Investments in Other Companies	9 Months Ended
Sep. 30, 2026
Investments in Other Companies
Investments in Other Companies	(10) Investments in Other Companies Equity Method Investments During 2019, the Company created a joint venture with Regional One, Inc. (“Regional One”) and, as of September 30, 2026, has invested a total of $26.6 million for a 75% ownership interest in Aero Engines, LLC (“Aero Engines”). The primary purpose of Aero Engines is to lease engines to third parties. Aero Engines requires unanimous approval from the Company and Regional One for all material transactions. Although the Company determined Aero Engines is a variable interest entity, Aero Engines has no primary beneficiary as no one party has power over Aero Engines. Accordingly, the Company accounts for its investment in Aero Engines under the equity method. The Company’s exposure in its investment in Aero Engines primarily consists of the Company’s portion of income or loss from Aero Engines’ engine lease agreements with third parties and the Company’s ownership percentage in Aero Engines’ engines book value. Aero Engines had no debt outstanding as of September 30, 2026. During 2025, the Company received a $12.0 million distribution from Aero Engines, and during the nine months ended September 30, 2026, the Company received a $5.5 million distribution from Aero Engines, which reduced the Company’s investment balance in Aero Engines. As of September 30, 2026 and December 31, 2025, the Company’s investment balance in Aero Engines was $9.4 million and $12.8 million, respectively, and was recorded in “Other Assets” on the Company’s consolidated balance sheet. The Company’s portion of Aero Engines’ results for the three months ended September 30, 2026 and 2025, was income of $0.7 million and $0.5 million, respectively, which was recorded in “Other income (expense), net” on the Company’s consolidated statements of comprehensive income. The Company’s portion of income generated by Aero Engines for the nine months ended September 30, 2026 and 2025, was $2.0 million and $0.6 million, respectively, which was recorded in “Other income (expense), net” on the Company’s consolidated statements of comprehensive income. In December 2023, the Company invested $9.9 million for a 9.9% ownership interest in Corporate Flight Management, Inc. d/b/a Contour Airlines (“Contour”), a 14 CFR Part 135 air carrier. In January 2024, the Company invested an additional $15.1 million in Contour. Prior to August 2026, the Company had a 25% ownership interest in Contour and held one of five seats, or 20%, on Contour’s board of directors. The Contour arrangement also included an asset provisioning agreement under which the Company provided CRJ airframes, engines and rotable parts to Contour. The Company accounted for its investment in Contour under the equity method where the investment was reported at cost and adjusted each period for the Company’s share of Contour’s income or loss, recorded on a one quarter reporting lag. In August 2026, the Company sold its entire ownership interest in Contour in exchange for a $25.0 million promissory note and terminated the asset provisioning agreement. The carrying amount of the investment was $20.2 million and the note was initially recorded at its estimated fair value of $21.5 million based on prevailing market terms. The Company recorded its portion of results generated by Contour in “Other income (expense), net” on the Company’s consolidated statements of comprehensive income. For the three and nine months ended September 30, 2026, the Company recorded a loss, net of the gain on the sale of the investment, of $0.3 million and $1.3 million, respectively. For the three and nine months ended September 30, 2025, the Company recorded income of $0.7 million and $1.4 million, respectively. Upon completion of the transaction, the Company relinquished all ownership rights, governance rights, and board representation associated with its investment in Contour and no longer exercises significant influence over Contour's operations. Accordingly, the Company discontinued application of the equity method as of the transaction date. As of September 30, 2026, the Company had a $21.1 million note receivable related to the sale of its former ownership interest in Contour, which is included in "Other Assets" on the consolidated balance sheet. The note is collateralized by the Contour shares transferred in the sale transaction pursuant to a stock pledge agreement, includes monthly installment payments and matures in 10 years. The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. Fair Value Method Investment In 2021, the Company entered into a strategic arrangement with Eve Holding, Inc. (“Eve”), to develop a network of deployment for Eve’s electric vertical takeoff and landing aircraft. As of September 30, 2026 and December 31, 2025, the Company held 1.1 million common shares of Eve. During the three months ended September 30, 2026 and 2025, the Company recorded an unrealized loss of $0.6 million and $4.5 million, respectively, in “Other income (expense), net” on the Company’s consolidated statements of comprehensive income related to its investment in Eve. During the nine months ended September 30, 2026 and 2025, the Company recorded an unrealized loss of $2.2 million and an unrealized loss of $2.4 million, respectively, in “Other income (expense), net” on the Company’s consolidated statements of comprehensive income related to its investment in Eve. As of September 30, 2026 and December 31, 2025, the fair value of the Company’s investment in Eve was $2.1 million and $4.3 million, respectively, and was recorded in “Other Assets” on the Company’s consolidated balance sheet.

Investments in Other Companies

9 Months Ended

Sep. 30, 2026

(10) Investments in Other Companies

Equity Method Investments

During 2019, the Company created a joint venture with Regional One, Inc. (“Regional One”) and, as of September 30, 2026, has invested a total of $26.6 million for a 75% ownership interest in Aero Engines, LLC (“Aero Engines”). The primary purpose of Aero Engines is to lease engines to third parties. Aero Engines requires unanimous approval from the Company and Regional One for all material transactions. Although the Company determined Aero Engines is a variable interest entity, Aero Engines has no primary beneficiary as no one party has power over Aero Engines. Accordingly, the Company accounts for its investment in Aero Engines under the equity method. The Company’s exposure in its investment in Aero Engines primarily consists of the Company’s portion of income or loss from Aero Engines’ engine lease agreements with third parties and the Company’s ownership percentage in Aero Engines’ engines book value. Aero Engines had no debt outstanding as of September 30, 2026. During 2025, the Company received a $12.0 million distribution from Aero Engines, and during the nine months ended September 30, 2026, the Company received a $5.5 million distribution from Aero Engines, which reduced the Company’s investment balance in Aero Engines. As of September 30, 2026 and December 31, 2025, the Company’s investment balance in Aero Engines was $9.4 million and $12.8 million, respectively, and was recorded in “Other Assets” on the Company’s consolidated balance sheet. The Company’s portion of Aero Engines’ results for the three months ended September 30, 2026 and 2025, was income of $0.7 million and $0.5 million, respectively, which was recorded in “Other income (expense), net” on the Company’s consolidated statements of comprehensive income. The Company’s portion of income generated by Aero Engines for the nine months ended September 30, 2026 and 2025, was $2.0 million and $0.6 million, respectively, which was recorded in “Other income (expense), net” on the Company’s consolidated statements of comprehensive income.

In December 2023, the Company invested $9.9 million for a 9.9% ownership interest in Corporate Flight Management, Inc. d/b/a Contour Airlines (“Contour”), a 14 CFR Part 135 air carrier. In January 2024, the Company invested an additional $15.1 million in Contour. Prior to August 2026, the Company had a 25% ownership interest in Contour and held one of five seats, or 20%, on Contour’s board of directors. The Contour arrangement also included an asset provisioning agreement under which the Company provided CRJ airframes, engines and rotable parts to Contour. The Company accounted for its investment in Contour under the equity method where the investment was reported at cost and adjusted each period for the Company’s share of Contour’s income or loss, recorded on a one quarter reporting lag. In August 2026, the Company sold its entire ownership interest in Contour in exchange for a $25.0 million promissory note and terminated the asset provisioning agreement. The carrying amount of the investment was $20.2 million and the note was initially recorded at its estimated fair value of $21.5 million based on prevailing market terms. The Company recorded its portion of results generated by Contour in “Other income (expense), net” on the Company’s consolidated statements of comprehensive income. For the three and nine months ended September 30, 2026, the Company recorded a loss, net of the gain on the sale of the investment, of $0.3 million and $1.3 million, respectively. For the three and nine months ended September 30, 2025, the Company recorded income of $0.7 million and $1.4 million, respectively. Upon completion of the transaction, the Company relinquished all ownership rights, governance rights, and board representation associated with its investment in Contour and no longer exercises significant influence over Contour's operations. Accordingly, the Company discontinued application of the equity method as of the transaction date. As of September 30, 2026, the Company had a $21.1 million note receivable related to the sale of its former ownership interest in Contour, which is included in "Other Assets" on the consolidated balance sheet. The note is collateralized by the Contour shares transferred in the sale transaction pursuant to a stock pledge agreement, includes monthly installment payments and matures in 10 years.

The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable.

Fair Value Method Investment

In 2021, the Company entered into a strategic arrangement with Eve Holding, Inc. (“Eve”), to develop a network of deployment for Eve’s electric vertical takeoff and landing aircraft. As of September 30, 2026 and December 31, 2025, the Company held 1.1 million common shares of Eve. During the three months ended September 30, 2026 and 2025, the Company recorded an unrealized loss of $0.6 million and $4.5 million, respectively, in “Other income (expense), net” on the Company’s consolidated statements of comprehensive income related to its investment in Eve. During the nine months ended September 30, 2026 and 2025, the Company recorded an unrealized loss of $2.2 million and an unrealized loss of $2.4 million, respectively, in “Other income (expense), net” on the Company’s consolidated statements of comprehensive income related to its investment in Eve. As of September 30, 2026 and December 31, 2025, the fair value of the Company’s investment in Eve was $2.1 million and $4.3 million, respectively, and was recorded in “Other Assets” on the Company’s consolidated balance sheet.