FTAI Aviation Ltd.
For the period ended Jun 30, 2026. Filed Jul 31, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 31, 2026
FTAI$180.27+11.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-01.
0001628280-26-029335
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-31.
0001628280-26-051412
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 136 previous paragraphs and 173 current paragraphs.
52 unchanged; 48 reworded; 69 added; 36 removed; 0 previous and 4 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (69)
Current report
(1)Includes servicing fees of $6,988 and $12,849 for the three and six months ended June 30, 2026, respectively (2025 - $2,052 and $2,600, respectively), from the 2025 Partnership.
Current report
(1)Includes the following items for the three months ended June 30, 2026: (i) depreciation and amortization expense of $46,986 (2025 - $55,236), (ii) lease intangible amortization of $(89) (2025 - $2,153) and (iii) amortization for lease incentives of $5,221 (2025 - $8,288).
Current report
Includes the following items for the six months ended June 30, 2026: (i) depreciation and amortization expense of $99,275 (2025 - $114,798), (ii) lease intangible amortization of $248 (2025 - $5,359) and (iii) amortization for lease incentives of $12,108 (2025 - $13,907).
Current report
(2)Includes the following items for the three months ended June 30, 2026: (i) net income of $16,567 (2025 - net loss of $68), (ii) interest expense of $5,771 (2025 - $1,490), (iii) depreciation and amortization expense of $5,680 (2025 - $3,470), (iv) acquisition and transaction expenses of $0 (2025 - $(77)), and (v) tax expense of $28 (2025 - $0).
Current report
Includes the following items for the six months ended June 30, 2026: (i) net income of $24,204 (2025 - net loss of $732), (ii) interest expense of $9,267 (2025 - $1,490), (iii) depreciation and amortization expense of $14,747 (2025 - $3,628), (iv) acquisition and transaction expenses of $0 (2025 - $470), and (v) tax expense of $55 (2025 - $0).
Current report
Total revenues increased by $276.8 million, driven by the following:
Current report
•Aerospace products revenue increased by $271.5 million, primarily due to a $262.6 million increase in CFM56-5B, CFM56-7B and V2500 engine and module sales.
Current report
•MRE Contract revenue increased by $113.2 million, primarily due to an increase in engine and module sales made to the 2025 Partnership.
Current report
•Lease income decreased by $34.7 million, due to decreases in aircraft lease revenue of $19.5 million, driven by the sale of Seed Assets to the 2025 Partnership, and decreases in engine lease revenue of $15.2 million, driven by a decrease in revenue generating assets on lease.
Current report
•Asset sales revenue decreased by $31.0 million, primarily due to an overall decrease in the number of sales transactions of commercial aircraft and engines in the current period as compared to the prior period.
Current report
Total revenues increased by $605.5 million, driven by the following:
Current report
•Aerospace Products revenue increased by $529.7 million, primarily due to a $509.4 million increase in CFM56-5B, CFM56-7B and V2500 engine and module sales.
Current report
•MRE Contract revenue increased by $233.8 million, primarily due to an increase in engine and module sales made to the 2025 Partnership.
Current report
•Maintenance revenue decreased by $66.3 million, primarily due to a decrease in aircraft maintenance revenue of $39.1 million and a decrease in engine maintenance revenue of $27.2 million, both driven by a decrease in revenue generating assets on lease.
Current report
•Lease income decreased by $63.2 million, primarily due to a decrease in aircraft lease revenue of $44.2 million, and a decrease in engine lease revenue of $19.0 million, both driven by a decrease in revenue generating assets on lease.
Current report
•Asset sales revenue decreased by $39.7 million, primarily due to an overall decrease in the number of sales transactions of commercial aircraft and engines in the current period as compared to the prior period.
Current report
Total expenses increased by $292.5 million, driven by the following:
Current report
•Cost of sales increased by $266.5 million, primarily due to increases in CFM56-5B, CFM56-7B and V2500 engine and module sales, and parts inventory sales, which directly corresponds to components of increases in Aerospace products revenue over the same period.
Current report
Total expenses increased by $601.7 million, driven by the following:
Current report
•Cost of sales increased by $542.1 million, primarily due to increases in CFM56-5B, CFM56-7B and V2500 engine and module sales, and parts inventory sales, which directly corresponds to components of increases in Aerospace products revenue over the same period.
Current report
•Operating expenses increased by $65.8 million, primarily due to an increase in compensation and benefits expense due to an increase in employee headcount and increased overall compensation, technology development costs and general corporate expenses.
Current report
Total other expense increased by $36.9 million driven by the following:
Current report
•Gain on sale to the 2025 Partnership decreased by $32.1 million, driven by the lower number of Seed Assets sold to the 2025 Partnership in the current period as compared to the prior period.
Current report
•Other income decreased $19.6 million, driven by a decrease in insurance settlements in the current period as compared to the prior period.
Current report
Total other expense increased by $12.2 million driven by the following:
Current report
•Gain on sale to the 2025 Partnership decreased by $27.8 million, driven by the lower number of Seed Assets sold to the 2025 Partnership in the current period as compared to the prior period.
Current report
•Other income decreased by $5.1 million, primarily due a decrease in insurance settlements in the current period as compared to the prior period.
Current report
•Equity in earnings of unconsolidated entities increased by $20.2 million, driven by net income earned by the 2025 Partnership in the current period, compared to losses in the prior period.
Current report
Net income decreased by $40.3 million and $4.8 million for the three and six months ended June 30, 2026, as compared to the prior period, primarily due to the changes noted above.
Current report
Adjusted EBITDA decreased by $56.4 million and increased by $0.7 million for the three and six months ended June 30, 2026, as compared to the prior period, primarily due to the changes noted above.
Current report
Includes the following items for the six months ended June 30, 2026: (i) net loss of $222 (2025 - net income of $827), (ii) depreciation and amortization expense of $631 (2025 - $225), and (iii) tax expense of $55 (2025 - $0).
Current report
Total revenues increased by $384.8 million, due to the following:
Current report
•Aerospace products revenue increased by $271.5 million, primarily due to a $262.6 million increase in CFM56-5B, CFM56-7B and V2500 engine and module sales.
Current report
•MRE Contract revenue increased by $113.2 million, primarily due to an increase in engine and module sales made to the 2025 Partnership.
Current report
Total revenues increased by $763.5 million, due to the following:
Current report
•Aerospace products revenue increased by $529.7 million, primarily due to a $509.4 million increase in CFM56-5B, CFM56-7B and V2500 engine and module sales.
Current report
•MRE Contract revenue increased by $233.8 million, primarily due to an increase in engine and module sales made to the 2025 Partnership.
Current report
Total expenses increased by $299.0 million, due to the following:
Current report
•Cost of sales increased by $297.1 million, primarily due to increases in CFM56-5B, CFM56-7B and V2500 engine and module sales and parts inventory sales, which directly corresponds to components of increases in Aerospace products revenue over the same period.
Current report
Total expenses increased by $586.4 million, due to the following:
Showing the first 40 of 69 passages. Open the source sections for the rest.
Removed paragraphs (36)
Previous report
(1)Includes the following items for the three months ended March 31, 2026 and 2025: (i) depreciation and amortization expense of $52,289 and $59,562, (ii) lease intangible amortization of $337 and $3,206 and (iii) amortization for lease incentives of $6,887 and $5,619, respectively.
Previous report
(2)Includes the following items for the three months ended March 31, 2026 and 2025: (i) net income of $7,637 and net loss of $664, (ii) interest expense of $3,496 and $0, (iii) depreciation and amortization expense of $9,067 and $158, (iv) acquisition and transaction expenses of $0 and $547, and (v) tax expense of $27 and $0, respectively.
Previous report
Total revenues increased by $328.6 million, driven by the following:
Previous report
•Aerospace products revenue increased by $258.2 million, primarily due to a $246.8 million increase in CFM56-5B, CFM56-7B and V2500 engine and module sales.
Previous report
•MRE Contract revenue increased by $120.6 million, primarily due to an increase in engine and module sales made to the 2025 Partnership.
Previous report
•Lease income decreased by $28.5 million, primarily due to decreases in aircraft lease revenue of $24.9 million, driven by the sale of Seed Assets to the 2025 Partnership.
Previous report
Total expenses increased by $309.2 million, driven by the following:
Previous report
•Cost of sales increased by $275.6 million, primarily due to increases in CFM56-5B, CFM56-7B and V2500 engine and module sales, and parts inventory sales, which directly corresponds to components of increases in Aerospace products revenue over the same period.
Previous report
Total other expense decreased by $24.7 million driven by the following:
Previous report
•Gain on sale to the 2025 Partnership increased by $4.3 million, resulting from the sale of 9 aircraft to the 2025 Partnership within the Aviation Leasing Segment.
Previous report
Net income increased by $35.5 million for the three months ended March 31, 2026, as compared to the prior period, primarily due to the changes noted above.
Previous report
Adjusted EBITDA increased by $57.0 million for the three months ended March 31, 2026, as compared to the prior period, primarily due to the changes noted above.
Previous report
Total revenues increased by $378.8 million, due to the following:
Previous report
•Aerospace Products revenue increased by $258.2 million, primarily due to a $246.8 million increase in CFM56-5B, CFM56-7B and V2500 engine and module sales.
Previous report
•MRE Contract revenue increased by $120.6 million, primarily due to an increase in engine and module sales made to the 2025 Partnership.
Previous report
Total expenses increased by $287.4 million, due to the following:
Previous report
•Cost of sales increased by $282.3 million, primarily due to increases in CFM56-5B, CFM56-7B and V2500 engine and module sales and parts inventory sales, which directly corresponds to components of increases in Aerospace products revenue over the same period.
Previous report
•Operating expenses increased by $5.2 million, primarily due to higher operating expenses due to the acquisition of ATOPS, compensation and benefits expense due to increased headcount at the Company’s maintenance facilities, as well as an increase in shipping and logistics expense.
Previous report
Net income increased $77.1 million for the three months ended March 31, 2026, as compared to the prior period, primarily due to the changes noted above.
Previous report
Adjusted EBITDA increased $91.6 million for the three months ended March 31, 2026, as compared to the prior period, primarily due to the changes noted above.
Previous report
(1)Includes the following items for the three months ended March 31, 2026 and 2025: (i) depreciation expense of $46,485 and $55,061, (ii) lease intangible amortization of $337 and $3,206 and (iii) amortization for lease incentives of $6,887 and $5,619, respectively.
Previous report
Total revenue decreased by $50.1 million, driven by the following:
Previous report
•Lease income decreased by $28.5 million, primarily due to decreases in aircraft lease revenue of $24.9 million, driven by the sale of Seed Assets to the 2025 Partnership.
Previous report
•Asset sales revenue decreased by $8.8 million, primarily due to an overall decrease in the number of sales transactions of commercial aircraft and engines in the current period as compared to the prior period.
Previous report
•Cost of sales decreased by $6.7 million, primarily due to the decrease in asset sales noted above.
Previous report
•Operating expense increased by $2.8 million, primarily driven by increases in compensation and benefits, equipment leases, and shipping and logistics expenses.
Previous report
Net income decreased by $12.6 million for the three months ended March 31, 2026, as compared to the prior period, primarily due to the changes noted above.
Previous report
Adjusted EBITDA decreased by $9.0 million for the three months ended March 31, 2026, as compared to the prior period, primarily due to the changes noted above.
Previous report
Total expenses increased by $33.0 million, primarily due to the following:
Previous report
•Operating expenses increased $24.5 million, primarily due to an increase in compensation and benefits expense due to an increase in employee headcount and increased overall compensation, technology development costs and general corporate expenses.
Previous report
Adjusted EBITDA decreased by $22.5 million during the three months ended March 31, 2026, respectively, as compared to the prior period, primarily due to the changes noted above.
Previous report
•Proceeds from the sale of assets were $409.6 million and $263.1 million during the three months ended March 31, 2026 and 2025, respectively.
Previous report
•increase in Gain on insurance recoveries of $14.5 million,
Previous report
•decrease in Depreciation and amortization of $7.3 million, and
Previous report
•increase in Proceeds from the sale of assets of $118.2 million,
Previous report
•decrease in Deposits for acquisition of leasing equipment of $9.2 million; partially offset by
Reworded paragraphs (48)
Previous wording
As of March 31, 2026, we had total consolidated assets of $4.5 billion and total equity of $431.7 million.
Current wording
As of June 30, 2026, we had total consolidated assets of $4.5 billion and total equity of $404.0 million.
Previous wording
The 2025 Partnership, and follow-on partnerships, is the primary buyer of all future on-lease 737NG and A320ceo aircraft. The Company, as the Servicer, provides aircraft management services to the 2025 Partnership, and the Company receives customary, market-based compensation for providing such services. The Company also made a minority capital commitment and will make additional commitments to the 2025 Partnership in the same proportion relative to additional third-party institutional investors.
Current wording
The 2025 Partnership, and follow-on partnerships, is the primary buyer of on-lease 737NG and A320ceo aircraft. The Company, as the Servicer, provides aircraft management services to the 2025 Partnership, and the Company receives customary, market-based compensation for providing such services. The Company made minority capital commitments to the 2025 Partnership in the same proportion relative to additional third-party institutional investors.
Previous wording
Comparison of the three months ended months ended March 31, 2026 and 2025
Current wording
Comparison of the three and six months ended June 30, 2026 and 2025
Previous wording
(2)Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership.
Current wording
(2)Includes the profit elimination of $(6,597) and $(16,597) for the three and six months ended June 30, 2026, respectively (2025 - $(4,935) and $(11,885), respectively), for sales to the 2025 Partnership.
Previous wording
(3)Excludes the profit elimination of $10,000 and $6,950 for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership.
Current wording
(3)Excludes the profit elimination of $6,597 and $16,597 for the three and six months ended June 30, 2026, respectively (2025 - $4,935 and $11,885, respectively), for sales to the 2025 Partnership.
Previous wording
•Maintenance revenue decreased by $19.0 million, due to decreases in aircraft maintenance revenue of $8.1 million and engine maintenance revenue of $10.9 million, both driven by a decrease in revenue generating assets on lease.
Current wording
•Maintenance revenue decreased by $47.3 million, due to decreases in aircraft maintenance revenue of $31.0 million and engine maintenance revenue of $16.3 million, both driven by a decrease in revenue generating assets on lease.
Previous wording
•Operating expenses increased by $32.5 million, primarily due to increases in compensation and benefits expense and shipping and logistics expense across our operating segments, as well as increased technology development costs and general operating expense resulting from acquisitions in the second half of 2025.
Current wording
•Operating expenses increased by $33.2 million, primarily due to increases in compensation and benefits expense and shipping and logistics expense across our operating segments, as well as increased technology development costs and general corporate expenses.
Previous wording
•Equity in losses of unconsolidated entities increased by $5.3 million, driven by net income realized by the 2025 Partnership.
Current wording
•Equity in earnings of unconsolidated entities increased by $15.0 million, driven by net income earned by the 2025 Partnership in the current period, compared to losses in the prior period.
Previous wording
The provision for income taxes increased $8.6 million for the three months ended March 31, 2026, as compared to the prior period, primarily driven by higher income generated in the Aerospace Products segment within taxable jurisdictions.
Current wording
The provision for income taxes decreased $12.3 million and $3.7 million for the three and six months ended June 30, 2026, as compared to the prior period, primarily driven by lower income generated in the Aviation Leasing segment within taxable jurisdictions.
Previous wording
(1)Includes the following items for the three months ended March 31, 2026 and 2025: (i) net loss of $40 and net income of $113, (ii) depreciation and amortization expense of $427 and $56, and (iii) tax expense of $27 and $0, respectively.
Current wording
(1)Includes the following items for the three months ended June 30, 2026: (i) net loss of $182 (2025 - net income of $714), (ii) depreciation and amortization expense of $204 (2025 - $169), and (iii) tax expense of $28 (2025 - $0).
Previous wording
The provision for income taxes increased by $14.3 million for the three months ended March 31, 2026, as compared to the prior period, primarily due to the increase in income discussed above from Aerospace Products activities in jurisdictions subject to taxes.
Current wording
The provision for income taxes increased by $24.1 million and $38.5 million for the three and six months ended June 30, 2026, as compared to the prior period, primarily due to the increase in income discussed above from Aerospace Products activities in jurisdictions subject to taxes.
Previous wording
As of March 31, 2026, in our Aviation Leasing segment, we own and manage 230 aviation assets, consisting of 29 commercial aircraft and 201 engines.
Current wording
As of June 30, 2026, in our Aviation Leasing segment, we own and manage 198 aviation assets, consisting of 22 commercial aircraft and 176 engines.
Previous wording
As of March 31, 2026, 26 of our commercial aircraft and 114 of our engines were leased to operators or other third parties. Aviation assets currently off lease are either undergoing repair and/or maintenance, being prepared to go on lease or held in short term storage awaiting a future lease. Our aviation equipment was approximately 73% utilized during the three months ended March 31, 2026, based on the percent of days on-lease in the quarter weighted by the monthly average equity value of our aviation leasing equipment, excluding airframes. Our aircraft currently have a weighted average remaining lease term of 37 months, and our engines currently on-lease have an average remaining lease term of 38 months. The table below provides additional information on the assets in our Aviation Leasing segment, including transfers which involve aircraft breakdowns, engine transfers from leasing equipment to inventory for manufacturing and sales, and engine transfers from inventory to leasing equipment for rebuilding and sales:
Current wording
As of June 30, 2026, 19 of our commercial aircraft and 93 of our engines were leased to operators or other third parties. Aviation assets currently off lease are either undergoing repair and/or maintenance, being prepared to go on lease or held in short term storage awaiting a future lease. Our aviation equipment was approximately 68% utilized during the three months ended June 30, 2026, based on the percent of days on-lease in the quarter weighted by the monthly average equity value of our aviation leasing equipment, excluding airframes. Our aircraft currently have a weighted average remaining lease term of 37 months, and our engines currently on-lease have an average remaining lease term of 29 months. The table below provides additional information on the assets in our Aviation Leasing segment, including transfers which involve aircraft breakdowns, engine transfers from leasing equipment to inventory for manufacturing and sales, and engine transfers from inventory to leasing equipment for rebuilding and sales:
Previous wording
(2)Includes the following items for the three months ended March 31, 2026 and 2025: (i) net income of $7,677 and net loss of $777, (ii) interest expense of $3,496 and $0, (iii) depreciation and amortization of $8,640 and $102, and (iv) acquisition and transaction expense of $0 and $547, respectively.
Current wording
(2)Includes the following items for the three months ended June 30, 2026: (i) net income of $16,749 (2025 - net loss of $782), (ii) interest expense of $5,771 (2025 - $1,490), (iii) depreciation and amortization of $5,476 (2025 - $3,301), and (iv) acquisition and transaction expense of $0 (2025 - $(77)).
Previous wording
•Maintenance revenue decreased by $19.0 million, due to decreases in aircraft maintenance revenue of $8.1 million and engine maintenance revenue of $10.9 million, both driven by a decrease in revenue generating assets on lease.
Current wording
•Maintenance revenue decreased by $47.3 million, due to decreases in aircraft maintenance revenue of $31.0 million and engine maintenance revenue of $16.3 million, both driven by a decrease in revenue generating assets on lease.
Previous wording
•Other revenue increased by $6.2 million, primarily as a result of servicing fees earned in our capacity as the Servicer to the 2025 Partnership.
Current wording
•Other revenue increased by $5.1 million, primarily as a result of servicing fees earned in our capacity as the Servicer to the 2025 Partnership.
Previous wording
Total expenses decreased by $11.1 million, driven by the following:
Current wording
Total expenses decreased by $38.0 million, driven by the following:
Previous wording
•Depreciation and amortization expense decreased by $8.6 million, primarily driven by the sale of Seed Assets to the 2025 Partnership.
Current wording
•Depreciation and amortization expense decreased by $9.4 million, primarily driven by the sale of Seed Assets to the 2025 Partnership.
Previous wording
•Other income increased $14.5 million, driven by an increase in insurance proceeds in the current period.
Current wording
•Operating expense increased by $3.5 million, primarily driven by an increase in equipment lease expense in the current period.
Previous wording
Total other income increased by $27.4 million, primarily due (i) a $14.5 million increase in insurance settlements, (ii) an $8.5 million increase in equity in earnings of unconsolidated entities as a result of net income earned by the 2025 Partnership, and (iii) a $4.3 million increase in gain on sale to the 2025 Partnership, driven by the sale of Seed Assets to the 2025 Partnership.
Current wording
Total other income decreased by $7.0 million, primarily due (i) a $27.8 million decrease in gain on sale to the 2025 Partnership, driven by the lower number of Seed Assets sold to the 2025 Partnership as compared to the prior period; partially offset by (ii) a $26.0 million increase in equity in earnings of unconsolidated entities as a result of net income earned by the 2025 Partnership.
Previous wording
The provision for income taxes decreased by $1.0 million for the three months ended March 31, 2026, as compared to the prior period, primarily due to the respective changes in income discussed above from leasing activities in jurisdictions subject to taxes.
Current wording
The provision for income taxes decreased by $18.7 million and $17.7 million for the three and six months ended June 30, 2026, respectively, as compared to the prior period, primarily due to the respective changes in income discussed above from leasing activities in jurisdictions subject to taxes.
Previous wording
•Acquisition and transaction expense increased $8.9 million, primarily due to higher professional fees associated with acquisitions and transactions.
Current wording
•Acquisition and transaction expense increased $10.1 million, primarily due to higher professional fees associated with acquisitions and transactions in the current period.
Previous wording
The benefit from income taxes increased by $6.7 million for the three months ended March 31, 2026, as compared to the prior period. The increase was mainly driven by higher corporate overhead expenses deductible for 2026 tax purposes.
Current wording
The benefit from income taxes increased by $17.7 million and $24.4 million for the three and six months ended June 30, 2026, respectively, as compared to the prior period. The increase was mainly driven by higher corporate overhead expenses deductible for 2026 tax purposes.
Previous wording
Net loss increased by $25.9 million during the three months ended March 31, 2026, respectively, as compared to the prior period, primarily due to the changes noted above.
Current wording
Net loss increased by $13.7 million and $39.7 million during the three and six months ended June 30, 2026, respectively, as compared to the prior period, primarily due to the changes noted above.
Previous wording
The 2025 Partnership, and follow-on partnerships, is the primary buyer of all future on-lease 737NG and A320ceo aircraft. The Company, as the Servicer, manages the aircraft in the 2025 Partnership, and the Company receives customary, market-based compensation for providing such services. The Company also made a minority capital commitment and will make additional commitments to the 2025 Partnership in the same proportion relative to additional third-party institutional investors
Current wording
The 2025 Partnership, and follow on partnerships, is the primary buyer of on-lease 737NG and A320ceo aircraft. The Company, as the Servicer, provides aircraft management services to the 2025 Partnership, and the Company receives customary, market-based compensation for providing such services. The Company made minority capital commitments to the 2025 Partnership in the same proportion relative to additional third-party institutional investors.
Previous wording
•Cash used for the purpose of making investments was $133.6 million and $339.4 million during the three months ended March 31, 2026 and 2025, respectively.
Current wording
•Cash used for the purpose of making investments was $352.6 million during the six months ended June 30, 2026 (2025 - $594.9 million).
Previous wording
•Distributions to shareholders, including cash dividends, were $44.7 million and $36.9 million during the three months ended March 31, 2026 and 2025, respectively.
Current wording
•Distributions to shareholders, including cash dividends and preferred stock redemptions, were $200.1 million during the six months ended June 30, 2026 (2025 - $71.4 million).
Previous wording
•Cash flows from operating activities, plus the principal collections on finance leases and maintenance reserve collections were $152.6 million and $11.0 million during the three months ended March 31, 2026 and 2025, respectively.
Current wording
•Cash flows from operating activities, plus the principal collections on finance leases and maintenance reserve collections, were $(252.7) million during the six months ended June 30, 2026 (2025 - $(107.2) million).
Previous wording
•During the three months ended March 31, 2026, additional borrowings and total principal repayments in connection with the Revolving Credit Facility were $125.0 million and $125.0 million, respectively. During the three months ended March 31, 2025, additional borrowings and total principal repayments in connection with the Revolving Credit Facility were $290.0 million and $90.0 million, respectively.
Current wording
•During the six months ended June 30, 2026, additional borrowings and total principal repayments in connection with the Revolving Credit Facility were $625.0 million and $625.0 million, respectively (2025 - $430.0 million and $430.0 million, respectively).
Previous wording
The following table compares the historical cash flow for the three months ended March 31, 2026 and 2025:
Current wording
The following table compares the historical cash flow for the six months ended June 30, 2026 and 2025:
Previous wording
Net cash used in operating activities increased $134.1 million, primarily reflecting an increase in our Net income of $35.5 million and certain adjustments to reconcile net income to cash used in operating activities, including an:
Current wording
Net cash used in operating activities increased $129.0 million, primarily reflecting a decrease in our Net income of $4.8 million and certain adjustments to reconcile net income to cash used in operating activities, including a:
Previous wording
•decrease in Changes in net working capital of $49.3 million,
Current wording
•increase in Changes in net working capital of $160.8 million,
Previous wording
•decrease in Deferred income taxes of $8.5 million
Current wording
•decrease in Deferred income taxes of $32.6 million,
Previous wording
•increase in Gain on sale of assets of $84.0 million
Current wording
•decrease in Gain on sale of assets of $48.2 million, and
Previous wording
•increase in Gain on sale of assets to the 2025 Partnership of $4.3 million.
Current wording
•decrease in Gain on sale of assets to the 2025 Partnership of $27.8 million.
Previous wording
Net cash provided by investing activities increased $344.6 million, primarily due to an:
Current wording
Net cash provided by investing activities increased $19.6 million, primarily due to an:
Previous wording
•decrease in Acquisition of leasing equipment of $179.6 million,
Current wording
•decrease in Acquisition of leasing equipment of $249.1 million,
Previous wording
•decrease in Investment in unconsolidated entities of $18.7 million.
Current wording
•decrease in Investment in unconsolidated entities of $19.5 million,
Previous wording
•increase in Proceeds from the sale of assets to the 2025 partnership of $58.5 million, and
Current wording
•decrease in Proceeds from the sale of assets to the 2025 partnership of $221.5 million, and
Previous wording
Net cash used in financing activities increased $95.8 million, primarily due to a:
Current wording
Net cash used in financing activities increased $40.6 million, primarily due to a:
Showing the first 40 of 48 pairs. Open the source sections for the rest.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
•Other revenue increased by $11.2 million as a result of servicing fees earned in our capacity as the Servicer to the 2025 Partnership.
Current report — wording carried from elsewhere
Total expenses decreased by $49.2 million, driven by the following:
Current report — wording carried from elsewhere
•Depreciation and amortization expense decreased by $18.0 million, primarily driven by the sale of Seed Assets to the 2025 Partnership.
Current report — wording carried from elsewhere
•decrease in Equity in losses of unconsolidated entities of $20.2 million; partially offset by