XML 503 R12.htm IDEA: XBRL DOCUMENT v3.26.1
INVESTMENTS
 6 Months Ended
Jun. 30, 2026
Equity Method Investments and Joint Ventures [Abstract]  
INVESTMENTS
4. INVESTMENTS
The following table presents the ownership interests and carrying values of the Company’s investments:
Carrying Value
InvestmentOwnership PercentageJune 30, 2026 (unaudited) December 31, 2025
Advanced Engine Repair JVEquity method25%$22,212 $22,429 
2025 PartnershipEquity method19%365,485 281,740 
QuickTurn EuropeEquity method50%9,981 9,987 
Other
Various
Various4,125 — 
$401,803 $314,156 
The Company did not recognize any other-than-temporary impairments for the three and six months ended June 30, 2026 and 2025.
The following table presents the Company’s proportionate share of equity in earnings (losses) (unaudited):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Advanced Engine Repair JV$(156)$795 $(217)$908 
2025 Partnership (1)
10,153 (5,717)7,830 (13,444)
QuickTurn Europe(27)(81)(6)(81)
Total$9,970 $(5,003)$7,607 $(12,617)
(1)Includes the profit elimination of $(6,597) and $(16,597) for the three and six months ended June 30, 2026, respectively (2025 - $(4,935) and $(11,885), respectively), for sales to the 2025 Partnership.
Equity Method Investments
Advanced Engine Repair JV
In December 2016, the Company 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, the Company expanded the scope of our joint venture and invested an additional $13.5 million and maintained a 25% interest. The Company exercises significant influence over this investment and accounts for this investment as an equity method investment.
2025 Partnership
As of December 31, 2025, the Company invested $291.5 million in the 2025 Partnership. During the six months ended June 30, 2026, the Company invested $95.1 million in the 2025 Partnership, and received $19.2 million in distributions from the 2025 Partnership. The 2025 Partnership is an investment focused on acquiring 737NG and A320ceo on-lease narrowbody aircraft, for which the Company is the Servicer and holds a 19% limited partner ownership. The Company exercises significant influence
over this investment and accounts for it using the equity method. As the Servicer, the Company is 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 and the elimination of profit on sales of engine and modules to the 2025 Partnership under ASC 606. 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, the Company 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 the Company’s global engine maintenance capabilities and meet increasing demand for MRE services. The Company accounts for its investment in QuickTurn Europe as an equity method investment as it has significant influence through its interest.