Company: AYR
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001628280-25-044676
Chunk: 18

Company: Aircastle LTD
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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 for its preference shares, which was accrued as of February 28, 2025.  The preference share dividend was approved by the Company’s Board of Directors.On September 15, 2025, the Company paid a semi-annual dividend in the amount of $10.5 million for its preference shares, which was accrued as of August 31, 2025.  The preference share dividend was approved by the Company’s Board of Directors.

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Aircastle Limited and SubsidiariesNotes to Unaudited Consolidated Financial Statements(Dollars in thousands, except per share amounts)August 31, 2025

Note 10. Related Party Transactions

We incurred fees from our Shareholders as part of intra-company service agreements totaling $2.3 million and $2.1 million during the three months ended August 31, 2025 and 2024, respectively, and $4.4 million and $4.6 million during the six months ended August 31, 2025 and 2024, respectively, whereby our Shareholders provide certain management and administrative services to the Company.

Note 11. Income Taxes

Income taxes have been provided based upon the tax laws and rates in countries in which our operations are conducted and income is earned.  On December 18, 2023, the Government of Bermuda enacted the Bermuda Corporate Income Tax Act (the “Bermuda CIT Act”), which imposes a 15% corporate current income tax (the “Bermuda CIT”) effective for tax years beginning on or after January 1, 2025.  Accordingly, the Company is subject to the Bermuda CIT with respect to its fiscal year beginning March 1, 2025, and subsequent years.The sources of income from continuing operations before income taxes and earnings of our unconsolidated equity method investment for the three and six months ended August 31, 2025 and 2024, were as follows: Three Months EndedAugust 31,Six Months Ended August 31, 2025202420252024U.S. operations$(8,557)$5,688 $1,533 $10,684 Non-U.S. operations70,556 31,519 122,081 45,657 Income from continuing operations before income taxes and earnings of unconsolidated equity method investment$61,999 $37,207 $123,614 $56,341 Our U.S.-based aircraft-owning subsidiary is taxed