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Debt and Finance Lease Obligations (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt and Finance Lease Obligations

The components of debt and finance obligations consisted of the following:

 

 

March 31,

 

 

December 31,

 

(in thousands, except interest rates)

 

2025

 

 

2024

 

2025 Revolving Credit Facility - Pursuit borrowings 6.2% interest rate at March 31, 2025, due through 2030 (1)

 

$

2,800

 

 

$

—

 

2025 Revolving Credit Facility - Brewster, Inc. borrowings 5.7% interest rate at March 31, 2025, due through 2030 (1)

 

 

2,224

 

 

 

—

 

Jasper Term Loan - 6.5% interest rate at March 31, 2025 and December 31, 2024, due through 2028

 

 

11,523

 

 

 

11,583

 

Flyover Iceland Credit Facility - 8.0% interest rate at March 31, 2025 and 8.4% at December 31, 2024, due through 2029 (1)

 

 

3,382

 

 

 

3,434

 

Less unamortized debt issuance costs

 

 

(1,792

)

 

 

(271

)

Total debt

 

 

18,137

 

 

 

14,746

 

Finance lease obligations - 9.2% weighted-average interest rate at March 31, 2025 and December 31, 2024, due through 2067 (2)

 

 

59,010

 

 

 

58,567

 

Total debt and finance lease obligations (3)(4)

 

 

77,147

 

 

 

73,313

 

Current portion

 

 

(1,952

)

 

 

(1,870

)

Long-term debt and finance lease obligations

 

$

75,195

 

 

$

71,443

 
(1)
Represents the weighted-average interest rate in effect as of the end of the respective periods, including any applicable margin. The interest rates do not include amortization of debt issuance costs, or commitment fees.
(2)
Refer to Note 20 – Leases and Other for additional information.
(3)
The estimated fair value of total debt and finance leases was $76.7 million as of March 31, 2025 and $70.6 million as of December 31, 2024. The fair value of debt was estimated by discounting the future cash flows using rates currently available for debt of similar terms and maturity, which is a Level 2 measurement. Refer to Note 14 – Fair Value Measurements for additional information.
Cash paid for interest on debt was $1.9 million during the three months ended March 31, 2025 and $12.0 million during the three months ended March 31, 2024.