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INVESTMENTS
 6 Months Ended
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
InvestmentOwnership PercentageJune 30, 2025
(unaudited)		December 31, 2024
Advanced Engine Repair JVEquity method25%$19,956 $19,048 
2025 PartnershipEquity method20%95,306 — 
QuickTurn EuropeEquity method50%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,
2025202420252024
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)
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(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.