| Schedule of outstanding debt obligations |
The table below presents our debt obligations: | | | | | | | | | | March 31, 2026 | | March 31, 2025 | | 2023 A&R Debt Facility | | $ | 165,000,000 | | $ | 185,000,000 | | | | | | | | | | Areion Facility | | $ | 62,900,531 | | | — | | | | | | | | | | BALCAP Facility | | $ | 49,891,595 | | $ | 58,266,112 | | | | | | | | | | Japanese Financings | | | | | | | | Corsair Japanese Financing | | $ | 24,645,833 | | $ | 27,895,834 | | Cresques Japanese Financing | | | 22,071,744 | | | 23,840,367 | | Cratis Japanese Financing | | | 33,340,000 | | | 37,420,000 | | Copernicus Japanese Financing | | | 33,340,000 | | | 37,420,000 | | Chaparral Japanese Financing | | | 54,594,492 | | | 57,316,129 | | Caravelle Japanese Financing | | | 35,300,000 | | | 39,200,000 | | Cougar Japanese Financing | | | 36,500,000 | | | 40,100,000 | | Captain Markos Dual-Fuel Japanese Financing | | | 48,230,000 | | | 50,960,000 | | Total Japanese Financings | | $ | 288,022,069 | | $ | 314,152,330 | | | | | | | | | | | | | | | | | | Total debt obligations | | $ | 565,814,195 | | $ | 557,418,442 | | Less: deferred financing fees | | | 5,419,502 | | | 4,139,695 | | Debt obligations—net of deferred financing fees | | $ | 560,394,693 | | $ | 553,278,747 | | | | | | | | | | Presented as follows: | | | | | | | | Current portion of long-term debt | | $ | 100,164,502 | | $ | 54,504,778 | | Long-term debt—net of current portion and deferred financing fees | | | 460,230,191 | | | 498,773,969 | | Total | | $ | 560,394,693 | | $ | 553,278,747 | |
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| Schedule of changes in deferred financing fees |
The analysis and movement of deferred financing fees is presented in the table below: | | | | | | | Financing | | | | costs | | Balance, April 1, 2024 | | $ | 5,359,227 | | Amortization | | | (1,219,532) | | Balance, April 1, 2025 | | $ | 4,139,695 | | Additions | | | 2,424,249 | | Amortization | | | (1,144,442) | | Balance, March 31, 2026 | | $ | 5,419,502 | |
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| Schedule of minimum annual principal payments on debt |
The minimum annual principal payments, in accordance with the loan agreements, required to be made after March 31, 2026 are as follows: | | | | Year ending March 31: | | | | 2027 | $ | 100,164,502 | | 2028 | | 50,470,097 | | 2029 | | 96,578,206 | | 2030 | | 144,528,073 | | 2031 | | 50,512,240 | | Thereafter | | 123,561,077 | | Total | $ | 565,814,195 | |
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