v3.26.1
Reportable Segments
 6 Months Ended
Jun. 30, 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 uses segment income (loss) from operations to evaluate the operating performance of each reportable segment, assess trends affecting each business, and make decisions regarding the allocation of resources, including capital investments and operational priorities. Although the Company believes there are synergies between its two reportable 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 June 30, 2026Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Revenue:
Lease rent revenue$77,137 $— $— $77,137 
Maintenance reserve revenue46,456 — — 46,456 
Spare parts and equipment sales10,711 18,490 (8,021)21,180 
Interest revenue1,183 — — 1,183 
Gain on sale of leased equipment32,038 — — 32,038 
Gain on sale of financial assets154 — — 154 
Maintenance services revenue8,983 — — 8,983 
Management and advisory fees5,524 — — 5,524 
Other revenue1,225 277 (140)1,362 
Total revenue183,411 18,767 (8,161)194,017 
Expenses:
Depreciation and amortization expense29,056 12 — 29,068 
Cost of spare parts and equipment sales5,435 17,493 (7,831)15,097 
Cost of maintenance services10,571 — (221)10,350 
Write-down of equipment4,910 — — 4,910 
General and administrative54,147 1,412 — 55,559 
Technical expense9,916 — 31 9,947 
Net finance costs:
Interest expense29,689 — — 29,689 
Loss on debt extinguishment5,421 — — 5,421 
Total finance costs35,110 — — 35,110 
Total expenses149,145 18,917 (8,021)160,041 
Income (loss) from operations$34,266 $(150)$(140)$33,976 
Three months ended June 30, 2025Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Revenue:
Lease rent revenue$72,268 $— $— $72,268 
Maintenance reserve revenue50,743 — — 50,743 
Spare parts and equipment sales21,157 10,421 (1,224)30,354 
Interest revenue3,649 — — 3,649 
Gain on sale of leased equipment27,582 — — 27,582 
Maintenance services revenue8,031 — — 8,031 
Management and advisory fees2,588 — — 2,588 
Other revenue286 43 (42)287 
Total revenue186,304 10,464 (1,266)195,502 
Expenses:
Depreciation and amortization expense27,538 12 — 27,550 
Cost of spare parts and equipment sales19,768 9,328 (994)28,102 
Cost of maintenance services8,847 — (226)8,621 
Write-down of equipment11,458 — — 11,458 
General and administrative49,162 1,267 — 50,429 
Technical expense7,512 — (4)7,508 
Net finance costs:
Interest expense33,569 — — 33,569 
Total finance costs33,569 — — 33,569 
Total expenses157,854 10,607 (1,224)167,237 
Income (loss) from operations$28,450 $(143)$(42)$28,265 
Six months ended June 30, 2026Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Revenue:
Lease rent revenue$154,522 $— $— $154,522 
Maintenance reserve revenue101,968 — — 101,968 
Spare parts and equipment sales22,412 35,936 (15,481)42,867 
Interest revenue3,971 — — 3,971 
Gain on sale of leased equipment49,997 — — 49,997 
Gain on sale of financial assets592 — — 592 
Maintenance services revenue18,752 — — 18,752 
Management and advisory fees13,419 — — 13,419 
Other revenue2,095 448 (268)2,275 
Total revenue367,728 36,384 (15,749)388,363 
Expenses:
Depreciation and amortization expense59,223 23 — 59,246 
Cost of spare parts and equipment sales11,139 33,579 (15,204)29,514 
Cost of maintenance services19,479 — (269)19,210 
Write-down of equipment6,059 — — 6,059 
General and administrative109,379 2,784 — 112,163 
Technical expense19,643 — (8)19,635 
Net finance costs:
Interest expense62,322 — — 62,322 
Loss on debt extinguishment12,448 — — 12,448 
Total finance costs74,770 — — 74,770 
Total expenses299,692 36,386 (15,481)320,597 
Income (loss) from operations$68,036 $(2)$(268)$67,766 
Six months ended June 30, 2025Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Revenue:
Lease rent revenue$140,007 $— $— $140,007 
Maintenance reserve revenue105,602 — — 105,602 
Spare parts and equipment sales23,455 29,101 (3,962)48,594 
Interest revenue7,583 — — 7,583 
Gain on sale of leased equipment32,019 — — 32,019 
Gain on sale of financial assets378 — — 378 
Maintenance services revenue13,617 — — 13,617 
Management and advisory fees4,551 — — 4,551 
Other revenue787 185 (89)883 
Total revenue327,999 29,286 (4,051)353,234 
Expenses:
Depreciation and amortization expense52,543 31 — 52,574 
Cost of spare parts and equipment sales21,275 25,831 (3,681)43,425 
Cost of maintenance services14,223 — (273)13,950 
Write-down of equipment13,567 — — 13,567 
General and administrative95,957 2,192 — 98,149 
Technical expense13,746 — (8)13,738 
Net finance costs:
Interest expense65,663 — — 65,663 
Total finance costs65,663 — — 65,663 
Total expenses276,974 28,054 (3,962)301,066 
Income from operations$51,025 $1,232 $(89)$52,168 
Leasing and 
Related Operations		Spare Parts SalesEliminationsTotal
Total assets as of June 30, 2026$3,594,919 $58,257 $— $3,653,176 
Total assets as of December 31, 2025$3,873,077 $63,238 $— $3,936,315