Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Note 16 – Subsequent Events In October 2025, the Company paid cash distributions totaling $0.3 million to holders of its Series A Preferred Shares, pursuant to distributions declared by the Company’s Board of Directors in September 2025. In October 2025, the Company amended the Fortress Credit Agreement (the “Amendment”) and established a new tranche of term loans in an aggregate principal amount of $350.0 million, with $50.0 million borrowed upon closing of the Amendment and up to $300.0 million available to be funded on a discretionary basis on a delayed draw term loan during a specific availability period as set forth in the Amendment. The Amendment changed the maturity date to October 27, 2028 and revised the mandatory repayment schedule such that $225.0 million plus 50% of the aggregate principal amount of the new $300.0 million delayed draw term loan borrowed is due October 31, 2027 . The Amendment also revised certain covenants contained in the Fortress Credit Agreement and added a $5.0 million quarterly limit on the amount of Series A Preferred Shares that the Company may redeem, which may be reduced by the amount of cash payments made during such quarter to the extent related to refinancing transactions on the Company’s outstanding bonds as described in the Amendment. Proceeds will be used to finance the development of the Company’s oil and gas properties in accordance with the approved plan of development provided in the Fortress Credit Agreement. In October and November 2025, the Company entered into additional fixed swap contracts for a total notional volume of 3.0 million Bbls at a weighted average contract price of $59.86 with settlement dates through September 2028. The notional volumes are scheduled to settle as follows: 0.3 million Bbls in 2025, 1.0 million Bbls in 2026, 0.6 million Bbls in 2027 and 1.1 million Bbls in 2028. These commodity derivative contracts were executed pursuant to the Company’s debt covenant requirements under the amended Fortress Credit Agreement. The Company is continuing to raise debt capital under its exempt and registered debt offerings. Since the balance sheet date and through the date of filing of these condensed consolidated financial statements, the Company issued approximately $54.2 million of debt securities under these offerings.

Phoenix Energy One, LLC 10-Q