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Debt Obligations
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
Debt obligations consisted of the following:
March 31,
2025		December 31,
2024
(in thousands)
Credit facility at a floating rate of interest of one-month term Secured Overnight Financing Rate (“SOFR”) plus 2.60% at March 31, 2025, secured by engines, airframes, and loan assets. The facility has a committed amount of $1.0 billion at March 31, 2025, which revolves until the maturity date of October 2029.
$644,000 $693,000 
WEST VII Series A 2023 term notes payable at a fixed rate of interest of 8.00%, maturing in October 2048, secured by engines, airframes, and loan assets
344,279 356,355 
WEST VI Series A 2021 term notes payable at a fixed rate of interest of 3.10%, maturing in May 2046, secured by engines, airframes, and loan assets
238,748 241,065 
WEST VI Series B 2021 term notes payable at a fixed rate of interest of 5.44%, maturing in May 2046, secured by engines, airframes, and loan assets
33,164 33,486 
WEST VI Series C 2021 term notes payable at a fixed rate of interest of 7.39%, maturing in May 2046, secured by engines, airframes, and loan assets
9,355 9,926 
WEST V Series A 2020 term notes payable at a fixed rate of interest of 3.23%, maturing in March 2045, secured by engines
223,338 226,572 
WEST V Series B 2020 term notes payable at a fixed rate of interest of 4.21%, maturing in March 2045, secured by engines
31,112 31,563 
WEST V Series C 2020 term notes payable at a fixed rate of interest of 6.66%, maturing in March 2045, secured by engines
7,513 8,142 
WEST IV Series A 2018 term notes payable at a fixed rate of interest of 4.75%, maturing in September 2043, secured by engines
196,768 199,846 
WEST IV Series B 2018 term notes payable at a fixed rate of interest of 5.44%, maturing in September 2043, secured by engines
26,916 27,338 
WEST III Series A 2017 term notes payable at a fixed rate of interest of 4.69%, maturing in August 2042, secured by engines
157,825 161,308 
WEST III Series B 2017 term notes payable at a fixed rate of interest of 6.36%, maturing in August 2042, secured by engines
21,191 21,659 
Willis Warehouse Facility LLC (“WWFL”) credit facility at a floating rate of interest of one-month term SOFR, plus 2.25% at March 31, 2025 maturing in May 2029, secured by engines, airframes, and loan assets
218,667 221,882 
Note payable at a fixed rate of interest of 5.00%, maturing in February 2033, secured by an engine
20,712 20,780 
Note payable at a fixed rate of interest of 4.59%, maturing in November 2032, secured by an engine
21,962 22,094 
Note payable at a fixed rate of interest of 4.23%, maturing in June 2032, secured by an engine
17,686 17,710 
Note payable at a fixed rate of interest of 5.17%, maturing in March 2033, secured by an engine
24,000 — 
Note payable at a fixed rate of interest of 5.91%, maturing in March 2034, secured by an engine
21,110 — 
2,258,346 2,292,726 
Less: unamortized debt issuance costs and note discounts(26,753)(28,174)
Total debt obligations$2,231,593 $2,264,552 
One-month term SOFR was 4.41% and 4.37% as of March 31, 2025 and December 31, 2024, respectively.

As it relates to the $20.7 million, $22.0 million, $17.7 million, $24.0 million, and $21.1 million notes payable resulting from failed sale-leaseback transactions that are secured by engines, the Company has options to repurchase the engines in March 2032 for $18.4 million, January 2032 for $17.7 million, July 2031 for $17.0 million, March 2032 for $19.3 million, and March 2033 for $16.9 million, respectively.
Principal outstanding at March 31, 2025 is expected to be repayable as follows:

Year(in thousands)
2025$53,415 
2026270,495 
2027192,963 
2028238,982 
20291,407,088 
Thereafter95,403 
Total$2,258,346 

Virtually all of the above debt requires ongoing compliance with certain financial covenants, including debt and tangible net worth ratios, minimum interest coverage ratios, and other eligibility criteria including asset type, customer and geographic concentration restrictions. The Company also has certain negative financial covenant obligations that relate to such items as liens, advances, changes in business, sales of assets, dividends and stock repurchases. Compliance with these covenants is tested either monthly, quarterly or annually, as required, and the Company was in full compliance with all financial covenant requirements at March 31, 2025.