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


	June 30,			December 31,
(in thousands, except interest rates)	2025			2024
2025 Revolving Credit Facility - Pursuit borrowings 6.2% interest rate at June 30, 2025, due through 2030 (1)	$	10,500		$	—
Jasper Term Loan - 6.5% interest rate at June 30, 2025 and December 31, 2024, due through 2028		12,126			11,583
Flyover Iceland Credit Facility - 8.0% interest rate at June 30, 2025 and 8.4% at December 31, 2024, due through 2029 (1)		3,690			3,434
Other		443			—
Less unamortized debt issuance costs		(1,980	)		(271	)
Total debt		24,779			14,746
Finance lease obligations - 9.2% weighted-average interest rate at June 30, 2025 and December 31, 2024, due through 2067 (2)		60,188			58,567
Total debt and finance lease obligations (3)(4)		84,967			73,313
Current portion		(2,566	)		(1,870	)
Long-term debt and finance lease obligations	$	82,401		$	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 18 – Leases and Other for additional information.

(3)

The estimated fair value of total debt and finance leases was $84.1 million as of June 30, 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 13 – Fair Value Measurements for additional information.

(4)

Cash paid for interest on debt was $3.8 million during the six months ended June 30, 2025 and $23.8 million during the six months ended June 30, 2024.

On January 3, 2025, Pursuit entered into a Credit Agreement (the “2025 Credit Agreement”), along with Brewster Inc., an Alberta corporation and a co-borrower. The Credit Agreement provides for a $200 million revolving credit facility (the “2025 Revolving Credit Facility”), available in U.S. dollars, Canadian dollars, Euros and Pounds sterling, with a maturity of January 3, 2030. Proceeds from the 2025 Revolving Credit Facility will provide us with additional funds for operations, growth initiatives, acquisitions and other general corporate purposes.

As of June 30, 2025, we were in compliance with all financial covenants under the 2025 Revolving Credit Facility.

Interest rates for U.S. dollar borrowings are based on the Secured Overnight Financing Rate (“SOFR”). We also have the option to borrow U.S. funds based on the “Base Rate,” which for any day is the highest of the Fed Funds Rate plus 0.50%, Bank of America’s publicly-announced “prime rate,” and SOFR plus 1.00%.

Interest rates for Canadian dollar borrowings are based on the Canadian Overnight Repo Rate Average (“CORRA”) plus an additional credit spread adjustment of 0.29547% for a borrowing period of one-month’s duration or 0.32138% for three-month’s duration. We also have the option to borrow Canadian funds based on the “Canadian Prime Rate”, which for any day is the higher of the per annum rate of interest designated by Bank of America (acting through its Canada branch) from time to time as its prime rate for commercial loans made by it in Canada in Canadian dollars, and the CORRA Rate for one-month’s duration as of such day, plus 1.00%.

Credit spreads for borrowings are based on our total net leverage ratio and range from 1.75% to 2.25% for SOFR and CORRA borrowings and from 0.75% to 1.25% for Base Rate and Canadian Prime Rate borrowings. Additionally, a 1.00% floor applies to the Base Rate and a 0% floor applies to the Canadian Prime Rate.

The 2025 Revolving Credit Facility includes an undrawn fee ranging from 0.25% to 0.35% that is based on our total net leverage ratio.

As of June 30, 2025, capacity remaining under the 2025 Revolving Credit Facility was $183.9 million, reflecting $200 million total facility size, less $10.5 million of outstanding borrowings and $5.6 million in outstanding letters of credit.

Interest rates for borrowings in Pound Sterling are based on the Sterling Overnight Index Average and interest rates for borrowings in Euro are based on the Euro Interbank Offered Rate (“EURIBOR”), plus applicable credit spreads. No such borrowings had been made as of June 30, 2025.

On July 1, 2025, we entered into a Share Purchase Agreement with the shareholders of Inversiones Turísticas Arenal, S.A. (“ITA”), pursuant to which we acquired all of the issued and outstanding shares of ITA for an aggregate purchase price of $111.0 million. We funded the purchase price primarily with borrowings under the 2025 Revolving Credit Facility of $105.0 million. Refer to Note 22 - Subsequent Events for additional information.

Effective May 16, 2023, Pursuit entered into a $27.0 million Canadian dollar (approximately $20.0 million U.S. dollars) credit facility (the “Jasper Credit Facility”). The Jasper Credit Facility provides for a $17.0 million Canadian dollar term loan (“Jasper Term Loan”) and a $10.0 million Canadian dollar revolving credit facility (“Jasper Revolving Credit Facility”). The Jasper Credit Facility matures on January 31, 2028.

As of June 30, 2025, we were in compliance with all financial covenants under the Jasper Credit Facility.

The proceeds of the Jasper Term Loan reflect the outstanding balance under our prior Forest Park construction loan facility at the time it was converted to the Jasper Term Loan of $16.8 million Canadian dollars. The Jasper Term Loan bears interest at a 6.5% fixed rate.

The proceeds of the Jasper Revolving Credit Facility are used to fund capital improvements. As of June 30, 2025, there were no outstanding borrowings, and capacity remaining under the Jasper Revolving Credit Facility was $10.0 million Canadian dollars (approximately $7.3 million U.S. dollars). The Jasper Revolving Credit Facility bears interest at the Canadian Prime Rate plus 2.25%.

Effective February 15, 2019, Flyover Iceland ehf., (“Flyover Iceland”) a wholly-owned subsidiary of Esja Attractions ehf. (“Esja”), entered into a credit agreement with a €5.0 million (approximately $5.6 million U.S. dollars) credit facility (the “Flyover Iceland Credit Facility”) with an original maturity date of March 1, 2022. The loan proceeds were used to complete the development of the Flyover Iceland attraction. The loan bears interest at the three month EURIBOR plus 5.5%.

Flyover Iceland entered into an addendum effective December 1, 2021 wherein the principal payments were deferred for twelve months beginning December 1, 2021, with equal quarterly principal payments due beginning December 1, 2022 and the maturity date was extended to September 1, 2027.

On February 27, 2024, Flyover Iceland reached an agreement to amend and extend the Flyover Iceland Credit Facility, wherein the principal payments were deferred for six months beginning March 1, 2024, with equal quarterly principal payments due beginning September 1, 2024 and a maturity date of September 1, 2029. The amended terms also include a modification of the financial covenants and an adjustment of the interest rate to three month EURIBOR plus 5.5%, decreasing to 4.9% once Flyover Iceland’s leverage ratio is below 4.00 to 1.00. As of June 30, 2025, we were in compliance with all financial covenants under the Flyover Iceland Credit Facility.