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Concentration of Risk
 12 Months Ended
Feb. 28, 2025
Risks and Uncertainties [Abstract]  
Concentration of Risk
Note 6. Concentration of Risk
The classification of regions in the tables below is based on our customers’ principal place of business.
The geographic concentration of our Net Book Value as of February 28, 2025 and February 29, 2024 was as follows:
February 28/29,
 20252024
RegionNumber of
Aircraft		Net Book
Value %		Number of
Aircraft		Net Book
Value %
Asia and Pacific67 28 %63 27 %
Europe99 30 %90 30 %
Middle East and Africa11 5 %9 5 %
North America58 26 %46 23 %
South America29 11 %32 14 %
Off-lease1 
(1)
— %3 1 %
Total265 100 %243 100 %
_______________
(1)We currently have 1 narrow-body freighter aircraft that we are marketing for lease or sale.
The following table sets forth net book value of flight equipment attributable to individual countries representing at least 10% of net book value of flight equipment based on each lessee’s principal place of business as of:
February 28/29,
20252024
RegionNet Book
Value		Net Book
Value %		Number
of
Lessees		Net Book
Value		Net Book
Value %		Number
of
Lessees
United States$1,223,496 16%7$806,162 11%5
India1,046,978 14%3750,498 11%4
The geographic concentration of our lease rental revenue earned from flight equipment held for lease was as follows:
Year Ended February 28/29,
Region202520242023
Asia and Pacific29 %29 %33 %
Europe31 %30 %29 %
Middle East and Africa4 %4 %5 %
North America25 %23 %19 %
South America11 %14 %14 %
Total100 %100 %100 %
The following table shows the number of lessees with lease rental revenue of at least 5% of total lease rental revenue and their combined total percentage of lease rental revenue for the periods indicated:
Year Ended February 28/29,
202520242023
Number of LesseesCombined % of
Lease Rental Revenue		Number of LesseesCombined % of
Lease Rental Revenue		Number of LesseesCombined % of
Lease Rental Revenue
Largest lessees by lease rental revenue320%321%321%
For the year ended February 28, 2025, total revenue attributable to the United States, Spain and India was 15%, 10% and 10%, respectively. Total revenue attributable to the United States and Spain included $37.8 million and $40.5 million, respectively, from gains on sale or disposition of flight equipment and maintenance revenue.
For the year ended February 29, 2024, no single country comprised 10% or more of total revenue.
For the year ended February 28, 2023, total revenue attributable to the United States and India was 15% and 12%, respectively, and was partially driven by maintenance and other revenue and gains on sale of aircraft.