v3.26.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 10,725 $ 16,441
Restricted cash 161,497 530,500
Equipment held for operating lease, less accumulated depreciation of $613,256 and $640,495 at June 30, 2026 and December 31, 2025, respectively 2,783,382 2,801,683
Maintenance rights 83,632 30,632
Equipment held for sale 77,002 20,509
Receivables, net of allowances of $944 and $868 at June 30, 2026 and December 31, 2025, respectively 41,365 35,717
Spare parts inventory 51,402 56,577
Investments 152,148 104,250
Intangible assets, net 8,295 271
Notes receivable, net of allowances of $101 and $140 at June 30, 2026 and December 31, 2025, respectively 89,279 139,945
Investments in sales-type leases, net of allowances of $0 and $17 at June 30, 2026 and December 31, 2025, respectively 0 16,595
Due from affiliates 3,188 0
Other assets 114,357 109,360
Total assets [1] 3,653,176 3,936,315
Liabilities:    
Accounts payable and accrued expenses 103,306 105,706
Deferred income taxes 264,773 228,547
Debt obligations 2,320,904 2,700,338
Maintenance reserves 129,261 116,185
Security deposits 24,537 24,651
Unearned revenue 35,112 35,350
Due to affiliates 1,407 0
Total liabilities [2] 2,879,300 3,210,777
Redeemable preferred stock ($0.01 par value, 15,000 shares authorized; 9,750 shares issued at June 30, 2026 and December 31, 2025, respectively) 63,540 63,401
Shareholders’ equity:    
Common stock ($0.01 par value, 60,000 shares authorized; 22,808 and 22,860 shares issued at June 30, 2026 and December 31, 2025, respectively) 228 229
Paid-in capital in excess of par 71,274 72,510
Retained earnings 637,033 590,785
Accumulated other comprehensive income (loss), net of income tax expense (benefit) of $18 and $(395) at June 30, 2026 and December 31, 2025, respectively 61 (1,387)
Total Willis Lease Finance Corporation (“WLFC”) shareholders’ equity 708,596 662,137
Noncontrolling interests 1,740 0
Total equity 710,336 662,137
Total liabilities, redeemable preferred stock and equity 3,653,176 3,936,315
Property, Equipment, and Furnishings    
ASSETS    
Property, equipment & furnishings, less accumulated depreciation of $30,959 and $27,869 at June 30, 2026 and December 31, 2025, respectively $ 76,904 $ 73,835
[1] Total assets at June 30, 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 $161,497 and $530,500; Equipment $1,752,419 and $1,892,356; Maintenance rights $18,801 and $19,502; Notes receivable $67,656 and $139,538; Investments in sales-type leases $0 and $15,774; and Other assets $9,640 and $9,759 (each respectively).
[2] Total liabilities at June 30, 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 $1,533,540 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.