investment in HTC was $18.7 million and $24.8 million as of December 31, 2024 and March 31, 2024, respectively, which is included as a component of Other assets, net in the Consolidated Balance Sheets. The Company recognized net amortization from these investments of $4.2 million and $1.2 million during the three months ended December 31, 2024 and 2023, respectively, and $12.4 million and $3.2 million during the nine months ended December 31, 2024 and 2023, respectively, in income tax expense. The Company recognized tax benefits from these investments of $4.3 million and $1.2 million for the three months ended December 31, 2024 and 2023, respectively, and $13.6 million and $3.6 million for the nine months ended December 31, 2024 and 2023, respectively, in income tax expense and in Income taxes payable in the Consolidated Statements of Cash Flows. The Company did not recognize any non-tax related activity or have any significant modifications in the investments during the current period. The Company is subject to U.S. income taxes, as well as taxes in various other state and local jurisdictions. With the exception of a few states, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2021, although carryforward attributes that were generated prior to 2021 may still be adjusted upon examination by the taxing authorities if they either have been or will be used in a future period. The Company’s effective income tax rate increased to 16.4% for the three months ended December 31, 2024 compared to 14.6% for the prior year quarter. The increase is primarily due to the effects of provision to return adjustments treated as discrete items in the prior year quarter, which were partially offset by pretax book earnings relative to the effects of various permanent items including a decrease in the disallowed executive compensation under Section 162(m) and the recognition of additional HTCs when compared to the prior year.

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES From time to time the Company is involved in litigation matters relating to claims arising out of its operations in the normal course of business. Estimating an amount or range of possible losses resulting from litigation, government actions and other legal proceedings is inherently difficult and requires an extensive degree of judgment, particularly where the matters involve indeterminate claims for monetary damages, may involve fines, penalties or damages that are discretionary in amount, involve a large number of claimants or significant discretion by regulatory authorities, represent a change in regulatory policy or interpretation, present novel legal theories, are in the early stages of the proceedings, are subject to appeal or could result in a change in business practices. In addition, because most legal proceedings are resolved over extended periods of time, potential losses are subject to change due to, among other things, new developments, changes in legal strategy, the outcome of intermediate procedural and substantive rulings and other parties’ settlement posture and their evaluation of the strength or weakness of their case against us. For these reasons, we are currently unable to predict the ultimate timing or outcome of, or reasonably estimate the possible losses or a range of possible losses resulting from, any currently pending claims. Based on information currently available, the Company does not believe that any reasonably possible losses arising from currently pending legal matters will be material to the Company’s results of operations or financial conditions. However, in light of the inherent uncertainties involved in such matters, an adverse outcome in one or more of these matters could materially and adversely affect the Company’s financial condition, results of operations or cash flows in any particular reporting period.

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Management is not aware of any significant events occurring subsequent to the balance sheet date that would have a material effect on the financial statements thereby requiring adjustment or disclosure.

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income	$ 13,388,296	$ 16,664,818	$ 45,463,881	$ 42,285,985

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT POLICIES (Policies)	Dec. 31, 2024
Accounting Policies [Abstract]
Nature of Operations	Nature of Operations The Company is a small-loan consumer finance company headquartered in Greenville, South Carolina that offers short-term small loans, medium-term larger loans, related credit insurance products and ancillary products and services to individuals who have limited access to other sources of consumer credit. The Company offers income tax return preparation services to its loan customers and other individuals.
Seasonality	Seasonality The Company's loan volume and corresponding loans receivable follow seasonal trends. The Company's highest loan demand generally occurs from October through December, its third fiscal quarter. Loan demand is generally lowest and loan repayment highest from January to March, its fourth fiscal quarter. Loan volume and average balances remain relatively level during the remainder of the year. Consequently, the Company experiences significant seasonal fluctuations in its operating results and cash needs. Operating results for the Company's third fiscal quarter are generally lower than in other quarters, and operating results for its fourth fiscal quarter are generally higher than in other quarters.
Loans receivable, net	Loans receivable, net Loans receivable are carried at amortized cost, which is the gross amount outstanding, reduced by unearned interest and insurance income, net of deferred origination fees and direct costs, and an allowance for credit losses. Fees received and direct costs incurred for the origination of loans are deferred and amortized to interest income over the contractual lives of the loans using the interest method. Unamortized amounts are recognized in income at the time that loans are refinanced or paid in full except for those refinancings that do not constitute a more than minor modification. Net unamortized deferred origination costs were $6.6 million and $5.0 million as of December 31, 2024 and March 31, 2024, respectively. From time to time, the Company will sell charged off loans receivable, which are accounted for as a sale in accordance with ASC 860, Transfers and Servicing. See Note 4 to the Consolidated Financial Statements for further information.
Allowance for credit losses	Allowance for credit losses Refer to Note 4 to the Consolidated Financial Statements for information regarding the Company's CECL allowance model and a description of the policies and methodology utilized.
Reclassification	Reclassification From time to time, prior period amounts will be reclassified to conform to the current presentation. Such reclassifications have no impact on previously reported net income or shareholders' equity
Recently Issued Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards Not Yet Adopted Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to expand annual disclosures to 1) include specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold and 2) disclose the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes. ASU 2023-09 also requires entities to disclose income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign, among other changes. The amendments are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures. Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires additional disclosure, in the notes to financial statements, about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, which was clarified by ASU 2025-01, Clarifying the Effective Date. Early adoption is permitted. ASU 2024-03 should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. Management is currently evaluating this ASU to determine its impact on the Company's consolidated financial statements and related disclosures. We reviewed all other newly issued accounting pronouncements and concluded that they are either not applicable to our business or are not expected to have a material effect on the consolidated financial statements and related disclosures as a result of future adoption.

FAIR VALUE (Tables)

9 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Financial Assets and Liabilities

The carrying amounts and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and their level within the fair value hierarchy are summarized below.


		December 31, 2024				March 31, 2024
	Input Level	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
ASSETS
Cash and cash equivalents	1	$	15,582,553	$	15,582,553	$	11,839,460	$	11,839,460
Loans receivable, net	3	903,906,808		903,906,808		847,440,309		847,440,309

LIABILITIES
Senior unsecured notes payable, net	2	223,910,142		222,969,719		272,609,632		254,208,482
Senior notes payable	3	335,949,020		335,949,020		223,419,132		223,419,132

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Tables)

9 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Gross Loans Receivable by Customer Tenure

The following is a summary of gross loans receivable by Customer Tenure as of:


Customer Tenure	December 31, 2024		March 31, 2024
0 to 5 months	$	120,206,225	$	73,699,568
6 to 17 months	83,792,574		69,616,739
18 to 35 months	119,019,301		140,340,728
36 to 59 months	152,290,291		181,399,293
60+ months	904,874,073		799,703,920

TALs	1,279,438		12,389,008
Total gross loans	$	1,381,461,902	$	1,277,149,256

The following table presents unpaid accrued interest reversed against interest income by Customer Tenure for the three and nine months ended December 31, 2024 and 2023:


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023
Customer Tenure
0 to 5 months	$	(1,513,556)	$	(1,364,409)	$	(3,943,143)	$	(3,910,003)
6 to 17 months	(802,513)		(779,642)		(2,201,034)		(2,653,697)
18 to 35 months	(789,715)		(949,250)		(2,378,004)		(2,612,375)
36 to 59 months	(829,641)		(1,068,613)		(2,553,282)		(3,214,245)
60+ months	(3,227,592)		(2,828,677)		(8,869,807)		(7,977,412)
Total	$	(7,163,017)	$	(6,990,591)	$	(19,945,270)	$	(20,367,732)

Schedule of Payment Performance on a Recency Basis

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at December 31, 2024:



	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,191,801,595	$	53,796,457	$	5,232,034	$	246,907	$	5,097	$	4,612	$	1,251,086,702
30 - 60 days past due	45,078,425		5,587,931		771,319		88,677		5,498		12,712		51,544,562
61 - 90 days past due	27,968,712		3,192,929		387,807		46,475		5,912		518		31,602,353
91 or more days past due	38,928,934		6,353,121		611,384		52,719		2,689		—		45,948,847
Total	$	1,303,777,666	$	68,930,438	$	7,002,544	$	434,778	$	19,196	$	17,842	$	1,380,182,464

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	191,926	$	—	$	—	$	—	$	—	$	—	$	191,926
30 - 60 days past due	71,880		—		—		—		—		—		71,880
61 - 90 days past due	56,193		—		—		—		—		—		56,193
91 or more days past due	959,439		—		—		—		—		—		959,439
Total	$	1,279,438	$	—	$	—	$	—	$	—	$	—	$	1,279,438
Total gross loans													$	1,381,461,902

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a recency basis and year of origination at March 31, 2024:


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,094,896,350	$	61,853,967	$	4,807,924	$	109,050	$	25,850	$	1,371	$	1,161,694,512
30 - 60 days past due	34,034,537		4,600,615		610,649		10,856		14,076		5,429		39,276,162
61 - 90 days past due	21,874,701		2,154,561		200,117		17,493		204		—		24,247,076
91 or more days past due	34,560,868		4,600,040		364,386		6,151		5,617		5,436		39,542,498
Total	$	1,185,366,456	$	73,209,183	$	5,983,076	$	143,550	$	45,747	$	12,236	$	1,264,760,248

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	7,441,660	$	860	$	—	$	—	$	—	$	—	$	7,442,520
30 - 60 days past due	4,942,757		788		—		—		—		—		4,943,545
61 - 90 days past due	—		1,650		—		—		—		—		1,650
91 or more days past due	—		1,293		—		—		—		—		1,293
Total	$	12,384,417	$	4,591	$	—	$	—	$	—	$	—	$	12,389,008
Total gross loans													$	1,277,149,256

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at December 31, 2024:


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,179,892,149	$	47,643,195	$	4,032,753	$	130,939	$	—	$	—	$	1,231,699,036
30 - 60 days past due	46,938,294		4,289,434		347,554		10,189		—		4,836		51,590,307
61 - 90 days past due	30,851,070		3,357,138		300,261		20,307		205		—		34,528,981
91 or more days past due	46,096,156		13,640,670		2,321,974		273,343		18,991		13,006		62,364,140
Total	$	1,303,777,669	$	68,930,437	$	7,002,542	$	434,778	$	19,196	$	17,842	$	1,380,182,464

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	158,737	$	—	$	—	$	—	$	—	$	—	$	158,737
30 - 60 days past due	50,553		—		—		—		—		—		50,553
61 - 90 days past due	37,596		—		—		—		—		—		37,596
91 or more days past due	1,032,552		—		—		—		—		—		1,032,552
Total	$	1,279,438	$	—	$	—	$	—	$	—	$	—	$	1,279,438
Total gross loans													$	1,381,461,902

The following table provides a breakdown of the Company’s gross loans receivable by current payment performance on a contractual basis and year of origination at March 31, 2024:


	Term Loans By Origination
Loans	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	1,079,720,968	$	54,770,231	$	3,681,104	$	39,921	$	10,484	$	1,371	$	1,138,224,079
30 - 60 days past due	37,475,784		3,388,380		288,576		1,064		—		—		41,153,804
61 - 90 days past due	26,191,269		2,903,253		208,172		3,430		204		—		29,306,328
91 or more days past due	41,978,436		12,147,320		1,805,223		99,134		35,059		10,865		56,076,037
Total	$	1,185,366,457	$	73,209,184	$	5,983,075	$	143,549	$	45,747	$	12,236	$	1,264,760,248

	Term Loans By Origination
TALs	Up to 1 Year Ago		Between 1 and 2 Years Ago		Between 2 and 3 Years Ago		Between 3 and 4 Years Ago		Between 4 and 5 Years Ago		More than 5 Years Ago		Total
Current	$	7,441,661	$	—	$	—	$	—	$	—	$	—	$	7,441,661
30 - 60 days past due	4,942,757		—		—		—		—		—		4,942,757
61 - 90 days past due	—		—		—		—		—		—		—
91 or more days past due	—		4,590		—		—		—		—		4,590
Total	$	12,384,418	$	4,590	$	—	$	—	$	—	$	—	$	12,389,008
Total gross loans													$	1,277,149,256

The following table provides a breakdown of the Company’s gross charge-offs by fiscal year of origination for the three and nine months ended December 31, 2024:


	Three months ended December 31,						Nine months ended December 31,
	Gross Charge-offs by Origination						Gross Charge-offs by Origination
Origination Year	Loans		TALs		Total		Loans		TALs		Total
2020 and prior	$	—	$	—	$	—	$	24,919	$	—	$	24,919
2021	2,675		—		2,675		26,161		—		26,161
2022	148,994		—		148,994		708,565		—		708,565
2023	1,463,591		—		1,463,591		8,571,378		175		8,571,553
2024	23,325,438		651,498		23,976,936		103,377,399		2,814,391		106,191,790
2025	23,230,774		—		23,230,774		23,867,489		—		23,867,489
Total	$	48,171,472	$	651,498	$	48,822,970	$	136,575,911	$	2,814,566	$	139,390,477

The following table provides a breakdown of the Company’s gross charge-offs by fiscal year of origination for the three and nine months ended December 31, 2023:


	Three months ended December 31,						Nine months ended December 31,
	Gross Charge-offs by Origination						Gross Charge-offs by Origination
Origination Year	Loans		TALs		Total		Loans		TALs		Total
2019 and prior	$	1,958	$	—	$	1,958	$	11,385	$	—	$	11,385
2020	3,909		—		3,909		33,560		—		33,560
2021	44,632		—		44,632		275,558		—		275,558
2022	1,660,567		188		1,660,755		10,243,978		5,197		10,249,175
2023	28,683,289		118,287		28,801,576		120,931,950		1,260,273		122,192,223
2024	24,222,152		—		24,222,152		24,466,713		—		24,466,713
Total	$	54,616,507	$	118,475	$	54,734,982	$	155,963,144	$	1,265,470	$	157,228,614

Summary of Changes in the Allowance for Loan Losses

The following table presents a roll forward of the allowance for credit losses for the three and nine months ended December 31, 2024 and 2023:


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023
Beginning balance	$	114,455,495	$	128,892,192	$	102,962,811	$	125,552,733

Provision for credit losses	44,103,495		40,631,994		136,191,023		127,697,072
Charge-offs	(48,822,970)		(54,734,982)		(139,390,477)		(157,228,614)
Recoveries1	6,374,926		6,292,864		16,347,589		25,060,877
Net charge-offs	(42,448,044)		(48,442,118)		(123,042,888)		(132,167,737)
Ending Balance	$	116,110,946	$	121,082,068	$	116,110,946	$	121,082,068

Summary of the Past Due Receivables

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at December 31, 2024:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due		Total Loans
0 to 5 months	$	97,729,708	$	8,178,732	$	5,850,084	$	8,447,701	$	22,476,517	$	120,206,225
6 to 17 months	71,894,285		4,123,710		2,957,998		4,816,581		11,898,289		83,792,574
18 to 35 months	104,818,028		5,232,991		3,486,649		5,481,633		14,201,273		119,019,301
36 to 59 months	135,845,513		6,391,258		3,906,289		6,147,231		16,444,778		152,290,291
60+ months	840,799,168		27,617,871		15,401,333		21,055,701		64,074,905		904,874,073

TALs	191,926		71,880		56,193		959,439		1,087,512		1,279,438
Total gross loans	1,251,278,628		51,616,442		31,658,546		46,908,286		130,183,274		1,381,461,902
Unearned interest, insurance and fees	(331,428,164)		(9,525,813)		(8,350,208)		(12,139,963)		(30,015,984)		(361,444,148)
Total net loans	$	919,850,464	$	42,090,629	$	23,308,338	$	34,768,323	$	100,167,290	$	1,020,017,754

Percentage of period-end gross loans receivable			3.7%		2.3%		3.4%		9.4%

The following table is an aging analysis on a recency basis at amortized cost of the Company’s gross loans receivable at March 31, 2024:


			Days Past Due - Recency Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	56,802,704	$	4,720,149		$	4,496,518		$	7,680,197		$	16,896,864		$	73,699,568
6 to 17 months	60,634,735		3,155,423			2,075,608			3,750,973			8,982,004			69,616,739
18 to 35 months	126,843,010		5,057,256			3,224,662			5,215,800			13,497,718			140,340,728
36 to 59 months	165,694,013		6,159,335			3,519,743			6,026,202			15,705,280			181,399,293
60+ months	751,720,050		20,183,999			10,930,545			16,869,326			47,983,870			799,703,920

TALs	7,442,520		4,943,545			1,650			1,293			4,946,488			12,389,008
Total gross loans	1,169,137,032		44,219,707			24,248,726			39,543,791			108,012,224			1,277,149,256
Unearned interest, insurance and fees	(301,616,958)		(7,677,494)			(6,674,554)			(10,777,130)			(25,129,178)			(326,746,136)
Total net loans	$	867,520,074	$	36,542,213		$	17,574,172		$	28,766,661		$	82,883,046		$	950,403,120

Percentage of period-end gross loans receivable			3.5		%	1.9		%	3.1		%	8.5		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at December 31, 2024:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60		61 - 90		Over 90		Total Past Due			Total Loans
0 to 5 months	$	97,003,231	$	8,063,335	$	5,874,364	$	9,265,295	$	23,202,994		$	120,206,225
6 to 17 months	70,860,586		4,036,915		2,987,142		5,907,931		12,931,988			83,792,574
18 to 35 months	102,558,371		5,188,437		3,806,830		7,465,663		16,460,930			119,019,301
36 to 59 months	133,059,756		6,150,175		4,191,450		8,888,910		19,230,535			152,290,291
60+ months	828,217,092		28,151,445		17,669,195		30,836,341		76,656,981			904,874,073

TALs	158,737		50,553		37,596		1,032,552		1,120,701			1,279,438
Total gross loans	1,231,857,773		51,640,860		34,566,577		63,396,692		149,604,129			1,381,461,902
Unearned interest, insurance and fees	(327,330,320)		(8,969,250)		(9,101,669)		(16,042,909)		(34,113,828)			(361,444,148)
Total net loans	$	904,527,453	$	42,671,610	$	25,464,908	$	47,353,783	$	115,490,301		$	1,020,017,754

Percentage of period-end gross loans receivable			3.7%		2.5%		4.6%		10.8		%

The following table is an aging analysis on a contractual basis at amortized cost of the Company’s gross loans receivable at March 31, 2024:


			Days Past Due - Contractual Basis
Customer Tenure	Current		30 - 60			61 - 90			Over 90			Total Past Due			Total Loans
0 to 5 months	$	55,572,691	$	4,645,860		$	4,784,273		$	8,696,744		$	18,126,877		$	73,699,568
6 to 17 months	58,920,283		2,990,455			2,364,202			5,341,799			10,696,456			69,616,739
18 to 35 months	123,878,546		5,246,778			3,813,284			7,402,120			16,462,182			140,340,728
36 to 59 months	161,614,270		6,388,791			4,435,367			8,960,865			19,785,023			181,399,293
60+ months	738,238,289		21,881,920			13,909,202			25,674,509			61,465,631			799,703,920

TALs	7,441,661		4,942,757			—			4,590			4,947,347			12,389,008
Total gross loans	1,145,665,740		46,096,561			29,306,328			56,080,627			131,483,516			1,277,149,256
Unearned interest, insurance and fees	(296,584,056)		(7,544,366)			(7,936,622)			(14,681,092)			(30,162,080)			(326,746,136)
Total net loans	$	849,081,684	$	38,552,195		$	21,369,706		$	41,399,535		$	101,321,436		$	950,403,120

Percentage of period-end gross loans receivable			3.6		%	2.3		%	4.4		%	10.3		%

Schedule of Amortized Cost Basis of Loans on Nonaccrual


	Nonaccrual Loans Receivable
Customer Tenure	As of December 31, 2024		As of March 31, 2024		Interest Income Recognized for the three months ended December 31, 2024		Interest Income Recognized for the three months ended December 31, 2023		Interest Income Recognized for the nine months ended December 31, 2024		Interest Income Recognized for the nine months ended December 31, 2023
0 to 5 months	$	14,404,816	$	13,971,062	$	152,639	$	197,470	$	521,894	$	769,418
6 to 17 months	9,047,425		8,507,503		217,517		319,474		661,265		1,168,253
18 to 35 months	11,964,366		12,569,729		346,761		396,720		1,057,869		1,249,102
36 to 59 months	13,915,169		15,250,596		402,275		547,608		1,315,569		1,728,965
60+ months	51,333,978		45,091,589		1,507,229		1,497,757		4,463,586		4,785,842


Unearned interest, insurance and fees	(26,362,491)		(24,643,778)		—		—		—		—
Total	$	74,303,263	$	70,746,701	$	2,626,421	$	2,959,029	$	8,020,183	$	9,701,580

LEASES (Tables)

9 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Lease Cost

The following table reports information about the Company's lease cost for the three and nine months ended December 31, 2024 and 2023:


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023
Lease Cost



Operating lease cost	$	6,387,738	$	6,163,762	$	18,846,686	$	19,000,163

Variable lease cost	940,465		888,119		2,949,878		2,808,845

Total lease cost	$	7,328,203	$	7,051,881	$	21,796,564	$	21,809,008

The following table reports other information about the Company's leases for the three and nine months ended December 31, 2024 and 2023:


	Three months ended December 31,						Nine months ended December 31,
	2024			2023			2024			2023
Other Lease Information


Operating cash flows for amounts included in the measurement of lease liabilities — operating leases	$	6,301,091		$	6,265,527		$	18,884,883		$	18,965,468


Right-of-use assets obtained in exchange for new operating lease liabilities	$	3,247,250		$	4,568,169		$	13,812,021		$	13,560,648

Weighted average remaining lease term — operating leases	6.5 years			6.9 years			6.5 years			6.9 years

Weighted-average discount rate — operating leases	6.8		%	6.3		%	6.8		%	6.3		%

Schedule of Operating Lease Maturity

The aggregate annual lease obligations as of December 31, 2024 are as follows:


	Operating Leases
Remainder of 2025	$	6,160,520
2026	22,367,057
2027	17,961,935
2028	14,520,255
2029	10,573,915
Thereafter	29,343,439
Total undiscounted lease liability	$	100,927,121
Imputed interest	19,719,824
Total discounted lease liability	$	81,207,297

Schedule of Finance Lease Maturity

The aggregate annual lease obligations as of December 31, 2024 are as follows:


	Operating Leases
Remainder of 2025	$	6,160,520
2026	22,367,057
2027	17,961,935
2028	14,520,255
2029	10,573,915
Thereafter	29,343,439
Total undiscounted lease liability	$	100,927,121
Imputed interest	19,719,824
Total discounted lease liability	$	81,207,297

AVERAGE SHARE INFORMATION (Tables)

9 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Summary of Basic and Diluted Average Common Shares Outstanding

The following is a summary of the basic and diluted average common shares outstanding:


	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023
Basic:
Weighted average common shares outstanding (denominator)	5,436,688	5,772,503	5,461,990	5,775,108

Diluted:
Weighted average common shares outstanding	5,436,688	5,772,503	5,461,990	5,775,108
Dilutive potential common shares	27,529	87,614	64,794	121,608
Weighted average diluted shares outstanding (denominator)	5,464,217	5,860,117	5,526,784	5,896,716

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Performance Shares Vesting Based on EPS Targets

The Performance Share performance targets are set forth below.


Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025			Restricted Stock Eligible for Vesting (Percentage of Award)
$16.35			40%
$20.45			60%

The Performance Option performance target is set forth below.


Trailing 4-Quarter EPS Targets for September 30, 2018 through March 31, 2025			Options Eligible for Vesting (Percentage of Award)
$25.30			100%

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

Fair value was estimated at grant date using the weighted-average assumptions listed below:


	Three months ended December 31,		Nine months ended December 31,
	2024	2023	2024	2023

Dividend yield	—%	—%	—%	—%
Expected volatility	59.53%	62.54%	59.53%	62.55%
Average risk-free rate	4.39%	4.70%	4.39%	4.69%
Expected life	4.5 years	4.6 years	4.5 years	4.6 years

Schedule of Stock Option Activity

Option activity for the nine months ended December 31, 2024 was as follows:


	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value

Options outstanding, beginning of period	267,947		$	105.77
Granted during period	38,661		111.68
Exercised during period	(20,310)		92.64
Forfeited during period	(8,212)		102.62
Expired during period	(1,549)		206.52
Options outstanding, end of period	276,537	2	$	107.09	5.1 years	$	2,850,363
Options exercisable, end of period	131,659		$	110.58	4.6 years	$	1,594,728

Schedule of Intrinsic Value of Options Exercised

The total intrinsic value and tax benefit of options exercised during the three and nine month periods ended December 31, 2024 and 2023 were as follows:


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023

Intrinsic value of options exercised	$	215,599	$	369,543	$	732,318	$	810,853
Tax benefit of options exercised	52,822		90,538		179,418		198,659

Summary of the Status and Changes Restricted Stock

A summary of the status of the Company’s restricted stock as of December 31, 2024, and changes during the nine months ended December 31, 2024, are presented below:


	Shares	Weighted Average Fair Value at Grant Date

Outstanding at March 31, 2024	388,577	$	101.18
Granted during the period	71,186	111.64
Vested during the period	(62,577)	104.08
Forfeited during the period	(44,566)	100.37
Outstanding at December 31, 2024	352,620	$	102.88

Schedule of Share-Based Compensation Included as a Component of Net Income (Loss)


	Three months ended December 31,				Nine months ended December 31,
	2024		2023		2024		2023
Stock-based compensation related to equity classified awards:
Stock-based compensation (reversal) related to stock options3	$	85,640	$	189,582	$	323,140	$	(3,871,348)
Stock-based compensation (reversal) related to restricted stock4	363,626		(690,699)		(18,886,571)		1,475,151
Total stock-based compensation (reversal) related to equity classified awards	$	449,266	$	(501,117)	$	(18,563,431)	$	(2,396,197)

ACQUISITIONS (Tables)

9 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Business Acquisition, Pro Forma Information

The following table sets forth the Company's acquisition activity for the nine months ended December 31, 2024 and 2023:


	Nine months ended December 31,
	2024		2023
Acquisitions:

Number of loan portfolios acquired through asset purchases	6		—


Purchase price	$	18,947,294	$	—

Tangible assets:
Loans receivable, net	18,812,693		—



Purchase price amount over carrying value of net tangible assets	$	134,601	$	—

Customer lists	$	127,995	$	—
Non-compete agreements	$	6,606	$	—

INTANGIBLE ASSETS (Tables)

9 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The following table provides the gross carrying amount and related accumulated amortization of definite-lived intangible assets:


	December 31, 2024						March 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Intangible Asset		Gross Carrying Amount		Accumulated Amortization		Net Intangible Asset
Customer lists	$	55,858,615	$	(47,593,700)	$	8,264,915	$	55,730,620	$	(44,796,996)	$	10,933,624
Non-compete agreements	10,534,749		(10,498,178)		36,571		10,528,143		(10,392,034)		136,109
Total	$	66,393,364	$	(58,091,878)	$	8,301,486	$	66,258,763	$	(55,189,030)	$	11,069,733

DEBT (Tables)

9 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Aggregate Annual Maturities of the Notes Payable

The aggregate annual maturities of the Company's debt arrangements for future fiscal years ended March 31 are as follows:


	Amount
Remainder of 2025	$	—
2026	—
2027	561,249,020
2028	—
2029	—
Thereafter	—
Total future debt payments	$	561,249,020

SUMMARY OF SIGNIFICANT POLICIES (Details) - USD ($) $ in Millions	Dec. 31, 2024	Mar. 31, 2024
Accounting Policies [Abstract]
Unamortized deferred origination fees and costs	$ 6.6	$ 5.0

FAIR VALUE (Details) - USD ($)	Dec. 31, 2024	Mar. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior unsecured notes payable, net	$ 223,910,142	$ 272,609,632
Senior notes payable	335,949,020	223,419,132
Fair Value, Inputs, Level 1 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	15,582,553	11,839,460
Fair Value, Inputs, Level 1 \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	15,582,553	11,839,460
Fair Value, Inputs, Level 3 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	903,906,808	847,440,309
Fair Value, Inputs, Level 3 \| Carrying Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes payable	335,949,020	223,419,132
Fair Value, Inputs, Level 3 \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans receivable, net	903,906,808	847,440,309
Fair Value, Inputs, Level 3 \| Estimated Fair Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior notes payable	335,949,020	223,419,132
Fair Value, Inputs, Level 2 \| Carrying Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior unsecured notes payable, net	223,910,142	272,609,632
Fair Value, Inputs, Level 2 \| Estimated Fair Value \| Senior notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Senior unsecured notes payable, net	$ 222,969,719	$ 254,208,482

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Gross Loans Receivable By Customer Tenure) (Details) - USD ($)	Dec. 31, 2024	Mar. 31, 2024
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	$ 1,381,461,902	$ 1,277,149,256
TALs
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,279,438	12,389,008
0 to 5 months \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	120,206,225	73,699,568
6 to 17 months \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	83,792,574	69,616,739
18 to 35 months \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	119,019,301	140,340,728
36 to 59 months \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	152,290,291	181,399,293
60+ months \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	$ 904,874,073	$ 799,703,920

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Receivables [Abstract]
Weighted average rehab rate	4.70%		4.70%		4.90%
Proceeds from prior write offs, current period	$ 2.6	$ 2.9	$ 7.6	$ 10.5
Proceeds from prior write offs, prior periods	$ 1.5	$ 0.8	$ 1.5	$ 5.7

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Payment Performance On A Recency Basis) (Details) - USD ($)	Dec. 31, 2024	Mar. 31, 2024
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	$ 1,381,461,902	$ 1,277,149,256
Loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,303,777,666	1,185,366,456
Financing receivable, between 1 and 2 years ago	68,930,438	73,209,183
Financing receivable, between 2 and 3 years ago	7,002,544	5,983,076
Financing receivable, between 3 and 4 years ago	434,778	143,550
Financing receivable, between 4 and 5 years ago	19,196	45,747
Financing receivable, more than 5 years ago	17,842	12,236
Loans \| Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,380,182,464	1,264,760,248
Loans \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	45,078,425	34,034,537
Financing receivable, between 1 and 2 years ago	5,587,931	4,600,615
Financing receivable, between 2 and 3 years ago	771,319	610,649
Financing receivable, between 3 and 4 years ago	88,677	10,856
Financing receivable, between 4 and 5 years ago	5,498	14,076
Financing receivable, more than 5 years ago	12,712	5,429
Gross loans receivable	51,544,562	39,276,162
Loans \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	27,968,712	21,874,701
Financing receivable, between 1 and 2 years ago	3,192,929	2,154,561
Financing receivable, between 2 and 3 years ago	387,807	200,117
Financing receivable, between 3 and 4 years ago	46,475	17,493
Financing receivable, between 4 and 5 years ago	5,912	204
Financing receivable, more than 5 years ago	518	0
Gross loans receivable	31,602,353	24,247,076
Loans \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	38,928,934	34,560,868
Financing receivable, between 1 and 2 years ago	6,353,121	4,600,040
Financing receivable, between 2 and 3 years ago	611,384	364,386
Financing receivable, between 3 and 4 years ago	52,719	6,151
Financing receivable, between 4 and 5 years ago	2,689	5,617
Financing receivable, more than 5 years ago	0	5,436
Gross loans receivable	45,948,847	39,542,498
TALs
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,279,438	12,384,417
Financing receivable, between 1 and 2 years ago	0	4,591
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	1,279,438	12,389,008
TALs \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	71,880	4,942,757
Financing receivable, between 1 and 2 years ago	0	788
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	71,880	4,943,545
TALs \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	56,193	0
Financing receivable, between 1 and 2 years ago	0	1,650
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	56,193	1,650
TALs \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	959,439	0
Financing receivable, between 1 and 2 years ago	0	1,293
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	959,439	1,293
Performing Financing Receivable \| Loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,191,801,595	1,094,896,350
Financing receivable, between 1 and 2 years ago	53,796,457	61,853,967
Financing receivable, between 2 and 3 years ago	5,232,034	4,807,924
Financing receivable, between 3 and 4 years ago	246,907	109,050
Financing receivable, between 4 and 5 years ago	5,097	25,850
Financing receivable, more than 5 years ago	4,612	1,371
Performing Financing Receivable \| Loans \| Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,251,086,702	1,161,694,512
Performing Financing Receivable \| TALs
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	191,926	7,441,660
Financing receivable, between 1 and 2 years ago	0	860
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	$ 191,926	$ 7,442,520

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Payment Performance On A Contractual Basis) (Details) - USD ($)	Dec. 31, 2024	Mar. 31, 2024
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	$ 1,381,461,902	$ 1,277,149,256
Loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,303,777,666	1,185,366,456
Financing receivable, between 1 and 2 years ago	68,930,438	73,209,183
Financing receivable, between 2 and 3 years ago	7,002,544	5,983,076
Financing receivable, between 3 and 4 years ago	434,778	143,550
Financing receivable, between 4 and 5 years ago	19,196	45,747
Financing receivable, more than 5 years ago	17,842	12,236
Loans \| Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,380,182,464	1,264,760,248
Loans \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	45,078,425	34,034,537
Financing receivable, between 1 and 2 years ago	5,587,931	4,600,615
Financing receivable, between 2 and 3 years ago	771,319	610,649
Financing receivable, between 3 and 4 years ago	88,677	10,856
Financing receivable, between 4 and 5 years ago	5,498	14,076
Financing receivable, more than 5 years ago	12,712	5,429
Gross loans receivable	51,544,562	39,276,162
Loans \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	27,968,712	21,874,701
Financing receivable, between 1 and 2 years ago	3,192,929	2,154,561
Financing receivable, between 2 and 3 years ago	387,807	200,117
Financing receivable, between 3 and 4 years ago	46,475	17,493
Financing receivable, between 4 and 5 years ago	5,912	204
Financing receivable, more than 5 years ago	518	0
Gross loans receivable	31,602,353	24,247,076
Loans \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	38,928,934	34,560,868
Financing receivable, between 1 and 2 years ago	6,353,121	4,600,040
Financing receivable, between 2 and 3 years ago	611,384	364,386
Financing receivable, between 3 and 4 years ago	52,719	6,151
Financing receivable, between 4 and 5 years ago	2,689	5,617
Financing receivable, more than 5 years ago	0	5,436
Gross loans receivable	45,948,847	39,542,498
TALs
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,279,438	12,384,417
Financing receivable, between 1 and 2 years ago	0	4,591
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	1,279,438	12,389,008
TALs \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	71,880	4,942,757
Financing receivable, between 1 and 2 years ago	0	788
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	71,880	4,943,545
TALs \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	56,193	0
Financing receivable, between 1 and 2 years ago	0	1,650
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	56,193	1,650
TALs \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	959,439	0
Financing receivable, between 1 and 2 years ago	0	1,293
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	959,439	1,293
Performing Financing Receivable \| Loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,191,801,595	1,094,896,350
Financing receivable, between 1 and 2 years ago	53,796,457	61,853,967
Financing receivable, between 2 and 3 years ago	5,232,034	4,807,924
Financing receivable, between 3 and 4 years ago	246,907	109,050
Financing receivable, between 4 and 5 years ago	5,097	25,850
Financing receivable, more than 5 years ago	4,612	1,371
Performing Financing Receivable \| Loans \| Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,251,086,702	1,161,694,512
Performing Financing Receivable \| TALs
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	191,926	7,441,660
Financing receivable, between 1 and 2 years ago	0	860
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	191,926	7,442,520
Contractual basis
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,381,461,902	1,277,149,256
Contractual basis \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	51,640,860	46,096,561
Contractual basis \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	34,566,577	29,306,328
Contractual basis \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	63,396,692	56,080,627
Contractual basis \| Loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,303,777,669	1,185,366,457
Financing receivable, between 1 and 2 years ago	68,930,437	73,209,184
Financing receivable, between 2 and 3 years ago	7,002,542	5,983,075
Financing receivable, between 3 and 4 years ago	434,778	143,549
Financing receivable, between 4 and 5 years ago	19,196	45,747
Financing receivable, more than 5 years ago	17,842	12,236
Contractual basis \| Loans \| Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,380,182,464	1,264,760,248
Contractual basis \| Loans \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	46,938,294	37,475,784
Financing receivable, between 1 and 2 years ago	4,289,434	3,388,380
Financing receivable, between 2 and 3 years ago	347,554	288,576
Financing receivable, between 3 and 4 years ago	10,189	1,064
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	4,836	0
Gross loans receivable	51,590,307	41,153,804
Contractual basis \| Loans \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	30,851,070	26,191,269
Financing receivable, between 1 and 2 years ago	3,357,138	2,903,253
Financing receivable, between 2 and 3 years ago	300,261	208,172
Financing receivable, between 3 and 4 years ago	20,307	3,430
Financing receivable, between 4 and 5 years ago	205	204
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	34,528,981	29,306,328
Contractual basis \| Loans \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	46,096,156	41,978,436
Financing receivable, between 1 and 2 years ago	13,640,670	12,147,320
Financing receivable, between 2 and 3 years ago	2,321,974	1,805,223
Financing receivable, between 3 and 4 years ago	273,343	99,134
Financing receivable, between 4 and 5 years ago	18,991	35,059
Financing receivable, more than 5 years ago	13,006	10,865
Gross loans receivable	62,364,140	56,076,037
Contractual basis \| TALs
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,279,438	12,384,418
Financing receivable, between 1 and 2 years ago	0	4,590
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	1,279,438	12,389,008
Contractual basis \| TALs \| 30 - 60 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	50,553	4,942,757
Financing receivable, between 1 and 2 years ago	0	0
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	50,553	4,942,757
Contractual basis \| TALs \| 61 - 90 days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	37,596	0
Financing receivable, between 1 and 2 years ago	0	0
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	37,596	0
Contractual basis \| TALs \| 91 or more days past due
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,032,552	0
Financing receivable, between 1 and 2 years ago	0	4,590
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	1,032,552	4,590
Contractual basis \| Performing Financing Receivable \| Loans
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	1,179,892,149	1,079,720,968
Financing receivable, between 1 and 2 years ago	47,643,195	54,770,231
Financing receivable, between 2 and 3 years ago	4,032,753	3,681,104
Financing receivable, between 3 and 4 years ago	130,939	39,921
Financing receivable, between 4 and 5 years ago	0	10,484
Financing receivable, more than 5 years ago	0	1,371
Contractual basis \| Performing Financing Receivable \| Loans \| Consumer Loan
Financing Receivable, Recorded Investment [Line Items]
Gross loans receivable	1,231,699,036	1,138,224,079
Contractual basis \| Performing Financing Receivable \| TALs
Financing Receivable, Recorded Investment [Line Items]
Financing receivable, up to 1 year ago	158,737	7,441,661
Financing receivable, between 1 and 2 years ago	0	0
Financing receivable, between 2 and 3 years ago	0	0
Financing receivable, between 3 and 4 years ago	0	0
Financing receivable, between 4 and 5 years ago	0	0
Financing receivable, more than 5 years ago	0	0
Gross loans receivable	$ 158,737	$ 7,441,661

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Company’s Gross Charge-Offs By Year of Origination) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Recorded Investment [Line Items]
2020 and prior	$ 0	$ 1,958	$ 24,919	$ 11,385
2021	2,675	3,909	26,161	33,560
2022	148,994	44,632	708,565	275,558
2023	1,463,591	1,660,755	8,571,553	10,249,175
2024	23,976,936	28,801,576	106,191,790	122,192,223
2025	23,230,774	24,222,152	23,867,489	24,466,713
Total	48,822,970	54,734,982	139,390,477	157,228,614
Loans
Financing Receivable, Recorded Investment [Line Items]
2020 and prior	0	1,958	24,919	11,385
2021	2,675	3,909	26,161	33,560
2022	148,994	44,632	708,565	275,558
2023	1,463,591	1,660,567	8,571,378	10,243,978
2024	23,325,438	28,683,289	103,377,399	120,931,950
2025	23,230,774	24,222,152	23,867,489	24,466,713
Total	48,171,472	54,616,507	136,575,911	155,963,144
TALs
Financing Receivable, Recorded Investment [Line Items]
2020 and prior	0	0	0	0
2021	0	0	0	0
2022	0	0	0	0
2023	0	188	175	5,197
2024	651,498	118,287	2,814,391	1,260,273
2025	0	0	0	0
Total	$ 651,498	$ 118,475	$ 2,814,566	$ 1,265,470

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Roll Forward of the Allowance for Credit Losses on Our Gross Loans Receivable) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 114,455,495	$ 128,892,192	$ 102,962,811	$ 125,552,733
Provision for credit losses	44,103,495	40,631,994	136,191,023	127,697,072
Charge-offs	(48,822,970)	(54,734,982)	(139,390,477)	(157,228,614)
Recoveries	6,374,926	6,292,864	16,347,589	25,060,877
Net charge-offs	(42,448,044)	(48,442,118)	(123,042,888)	(132,167,737)
Ending Balance	$ 116,110,946	$ 121,082,068	$ 116,110,946	$ 121,082,068

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Summary of Past Due Receivables) (Details) - USD ($)	Dec. 31, 2024	Mar. 31, 2024
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 1,381,461,902	$ 1,277,149,256
Unearned interest, insurance and fees	(6,600,000)	(5,000,000)
TALs
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,279,438	12,389,008
30 - 60 days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	120,206,225	73,699,568
30 - 60 days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	83,792,574	69,616,739
30 - 60 days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	119,019,301	140,340,728
30 - 60 days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	152,290,291	181,399,293
30 - 60 days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	904,874,073	799,703,920
Recency Basis
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,381,461,902	1,277,149,256
Unearned interest, insurance and fees	(361,444,148)	(326,746,136)
Total net loans	$ 1,020,017,754	$ 950,403,120
Financing receivable, percent past due	9.40%	8.50%
Recency Basis \| TALs
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 1,279,438	$ 12,389,008
Recency Basis \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	120,206,225	73,699,568
Recency Basis \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	83,792,574	69,616,739
Recency Basis \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	119,019,301	140,340,728
Recency Basis \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	152,290,291	181,399,293
Recency Basis \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	904,874,073	799,703,920
Recency Basis \| Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,251,278,628	1,169,137,032
Unearned interest, insurance and fees	(331,428,164)	(301,616,958)
Total net loans	919,850,464	867,520,074
Recency Basis \| Current \| TALs
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	191,926	7,442,520
Recency Basis \| Current \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	97,729,708	56,802,704
Recency Basis \| Current \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	71,894,285	60,634,735
Recency Basis \| Current \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	104,818,028	126,843,010
Recency Basis \| Current \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	135,845,513	165,694,013
Recency Basis \| Current \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	840,799,168	751,720,050
Recency Basis \| 30 - 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	51,616,442	44,219,707
Unearned interest, insurance and fees	(9,525,813)	(7,677,494)
Total net loans	$ 42,090,629	$ 36,542,213
Financing receivable, percent past due	3.70%	3.50%
Recency Basis \| 30 - 60 days past due \| TALs
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 71,880	$ 4,943,545
Recency Basis \| 30 - 60 days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	8,178,732	4,720,149
Recency Basis \| 30 - 60 days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	4,123,710	3,155,423
Recency Basis \| 30 - 60 days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	5,232,991	5,057,256
Recency Basis \| 30 - 60 days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	6,391,258	6,159,335
Recency Basis \| 30 - 60 days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	27,617,871	20,183,999
Recency Basis \| 61 - 90 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	31,658,546	24,248,726
Unearned interest, insurance and fees	(8,350,208)	(6,674,554)
Total net loans	$ 23,308,338	$ 17,574,172
Financing receivable, percent past due	2.30%	1.90%
Recency Basis \| 61 - 90 days past due \| TALs
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 56,193	$ 1,650
Recency Basis \| 61 - 90 days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	5,850,084	4,496,518
Recency Basis \| 61 - 90 days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	2,957,998	2,075,608
Recency Basis \| 61 - 90 days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	3,486,649	3,224,662
Recency Basis \| 61 - 90 days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	3,906,289	3,519,743
Recency Basis \| 61 - 90 days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	15,401,333	10,930,545
Recency Basis \| 91 or more days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	46,908,286	39,543,791
Unearned interest, insurance and fees	(12,139,963)	(10,777,130)
Total net loans	$ 34,768,323	$ 28,766,661
Financing receivable, percent past due	3.40%	3.10%
Recency Basis \| 91 or more days past due \| TALs
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 959,439	$ 1,293
Recency Basis \| 91 or more days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	8,447,701	7,680,197
Recency Basis \| 91 or more days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	4,816,581	3,750,973
Recency Basis \| 91 or more days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	5,481,633	5,215,800
Recency Basis \| 91 or more days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	6,147,231	6,026,202
Recency Basis \| 91 or more days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	21,055,701	16,869,326
Recency Basis \| Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	130,183,274	108,012,224
Unearned interest, insurance and fees	(30,015,984)	(25,129,178)
Total net loans	100,167,290	82,883,046
Recency Basis \| Total Past Due \| TALs
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,087,512	4,946,488
Recency Basis \| Total Past Due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	22,476,517	16,896,864
Recency Basis \| Total Past Due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	11,898,289	8,982,004
Recency Basis \| Total Past Due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	14,201,273	13,497,718
Recency Basis \| Total Past Due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	16,444,778	15,705,280
Recency Basis \| Total Past Due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	64,074,905	47,983,870
Contractual basis
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,381,461,902	1,277,149,256
Unearned interest, insurance and fees	(361,444,148)	(326,746,136)
Total net loans	$ 1,020,017,754	$ 950,403,120
Financing receivable, percent past due	10.80%	10.30%
Contractual basis \| TALs
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 1,279,438	$ 12,389,008
Contractual basis \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	120,206,225	73,699,568
Contractual basis \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	83,792,574	69,616,739
Contractual basis \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	119,019,301	140,340,728
Contractual basis \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	152,290,291	181,399,293
Contractual basis \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	904,874,073	799,703,920
Contractual basis \| Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,231,857,773	1,145,665,740
Unearned interest, insurance and fees	(327,330,320)	(296,584,056)
Total net loans	904,527,453	849,081,684
Contractual basis \| Current \| TALs
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	158,737	7,441,661
Contractual basis \| Current \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	97,003,231	55,572,691
Contractual basis \| Current \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	70,860,586	58,920,283
Contractual basis \| Current \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	102,558,371	123,878,546
Contractual basis \| Current \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	133,059,756	161,614,270
Contractual basis \| Current \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	828,217,092	738,238,289
Contractual basis \| 30 - 60 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	51,640,860	46,096,561
Unearned interest, insurance and fees	(8,969,250)	(7,544,366)
Total net loans	$ 42,671,610	$ 38,552,195
Financing receivable, percent past due	3.70%	3.60%
Contractual basis \| 30 - 60 days past due \| TALs
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 50,553	$ 4,942,757
Contractual basis \| 30 - 60 days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	8,063,335	4,645,860
Contractual basis \| 30 - 60 days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	4,036,915	2,990,455
Contractual basis \| 30 - 60 days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	5,188,437	5,246,778
Contractual basis \| 30 - 60 days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	6,150,175	6,388,791
Contractual basis \| 30 - 60 days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	28,151,445	21,881,920
Contractual basis \| 61 - 90 days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	34,566,577	29,306,328
Unearned interest, insurance and fees	(9,101,669)	(7,936,622)
Total net loans	$ 25,464,908	$ 21,369,706
Financing receivable, percent past due	2.50%	2.30%
Contractual basis \| 61 - 90 days past due \| TALs
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 37,596	$ 0
Contractual basis \| 61 - 90 days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	5,874,364	4,784,273
Contractual basis \| 61 - 90 days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	2,987,142	2,364,202
Contractual basis \| 61 - 90 days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	3,806,830	3,813,284
Contractual basis \| 61 - 90 days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	4,191,450	4,435,367
Contractual basis \| 61 - 90 days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	17,669,195	13,909,202
Contractual basis \| 91 or more days past due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	63,396,692	56,080,627
Unearned interest, insurance and fees	(16,042,909)	(14,681,092)
Total net loans	$ 47,353,783	$ 41,399,535
Financing receivable, percent past due	4.60%	4.40%
Contractual basis \| 91 or more days past due \| TALs
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 1,032,552	$ 4,590
Contractual basis \| 91 or more days past due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	9,265,295	8,696,744
Contractual basis \| 91 or more days past due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	5,907,931	5,341,799
Contractual basis \| 91 or more days past due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	7,465,663	7,402,120
Contractual basis \| 91 or more days past due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	8,888,910	8,960,865
Contractual basis \| 91 or more days past due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	30,836,341	25,674,509
Contractual basis \| Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	149,604,129	131,483,516
Unearned interest, insurance and fees	(34,113,828)	(30,162,080)
Total net loans	115,490,301	101,321,436
Contractual basis \| Total Past Due \| TALs
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	1,120,701	4,947,347
Contractual basis \| Total Past Due \| 0 to 5 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	23,202,994	18,126,877
Contractual basis \| Total Past Due \| 6 to 17 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	12,931,988	10,696,456
Contractual basis \| Total Past Due \| 18 to 35 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	16,460,930	16,462,182
Contractual basis \| Total Past Due \| 36 to 59 months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	19,230,535	19,785,023
Contractual basis \| Total Past Due \| 60+ months
Financing Receivable, Recorded Investment, Past Due [Line Items]
Gross loans receivable	$ 76,656,981	$ 61,465,631

LOANS RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES (Nonaccrual) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Financing Receivable, Nonaccrual [Line Items]
Uncollected accrued interest reversed	$ (7,163,017)	$ (6,990,591)	$ (19,945,270)	$ (20,367,732)
Financing receivable, nonaccrual	74,303,263		74,303,263		$ 70,746,701
Interest Income Recognized	2,626,421	2,959,029	8,020,183	9,701,580
Nonaccrual status
Financing Receivable, Nonaccrual [Line Items]
Unearned interest, insurance and fees	(26,362,491)		(26,362,491)		(24,643,778)
0 to 5 months
Financing Receivable, Nonaccrual [Line Items]
Uncollected accrued interest reversed	(1,513,556)	(1,364,409)	(3,943,143)	(3,910,003)
Financing receivable, nonaccrual	14,404,816		14,404,816		13,971,062
Interest Income Recognized	152,639	197,470	521,894	769,418
6 to 17 months
Financing Receivable, Nonaccrual [Line Items]
Uncollected accrued interest reversed	(802,513)	(779,642)	(2,201,034)	(2,653,697)
Financing receivable, nonaccrual	9,047,425		9,047,425		8,507,503
Interest Income Recognized	217,517	319,474	661,265	1,168,253
18 to 35 months
Financing Receivable, Nonaccrual [Line Items]
Uncollected accrued interest reversed	(789,715)	(949,250)	(2,378,004)	(2,612,375)
Financing receivable, nonaccrual	11,964,366		11,964,366		12,569,729
Interest Income Recognized	346,761	396,720	1,057,869	1,249,102
36 to 59 months
Financing Receivable, Nonaccrual [Line Items]
Uncollected accrued interest reversed	(829,641)	(1,068,613)	(2,553,282)	(3,214,245)
Financing receivable, nonaccrual	13,915,169		13,915,169		15,250,596
Interest Income Recognized	402,275	547,608	1,315,569	1,728,965
60+ months
Financing Receivable, Nonaccrual [Line Items]
Uncollected accrued interest reversed	(3,227,592)	(2,828,677)	(8,869,807)	(7,977,412)
Financing receivable, nonaccrual	51,333,978		51,333,978		$ 45,091,589
Interest Income Recognized	$ 1,507,229	$ 1,497,757	$ 4,463,586	$ 4,785,842

LEASES (Narrative) (Details)	Dec. 31, 2024	Mar. 31, 2024
Lessee, Lease, Description [Line Items]
Effective interest rate		9.90%
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	3 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	5 years

LEASES (Lease Cost) (Details) - USD ($)	3 Months Ended		9 Months Ended
LEASES (Lease Cost) (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 6,387,738	$ 6,163,762	$ 18,846,686	$ 19,000,163
Variable lease cost	940,465	888,119	2,949,878	2,808,845
Total lease cost	7,328,203	7,051,881	21,796,564	21,809,008
Operating cash flows for amounts included in the measurement of lease liabilities — operating leases	6,301,091	6,265,527	18,884,883	18,965,468
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 3,247,250	$ 4,568,169	$ 13,812,021	$ 13,560,648
Weighted average remaining lease term — operating leases	6 years 6 months	6 years 10 months 24 days	6 years 6 months	6 years 10 months 24 days
Weighted-average discount rate — operating leases	6.80%	6.30%	6.80%	6.30%

LEASES (Aggregate Annual Lease Obligations) (Details) - USD ($)	Dec. 31, 2024	Mar. 31, 2024
Operating Leases
Remainder of 2025	$ 6,160,520
2026	22,367,057
2027	17,961,935
2028	14,520,255
2029	10,573,915
Thereafter	29,343,439
Total undiscounted lease liability	100,927,121
Imputed interest	19,719,824
Total discounted lease liability	$ 81,207,297	$ 81,920,865

AVERAGE SHARE INFORMATION (Details) - shares	3 Months Ended		9 Months Ended
AVERAGE SHARE INFORMATION (Details) - shares	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Basic:
Weighted average common shares outstanding (in shares)	5,436,688	5,772,503	5,461,990	5,775,108
Diluted:
Weighted average common shares outstanding (in shares)	5,436,688	5,772,503	5,461,990	5,775,108
Dilutive potential common shares (in shares)	27,529	87,614	64,794	121,608
Weighted average diluted shares outstanding (in shares)	5,464,217	5,860,117	5,526,784	5,896,716
Anti-dilutive shares (in shares)	246,111	291,826	250,034	299,904

STOCK-BASED COMPENSATION (Narrative) (Details)		3 Months Ended				9 Months Ended		12 Months Ended
STOCK-BASED COMPENSATION (Narrative) (Details)	Dec. 18, 2024	Dec. 31, 2024 USD ($) installment $ / shares shares	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) installment $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Mar. 31, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) \| shares		187,020				187,020
Vesting percentage						100.00%
Stock based compensation expense (reversal)				$ 700,000		$ 1,400,000	$ 1,400,000
Weighted-average fair value at the grant date (in dollars per share) \| $ / shares		$ 58.29		$ 68.52		$ 58.29	$ 69.00
Fair value of stock options vested						$ 2,120,670
Stock-based compensation (reversal) related to equity classified awards				$ (690,699)		(18,886,570)	$ (3,871,348)
Forfeiture credit				1,400,000		$ 1,800,000	400,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of authorized common stock reserved for issuance (in shares) \| shares		3,350,000				3,350,000
Options outstanding (in shares) \| shares		276,537				276,537		267,947
Total unrecognized stock-based compensation expense related to non-vested stock options		$ 1,900,000				$ 1,900,000
Weighted average period for recognition						2 years 6 months
Stock-based compensation (reversal) related to equity classified awards		$ 85,640		189,582		$ 323,140	(3,871,348)
Employee Stock Option \| Scenario 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares) \| shares		16,453				16,453
Employee Stock Option \| Scenario 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares) \| shares		128,425				128,425
Employee Stock Option \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						3 years
Employee Stock Option \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option, expiration period						10 years
Vesting period						6 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average period for recognition						1 year
Awards granted (in shares) \| shares						71,186		3,993
Grant date fair value (in dollars per share) \| $ / shares						$ 111.64		$ 120.12
Fair value of restricted stock vested						$ 7,293,854
Unvested restricted stock awards		$ 7,700,000				7,700,000
Stock-based compensation (reversal) related to equity classified awards		$ 363,626		$ (690,699)		$ (18,886,571)	$ 1,475,151
Restricted Stock \| 2024 Long-term Incentive Program and Non-Employee Director Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	10 years
Vesting percentage	100.00%
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments \| installment		3				3
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of installments \| installment		6				6
Service Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						10 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period						10 years
Stock based compensation expense (reversal)			$ (18,500,000)		$ (4,900,000)	$ (18,500,000)
Performance Shares \| 2024 Long-term Incentive Program and Non-Employee Director Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	10 years
Vesting percentage	100.00%

STOCK-BASED COMPENSATION (Share and Options Performance Targets) (Details) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2024
Target 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
EPS target (in dollars per share)		$ 16.35
Vesting percentage		40.00%
Target 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
EPS target (in dollars per share)	$ 20.45	$ 20.45
Vesting percentage		60.00%
Target 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
EPS target (in dollars per share)		$ 25.30
Vesting percentage		100.00%

STOCK-BASED COMPENSATION (Grants Date Using The Weighted-Average Assumptions) (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility	59.53%	62.54%	59.53%	62.55%
Average risk-free rate	4.39%	4.70%	4.39%	4.69%
Expected life	4 years 6 months	4 years 7 months 6 days	4 years 6 months	4 years 7 months 6 days

STOCK-BASED COMPENSATION (Stock Option Activity and Intrinsic Value) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average fair value at the grant date (in dollars per share)	$ 58.29	$ 68.52	$ 58.29	$ 69.00
Stock Options Plans
Options Activity [Roll Forward]
Options outstanding, beginning of year (in shares)			267,947
Granted (in shares)			38,661
Exercised (in shares)			(20,310)
Forfeited (in shares)			(8,212)
Expired (in shares)			(1,549)
Options outstanding, end of period (in shares)	276,537		276,537
Options exercisable, end of period (in shares)	131,659		131,659
Weighted Average Exercise Price
Options outstanding, beginning of year (in dollars per share)			$ 105.77
Granted (in dollars per share)			111.68
Exercised (in dollars per share)			92.64
Forfeited (in dollars per share)			102.62
Expired (in dollars per share)			206.52
Options outstanding, end of period (in dollars per share)	$ 107.09		107.09
Options exercisable, end of period (in dollars per share)	$ 110.58		$ 110.58
Stock Option Activity Additional Disclosures [Abstract]
Weighted-average remaining contractual term, options outstanding, end of period			5 years 1 month 6 days
Weighted-average remaining contractual terms, options exercisable, end of period			4 years 7 months 6 days
Aggregate intrinsic value, options outstanding, end of period	$ 2,850,363		$ 2,850,363
Aggregate intrinsic value, options exercisable, end of period	1,594,728		1,594,728
Intrinsic value of options exercised	215,599	$ 369,543	732,318	$ 810,853
Tax benefit of options exercised	$ 52,822	$ 90,538	$ 179,418	$ 198,659

STOCK-BASED COMPENSATION (Company Restricted Stock and Total Stock-Based Compensation) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Weighted Average Fair Value at Grant Date
Stock-based compensation (reversal) related to equity classified awards		$ (690,699)	$ (18,886,570)	$ (3,871,348)
Restricted Stock
Shares
Outstanding at beginning of year (in shares)			388,577
Granted during the period (in shares)			71,186		3,993
Vested during the period (in shares)			(62,577)
Forfeited during the period (in shares)			(44,566)
Outstanding at end of period (in shares)	352,620		352,620		388,577
Weighted Average Fair Value at Grant Date
Outstanding at beginning period (in dollars per share)			$ 101.18
Granted during the period (in shares)			111.64		$ 120.12
Vested during the period (in dollars per share)			104.08
Forfeited during the period (in dollars per share)			100.37
Outstanding at ending period (in dollars per share)	$ 102.88		$ 102.88		$ 101.18
Stock-based compensation (reversal) related to equity classified awards	$ 363,626	(690,699)	$ (18,886,571)	1,475,151
Stock Options Plans
Weighted Average Fair Value at Grant Date
Stock-based compensation (reversal) related to equity classified awards	85,640	189,582	323,140	(3,871,348)
Equity Securities
Weighted Average Fair Value at Grant Date
Stock-based compensation (reversal) related to equity classified awards	$ 449,266	$ (501,117)	$ (18,563,431)	$ (2,396,197)

ACQUISITIONS (Details)	9 Months Ended
ACQUISITIONS (Details)	Dec. 31, 2024 USD ($) acquisition	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) acquisition
Business Acquisition [Line Items]
Purchase price amount over carrying value of net tangible assets	$ 7,370,791	$ 7,370,791
Loans purchased	$ 1,000,000
Series of Business Acquisitions
Business Acquisition [Line Items]
Number of loan portfolios acquired through asset purchases \| acquisition	6		0
Purchase price	$ 18,947,294		$ 0
Loans receivable, net	18,812,693		0
Purchase price amount over carrying value of net tangible assets	134,601		0
Customer lists	127,995		0
Non-compete agreements	$ 6,606		$ 0

INTANGIBLE ASSETS (Schedule of Assets) (Details) - USD ($)	Dec. 31, 2024	Mar. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 66,393,364	$ 66,258,763
Accumulated Amortization	(58,091,878)	(55,189,030)
Net Intangible Asset	8,301,486	11,069,733
Customer lists
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	55,858,615	55,730,620
Accumulated Amortization	(47,593,700)	(44,796,996)
Net Intangible Asset	8,264,915	10,933,624
Non-compete agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	10,534,749	10,528,143
Accumulated Amortization	(10,498,178)	(10,392,034)
Net Intangible Asset	$ 36,571	$ 136,109

INTANGIBLE ASSETS (Maturity Schedule) (Details) $ in Millions	Dec. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2025	$ 0.9
2026	3.2
2027	2.7
2028	0.9
2029	0.4
Thereafter	$ 0.2

DEBT (Narrative) (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
DEBT (Narrative) (Details) - USD ($)	Sep. 27, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount		$ 725,800		$ 725,800
Payments for debt extinguishment costs				12,500	$ 20,625
Gain (loss) on extinguishment of senior unsecured notes payable				1,160,067	1,162,581
Letter Of Credit, Worker's Compensation
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount		300,000		300,000
Letters of Credit, Investment In Captive Insurance
Line of Credit Facility [Line Items]
Letters of credit outstanding, amount		425,800		425,800
Senior Notes Due 2026 \| Senior notes
Line of Credit Facility [Line Items]
Interest rate, percentage	7.00%
Aggregate principal amount	$ 300,000,000
Redemption price, percentage of equity offerings	40.00%
Repurchased and extinguished amount of debt				49,300,000		$ 15,700,000
Debt issuance costs		400,000		400,000		200,000
Payments for debt extinguishment costs				48,100,000		$ 14,100,000
Gain (loss) on extinguishment of senior unsecured notes payable		(50,000)	$ 600,000	1,200,000	1,200,000
Senior Notes Due 2026 \| Senior notes \| Period One
Line of Credit Facility [Line Items]
Redemption price percent	100.00%
Senior Notes Due 2026 \| Senior notes \| Period Two
Line of Credit Facility [Line Items]
Redemption price percent	107.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		580,000,000.0		580,000,000.0
Accordion feature		730,000,000.0		730,000,000.0
Amount outstanding		$ 335,900,000		$ 335,900,000
Basis spread on variable rate (in hundredths)				0.10%
Interest rate, percentage		3.50%		3.50%
Commitment fee percentage				0.50%
Unused borrowing capacity, fee				$ 1,200,000	$ 1,300,000
Interest rate, effective percentage		9.70%		9.70%		9.90%
Unused amount available		$ 243,300,000		$ 243,300,000
Debt covenants minimum net worth				$ 325,000,000
Fixed conversion ratio				2.0
Expiration period				60 days
Revolving Credit Facility \| Scenario 1
Line of Credit Facility [Line Items]
Debt covenant, maximum ratio of total debt				2.25
Debt covenant, maximum collateral performance indicator percentage				26.00%
Fixed conversion ratio				2.0
Revolving Credit Facility \| Scenario 2
Line of Credit Facility [Line Items]
Fixed conversion ratio				2.25
Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Interest rate, percentage		4.50%		4.50%

DEBT (Debt Maturities) (Details)	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
Remainder of 2025	$ 0
2026	0
2027	561,249,020
2028	0
2029	0
Thereafter	0
Total future debt payments	$ 561,249,020

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Income Tax Contingency [Line Items]
Total gross unrecognized tax benefits including interest	$ 1,100,000		$ 1,100,000		$ 1,100,000
Unrecognized tax benefits	800,000		800,000		800,000
Gross unrecognized tax benefits, limitations and settlement with taxing authorities	400,000		400,000
Accrued gross interest	$ 327,900		327,900
Gross interest expense			10,900
Effective income tax rate reconciliation, percent	16.40%	14.60%
Historic Tax Credit Investment
Income Tax Contingency [Line Items]
Equity method investment	$ 18,700,000		18,700,000		$ 24,800,000
Historic tax credit investments amortization	4,200,000	$ 1,200,000	12,400,000	$ 3,200,000
Tax benefits from these investments	$ 4,300,000	$ 1,200,000	$ 13,600,000	$ 3,600,000

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