The Company’s lease arrangements generally pertain to real estate leases and aircraft. The Company leases real estate including hangars and office space under operating leases, ranging from two to thirty years. As of March 31, 2026 and December 31, 2025, the Company operated 31 and 32 aircraft, respectively, under non-cancellable operating leases ranging from two to seven years for charter flight services. For the Company’s aircraft leases, in addition to the fixed lease payments for the use of the aircraft, the Company is also obligated to pay into aircraft engine reserve programs and additional variable costs which are expensed as incurred and are not included in the measurement of our leases. These payments amounted to $7,261 and $4,416 for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company operated 5 aircraft under non-cancellable finance leases.

Vehicle leases typically have month-to-month lease terms and are classified as short-term leases.

The following table sets forth information about the Company’s lease costs for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	4,991	$	5,574
Short-term lease cost		340		495
Finance lease cost:
Amortization of right-of-use assets		388		318
Interest on lease liabilities		823		357
Total lease costs	$	6,542	$	6,744

The following table sets forth supplemental cash flow information about the leases for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
	2026		2025
ROU assets obtained in exchange for new lease liabilities
Operating lease liabilities	$	2,782	$	7,833
Finance lease liabilities	$	8,882	$	14,023

Supplemental balance sheet information related to the leases is as follows:


	March 31, 2026			December 31, 2025
Weighted-average remaining lease term – operating leases	9.40 years			9.22 years
Weighted-average discount rate – operating leases		7.73	%		7.48	%
Weighted-average remaining lease term – finance leases	3.65 years			4.31 years
Weighted-average discount rate – finance leases		11.97	%		11.71	%

The Company’s future lease payments under operating leases as of March 31, 2026 are as follows:


Fiscal Year	Amount
Remainder of 2026	$	14,029
2027		15,346
2028		9,315
2029		7,023
2030		5,087
Thereafter		36,804
Total undiscounted cash flows		87,604
Less: Imputed interest		(28,256	)
Present value of lease liabilities	$	59,348

The Company’s future lease payments under finance leases as of March 31, 2026 are as follows:


Fiscal Year	Amount
Remainder of 2026	$	8,305
2027		10,409
2028		11,002
2029		5,494
2030		3,558
Thereafter		—
Total undiscounted cash flows		38,768
Less: Imputed interest		(7,616	)
Present value of lease liabilities	$	31,152