Financial Analysis

16 - SAVINGS PLAN In August 2005, the Company established a 401(k) plan that is available to U.S. based full-time employees who meet the plans eligibility requirements. This 401(k) plan is a defined contribution plan, which permits employees to make contributions up to maximum percentage and dollar limits allowable by IRS Code Sections 401(k), 402(g), 404 and 415. Any matching contribution the Company makes vests immediately. For the years ended December 31, 2025, 2024 and 2023, the Companys matching contributions to this plan were $733, $669 and $650 , respectively. …

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8 - DEBT Long-term debt consists of the following: December 31, December 31, 2025 2024 Principal amount $ 200,000 $ 90,000 Less: Unamortized deferred financing costs (10,920) (7,825) Less: Current portion Long-term debt, net $ 189,080 $ 82,175 December 31, 2025 December 31, 2024 Unamortized Unamortized Debt Financing Debt Financing Principal Cost Principal Cost $600 Million Revolver $ 200,000 $ 10,920 $ $ $500 Million Revolver 90,000 7,825 Total debt $ 200,000 $ 10,920 $ 90,000 $ 7,825 As of December 31, 2025 and 2024, $10,920 and $7,825 of deferred financing costs, respectively, were presented as a direct deduction within the outstanding debt balance in the Companys Consolidated Balance Sheets. Amortization expense for deferred financing costs for the years ended December 31, 2025, 2024 and 2023 was $2,204 , $2,006 and $1,779 , respectively. This amortization expense is recorded as a component of Interest expense in the Consolidated Statements of Operations. On July 10, 2025, the Company entered into a fifth amendment to amend, extend and upsize our existing $500 Million Revolver to implement the $600 Million Revolver as noted below. Effective July 10, 2025, the portion of the unamortized deferred financing costs for the prior $500 Million Revolver that was identified as a debt modification, rather than an extinguishment of debt, is being amortized over the life of the $600 Million Revolver in accordance with ASC 470-50. During the year ended December 31, 2025, the Company r …

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For the Years Ended December 31, 2025 2024 2023 Lease revenue $ 141,623 $ 183,069 $ 150,719 Spot market voyage revenue 200,431 239,947 233,106 Total voyage revenues $ 342,054 $ 423,016 $ 383,825 …

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17 - STOCK-BASED COMPENSATION 2015 Equity Incentive Plan On June 26, 2015, the Companys Board of Directors approved the 2015 Equity Incentive Plan for awards with respect to an aggregate of 400,000 shares of common stock (the 2015 Plan). Under the 2015 Plan, the Companys Board of Directors, the Compensation Committee, or another designated committee of the Board of Directors may grant a variety of stock-based incentive awards to the Companys officers, directors, employees, and consultants. Awards may consist of stock options, stock appreciation rights, dividend equivalent rights, restricted (nonvested) stock, restricted stock units, and unrestricted stock. On March 23, 2017, the Board of Directors approved an amendment and restatement of the 2015 Plan. This amendment and restatement increased the number of shares available for awards under the plan from 400,000 to 2,750,000, subject to shareholder approval; set the annual limit for awards to non-employee directors and other individuals as 500,000 and 1,000,000 shares, respectively; and modified the change in control definition. The Companys shareholders approved the increase in the number of shares at the Companys 2017 Annual Meeting of Shareholders on May 17, 2017. On March 19, 2021, the Board of Directors approved an amendment and restatement of the 2015 Equity Incentive Plan (the Amended 2015 Plan). This amendment and restatement increased the number of shares available for awards under the plan from 2,750,000 to 4,750,000 …

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10 - FAIR VALUE OF FINANCIAL INSTRUMENTS The fair values and carrying values of the Companys financial instruments as of December 31, 2025 and 2024 which are required to be disclosed at fair value, but not recorded at fair value, are noted below. December 31, 2025 December 31, 2024 Carrying Carrying Value Fair Value Value Fair Value Cash and cash equivalents $ 55,540 $ 55,540 $ 43,690 $ 43,690 Restricted cash 315 315 Principal amount of floating rate debt 200,000 200,000 90,000 90,000 The carrying value of the borrowings under the $600 Million Revolver as of December 31, 2025 and the $500 Million Revolver as of December 31, 2024, which exclude the impact of deferred financing costs, approximate their fair value due to the variable interest nature thereof as these credit facilities represent floating rate loans. Refer to Note 8 Debt for further information regarding the $600 Million Revolver and $500 Million Revolver. The carrying amounts of the Companys other financial instruments as of December 31, 2025 and 2024 (principally Due from charterers and Accounts payable and accrued expenses) approximate fair values because of the relatively short maturity of these instruments. ASC Subtopic 820-10, Fair Value Measurements & Disclosures (ASC 820-10), applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the consolidated financial statements to assess the inputs used to develop those measurements by …

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18 - LEGAL PROCEEDINGS From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business, principally personal injury and property casualty claims. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any such legal proceedings or claims that it believes will have, i ndividually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows. …

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15 LEASES Effective April 4, 2011, the Company entered into a seven-year sub-sublease agreement for its main office in New York, New York. The term of the sub-sublease commenced June 1, 2011 and ended on May 1, 2018. The Company entered into a direct lease with the over-landlord of such office space that commenced immediately upon the expiration of such sub-sublease agreement, for a term covering the period from May 1, 2018 to September 30, 2025. For accounting purposes, the sub-sublease agreement and direct lease agreement with the landlord constitute one lease agreement. On October 14, 2024, the Company entered into a lease agreement to extend its current lease agreement for its main office space in New York, New York which will commence on October 1, 2025 until July 31, 2036. The lease agreement is for only the space currently occupied by the Company and the portion of the current lease that is currently being sublet expired on September 30, 2025. There is a free base rental period until August 2027. Following the expiration of the free base rental period, the monthly base rental payments will be $70 until July 2031 and $74 thereafter. For accounting purposes, this lease agreement constitutes a lease modification and the Company revalued the lease liability and right-of-use asset on October 14, 2024. The Company entered into a lease for office space in Singapore effective January 17, 2019 for a three-year term, which was initially extended effective January 17, 2022 for a …

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In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements . The amendments in this ASU clarify interim disclosure requirements and the applicability of existing guidance under ASC Topic 270 Interim Reporting . The objective of the update is to provide clarity about current interim requirements. The amendments in this ASU also include a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in this ASU are required to be adopted for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of adoption on its financial disclosures. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (ASU 2024-03), which requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. The objective is to address longstanding requests from investors to provide more detailed information about expenses presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within the fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments are to be appl …

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7 - RELATED PARTY TRANSACTIONS During the years ended December 31, 2025, 2024 and 2023, the Company did no t have any related party transactions. …

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"3 SEGMENT REPORTING The Company transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes through the ownership and operation of drybulk vessels. The Companys vessels regularly move between countries in international waters, over hundreds of trade routes and, as a result, the disclosure of geographic information is impracticable. After the expected acquisition of two Newcastlemax vessels as discussed in Note 5 Vessel Acquisitions And Dispositions, the Company will own a fleet of vessels that focuses on Newcastlemax, Capesize, Ultramax and Supramax vessels. Newcastlemax and Capesize vessels represent the Companys major bulk vessels category while Ultramax and Supramax vessels represent the Companys minor bulk vessel category. The Company has determined that each of its vessels are individual operating segments. The Company determined its operating segments based on how its CODM, John C. Wobensmith, Chief Executive Officer and President, manages the business, makes operating decisions and evaluates operating performance. The CODM reviews the operating results for the Companys fleet and also considers certain aggregate financial data for the Companys major bulk and minor bulk vessels. The Companys major and minor bulk vessels have similar economic characteristics as they serve the same type of customers, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar ec …

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19 - SUBSEQUENT EVENTS On February 13, 2026, the Companys Board of Directors approved an Employee Retention Plan (the Plan) to enhance the Companys severance arrangements in order to support business stability, retain talent, and ensure that such talent can remain focused on driving long-term shareholder returns. The severance payments and other benefits provided under the Plan are subject to a double trigger requirement, meaning that they would only become available upon a qualifying termination, which includes a participants involuntary termination of employment with Cause or resignation for Good Reason, as defined in the Plan, within a two-year period following a Change in Control. On February 16, 2026, the Companys Board of Directors awarded grants of 210,826 RSUs to certain individuals under the 2015 Plan. The awards generally vest ratably on each of the three year anniversaries of February 23, 2026. Additionally, on February 16, 2026, the Companys Board of Directors awarded grants of 118,596 PRSUs to certain individuals for a three-year performance period ending December 31, 2028. The PRSUs, if earned, will vest during the first quarter of 2029. On February 17, 2026, the Company announced a regular quarterly dividend of $0.50 per share to be paid on or about March 18, 2026, to shareholders of record as of March 11, 2026. The aggregate amount of the dividend is expected to be approximately $22.2 million, which the Company anticipates will be funded from cash on hand at t …

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