Our debt consisted of the following (amounts in thousands) as of:


	August 1, 2026		January 31, 2026		August 2, 2025
ABL Facility, due May 2031	$	—	$	—	$	—
Term Loan (repaid May 2026)	—		85,750		87,250
2020 Notes (redeemed May 2026)	—		400,000		400,000
Notes, due May 2031 (issued May 2026)	500,000		—		—
Total debt	500,000		485,750		487,250
Less current maturities	—		(3,000)		(3,000)
Less unamortized discount on Term Loan	—		(227)		(294)
Less deferred loan costs (1)	(5,842)		(1,730)		(2,218)
Long-term debt, net	$	494,158	$	480,793	$	481,738

Academy, Ltd., as borrower, and certain of the Company’s wholly-owned subsidiaries, as guarantors, entered into an amendment to its asset-based revolving $1 billion credit facility, dated May 14, 2026 (as amended to date, the “ABL Facility”), with JPMorgan Chase Bank, N.A., as the administrative agent and collateral agent and other lenders party thereto. Borrowings, if any, under the ABL Facility bear interest, at our election, at the term secured overnight financing rate plus a margin of 1.25% to 1.50% or the alternative base rate plus a margin of 0.25% to 0.50%. The ABL Facility also provides a fee applicable to the unused commitments of 0.25% to 0.30%. The ABL Facility matures on May 14, 2031; however, so long as the Notes (as defined below) are outstanding and mature on or prior to the latest maturity date of the ABL Facility, the agent under the ABL Facility is permitted to take a reserve against the ABL Facility equal to the aggregate principal amount of the Notes in excess of $100 million outstanding on the date that is ninety-one (91) days prior to the latest maturity date of the ABL Facility. The terms and conditions of the ABL Facility also require that we prepay outstanding loans under the ABL Facility under certain circumstances. As of August 1, 2026, no future prepayments of outstanding loans have been triggered under the terms and conditions of the ABL Facility.

On May 14, 2026, Academy, Ltd., as issuer, issued $500 million aggregate principal amount of its 5.875% Senior Secured Notes due 2031 (the “Notes”) pursuant to an indenture, dated as of May 14, 2026 (the “Indenture”) among Academy, Ltd., as issuer, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee. The Notes will mature on May 15, 2031. Interest on the Notes is payable semi-annually in arrears on November 15 and May 15 of each year, at a rate of 5.875% each year, beginning on November 15, 2026. The Notes are secured by first-priority liens on substantially all personal property of Academy, Ltd. and the guarantors (other than ABL Priority Collateral, as defined in the ABL Facility) and by second-priority liens on ABL Priority Collateral, in each case subject to permitted liens.

The Notes are redeemable, at Academy, Ltd.’s option, prior to maturity at customary redemption prices (including “make-whole” provisions prior to May 15, 2028) and, thereafter, at the applicable declining redemption prices set forth in the Indenture, in each case plus accrued and unpaid interest. Academy, Ltd. may also redeem up to 40% of the aggregate principal amount of the Notes prior to May 15, 2028 with proceeds of certain equity offerings, as described in the Indenture. Upon the occurrence of certain events constituting a Change of Control (as defined in the Indenture), Academy, Ltd. must offer to repurchase the Notes at 101% of the principal amount, plus accrued and unpaid interest.

The Indenture contains certain covenants that, among other things, restrict the ability of Academy, Ltd. and the restricted subsidiaries to: (i) incur or guarantee additional indebtedness; (ii) incur liens on assets; (iii) make restricted payments; (iv) prepay certain debt; (v) make investments; (vi) enter into affiliate transactions; (vii) restrict subsidiaries distributions/dividends; and (viii) sell or transfer certain assets or merge or consolidate, in each case subject to customary exceptions and qualifications as set forth in the Indenture. As of August 1, 2026, $500 million aggregate principal amount of the Notes remained outstanding.

The ABL Facility and Notes contain covenants, including, among other things, covenants that may restrict Academy, Ltd.'s and certain of the Company’s wholly-owned subsidiaries’ ability to incur certain additional indebtedness, create or permit liens on assets, engage in mergers or consolidations, pay dividends, make other restricted payments, make loans or advances, engage in transactions with affiliates or amend material documents. Additionally, at certain times, the ABL Facility is subject to a minimum adjusted fixed charge coverage ratio. These covenants are subject to certain qualifications and limitations. We were in compliance with these covenants as of August 1, 2026.

On May 14, 2026, Academy, Ltd. voluntarily prepaid all outstanding amounts owed under that certain term loan credit agreement, dated as of November 6, 2020 (as amended, the “Term Loan”), by and among Academy, Ltd., as borrower, certain of the Company’s wholly-owned subsidiaries, as guarantors, UBS AG, Stamford Branch (as successor to Credit Suisse AG, Cayman Island Branch), as the administrative agent and collateral agent, the several other lenders, and the other parties named therein.