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Concentration of Risk
 9 Months Ended
Nov. 30, 2025
Risks and Uncertainties [Abstract]  
Concentration of Risk Concentration of Risk
The classification of regions in the tables below is based on our customers’ principal place of business.
The geographic concentration of the net book value of our fleet (flight equipment held for lease and net investment in leases, or “Net Book Value”) as of November 30, 2025 and February 28, 2025, was as follows:
 November 30, 2025February 28, 2025
RegionNumber
of
Aircraft		Net Book
Value %		Number
of
Aircraft		Net Book
Value %
Asia and Pacific68 27 %67 28 %
Europe83 24 %99 30 %
Middle East and Africa14 5 %11 5 %
North America70 31 %58 26 %
South America33 11 %29 11 %
Off-lease5 
(1)
2 %1 — %
Total273 100 %265 100 %
_______________
(1)We currently have 5 off-lease narrow-body aircraft which we are marketing for lease. Of these aircraft, 4 were previously leased to a customer that has filed for bankruptcy protection, and we expect these aircraft will remain off-lease for an extended period.
The following table sets forth individual countries representing at least 10% of our Net Book Value as of November 30, 2025 and February 28, 2025:
 November 30, 2025February 28, 2025
CountryNet Book
Value		Net Book
Value %		Number
of
Lessees		Net Book
Value		Net Book
Value %		Number
of
Lessees
United States$1,589,273 19%8$1,223,496 16%7
India1,213,267 14%41,046,978 14%3
The geographic concentration of our lease rental revenue earned from flight equipment held for lease was as follows:
 Three Months Ended November 30,Nine Months Ended November 30,
Region2025202420252024
Asia and Pacific26 %28 %26 %28 %
Europe27 %33 %28 %32 %
Middle East and Africa5 %4 %5 %4 %
North America31 %25 %30 %24 %
South America11 %10 %11 %12 %
Total100 %100 %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:
Three Months Ended November 30,Nine Months Ended November 30,
2025202420252024
Number of LesseesCombined % of Lease
Rental Revenue		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 revenue216%320%216%215%
For the three months ended November 30, 2025, the United States and India comprised 17% and 11% of total revenue, respectively. Total revenue attributable to the United States included $3.1 million from gains on sale or disposition of flight equipment.
For the nine months ended November 30, 2025, the United States and India comprised 21% and 10% of total revenue, respectively. Total revenue attributable to the United States included $48.4 million from gains on sale or disposition of flight equipment.