
(in thousands)	March 31, 2026		December 31, 2025
Fixed-rate debt and finance lease obligations due through 2032	$	1,068,164	$	1,062,935
Variable-rate debt due through 2037	723,670		736,681
Total long-term debt and finance lease obligations, net of related costs	1,791,834		1,799,616
Less current maturities, net of related costs	121,346		118,075
Long-term debt and finance lease obligations, net of current maturities and related costs	$	1,670,488	$	1,681,541

Weighted average fixed-interest rate on debt	6.6%		6.7%
Weighted average variable-interest rate on debt	5.7%		5.9%


				Interest Rate(s) Per Annum at			Balance as of
(dollars in thousands)	Maturity Dates			March 31, 2026			March 31, 2026		December 31, 2025
Senior secured notes	2027			7.25%			$	403,009	$	403,009
Consolidated variable interest entities	2028	-	2031	2.92%	-	5.19%	112,315		95,111
Revolving credit facilities	2028	-	2030	N/A			—		—
Debt secured by aircraft, engines, other equipment and real estate	2028	-	2037	1.87%	-	7.74%	895,845		915,084
Finance leases	2028	-	2032	4.44%	-	7.02%	396,184		403,060


Total debt and finance lease obligations							$	1,807,353	$	1,816,264
Related costs							(15,519)		(16,648)
Total debt and finance lease obligations, net of related costs							$	1,791,834	$	1,799,616


(in thousands)	As of March 31, 2026
Remaining in 2026	$	90,512
2027	528,574
2028	171,117
2029	204,517
2030	178,742
2031	137,384
Thereafter	480,988
Total debt and finance lease obligations, net of related costs	$	1,791,834

The Company evaluates ownership, contractual lease arrangements and other interests in entities to determine if they are variable interest entities ("VIEs") based on the nature and extent of those interests. The Company consolidates a VIE when, among other criteria, it has the power to direct the activities that most significantly impact the VIE’s economic performance as well as the obligation to absorb losses or the right to receive benefits of the VIE, thus making the Company the primary beneficiary of the VIE.

In March 2026, the Company, through a wholly owned subsidiary, entered into similarly structured agreements with trusts to borrow $20.5 million collateralized by aircraft engines. The trusts were funded at inception. The borrowings bear interest at fixed rates and are payable in monthly installments through March 2031, at which time the Company will have purchase options at fixed amounts.

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. As of March 31, 2026, the outstanding principal balance had been fully repaid, and the facility had undrawn borrowing capacity of $25.1 million.

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 March 31, 2026, the facility remained undrawn.

In August 2022, the Company entered into a credit agreement that provided a senior secured revolving loan facility of $75.0 million, with an original term of 57 months. The facility is secured by the same collateral that secures the 2027 Senior Secured Notes, and notes under the facility will bear interest at a floating rate based on SOFR. In December 2025, the Company amended the revolving loan facility to increase the total commitment to $150.0 million and extend the maturity date to December 5, 2030, subject to acceleration based on the balance and status of the 2027 Notes. As of March 31, 2026, the facility remained undrawn.