FLYEXCLUSIVE INC

17. Leases

The Company’s lease arrangements generally pertain to real estate leases and aircraft. The Company leases real estate including hangars and office space under operating leases, ranging fromtwo tothirty years. As of March 31, 2024 and December 31, 2023, the Company operated 38 and 42 aircraft, respectively, under operating leases ranging fromtwo tosix years for charter flight services. For the Company’s aircraft leases, in addition to the fixed lease payments for the use of the aircraft, the Company is also obligated to pay into aircraft engine reserve programs and additional variable costs which are expensed as incurred and are not included in the measurement of our leases which amounted to $3,421 and $1,950 for the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2023, the Company entered into sale-leaseback transactions fortwo aircraft during the same period and recognized an aggregate gain of $501 from the transactions. The sale-leaseback transactions qualified as a sale and the associated assets were removed from Property and equipment, net and recorded as Operating lease right-of-use assets on the Company’s condensed consolidated balance sheets (unaudited).

Vehicle leases typically have month-to-month lease terms and are classified as short-term leases.

The following table sets forth information about the Company’s operating lease costs for the three months ended March 31, 2024 and 2023:

The following table sets forth supplemental cash flow information related to leases for the three months ended March 31, 2024 and 2023:

The following table sets forth supplemental balance sheet information related to leases as of March 31, 2024 and December 31, 2023:

The Company’s future lease payments under operating leases as of March 31, 2024 are as follows: