NOTE 4 — DEBT

The components comprising the Company’s debt are presented in the following table (in thousands):

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In September 2026, the promissory note evidencing the TVPX Loan was amended and restated pursuant to the Second Amended and Restated Promissory Note (as so amended and restated, the “New TVPX Loan”), and the $8.0 million of proceeds from the New TVPX Loan were used to repay the $8.0 million of balloon payment that was due at the maturity date of the TVPX Loan. The New TVPX Loan bears a fixed interest rate of 6.18% per annum and requires monthly amortization payments of $83.3 thousand plus accrued interest, and a balloon payment of $5.0 million at the end of the loan term in September 2029. The New TVPX Loan is secured by the aircraft financed and is guaranteed by the Company on an unsecured basis.

As of September 30, 2026, there were no borrowings outstanding under the Credit Agreement, dated as of January 28, 2025, by and among the Company, Texas Capital Bank, as administrative agent, and the lenders party thereto (the “Credit Agreement”) and letters of credit outstanding were $6.6 million. There was $43.4 million available for the

issuance of letters of credit and borrowings under the Credit Agreement as of September 30, 2026, based on a borrowing base of $50.0 million and $6.6 million of letters of credit outstanding. On October 1, 2026, the Company amended the Credit Agreement to convert its revolving credit facility into a reserve-based revolving credit facility. See Note 13 – Subsequent Event for additional information.

As of September 30, 2026, the Company was in compliance with all applicable covenants.