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INVESTMENTS | 6 Months Ended
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Jun. 30, 2025
Equity Method Investments and Joint Ventures [Abstract] |
INVESTMENTS | 5. INVESTMENTS The following table presents the ownership interests and carrying values of our investments:
|  |  |  |  | Carrying Value
| Investment |  | Ownership Percentage |  | June 30, 2025 (unaudited) |  | December 31, 2024
Advanced Engine Repair JV | Equity method |  | 25% |  | $ | 19,956 |  |  | $ | 19,048 |
2025 Partnership | Equity method |  | 20% |  | 95,306 |  |  | — |
QuickTurn Europe | Equity method |  | 50% |  | 10,451 |  |  | — |
|  |  |  |  | $ | 125,713 |  |  | $ | 19,048 |
We did not recognize any other-than-temporary impairments for the three and six months ended June 30, 2025 and 2024. The following table presents our proportionate share of equity in (losses) earnings (unaudited):
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Advanced Engine Repair JV | $ | 795 |  |  | $ | (633) |  |  | $ | 908 |  |  | $ | (1,154) |  |  |  |  |
Falcon MSN 177 LLC | — |  |  | (61) |  |  | — |  |  | (207) |  |  |  |  |
2025 Partnership (1) | (5,717) |  |  | — |  |  | (13,444) |  |  | — |  |  |  |  |
QuickTurn Europe | (81) |  |  | — |  |  | (81) |  |  | — |  |  |  |  |
Total | $ | (5,003) |  |  | $ | (694) |  |  | $ | (12,617) |  |  | $ | (1,361) |  |  |  |  |
______________________________________________________ (1) Includes the profit elimination of $(4,935) and $(11,885) for the three and six months ended June 30, 2025, respectively, and $0 and $0 for the three and six months ended June 30, 2024, respectively, for sales to the 2025 Partnership. Equity Method Investments Advanced Engine Repair JV In December 2016, we invested $15.0 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, we expanded the scope of our joint venture and invested an additional $13.5 million and maintained a 25% interest. We exercise significant influence over this investment and account for this investment as an equity method investment. Falcon MSN 177 LLC Since November 2021, we 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. We accounted for our investment in Falcon as an equity method investment as we have significant influence through our interest. On May 3, 2024, we purchased the remaining interest from S7 Aerospace for total cash consideration of $0.8 million and it is now a consolidated subsidiary. 2025 Partnership In 2025, we invested $108.8 million in the 2025 Partnership, an investment focused on acquiring 737NG and A320ceo on-lease narrowbody aircraft, for which we are the Servicer and hold a 20% limited partner ownership. We exercise significant influence over this investment and account for it using the equity method. As the Servicer, we are 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, the elimination of profit on sales of engine and modules to the 2025 Partnership under ASC 606, and the servicing fees charged by us in our capacity as the Servicer to the 2025 Partnership. 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, we 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 our global engine maintenance capabilities and meet increasing demand for MRE services. We account for our investment in QuickTurn Europe as an equity method investment as we have significant influence through our interest.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 740 -SubTopic 323 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478156/740-323-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 323 -Publisher FASB -URI https://asc.fasb.org/323/tableOfContent + Details
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