Indebtedness consisted of:


	As of
	March 31, 2026						December 31, 2025
	Amount			Interest Rate			Amount			Interest Rate
$5.5 million revolving credit arrangement – related party	$	3,874			6.75	%	$	5,024			7.18	%
$15 million revolving credit arrangement – related party		3,475			6.75	%		—			—	%
$0.9 million term loan – related party		636			11.75	%		636			11.75	%
€7 million term loan		1,733			4.21	%		2,172			4.38	%
€1.5 million term loan		37			1.70	%		151			1.70	%
Deferred Loan Settlement - Note 7		6,887			—	%		6,887			—	%
$0.5 million demand note – related party		—			—	%		500			4.60	%
$0.25 million demand note – related party		100			4.60	%		250			4.60	%
		16,742						15,620
Less: Current portion of long-term debt and short-term debt		(9,258	)					(3,155	)
	$	7,484					$	12,465

The Company's debt is carried at amortized cost. Fair values are estimated based on quoted market prices for similar instruments. The Company considers its debt to be Level 2 in the fair value hierarchy.

The estimated fair value of the €7 million term loan, $5.5 million revolving credit arrangement, $15 million revolving credit arrangement and Deferred Loan Settlement as of March 31, 2026 was $1.6 million, $2.6 million, $2.6 million and $5.9 million, respectively. The estimated fair value of the €7 million term loan, $5.5 million revolving credit arrangement and Deferred Loan Settlement as of December 31, 2025 was $2.0 million, $3.3 million and $5.9 million, respectively.

As of March 31, 2026, the remaining commitment available under the Company’s related party revolving credit arrangements was as follows:

The Company has a revolving credit arrangement with Infinite Acquisitions Partners LLC (“Infinite Acquisitions”) for $5.5 million. The arrangement matures on September 30, 2034 and has a variable interest rate of the three-month Secured Overnight Financing Rate on the first day of the applicable quarter plus 2.75%.

In November 2025, the Company entered into a revolving credit arrangement between Falcon's Attractions, LLC and Infinite Acquisitions Partners LLC (“Infinite Acquisitions”) for $15.0 million. The arrangement matures on September 30, 2030 and has a variable interest rate of the three-month Secured Overnight Financing Rate on the first day of the applicable quarter plus 2.75%.

In April 2020, the Company entered into a six-year €1.5 million Institute of Official Credit (ICO) term loan with a Spanish bank, with a fixed interest rate of 1.70% and maturity date in April 2026. The loan was interest only for the first twelve months, thereafter principal and interest are payable monthly in arrears. The outstanding principal and interest was paid off in full subsequent to March 31, 2026 upon maturity of the loan.

In March 2019, the Company entered into an eight-year €7 million term loan with a Spanish bank, with a variable interest rate at six-month Euribor plus 2.00%. The loan was interest only for the first eighteen months, thereafter principal and interest are payable monthly in arrears. The loan is collateralized by the Company’s investment in PDP and matures in April 2027.

Falcon's Opco has a one-year $0.9 million term loan with Katmandu Ventures, LLC (“Katmandu Ventures”). The loan bears a fixed interest rate at 11.75% per annum. Interest and principal payments were due May 16, 2025. As of March 31, 2026, the Company has accrued interest in interest expense included in the unaudited condensed consolidated statements of operations and comprehensive income (loss). The Company is in negotiations to amend the loan.

In December 2025, the Company entered into a demand note with Katmandu Ventures for $0.5 million. The arrangement was due on demand. The outstanding principal and interest was paid off in full in February 2026.

In December 2025, the Company entered into a demand note with Cecil and Marty Magpuri for $0.25 million. The arrangement is due on demand and has a fixed interest rate of 4.6%. The outstanding principal and interest was paid off in full subsequent to March 31, 2026.