v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 24,554 $ 16,441
Restricted cash 196,023 530,500
Equipment held for operating lease, less accumulated depreciation of $649,061 and $640,495 at March 31, 2026 and December 31, 2025, respectively 2,760,517 2,801,683
Maintenance rights 30,576 30,632
Equipment held for sale 14,764 20,509
Receivables, net of allowances of $1,120 and $868 at March 31, 2026 and December 31, 2025, respectively 38,886 35,717
Spare parts inventory 56,321 56,577
Investments 128,996 104,250
Intangible assets, net 271 271
Notes receivable, net of allowances of $77 and $140 at March 31, 2026 and December 31, 2025, respectively 65,551 139,945
Investments in sales-type leases, net of allowances of $9 and $17 at March 31, 2026 and December 31, 2025, respectively 344 16,595
Due from affiliates 229 0
Other assets 113,386 109,360
Total assets [1] 3,506,185 3,936,315
Liabilities:    
Accounts payable and accrued expenses 72,636 105,706
Deferred income taxes 240,112 228,547
Debt obligations 2,253,705 2,700,338
Maintenance reserves 124,562 116,185
Security deposits 24,398 24,651
Unearned revenue 32,928 35,350
Total liabilities [2] 2,748,341 3,210,777
Redeemable preferred stock ($0.01 par value, 5,000 shares authorized; 3,250 shares issued at March 31, 2026 and December 31, 2025, respectively) 63,470 63,401
Shareholders’ equity:    
Common stock ($0.01 par value, 20,000 shares authorized; 7,744 and 7,620 shares issued at March 31, 2026 and December 31, 2025, respectively) 77 76
Paid-in capital in excess of par 83,751 72,663
Retained earnings 611,333 590,785
Accumulated other comprehensive loss, net of income tax benefit of $224 and $395 at March 31, 2026 and December 31, 2025, respectively (787) (1,387)
Total shareholders’ equity 694,374 662,137
Total liabilities, redeemable preferred stock and equity 3,506,185 3,936,315
Property, Equipment, and Furnishings    
ASSETS    
Property, equipment & furnishings, less accumulated depreciation of $29,421 and $27,869 at March 31, 2026 and December 31, 2025, respectively $ 75,767 $ 73,835
[1] Total assets at March 31, 2026 and December 31, 2025, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Restricted cash $196,023 and $530,500; Equipment $1,848,555 and $1,892,356; Maintenance rights $19,447 and $19,502; Notes receivable $65,171 and $139,538; Investments in sales-type leases $0 and $15,774; and Other assets $15,265 and $9,759 (each respectively).
[2] Total liabilities at March 31, 2026 and December 31, 2025, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,674,900 and $1,933,119, respectively. Further, refer to Note 6 of the Condensed Consolidated Financial Statements for details of the Company’s commitments and contingencies.