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Long-Term Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt 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) | September 30, 2025 |  | December 31, 2024
Fixed-rate debt and finance lease obligations due through 2032 | $ | 1,224,501 |  |  | $ | 1,481,186 |
Variable-rate debt due through 2037 | 831,943 |  |  | 585,318 |
Total long-term debt and finance lease obligations, net of related costs | 2,056,444 |  |  | 2,066,504 |
Less current maturities, net of related costs | 270,633 |  |  | 454,769 |
Long-term debt and finance lease obligations, net of current maturities and related costs | $ | 1,785,811 |  |  | $ | 1,611,735 |
Weighted average fixed-interest rate on debt | 6.7% |  | 6.5%
Weighted average variable-interest rate on debt | 6.3% |  | 6.8%
|  |  |  |  | Interest Rate(s) Per Annum at |  | Balance as of
(dollars in thousands) | Maturity Dates |  | September 30, 2025 |  | September 30, 2025 |  | December 31, 2024
Senior secured notes | 2027 |  | 7.25% |  | $ | 524,737 |  |  | $ | 550,000 |
Consolidated variable interest entities | 2028 | - | 2029 |  | 2.92% | - | 5.19% |  | 98,372 |  |  | 107,959 |
Revolving credit facilities | 2027 | - | 2028 |  | N/A |  | — |  |  | — |
Debt secured by aircraft, engines, other equipment and real estate | 2026 | - | 2037 |  | 1.87% | - | 8.25% |  | 1,042,337 |  |  | 765,278 |
Finance leases | 2028 | - | 2032 |  | 4.44% | - | 7.02% |  | 409,913 |  |  | 429,896 |
Sunseeker construction loan | N/A |  | N/A |  | — |  |  | 100,000 |
Unsecured debt | N/A |  | N/A |  | — |  |  | 130,500 |
Total debt and finance lease obligations |  |  |  | $ | 2,075,359 |  |  | $ | 2,083,633 |
Related costs |  |  |  |  |  | (18,915) |  |  | (17,129) |
Total debt and finance lease obligations, net of related costs |  |  |  |  |  | $ | 2,056,444 |  |  | $ | 2,066,504 |
Maturities of long term debt as of September 30, 2025, for the next five years and thereafter, in the aggregate, are:
(in thousands) | As of September 30, 2025
Remaining in 2025 | $ | 154,200 |
2026 | 150,813 |
2027 | 546,729 |
2028 | 179,322 |
2029 | 206,623 |
2030 | 180,962 |
Thereafter | 637,795 |
Total debt and finance lease obligations, net of related costs | $ | 2,056,444 |
Debt Secured by Aircraft and Other Assets 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 nine months ended September 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 nine months ended September 30, 2025, the Company borrowed the entirety of the $221.3 million available under the agreement, resulting in the facility being fully drawn. 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. During the three months ended September 30, 2025, the Company borrowed the entirety of the $149.2 million available under the agreement, resulting in the facility being fully drawn. The loan bears interest at a variable rate based on three-month SOFR and matures twelve years from the drawing date. During the nine months ended September 30, 2025, the Company fully repaid several facilities secured by aircraft and other assets ahead of their originally scheduled maturity dates. The repayments totaled $102.2 million and were originally scheduled to mature between October 2025 and May 2028. PDP Financing 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. The Company drew a total of $132.6 million on the facility between November 2023 and February 2024. During the nine months ended September 30, 2025, the Company fully repaid the $132.6 million outstanding principal balance. As of September 30, 2025, the facility had undrawn borrowing capacity of $25.1 million. Senior Secured Debt During third quarter 2025, the Company completed open market repurchases of a total of $25.3 million of the principal amount of its 7.250% Senior Secured Notes due 2027 (the "Notes") at an aggregate purchase price of $25.7 million. On September 15, 2025, the Company issued a notice of partial redemption for $120.0 million of the principal amount of the Notes. The redemption was completed on October 15, 2025, at a redemption price equal to 101.8125 percent of the principal amount, plus accrued interest. The Company classifies debt as current maturities of long-term debt when it has a contractual obligation to repay the debt within one year and intends to repay the debt using current assets (e.g. cash). As a result of the call notice and scheduled redemption, $120.0 million of the Notes were classified as current maturities of long-term debt in the Company's September 30, 2025 balance sheet. 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 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 September 30, 2025, 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 nine months ended September 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 September 30, 2025, the Company had $175.0 million available under its revolving credit facilities and $25.1 million available in undrawn aircraft and pre-delivery deposit financing commitments. These amounts include undrawn amounts referenced above.

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