EQUITY-METHOD INVESTMENT

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

The Company has the following equity method investments, in thousands:


	September 30, 2024		December 31, 2023
Investment in Volato 158 LLC	$	—	$	154

	$	—	$	154

The Company had one equity-method investment as of September 30, 2024 and December 31, 2023: Volato 158 LLC, with a membership interest of 3.125%. The balance of the equity method investment as of December 31, 2023, is now included in discontinued operations on the balance sheet.

Volato 158 LLC

In August 2021, the Company executed an aircraft purchase agreement with Volato 158 LLC (“158 LLC”) and contributed an aircraft with a carrying amount of $4.2 million to 158 LLC for a 100% membership interest in 158 LLC. The investment in 158 LLC was initially consolidated as the Company had a controlling financial interest in 158 LLC.

As of September 30, 2024, and December 31, 2023, the Company had a remaining 3.125% interest in 158 LLC. In October 2024, the Company sold the interest in 158 LLC to flyExclusive. Based on its equity investment, the Company recorded a loss from its equity-method investment of $162 thousand and zero for the three months ended September 30, 2024 and 2023, respectively. The Company recorded a loss from its equity method invest of $154 thousand and $2 thousand for the nine months ended September 30, 2024 and 2023, respectively.