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Related Party Transactions
9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
Joint Ventures

“Other revenue” on the Condensed Consolidated Statements of Income includes management fees earned of $0.9 million and $0.4 million during the three months ended September 30, 2021 and 2020, respectively, and $1.6 million and $1.2 million during the nine months ended September 30, 2021 and 2020, respectively, related to the servicing of engines for the WMES lease portfolio.

Other

During 2020, the Board’s Independent Directors approved the Company’s agreement to a lease with our Chief Executive Officer (“CEO”) in support of the Company’s marine vessel leasing business. That lease provides for a payment to our CEO of $750 per day for the use of his tender in support of our vessel lease to a third-party lessee. The Company has paid a total of $18,750 and $41,250 during the three and nine months ended September 30, 2021, respectively, for usage of the tender.

During 2021, the Company paid approximately $27,000 of expenses to Mikchalk Lake, LLC, an entity in which our CEO retains an ownership interest. These expenses were for lodging and other business-related services. These transactions were approved by the Board’s Independent Directors.