The Company’s long-term debt obligations as of September 30, 2026 and December 31, 2025 were as follows (in thousands):


	September 30, 2026			December 31, 2025
2024 SMFH Credit Facility	$	316,400		$	338,900
Current portion due within one year		(31,048	)		(30,000	)
Unamortized debt discount		(2,896	)		(3,607	)
Deferred financing costs		(521	)		(649	)
Long-term debt, less current portion	$	281,935		$	304,644

As of September 30, 2026, the Company was in compliance with all debt covenants and lender requirements.

During the second quarter of 2026, the Company exercised its right to cancel the remaining $24.6 million of Tranche B of the 2024 SMFH Credit Facility available to be drawn to fund construction of two new PSVs because the Company has funded substantially all of the amounts remaining to be paid for the two PSVs through vessel and other asset sales, and such amounts are currently held in a restricted escrow account, with a balance of $33.0 million as of September 30, 2026.

Letters of Credit. As of September 30, 2026 and December 31, 2025, the Company had outstanding letters of credit of $0.4 million securing lease obligations, labor and performance guaranties.