Leases

6 Months Ended

Sep. 30, 2025

Leases [Abstract]

Lessee, Operating Leases

Leases

Lessee Accounting

Our leasing activity primarily consists of product storage, office space, real estate, railcars, and equipment.

The following table summarizes the components of our lease cost for the periods indicated:

	Three Months Ended September 30,				Six Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Operating lease cost (1)	$	9,697	$	10,190	$	19,737	$	20,689
Variable lease cost (1)	9,728		11,976		18,663		19,562
Short-term lease cost (1)	62		670		283		1,293
Finance lease cost
Amortization of right-of-use asset (2)	211		2		280		3
Interest on lease obligation (3)	142		2		189		5
Total lease cost	$	19,840	$	22,840	$	39,152	$	41,552

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

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

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

Amounts in the table above do not include lease costs related to our refined products and biodiesel businesses, as these amounts have been classified within discontinued operations within our consolidated statements of operations (see Note 16).

The following table summarizes maturities of our lease obligations at September 30, 2025 (in thousands):

	Operating		Finance
Year Ending March 31,	Leases		Leases (1)
2026 (six months)	$	19,281	$	1,103
2027	34,712		2,206
2028	31,651		2,206
2029	22,144		809
2030	12,733		12
2031	3,966		—
Thereafter	17,665		—
Total lease payments	142,152		6,336
Less imputed interest	(27,959)		(810)
Total lease obligations	$	114,193	$	5,526

(1)    At September 30, 2025, the short-term finance lease obligation of $1.7 million is included in accrued expenses and other payables and the long-term finance lease obligation of $3.8 million is included in other noncurrent liabilities in our unaudited condensed consolidated balance sheet.

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

	Six Months Ended September 30,
	2025		2024
	(in thousands)
Supplemental Cash Flow Information
Cash paid for amounts included in the measurement of lease obligations
Operating cash outflows from operating leases	$	20,391	$	21,039
Operating cash outflows from finance leases	$	142	$	5
Financing cash outflows from finance leases	$	430	$	9
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	16,817	$	18,321
Finance leases	$	5,910	$	—

Amounts in the table above do not include operating cash outflows from operating leases related to our refined products and biodiesel businesses, as these amounts have been classified within discontinued operations within our unaudited condensed consolidated statements of operations (see Note 16).

Lessor Accounting and Subleases

Our lessor arrangements include storage and railcar contracts. We also, from time to time, sublease certain of our storage capacity and railcars to third-parties. Fixed rental revenue is recognized on a straight-line basis over the lease term. During the three months ended September 30, 2025 and 2024, fixed rental revenue was $3.3 million, including $1.1 million of sublease revenue, and $3.8 million, including $1.1 million of sublease revenue, respectively. During the six months ended September 30, 2025 and 2024, fixed rental revenue was $6.3 million, including $1.9 million of sublease revenue, and $7.7 million, including $1.5 million of sublease revenue, respectively.

The following table summarizes future minimum lease payments to be received under various noncancelable operating lease agreements at September 30, 2025 (in thousands):

Year Ending March 31,
2026 (six months)	$	5,089
2027	8,696
2028	5,706
2029	1,337
2030	1,063
2031	1,078
Thereafter	726
Total	$	23,695