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Investments
 9 Months Ended
Sep. 30, 2025
Investments [Abstract]  
Investments Investments
In 2011, the Company entered into an agreement with Mitsui & Co., Ltd. to participate in a joint venture formed as a Dublin-based Irish limited company, Willis Mitsui & Company Engine Support Limited (“WMES”), for the purpose of acquiring and leasing jet engines. Each partner holds a 50% interest in the joint venture, and the Company uses the equity method in recording investment activity. As of September 30, 2025, WMES owned a lease portfolio of 53 engines and one aircraft with a net book value of $364.1 million.

In 2014, the Company entered into an agreement with China Aviation Supplies Import & Export Corporation (“CASC”) to participate in a joint venture named CASC Willis Engine Lease Company Limited (“CASC Willis”), a joint venture based in Shanghai, China. Each partner holds a 50% interest in the joint venture, and the Company uses the equity method in recording investment activity. CASC Willis acquires and leases jet engines to Chinese airlines and concentrates on the demand for leased commercial aircraft engines and aviation assets in the People’s Republic of China. As of September 30, 2025, CASC Willis owned a lease portfolio of six engines with a net book value of $50.0 million.
In March 2025, the Company entered into an agreement with independent MRO (Maintenance, Repair and Overhaul) provider Global Engine Maintenance to create a joint venture named Willis Global Engine Testing (“WGET”) to build an engine test facility in West Palm Beach, Florida. The Company has a 70% membership interest, and Global Engine Maintenance has a 30% membership interest. WGET is a VIE that the Company is not the primary beneficiary of since the power to direct the activities that most significantly impact WGET’s economic performance is shared between the Company and Global Engine Maintenance. The Company’s considerations in determining the VIE’s most significant activities and whether the Company has the power to direct those activities include, but are not limited to, the VIE’s purpose and design and the matters that require unanimous approval from both parties. Accordingly, the Company does not consolidate WGET, and the Company uses the equity method in recording investment activity. The Company made an initial capital contribution of $1.6 million, which represents 70% of the cost of the land that the engine test facility is being built on. WGET signed a contract related to the design of an engine test facility. The Company anticipates its portion of the remaining committed amount, which will be funded through future contributions, to be approximately $27.2 million.

During the nine months ended September 30, 2025, Willis Asset Management Limited (“WAML”), a wholly-owned subsidiary of the Company entered into a Share Purchase Agreement (the “SPA”), by and between WAML and WMES. Pursuant to the SPA, WAML sold the entire issued share capital of Bridgend Asset Management Limited (“BAML”), a United Kingdom-based aviation consultancy business, to WMES for a total purchase price of $45.0 million subject to certain working capital adjustments. The transaction closed on June 30, 2025, resulting in a gain on sale of business of approximately $43.0 million for the Company.
As of September 30, 2025WMESCASC WillisWGETTotal
(in thousands)
Investment in joint ventures as of December 31, 2024$44,756 $17,914 $— $62,670 
Income (loss) from joint ventures7,301 2,335 (11)9,625 
Foreign currency translation adjustment— 408 — 408 
Other comprehensive loss from joint ventures(616)— — (616)
Contributions22,500 — 3,528 26,028 
Investment in joint ventures as of September 30, 2025$73,941 $20,657 $3,517 $98,115 

“Other revenue” on the Condensed Consolidated Statements of Income includes management fees earned of $1.0 million and $1.2 million during the three months ended September 30, 2025 and 2024, respectively, and $4.0 million and $4.0 million during the nine months ended September 30, 2025 and 2024, respectively, related to the servicing of engines for the WMES lease portfolio.

During the three months ended September 30, 2025, the Company did not sell an engine to WMES. During the nine months ended September 30, 2025, the Company sold three engines and one airframe to WMES for a total of $32.2 million, which resulted in a total gain of $1.6 million for the Company. Additionally, during the nine months ended September 30, 2025, the Company sold one engine to WMES for $21.1 million, which resulted in a trading profit of $1.4 million for the Company. During the three months ended September 30, 2024, the Company did not sell an engine to WMES. During the nine months ended September 30, 2024, the Company sold three engines to WMES for $44.7 million, which resulted in a total gain of $12.0 million for the Company.

During the three months ended September 30, 2025, the Company did not purchase an engine from WMES. During the nine months ended September 30, 2025, the Company purchased an engine from WMES for $7.2 million.

During the three months ended September 30, 2025, the Company sold one engine to CASC Willis for $7.5 million, which resulted in a total gain of $1.5 million for the Company. During the nine months ended September 30, 2025, the Company sold two engines to CASC Willis for $13.6 million, which resulted in a total gain of $1.5 million for the Company. During the three and nine months ended September 30, 2024, the Company did not sell an engine to CASC Willis.

As of September 30, 2025, the Company subleased two WMES engines to a third party, with WMES as the head lessor. As of September 30, 2025, the total right-of-use (“ROU”) asset and lease liability balances under these leases were $0.8 million and $0.7 million, respectively. As of December 31, 2024, the Company subleased one WMES engine to a third party, with WMES as the head lessor. As of December 31, 2024, the ROU asset and lease liability balances under this lease were $1.6 million, each. The ROU asset and lease liability balances are included in Other assets and Accounts payable and accrued expenses, respectively, on the Condensed Consolidated Balance Sheets.

During the three and nine months ended September 30, 2025, the Company paid WMES $0.5 million for fleet management services, which WMES provided through its recent purchase of BAML.

Unaudited summarized financial information for 100% of WMES is presented in the following tables:
 Three months ended September 30,Nine months ended September 30,
2025202420252024
(in thousands)
Revenue$27,878 $15,342 $73,144 $56,491 
Expenses21,123 14,045 54,827 42,557 
WMES net income$6,755 $1,297 $18,317 $13,934 

September 30, 2025December 31, 2024
(in thousands)
Total assets$461,550 $352,783 
Total liabilities302,611 256,055 
Total WMES net equity$158,939 $96,728 

The difference between the Company’s investment in WMES and 50% of total WMES net equity, as well as the difference between the Company’s income or loss from WMES and 50% of total WMES net income, is primarily attributable to the recognition of deferred gains, which are related to engines sold by WMES to the Company, and prior to the adoption of ASU 2017-05, related to engines both sold by WMES to the Company or sold by the Company to WMES.

The following table presents information about our nonconsolidated VIE in which we hold a variable interest:

September 30, 2025
VIE AssetsVIE LiabilitiesMaximum Exposure to Loss
(in thousands)
WGET5,039 15 3,517 
Our maximum exposure to loss is limited to our investment.