Long-Term Debt

6 Months Ended

Jun. 30, 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)	June 30, 2025		December 31, 2024
Fixed-rate debt and finance lease obligations due through 2032	$	1,336,800	$	1,481,186
Variable-rate debt due through 2037	625,118		585,318
Total long-term debt and finance lease obligations, net of related costs	1,961,918		2,066,504
Less current maturities, net of related costs	183,063		454,769
Long-term debt and finance lease obligations, net of current maturities and related costs	$	1,778,855	$	1,611,735

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


				Interest Rate(s) Per Annum at			Balance as of
(dollars in thousands)	Maturity Dates			June 30, 2025			June 30, 2025		December 31, 2024
Senior secured notes	2027			7.25%			$	550,000	$	550,000
Consolidated variable interest entities	2028	-	2029	2.92%	-	5.19%	101,593		107,959
Revolving credit facilities	2025	-	2028	N/A			—		—
Debt secured by aircraft, engines, other equipment and real estate	2025	-	2037	1.87%	-	8.38%	906,523		765,278
Finance leases	2028	-	2032	4.44%	-	7.02%	416,669		429,896
Sunseeker construction loan	2025			N/A			—		100,000
Unsecured debt	2025			N/A			—		130,500
Total debt							$	1,974,785	$	2,083,633
Related costs							(12,867)		(17,129)
Total debt net of related costs							$	1,961,918	$	2,066,504

Maturities of long term debt as of June 30, 2025, for the next five years and thereafter, in the aggregate, are:


(in thousands)	As of June 30, 2025
Remaining in 2025	$	85,405
2026	213,244
2027	693,453
2028	171,682
2029	182,434
2030	156,668
Thereafter	459,032
Total debt and finance lease obligations, net of related costs	$	1,961,918

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 six months ended June 30, 2025, the Company borrowed the entirety of the $218.5 million available under these agreements, resulting in the facilities being fully drawn. The loans bear interest at a variable rate based on three-month SOFR, and are payable in quarterly installments over a term of 12 years.

In April 2025, the Company entered into a credit agreement with a borrowing capacity of up to $221.3 million to be secured by new aircraft upon delivery. During the three months ended June 30, 2025, the Company drew down $55.3 million under the

facility and $166.0 million remains undrawn as of June 30, 2025. The borrowing carries a variable interest rate based on three-month SOFR and consists of two tranches maturing in seven and twelve years.

In June 2025, the Company entered into a financing agreement providing for borrowings of up to $149.2 million secured by new aircraft upon delivery. The loan will bear interest at a variable rate based on three-month SOFR and matures twelve years from the drawing date. As of June 30, 2025, this commitment remains undrawn.

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 no later than March 2027. During the six months ended June 30, 2025, the Company repaid $78.8 million of the outstanding principal balances. As of June 30, 2025, the facility had an outstanding principal balance of $53.9 million. The facility had undrawn borrowing capacity of $25.1 million as of June 30, 2025.

Construction Loan Agreement

In October 2021, the Company, through a wholly-owned subsidiary, entered into a credit agreement and borrowed $350.0 million to fund the initial phases of Sunseeker Resort construction. The Company prepaid $250.0 million of the loan's principal balance during 2024, and in February 2025, prepaid the remaining $100.0 million principal balance resulting in full repayment of the loan.

Revolving Credit Facility

In March 2021, the Company entered into a revolving credit facility, which, as amended to date, entitled it to borrow up to $100.0 million. In April 2025, the agreement was further amended to extend the maturity date to April 2028. The borrowing ability under the facility is based on the value of the aircraft and engines placed into the collateral pool. Amounts drawn under the facility will bear interest at a floating rate based on SOFR. As of June 30, 2025, no assets have been placed in the collateral pool and the facility remained undrawn.

Unsecured Debt

In December 2024, the Company entered into an unsecured credit facility and received proceeds of $130.5 million. The loan matured upon delivery of certain aircraft and was to be repaid using the proceeds from financing associated with those aircraft. During the six months ended June 30, 2025, the Company repaid the entirety of the $130.5 million outstanding under the facility as the associated aircraft delivered.

Undrawn Revolving Credit and Other Facilities

In aggregate, at June 30, 2025, the Company had $275.0 million available under its revolving credit facilities and $335.0 million available in undrawn aircraft and pre-delivery deposit financing commitments. These amounts include undrawn amounts referenced above.