At March 31, 2026, the Company had an outstanding finance lease liability related to the M/V Bulk Destiny under the Bulk Nordic Five Ltd. facility. During the three months ended March 31, 2026, the Company exercised and closed on its purchase option under the Bulk PODS Ltd. arrangement related to the M/V Bulk Xaymaca, and no finance lease liability remained outstanding under that facility as of March 31, 2026. This arrangement was entered into prior to the Company’s adoption of ASC 842 and continues to be accounted for as a finance lease under the transition provisions applicable to arrangements previously classified under ASC 840.


	March 31, 2026		December 31, 2025		Interest Rate (%)		Maturity Date
Finance Leases:
Bulk PODS Ltd. (2)	$	—	$	1,076	—	%

Bulk Nordic Five Ltd. (1)	9,200		9,450		3.97	%	April 2028
Total	$	9,200	$	10,526
Less: unamortized issuance costs, net	(47)		(55)
	$	9,153	$	10,471
Less: current portion	(1,000)		(2,076)
Long-term finance lease liabilities, net	$	8,153	$	8,395

(2)On January 13, 2026, the Company exercised its purchase option under the Bulk PODS financing arrangement. The transaction closed on March 16, 2026 for $1.3 million, and no gain or loss was recognized upon closing.

The following table provides details of the Company's future minimum lease payments under finance and operating lease liabilities recorded on the Company's consolidated balance sheets as of March 31, 2026.


Year ending December 31,	Amount
2026 (remainder of the year)	$	1,016
2027	1,321
2028	7,596


Total minimum lease payments	9,933
Less imputed interest	(733)
Present value of minimum lease payments	9,200
Less current portion	(1,000)
Less issuance costs	(47)
Long-term portion	$	8,153