Other Non-current Assets	3 Months Ended
Aug. 31, 2026
Other Non-current Assets
Other Non-current Assets	11. Other Non-current Assets Investment in AAR Sumisho Aviation Services (“ASAS”) Our investments in joint ventures include a 50% ownership interest in a joint venture to provide aviation aftermarket supply chain solutions to Japanese defense and global commercial markets. Each of the partners in the ASAS joint venture have provided financial guarantees to third-parties to guarantee the payments for ASAS’s financing arrangements, including inventory purchases. No liabilities have been recognized on the outstanding guarantees. We are unable to estimate our maximum exposure under these guarantees as they are largely dependent on the volume of inventory purchase orders outstanding. Our sales to the ASAS joint venture, including service fees earned by us on providing support to the ASAS joint venture, were $4.2 million and $5.0 million during the three-month periods ended August 31, 2026 and 2025, respectively. Investments in Aircraft Joint Ventures Under the terms of servicing agreements with certain of our aircraft joint ventures, we provide administrative services and technical advisory services, including aircraft evaluations, oversight and logistical support of the maintenance process and records management. We also provide evaluation and inspection services prior to the purchase of an aircraft and remarketing services with respect to the divestiture of aircraft by the joint ventures. During the three-month periods ended August 31, 2026 and 2025, we received $0.6 million and $1.1 million, respectively, for such services. Investment in xCelle Americas, LLC (“xCelle Americas JV”) Our investments in joint ventures include a 49.9% ownership interest in a joint venture to provide component repair services including overhaul of nacelles on next generation aircraft. In March 2025, we provided a loan to xCelle Americas JV for $3.3 million with semi-annual principal payments over the five-year term of the loan. Interest is payable semi-annually at SOFR plus 2.7%. Our sales to the xCelle Americas JV were $0.2 million and $0.1 million during the three-month periods ended August 31, 2026 and 2025, respectively. Investment in xCelle Asia Limited (“xCelle Asia JV”) In December 2025, we invested $7.1 million for a 49.9% interest in the xCelle Asia JV based in Thailand. The xCelle Asia JV operations include nacelle MRO services, including on-wing and on-site inspections and rotable support for next generation aircraft nacelles.

Other Non-current Assets

3 Months Ended

Aug. 31, 2026

11. Other Non-current Assets

Investment in AAR Sumisho Aviation Services (“ASAS”)

Our investments in joint ventures include a 50% ownership interest in a joint venture to provide aviation aftermarket supply chain solutions to Japanese defense and global commercial markets. Each of the partners in the ASAS joint venture have provided financial guarantees to third-parties to guarantee the payments for ASAS’s financing arrangements, including inventory purchases. No liabilities have been recognized on the outstanding guarantees. We are unable to estimate our maximum exposure under these guarantees as they are largely dependent on the volume of inventory purchase orders outstanding.

Our sales to the ASAS joint venture, including service fees earned by us on providing support to the ASAS joint venture, were $4.2 million and $5.0 million during the three-month periods ended August 31, 2026 and 2025, respectively.

Investments in Aircraft Joint Ventures

Under the terms of servicing agreements with certain of our aircraft joint ventures, we provide administrative services and technical advisory services, including aircraft evaluations, oversight and logistical support of the maintenance process and records management. We also provide evaluation and inspection services prior to the purchase of an aircraft and remarketing services with respect to the divestiture of aircraft by the joint ventures. During the three-month periods ended August 31, 2026 and 2025, we received $0.6 million and $1.1 million, respectively, for such services.

Investment in xCelle Americas, LLC (“xCelle Americas JV”)

Our investments in joint ventures include a 49.9% ownership interest in a joint venture to provide component repair services including overhaul of nacelles on next generation aircraft. In March 2025, we provided a loan to xCelle Americas JV for $3.3 million with semi-annual principal payments over the five-year term of the loan. Interest is payable semi-annually at SOFR plus 2.7%.

Our sales to the xCelle Americas JV were $0.2 million and $0.1 million during the three-month periods ended August 31, 2026 and 2025, respectively.

Investment in xCelle Asia Limited (“xCelle Asia JV”)

In December 2025, we invested $7.1 million for a 49.9% interest in the xCelle Asia JV based in Thailand. The xCelle Asia JV operations include nacelle MRO services, including on-wing and on-site inspections and rotable support for next generation aircraft nacelles.