v3.26.3
Derivative Assets (Tables)
 3 Months Ended
Aug. 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:
As ofAs of
August 31, 2026May 31, 2026
Expected maturity dateOctober 6, 2032October 6, 2032
Credit spread (annual)8.29 %9.00 %
Yield volatility42.5 %40.0 %
Put right/trigger eventde minimisde minimis
Risk-free rateUSD Yield CurveUSD Yield Curve
Number of time-steps100100
The estimated fair value of the B&W Warrants are based on the following significant inputs as of August 31, 2026 and May 31, 2026:
As ofAs of
August 31, 2026May 31, 2026
Time to expiry6.18 years6.43 years
Stock price$7.54 $18.45 
Volatility105.0 %110.0 %
Risk-free rate4.52 %4.19 %
Dividend yield— %— %