Delta marks its 36 per cent Wheels Up stake down to US$42m from US$118m

What happened

Delta Air Lines has cut the value it places on its 36 per cent stake in Wheels Up to US$42m, from US$118m, according to a 9 October 2026 report by Private Jet Card Comparisons on the airline's third-quarter 2026 10-Q filing (a quarterly filing). The report said Delta's holding did not change in size during the quarter.

The previous figure was itself a fall. A July 2026 report by the same outlet on Delta's quarterly report put the carrying value (the value Delta records on its books) at US$118m, down from US$136m at the end of the first quarter. The stake has therefore been marked lower at each of the last two reporting dates.

Delta is also a lender to Wheels Up. The report said US$83m was outstanding on a revolving working capital credit facility (a standing line of credit the company draws on) as of 30 September 2026. The facility was entered in 2023 and has a repayment date of 20 September 2028.

In May 2026 Wheels Up also entered a new US$100m unsecured term loan (one not backed by specific assets).

Investing.com said the lenders were Delta, Cox Investment Holdings and CK Wheels, that the agreement was finalised on 29 May 2026 and that it carries 12 per cent annual interest, payable in kind (added to the balance) unless the company elects to pay cash.

Private Jet Card Comparisons said Delta contributed US$57m, with other shareholders funding the rest.

The report also said Delta extended the contractual restrictions on transferring its investment until May 2027, with more limited restrictions applying afterwards.

Delta still treats Wheels Up as a variable interest entity (an accounting category that bears on whether a parent includes a company in its own accounts) and is not the primary beneficiary, so Wheels Up is not consolidated in Delta's accounts. The sources did not explain the reason for the latest write-down.