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LEASES | 6 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
LEASES | LEASES At September 30, 2024, the Group was obligated under a number of noncancellable leases, predominantly operating leases of office space, which expire at various dates through 2033. The Group's primary involvement with leases is in the capacity as a lessee where a Group company leases premises to support the Group's business. The Group determines whether a contract is or contains a lease at inception of the contract and whether that lease meets the classification criteria of a finance or operating lease. Operating lease liabilities and right-of-use (ROU) assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The future lease payments are discounted at a rate that estimates the Company’s collateralized borrowing rate for financing instruments of a similar term and are included in accounts payable and other liabilities. The operating lease ROU asset, included in premises and equipment, also includes any lease prepayments made, plus initial direct costs incurred, less any lease incentives received. The Company recognizes fixed lease costs on a straight-line basis throughout the lease term in the Consolidated Statement of Income. Certain of these leases also have extension or termination options, and the Company assess the likelihood of exercising such options. If it is reasonably certain that the Group will exercise the options to extend, then we include the impact in the measurement of our ROU assets and lease liabilities. When readily determinable, the Company uses the rate implicit in the lease to discount lease payments to present value; however, the rate implicit on most of the Group's leases are not readily determinable. Therefore, the Company must discount lease payments based on an estimate of its incremental borrowing rate. The table below presents the lease related assets and liabilities recorded on the Company's Condensed Consolidated Balance Sheets as of September 30, 2024:
| Classification on Balance Sheet |  | September 30, 2024 |  | March 31, 2024
Assets |  |  |  |  |
Operating lease assets | Right-of-use asset |  | $ | 37,028 |  |  | $ | 36,324 |
Total lease assets |  |  | $ | 37,028 |  |  | $ | 36,324 |
Liabilities |  |  |  |  |
Operating lease liability | Lease liability |  | $ | 37,664 |  |  | $ | 35,794 |
Total lease liability |  |  | $ | 37,664 |  |  | $ | 35,794 |
The following table presents as of September 30, 2024, the maturities of the lease liabilities:
Leases maturing during the period ending March 31, |  |
2025 |  | $ | 5,971
2026 |  | 12,089 |
2027 |  | 12,474 |
2028 |  | 8,307 |
2029 |  | 4,189 |
Thereafter |  | 3,290 |
Total payments |  | 46,320 |
Less: amounts representing interest |  | (8,656) |
Lease liability, net |  | $ | 37,664 |
Weighted average remaining lease term (in months) |  | 31
Weighted average discount rate |  | 14 | %
Lease commitments for short-term operating leases as of September 30, 2024 and September 30, 2023 was approximately $1,368 and $222, respectively. The Group's rent expense for office space was $2,339 and $4,493 for the three and six months ended September 30, 2024 and $759 and $1,619 for the three and six months ended September 30, 2023, respectively. The Group has leases that involve variable payments tied to an index, which are considered in the measurement of operating lease ROU assets and operating lease liabilities.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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