After it persuaded Gallatin County officials to issue $160 million in bonds so Sheehy’s company could expand locally, the firm used most of the money to pay off previous investors.

Bridger Aerospace Group, a Montana-based aerial firefighting company helmed by Tim Sheehy, a former Navy SEAL, was losing money in 2020 when its top executives made a business pitch to elected officials in the county where it’s based.

At a recorded public meeting, the executives asked whether Bridger could use Gallatin County’s name and pristine credit rating to raise $160 million in a municipal bond offering. If the three county commissioners said yes, Bridger would gain access to lower-cost money to expand its operations.

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Four years later, Bridger is still losing money, its securities filings show, and the $160 million bond deal that sprang from that 2020 meeting is under scrutiny as Sheehy vies for a seat in the U.S. Senate.