Financial Instruments and Fair Value Disclosures (Tables)

12 Months Ended

Mar. 31, 2016

Financial Instruments and Fair Value Disclosures

Schedule of principal terms of the interest rate swaps

	Transaction	Termination	Fixed		Nominal value	Nominal value
Interest rate swap	Date	Date	interest rate		March 31, 2016	March 31, 2015
RBS - CMNL(1)	July 2013(8)	Nov 2018	5.395	%	20,456,000	20,456,000
RBS - CMNL(1)	July 2013(8)	Nov 2018	4.936	%	7,671,000	10,228,000
RBS - CJNP(2)	July 2013(8)	March 2019	4.772	%	27,979,875	30,523,500
RBS - CJNP(2)	July 2013(8)	March 2019	2.960	%	9,420,125	10,276,500
RBS - CNML(3)	July 2013(8)	July 2020	4.350	%	43,000,000	46,440,000
2015 Debt Facility - Citibank(4)	September 2015	March 2022	1.933	%	200,000,000	—
2015 Debt Facility - ING(5)	September 2015	March 2022	2.000	%	50,000,000	—
2015 Debt Facility - CBA(6)	October 2015	March 2022	1.430	%	82,550,000	—
2015 Debt Facility - Citibank(7)	October 2015	March 2022	1.380	%	123,825,000	—
					564,902,000	117,924,000

⁽¹⁾ Reduces semi-annually by $1.3 million with a final settlement of $21.7 million due in November 2018.

⁽²⁾ Reduces semi-annually by $1.7 million with final settlement of $28.9 million due in March 2019.

⁽³⁾ Reduces semi-annually by $1.7 million with a final settlement of $27.5 million due in July 2020.

⁽⁴⁾ Non-amortizing with a final settlement of $200 million in March 2022.

⁽⁵⁾ Non-amortizing with a final settlement of $50 million in March 2022.

⁽⁶⁾ Reduces quarterly by $2.8 million with a final settlement of $17.9 million due in March 2022.

⁽⁷⁾ Reduces quarterly by $4.2 million with a final settlement of $26.9 million due in March 2022.

⁽⁸⁾ RBS swaps assumed from Predecessor Businesses in July 2013

Schedule of financial derivatives

		March 31, 2016				March 31, 2015
	Other non-current assets		Long-term liabilities		Other non-current assets		Long-term liabilities
Derivatives not designated as hedging instruments	Derivative instruments		Derivative instruments		Derivative instruments		Derivative instruments
Interest rate swap agreements	$	—	$	21,647,965	$	—	$	12,730,462

Schedule of effect of derivative instruments on the consolidated statement of operations

						July 1, 2013
		Year ended		Year ended		(inception)
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	March 31, 2016		March 31, 2015		to March 31, 2014
Interest Rate Swap—Change in fair value	Gain/(loss) on derivatives, net	$	(8,917,503)	$	1,331,954	$	2,623,456
Interest Rate Swap—Realized loss	Gain/(loss) on derivatives, net		(6,858,126)		(5,291,157)		(3,727,457)
Gain/(loss) on derivatives, net		$	(15,775,629)	$	(3,959,203)	$	(1,104,001)