v3.26.1
Derivative Assets (Tables)
 12 Months Ended
May 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Estimated Fair Value of Significant Inputs The key inputs used were the estimated credit spread of the associated preferred stock and corresponding common units, volatility, and risk-free rate of the derivative assets:
Tranche 1
Tranche 2
Tranche 3
Tranche 4
October 6, 2025November 26, 2025December 9, 2025May 31, 2026
Tranche amount$112,500,000 $450,000,000 $337,500,000 $925,000,000 
Expected maturity dateOctober 6, 2032October 6, 2032October 6, 2032October 6, 2032
Credit spread (annual)9.00 %9.66 %9.50 %9.00 %
Yield volatility35.0 %35.0 %35.0 %40.0 %
Put right/trigger eventde minimisde minimisde minimisde minimis
Risk-free rateUSD Yield CurveUSD Yield CurveUSD Yield CurveUSD Yield Curve
Number of time-steps100100100100
The B&W warrants are measured at fair value using the Black-Scholes Option Pricing model. Inherent in pricing models are assumptions related to expected share-price volatility, contractual term, risk-free interest rate and dividend yield, which are considered Level 3 inputs. The estimated fair value of the B&W Warrants are based on the following significant inputs:
Initial WarrantsAdditional WarrantsAs of
November 4, 2025March 18, 2026May 31, 2026
Time to expiry7 years6.63 years6.43 years
Stock price$3.74 $14.17 $18.45 
Volatility115.0 %110.0 %110.0 %
Risk-free rate3.84 %3.98 %4.19 %
Dividend yield— %— %— %
The estimated fair value of the Building 4 Warrant was based on the following significant inputs:
Building 4 Warrant
Contractual term10 years
Volatility80 %
Risk-free rate4.18 %
Dividend yield— %
The estimated fair value of the MAM Warrants are based on the following significant inputs:
MAM Warrants
Contractual term5.5 years
Volatility95 %
Risk-free rate3.76 %
Dividend yield— %