XML 33 R16.htm IDEA: XBRL DOCUMENT v3.25.4
INVESTMENTS
 12 Months Ended
Dec. 31, 2025
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS
6. INVESTMENTS
The following table presents the ownership interests and carrying values of the Company’s investments:
Carrying Value
InvestmentOwnership PercentageDecember 31, 2025December 31, 2024
Advanced Engine Repair JVEquity method25%$22,429 $19,048 
2025 PartnershipEquity method19%281,740 — 
QuickTurn EuropeEquity method50%9,987 — 
$314,156 $19,048 
The Company did not recognize any other-than-temporary impairments for the year ended December 31, 2025 and 2024.
The following table presents the Company’s proportionate share of equity in (losses) earnings:
Year Ended December 31,
202520242023
Advanced Engine Repair JV$3,381 $(1,993)$833 
2025 Partnership (1)
(9,715)— — 
Falcon MSN 177 LLC (2)
— (207)(148)
QuickTurn Europe(484)— — 
Quick Turn Engine Center LLC (3)
— — (2,291)
Total$(6,818)$(2,200)$(1,606)
(1) Includes the profit elimination of $(22,829) for the year ended December 31, 2025 for sales to the 2025 Partnership.
(2) On May 3, 2024, the Company purchased the remaining interest of Falcon MSN 177 LLC (“Falcon”). As a result, Falcon became a consolidated subsidiary, and is no longer accounted for as an equity method investment.
(3) On December 1, 2023, the Company purchased the remaining interest in QuickTurn.
Equity Method Investments
Advanced Engine Repair JV
In December 2016, the Company invested $15 million for a 25% interest in an advanced engine repair joint venture. This joint venture is focused on developing new cost savings programs for engine repairs.
In August 2019, the Company expanded the scope of its joint venture and invested an additional $13.5 million and maintained a 25% interest. The Company exercises significant influence over this investment and accounts for this investment as an equity method investment.
Falcon MSN 177 LLC
Since November 2021, the Company owned a 50% interest in Falcon MSN 177 LLC (“Falcon”), an entity that consists of one Dassault Falcon 2000 aircraft. Falcon leases the aircraft to charter operators on aircraft, crew maintenance, and insurance contracts. The Company accounted for its investment in Falcon as an equity method investment as it has significant influence through its interest.
On May 3, 2024, the Company purchased the remaining interest from S7 Aerospace for total cash consideration of $0.8 million and it is now a consolidated subsidiary.
Quick Turn Engine Center LLC
On January 4, 2023, the Company invested $19.5 million for a 50% interest (45% pro rata distribution of income until return of the JV partner’s initial investment) in Quick Turn Engine Center LLC (previously iAero Thrust LLC), a hospital maintenance and testing facility dedicated to the CFM56 engine. The Company accounts for its investment in QuickTurn as an equity method investment as it has significant influence through its interest.
On December 1, 2023, the Company purchased the remaining interest in QuickTurn.
2025 Partnership
In the year ended December 31, 2025, the Company invested $291.5 million in the 2025 Partnership, an investment focused on acquiring 737NG and A320ceo on-lease narrowbody aircraft, for which the Company is the Servicer and holds a 19% limited partner ownership. The Company exercises significant influence over this investment and accounts for it using the equity method. As the Servicer, the Company is responsible for lessee invoicing and collections, airline relationship management, contracts management including lease extension and aircraft deliveries and redeliveries. The Company's proportionate share of equity in earnings related to this investment is based on the contractual profit-sharing arrangement and the elimination of profit on sales of engine and modules to the 2025 Partnership under ASC 606. The profit from the MRE Contract revenue is eliminated through equity method earnings and will be recognized over time as the 2025 Partnership generates income from leasing and sales activities.
QuickTurn Europe
On June 5, 2025, the Company invested $10.5 million for a 50% interest in Quick Turn Engine Center Europe S.r.l. (previously IAG Engine Center Europe S.r.l.) or “QuickTurn Europe”, a 200,000 square-foot CFM56 engine maintenance repair and overhaul facility located at the Rome Fiumicino Airport. The joint venture was established to expand the Company’s global engine maintenance capabilities and meet increasing demand for MRE services. The Company accounts for its investment in QuickTurn Europe as an equity method investment as it has significant influence through its interest.