v3.25.4

Debt (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The following table provides a summary of our indebtedness as of December 31, 2025 and 2024:
|  | As of December 31,
|  | 2025 |  | 2024
Debt obligation |  | Collateral (number of assets) (a) |  | Commitment |  | Undrawn amounts |  | Amount outstanding |  | Weighted average interest rate (b) |  | Maturity |  | Amount outstanding
Unsecured |  |  |  |  |  |  |  |  |  |  |  |  |  |
AerCap Trust (c) & AICDC (d) Notes |  |  |  | $ | 29,000,000 |  |  | $ | — |  |  | $ | 29,000,000 |  |  | 3.99 | % |  | 2026-2041 |  | $ | 29,950,000 |
Revolving credit facilities (e) |  |  |  | 9,950,000 |  |  | 9,925,000 |  |  | 25,000 |  |  | 5.39 | % |  | 2027-2030 |  | 25,000 |
Other unsecured debt |  |  |  | 5,220,452 |  |  | — |  |  | 5,220,452 |  |  | 5.01 | % |  | 2027-2032 |  | 4,775,000 |
TOTAL UNSECURED |  |  |  | $ | 44,170,452 |  |  | $ | 9,925,000 |  |  | $ | 34,245,452 |  |  |  |  |  |  | $ | 34,750,000 |
Secured |  |  |  |  |  |  |  |  |  |  |  |  |  |
Export credit facilities (f) |  | 40 |  |  | 1,003,129 |  |  | — |  |  | 1,003,129 |  |  | 3.18 | % |  | 2026-2037 |  | 974,269 |
Institutional secured term loans & secured portfolio loans |  | 190 |  |  | 5,292,379 |  |  | — |  |  | 5,292,379 |  |  | 4.87 | % |  | 2027-2034 |  | 6,238,520 |
AerFunding Revolving Credit Facility |  | 22 |  |  | 1,750,000 |  |  | 947,164 |  |  | 802,836 |  |  | 5.47 | % |  | 2031 |  | 1,010,699 |
Other secured debt |  | 78 |  |  | 341,693 |  |  | 129,227 |  |  | 212,466 |  |  | 5.76 | % |  | 2026-2041 |  | 313,651 |
Fair value adjustment |  |  |  | — |  |  | — |  |  | 42 |  |  |  |  |  |  | 356 |
TOTAL SECURED |  |  |  | $ | 8,387,201 |  |  | $ | 1,076,391 |  |  | $ | 7,310,852 |  |  |  |  |  |  | $ | 8,537,495 |
Subordinated |  |  |  |  |  |  |  |  |  |  |  |  |  |
Subordinated notes |  |  |  | 2,250,000 |  |  | — |  |  | 2,250,000 |  |  | 6.63 | % |  | 2055-2065 |  | 2,250,000 |
TOTAL SUBORDINATED |  |  |  | $ | 2,250,000 |  |  | $ | — |  |  | $ | 2,250,000 |  |  |  |  |  |  | $ | 2,250,000 |
Debt issuance costs, debt discounts and debt premium |  |  |  |  |  |  |  | (240,983) |  |  |  |  |  |  | (242,984) |
|  | 330 |  |  | $ | 54,807,653 |  |  | $ | 11,001,391 |  |  | $ | 43,565,321 |  |  |  |  |  |  | $ | 45,294,511 |
(a)The assets pledged as collateral include 242 aircraft, 83 engines and five helicopters. (b)The weighted average interest rate for our floating-rate debt of $10.9 billion is calculated based on the applicable U.S. dollar SOFR rate, as applicable, as of the most recent interest payment date of the respective debt, and excludes the impact of related derivative financial instruments which we hold to hedge our exposure to floating interest rates, as well as any amortization of debt issuance costs, debt discounts and debt premium. The institutional secured term loans and secured portfolio loans also contain base rate interest alternatives. (c)AerCap Global Aviation Trust, a Delaware Statutory Trust (“AerCap Trust”). (d)AerCap Ireland Capital Designated Activity Company, a designated activity company with limited liability incorporated under the laws of Ireland (“AICDC”). (e)Asia Revolver and Citi Revolvers (the “Revolving credit facilities”). (f)An additional $0.9 billion commitment has been approved by the Export Credit Agencies, subject to customary conditions at drawdown. The following table provides details regarding the terms of our outstanding institutional secured term loans and secured portfolio loans:
| As of December 31,
| 2025 |  | 2024
| Collateral (Number of assets) (a) (b) |  | Amount outstanding |  | Weighted average interest rate |  | Maturity |  | Amount outstanding
Institutional secured term loans |  |  |  |  |  |  |  |  |
Setanta | 30 |  | $ | 700,000 |  |  | 5.42 | % |  | 2028 |  | $ | 1,000,000 |
Hyperion | 15 |  | 400,000 |  |  | 5.42 | % |  | 2027 |  | 600,000 |
Secured portfolio loans |  |  |  |  |  |  |  |  |
Rhenium | 18 |  | 760,451 |  |  | 5.06 | % |  | 2032 |  | 815,738 |
Archerfish | 14 |  | 520,653 |  |  | 5.07 | % |  | 2030 |  | 557,774 |
Cesium | 14 |  | 420,252 |  |  | 5.17 | % |  | 2028 |  | 493,744 |
Other secured facilities | 99 |  | 2,491,023 |  |  | 4.48 | % |  | 2027-2034 |  | 2,771,264 |
| 190 |  | $ | 5,292,379 |  |  |  |  |  |  | $ | 6,238,520 |
(a)These loans are secured by a combination of aircraft and engines and the equity interests in the borrower and certain SPE subsidiaries of the borrower that own the aircraft and engines. (b)The assets pledged as collateral include 177 aircraft and 13 engines. The following table provides a summary of the outstanding subordinated debt as of December 31, 2025 and 2024:
| As of December 31,
| 2025 |  | 2024
| Amount outstanding |  | Weighted average interest rate |  | Maturity |  | Amount outstanding
ECAPS Subordinated Notes (a) | $ | 1,000,000 |  |  | 6.45 | % |  | 2065 |  | $ | 1,000,000 |
2055 Subordinated Notes | 750,000 |  |  | 6.95 | % |  | 2055 |  | 750,000 |
2056 Subordinated Notes | 500,000 |  |  | 6.50 | % |  | 2056 |  | — |
2045 Subordinated Notes | — |  |  | — |  |  | — |  |  | 500,000 |
| $ | 2,250,000 |  |  |  |  |  |  | $ | 2,250,000 |
(a)Enhanced Capital Advantaged Preferred Securities (“ECAPS”).
Schedule of Maturities of Debt Financings | Maturities of our debt financings (excluding fair value adjustments, debt issuance costs, debt discounts and debt premium) as of December 31, 2025 were as follows:
| Maturities of debt financing (a)
2026 | $ | 6,219,771 |
2027 | 7,349,675 |
2028 | 9,312,710 |
2029 | 4,836,895 |
2030 | 2,108,120 |
Thereafter | 13,979,091 |
| $ | 43,806,262 |
(a)For further detail on debt maturities, please refer to “Item 5. Operating and Financial Review and Prospects—Liquidity and capital resources—Contractual obligations.” The following table provides a summary of the outstanding AGAT/AICDC Notes as of December 31, 2025:
| Maturities of AGAT/AICDC Notes
2026 | $ | 5,250,000 |
2027 | 4,000,000 |
2028 | 6,050,000 |
2029 | 2,100,000 |
2030 | 1,450,000 |
Thereafter | 10,150,000 |
| $ | 29,000,000 |

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