v3.26.1
Reportable Segments
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Reportable Segments Reportable Segments
The Company has two reportable segments: (i) Leasing and Related Operations, which involves acquiring and leasing, primarily pursuant to operating leases, commercial aircraft, aircraft engines, and other aircraft equipment, the selective purchase and resale of commercial aircraft engines and other aircraft equipment, service and maintenance related businesses, and asset management and servicing activities, and (ii) Spare Parts Sales, which involves the purchase and resale of after-market engine parts, whole engines, engine modules, and portable aircraft components.

The Company’s Chief Operating Decision Maker (“CODM”) is Austin Willis, Chief Executive Officer. The CODM evaluates the performance and allocation of resources to each of the segments based on income or loss from operations. While the Company believes there are synergies between the two business segments, the segments are managed separately because each requires different business strategies.

Prior period segment information is presented on a comparable basis to the basis on which current period segment information is presented and reviewed by the CODM.

The following tables present a summary of the reportable segments (in thousands):
Three months ended March 31, 2026Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Revenue:
Lease rent revenue$77,385 $— $— $77,385 
Maintenance reserve revenue55,512 — — 55,512 
Spare parts and equipment sales11,701 17,446 (7,460)21,687 
Interest revenue2,788 — — 2,788 
Gain on sale of leased equipment17,959 — — 17,959 
Gain on sale of financial assets438 — — 438 
Maintenance services revenue9,769 — — 9,769 
Management and advisory fees7,895 — — 7,895 
Other revenue870 171 (128)913 
Total revenue184,317 17,617 (7,588)194,346 
Expenses:
Depreciation and amortization expense30,167 11 — 30,178 
Cost of spare parts and equipment sales5,703 16,087 (7,373)14,417 
Cost of maintenance services8,908 — (48)8,860 
Write-down of equipment1,149 — — 1,149 
General and administrative55,232 1,372 — 56,604 
Technical expense9,727 — (39)9,688 
Net finance costs:
Interest expense32,633 — — 32,633 
Loss on debt extinguishment7,027 — — 7,027 
Total finance costs39,660 — — 39,660 
Total expenses150,546 17,470 (7,460)160,556 
Income from operations$33,771 $147 $(128)$33,790 
Three months ended March 31, 2025Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Revenue:
Lease rent revenue$67,739 $— $— $67,739 
Maintenance reserve revenue54,859 — — 54,859 
Spare parts and equipment sales2,298 18,680 (2,738)18,240 
Interest revenue3,934 — — 3,934 
Gain on sale of leased equipment4,437 — — 4,437 
Gain on sale of financial assets378 — — 378 
Maintenance services revenue5,586 — — 5,586 
Management and advisory fees1,963 — — 1,963 
Other revenue501 141 (46)596 
Total revenue141,695 18,821 (2,784)157,732 
Expenses:
Depreciation and amortization expense25,005 19 — 25,024 
Cost of spare parts and equipment sales1,507 16,503 (2,687)15,323 
Cost of maintenance services5,376 — (47)5,329 
Write-down of equipment2,109 — — 2,109 
General and administrative46,795 925 — 47,720 
Technical expense6,234 — (4)6,230 
Net finance costs:
Interest expense32,094 — — 32,094 
Total finance costs32,094 — — 32,094 
Total expenses119,120 17,447 (2,738)133,829 
Income from operations$22,575 $1,374 $(46)$23,903 
Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Total assets as of March 31, 2026$3,449,864 $56,321 $— $3,506,185 
Total assets as of December 31, 2025$3,873,077 $63,238 $— $3,936,315