Credit Facilities (Tables)

6 Months Ended

Jun. 30, 2026


	June 30, 2026								December 31, 2025
(in thousands)	Revolving Facility		Term Loan			Total			Revolving Facility		Total

Current portion	$	-	$	-		$	-		$	-	$	-

Long-term portion		472,000		1,500,000			1,972,000			-		-
Gross bank debt outstanding	$	472,000	$	1,500,000		$	1,972,000		$	-	$	-

Less: unamortized debt issue costs¹		-		(2,718	)		(2,718	)		-		-

Net bank debt outstanding	$	472,000	$	1,497,282		$	1,969,282		$	-	$	-
1) In addition to the $2.7 million unamortized debt issue costs associated with the Term Loan, there is $6.0 million (December 31, 2025 - $4.7 million) unamortized debt issue costs associated with the Revolving Credit Facility which have been recorded as a long-term asset under the classification Other (see Note 23).

The lease liability on the Company’s offices located in Vancouver, Canada and the Cayman Islands is as follows:

The maturity analysis, on an undiscounted basis, of these leases is as follows:


(in thousands)	June 30 2026

Not later than 1 year	$	983

Later than 1 year and not later than 5 years		4,152

Later than 5 years		4,287

Total lease liabilities	$	9,422

A summary of the Company’s finance costs associated with the above facilities during the period is as follows:


			Three Months Ended June 30				Six Months Ended June 30

(in thousands)	Note		2026		2025		2026		2025

Interest Expense During Period
Average principal outstanding during period			$	2,380,000	$	-	$	1,190,000	$	-
Average effective interest rate during period		16		5.09%		n.a.		5.09%		n.a.
Total interest expense incurred during period			$	30,309	$	-	$	30,309	$	-
Costs related to undrawn credit facilities		16	$	687	$	1,317	$	1,991	$	2,667
Interest expense - lease liabilities		16. 3		101		110		202		201

Total finance costs			$	31,097	$	1,427	$	32,502	$	2,868