v3.26.3
SEGMENT INFORMATION (Tables)
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Reporting
The following tables set forth certain information, which include all significant expenses reviewed by the CODM, for each reportable segment (unaudited):
I. For the Three Months Ended September 30, 2026
Three Months Ended September 30, 2026
Aerospace ProductsAviation LeasingCorporate and OtherEliminationsTotal
Revenues
Aerospace products revenue$780,598 $— $— $— $780,598 
MRE Contract revenue - affiliate129,408 — — — 129,408 
Lease income— 25,281 — — 25,281 
Maintenance revenue— 27,292 — — 27,292 
Asset sales revenue— 5,886 — — 5,886 
Other revenue (1)
— 9,192 — — 9,192 
Total revenues910,006 67,651 — — 977,657 
Expenses
Cost of sales618,007 5,814 — — 623,821 
Operating expenses11,913 12,479 37,935 — 62,327 
Research and development— — 22,014 — 22,014 
General and administrative— — 2,305 — 2,305 
Acquisition and transaction expenses124 1,374 3,532 — 5,030 
Depreciation and amortization4,942 37,242 1,111 — 43,295 
Total expenses634,986 56,909 66,897 — 758,792 
Other income (expense)
Interest expense— — (65,119)— (65,119)
Equity in earnings (losses) of unconsolidated entities (2)
1,431 20,557 — (5,055)16,933 
Gain on sale to the 2025 Partnership - affiliate— — — — — 
Other (expense) income(54)2,222 — — 2,168 
Total other income (expense) 1,377 22,779 (65,119)(5,055)(46,018)
Income (loss) before income taxes276,397 33,521 (132,016)(5,055)172,847 
Provision for (benefit from) income taxes50,883 8,373 (37,017)— 22,239 
Net income (loss)225,514 25,148 (94,999)(5,055)150,608 
Less: Dividends on preferred shares— — 1,544 — 1,544 
Net income (loss) attributable to shareholders$225,514 $25,148 $(96,543)$(5,055)$149,064 
(1)Includes servicing fees of 4,704 for the three months ended September 30, 2026 from the SCI Partnerships.
(2)Includes the profit elimination of $(5,055) for the three months ended September 30, 2026 for sales to the SCI Partnerships within the Aerospace Products segment.
II. For the Nine Months Ended September 30, 2026
Nine Months Ended September 30, 2026
Aerospace ProductsAviation LeasingCorporate and OtherEliminationsTotal
Revenues
Aerospace products revenue$1,995,412 $— $— $— $1,995,412 
MRE Contract revenue - affiliate533,437 — — — 533,437 
Lease income— 92,938 — — 92,938 
Maintenance revenue— 83,684 — — 83,684 
Asset sales revenue— 32,995 — — 32,995 
Other revenue (1)
— 22,973 — — 22,973 
Total revenues2,528,849 232,590 — — 2,761,439 
Expenses
Cost of sales1,743,548 40,323 — — 1,783,871 
Operating expenses33,749 34,539 107,146 — 175,434 
Research and development— — 41,461 — 41,461 
General and administrative— — 6,963 — 6,963 
Acquisition and transaction expenses253 7,408 19,429 — 27,090 
Depreciation and amortization14,523 124,712 3,335 — 142,570 
Total expenses1,792,073 206,982 178,334 — 2,177,389 
Other income (expense)
Interest expense— — (190,628)— (190,628)
Equity in earnings (losses) of unconsolidated entities (2)
1,209 44,983 — (21,652)24,540 
Gain on sale to the 2025 Partnership - affiliate— 17,633 — — 17,633 
Other income58 56,698 568 — 57,324 
Total other income (expense) 1,267 119,314 (190,060)(21,652)(91,131)
Income (loss) before income taxes738,043 144,922 (368,394)(21,652)492,919 
Provision for (benefit from) income taxes134,550 34,470 (89,702)— 79,318 
Net income (loss)603,493 110,452 (278,692)(21,652)413,601 
Less: Dividends on preferred shares— — 8,962 — 8,962 
Less: Loss on redemption of preferred shares— — 3,800 — 3,800 
Net income (loss) attributable to shareholders$603,493 $110,452 $(291,454)$(21,652)$400,839 
(1)Includes servicing fees of $17,553 for the nine months ended September 30, 2026 from the SCI Partnerships.
(2)Includes the profit elimination of $(21,652) for the nine months ended September 30, 2026 for sales to the SCI Partnerships within the Aerospace Products segment.
III. For the Three Months Ended September 30, 2025
Three Months Ended September 30, 2025
Aerospace ProductsAviation LeasingCorporate and Other
Eliminations
Total
Revenues
Aerospace products revenue$459,206 $— $— $— $459,206 
MRE contract revenue - affiliate58,663 — — — 58,663 
Lease income— 55,072 — — 55,072 
Maintenance revenue— 52,370 — — 52,370 
Asset sales revenue— 38,461 — — 38,461 
Other revenue (1)
— 3,292 — — 3,292 
Total revenues517,869 149,195 — — 667,064 
Expenses
Cost of sales328,153 34,769 — — 362,922 
Operating expenses10,545 10,146 18,401 — 39,092 
General and administrative— — 1,829 — 1,829 
Acquisition and transaction expenses599 3,571 2,896 — 7,066 
Depreciation and amortization3,930 50,226 1,122 — 55,278 
Total expenses343,227 98,712 24,248 — 466,187 
Other income (expense)
Interest expense— — (60,784)— (60,784)
Equity in earnings (losses) of unconsolidated entities (2)
767 (1,083)— (3,908)(4,224)
Gain on sale to the 2025 Partnership - affiliate— 4,609 — — 4,609 
Other income— 2,103 1,467 — 3,570 
Total other income (expense)767 5,629 (59,317)(3,908)(56,829)
Income (loss) before income taxes175,409 56,112 (83,565)(3,908)144,048 
Provision for (benefit from) income taxes26,815 14,500 (14,985)— 26,330 
Net income (loss)148,594 41,612 (68,580)(3,908)117,718 
Less: Dividends on preferred shares— — 3,709 — 3,709 
Net income (loss) attributable to shareholders$148,594 $41,612 $(72,289)$(3,908)$114,009 
(1)Includes servicing fees of $3,035 for the three months ended September 30, 2025 from the 2025 Partnership.
(2)Includes the profit elimination of $(3,908) for the three months ended September 30, 2025 for sales to the 2025 Partnership within the Aerospace Products segment.
IV. For the Nine Months Ended September 30, 2025
Nine Months Ended September 30, 2025
Aerospace ProductsAviation LeasingCorporate and OtherEliminationsTotal
Revenues
Aerospace products revenue$1,144,317 $— $— $— $1,144,317 
MRE Contract revenue - affiliate228,886 — — — 228,886 
Lease income— 185,951 — — 185,951 
Maintenance revenue— 175,081 — — 175,081 
Asset sales revenue— 105,315 — — 105,315 
Other revenue (1)
— 5,827 4 — 5,831 
Total revenues1,373,203 472,174 4 — 1,845,381 
Expenses
Cost of sales874,377 106,517 — — 980,894 
Operating expenses25,221 28,661 51,976 — 105,858 
General and administrative— — 7,387 — 7,387 
Acquisition and transaction expenses3,145 7,053 8,649 — 18,847 
Depreciation and amortization11,218 155,710 3,148 — 170,076 
Total expenses913,961 297,941 71,160 — 1,283,062 
Other income (expense)
Interest expense— — (186,789)— (186,789)
Equity in earnings (losses) of unconsolidated entities (2)
1,594 (2,642)— (15,793)(16,841)
Gain on sale to the 2025 Partnership - affiliate— 50,083 — — 50,083 
Other income— 61,696 2,101 — 63,797 
Total other income (expense)1,594 109,137 (184,688)(15,793)(89,750)
Income (loss) before income taxes460,836 283,370 (255,844)(15,793)472,569 
Provision for (benefit from) income taxes72,017 58,301 (43,251)— 87,067 
Net income (loss)388,819 225,069 (212,593)(15,793)385,502 
Less: Dividends on preferred shares— — 13,533 — 13,533 
Less: Loss on redemption of preferred shares— — 6,327 — 6,327 
Net income (loss) attributable to shareholders$388,819 $225,069 $(232,453)$(15,793)$365,642 
(1)Includes servicing fees of $5,635 for the nine months ended September 30, 2025 from the 2025 Partnership.
(2)Includes the profit elimination of $(15,793) for the nine months ended September 30, 2025 for sales to the 2025 Partnership within the Aerospace Products segment.
Schedule of Revenue from External Customers by Geographic Areas
Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows:
Three Months Ended September 30, 2026
Aerospace ProductsAviation LeasingCorporate and OtherTotal
Revenues
Africa$10,500 $247 $— $10,747 
Asia15,105 26,191 — 41,296 
Europe78,486 22,644 — 101,130 
North America787,055 14,673 — 801,728 
South America18,860 3,896 — 22,756 
Total revenues (1)
$910,006 $67,651 $— $977,657 
(1)The United States, included in North America, represents 72% of total revenues based on the location of the Company’s customers and lessees. No other country represents more than 10% of total revenues.
Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows:
Nine Months Ended September 30, 2026
Aerospace ProductsAviation LeasingCorporate and OtherTotal
Revenues
Africa$20,000 $5,466 $— $25,466 
Asia134,517 62,250 — 196,767 
Europe552,353 81,335 — 633,688 
North America1,773,031 64,000 — 1,837,031 
South America48,948 19,539 — 68,487 
Total revenues (1)
$2,528,849 $232,590 $— $2,761,439 
(1)The United States, included in North America, Bermuda, included in North America, and Ireland, included in Europe, represent 51%, 12% and 17% of total revenues, respectively, based on the location of our customers and lessees. No other country represents more than 10% of total revenues.
Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows:
Three Months Ended September 30, 2025
Aerospace ProductsAviation LeasingCorporate and OtherTotal
Revenues
Africa$25,720 $7,919 $— $33,639 
Asia98,644 43,658 — 142,302 
Europe97,302 48,295 — 145,597 
North America286,006 41,803 — 327,809 
South America10,197 7,520 — 17,717 
Total revenues (1)
$517,869 $149,195 $— $667,064 
(1)The United States, included in North America, and Ireland, included in Europe, represent 38% and 14% of total revenues, respectively, based on the location of the Company’s customers and lessees. No other country represents more than 10% of total revenues.
Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows:
Nine Months Ended September 30, 2025
Aerospace ProductsAviation LeasingCorporate and OtherTotal
Revenues
Africa$52,202 $18,713 $— $70,915 
Asia180,930 130,010 4 310,944 
Europe320,618 205,596 — 526,214 
North America791,477 91,668 — 883,145 
South America27,976 26,187 — 54,163 
Total revenues (1)
$1,373,203 $472,174 $4 $1,845,381 
(1)The United States, included in North America, and Ireland, included in Europe, represent 33% and 16% of total revenues, respectively, based on the location of the Company’s customers and lessees. No other country represents more than 10% of total revenues.
Schedule of Contracted Minimum Future Annual Revenues
Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of September 30, 2026:
September 30, 2026
Remainder of 2026
$18,004 
202753,134 
202835,927 
202917,972 
20308,512 
Thereafter5,545 
Total$139,094 
Schedule of Long-lived Assets by Geographic Areas
The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net:
September 30, 2026 (unaudited) December 31, 2025
Property, plant and equipment and leasing equipment, net
Africa$23,731 $17,174 
Asia265,007 323,542 
Europe427,055 587,359 
North America273,309 480,977 
South America226,708 256,820 
Total property, plant and equipment and leasing equipment, net (1)
$1,215,810 $1,665,872 
(1)The United States, included in North America, and Chile, included in South America, represents 13% and 14% of property, plant and equipment and leasing equipment, net, respectively, as of September 30, 2026. The United States, included in North America, represented 22% of property, plant and equipment and leasing equipment, net as of December 31, 2025. No other country represents more than 10% of property, plant and equipment and leasing equipment, net.