
(in thousands)	September 30, 2026		December 31, 2025
Fixed-rate debt and finance lease obligations due through 2032	$	1,801,078	$	1,062,935
Variable-rate debt due through 2038	1,136,996		736,681
Total long-term debt and finance lease obligations, net of related costs	2,938,074		1,799,616
Less current maturities, net of related costs	371,542		118,075
Long-term debt and finance lease obligations, net of current maturities and related costs	$	2,566,532	$	1,681,541

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


				Interest Rate(s) Per Annum at			Balance as of
(dollars in thousands)	Maturity dates			September 30, 2026			September 30, 2026		December 31, 2025
Senior secured notes	2031			7.13%			$	650,000	$	403,009
Consolidated variable interest entities	2028	-	2031	2.92%	-	5.19%	105,117		95,111
Revolving credit facilities	2028	-	2030	N/A			—		—
Debt secured by aircraft, engines, other equipment and real estate	2027	-	2038	1.87%	-	8.05%	1,399,286		915,084
Finance leases	2026	-	2032	4.44%	-	7.03%	635,872		403,060
Enhanced equipment trust certificates	2027	-	2031	4.13%	-	7.10%	180,505		—


Total debt and finance lease obligations							$	2,970,780	$	1,816,264
Related costs							(32,706)		(16,648)
Total debt and finance lease obligations, net of related costs							$	2,938,074	$	1,799,616


(in thousands)	As of September 30, 2026
Remaining in 2026	$	113,361
2027	363,519
2028	293,084
2029	372,174
2030	277,643
2031	840,555
Thereafter	677,738
Total debt and finance lease obligations, net of related costs	$	2,938,074

During third quarter 2026, the Company redeemed the remaining $25.5 million aggregate principal amount of the Senior Secured Notes due 2027 (the "2027 Notes") through a tender offer and a notice of redemption. As a result, the 2027 Notes were fully repaid as of September 30, 2026.

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 2021, the Company entered into a revolving credit facility, which, as amended to date, entitles 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 September 30, 2026, the facility remains 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 Company's 2031 Senior Secured Notes, and borrowings 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. As of September 30, 2026, the facility remains undrawn.

In April 2026, the Company entered into credit agreements with a borrowing capacity of up to $176.0 million, to be secured by new aircraft upon delivery. During the three months ended September 30, 2026, the Company borrowed the remaining $132.0 million available under the agreements, resulting in the facility being fully drawn. The loans bear interest at a variable rate based on three-month SOFR and are payable in quarterly installments over a term of 10 years.

In May 2026, the Company entered into a credit agreement with a borrowing capacity of up to $85.6 million to be secured by certain unencumbered aircraft in the Company's fleet and new aircraft upon delivery. During the three months ended September 30, 2026, the Company borrowed the remaining undrawn amount of $45.0 million, resulting in the facility being fully drawn. The borrowing bears interest at a variable rate based on three-month SOFR and is payable in quarterly installments over a term of 12 years.

In July 2026, the Company entered into a credit agreement with a borrowing capacity of up to $177.5 million secured by certain unencumbered aircraft. The loans under this facility bear interest at a fixed rate and are payable in quarterly installments over a term of five to six years. No amounts were outstanding under the facility as of September 30, 2026. Subsequent to that date in October 2026, the Company drew down the entire balance available under the facility.

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 the full amount available under the facility between November 2023 and April 2026. During third quarter 2026, the Company repaid the remaining $11.3 million outstanding under the facility, resulting in the facility being fully repaid.