Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions Joint Ventures “Management and advisory fees” on the Condensed Consolidated Statements of Income includes management fees earned of $1.8 million and $1.2 million during the three months ended March 31, 2026 and 2025, respectively, related to the servicing of engines for the WMES lease portfolio. During the three months ended March 31, 2026, the Company sold five engines to WMES for a total of $55.3 million, which resulted in a total gain of $15.3 million for the Company. During the three months ended March 31, 2025, the Company sold three engines and one airframe to WMES for $32.2 million, which resulted in a total gain of $1.6 million for the Company. During the three months ended March 31, 2026 and March 31, 2025, the Company did not purchase any engines from WMES. During the three months ended March 31, 2026 and March 31, 2025, the Company did not purchase or sell any engines to CASC Willis. The Company subleased two WMES engines to a third party, with WMES as head lessor. During the three months ended March 31, 2026, one lease was renewed for a noncancellable three-month term and the other continued on a month-to-month basis. Lease expense for the head lease, recorded in “Technical expense,” was $0.7 million and $0.6 million for the three months ended March 31, 2026 and 2025, respectively. During the three months ended March 31, 2026, the Company paid WMES $0.7 million for fleet management services. During the three months ended March 31, 2026, the Company made a capital contribution of $19.5 million to WMES. Investment Fund Partnerships During the three months ended March 31, 2026, the Company sold 11 notes receivable and investments in sales-type leases to the LMI Fund, for a total of $87.2 million, which resulted in a total gain on sale of financial assets of $0.4 million for the Company. The LMI Fund is considered a related party as the Company serves as its general partner. The Company, as general partner of the Funds, may earn management and advisory fees and expense reimbursements. For the three months ended March 31, 2026, the Company recognized management and advisory fee income of $4.9 million, which is included in “Management and advisory fees” in the Condensed Consolidated Statements of Income. These fees primarily represented reimbursement of in-period expenses paid by the Company on behalf of the Funds. As of March 31, 2026, amounts due from the Funds were $0.2 million and are included in “Due from affiliates” in the Condensed Consolidated Balance Sheets.
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