Related Party Transactions

6 Months Ended

Jun. 30, 2025

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Joint Ventures

During the six months ended June 30, 2025, WAML entered into an SPA, by and between WAML and WMES. Pursuant to the SPA, WAML sold the entire issued share capital of BAML, a United Kingdom-based aviation consultancy business, to WMES for a total purchase price of $45.0 million subject to certain working capital adjustments. The transaction closed on June 30, 2025, resulting in a gain on sale of business of approximately $43.0 million for the Company.

“Other revenue” on the Condensed Consolidated Statements of Income includes management fees earned of $1.8 million and $1.3 million during the three months ended June 30, 2025 and 2024, respectively, and $3.0 million and $2.7 million during the six months ended June 30, 2025 and 2024, respectively, related to the servicing of engines for the WMES lease portfolio.

During the six months ended June 30, 2025, the Company sold three engines and one airframe to WMES for a total of $32.2 million, which resulted in a total gain of $1.6 million for the Company. Additionally, during the six months ended June 30, 2025, the Company sold one engine to WMES for $21.1 million, which resulted in a trading profit of $1.4 million for the Company. During the six months ended June 30, 2024, the company sold three engines to WMES for $44.7 million, which resulted in a total gain of $12.0 million for the Company.

During the six months ended June 30, 2025, the Company purchased an engine from WMES for $7.2 million.

During the six months ended June 30, 2025, the Company sold one engine to CASC Willis for $6.1 million, which resulted in no gain or loss for the Company.

As of June 30, 2025, the Company subleased two WMES engines to a third party, with WMES as the head lessor. As of June 30, 2025, the total ROU asset and lease liability balances under these leases were $1.5 million and $1.4 million, respectively. As of June 30, 2024, the Company subleased one WMES engine to a third party, with WMES as the head lessor. As of June 30, 2024, the ROU asset and lease liability balances under this lease were $2.5 million, each.

Other

During the six months ended June 30, 2024, the Company paid approximately $66,000 to Mikchalk Lake, LLC, an entity in which our Executive Chairman retains an ownership interest. These expenses were for lodging and other business-related services and were approved by the Board’s Independent Directors.