Debt Facilities (Tables)

6 Months Ended

Oct. 31, 2025

Debt Instruments [Abstract]

Summary of Debt Facilities

A summary of debt facilities is as follows:

(In thousands)	October 31, 2025		April 30, 2025
Senior secured note payable	$	300,000	$	-
Debt issuance costs	(14,446)		-
Original issue discount	(12,000)		-
Non-cash debt discount - warrants	(11,642)		-
Senior secured note payable, net	$	261,912	-
Revolving line of credit	$	-	$	208,322
Debt issuance costs	-		(3,553)
Revolving line of credit, net	$	-	$	204,769
Non-recourse notes payable - 2023-1 Issuance	$	-	$	46,289
Non-recourse notes payable - 2023-2 Issuance	56,355		92,949
Non-recourse notes payable - 2024-1 Issuance	34,093		73,158
Non-recourse notes payable - 2024-2 Issuance	121,458		194,139
Non-recourse notes payable - 2025-1 Issuance	114,518		168,318
Non-recourse notes payable - 2025-2 Issuance	162,895		-
Non-recourse notes payable - 2025-3 Issuance	148,274		-
Debt issuance costs - non-recourse notes payable	(2,559)		(2,843)
Non-recourse notes payable, net	$	635,034	$	572,010
Total debt	$	896,946	$	776,779

Summary of Original Principal Balance and Weighted Average Fixed Coupon Rate

The original principal balance and weighted average fixed coupon rate for the outstanding securitizations are as follows:

	Original Principal Balance (in thousands)		Weighted Average Fixed Coupon Rate
2023-2	$	360,300	8.80	%
2024-1	250,000		9.50	%
2024-2	300,000		7.44	%
2025-1	200,000		6.49	%
2025-2	216,000		6.27	%
2025-3	171,960		5.46	%

Schedule of Fair Value, Options Granted, Valuation Assumptions

The fair value of warrants issued is estimated on the date of grant using the Black-Scholes option pricing model based on the assumptions in the table below.

	Six Months Ended October 31,
	2025		2024
Expected terms (years)	6		0
Risk-free interest rate	3.55	%	-	%
Volatility	57.73	%	-	%
Exercise stock price	22.63		-
Dividend yield	-	%	-	%

The methodology and assumptions utilized to estimate the fair value of the Company’s financial instruments and other assets are as follows:

Financial Instrument and Other Assets	Valuation Methodology
Cash, cash equivalents, and restricted cash	The carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instruments (Level 1).
Repossessed inventory	The fair value approximates wholesale value (Level 1).
Finance receivables, net	The Company estimated the fair value of its receivables at what a third-party purchaser might be willing to pay. The Company has had discussions with third parties and has bought and sold portfolios and has had a third-party appraisal in October 2022 that indicates a range of 34% to 39% discount to face would be a reasonable fair value in a negotiated third-party transaction. The sale of finance receivables from Car-Mart of Arkansas to Colonial is made at a 38.5% discount. For financial reporting purposes these sale transactions are eliminated (Level 2).
Accounts payable	The carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instrument (Level 2).
Contingent consideration payable for acquisition	The fair value is based upon inputs from the earn-out projection for the applicable acquisition (Level 2).
Revolving line of credit	The fair value approximates carrying value due to the variable interest rates charged on the borrowings, which reprice frequently (Level 2).
Notes payable	The fair value is based upon inputs derived from prices for similar instruments at period end (Level 2).