Aircraft Under Management

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Aircraft Under Management

Aircraft Under Management

As of December 31, 2024, the Company managed 60 aircraft across three aircraft management platforms. The Company managed 31 aircraft through the Blackbird investment funds, 28 aircraft through its Thunderbolt platform and one aircraft on behalf of a financial institution.

As of December 31, 2024, the Company managed 31 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 December 31, 2024, the Company's non-controlling interests in each fund was 9.5% and are accounted for under the equity method of accounting. The Company's investment in these funds aggregated $71.6 million and $69.4 million as of December 31, 2024 and 2023, 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 December 31, 2024, the Company managed 28 aircraft across two 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 each of December 31, 2024 and 2023 and is included in Other assets on the Consolidated Balance Sheets.

On November 6, 2023, Thunderbolt I entered into an agreement to sell all aircraft in its portfolio, consisting of 13 aircraft. During the year ended December 31, 2024, the sale of all 13 aircraft was completed. As servicer of Thunderbolt I, the Company facilitated the sale and transfer of the aircraft.

Finally, the Company also manages aircraft for a financial institution for a fee. The Company does not have any equity interest in this financial institution.