Aircraft Under Management

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Aircraft Under Management

Aircraft Under Management

As of March 31, 2023, the Company managed 86 aircraft across three aircraft management platforms. The Company managed 46 aircraft through its Thunderbolt platform, 34 aircraft through the Blackbird investment funds and six on behalf of a financial institution.

As of March 31, 2023, the Company managed 34 aircraft on behalf of third-party investors through two investment funds, Blackbird I and Blackbird II. These funds invest in commercial jet aircraft and lease them to airlines throughout the world. The Company provides management services to these funds for a fee. As of March 31, 2023, the Company's non-controlling interests in each fund were 9.5% and are accounted for under the equity method of accounting. The Company’s investments in these funds aggregated $65.1 million and $64.7 million as of March 31, 2023 and December 31, 2022, respectively, and are included in Other assets on the Consolidated Balance Sheets.

Additionally, the Company continues to manage aircraft that it sells through its Thunderbolt platform. The Thunderbolt platform facilitates the sale of mid-life aircraft to investors while allowing the Company to continue the management of these aircraft for a fee. As of March 31, 2023, the Company managed 46 aircraft across three separate transactions. The Company has non-controlling interests in two of these entities of approximately 5.0%, which are accounted for under the cost method of accounting. The Company’s total investment in aircraft sold through its Thunderbolt platform was $8.8 million as of March 31, 2023 and December 31, 2022 and is included in Other assets on the Consolidated Balance Sheets.

During the three months ended March 31, 2022, the Company recognized asset write-offs of $11.4 million related to its investments in the managed platforms that own aircraft in Russia. The six aircraft detained in Russia were removed from the Company’s managed fleet count as of March 31, 2022. See Note 4 for additional details on the write-off of Russian fleet.