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CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues    
Total revenues $ 830,697 $ 502,080
Expenses    
Cost of sales 524,268 248,714
Operating expenses 64,987 32,438
General and administrative 2,413 3,116
Acquisition and transaction expenses 16,361 7,292
Depreciation and amortization 52,289 59,562
Total expenses 660,318 351,122
Other (expense) income    
Interest expense (61,407) (62,040)
Equity in losses of unconsolidated entities [1],[2] (2,363) (7,614)
Other income 47,582 33,071
Total other income (expense) (1,020) (25,713)
Income before income taxes 169,359 125,245
Provision for income taxes 31,460 22,859
Net income 137,899 102,386
Less: Dividends on preferred shares 3,709 6,115
Less: Loss on redemption of preferred shares 0 6,327
Net income attributable to shareholders $ 134,190 $ 89,944
Earnings per share:    
Basic (in dollars per share) $ 1.31 $ 0.88
Diluted (in dollars per share) $ 1.29 $ 0.87
Weighted average shares outstanding:    
Basic (in shares) 102,575,500 102,552,436
Diluted (in shares) 104,255,902 103,159,051
Equity Method Investee    
Other (expense) income    
Gain on sale to the 2025 Partnership $ 15,168 $ 10,870
Aerospace products revenue    
Revenues    
Total revenues 522,585 264,425
MRE Contract revenue    
Revenues    
Total revenues 221,230 100,638
Lease income    
Revenues    
Total revenues 39,892 68,440
Maintenance revenue    
Revenues    
Total revenues 30,599 49,607
Asset sales revenue    
Revenues    
Total revenues 10,184 18,939
Other revenue    
Revenues    
Total revenues [3] $ 6,207 $ 31
[1] Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership.
[2] Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership within the Aerospace Products segment.
[3] Includes servicing fees of $5,861 and $0 for the three months ended March 31, 2026 and 2025, respectively, from the 2025 Partnership.