Ares Entities Report 1,986,675 SAVE Shares; Warrants Are Exercisable

Rhea-AI Filing Summary

Ares-affiliated entities report beneficial ownership of 1,986,675 shares of Spirit Aviation Holdings, Inc. (SAVE), equal to 7.5% of the company’s outstanding common stock as of June 30, 2025, based on the issuer’s reported share count of 25,878,921.

The Schedule 13G allocates holdings across multiple Ares funds and managed accounts and notes specific share and warrant amounts by fund. The filing states that all warrants held by the reporting persons are currently exercisable but subject to a 9.9% limitation. The disclosure lists the Ares entities that share voting and dispositive power and describes the internal ownership and governance relationships among those entities.

Positive

• Ares entities disclose a material ownership stake of 1,986,675 shares in SAVE, representing 7.5% of the outstanding class
• Warrants included in the totals are currently exercisable, with the filing explicitly noting the warrants and the 9.9% limitation
• Detailed breakdown provided across multiple Ares funds and managed accounts, improving transparency about who holds the securities

Negative

• None.

Insights

Financial Analyst

TL;DR: Ares reports a material 7.5% stake in SAVE with exercisable warrants included; this is a significant ownership disclosure but not an operational development.

The Schedule 13G shows aggregate beneficial ownership of 1,986,675 shares representing 7.5% of SAVE, measured against 25,878,921 shares outstanding as of June 30, 2025. The filing itemizes share and warrant holdings across multiple Ares funds and managed accounts and confirms all warrants held by the reporting persons are currently exercisable and limited by a 9.9% cap. This is an ownership disclosure required by securities rules and therefore is material information for investors tracking shareholder composition, but it does not, by itself, indicate a change in operations or corporate actions.

Corporate Governance Expert

TL;DR: The filing details shared voting/dispositive power across Ares entities and outlines the group structure that underpins that control.

The Schedule 13G identifies multiple Ares reporting persons that collectively share voting and dispositive power over the disclosed 1,986,675 shares. The statement describes the internal relationships among Ares Management, Ares Holdco, Ares Partners and related LLCs and notes that Ares Partners is managed by a named board of managers with one individual given veto authority. These governance facts explain how voting influence may be exercised across the group; the disclosure is primarily descriptive and serves to clarify which Ares entities may be deemed to have shared authority over the SAVE holdings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Spirit Aviation Holdings, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)

84863V101

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,986,675.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,986,675.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,986,675.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Global Multi-Asset Credit Master Fund, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 444,256.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 444,256.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

444,256.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.7 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Multi-Asset Credit Strategies Fund LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 58,963.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 58,963.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

58,963.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.2 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Multi-Credit Fund (IL), LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 66,645.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 66,645.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

66,645.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.3 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Capital Management III LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 710,193.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 710,193.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

710,193.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.7 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares High Yield Strategies Fund IV Management, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 161,788.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 161,788.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

161,788.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.6 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares High Yield Strategies Fund IV GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 161,788.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 161,788.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

161,788.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.6 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Private Account Management I, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 266,577.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 266,577.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

266,577.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Private Account Management I GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 266,577.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 266,577.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

266,577.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.0 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Enhanced Loan Investment Strategy Advisor IV, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 347,093.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 347,093.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

347,093.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.3 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Enhanced Loan Investment Strategy Advisor IV GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 347,093.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 347,093.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

347,093.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.3 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Capital Management II LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 485,963.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 485,963.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

485,963.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

1.9 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Management Holdings L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,986,675.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,986,675.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,986,675.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Holdco LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,986,675.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,986,675.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,986,675.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Management Corporation

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,986,675.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,986,675.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,986,675.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Management GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,986,675.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,986,675.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,986,675.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Voting LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,986,675.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,986,675.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,986,675.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

CUSIP No. 84863V101

1

Names of Reporting Persons

Ares Partners Holdco LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,986,675.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,986,675.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,986,675.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.5 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Limited Liability Company

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Spirit Aviation Holdings, Inc.
(b)	Address of issuer's principal executive offices: 1731 Radiant Drive, Dania Beach, FL, 33004
Item 2.
(a)	Name of person filing: Each of the following is hereinafter individually referred to as a "Reporting Person" and collectively as the "Reporting Persons" or the "Ares Entities." This statement is filed on behalf of: Ares Management LLC Ares Global Multi-Asset Credit Master Fund, L.P. Ares Multi-Asset Credit Strategies Fund LP Ares Multi-Credit Fund (IL), LP Ares Capital Management III LLC Ares High Yield Strategies Fund IV Management, L.P. Ares High Yield Strategies Fund IV GP, LLC Ares Private Account Management I, L.P. Ares Private Account Management I GP, LLC Ares Enhanced Loan Investment Strategy Advisor IV, L.P. Ares Enhanced Loan Investment Strategy Advisor IV GP, LLC Ares Capital Management II LLC Ares Management Holdings L.P. Ares Holdco LLC Ares Management Corporation ("Ares Management") Ares Management GP LLC Ares Voting LLC Ares Partners Holdco LLC ("Ares Partners")
(b)	Address or principal business office or, if none, residence: The principal business address of each of the Reporting Persons is c/o Ares Management LLC, 1800 Avenue of the Stars, Suite 1400, Los Angeles, CA 90067.
(c)	Citizenship: Ares Multi-Asset Credit Strategies Fund LP is organized under the laws of the Cayman Islands. The remaining Reporting Persons are each organized under the laws of the State of Delaware.
(d)	Title of class of securities: Common Stock, $0.0001 par value
(e)	CUSIP No.: 84863V101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information contained on the cover pages to this Schedule 13G is incorporated by reference into this Item 4. The ownership information presented herein represents beneficial ownership of the shares of Common Stock as of June 30, 2025, based upon 25,878,921 shares of Common Stock outstanding as of June 30, 2025, as disclosed in the Issuer's Prospectus, filed with the Securities and Exchange Commission on July 18, 2025. The securities reported herein include: (i) 396,485 shares of Common Stock and 47,771 shares of Common Stock underlying warrants held of record by Ares Global Multi-Asset Credit Master Fund, L.P.; (ii) 4,368 shares of Common Stock and 54,595 shares of Common Stock underlying warrants held of record by Ares Multi-Asset Credit Strategies Fund LP; (iii) 59,479 shares of Common Stock and 7,166 shares of Common Stock underlying warrants held of record by Ares Multi-Credit Fund (IL), LP; (iv) 125,239 shares of Common Stock and 15,090 shares of Common Stock underlying warrants held by accounts managed or advised by Ares Capital Management III LLC; (v) 144,391 shares of Common Stock and 17,397 shares of Common Stock underlying warrants held by an account managed by Ares High Yield Strategies Fund IV Management, L.P.; (vi) 237,912 shares of Common Stock and 28,665 shares of Common Stock underlying warrants held by an account managed by Ares Private Account Management I, L.P.; (vii) 25,711 shares of Common Stock and 321,382 shares of Common Stock underlying warrants held by accounts managed by Ares Enhanced Loan Investment Strategy Advisor IV, L.P.; (viii) 371,316 shares of Common Stock and 114,647 shares of Common Stock underlying warrants held by accounts managed or advised by Ares Capital Management II LLC, and (ix) 13,442 shares of Common Stock and 1,619 shares of Common Stock underlying warrants held by an account managed by Ares Management LLC. The Ares Entities may be deemed to have shared voting or dispositive power of the various accounts managed or advised by the foregoing entities. The warrants are subject to the 9.9% limitation. Currently, all the warrants held by the Reporting Persons are exercisable. Ares Partners is the sole member of each of Ares Voting LLC and Ares Management GP LLC, which are respectively the holders of the Class B and Class C Common Stock of Ares Management, which Common Stock allows them, collectively, to generally have the majority of the votes on any matter submitted to the stockholders of Ares Management if certain conditions are met. Ares Management is the sole member of Ares Holdco LLC, which is the general partner of Ares Management Holdings L.P., which is the sole member of Ares Management LLC, which is the sole member of (i) Ares Capital Management III LLC, which is the manager of each of Ares Global Multi-Asset Credit Master Fund, L.P., Ares Multi-Asset Credit Strategies Fund LP and Ares Multi-Credit Fund (IL), LP, (ii) Ares High Yield Strategies Fund IV GP, LLC, which is the general partner of Ares High Yield Strategies Fund IV Management, L.P, (iii) Ares Private Account Management I GP, LLC, which is the general partner of Ares Private Account Management I, L.P., (iv) Ares Enhanced Loan Investment Strategy Advisor IV GP, LLC, which is the general partner of Ares Enhanced Loan Investment Strategy Advisor IV, L.P., and (v) Ares Capital Management II LLC. Ares Partners is managed by a board of managers, which is composed of Michael J Arougheti, R. Kipp deVeer, David B. Kaplan, Antony P. Ressler and Bennett Rosenthal (collectively, the "Ares Board Members"). Mr. Ressler generally has veto authority over the Ares Board Members' decisions. Each of these individuals disclaims beneficial ownership of the securities that may be deemed to be beneficially owned by Ares Partners.
(b)	Percent of class: See Item 11 of each of the cover pages hereto.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Item 5 of each of the cover pages hereto.
	(ii) Shared power to vote or to direct the vote: See Item 6 of each of the cover pages hereto.
	(iii) Sole power to dispose or to direct the disposition of: See Item 7 of each of the cover pages hereto.
	(iv) Shared power to dispose or to direct the disposition of: See Item 8 of each of the cover pages hereto.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Ares Management LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Ares Global Multi-Asset Credit Master Fund, L.P.

Signature:	By: Ares Capital Management III LLC, its manager, /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

Ares Multi-Asset Credit Strategies Fund LP

Signature:	By: Ares Capital Management III LLC, its manager, /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

Ares Multi-Credit Fund (IL), LP

Signature:	By: Ares Capital Management III LLC, its manager, /s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

Ares Capital Management III LLC

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

Ares High Yield Strategies Fund IV Management, L.P.

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

Ares High Yield Strategies Fund IV GP, LLC

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

Ares Private Account Management I, L.P.

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

Ares Private Account Management I GP, LLC

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

Ares Enhanced Loan Investment Strategy Advisor IV, L.P.

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

Ares Enhanced Loan Investment Strategy Advisor IV GP, LLC

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

Ares Capital Management II LLC

Signature:	/s/ Evan Hoole
Name/Title:	Evan Hoole, Authorized Signatory
Date:	08/13/2025

Ares Management Holdings L.P.

Signature:	By: Ares Holdco LLC, its general partner, By: /s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Ares Holdco LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Ares Management Corporation

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Ares Management GP LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Ares Voting LLC

Signature:	By: Ares Partners Holdco LLC, its sole member, By: /s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Ares Partners Holdco LLC

Signature:	/s/ Anton Feingold
Name/Title:	Anton Feingold, Authorized Signatory
Date:	08/13/2025

Exhibit Information

Exhibit 99: Joint Filing Agreement

FAQ

How many SAVE shares do Ares entities beneficially own?

The reporting persons beneficially own 1,986,675 shares of Spirit Aviation Holdings, Inc.

What percentage of SAVE does Ares own according to the Schedule 13G?

Ares-affiliated entities report ownership of 7.5% of the outstanding common stock.

Are warrants included in Ares' reported ownership and are they exercisable?

Yes; the filing lists specific warrant amounts included in the totals and states that all the warrants held by the reporting persons are currently exercisable, subject to a 9.9% limitation.

As of what date is the ownership measured?

The ownership information is presented as of June 30, 2025.

Which Ares entities are listed as reporting persons on the Schedule 13G?

The filing is made on behalf of multiple Ares entities, including Ares Management LLC, Ares Management Corporation, Ares Partners, Ares Capital Management II LLC and various Ares funds and related LLCs.

Does the filing describe internal governance among the Ares entities?

Yes; the Schedule 13G describes relationships among Ares Management, Ares Holdco, Ares Partners and related entities and names Ares board members, noting that one individual has veto authority in the group governance description.