Reportable Segments

3 Months Ended

Mar. 31, 2025

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, and service and maintenance related businesses 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 evaluates the performance and allocation of resources to each of the segments based on income or loss from operations. While the Company believes there are synergies between the two business 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 March 31, 2025	Leasing and  Related Operations		Spare Parts Sales		Eliminations		Total
Revenue:
Lease rent revenue	$	67,739	$	—	$	—	$	67,739
Maintenance reserve revenue	54,859		—		—		54,859
Spare parts and equipment sales	2,298		18,680		(2,738)		18,240
Interest revenue	3,934		—		—		3,934
Gain on sale of leased equipment	4,437		—		—		4,437
Gain on sale of financial assets	378		—		—		378
Maintenance services revenue	5,586		—		—		5,586
Other revenue	2,464		141		(46)		2,559
Total revenue	141,695		18,821		(2,784)		157,732
Expenses:
Depreciation and amortization expense	25,005		19		—		25,024
Cost of spare parts and equipment sales	1,507		16,503		(2,687)		15,323
Cost of maintenance services	5,376		—		(47)		5,329
Write-down of equipment	2,109		—		—		2,109
General and administrative	46,795		925		—		47,720
Technical expense	6,234		—		(4)		6,230
Net finance costs:
Interest expense	32,094		—		—		32,094
Total finance costs	32,094		—		—		32,094
Total expenses	119,120		17,447		(2,738)		133,829
Income from operations	$	22,575	$	1,374	$	(46)	$	23,903

Three months ended March 31, 2024	Leasing and  Related Operations		Spare Parts Sales		Eliminations		Total
Revenue:
Lease rent revenue	$	52,881	$	—	$	—	$	52,881
Maintenance reserve revenue	43,870		—		—		43,870
Spare parts and equipment sales	84		4,396		(1,192)		3,288
Interest revenue	2,269		—		—		2,269
Gain on sale of leased equipment	9,201		—		—		9,201
Maintenance services revenue	5,227		—		—		5,227
Other revenue	2,144		241		(38)		2,347
Total revenue	115,676		4,637		(1,230)		119,083
Expenses:
Depreciation and amortization expense	22,468		18		—		22,486
Cost of spare parts and equipment sales	9		3,854		(1,158)		2,705
Cost of maintenance services	5,580		—		(6)		5,574
Write-down of equipment	261		—		—		261
General and administrative	28,186		1,395		—		29,581
Technical expense	8,283		—		(28)		8,255
Net finance costs:
Interest expense	23,003		—		—		23,003
Total finance costs	23,003		—		—		23,003
Total expenses	87,790		5,267		(1,192)		91,865
Income (loss) from operations	$	27,886	$	(630)	$	(38)	$	27,218

	Leasing and  Related Operations		Spare Parts Sales		Eliminations		Total
Total assets as of March 31, 2025	$	3,201,074	$	73,559	$	—	$	3,274,633
Total assets as of December 31, 2024	$	3,219,856	$	77,340	$	—	$	3,297,196