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Debt Obligations
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
Debt obligations consisted of the following:
June 30,
2026		December 31,
2025
(in thousands)
Credit facility at a floating rate of interest of one-month term Secured Overnight Financing Rate (“SOFR”) plus 1.875% at June 30, 2026, secured by engines, airframes, and loan assets. The credit facility has a committed amount of $1.75 billion at June 30, 2026, which revolves until the maturity date of April 2031.
$437,000 $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
329,323 337,400 
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
54,171 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
505,581 514,720 
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
69,469 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
26,000 225,797 
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
220,849 225,896 
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
30,659 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
6,336 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
203,999 210,351 
WEST V Series B 2020 term notes payable at a fixed rate of interest of 4.21%, maturing in March 2045, secured by engines
28,418 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
4,300 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
60,921 142,640 
WEST III Series B 2017 term notes payable at a fixed rate of interest of 6.36%, maturing in August 2042, secured by engines
8,239 19,152 
Willis Warehouse Facility LLC (“WWFL”) credit facility was terminated during the six months ended June 30, 2026
— 82,655 
Convertible senior notes at a fixed rate of interest of 2.50%, maturing in May 2031
200,000 — 
Other fixed-rate engine notes (interest between 4.23% and 5.91%, and maturity dates between March 2032 and April 2034)
167,004 123,685 
2,352,269 2,732,168 
Less: unamortized debt issuance costs and note discounts(31,365)(31,830)
Total debt obligations$2,320,904 $2,700,338 

One-month term SOFR was 3.68% and 3.87% as of June 30, 2026 and December 31, 2025, respectively.

Certain notes payable totaling $167.0 million as of June 30, 2026 relate to failed sale-leaseback transactions secured by eight engines. During the six months ended June 30, 2026, the Company entered into two such transactions totaling $45.0 million. The Company has options to repurchase the underlying engines at predetermined prices ranging from $14.7 million to $19.3 million per engine, exercisable between July 2031 and March 2034.
In May 2026, the Company issued $200.0 million aggregate principal amount of 2.50% Convertible Senior Notes due in May 2031. The notes are senior unsecured obligations of the Company and bear interest at a rate of 2.50% per annum, payable semi-annually beginning in November 2026. The notes are initially convertible at a rate of 11.1606 shares of common stock per $1,000 principal amount, which is equivalent to an initial conversion price of approximately $89.60 per share, subject to customary anti-dilution adjustments and the terms and conditions of the indenture. The net proceeds from the offering were used to temporarily repay borrowings under the Company’s revolving credit facility until deployed for general corporate purposes. In connection with the offering, the Company amended its revolving credit agreement (Amendment No. 4) to permit the issuance of the notes and related transactions, as well as to make certain conforming revisions.

In March 2026, the Company terminated its WWFL credit facility as well as amended and extended its existing revolving credit facility (Amendment No. 3), increasing total commitments from $1.0 billion to $1.75 billion and extending the maturity to April 2031.

In February 2026, the Company entered into Amendment No. 2 to the Credit Agreement. Amendment No. 2 among other things, excludes certain amounts from inclusion in “Total Debt” (as defined in the Credit Agreement) that is used for purposes of calculating the “Maximum Leverage Ratio” (as defined in the Credit Agreement).

Principal outstanding at June 30, 2026 is expected to be repayable as follows:

Year(in thousands)
2026$35,894 
2027129,918 
2028259,088 
2029285,793 
203035,169 
Thereafter1,606,407 
Total$2,352,269 

Virtually all of the Company’s debt requires ongoing compliance with certain financial covenants, including debt and tangible net worth ratios, minimum interest coverage ratios, and other eligibility criteria including asset type, customer and geographic concentration restrictions. The Company also has certain negative financial covenant obligations that relate to such items as liens, advances, changes in business, sales of assets, dividends and stock repurchases. Compliance with these covenants is tested either monthly, quarterly or annually, as required, and the Company was in full compliance with all financial covenant requirements at June 30, 2026.