| Schedule of derivative instruments location on the statement of financial position |
The following table summarizes the location on the balance sheet of the financial assets and liabilities that are carried at fair value on a recurring basis, which comprise our financial derivatives all of which are considered Level 2 items in accordance with the fair value hierarchy: | | | | | | | | | | | | | | | | | March 31, 2026 | | | March 31, 2025 | | | | Other non-current assets | | Long-term liabilities | | Other non-current assets | | Long-term liabilities | | Derivatives not designated as hedging instruments | | Derivative instruments | | Derivative instruments | | Derivative instruments | | Derivative instruments | | Interest rate swap agreements | | $ | 2,337,425 | | $ | — | | $ | 3,497,493 | | $ | — | |
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| Schedule of derivative instruments effect within the unaudited interim consolidated statement of operations |
The effect of derivative instruments within the consolidated statements of operations for the periods presented is as follows: | | | | | | | | | | | | | | | | | Year ended | | Derivatives not designated as hedging instruments | | Location of gain/(loss) recognized | | March 31, 2026 | | March 31, 2025 | | March 31, 2024 | | Interest rate swaps—change in fair value | | Unrealized (loss)/gain on derivatives | | | (1,160,068) | | | (5,786,717) | | | 5,665 | | Forward freight agreements—realized loss | | Realized loss on derivatives | | | — | | | (512,082) | | | — | | Interest rate swaps—realized gain | | Realized gain on derivatives | | | 1,759,508 | | | 5,824,074 | | | 7,493,246 | | Gain/(loss) on derivatives, net | | | | $ | 599,440 | | $ | (474,725) | | $ | 7,498,911 | |
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| Schedule of derivative instruments summary of gains and losses on investment securities |
The summary of gains and losses on our investment securities included in other gain/(loss), net on our consolidated statements of operations for the periods presented is as follows: | | | | | | | | | | | | | Year ended | | | | March 31, 2026 | | March 31, 2025 | | March 31, 2024 | | Unrealized gain/(loss) on investment securities | | $ | 1,076,390 | | $ | (1,300,287) | | $ | 1,483,522 | | Realized gain on investment securities | | | — | | | — | | | 872,557 | | Net gain/(loss) on investment securities | | $ | 1,076,390 | | $ | (1,300,287) | | $ | 2,356,079 | |
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| Schedule of carrying values and estimated fair values of fixed rate debt obligations |
The following table summarizes the carrying value and estimated fair value of our fixed rate debt obligations as of: | | | | | | | | | | | | | | | | | March 31, 2026 | | | March 31, 2025 | | | | Carrying Value | | Fair Value | | | Carrying Value | | Fair Value | | Corsair Japanese Financing | | $ | 24,645,833 | | $ | 24,354,660 | | | $ | 27,895,834 | | $ | 27,449,194 | | Cresques Japanese Financing | | | 22,071,744 | | | 23,176,904 | | | | 23,840,367 | | | 25,079,649 | | Cratis Japanese Financing | | | 33,340,000 | | | 32,066,599 | | | | 37,420,000 | | | 35,683,595 | | Copernicus Japanese Financing | | | 33,340,000 | | | 32,066,599 | | | | 37,420,000 | | | 35,683,595 | | Chaparral Japanese Financing | | | 54,594,492 | | | 54,386,863 | | | | 57,316,129 | | | 56,960,711 | | Caravelle Japanese Financing | | | 35,300,000 | | | 33,893,259 | | | | 39,200,000 | | | 37,313,039 | | Cougar Japanese Financing | | | 36,500,000 | | | 37,996,095 | | | | 40,100,000 | | | 41,274,707 | | Captain Markos Dual-Fuel Japanese Financing | | | 48,230,000 | | | 51,115,820 | | | | 50,960,000 | | | 54,060,280 | | BALCAP Facility | | | 49,891,595 | | | 49,119,651 | | | | 58,266,112 | | | 56,498,815 | |
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