Recent Updates — PHXE-P

Phoenix Energy One entered into Amendment No. 11 to its Senior Secured Credit Agreement, permitting the issuance of secured junior lien notes subject to specific conditions. The amendment also granted a waiver for the Current Ratio requirement during calendar months ending between April 30, 2026, and December 31, 2026, allowing the ratio to fall below 0.90 to 1.00. Additionally, the filing discloses a Wellbore Participation Plan enabling employees to acquire non-operating working interests in company wells. Phoenix Energy One operates in the oil and gas industry.

Phoenix Energy One, LLC entered into Amendment No. 10 to its Amended and Restated Senior Secured Credit Agreement on August 12, 2026. The amendment established $75 million in new discretionary delayed draw term loan commitments, which were fully drawn on the effective date. This action reduced the remaining aggregate principal amount available for future draws from $225 million to $150 million. The loans carry a 3.00% original issue discount and are subject to repayment premiums targeting specific multiples of invested capital (MOIC) ranging from 1.15 to 1.18 depending on the loan group. Proceeds will finance oil and gas property development.

On July 7, 2026, Phoenix Energy One, LLC entered into an indenture with Odyssey Transfer and Trust Company to issue up to $100,000,000 in Senior Subordinated Junior Lien Notes. The Notes have a 10-year maturity and interest rates between 6.00% and 7.00% per annum, available as either cash interest paid monthly or compound interest. The debt is secured on a junior basis to existing Senior Debt under a Fortress Credit Agreement and is subject to a 1.00 to 1.00 Loan-to-Value Ratio covenant. A Junior Lien Intercreditor Agreement was also executed to establish priority of liens. The company operates in the energy industry and manages energy-related assets.