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| DEBT | 8 – DEBT Long-term debt, net consists of the following:
$680 Million Revolver On February 27, 2026, the Company entered into a sixth amendment to upsize its existing $600 Million Revolver to utilize $80,000 under the $300,000 accordion feature to increase the Company’s borrowing capacity from $600,000 to $680,000 (the “$680 Million Revolver”). The increased borrowing capacity was available upon the delivery of the two Newcastlemax vessels, the Genco Stars and Stripes and the Genco Valkyrie, that were delivered on March 5, 2026 and March 24, 2026, respectively, refer to Note 5 — Vessel Acquisitions and Dispositions. The maturity date of the $680 Million Revolver is July 10, 2030 and total quarterly commitment reductions are $29,422 per quarter commencing on March 31, 2027. Key terms of the $680 Million Revolver remain substantially the same as under the Company’s previous $600 Million Revolver. In accordance with ASC 470-50 — “Debt – Modifications and Extinguishments,” the $680 Million Revolver represents a debt modification of the $600 Million Revolver, therefore the unamortized deferred financing costs for the prior $600 Million Revolver are being amortized over the remaining life of the $680 Million Revolver. As of March 31, 2026, there was $350,000 availability under the $680 Million Revolver. There were no debt repayments made during the three months ended March 31, 2026 and 2025 under the $680 Million Revolver. As of March 31, 2026, the Company was in compliance with all of the financial covenants under the $680 Million Revolver. $600 Million Revolver On July 10, 2025, the Company entered into a fifth amendment to amend, extend and upsize its existing $500 Million Revolver. The amended structure consisted of a $600 million revolving credit facility (the “$600 Million Revolver”) which could be utilized to support growth of its asset base, as well as general corporate purposes. The maturity date of the $600 Million revolver was July 10, 2030. There were $4,287 and $0 debt repayments made during the three months ended March 31, 2026 and 2025, respectively, under the $600 Million Revolver. On February 27, 2026, the Company entered into a sixth amendment to the $600 Million Revolver; refer to the “$680 Million Revolver” section above. As part of the debt modification, $4,287 was settled net amongst the lenders, which has been included as proceeds from the $680 Million Revolver and repayments on the $600 Million Revolver.
$500 Million Revolver On November 29, 2023, the Company entered into a fourth amendment to amend, extend and upsize its existing credit facility at the time. The amended structure consisted of a $500 million revolving credit facility, which could be utilized to support growth of the Company’s asset base as well as general corporate purposes (the “$500 Million Revolver”). The maturity date of the $500 Million Revolver was November 29, 2028. There were no debt repayments during the three months ended March 31, 2026 and 2025 under the $500 Million Revolver. On July 10, 2025, the Company entered into a fifth amendment to the $500 Million Revolver; refer to the “$600 Million Revolver” section above.
Interest rates The following table sets forth the effective interest rate associated with the interest expense for the Company’s debt facilities noted above, including the cost associated with unused commitment fees, if applicable. The following table also includes the range of interest rates on the debt, excluding the impact of unused commitment fees and any interest rate cap agreements, if applicable:
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