Company: AYR
Filing Date: 2025-01-10
Form Type: 10-Q
Source: 0001628280-25-001098
Chunk: 14

Company: Aircastle LTD
Filing Date: 2025-01-10
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 RevenueNumber of LesseesCombined % of Lease Rental RevenueNumber of LesseesCombined % of Lease Rental RevenueNumber of LesseesCombined % of Lease Rental RevenueLargest lessees by lease rental revenue320%427%215%321%For the three months ended November 30, 2024, the United States comprised 21% of total revenue.  Total revenue attributable to the United States included $20.6 million from gains on sale or disposition of flight equipment.  For the nine months ended November 30, 2024, the United States and Spain comprised 13% and 11% of total revenue, respectively.  Total revenue attributable to the United States and Spain included $22.1 million and $32.2 million, respectively, from gains on sale or disposition of flight equipment and maintenance revenue.For the three months ended November 30, 2023, South Korea and the United States each comprised 11% of total revenue. Total revenue attributable to South Korea included $21.3 million of maintenance revenue and total revenue attributable to the United States included $9.3 million from gains on sale or disposition of flight equipment.  For the nine months ended November 30, 2023, no single country comprised 10% or more of total revenue.

Note 7. Unconsolidated Equity Method Investment

We have an unconsolidated equity method investment with Mizuho Leasing, which has 9 aircraft with a net book value of $261.5 million at November 30, 2024.AmountBalance at February 29, 2024$42,710 Earnings of unconsolidated equity method investment, net of tax1,737 Balance at November 30, 2024$44,447 On October 29, 2024, we entered into a loan agreement to provide our equity method investee with a $4.5 million unsecured loan facility, which bears interest at a rate of Term SOFR (as defined in the credit agreement) plus 2% and is payable on October 29, 2025. This transaction was approved by our management as an arm’s length transaction under our related party policy.

15

Aircastle Limited and SubsidiariesNotes to Unaudited Consolidated Financial Statements(Dollars in thousands, except per share amounts)November 30, 2024

Note 8. Borrowings from Secured and Unsecured Debt Financings

The outstanding amounts of our secured