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Debt Obligations
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
Debt obligations consisted of the following:
September 30,
2025		December 31,
2024
(in thousands)
Credit facility at a floating rate of interest of one-month term Secured Overnight Financing Rate (“SOFR”) plus 2.35% at September 30, 2025, secured by engines, airframes, and loan assets. The credit facility has a committed amount of $1.0 billion at September 30, 2025, which revolves until the maturity date of October 2029.
$497,000 $693,000 
WEST VIII Series A 2025 term notes payable at a fixed rate of interest of 5.58%, maturing in June 2050, secured by engines, airframes, and loan assets
519,492 — 
WEST VIII Series B 2025 term note payable at a fixed rate of interest of 6.07%, maturing in June 2050, secured by engines, airframes, and loan assets
71,381 — 
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
237,500 356,355 
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
229,343 241,065 
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
31,839 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
8,039 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
216,870 226,572 
WEST V Series B 2020 term notes payable at a fixed rate of interest of 4.21%, maturing in March 2045, secured by engines
30,211 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
6,255 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
35,494 199,846 
WEST IV Series B 2018 term notes payable at a fixed rate of interest of 5.44%, maturing in September 2043, secured by engines
9,868 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
146,047 161,308 
WEST III Series B 2017 term notes payable at a fixed rate of interest of 6.36%, maturing in August 2042, secured by engines
19,609 21,659 
Willis Warehouse Facility LLC (“WWFL”) credit facility at a floating rate of interest of one-month term SOFR, plus 1.88% at September 30, 2025 maturing in May 2030, secured by engines, airframes, and loan assets. The WWFL credit facility has a committed amount of $500.0 million at September 30, 2025.
84,788 221,882 
Note payable at a fixed rate of interest of 5.00%, maturing in February 2033, secured by an engine
20,573 20,780 
Note payable at a fixed rate of interest of 4.59%, maturing in November 2032, secured by an engine
21,692 22,094 
Note payable at a fixed rate of interest of 4.23%, maturing in June 2032, secured by an engine
17,637 17,710 
Note payable at a fixed rate of interest of 5.17%, maturing in March 2033, secured by an engine
23,718 — 
Note payable at a fixed rate of interest of 5.91%, maturing in March 2034, secured by an engine
20,902 — 
Note payable at a fixed rate of interest of 5.83%, maturing in April 2034, secured by an engine
19,693 — 
2,267,951 2,292,726 
Less: unamortized debt issuance costs and note discounts(28,500)(28,174)
Total debt obligations$2,239,451 $2,264,552 
One-month term SOFR was 4.24% and 4.37% as of September 30, 2025 and December 31, 2024, respectively.
As it relates to the $20.6 million, $21.7 million, $17.6 million, $23.7 million, $20.9 million, and $19.7 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, March 2033 for $16.9 million, and April 2033 for $17.9 million, respectively.

In June 2025, the Company and its direct, wholly-owned subsidiary Willis Engine Structured Trust VIII (“WEST VIII”), closed WEST VIII’s offering of $596.0 million in aggregate principal amount of fixed rate notes (the “Notes”). The Notes were issued in two series, with the Series A Notes issued in an aggregate principal amount of $524.0 million and the Series B Notes issued in an aggregate principal amount of $72.0 million. The Notes are secured by, among other things, WEST VIII’s direct and indirect ownership interests in a portfolio of aircraft engines and airframes. The Series A Notes and Series B Notes have a fixed coupon of 5.582% and 6.070%, respectively, an expected maturity of approximately six years and a final maturity of 25 years. The Series A Notes and Series B Notes were issued at a price of 99.99721% and 99.99711% of par, respectively.

In July 2025, Willis Warehouse Facility LLC (the “Borrower”), a wholly owned subsidiary of the Company, entered into Amendment No. 1 to the Secured Credit Agreement (the “Amended Credit Agreement”). The Amended Credit Agreement primarily includes the following changes, among other things, (i) an extension of the availability period of the commitments from May 3, 2026, to May 3, 2027, (ii) an extension of the final repayment date from May 3, 2029 to May 3, 2030, (iii) more favorable asset advance rates available to the Borrower, and (iv) reduced fees.

Principal outstanding at September 30, 2025 is expected to be repayable as follows:

Year(in thousands)
2025$67,941 
202670,451 
2027201,449 
2028252,499 
2029956,344 
Thereafter719,267 
Total$2,267,951 

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 September 30, 2025.