Related Party Transactions

3 Months Ended

Mar. 31, 2025

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Joint Ventures

“Other revenue” on the Condensed Consolidated Statements of Income includes management fees earned of $1.2 million and $1.4 million during the three months ended March 31, 2025 and 2024, respectively, related to the servicing of engines for the WMES lease portfolio.

During the three months ended March 31, 2025, the Company sold three engines and one airframe to WMES for a total of $32.2 million, which resulted in a total net gain of $1.6 million for the Company.

As of March 31, 2025, the Company subleased two WMES engines to a third party, with WMES as the head lessor. As of March 31, 2025, the total ROU asset and lease liability balances under these leases were $2.1 million, each. As of March 31, 2024, the Company subleased one WMES engine to a third party, with WMES as the head lessor. As of March 31, 2024, the ROU asset and lease liability balances under this lease were $2.9 million, each.