The following table summarizes the activities for the Company’s flight equipment held for lease for the three months ended May 31, 2025:


	Amount
Balance at February 28, 2025	$	7,644,867
Additions	500,425
Depreciation	(95,236)
Disposals and transfers to net investment in leases and held for sale	(151,423)
Impairments	(5,066)

Balance at May 31, 2025	$	7,893,567

Accumulated depreciation	$	1,855,110

The Company leased 9 aircraft to Russian airlines that were unrecoverable following Russia’s invasion of Ukraine in February 2022. The Company filed claims against the reinsurers of the Russian airlines’ insurance and the Company’s contingent and possessed insurance policies (“C&P Policies”) seeking indemnity.

During the years ended February 28, 2025 and February 29, 2024, the Company received aggregate cash settlement proceeds of $92.7 million in settlement of certain of the Company’s claims under the Russian airlines’ insurance and the Company’s C&P Policies.

The receipt of the insurance proceeds serve to mitigate, in part, the Company’s losses under its aviation insurance policies. The Company remains in settlement discussions with some of the remaining insurers under its C&P Policies. However, the collection, timing and amount of any future recoveries, including those related to insurance litigation, remain uncertain. Accordingly, at this time, the Company can give no assurance as to when or what amounts it may ultimately collect with respect to these matters.

Subsequent to May 31, 2025, the Company entered into a settlement agreement with certain additional C&P insurers for an aggregate settlement amount of $14.7 million, which will be recognized in its consolidated statement of income in the second quarter of 2025.