Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 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 $2.0 million and $1.8 million during the three months ended June 30, 2026 and 2025, respectively, and $3.9 million and $3.0 million during the six months ended June 30, 2026 and 2025, respectively, related to the servicing of engines for the WMES lease portfolio. Additionally, “Management and advisory fees” on the Condensed Consolidated Statements of Income includes management fees earned of $0.2 million for both the three and six months ended June 30, 2026, related to a new servicing agreement for the CASC Willis portfolio. No such fees were recognized during the corresponding periods in 2025. During the six months ended June 30, 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 six months ended June 30, 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. Additionally, during the six months ended June 30, 2025, the Company sold one engine to WMES for $21.1 million, which resulted in a trading profit of $1.4 million for the Company. During the six months ended June 30, 2026, the Company did not purchase any engines from WMES. During the six months ended June 30, 2025, the Company purchased an engine from WMES for $7.2 million. During the six months ended June 30, 2026, the Company did not purchase or sell any engines to CASC Willis. During the six months ended June 30, 2025, the Company sold one engine to CASC Willis for $6.1 million, which resulted in no gain or loss for the Company. The Company subleased two WMES engines to a third party, with WMES as head lessor. During the six months ended June 30, 2026, one lease continued on 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 $0.7 million for the three months ended June 30, 2026 and 2025, respectively, and $1.4 million and $1.3 million for the six months ended June 30, 2026 and 2025, respectively. During the six months ended June 30, 2026, the Company paid WMES $1.4 million for fleet management services. During the six months ended June 30, 2026, the Company made capital contributions of $29.5 million to WMES. Investment Fund Partnerships During the six months ended June 30, 2026, the Company sold 12 notes receivable and investments in sales-type leases to the LMI Fund, for a total of $104.0 million, which resulted in a total gain on sale of financial assets of $0.6 million for the Company. Also during the six months ended June 30, 2026, the Company sold 14 aircraft engines to the BXCI Fund, for a total of $216.2 million, which resulted in a total gain of $33.3 million for the Company. The LMI Fund and the BXCI Fund are considered related parties as the Company serves as general partner. The Company, as general partner of the Funds, earns management and advisory fees and expense reimbursements. For the three and six months ended June 30, 2026, the Company recognized management and advisory fee income of $2.8 million and $7.7 million, which is included in “Management and advisory fees” in the Condensed Consolidated Statements of Income. These amounts reflected a combination of management and advisory fees earned by the Company and reimbursement of in-period expenses paid by the Company on behalf of the Funds. For the six months ended June 30, 2026, there was $3.2 million in amounts due from the Funds and included in “Due from affiliates” in the Company’s Condensed Consolidated Balance Sheets. Additionally, there was $1.4 million in amounts due to the Funds and included in “Due to affiliates” in the Company’s Condensed Consolidated Balance Sheets.
|