Company: AYR
Filing Date: 2025-10-09
Form Type: 10-Q
Source: 0001628280-25-044676
Chunk: 82

Company: Aircastle LTD
Filing Date: 2025-10-09
Form: 10-Q
Item: Part I, Item 8
Chunk 82
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 sources over time, including:

•unsecured indebtedness, including our current unsecured revolving credit facilities, unsecured term financings and senior notes;

•various forms of borrowing secured by our aircraft, including term financings and limited recourse securitization financings for new aircraft acquisitions;

•asset sales; and

•issuance of common and preference shares.

Going forward, we expect to continue to seek liquidity from these sources and other sources, subject to pricing and conditions we consider satisfactory.

During the six months ended August 31, 2025, we met our liquidity and capital resource needs with $218.6 million of cash flows from operations and $299.5 million of proceeds from the sale or disposition of aircraft and other flight equipment.

As of August 31, 2025, the weighted average maturity of our secured and unsecured debt financings was 3.6 years, and we were in compliance with all applicable covenants.  In addition, 98% of our total debt is unsecured and $8.4 billion of our Net Book Value is unencumbered.

We believe we have sufficient liquidity to meet our contractual obligations over the next twelve months.  As of October 1, 2025, total liquidity of $2.5 billion included $1.8 billion of undrawn credit facilities, $0.5 billion of projected adjusted operating cash flows and contracted asset sales and $0.2 billion of unrestricted cash through October 1, 2026.  In addition, we believe payments received from lessees and other funds generated from operations, unsecured bond offerings, borrowings secured by our aircraft, borrowings under our revolving credit facilities and other borrowings and proceeds from future aircraft sales will be sufficient to satisfy our liquidity and capital resource needs over the next twelve months. Our liquidity and capital resource needs include payments due under our aircraft purchase obligations, required principal and interest payments under our long-term debt facilities, expected capital expenditures, lessee maintenance payment reimbursements and lease incentive payments.

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Cash Flows

 Six Months Ended August 31, 20252024 (Dollars in thousands)Net cash flow provided by operating activities$218,647 $204,903 Net cash flow used in investing activities(629,644)(7,484)Net cash flow provided by financing activities279,288 105,168 

Operating Activities: 

Cash flow provided by operating activities was $218.6 million and $204.9 million for the