v3.25.4

Fair value measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables present our financial assets and liabilities that we measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2025 and 2024:

			December 31, 2025
			Total						Level 1						Level 2						Level 3
Assets
Derivative assets			$	12,247					$	—					$	12,247					$	—
Investments, at fair value			49,218						12,996						—						36,222
Liabilities
Derivative liabilities			$	72,727					$	—					$	72,727					$	—

			December 31, 2024
			Total						Level 1						Level 2						Level 3
Assets
Derivative assets			$	81,770					$	—					$	81,770					$	—
Investments, at fair value			75,496						75,496						—						—
Liabilities
Derivative liabilities			$	15,440					$	—					$	15,440					$	—

Schedule of Fair Value Measurement Inputs and Valuation Techniques

For flight equipment that we measured at fair value on a non-recurring basis, as a result of aircraft that were impaired, during the year ended December 31, 2025, the following table presents the fair value of such flight equipment that were impaired as of the measurement date, the valuation technique and the related unobservable inputs:

			Fair value												Valuation technique						Unobservable input						Weighted average
Flight equipment			$	329,008											Income approach						Discount rate						7.5					%
																					Non-contractual cash flows as a % of total cash flows						84					%

Schedule of Fair Value, by Balance Sheet Grouping

The carrying amounts and fair values of our most significant financial instruments as of December 31, 2025 and 2024 were as follows:

			December 31, 2025
			Carrying value						Fair value						Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	1,379,180					$	1,379,180					$	1,379,180					$	—					$	—
Restricted cash			100,564						100,564						100,564						—						—
Loans receivable			513,689						544,440						—						—						544,440
Notes receivable			86,846						79,637						—						—						79,637
Derivative assets			12,247						12,247						—						12,247						—
Investments, at fair value			49,218						49,218						12,996						—						36,222
			$	2,141,744					$	2,165,286					$	1,492,740					$	12,247					$	660,299
Liabilities
Debt			$	43,806,304		(a)			$	43,045,384					$	—					$	43,045,384					$	—
Derivative liabilities			72,727						72,727						—						72,727						—
			$	43,879,031					$	43,118,111					$	—					$	43,118,111					$	—

(a)Excludes debt issuance costs, debt discounts and debt premium.

			December 31, 2024
			Carrying value						Fair value						Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	1,209,226					$	1,209,226					$	1,209,226					$	—					$	—
Restricted cash			192,356						192,356						192,356						—						—
Loans receivable			595,640						625,191						—						—						625,191
Notes receivable			401,989						401,989						—						—						401,989
Derivative assets			81,770						81,770						—						81,770						—
Investments, at fair value			75,496						75,496						75,496						—						—
			$	2,556,477					$	2,586,028					$	1,477,078					$	81,770					$	1,027,180
Liabilities
Debt			$	45,537,495		(a)			$	43,770,740					$	—					$	43,770,740					$	—
Derivative liabilities			15,440						15,440						—						15,440						—
			$	45,552,935					$	43,786,180					$	—					$	43,786,180					$	—

(a)Excludes debt issuance costs, debt discounts and debt premium.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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