| Schedule of Notes Payable |
Debt obligations consisted of the following: | | | | | | | | | | | | | March 31,
2026 | | December 31,
2025 | | (in thousands) | Credit facility at a floating rate of interest of one-month term Secured Overnight Financing Rate (“SOFR”) plus 2.35% at March 31, 2026, secured by engines, airframes, and loan assets. The credit facility has a committed amount of $1.75 billion at March 31, 2026, which revolves until the maturity date of April 2031. | $ | 421,000 | | | $ | 650,000 | | WEST IX Series A 2025 term notes payable at a fixed rate of interest of 5.16%, maturing in December 2050, secured by engines, airframes, and loan assets | 333,561 | | | 337,400 | | WEST IX Series B 2025 term note payable at a fixed rate of interest of 5.70%, maturing in December 2050, secured by engines, airframes, and loan assets | 54,869 | | | 55,500 | | WEST VIII Series A 2025 term notes payable at a fixed rate of interest of 5.58%, maturing in June 2050, secured by engines, airframes, and loan assets | 509,988 | | | 514,720 | | WEST VIII Series B 2025 term note payable at a fixed rate of interest of 6.07%, maturing in June 2050, secured by engines, airframes, and loan assets | 70,075 | | | 70,725 | | WEST VII Series A 2023 term notes payable at a fixed rate of interest of 8.00%, maturing in October 2048, secured by engines, airframes, and loan assets | 127,149 | | | 225,797 | | WEST VI Series A 2021 term notes payable at a fixed rate of interest of 3.10%, maturing in May 2046, secured by engines, airframes, and loan assets | 223,366 | | | 225,896 | | WEST VI Series B 2021 term notes payable at a fixed rate of interest of 5.44%, maturing in May 2046, secured by engines, airframes, and loan assets | 31,009 | | | 31,360 | | WEST VI Series C 2021 term notes payable at a fixed rate of interest of 7.39%, maturing in May 2046, secured by engines, airframes, and loan assets | 6,889 | | | 7,446 | | WEST V Series A 2020 term notes payable at a fixed rate of interest of 3.23%, maturing in March 2045, secured by engines | 207,175 | | | 210,351 | | WEST V Series B 2020 term notes payable at a fixed rate of interest of 4.21%, maturing in March 2045, secured by engines | 28,861 | | | 29,303 | | WEST V Series C 2020 term notes payable at a fixed rate of interest of 6.66%, maturing in March 2045, secured by engines | 4,918 | | | 5,538 | | WEST III Series A 2017 term notes payable at a fixed rate of interest of 4.69%, maturing in August 2042, secured by engines | 83,483 | | | 142,640 | | WEST III Series B 2017 term notes payable at a fixed rate of interest of 6.36%, maturing in August 2042, secured by engines | 11,295 | | | 19,152 | | Willis Warehouse Facility LLC (“WWFL”) credit facility was terminated during the three months ended March 31, 2026 | — | | | 82,655 | | Other fixed-rate engine notes (interest between 4.23% and 5.91%, and maturity dates between March 2032 and April 2034) | 168,146 | | | 123,685 | | | 2,281,784 | | | 2,732,168 | | | Less: unamortized debt issuance costs and note discounts | (28,079) | | | (31,830) | | | Total debt obligations | $ | 2,253,705 | | | $ | 2,700,338 | |
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