Long-Term Debt

3 Months Ended

Mar. 31, 2025

The following table summarizes the Company's long-term debt and finance lease obligations, net of related costs, as of the dates indicated:


(in thousands)	March 31, 2025		December 31, 2024
Fixed-rate debt and finance lease obligations due through 2032	$	1,360,927	$	1,481,186
Variable-rate debt due through 2037	652,964		585,318
Total long-term debt and finance lease obligations, net of related costs	2,013,891		2,066,504
Less current maturities, net of related costs	266,611		454,769
Long-term debt and finance lease obligations, net of current maturities and related costs	$	1,747,280	$	1,611,735

Weighted average fixed-interest rate on debt	6.6%		6.5%
Weighted average variable-interest rate on debt	6.7%		6.8%


				Interest Rate(s) Per Annum at			Balance as of
(dollars in thousands)	Maturity Dates			March 31, 2025			March 31, 2025		December 31, 2024
Senior secured notes	2027			7.25%			$	550,000	$	550,000
Consolidated variable interest entities	2028	-	2029	2.92%	-	5.19%	104,790		107,959
Revolving credit facilities	2025	-	2027	N/A			—		—
Debt secured by aircraft, engines, other equipment and real estate	2025	-	2037	1.87%	-	8.37%	914,605		765,278
Finance leases	2028	-	2032	4.44%	-	7.02%	423,330		429,896
Sunseeker construction loan	2025			N/A			—		100,000
Unsecured debt	2025			6.03%			34,750		130,500
Total debt							$	2,027,475	$	2,083,633
Related costs							(13,584)		(17,129)
Total debt net of related costs							$	2,013,891	$	2,066,504

Maturities of long term debt as of March 31, 2025, for the next five years and thereafter, in the aggregate, are:


(in thousands)	As of March 31, 2025
Remaining in 2025	$	232,233
2026	206,865
2027	686,884
2028	164,764
2029	175,240
2030	149,226
Thereafter	398,679
Total debt and finance lease obligations, net of related costs	$	2,013,891

Debt Secured by Aircraft

In March 2024, the Company entered into credit agreements under which it was entitled to borrow up to $218.5 million, and which was to be collateralized by new aircraft upon delivery. During the three months ended March 31, 2025, the Company borrowed $174.5 million under these facilities. The loans bear interest at a variable rate based on SOFR, and are payable in quarterly installments over a term of 12 years.

Other Secured Debt

In November 2023, the Company entered into a pre-delivery deposit financing facility to borrow up to $158.0 million, secured by the Company's purchase rights for certain Boeing 737 MAX aircraft. The facility bears a floating interest rate based on SOFR and was originally due upon delivery of each aircraft or no later than June 30, 2025. In April 2025, the Company entered into an amendment to extend the maturity date of the agreement to March 2027. As of March 31, 2025, the facility had an outstanding principal balance of $132.6 million. As the extension of this facility evidences the Company's intent and ability to refinance the debt on a long-term basis, the Company has included $53.9 million of the facility's outstanding balance, which will be due upon delivery of aircraft that will occur more than one year after the balance sheet date, in long term debt as of March 31, 2025.

Construction Loan Agreement

In October 2021, Sunseeker Florida, Inc. (“SFI”), a wholly-owned subsidiary of the Company, entered into a credit agreement and borrowed $350.0 million to fund the initial phases of Sunseeker Resort construction. The loan had an original maturity date of October 2028, with semi-annual principal payments of $26.0 million beginning in 2025. Prior to first quarter 2025, the Company had prepaid $250.0 million of the loan's principal balance. During the three months ended March 31, 2025, the Company prepaid the remaining $100.0 million principal balance in full.

Unsecured Debt

In December 2024, the Company entered into an unsecured credit facility and received proceeds of $130.5 million. The loan bears interest at a floating rate based on SOFR, and principal repayments are due at the delivery of certain 737 MAX aircraft, or no later than December 2025. During the three months ended March 31, 2025, the Company made repayments totaling $95.8 million under the facility as principal amounts became due upon delivery of aircraft.