CMDB Costamare Bulkers Holdings

capesize: SSY Capesize Index SPOT proxy $47,050/day (our mean of 2026Q3's monthly medians across the SSY T/C routes, 3/3 months, 48 weekly print(s); the quarter has ended, so it is priced at its own months; route values are licensed and not shown; no Gibson route for dry class) · index realization not applied to the cape classes: fewer than 2 closed quarters with this issuer's own cape TCE on file — the open share is priced at the full index, which this issuer has not been shown to capture · capesize: no fixed-coverage guidance -> 100% spot proxy · kamsarmax: priced off the Panamax FFA curve — the board quotes no Kamsarmax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · index realization not applied to the Panamax/Supramax/Handysize families: the Braemar curve began in 2026-09, so there is no history to measure this issuer's capture against — their open share is priced at the full curve · kamsarmax: no fixed-coverage guidance -> 100% spot proxy · ultramax: priced off the Supramax FFA curve — the board quotes no Ultramax line (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · ultramax: no fixed-coverage guidance -> 100% spot proxy · supramax: Braemar dry-FFA FORWARD-curve proxy (mean of 1/3 months; 2026-09 contract; not a spot print; no Gibson route for dry class) · supramax: no fixed-coverage guidance -> 100% spot proxy · estimate base 2025Q4 predates 2026Q2, the quarter before the 2026Q3 forecast · one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (R² < 0.5) · payer OLS fit excludes 3 quarter(s) (2025Q2, 2025Q3, 2025Q4) — TCE basis outside the fittable allow-list (Phase 2 triaged MODELLED; owner ruling pending) · DPS chain unscoreable — missing: payout ratio (no quantified policy, no payout multiple in the quarter files)