What Sky Harbour Group Corp. told the SEC could break it.

Three of Sky Harbour's HBO campuses are in California's active earthquake and wildfire zones (the greater LA area suffered the January 2025 wildfires), with other properties in hurricane-prone Florida and Texas, exposing assets and operations to natural-disaster losses that may be uninsurable.

“three of our HBO campuses are located in California. The west coast of the United States contains active earthquake zones and the greater Los Angeles area has experienced major fires, including the significant damage and lasting effects of the January 2025 wildfires, and may experience major fires in the future.”

Sky Harbour's growth depends on continued access to external capital, and its 2021 Bonds, Term Loan Facility, and Series 2026 Bonds expose its properties to foreclosure if it cannot finance or refinance, risking loss of its investment in encumbered properties.

“2021 Bonds, the Term Loan Facility, and the Series 2026 Bonds, expose us to the possibility of foreclosure, which could result in the loss of our investment in a property or group of properties subject to mortgage debt.”

Substantially all of Sky Harbour's operations are conducted under ground leases that grant significant rights to airport authorities as its direct or ultimate landlord, leaving its facilities dependent on lease terms it does not fully control.

“We conduct substantially all of our operations under ground leases, which grant significant rights to airport authorities as our direct or ultimate landlord.”