Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2026

The following table summarizes the Company's long-term debt and finance lease obligations, net of related costs, as of the dates indicated:


(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

Maturities of long-term debt and finance lease obligations as of September 30, 2026, for the next five years and thereafter, in the aggregate, are:


(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