Aircraft Under Management

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Aircraft Under Management

Aircraft Under Management

As of March 31, 2026, the Company managed 40 aircraft across three aircraft management platforms. The Company managed 25 aircraft through the Blackbird investment funds, 13 aircraft through its Thunderbolt platform and two aircraft on behalf of a financial institution.

The Blackbird investment 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, 2026, 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 $56.0 million and $79.5 million as of March 31, 2026 and December 31, 2025, respectively, and are included in Other assets on the Consolidated Balance Sheets.

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. The Company has non-controlling interests in the two entities in the platform 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 $8.6 million as of March 31, 2026 and December 31, 2025, respectively, and are included in Other assets on the Consolidated Balance Sheets.

Finally, the Company also manages two aircraft for a financial institution for a fee. The Company does not have any equity interest in this financial institution nor ownership of these aircrafts.

In connection with the Merger, the Company or a subsidiary of the Company will continue to manage the aircraft management platforms above; however, certain services for the aircraft and leases will be subserviced by SMBC AC.