Long-Term Debt, Finance Leases, and Other Borrowings (Tables)

9 Months Ended

12 Months Ended

Jun. 30, 2025

Sep. 30, 2024

Long-term debt as of June 30, 2025 and September 30, 2024, consisted of the following (in thousands):


	June 30, 2025			September 30, 2024
Notes payable to secured parties, due in semi-annual installments, interest based on SOFR plus interest spread at 4.75% to 6.25% through 2028, collateralized by the underlying aircraft	$	—		$	85,469
Notes payable to secured parties, due in quarterly installments, interest based on SOFR plus interest at spread 2.20% to 2.32% for senior note & 4.50% for subordinated note through 2028, collateralized by the underlying aircraft		—			73,884
Revolving credit facility, quarterly interest based on SOFR plus interest spread at 4.50% through 2028		33,018			37,520
Other obligations due to financial institution, monthly and/or quarterly interest due from 2022 through 2031, collateralized by the underlying equipment		—			4,681
Notes payable to the UST, quarterly interest based on SOFR plus interest spread at 3.50% through 2025		80,726			113,656

Gross long-term debt, including current maturities		113,744			315,210
Less unamortized debt issuance costs		—			(2,395	)
Less notes payable warrants		(774	)		(2,544	)

Net long-term debt, including current maturities		112,970			310,271
Less current portion, net of unamortized debt issuance costs		(84,725	)		(50,455	)

Net long-term debt	$	28,245		$	259,816

Long-term debt as of September 30, 2024 and 2023, consisted of the following (in thousands):


	September 30, 2024		September 30, 2023
Senior and subordinated notes payable to secured parties, due in monthly installments, interest based on SOFR plus interest spread at 2.71% through 2027, collateralized by the underlying aircraft	$	—	$	39,018
Notes payable to secured parties, due in semi-annual installments, interest based on fixed interest of 4.75% to 6.25% through 2028, collateralized by the underlying aircraft		85,469		108,815
Notes payable to secured parties, due in quarterly installments, interest based on SOFR plus interest at spread 2.20% to 2.32% for senior note & 4.50% for subordinated note through 2028, collateralized by the underlying aircraft		73,884		90,401
United Revolving credit facility, quarterly interest based on SOFR plus interest spread at 4.50% through 2028		37,520		40,630
United Bridge Loan—due in quarterly installments based on SOFR plus interest spread at 4.50% through 2024		—		10,500
Other obligations due to financial institution, monthly and/or quarterly interest due from 2022 through 2027, collateralized by the underlying equipment		4,681		67,637
Notes payable to financial institution, due in monthly installments, interest based on SOFR plus interest spread at 3.10% through 2024, collateralized by the underlying equipment		—		1,075


	September 30, 2024			September 30, 2023
Notes payable to financial institution, due in monthly installments, interest based on fixed interest of 7.50%, through 2027, collateralized by the underlying equipment		—			41,098
Notes payable to the UST, quarterly interest based on SOFR plus interest spread at 3.50% through 2025		113,656			139,100

Gross long-term debt, including current maturities		315,210			538,274
Less unamortized debt issuance costs		(2,395	)		(5,083	)
Less notes payable warrants		(2,544	)		(4,913	)

Net long-term debt, including current maturities		310,271			528,278

Less current portion, net of unamortized debt issuance costs		(50,455	)		(163,550	)

Net long-term debt	$	259,816		$	364,728

Principal maturities of long-term debt as of June 30, 2025, and for each of the next five years are as follows (in thousands):

Principal maturities of long-term debt as of September 30, 2024, and for each of the next five years are as follows (in thousands):