10-Q: Phoenix Energy One Reports Strong Q3 Growth, Production Surges

Sentiment:

Quarterly Report 12 November 2025 5:05 PM

📋All filings for Phoenix Energy One, LLC

Phoenix Energy One, LLC announced significant revenue and net income growth for Q3 and the first nine months of 2025, driven by increased drilling operations and strategic acquisitions, despite rising debt and identified internal control weaknesses.

Capital raiseThe company completed its initial public offering of Series A Cumulative Redeemable Preferred Shares, raising $54.1 million in gross proceeds.Since the balance sheet date (September 30, 2025) and through the filing date (November 12, 2025), the company raised an additional $54.2 million of notes through its investor program.The Fortress Credit Agreement was amended in October 2025 to establish a new tranche of term loans in an aggregate principal amount of $350.0 million, with $50.0 million borrowed upon closing and up to $300.0 million available on a discretionary delayed draw basis.The company expects to require additional capital to fund its growth and may require additional liquidity to service its debt, as cash flows from operations alone are not expected to be adequate for both debt service and reserve development.Management anticipates needing to raise approximately $658.9 million in additional capital through the end of 2028 to fund the development of proved and probable undeveloped reserves.

Better than expectedNet income for Q3 2025 was $8.5 million, a significant improvement from a net loss of $11.3 million in Q3 2024.Total revenues for Q3 2025 increased by 220.2% to $189.0 million, significantly exceeding prior year performance.EBITDA for Q3 2025 increased by 206.5% to $92.6 million, indicating strong operational leverage.Crude oil production for Q3 2025 surged by 201.1%, demonstrating successful ramp-up of direct drilling operations.Total estimated proved reserves increased by 31,389,659 Boe, indicating successful organic and inorganic growth in resource base.

Summary

Total revenues for the three months ended September 30, 2025, increased by 220.2% to $189.0 million, up from $59.0 million in the same period of 2024.
Net income for Q3 2025 was $8.5 million, a substantial improvement from a net loss of $11.3 million in Q3 2024.
For the nine months ended September 30, 2025, total revenues grew by 161.0% to $468.6 million, compared to $179.6 million in the prior year period.
Net income for the nine months ended September 30, 2025, reached $32.8 million, a significant turnaround from a net loss of $11.3 million in the same period of 2024.
EBITDA for Q3 2025 increased by 206.5% to $92.6 million, and for the nine months ended September 30, 2025, it rose by 149.5% to $256.5 million.
Crude oil production for Q3 2025 surged by 201.1% to 2,217,933 barrels, and for the nine months ended September 30, 2025, it increased by 148.4% to 5,731,412 barrels.
Total estimated proved reserves increased by 31,389,659 Boe to 95,198,985 Boe as of September 30, 2025, from 63,809,326 Boe at December 31, 2024.
PhoenixOp, a wholly-owned subsidiary, successfully drilled five four-mile lateral wells from a single pad in the Williston Basin, including the longest drilled lateral at 20,797.5 feet.
The Willer pad wells achieved the lowest cost per well in the portfolio to date, averaging approximately $6.3 million per well, resulting in total project savings of approximately $8.6 million.
The company completed its initial public offering of Series A Cumulative Redeemable Preferred Shares, raising $54.1 million in gross proceeds.
Total outstanding debt increased to $1,405.8 million as of September 30, 2025, from $987.9 million at December 31, 2024.
The company had negative working capital of approximately $222.0 million as of September 30, 2025.
Material weaknesses in internal control over financial reporting were identified, including inadequate separation of duties, lack of testing over accounting systems, and absence of a board of directors or an audit committee.

Sentiment

Score: 7

Explanation: The company demonstrated strong financial and operational growth, with significant increases in revenue, net income, EBITDA, and production. Key operational milestones were achieved, and capital was successfully raised through preferred equity and debt offerings. However, the company carries a substantial debt load, has negative working capital, and faces ongoing challenges with internal control weaknesses and commodity price volatility. The need for significant future capital raises for reserve development also presents a notable risk.

Positives

Total revenues for the three months ended September 30, 2025, increased by 220.2% to $189.0 million, demonstrating strong top-line growth.
Net income for Q3 2025 was $8.5 million, a significant improvement from a net loss of $11.3 million in Q3 2024, indicating enhanced profitability.
EBITDA for Q3 2025 grew by 206.5% to $92.6 million, reflecting robust operational performance.
Crude oil production for Q3 2025 surged by 201.1%, contributing significantly to product sales revenue, which increased by 375.5% to $113.8 million.
Total estimated proved reserves increased by 31,389,659 Boe to 95,198,985 Boe, indicating successful reserve replacement and growth.
PhoenixOp achieved significant operational milestones, including drilling the longest lateral well in the Williston Basin (20,797.5 feet) and achieving the lowest cost per well on the Willer pad ($6.3 million, $1.4 million below budget).
The successful initial public offering of Series A Preferred Shares raised $54.1 million in gross proceeds, diversifying capital sources.
Cash provided by operating activities for the nine months ended September 30, 2025, increased by 374.0% to $190.6 million, indicating improved operational cash generation.

Negatives

Mineral and royalty revenues decreased by 8.9% to $31.3 million in Q3 2025 and by 22.3% to $93.2 million for the nine months ended September 30, 2025, primarily due to decreased crude oil production volumes and lower average realized prices.
The company reported negative working capital of approximately $222.0 million as of September 30, 2025, indicating short-term liquidity challenges.
Total outstanding debt increased significantly to $1,405.8 million as of September 30, 2025, from $987.9 million at December 31, 2024, leading to higher interest expenses.
Cash and cash equivalents decreased by $25.4 million for the nine months ended September 30, 2025, despite increased operating cash flow, due to substantial investing activities.
Average realized crude oil prices decreased by 12.6% in Q3 2025 and 8.2% for the nine months ended September 30, 2025, impacting revenue.
Impairment expense increased by 276.3% to $2.0 million in Q3 2025, primarily due to lease expirations.
Loss on debt extinguishment increased by 135.3% to $1.3 million in Q3 2025, due to increased write-offs of debt issuance costs from bond redemptions.

Risks

The oil and gas industry is highly competitive, and the company may struggle to identify and acquire attractive assets or operate properties profitably.
Mineral rights investment involves high-risk activities with uncertainties, including unanticipated problems and costs exceeding estimates.
Direct drilling and extraction activities through PhoenixOp pose additional risks, such as failing to place wells in target zones, completion issues, and increased seismicity.
The company is not insured against all business risks, and losses from uninsurable or uninsured risks could materially impact financial condition.
Business is highly sensitive to volatile oil and gas prices; sustained declines could adversely affect financial position, cash flows, and growth.
Limited operating history and rapid growth make business evaluation difficult and place significant demands on management.
Acquisition and development of properties require substantial capital, and the company may be unable to obtain needed financing on satisfactory terms.
Acquired properties may not produce as projected, and assessments of reservoir characteristics and liabilities are inexact.
Obstacles to marketing minerals, such as infrastructure limitations or reduced demand for hydrocarbons due to alternative energy sources, could impact revenues.
A limited number of purchasers and operators generate a significant portion of revenue and accounts receivable, posing concentration risk.
Reliance on third-party E&P operators for development and extraction activities means limited control over operational decisions and potential adverse effects from their failures or insolvencies.
Reliance on third-party and government databases for asset information means incorrect, incomplete, or lost data could impact financial and operational projections.
Estimated mineral reserves quantities and future production rates are based on assumptions and have not been verified by an independent third-party report, leading to potential inaccuracies.
Development of estimated proved and probable undeveloped reserves may take longer and require higher capital expenditures than anticipated, necessitating additional capital raises.
Delays in royalty payments or inability to replace defaulting third-party E&P operators could adversely affect cash flows.
PV-10 is not necessarily the current market value of estimated proved reserves and actual future net revenues may differ materially.
Future success depends on the ability to economically find or acquire and produce additional oil and natural gas reserves.
Acquisition of significant amounts of unproved property carries the risk that no commercially productive reservoirs will be discovered.
Reliance on a specialized software system without registered intellectual property rights exposes the company to competitors replicating the technology.
Potential for third-party intellectual property infringement claims could lead to costly disputes or disruptions.
Changes in tax rates, new tax legislation, or exposure to additional tax liabilities could adversely impact financial condition.
Current and future litigation, regulatory, administrative, or other legal proceedings could have a material adverse effect on business and results of operations.
Unfavorable economic and political conditions, including global disruptions and trade disputes, could diminish demand for oil and natural gas.
Future global or domestic health crises and financial market uncertainty may adversely affect revenue generation.
Inflation could adversely impact the ability to control costs, including operating expenses and capital costs of third-party operating partners.
Increased attention to environmental, social, and governance (ESG) matters may lead to increased costs, reduced demand, and negative impacts on capital access.
Investment in new business ventures could prove unsuccessful and adversely affect financial condition.
Substantial indebtedness could adversely affect financial condition and prevent fulfillment of obligations, with the ability to incur substantially more debt exacerbating risks.
Inability to generate sufficient cash to service existing and future indebtedness may force actions like asset disposals or refinancing, which may not be successful.
Need to repay or refinance a substantial amount of indebtedness, with failure potentially leading to default and acceleration of obligations.
Restrictive covenants in debt agreements limit operational flexibility and ability to respond to market changes.
Variable rate indebtedness subjects the company to interest rate risk, potentially increasing debt service obligations.
Preferred Shares are perpetual equity interests with no mandatory redemption date, exposing holders to indefinite financial risks.
Preferred Shares are junior and subordinated to existing and future indebtedness, and interests could be diluted by additional equity issuances.
Limited voting rights for Preferred Shares holders.
Market interest rates and other factors may affect the value of the Preferred Shares.
Absence of an active trading market for Preferred Shares may limit transferability and adversely affect price.
Obligations to make distributions on Preferred Shares, along with existing indebtedness terms, could adversely affect business and debt servicing ability.
Ability to make distributions is limited by Delaware law, and holders may have liability to repay distributions under certain circumstances.
Interests of Preferred Shares holders may conflict with the interests of the controlling shareholder, Phoenix Equity.
The Third ARLLCA eliminates board members' fiduciary duties to the company, allowing them to prioritize their own interests.
The Third ARLLCA contains an exclusive forum provision that may discourage lawsuits against the company or its directors and officers.
Tax treatment depends on partnership status; an IRS contest or changes in tax laws could reduce cash available for distribution.
Tax treatment of securities loans and distributions as guaranteed payments for capital use are uncertain, potentially impacting tax-exempt and non-U.S. investors.
Distributions on Preferred Shares are not eligible for the 20% deduction for qualified business income.
As a public reporting company, significant resources and management attention are required for compliance, increasing costs.
Failure to comply with internal controls, including identified material weaknesses, could lead to material misstatements and harm business.
Previous restatements of financial statements create additional risks and uncertainties, including potential legal proceedings and reputational harm.
As a controlled company, reliance on exemptions from certain NYSE American corporate governance standards means fewer protections for stockholders.

Future Outlook

The company expects to require additional capital to fund its growth and may need further liquidity to service its debt, as cash flows from operations alone are not anticipated to be sufficient for both debt service and reserve development. Management plans to drill between 90 to 110 gross and 62.0 to 76.0 net operated wells, and participate in 210 to 250 gross and 12.1 to 14.5 net non-operated wells over the next 12 months, requiring $730.0 million to $830.0 million in capital expenditures. The company believes current liquidity sources will be sufficient for the next 12 months, but acknowledges that prolonged periods of lower commodity prices (below business plan assumptions of $71.98/bbl for crude oil and $3.94/Mcf for natural gas) may necessitate adjustments to capital expenditures, drilling operations, or production plans, and potentially require raising additional capital.

Management Comments

Management believes its capital raises through its bond offerings will continue at or above the current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through its bond offerings will continue at or above this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
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Management believes its capital raises through this current pace.
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Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
Management believes its capital raises through this current pace.
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Management believes the company is well-positioned to navigate a lower-price environment, but may reduce operations in response to prolonged periods of decreased commodity prices, which would reduce revenue and could have an adverse effect on business, financial condition, results of operations, and cash flows from operations.

Industry Context

Phoenix Energy One operates in the highly competitive oil and gas industry, which is characterized by significant capital requirements and exposure to volatile commodity prices. The company's strategy of acquiring royalty assets, non-operated working interests, and engaging in direct drilling operations in basins like Williston, Uinta, Permian, Denver-Julesburg, and Powder River Basins aligns with common E&P strategies. The recent decrease in oil prices from $71.20 per barrel to $60.98 per barrel, below the company's business plan assumptions, reflects broader industry volatility influenced by global supply-demand dynamics, geopolitical events, and macroeconomic factors. The industry is also facing increasing scrutiny regarding ESG matters and potential regulatory changes related to climate change and GHG emissions, which could impact operational costs and demand for hydrocarbons. The company's hedging activities are a standard industry practice to mitigate price risk.

Comparison to Industry Standards

The company's average daily production of 23,726 BOE/d for the nine months ended September 30, 2025, represents substantial growth, but its scale is still smaller compared to major integrated oil companies or large independent E&P firms like EOG Resources or Pioneer Natural Resources, which often report hundreds of thousands to over a million BOE/d.
The increase in total proved reserves to 95.2 million BOE is a positive indicator of future production potential, but remains modest compared to industry leaders who often hold reserves in the billions of BOE.
The successful drilling of five four-mile lateral wells from a single pad and achieving the longest drilled lateral in the Williston Basin (20,797.5 feet) demonstrates strong operational efficiency and technological capability, comparable to best-in-class drilling practices seen in top-tier operators in the Permian or Bakken basins.
The Willer pad wells achieving an average cost of approximately $6.3 million per well, $1.4 million below budget, indicates effective cost management, which is a critical competitive advantage in the E&P sector, especially in comparison to industry averages that can range from $7 million to $15 million for similar extended-reach laterals depending on basin and depth.
The company's negative working capital of $222.0 million as of September 30, 2025, is a concern and deviates from the healthy liquidity profiles typically maintained by more mature, financially stable industry peers who often aim for positive working capital to cover short-term obligations.
The significant increase in total indebtedness to $1.4 billion highlights a higher leverage profile compared to many established E&P companies that prioritize debt reduction or maintain lower debt-to-equity ratios, although growth-oriented companies often take on more debt.
The identified material weaknesses in internal control over financial reporting are below industry best practices and regulatory expectations for public companies, which typically have robust internal control frameworks to ensure financial reporting accuracy and compliance.

Corporate Governance

Change Type	Description	Effective Date	Impact Assessment
Establishment of Board of Directors	In connection with the Preferred Shares offering, the company amended and restated its Limited Liability Company Agreement to establish a board of directors to manage its business and affairs.	2025-09-29	Formalizes corporate governance structure for a public company, but as a controlled company, Phoenix Equity retains significant influence.
Preferred Shares Listing and Governance Exemptions	Series A Preferred Shares listed on NYSE American. As a controlled company, Phoenix Energy One relies on exemptions from certain NYSE American corporate governance standards, such as having a majority of independent directors or fully independent compensation/nominating committees.	2025-09-30	Reduces the level of independent oversight compared to non-controlled public companies, potentially impacting minority shareholder protections. The company has one independent director for audit committee purposes, meeting minimum Rule 10A-3 requirements.

Legal Proceedings

The company is involved in various legal proceedings, lawsuits, regulatory investigations, and other claims in the ordinary course of business, including workers' compensation and employment-related disputes.
Management believes that none of these matters, if decided adversely, will have a material adverse effect on the company's financial condition, cash flows, or results of operations.

Related Party Transactions

Certain officers and their family members participated in the company's unregistered debt offerings, purchasing $1.1 million in bonds during the nine months ended September 30, 2025. As of September 30, 2025, $4.0 million of these bonds were outstanding with related interest expense of $0.1 million for Q3 2025 and $0.4 million for 9M 2025.
The company paid interest expense to a financial institution on behalf of Lion of Judah related to a financing agreement, amounting to less than $0.1 million for Q3 2025 and less than $0.1 million for 9M 2025.

Stakeholder Impact

Shareholders (Preferred): Entitled to cumulative cash distributions (10.0% for first three years, increasing thereafter) but have limited voting rights and no mandatory redemption. Their interests could be diluted by future equity issuances and are junior to all indebtedness.
Shareholders (Common): Phoenix Equity Holdings, LLC, as the sole common shareholder, maintains control over corporate matters, potentially leading to conflicts of interest with preferred shareholders.
Employees: Increased employee headcount from 127 to 182, leading to higher payroll and payroll-related expenses, indicating growth in employment opportunities.
Customers (Purchasers of Commodities): The company's revenue concentration with a limited number of purchasers (three purchasers made up 54.0% of consolidated revenue for 9M 2025) poses a credit risk if these purchasers default or delay payments.
Creditors (Debt Holders): The substantial increase in indebtedness and negative working capital indicate higher financial risk, though the company believes it has sufficient liquidity for the next 12 months. Debt covenants, including a waiver of default on the current ratio, are critical for creditors.
Suppliers/Vendors: Increased operating activities and capital expenditures suggest increased demand for services and equipment from suppliers, but inflationary pressures could impact costs.

Next Steps

Drill between 90 to 110 gross and 62.0 to 76.0 net wells across operated leasehold acreage in the Bakken/Williston Basin over the next 12 months.
Participate in the drilling of approximately 210 to 250 gross and 12.1 to 14.5 net wells across non-operated leasehold over the next 12 months.
Continue to raise debt capital under exempt and registered debt offerings.
Implement changes to internal control over financial reporting, including hiring additional accounting personnel, engaging external consulting firms, and formalizing documentation procedures to remediate identified material weaknesses.
Monitor operations and industry developments in light of commodity price environment and industry volatility, potentially adjusting business plans if prices remain low.
Pay cumulative cash distributions on Series A Preferred Shares quarterly in arrears, beginning October 15, 2025.

Key Dates

Date	Description
2019-04-16	Phoenix Energy One, LLC (formerly Phoenix Capital Group Holdings, LLC) was formed.
2023-09-13	Phoenix Energy One, LLC and Phoenix Operating, LLC entered into a Loan Agreement with Adamantium Capital LLC.
2023-09-14	Adamantium Capital LLC commenced an offering of bonds exempt from registration pursuant to Rule 506(c) of Regulation D (Adamantium Bonds).
2023-10-30	Loan Agreement Amendment and Note Modification with Adamantium Capital LLC.
2024-08-12	Entered into the Fortress Credit Agreement with Fortress Credit Corp. and fully repaid all amounts owed under the ANB Credit Agreement.
2024-10-11	Fully drawn $35.0 million delayed draw term loan facility under the Fortress Credit Agreement.
2024-10-22	Commencement of 2020 506(c) Bonds offering.
2024-10-31	Oil prices were $60.98 per barrel.
2024-11-01	Adamantium issued a $7.0 million seven-year promissory note (Adamantium Secured Note).
2024-12-18	Fortress Credit Agreement amended to provide for a new $115.0 million term loan facility (Fortress Tranche C Loan), borrowed in full.
2025-01-03	Third Amendment to the Loan Agreement with Adamantium Capital LLC.
2025-01-23	Certificate of Amendment to the Certificate of Formation of Phoenix Energy One, LLC, dated as of January 23, 2025.
2025-01-24	Fourth Amendment to the Loan Agreement with Adamantium Capital LLC.
2025-01-25	Phoenix Energy One, LLC changed its name from Phoenix Capital Group Holdings, LLC.
2025-03-07	Management concluded that previously issued audited and unaudited financial statements should no longer be relied upon due to errors.
2025-03-27	Amended Form 1-K/A and Form 1-SA/A to reflect restated financial statements.
2025-04-01	Oil prices were $71.20 per barrel.
2025-04-16	Fortress Credit Agreement amended, establishing a new $50.0 million term loan tranche (Fortress Tranche D Loans), with $25.0 million borrowed.
2025-04-25	Company began conducting marketing activities through its newly established subsidiary, Firebird Marketing.
2025-05-09	Remaining $25.0 million of Fortress Tranche D Loans borrowed.
2025-05-14	Registration Statement on Form S-1 for Registered Notes declared effective by the SEC.
2025-05-15	Entered into an indenture with UMB Bank, N.A. to issue Exchange Notes.
2025-05-25	Approved an increase to the maximum offering amount of the August 2023 506(c) Bonds from $750.0 million to $1,500.0 million.
2025-06-26	Offering statement on Form 1-A for Preferred Shares initially filed with the SEC.
2025-07-01	Adopted the provisions of ASU 2023-06.
2025-08-01	Fortress Credit Agreement amended to include an additional institutional lender and establish a new $100.0 million term loan tranche (Fortress Tranche E Loan), borrowed in full.
2025-08-25	PhoenixOp commenced drilling activities on the Willow Gray pad.
2025-08-27	Offering statement on Form 1-A for Preferred Shares initially qualified by the SEC.
2025-09-25	PhoenixOp commissioned the Daniel Ferrari and Willer pads. Nystuen wells completed.
2025-09-29	Completed initial public offering of Series A Cumulative Redeemable Preferred Shares.
2025-09-30	Series A Preferred Shares commenced trading on the NYSE American under the ticker symbol PHXE.P. End of quarterly period covered by this report.
2025-10-01	Record date for Series A Preferred distributions scheduled to be paid on October 15, 2025.
2025-10-06	Fifth Amendment to the Loan Agreement with Adamantium Capital LLC, increasing the maximum advance amount to $408.6 million.
2025-10-15	Cash distributions totaling $0.3 million paid to holders of Series A Preferred Shares.
2025-10-16	Crude oil prices were $58.29 per barrel.
2025-10-17	Natural gas prices were $2.65 per MMBtu.
2025-10-27	Fortress Credit Agreement amended, establishing a new $350.0 million term loan tranche ($50.0 million borrowed), changing maturity date to October 27, 2028, and providing a waiver of default on current ratio as of September 30, 2025.
2025-11-12	Filing date of this Quarterly Report on Form 10-Q.
2026-12-15	Effective date for ASU 2024-03 for fiscal years beginning after this date.
2027-12-15	Effective date for ASU 2024-03 for interim periods within fiscal years beginning after this date.
2027-12-18	Maturity date for Fortress Term Loans.
2028-10-27	New maturity date for Fortress Credit Agreement term loans after October 2025 amendment.

Recommendation

hold

Phoenix Energy One demonstrates impressive growth in revenue, net income, and production, driven by successful direct drilling operations and strategic acquisitions. The increase in proved reserves and operational efficiencies, such as cost savings on drilling pads, are strong positives. However, the company's substantial and growing debt, coupled with negative working capital, presents significant financial risk. The identified material weaknesses in internal controls and reliance on capital raises for future development add to the uncertainty. While the operational momentum is compelling, the high leverage and governance concerns warrant a cautious 'hold' recommendation. Investors should monitor the company's ability to manage its debt, remediate internal control issues, and navigate commodity price volatility, especially given that current oil prices are below the company's business plan assumptions.

Keywords

Oil and Gas, E&P, Williston Basin, Crude Oil Production, Natural Gas, NGL, Mineral Rights, Royalty Interests, Working Interests, SEC Filing, 10-Q, Financial Results, EBITDA, Debt Financing, Preferred Shares, Capital Expenditures, Reserves, PhoenixOp, Fortress Credit Agreement, Internal Controls, Corporate Governance, Commodity Prices, Energy Sector

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