Equipment Held for Operating Lease and Notes Receivable

9 Months Ended

Sep. 30, 2023

Equipment Held for Operating Lease and Notes Receivable

As of September 30, 2023, the Company had $2,171.0 million of equipment held in our operating lease portfolio, $94.0 million of notes receivable, $13.4 million of maintenance rights, and $5.5 million of investments in sales-type leases, which represented 351 engines, 12 aircraft, one marine vessel, and other leased parts and equipment. As of December 31, 2022, the Company had $2,111.9 million of equipment held in our operating lease portfolio, $81.4 million of notes receivable, $17.7 million of maintenance rights, and $6.4 million of investments in sales-type leases, which represented 339 engines, 13 aircraft, one marine vessel, and other leased parts and equipment.

The following table disaggregates equipment held for operating lease by asset class (in thousands):


	September 30, 2023						December 31, 2022
	Gross Value		Accumulated Depreciation		Net Book Value		Gross Value		Accumulated Depreciation		Net Book Value
Engines and related equipment	$	2,600,000	$	(577,243)	$	2,022,757	$	2,491,448	$	(525,172)	$	1,966,276
Aircraft and airframes	156,640		(19,709)		136,931		150,089		(15,543)		134,546
Marine vessel	14,366		(3,074)		11,292		13,581		(2,468)		11,113
	$	2,771,006	$	(600,026)	$	2,170,980	$	2,655,118	$	(543,183)	$	2,111,935

Notes Receivable and Investments in Sales-Type Leases

During the three months ended September 30, 2023 and 2022, the Company recorded interest revenue related to the notes receivable and investments in sales-type leases of $2.1 million and $1.8 million, respectively, and $6.4 million and $5.8 million during the nine months ended September 30, 2023 and 2022, respectively. The effective interest rates on our notes receivable and investments in sales-type leases ranged from 7.1% to 12.2% as of September 30, 2023 and September 30, 2022.