Sky Harbour raises $375M in debt, expands to 50-campus plan from 20 as interest costs jump 13x

Filed May 14, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 13, 2025 · ~2 min read

Key Changes

• high

  Company secured $375M in new debt financing: $150M bond issuance at 6.00% (mandatory refinancing Jan 2031), $200M term loan at ~4.73%, and $25M in Yorkville notes at 7.75% with monthly repayments starting July 2026. Interest expense surged from $0.1M to $1.3M quarter-over-quarter.

  MD&A: Series 2026 Bonds, Term Loan Facility, Yorkville notes verify on EDGAR →
• high

  Long-term business plan expanded 150% from 20 airport sites ($1.2B) to 50 sites ($3.0B), with debt mix increasing to 80%+ from 65-75%. Development pipeline grew to 21 projects ($694-768M) from 17 projects ($619-686M).

  MD&A: Business plan scale, Properties in development verify on EDGAR →
• high

  Operating portfolio expanded 73% to 931,139 sq ft across 8 facilities from 538,636 sq ft across 5 facilities. Occupancy declined to 84.6% from 92.6% as three new campuses (DVT, ADS, APA) lease up, with APA at only 36.6% occupancy.

  MD&A: Properties in operation verify on EDGAR →