Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | NOTE 20 – RELATED PARTY TRANSACTIONS During the year ended December 31, 2025, the Company engaged Venable LLP, a law firm at which Dean Heller, a member of our Board of Directors, serves as a Senior Policy Advisor, for corporate litigation and regulatory compliance services. Mr. Heller recused himself from all related approval discussions. The Company incurred professional service expenses of approximately $0.2 million and $0.5 million for the three and six months ended June 30, 2026, respectively, and zero for the three and six months ended June 30, 2025. The Company had approximately zero and $0.4 million in Accrued expenses related to professional services as of June 30, 2026 and December 31, 2025, respectively. As of May 28, 2025, Mr. Timothy Sheehy, the Company’s founder and former Chief Executive Officer, President and director, has placed his ownership interests in the Company into an independently managed blind trust. Blind trusts are governed by legal agreements that assign full investment and voting discretion to independent trustees who are neither affiliated with the Company nor under the influence or control of the beneficiaries. In accordance with ASC 850, the Company evaluated whether the beneficiaries of the blind trusts retain the ability to exercise significant influence over the Company through their ownership or other means. Based on the structure of the blind trusts, including the absence of decision-making authority or access to information regarding trust-held assets, management has concluded that such trusts do not meet the criteria of a related party under GAAP. Accordingly, no related party transactions or balances were identified with respect to these blind trusts after the transfer date. Transactions with the Company prior to the transfer are included in these related party disclosures for the periods presented. The Company incurred related party training expenses, provided by an entity in which Mr. Timothy Sheehy has partial ownership, of zero for the three and six months ended June 30, 2026, and zero and $0.6 million for the three and six months ended June 30, 2025, respectively. On November 17, 2023, the Company entered into a series of agreements designed to facilitate the purchase and return-to-service of the Spanish Scoopers originally awarded to our wholly-owned subsidiary, BAE, in September 2023 via a public tender process from the Government of Spain for €40.3 million. Under the terms of the agreements, we agreed to sell the entire outstanding equity interest in BAE to MAB and purchase $4.0 million of non-voting Class B units of MAB. ASSF Holdings LP (now managed by Eyre Street Capital, LLC, “ESC Investor”) made capital contributions totaling $13.0 million in exchange for 13,031 voting Class A Units of MAB. ESC Investor holds approximately 10% of Bridger’s outstanding convertible Series A Preferred Stock which represents approximately 6.2% interest in BAER Common Stock on a fully diluted basis. On July 10, 2023, the Company entered into two operating lease agreements, each for a Pilatus under the ownership of Mr. Timothy Sheehy. The Company incurred related party lease expense of approximately zero for the three and six months ended June 30, 2026, and $0.3 million and $0.7 million for the three and six months ended June 30, 2025, respectively.
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