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Concentration of Risk
 3 Months Ended
May 31, 2026
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 May 31, 2026 and February 28, 2026, was as follows:
 May 31, 2026February 28, 2026
RegionNumber
of
Aircraft		Net Book
Value %		Number
of
Aircraft		Net Book
Value %
Asia and Pacific70 28 %70 27 %
Europe76 23 %79 23 %
Middle East and Africa14 5 %14 5 %
North America71 30 %72 30 %
South America37 12 %36 12 %
Off-lease6 
(1)
2 %6 3 %
Total274 100 %277 100 %
_______________
(1)We currently have 6 off-lease narrow-body aircraft that are being marketed for lease. Of these aircraft, 5 were previously leased to a customer that has since ceased operations, and we expect they will remain off-lease for an extended period. The remaining aircraft has an executed lease and is expected to be delivered to a customer in the second quarter of fiscal year 2026.
The following table sets forth the net book value of our flight equipment attributable to individual countries that represent at least 10% of the total net book value of our flight equipment held for lease, based on each lessee’s principal place of business, as of May 31, 2026 and February 28, 2026:
 May 31, 2026February 28, 2026
CountryNet Book
Value		Net Book
Value %		Number
of
Lessees		Net Book
Value		Net Book
Value %		Number
of
Lessees
United States$1,486,460 18%6$1,516,062 18%8
India1,150,168 14%31,161,997 14%4
The geographic concentration of our lease rental revenue earned from flight equipment held for lease was as follows:
 Three Months Ended May 31,
Region20262025
Asia and Pacific28 %27 %
Europe25 %30 %
Middle East and Africa5 %5 %
North America31 %28 %
South America11 %10 %
Total100 %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 May 31,
20262025
Number of LesseesCombined % of Lease
Rental Revenue		Number of LesseesCombined % of Lease
Rental Revenue
Largest lessees by lease rental revenue321%111%
For the three months ended May 31, 2026, total revenue attributable to the United States and India was 16% and 12%, respectively, primarily related to lease rental revenue.
Middle East Conflict
Ongoing armed conflicts and heightened geopolitical tensions in the Middle East continue to create uncertainty regarding regional stability. Military actions, retaliatory measures and related geopolitical developments have disrupted, and may continue to disrupt, commercial aviation and broader economic activity, including oil markets and trade flows.
On June 17, 2026, the United States and Iran signed a memorandum of understanding establishing a framework for a 60-day period during which the parties intend to negotiate a final comprehensive peace agreement. Subsequent military and retaliatory actions in the region have highlighted the fragility of those efforts and underscore the continuing uncertainty regarding the timing, outcome and durability of any such agreement or related arrangements. It may take time for markets and commercial aviation activity in the region to stabilize. While the ultimate impact on our business, financial condition and results of operations remains uncertain, these conditions have adversely affected, and could continue to adversely affect, commercial aviation activity in the region, including through airspace closures, reduced flight operations, increased fuel and insurance costs, supply chain disruptions and broader macroeconomic effects which may negatively affect airlines operating in or through the region and could result in lease restructurings, payment deferrals or defaults.
As of and for the three months ended May 31, 2026, our airline customers located in the Middle East represented approximately 5% of both our Net Book Value and lease rental revenue. Although our exposure to the region is limited and diversified across lessees and aircraft types, a sustained deterioration in regional or economic conditions could nevertheless have an adverse effect on our business, financial condition and results of operations.