Concentration of Risk

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Concentration of Risk

Concentration of Risk

Geographical and credit risks

As of December 31, 2025, all of the Company’s Rental of flight equipment revenues were generated by leasing flight equipment to foreign and domestic airlines, and the Company leased and managed aircraft to 102 customers whose principal places of business are located in 53 countries as of December 31, 2025 compared to 116 lessees in 58 countries as of December 31, 2024.

Over 95% of the Company’s aircraft are operated internationally. The following table sets forth the regional concentration based on each airline’s principal place of business of the Company’s flight equipment subject to operating leases based on net book value as of December 31, 2025 and 2024:

	December 31, 2025				December 31, 2024
Region	Net Book Value		% of Total		Net Book Value		% of Total
	(in thousands, except percentages)
Europe	$	11,356,104	39.1	%	$	11,653,668	41.4	%
Asia Pacific	10,602,176		36.5	%	10,077,621		35.8	%
Central America, South America, and Mexico	3,114,662		10.7	%	2,685,098		9.5	%
The Middle East and Africa	2,254,646		7.8	%	1,971,448		7.0	%
U.S. and Canada	1,726,042		5.9	%	1,782,631		6.3	%
Total	$	29,053,630	100.0	%	$	28,170,466	100.0	%

At December 31, 2025 and 2024, the Company owned and managed leased aircraft to customers in the following regions based on each airline's principal place of business:

	December 31, 2025			December 31, 2024
Region	Number of Customers(1)	% of Total		Number of Customers(1)	% of Total
Europe	45	44.1	%	51	44.0	%
Asia Pacific	26	25.5	%	32	27.6	%
The Middle East and Africa	13	12.7	%	14	12.1	%
U.S. and Canada	10	9.8	%	11	9.5	%
Central America, South America and Mexico	8	7.9	%	8	6.8	%
Total	102	100.0	%	116	100.0	%
(1) A customer is an airline with its own operating certificate.

The following table sets forth the dollar amount and percentage of the Company’s Rental of flight equipment revenues from its flight equipment subject to operating leases attributable to the indicated regions based on each airline’s principal place of business:

	Year Ended December 31, 2025				Year Ended December 31, 2024				Year Ended December 31, 2023
Region	Amount of Rental Revenue		% of Total		Amount of Rental Revenue		% of Total		Amount of Rental Revenue		% of Total
	(in thousands, except percentages)
Europe	$	1,038,463	38.7	%	$	944,637	38.0	%	$	769,407	31.1	%
Asia Pacific	1,029,664		38.3	%	1,004,202		40.4	%	1,156,837		46.7	%
The Middle East and Africa	240,329		9.0	%	206,846		8.3	%	262,554		10.6	%
Central America, South America and Mexico	223,273		8.3	%	189,919		7.6	%	156,275		6.3	%
U.S. and Canada	152,790		5.7	%	142,351		5.7	%	132,534		5.3	%
Total	$	2,684,519	100.0	%	$	2,487,955	100.0	%	$	2,477,607	100.0	%

For the years ended December 31, 2025 and 2024, no individual country represented at least 10% of the Company’s rental revenue based on each airline’s principal place of business; however, for the year ended December 31, 2023, China was the only individual country that represented at least 10% of the Company’s rental revenue based on each airline’s principal place of business, with rental revenues of $330.8 million.

For the years ended December 31, 2025, 2024, and 2023, no individual airline contributed more than 10% to the Company’s rental revenue.

Currency risk

The Company attempts to minimize currency and exchange risks by entering into aircraft purchase agreements and a majority of lease agreements and debt agreements with U.S. dollars as the designated payment currency.