Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2025

Long-term debt consisted of the following:


	As of December 31,
dollars in thousands	2025		2024
Series 2022 Bonds	$	—	$	160,000
Live Oak Bank - BAT 1	—		17,532
Live Oak Bank - BAT 2	—		17,604
UMB Loan (Aircraft Hangar)	—		9,822
Initial Term Loan	209,475		—
DDTL	10,224		—
UMB Loan (Kodiak Aircraft)	2,697		3,255
Other	96		174
Loans payable	222,492		208,387
Less: noncurrent debt issuance costs	(7,276)		(2,746)
Less: current debt issuance costs	(1,910)		(1,002)
Less: current portion of long-term debt, net of debt issuance costs	(926)		(2,170)
Total long-term debt, net of debt issuance costs	$	212,380	$	202,469

Schedule of Maturities of Long-Term Debt

Principal maturities of the outstanding debt as of December 31, 2025 are as follows:


dollars in thousands	Maturities
2026	$	2,836
2027	4,363
2028	2,203
2029	2,203
2030	210,887
Thereafter	—
Total	$	222,492

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details