| Schedule of Long-term Debt Instruments |
As of June 30, 2026 and December 31, 2025, the Company’s outstanding long-term debt consists of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Interest Rate (%) (1) | | Maturity Date | | | | | | | | | | | | | | | | | | | | | | | | | | | | Bulk Nordic Odyssey (MI) Corp., Bulk Nordic Orion (MI) Corp. Senior Secured Term Loan Facility (2) (3) | | $ | 7,554 | | | $ | 8,575 | | | 2.95 | % | | December 2027 | Bulk Nordic Oshima (MI) Corp., Bulk Nordic Odin (MI) Corp., Bulk Nordic Olympic (MI) Corp., Bulk Nordic Oasis (MI) Corp. Secured Term Loan Facility (2) (3) | | 27,800 | | | 30,200 | | | 3.38 | % | | March 2027 | $50 million Senior Secured Term Loan Facility - Dated August 14, 2024 (4) | | 39,898 | | | 42,254 | | | 6.35 | % | | May 2029 | Bulk Valor Corp. Loan and Security Agreement (2) | | 6,548 | | | 7,280 | | | 3.29 | % | | June 2028 | Bulk Promise Corp. (2) | | 6,225 | | | 6,917 | | | 5.45 | % | | October 2027 | Bulk Sachuest (2) | | 5,598 | | | 6,052 | | | 6.19 | % | | October 2029 | | Bulk Prudence | | 12,771 | | | 13,465 | | | 5.53 | % | | July 2029 | Pangaea Texas, LLC (2) | | 591 | | | 691 | | | 1.74 | % | | November 2029 | Pangaea Baltimore, LLC (2) | | 132 | | | — | | | — | % | | February 2030 | Pangaea Florida, LLC (2) | | 658 | | | — | | | 4.15 | % | | May 2031 | | Total | | $ | 107,774 | | | $ | 115,434 | | | | | | | Less: unamortized issuance costs | | (1,078) | | | (1,366) | | | | | | | | $ | 106,697 | | | $ | 114,067 | | | | | | | Less: current portion | | (40,155) | | | (16,910) | | | | | | | Secured long-term debt, net | | $ | 66,542 | | | $ | 97,157 | | | | | |
(1)As of June 30, 2026. (2)Interest rates on the loan facilities are fixed. (3)The borrower under this facility is NBHC. The Company has two-thirds ownership interest and an independent third party has one-third ownership interest in NBHC. NBHC is consolidated in accordance with ASC 810-10 and as such, amounts pertaining to the non-controlling ownership held by the third parties in the financial position of NBHC are reported as non-controlling interest in the accompanying balance sheets. (4)This facility is secured by the vessels m/v Bulk Endurance, m/v Bulk Brenton, and Bulk Patience, and is guaranteed by the Company.
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| Schedule of Maturities of Long-term Debt |
The future minimum payments under the debt agreements are as follows: | | | | | | | | | | | Years ending December 31, | | 2026 (remainder of the year) | | $ | 11,202 | | | 2027 | | 50,710 | | | 2028 | | 14,668 | | | 2029 | | 42,286 | | | 2030 | | 154 | | | Thereafter | | 62 | | | | 119,082 | | | Less: Amount representing interest | | (11,308) | | | | 107,774 | | | Less: Unamortized Debt Issuance Costs | | (1,078) | | | | 106,697 | | | Less: current portion | | (40,155) | | | Secured long-term debt, net | | $ | 66,542 | |
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| Schedule of Future Minimum Payments for Finance Lease, Liability Obligations |
| | | | | | | | | | | Year ending December 31, | | 2026 (remainder of the year) | | $ | 21,285 | | | 2027 | | 50,628 | | | 2028 | | 45,744 | | | 2029 | | 58,329 | | | 2030 | | 28,218 | | | Thereafter | | 94,423 | | | Total minimum payments | | 298,627 | | | Less: Amount representing interest | | (62,989) | | | Present value of minimum payments | | 235,638 | | | Less: Issuance costs | | (1,757) | | | Present value of minimum payments, net | | 233,881 | | | Less: Current portion of financing obligations | | (38,521) | | | Non-current portion of financing obligations | | $ | 195,360 | |
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