v3.25.2
Concentration of Risk
 3 Months Ended
May 31, 2025
Risks and Uncertainties [Abstract]  
Concentration of Risk Concentration of Risk
The classification of regions in the tables below is based on our customers’ principal place of business.
The geographic concentration of the net book value of our fleet (flight equipment held for lease and net investment in leases, or “Net Book Value”) as of May 31, 2025 and February 28, 2025, was as follows:
 May 31, 2025February 28, 2025
RegionNumber
of
Aircraft		Net Book
Value %		Number
of
Aircraft		Net Book
Value %
Asia and Pacific66 27 %67 28 %
Europe88 27 %99 30 %
Middle East and Africa14 5 %11 5 %
North America64 30 %58 26 %
South America31 11 %29 11 %
Off-lease1 
(1)
— %1 — %
Total264 100 %265 100 %
_______________
(1)We currently have 1 narrow-body freighter aircraft that we are marketing for lease or sale.
The following table sets forth individual countries representing at least 10% of our Net Book Value as of May 31, 2025 and February 28, 2025:
 May 31, 2025February 28, 2025
CountryNet Book
Value		Net Book
Value %		Number
of
Lessees		Net Book
Value		Net Book
Value %		Number
of
Lessees
United States$1,559,598 20%7$1,223,496 16%7
India997,688 13%31,046,978 14%3
The geographic concentration of our lease rental revenue earned from flight equipment held for lease was as follows:
 Three Months Ended May 31,
Region20252024
Asia and Pacific27 %28 %
Europe30 %31 %
Middle East and Africa5 %5 %
North America28 %23 %
South America10 %13 %
Total100 %100 %
The following table shows the number of lessees with lease rental revenue of at least 5% of total lease rental revenue and their combined total percentage of lease rental revenue for the periods indicated:
Three Months Ended May 31,
20252024
Number of LesseesCombined % of Lease
Rental Revenue		Number of LesseesCombined % of Lease
Rental Revenue
Largest lessees by lease rental revenue111%215%
For the three months ended May 31, 2025, the United States comprised 23% of total revenue. Total revenue attributable to the United States included $26.6 million from gains on sale or disposition of flight equipment.
For the three months ended May 31, 2024, South Korea and India comprised 12% and 10% of total revenue, respectively. Total revenue attributable to South Korea included $18.0 million of maintenance revenue as a result of a scheduled aircraft lease expiration.