SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information, which include all significant expenses reviewed by the CODM, for each reportable segment:

I. For the Year Ended December 31, 2025


	Year Ended December 31, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	1,600,456	$	—	$	—	$	—	$	1,600,456
MRE Contract revenue	335,788		—		—		—		335,788
Lease income	—		235,210		—		—		235,210
Maintenance revenue	—		218,499		—		—		218,499
Asset sales revenue	—		106,945		—		—		106,945
Other revenue (1)	—		10,507		4		—		10,511
Total revenues	1,936,244		571,161		4		—		2,507,409

Expenses
Cost of sales	1,240,368		109,351		—		—		1,349,719
Operating expenses	34,514		37,307		80,720		—		152,541
General and administrative	—		—		9,478		—		9,478
Acquisition and transaction expenses	3,198		9,182		16,207		—		28,587


Depreciation and amortization	15,764		205,687		4,346		—		225,797

Total expenses	1,293,844		361,527		110,751		—		1,766,122

Other income (expense)
Interest expense	—		—		(247,751)		—		(247,751)
Equity in earnings (losses) of unconsolidated entities (2)	2,896		13,115		—		(22,829)		(6,818)
Gain on sale to the 2025 Partnership	—		46,380		—		—		46,380

Other income	5,441		64,455		3,690		—		73,586
Total other income (expense)	8,337		123,950		(244,061)		(22,829)		(134,603)
Income (loss) before income taxes	650,737		333,584		(354,808)		(22,829)		606,684
Provision for (benefit from) income taxes	102,391		62,232		(59,003)		—		105,620
Net income (loss)	548,346		271,352		(295,805)		(22,829)		501,064

Less: Dividends on preferred shares	—		—		17,243		—		17,243
Less: Loss on redemption of preferred shares	—		—		6,327		—		6,327
Net income (loss) attributable to shareholders	$	548,346	$	271,352	$	(319,375)	$	(22,829)	$	477,494

(1) Includes servicing fees of $10,150 for the year ended December 31, 2025 from the 2025 Partnership.

(2) Includes the profit elimination of $(22,829) for the year ended December 31, 2025 for sales to the 2025 Partnership within the Aerospace Products segment.


	Year Ended December 31, 2024
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Aerospace products revenue	$	1,079,821	$	—	$	—	$	1,079,821
Lease income	—		234,411		20,927		255,338
Maintenance revenue	—		200,809		—		200,809
Asset sales revenue	—		192,176		—		192,176
Other revenue	—		1,041		5,716		6,757
Total revenues	1,079,821		628,437		26,643		1,734,901

Expenses
Cost of sales	673,907		151,977		—		825,884
Operating expenses	23,818		35,495		56,548		115,861
General and administrative	—		—		14,263		14,263
Acquisition and transaction expenses	4,906		9,740		17,650		32,296
Management fees and incentive allocation to affiliate	—		—		8,449		8,449
Internalization fee to affiliate	—		—		300,000		300,000
Depreciation and amortization	6,630		201,497		9,937		218,064
Asset impairment	—		962		—		962
Gain on sale of assets, net	—		—		(18,705)		(18,705)
Total expenses	709,261		399,671		388,142		1,497,074

Other income (expense)
Equity in losses of unconsolidated entities	(1,993)		(207)		—		(2,200)
Interest expense	—		—		(221,721)		(221,721)
Loss on extinguishment of debt	—		—		(17,101)		(17,101)
Other income	—		14,669		2,695		17,364
Total other income (expense)	(1,993)		14,462		(236,127)		(223,658)
Income (loss) from continuing operations before income taxes	368,567		243,228		(597,626)		14,169
(Benefit from) provision for income taxes	22,221		32,979		(49,713)		5,487
Net income (loss) from continuing operations	346,346		210,249		(547,913)		8,682

Less: Dividends on preferred shares	—		—		32,763		32,763
Less: Loss on redemption of preferred shares	—		—		7,998		7,998
Net income (loss) attributable to shareholders from continuing operations	$	346,346	$	210,249	$	(588,674)	$	(32,079)


	Year Ended December 31, 2023
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Aerospace products revenue	$	454,970	$	—	$	—	$	454,970
Lease income	—		179,704		28,232		207,936
Maintenance revenue	—		191,347		—		191,347
Asset sales revenue	—		303,141		—		303,141
Other revenue	—		7,419		6,083		13,502
Total revenues	454,970		681,611		34,315		1,170,896

Expenses
Cost of sales	280,280		221,852		—		502,132
Operating expenses	20,459		37,876		51,828		110,163
General and administrative	—		—		13,700		13,700
Acquisition and transaction expenses	1,722		7,150		6,322		15,194
Management fees and incentive allocation to affiliate	—		—		18,037		18,037
Depreciation and amortization	661		158,354		10,862		169,877
Asset impairment	—		2,121		—		2,121

Total expenses	303,122		427,353		100,749		831,224

Other income (expense)
Equity in earnings (losses) of unconsolidated entities	(1,458)		(148)		—		(1,606)
Interest expense	—		—		(161,639)		(161,639)

Other income (expense)	5,347		1,300		943		7,590
Total other income (expense)	3,889		1,152		(160,696)		(155,655)
Income (loss) from continuing operations before income taxes	155,737		255,410		(227,130)		184,017
Provision for (benefit from) income taxes	(24,440)		(36,193)		833		(59,800)
Net income (loss) from continuing operations	180,177		291,603		(227,963)		243,817

Less: Dividends on preferred shares	—		—		31,795		31,795
Net income (loss) attributable to shareholders from continuing operations	$	180,177	$	291,603	$	(259,758)	$	212,022

Schedule of Revenue from External Customers by Geographic Areas

Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows:


	Year Ended December 31, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	71,452	$	20,717	$	—	$	92,169
Asia	274,618		160,451		4		435,073
Europe	415,145		244,307		—		659,452
North America	1,132,995		112,162		—		1,245,157
South America	42,034		33,524		—		75,558
Total revenues (1)	$	1,936,244	$	571,161	$	4	$	2,507,409

(1) The United States, included in North America, and Ireland, included in Europe, represent 34% and 11% of total revenues, respectively, based on the location of the Company’s customers and lessees. No other country represents more than 10% of total revenues.

Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows:


	Year Ended December 31, 2024
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	8,271	$	4,643	$	—	$	12,914
Asia	178,252		135,579		26,643		340,474
Europe	364,384		324,327		—		688,711
North America	504,936		108,426		—		613,362
South America	23,978		55,462		—		79,440
Total revenues (1)	$	1,079,821	$	628,437	$	26,643	$	1,734,901

(1) The United States, included in North America, and Ireland, included in Europe, represent 31% and 16% of total revenues, respectively, based on the location of the Company’s customers and lessees. No other country represents more than 10% of total revenues.

Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows:


	Year Ended December 31, 2023
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	875	$	822	$	—	$	1,697
Asia	18,364		101,305		34,315		153,984
Europe	120,439		244,055		—		364,494
North America	301,633		285,421		—		587,054
South America	13,659		50,008		—		63,667
Total revenues (1)	$	454,970	$	681,611	$	34,315	$	1,170,896

(1) The United States, included in North America, represents 47% of total revenues based on the location of the Company’s customers and lessees. No other country represents more than 10% of total revenues.

Schedule of Contracted Minimum Future Annual Revenues

Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of December 31, 2025:


	December 31, 2025
2026	$	158,908
2027	129,187
2028	108,716
2029	77,127
2030	58,730
Thereafter	63,082
Total	$	595,750

Schedule of Long-lived Assets by Geographic Areas

The following tables sets forth summarized geographic location of property, plant and equipment and leasing equipment, net:


	December 31, 2025		December 31, 2024
Property, plant and equipment and leasing equipment, net
Africa	$	17,174	$	37,369
Asia	323,542		596,547
Europe	587,359		1,038,176
North America	480,977		592,675
South America	256,820		216,414
Total property, plant and equipment and leasing equipment, net	$	1,665,872	$	2,481,181

(1) The United States, included in North America, represents 22% of property, plant and equipment and leasing equipment, net as of December 31, 2025. The United States, included in North America, and Italy, included in Europe, represent 17% and 12% of property, plant and equipment and leasing equipment, net as of December 31, 2024, respectively. No other country represents more than 10% of property, plant and equipment and leasing equipment, net.