b'Capital Region Airport Commission NOTES TO FINANCIAL STATEMENTS June 30, 2025 and 2024 Note 5.CERTAINDISCLOSURESRELATEDTODEBT,INCLUDINGDIRECTBORROWINGSANDDIRECT PLACEMENTS (continued) (g) Arbitrage The Commission is subject to arbitrage rebate liability in accordance with Section 148(f) of theInternal Revenue Code of 1986, as amended, and the Final U.S. Treasury Regulations 1.148-1through 1.148-11 issued on June 19, 1993 and amended on May 9, 1997.There was no accruedarbitrage liability for the years ended June 30, 2025 and June 30, 2024.Note 6.MAJOR CUSTOMERS Due to the nature of the Commissions operations, the majority of its operating revenues are from several large customers. The operating revenues from the largest two major customers were $3,287,527 (4.6%) and $3,252,732 (4.6%) for the year ended June 30, 2025, and $2,938,070 (4.3%) and $2,803,905 (4.1%) for the year ended June 30, 2024. Note 7.LEASES The Commission leases space within the terminal building, other buildings, and the rental of Airport land property to air carriers and other tenants under various leases, a majority of which are non-cancellable andterminatenolaterthanJanuary2056.Leaseprovisionsprovideforfixedandvariablerental payments, and all are generally designed to allow the Commission to meet its debt service requirements and recover certain operating and maintenance costs. In addition, concession income is derived from various concession agreements from food and beverage, retail sales and rental car companies. The agreements under which the Commission receives revenue from the operation of concessions provide for the payment of a fee based on the greater of an aggregated percentage of gross receipts or a guaranteedminimum.TheCommissionhadrentalandconcessionincomeof$32,610,455and $32,006,512 in 2025 and 2024, respectively, which is included in operating revenues. For the years ended June 30, 2025 and 2024, the Commission recognized the following balances related to the non-cancellable leases: 2025 2024Fixed FixedPayments PaymentsRentals, Building, and Ground Area $ 1,597,867 $ 889,874Concessions $ 5,400,774 $ 6,108,766Interest Revenue $463,062 $494,08037'