What changed in this filing

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Item 2. Properties

2026-03-19 compared with 2025-05-14 · 56 added, 37 removed, 0 unchanged (100% of the section changed)

As of September 30, 2024, our active aircraft fleet consisted of the following :

Aircraft Type

Range (miles)

E-175 Regional Jet

CRJ-900 Regional Jet

CRJ-700 Regional Jet

Several factors impact our fleet size, including contract expirations, lease expirations, growth opportunities and opportunities to transition to an alternative airline partner.

Below is a summary of our fleet by aircraft type.

Our actual future fleet size and mix of aircraft types may vary materially from our current fleet size.

▪ E-175s – As of September 30, 2024, we operated 55 E-175 aircraft under our United CPA.

As part of our Amended and Restated United CPA, we agreed to extend the term of 42 of our E-175 aircraft (owned by United) for an additional five years which will now expire between 2024 and 2028, subject to United's early termination rights.

United also has the right to extend the term of these aircraft for four additional three-year increments.

In addition, 18 of the E-175 aircraft (owned by us) operating under our United CPA expire between January 2028 and November 2028, subject to United's early termination rights.

Our United CPA permits United, subject to certain conditions, including the payment of certain costs tied to aircraft type, to terminate the United CPA in its discretion, or remove aircraft from service, by giving us 90 days’ notice.

▪ CRJ-900s – As of September 30, 2024, we operated 12 CRJ-900 aircraft under our United CPA.

Subsequent to September 30, 2024, we entered into an agreement with United which provides for the removal from CRJ-900 aircraft from the CPA.

▪ CRJ-700s – As of September 30, 2024, our fleet included two CRJ-700 aircraft which were leased to a third party.

Subsequent to September 30, 2024, we entered into an agreement with United to buy the aircraft out of their lease with the third party and to purchase them for $11.0 million.

In addition to aircraft, we have office and maintenance facilities to support our operations.

Each of our facilities are summarized in the following table:

Corporate Headquarters

Phoenix, Arizona

Training Center

Phoenix, Arizona

Office, Hangar and Warehouse

El Paso, Texas

Parts Storage

Dallas, Texas

Houston, Texas

Louisville, Kentucky

Dulles, Washington

Cargo Building

Dulles, Washington

Tucson, Arizona

We believe our facilities are suitable and adequate for our current and anticipated needs.

Flight Equipment

As of December 31, 2025 , we had 311 regional jet aircraft as described in the following table.

Regional jet aircraft exclude 115 aircraft dedicated to training and structured time-building operations.

Type Total Aircraft (1)

Finance Leases Partner Controlled (3)

Average Age (in years) Seating Configuration

E170/175 311 193 11 107 13.0 65-76 seats

(1) Includes five spare and 31 aircraft that have been leased to another airline.

(2) 46% of our owned aircraft have a debt obligation in exchange for a first lien on the aircraft.

(3) Refers to our aircraft with leasing arrangements between us and our Partner Airlines.

We refer to these aircraft as “Partner Controlled” aircraft.

All of our leased aircraft are leased pursuant to finance leases, with current lease expirations ranging from 2030 to 2031 .

We have options to renew certain leases for an additional term or purchase the leased aircraft at the end of the applicable current lease term at fair market value.

As of December 31, 2025 , our facilities are summarized in the following table:

Aviation Campus Headquarters

125,000 Carmel, IN

33,770 Phoenix, AZ

91,048 Indianapolis, IN

Office and warehouse space

38,248 El Paso, TX

Phoenix t raining c enter

13,183 Phoenix, AZ

Indianapolis t raining c enter

40,144 Indianapolis, IN

Aviation Campus Training Center

107,400 Carmel, IN

Aviation Campus Hotel

164,770 Carmel, IN

Aviation Campus Parking Garage 298,367 Carmel, IN

Maintenance h angar

110,469 Indianapolis, IN

Maintenance h angar

149,370 Columbus, OH

Maintenance h angar

125,818 Louisville, KY

Maintenance h angar

99,605 Pittsburgh, PA

Maintenance h angar

74,524 Houston, TX

Maintenance h angar

50,768 Dulles, VA

Maintenance s torage

10,500 Astoria, NY

LIFT office and hangar

25,566 Myrtle Beach, SC

LIFT office and hangar

14,256 Galveston, TX

LIFT office and hangar

14,880 Tuskegee, AL

LIFT office and hangar

33,447 Indianapolis, IN

We lease all of our facilities with the exception of the Aviation Campus Training Center (“Training Center”), Aviation Campus Hotel (“Brickyard Hotel”), Aviation Campus Headquarters (“Headquarters”), and Aviation Campus Parking Garage.

During the year ended December 31, 2023, we entered into a loan agreement which is collateralized by the Training Center and Brickyard Hotel.

Further, in 2024, we began construction on our new Headquarters adjacent to the Training Center and Brickyard Hotel in Carmel, Indiana, which was completed in January 2026.

Additionally, during the year ended December 31, 2025, we purchased additional land and began construction on additional associate accommodations at the Brickyard Hotel.

All leased facilities are subject to either long-term leases or on a month-to-month basis.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties