| Delaware                                                       |   | 94-3263974                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or Other Jurisdiction of Incorporation or Organization) |   | (I.R.S. Employer Identification No.) |

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| ASSETS                                                                                                                                                                                                                      |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                                        |   | March 31, |   |   | December 31, |   |
|                                                                                                                                                                                                                        |   | 2017 |   |   | 2016 |   |
| Assets:                                                                                                                                                                                                                     |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                                                   |   | $ | 2,808,600 |   |   | $ | 2,194,400 |   |
| Accounts receivable, including deferred rent of $874,700 and $604,800 at      March 31, 2017 and December 31, 2016, respectively                                                                   |   |   | 4,695,100 |   |   |   | 4,046,100 |   |
| Finance leases receivable                                                                                                                                                                                                   |   |   | 26,145,000 |   |   |   | 17,468,300 |   |
| Aircraft and aircraft engines held for lease, net of accumulated    depreciation of $34,344,700 and $32,639,600 at     March 31, 2017 and December 31, 2016, respectively                |   |   | 186,015,000 |   |   |   | 192,799,800 |   |
| Assets held for sale                                                                                                                                                                                                        |   |   | 1,995,800 |   |   |   | 1,998,100 |   |
| Prepaid expenses and other                                                                                                                                                                                                  |   |   | 372,100 |   |   |   | 229,400 |   |
| Total assets                                                                                                                                                                                                                |   | $ | 222,031,600 |   |   | $ | 218,736,100 |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                                                                        |   |
| Liabilities:                                                                                                                                                                                                                |   |   |   |   |   |   |   |   |
| Accounts payable and accrued expenses                                                                                                                                                                                       |   | $ | 1,097,900 |   |   | $ | 1,218,100 |   |
| Notes payable and accrued interest, net of unamortized debt issuance    costs of $1,799,600 and $1,999,900 at March 31, 2017 and    December 31, 2016, respectively                           |   |   | 129,253,200 |   |   |   | 125,837,900 |   |
| Maintenance reserves                                                                                                                                                                                                        |   |   | 29,167,500 |   |   |   | 29,424,100 |   |
| Accrued maintenance costs                                                                                                                                                                                                   |   |   | 355,100 |   |   |   | 965,000 |   |
| Security deposits                                                                                                                                                                                                           |   |   | 4,361,200 |   |   |   | 3,933,200 |   |
| Unearned revenues                                                                                                                                                                                                           |   |   | 3,832,900 |   |   |   | 1,903,900 |   |
| Deferred income taxes                                                                                                                                                                                                       |   |   | 13,145,300 |   |   |   | 12,830,500 |   |
| Income taxes payable                                                                                                                                                                                                        |   |   | 209,500 |   |   |   | 123,200 |   |
| Total liabilities                                                                                                                                                                                                           |   |   | 181,422,600 |   |   |   | 176,235,900 |   |
| Commitments and contingencies                                                                                                                                                                                               |   |   |   |   |   |   |   |   |
| Stockholders' equity:                                                                                                                                                                                                       |   |   |   |   |   |   |   |   |
| Preferred stock, $0.001 par value, 2,000,000 shares    authorized, no shares issued and outstanding                                                                                                          |   |   | - |   |   |   | - |   |
| Common stock, $0.001 par value, 10,000,000 shares authorized,    1,629,999 shares issued, 1,416,699 and 1,566,699 shares outstanding at    March 31, 2017 and December 31, 2016, respectively |   |   | 1,600 |   |   |   | 1,600 |   |
| Paid-in capital                                                                                                                                                                                                             |   |   | 14,780,100 |   |   |   | 14,780,100 |   |
| Retained earnings                                                                                                                                                                                                           |   |   | 28,864,100 |   |   |   | 28,222,600 |   |
|                                                                                                                                                                                                                        |   |   | 43,645,800 |   |   |   | 43,004,300 |   |
| Treasury stock at cost, 213,300 and 63,300 shares at March 31, 2017 and   December 31, 2016, respectively                                                                                                    |   |   | (3,036,800 | ) |   |   | (504,100 | ) |
| Total stockholders' equity                                                                                                                                                                                                  |   |   | 40,609,000 |   |   |   | 42,500,200 |   |
| Total liabilities and stockholders' equity                                                                                                                                                                                  |   | $ | 222,031,600 |   |   | $ | 218,736,100 |   |

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|                                                             |   | For the Three Months Ended March 31, |      |
|------------------------------------------------------------------|--------|--------------------------------------|-----------|
|                                                             |   | 2017                                 |      |   | 2016 |   |
| Revenues and other income:                                       |   |                                 |      |   |   |   |
| Operating lease revenue, net                                     |   | $                                    | 7,316,900 |   |   | $ | 6,044,300 |   |
| Finance lease revenue                                            |   |                                 | 325,400   |   |   |   | 185,100 |   |
| Net gain on disposal of assets                                   |   |                                 | 13,900    |   |   |   | 5,400 |   |
| Net gain on sales-type finance leases                            |   |                                 | 297,400   |   |   |   | - |   |
| Other income                                                     |   |                                 | 200       |   |   |   | 1,300 |   |
|                                                             |   |                                 | 7,953,800 |   |   |   | 6,236,100 |   |
| Expenses:                                                        |   |                                 |      |   |   |   |   |   |
| Depreciation                                                     |   |                                 | 2,936,100 |   |   |   | 2,079,500 |   |
| Interest                                                         |   |                                 | 1,610,300 |   |   |   | 1,289,000 |   |
| Management fees                                                  |   |                                 | 1,506,800 |   |   |   | 1,264,000 |   |
| Professional fees, general and administrative and other          |   |                                 | 506,100   |   |   |   | 424,700 |   |
| Maintenance                                                      |   |                                 | 256,100   |   |   |   | 319,900 |   |
| Insurance                                                        |   |                                 | 73,200    |   |   |   | 76,600 |   |
| Other taxes                                                      |   |                                 | 22,600    |   |   |   | 22,700 |   |
| Provision for impairment in value of aircraft                    |   |                                 | -         |   |   |   | 75,000 |   |
|                                                             |   |                                 | 6,911,200 |   |   |   | 5,551,400 |   |
| Income before income tax provision                               |   |                                 | 1,042,600 |   |   |   | 684,700 |   |
| Income tax provision                                             |   |                                 | 401,100   |   |   |   | 251,000 |   |
| Net income                                                       |   | $                                    | 641,500   |   |   | $ | 433,700 |   |
| Earnings per share:                                              |   |                                 |      |   |   |   |   |   |
|   Basic                                                |   | $                                    | 0.41      |   |   | $ | 0.28 |   |
|   Diluted                                              |   | $                                    | 0.41      |   |   | $ | 0.28 |   |
| Weighted average shares used in earnings per share computations: |   |                                 |      |   |   |   |   |   |
|   Basic                                                |   |                                 | 1,550,032 |   |   |   | 1,566,699 |   |
|   Diluted                                              |   |                                 | 1,550,032 |   |   |   | 1,566,699 |   |

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|                                                                                                      |   | For the Three Months Ended March 31, |       |
|-----------------------------------------------------------------------------------------------------------|--------|--------------------------------------|------------|
|                                                                                                      |   | 2017                                 |       |   | 2016 |   |
| Net cash provided by operating activities                                                                 |   | $                                    | 4,258,100  |   |   | $ | 5,529,000 |   |
| Investing activities:                                                                                     |   |                                 |       |   |   |   |   |   |
| Proceeds from sale of aircraft and aircraft engines held for lease,    net of re-sale fees |   |                                 | 570,100    |   |   |   | 1,485,600 |   |
| Proceeds from sale of assets held for sale, net of re-sale fees                                           |   |                                 | 16,200     |   |   |   | 1,755,900 |   |
| Investment in direct financing leases                                                                     |   |                                 | (7,354,100 | ) |   |   | - |   |
| Investment in aircraft parts and acquisition costs                                                        |   |                                 | (62,800    | ) |   |   | - |   |
| Net cash (used in)/provided by investing activities                                                       |   |                                 | (6,830,600 | ) |   |   | 3,241,500 |   |
| Financing activities:                                                                                     |   |                                 |       |   |   |   |   |   |
| Issuance of notes payable – Credit Facility                                                         |   |                                 | 7,000,000  |   |   |   | - |   |
| Repayment of notes payable – Credit Facility                                                        |   |                                 | (2,800,000 | ) |   |   | (8,600,000 | ) |
| Repayment of notes payable – special purpose financing                                              |   |                                 | (1,013,300 | ) |   |   | - |   |
| Net cash provided by/(used in) financing activities                                                       |   |                                 | 3,186,700  |   |   |   | (8,600,000 | ) |
| Net increase in cash and cash equivalents                                                                 |   |                                 | 614,200    |   |   |   | 170,500 |   |
| Cash and cash equivalents, beginning of period                                                            |   |                                 | 2,194,400  |   |   |   | 2,721,000 |   |
| Cash and cash equivalents, end of period                                                                  |   | $                                    | 2,808,600  |   |   | $ | 2,891,500 |   |

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|                                    |   | March 31,2017 |       |   | December 31,2016 |   |
|-----------------------------------------|--------|---------------|------------|--------|------------------|--------|
| Gross minimum lease payments receivable |   | $             | 30,904,500 |   |             | $      | 20,829,200 |   |
| Less unearned interest                  |   |          | (4,759,500 | )      |             |   | (3,360,900 | ) |
| Finance leases receivable               |   | $             | 26,145,000 |   |             | $      | 17,468,300 |   |
| Years ending      |   |   |       |
|-------------------|--------|--------|------------|
|              |   |   |       |
| Remainder of 2017 |   | $      | 4,280,700  |   |
| 2018              |   |   | 5,811,600  |   |
| 2019              |   |   | 7,087,600  |   |
| 2020              |   |   | 5,036,600  |   |
| 2021              |   |   | 5,381,000  |   |
| Thereafter        |   |   | 3,307,000  |   |
|              |   | $      | 30,904,500 |   |

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|                  | March 31, 2017 | December 31, 2016   |
|-----------------------|----------------|---------------------|
| Type                  | Numberowned    | % of net book value | Numberowned | % of net book value |
| Turboprop aircraft    | 11             | 23%                 | 12 | 23% |
| Regional jet aircraft | 12             | 74%                 | 12 | 73% |
| Engines               | 3              | 3%                  | 4 | 4% |
| Years ending      |   |   |        |
|-------------------|--------|--------|-------------|
|              |   |   |        |
| Remainder of 2017 |   | $      | 18,931,000  |   |
| 2018              |   |   | 22,282,900  |   |
| 2019              |   |   | 21,855,200  |   |
| 2020              |   |   | 19,403,000  |   |
| 2021              |   |   | 12,301,600  |   |
| Thereafter        |   |   | 30,908,100  |   |
|              |   | $      | 125,681,800 |   |

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|                                              |   | March 31,2017 |        |   | December 31,2016 |   |
|---------------------------------------------------|--------|---------------|-------------|--------|------------------|--------|
| Credit Facility:                                  |   |          |        |   |             |   |
|    Principal                       |   | $             | 114,300,000 |   |             | $      | 110,100,000 |   |
|    Unamortized debt issuance costs |   |          | (1,779,600  | )      |             |   | (1,999,900 | ) |
|    Accrued interest                |   |          | 93,800      |   |             |   | 83,600 |   |
| Special purpose financing:                        |   |          |        |   |             |   |   |   |
|    Principal                       |   |          | 16,610,300  |   |             |   | 17,623,600 |   |
|    Accrued interest                |   |          | 28,700      |   |             |   | 30,600 |   |
|                                              |   | $             | 129,253,200 |   |             | $      | 125,837,900 |   |

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|                                               |   | For the Three Months Ended March 31, |      |
|----------------------------------------------------|--------|--------------------------------------|-----------|
|                                               |   | 2017                                 |      |   | 2016 |   |
| Net income                                         |   | $                                    | 641,500   |   |   | $ | 433,700 |   |
| Weighted average shares outstanding for the period |   |                                 | 1,550,032 |   |   |   | 1,566,699 |   |
| Basic earnings per share                           |   | $                                    | 0.41      |   |   | $ | 0.28 |   |
| Diluted earnings per share                         |   | $                                    | 0.41      |   |   | $ | 0.28 |   |

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|             |   | For the Three Months Ended March 31, |      |
|------------------|--------|--------------------------------------|-----------|
|             |   | 2017                                 |      |   | 2016 |   |
| Management fees  |   | $                                    | 1,506,800 |   |   | $ | 1,264,000 |   |
| Acquisition fees |   |                                 | 220,500   |   |   |   | - |   |
| Remarketing fees |   |                                 | 51,100    |   |   |   | - |   |

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| Type                  | Numberowned | % of netbook value |
|-----------------------|-------------|--------------------|
| Turboprop aircraft    | 11          | 23%                |
| Regional jet aircraft | 12          | 74%                |
| Engines               | 3           | 3%                 |
| Region        | Numberof lessees | % ofoperatinglease revenue |
|---------------|------------------|----------------------------|
| Europe        | 3                | 53%                        |
| North America | 3                | 23%                        |
| Africa        | 1                | 15%                        |
| Asia          | 1                | 5%                         |
| Australia     | 1                | 4%                         |

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| ExhibitNumber |  Description                                                                                                                                                                                                                                                                                                                                                                      |
|---------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.31         | Exchange Agreement between Lee G. Beaumont and the Company, dated March 21, 2017, incorporated by reference to Exhibit 10.1 to the Report on Form 8-K filed by the Company with the Securities and Exchange Commission ("SEC") on March 22, 2017                                                                                                                                  |
| 10.32         | Securities Purchase Agreement between Lee G. Beaumont and the Company, dated March 22, 2017, incorporated by reference to Exhibit 10.2 to the Report on Form 8-K filed by the Company with the SEC on March 22, 2017                                                                                                                                                              |
| 10.33         | Third Modification Agreement to Second Amended and Restated Loan and Security Agreement between the Company and MUFG Union Bank as Agent and lender ("MUFG"), California Bank and Trust, Umpqua Bank and U.S. Bank National Association, dated March 22, 2017, incorporated by reference to Exhibit 10.3 to the Report on Form 8-K filed by the Company with the SEC on March 22, 2017 |
| 31.1          | Certification of Michael G. Magnusson, Chief Executive Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                   |
| 31.2          | Certification of Toni M. Perazzo, Chief Financial Officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                        |
| 32.1*         | Certification of Michael G. Magnusson, Chief Executive Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                   |
| 32.2*         | Certification of Toni M. Perazzo, Chief Financial Officer, pursuant toSection 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                         |
| 101.INS       | XBRL Instance Document                                                                                                                                                                                                                                                                                                                                                                      |
| 101.SCH       | XBRL Schema Document                                                                                                                                                                                                                                                                                                                                                                        |
| 101.CAL       | XBRL Calculation Linkbase Document                                                                                                                                                                                                                                                                                                                                                          |
| 101.LAB       | XBRL Label Linkbase Document                                                                                                                                                                                                                                                                                                                                                                |
| 101.PRE       | XBRL Presentation Linkbase Document                                                                                                                                                                                                                                                                                                                                                         |
| 101.DEF       | XBRL Definition Linkbase Document                                                                                                                                                                                                                                                                                                                                                           |

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|               | AEROCENTURY CORP. |
|--------------------|-------------------|
| Date: May 11, 2017 | By:               | /s/ Toni M. Perazzo |
|               |              | Name: Toni M. Perazzo |
|               |              | Title: Senior Vice President-Finance and |
|               |              | Chief Financial Officer |