Aircastle (AYR) 10-Q 10 Jan 25 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Nov. 30, 2024	Jan. 07, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 30, 2024
Document Transition Report	false
Entity File Number	001-32959
Entity Registrant Name	AIRCASTLE LIMITED
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0444035
Entity Address, Address Line One	c/o Aircastle Advisor LLC
Entity Address, Address Line Two	201 Tresser Boulevard, Suite 400
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06901
City Area Code	203
Local Phone Number	504-1020
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,840
Entity Central Index Key	0001362988
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--02-28
Common Shares
Document Information [Line Items]
Title of 12(b) Security	Common Shares, par value $0.01 per share
Security Exchange Name	NONE
No Trading Symbol Flag	true
Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preference Shares, par value $0.01 per share
Security Exchange Name	NONE
No Trading Symbol Flag	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024
ASSETS
Cash and cash equivalents	$ 523,753	$ 129,977
Accounts receivable	16,411	12,518
Flight equipment held for lease, net	6,858,065	6,940,502
Net investment in leases, net	258,639	282,439
Unconsolidated equity method investment	44,447	42,710
Other assets	240,453	271,807
Total assets	7,941,768	7,679,953
LIABILITIES
Borrowings from secured financings, net	650,739	875,397
Borrowings from unsecured financings, net	3,827,359	3,823,099
Accounts payable, accrued expenses and other liabilities	260,456	219,588
Lease rentals received in advance	62,006	52,654
Security deposits	71,879	69,544
Maintenance payments	583,220	505,897
Total liabilities	5,455,659	5,546,179
Commitments and Contingencies
SHAREHOLDERS’ EQUITY
Preference shares, $0.01 par value, 50,000,000 shares authorized, 400 (aggregate liquidation preference of $400,000) shares issued and outstanding at November 30, 2024 and February 29, 2024	0	0
Common shares, $0.01 par value, 250,000,000 shares authorized, 17,840 and 15,564 shares issued and outstanding at November 30, 2024 and February 29, 2024, respectively	0	0
Additional paid-in capital	2,378,774	2,078,774
Retained earnings	107,335	55,000
Total shareholders’ equity	2,486,109	2,133,774
Total liabilities and shareholders’ equity	$ 7,941,768	$ 7,679,953

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Nov. 30, 2024	Feb. 29, 2024
Statement of Financial Position [Abstract]
Preference shares, par value	$ 0.01	$ 0.01
Preference shares, shares authorized	50,000,000	50,000,000
Preferred shares, shares issued	400	400
Preferred shares, shares outstanding	400	400
Preferred shares, liquidation preference, value	$ 400,000	$ 400,000
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized	250,000,000	250,000,000
Common shares, shares issued	17,840	15,564
Common shares, shares outstanding	17,840	15,564

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Revenues:
Lease rental revenue	$ 158,440	$ 156,820	$ 483,389	$ 453,906
Direct financing and sales-type lease revenue	5,294	4,835	16,177	10,993
Amortization of lease premiums, discounts and incentives	(5,288)	(2,641)	(18,005)	(16,972)
Maintenance revenue	14,517	58,657	76,044	108,223
Total lease revenue	172,963	217,671	557,605	556,150
Gain on sale or disposition of flight equipment	20,483	20,193	56,909	67,240
Other revenue	130	882	903	1,803
Total revenues	193,576	238,746	615,417	625,193
Operating expenses:
Depreciation	87,604	86,647	264,637	261,764
Interest, net	58,752	57,037	185,989	170,963
Selling, general and administrative	18,426	18,500	60,571	58,217
Provision for credit losses	0	5,280	281	11,405
Impairment of flight equipment	8,419	34,959	19,391	37,156
Maintenance and other costs	4,872	7,107	13,411	24,494
Total operating expenses	178,073	209,530	544,280	563,999
Other income:
Gain on extinguishment of debt	0	0	285	0
Other	6,135	1,529	6,557	6,238
Total other income	6,135	1,529	6,842	6,238
Income from continuing operations before income taxes and earnings of unconsolidated equity method investment	21,638	30,745	77,979	67,432
Income tax provision	4,281	6,025	16,881	15,286
Earnings of unconsolidated equity method investment, net of tax	738	925	1,737	1,787
Net income	18,095	25,645	62,835	53,933
Preference share dividends	0	0	(10,500)	(10,500)
Net income available to common shareholders	18,095	25,645	52,335	43,433
Total comprehensive income available to common shareholders	$ 18,095	$ 25,645	$ 52,335	$ 43,433

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 62,835	$ 53,933
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation	264,637	261,764
Amortization of deferred financing costs	12,722	12,611
Amortization of lease premiums, discounts and incentives	18,005	16,972
Deferred income taxes	10,480	11,082
Collections on net investment in leases	5,285	1,565
Security deposits and maintenance payments included in earnings	(9,543)	(37,654)
Gain on sale or disposition of flight equipment	(56,909)	(67,240)
Gain on extinguishment of debt	(285)	0
Impairment of flight equipment	19,391	37,156
Provision for credit losses	281	11,405
Other	(1,746)	(1,769)
Changes in certain assets and liabilities:
Accounts receivable	(4,132)	504
Other assets	(3,661)	(16,164)
Accounts payable, accrued expenses and other liabilities	35,993	8,351
Lease rentals received in advance	13,709	16,551
Net cash and cash equivalents provided by operating activities	367,062	309,067
Cash flows from investing activities:
Acquisition and improvement of flight equipment	(583,541)	(669,597)
Proceeds from sale or disposition of flight equipment	474,053	198,816
Aircraft purchase deposits and progress payments, net of deposits returned and aircraft sales deposits	(2,269)	3,126
Other	(4,796)	(5,548)
Net cash and cash equivalents used in investing activities	(116,553)	(473,203)
Cash flows from financing activities:
Proceeds from issuance of common shares	300,000	200,000
Proceeds from secured and unsecured debt financings	1,076,193	1,383,709
Repayments of secured and unsecured debt financings	(1,304,352)	(1,632,983)
Debt extinguishment costs	285	0
Deferred financing costs	(5,361)	(7,673)
Security deposits and maintenance payments received	109,668	130,068
Security deposits and maintenance payments returned	(12,166)	(14,014)
Dividends paid	(21,000)	(21,000)
Net cash and cash equivalents provided by financing activities	143,267	38,107
Net increase (decrease) in cash and cash equivalents:	393,776	(126,029)
Cash and cash equivalents at beginning of period	129,977	231,861
Cash and cash equivalents at end of period	523,753	105,832
Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized	140,296	158,730
Cash paid for income taxes	666	4,142
Supplemental disclosures of non-cash investing activities:
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets assumed in asset acquisitions	40,318	13,414
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets settled in sale of flight equipment	65,357	54,335
Transfers from flight equipment held for lease to Net investment in leases and Other assets	$ 6,310	$ 184,236

Consolidated Statements of Shar

Consolidated Statements of Shareholder's Equity Statement - USD ($) $ in Thousands	Total	Common Shares	Preferred Stock	Additional Paid-In Capital	Retained Earnings
Balance, shares at Feb. 28, 2023		14,048
Balance at Feb. 28, 2023	$ 1,871,458	$ 0	$ 0	$ 1,878,774	$ (7,316)
Preferred stock, balance, shares at Feb. 28, 2023			400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,770				22,770
Balance, shares at May. 31, 2023		14,048
Balance at May. 31, 2023	1,894,228	$ 0	$ 0	1,878,774	15,454
Preferred stock, balance, shares at May. 31, 2023			400
Balance, shares at Feb. 28, 2023		14,048
Balance at Feb. 28, 2023	1,871,458	$ 0	$ 0	1,878,774	(7,316)
Preferred stock, balance, shares at Feb. 28, 2023			400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares (in shares)		1,516
Balance, shares at Aug. 31, 2023		15,564
Balance at Aug. 31, 2023	2,089,246	$ 0	$ 0	2,078,774	10,472
Preferred stock, balance, shares at Aug. 31, 2023			400
Balance, shares at Feb. 28, 2023		14,048
Balance at Feb. 28, 2023	1,871,458	$ 0	$ 0	1,878,774	(7,316)
Preferred stock, balance, shares at Feb. 28, 2023			400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	53,933
Balance, shares at Nov. 30, 2023		15,564
Balance at Nov. 30, 2023	2,114,891	$ 0	$ 0	2,078,774	36,117
Preferred stock, balance, shares at Nov. 30, 2023			400
Balance, shares at May. 31, 2023		14,048
Balance at May. 31, 2023	1,894,228	$ 0	$ 0	1,878,774	15,454
Preferred stock, balance, shares at May. 31, 2023			400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares	200,000			200,000
Net income	5,518				5,518
Preference share dividends	(10,500)				(10,500)
Balance, shares at Aug. 31, 2023		15,564
Balance at Aug. 31, 2023	2,089,246	$ 0	$ 0	2,078,774	10,472
Preferred stock, balance, shares at Aug. 31, 2023			400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	25,645				25,645
Balance, shares at Nov. 30, 2023		15,564
Balance at Nov. 30, 2023	$ 2,114,891	$ 0	$ 0	2,078,774	36,117
Preferred stock, balance, shares at Nov. 30, 2023			400
Balance, shares at Feb. 29, 2024	15,564	15,564
Balance at Feb. 29, 2024	$ 2,133,774	$ 0	$ 0	2,078,774	55,000
Preferred stock, balance, shares at Feb. 29, 2024	400		400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 16,081				16,081
Preference share dividends	(10,500)
Balance, shares at May. 31, 2024		15,564
Balance at May. 31, 2024	$ 2,149,855	$ 0	$ 0	2,078,774	71,081
Preferred stock, balance, shares at May. 31, 2024			400
Balance, shares at Feb. 29, 2024	15,564	15,564
Balance at Feb. 29, 2024	$ 2,133,774	$ 0	$ 0	2,078,774	55,000
Preferred stock, balance, shares at Feb. 29, 2024	400		400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares (in shares)		2,276
Balance, shares at Aug. 31, 2024		17,840
Balance at Aug. 31, 2024	$ 2,468,014	$ 0	$ 0	2,378,774	89,240
Preferred stock, balance, shares at Aug. 31, 2024			400
Balance, shares at Feb. 29, 2024	15,564	15,564
Balance at Feb. 29, 2024	$ 2,133,774	$ 0	$ 0	2,078,774	55,000
Preferred stock, balance, shares at Feb. 29, 2024	400		400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 62,835
Balance, shares at Nov. 30, 2024	17,840	17,840
Balance at Nov. 30, 2024	$ 2,486,109	$ 0	$ 0	2,378,774	107,335
Preferred stock, balance, shares at Nov. 30, 2024	400		400
Balance, shares at May. 31, 2024		15,564
Balance at May. 31, 2024	$ 2,149,855	$ 0	$ 0	2,078,774	71,081
Preferred stock, balance, shares at May. 31, 2024			400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common shares	300,000
Net income	28,659				28,659
Preference share dividends	(10,500)
Balance, shares at Aug. 31, 2024		17,840
Balance at Aug. 31, 2024	2,468,014	$ 0	$ 0	2,378,774	89,240
Preferred stock, balance, shares at Aug. 31, 2024			400
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	18,095				18,095
Preference share dividends	$ (10,500)
Balance, shares at Nov. 30, 2024	17,840	17,840
Balance at Nov. 30, 2024	$ 2,486,109	$ 0	$ 0	$ 2,378,774	$ 107,335
Preferred stock, balance, shares at Nov. 30, 2024	400		400

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Nov. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Organization Aircastle Limited (“Aircastle,” the “Company,” “we,” “us” or “our”) is a Bermuda company that was incorporated on October 29, 2004, under the provisions of Section 14 of the Companies Act of 1981 of Bermuda. Aircastle’s business consists of acquiring, leasing, managing and selling commercial jet aircraft. The Company is controlled by affiliates of Marubeni Corporation (“Marubeni”) and Mizuho Leasing Company, Limited (“Mizuho Leasing” and, together with Marubeni, our “Shareholders”). Aircastle is a holding company and conducts its business through subsidiaries that are wholly owned, either directly or indirectly, by Aircastle. Basis of Presentation and Principles of Consolidation The consolidated financial statements presented are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The accompanying consolidated financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting and, in our opinion, reflect all adjustments, including normal recurring items, which are necessary to present fairly the results for interim periods. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the entire year. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. However, we believe that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 29, 2024. The consolidated financial statements include the accounts of Aircastle and all its subsidiaries, including any Variable Interest Entity (“VIE”) of which Aircastle is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. We manage and analyze our business and report on our results of operations based on one operating segment: leasing, financing, selling and managing commercial flight equipment. Our Chief Executive Officer is the chief operating decision maker (the “CODM”). The significant segment expenses and other segment items that are provided to the CODM align with expense information that is included in the Company’s consolidated income statement. The Company’s management has reviewed and evaluated all events or transactions for potential recognition and/or disclosure subsequent to the balance sheet date of November 30, 2024, through the date on which the consolidated financial statements included in this Form 10-Q were issued. Risk and Uncertainties In the normal course of business, Aircastle encounters several significant types of economic risk, including credit, market, aviation industry and capital market risks. Credit risk is the risk of a lessee’s inability or unwillingness to make contractually required payments and to fulfill its other contractual obligations to Aircastle. Market risk reflects the change in the value of financings due to changes in interest rate spreads or other market factors, including the value of collateral underlying financings. Aviation industry risk is the risk of a downturn in the commercial aviation industry which could adversely impact a lessee’s ability to make payments, increase the risk of early lease terminations and depress lease rates and the value of the Company’s aircraft. Capital market risk is the risk that the Company is unable to obtain capital at reasonable rates to fund the growth of its business or to refinance existing debt. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. While Aircastle believes the estimates and related assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASC 740”). ASC 740 enhances the transparency of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The standard requires disclosure of specific categories in the rate reconciliation, using both percentages and reporting currency amounts, as well as disclosure of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and individual jurisdictions. The standard is effective for annual periods beginning after December 15, 2024 and should be applied on a prospective basis. We are currently evaluating the standard; however, it is not expected to have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard requires entities to provide additional disclosure around certain costs and expenses presented within the Income Statement. This standard aims to improve the disclosures around the entity’s expenses and address requests from investors for more detailed information about the types of expenses. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company does not anticipate that the adoption of the standard will have a material impact on its consolidated financial statements or related disclosures.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Nov. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. Assets Measured at Fair Value on a Recurring Basis The following tables set forth our financial assets as of November 30, 2024, and February 29, 2024, that we measured at fair value on a recurring basis by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value Measurements at November 30, 2024 Using Fair Value Hierarchy Fair Value as of November 30, 2024 Quoted Prices Significant Significant Valuation Assets : Cash and cash equivalents $ 523,753 $ 523,753 $ — $ — Market Investments, at fair value: Investment in debt securities $ 5,029 $ — $ — $ 5,029 Income Investment in equity securities 5,333 1,435 — 3,898 Market/Income Total investments, at fair value $ 10,362 $ 1,435 $ — $ 8,927 Fair Value Measurements at February 29, 2024 Using Fair Value Hierarchy Fair Value as of February 29, 2024 Quoted Prices Significant Significant Valuation Assets : Cash and cash equivalents $ 129,977 $ 129,977 $ — $ — Market Investments, at fair value: Investment in debt securities $ 5,029 $ — $ — $ 5,029 Income Investment in equity securities 5,131 1,687 — 3,444 Market/Income Total investments, at fair value $ 10,160 $ 1,687 $ — $ 8,473 Our cash and cash equivalents consist largely of money market securities that are highly liquid and easily tradable. These securities are valued using inputs observable in active markets for identical securities (Level 1). Our investments in debt and equity securities consist of notes and shares received as a result of claims settlements from various airline customers that had entered into bankruptcy proceedings or similar-type restructurings. Our investment in equity securities that are traded in an active market have been valued using quoted market prices (Level 1). Our investments in other equity securities and debt securities for which there is no active market or there is limited market data have been valued using the income approach (Level 3). For the three and nine months ended November 30, 2024, we had no transfers into or out of Level 3. Assets Measured at Fair Value on a Non-recurring Basis We measure the fair value of certain assets and liabilities on a non-recurring basis, when U.S. GAAP requires the application of fair value, including events or changes in circumstances that indicate the carrying amounts of these assets may not be recoverable. Assets subject to these measurements include our aircraft and unconsolidated equity method investment. We record aircraft at fair value when we determine the carrying value may not be recoverable. Fair value measurements for aircraft in impairment tests are based on the average of the market approach (Level 2 or 3), which includes third-party appraisal data, and an income approach (Level 3), which includes the Company’s assumptions and appraisal data as to the present value of future cash proceeds from leasing and selling aircraft. Level 3 valuations contain significant non-observable inputs. See “Aircraft Valuation” below for further information. We account for our unconsolidated equity method investment under the equity method of accounting. Our investment is recorded at cost and is adjusted by undistributed earnings and losses and the distributions of dividends and capital. This investment is reviewed for impairment whenever events or changes in circumstances indicate the fair value is less than its carrying value and the decline is other-than-temporary. Financial Instruments Our financial instruments, other than cash, consist principally of cash equivalents, accounts receivable, investments in debt and equity securities, accounts payable and secured and unsecured financings. The fair value of cash and cash equivalents, accounts receivable and accounts payable approximates the carrying value of these financial instruments because of their short-term nature. The fair value of our investments, which consist of debt and equity securities, have been valued using either quoted market prices to the extent such securities are traded in an active market (Level 1), or using the income approach for those securities where there is no active market or there is limited market data (Level 3). The fair value of our senior notes is estimated using quoted market prices (Level 1), whereas all our other financings are valued using a discounted cash flow analysis, based on our current incremental borrowing rates for similar types of borrowing arrangements (Level 2). The carrying amounts and fair values of our financial instruments at November 30, 2024, and February 29, 2024 were as follows: November 30, 2024 February 29, 2024 Assets Carrying Amount Fair Value Carrying Amount Fair Value Investments, at fair value (1) $ 10,362 $ 10,362 $ 10,160 $ 10,160 Other investments, net (2) 5,063 5,063 5,079 5,079 Liabilities Carrying Amount Fair Value Carrying Amount Fair Value Credit Facilities $ 20,000 $ 20,000 $ 20,000 $ 20,000 Term Financings 657,091 655,079 883,451 885,139 Senior Notes 3,850,000 3,861,008 3,850,000 3,738,146 _______________ (1) See Assets Measured at Fair Value on a Recurring Basis. (2) As of November 30, 2024, we had a $4.0 million allowance for credit losses on certain investments in debt securities that are carried at amortized cost – see Note 15. Aircraft Valuation Impairment of Flight Equipment During the three months ended November 30, 2024, the Company recorded impairments totaling $8.4 million related to flight equipment that was recorded as a component of Other Assets and subject to tear-down and parts sales programs. During the nine months ended November 30, 2024, the Company recorded impairment charges totaling $19.4 million, including $11.0 million of transactional impairment charges related to a scheduled aircraft lease expiration and a lease amendment. The Company recognized $24.0 million of maintenance revenue for these aircraft during the nine months ended November 30, 2024. Annual Recoverability Assessment We performed our annual recoverability assessment of all our aircraft and other flight equipment during the three months ended November 30, 2024. We perform a recoverability assessment when events or changes in circumstances, or indicators, suggest that the carrying amount or net book value of an aircraft or other flight equipment may not be recoverable. We measure whether the estimated future undiscounted net cash flows expected to be generated by the asset exceed its net book value. The undiscounted cash flows consist of cash flows from currently contracted lease rentals and maintenance payments, future projected lease rates and maintenance payments, transition costs, estimated down time, and estimated residual or scrap values for an aircraft. In the event that an aircraft does not meet the recoverability test, the aircraft will be adjusted to fair value, resulting in an impairment charge. Management develops the assumptions used in the recoverability analysis based on current and future expectations of the global demand for a particular aircraft type and historical experience in the aircraft leasing market and aviation industry, as well as information received from third-party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in projected lease rental and maintenance payments, residual values, economic conditions, technology, airline demand for a particular aircraft type and other factors, such as the location of the aircraft and accessibility to records and technical documentation. If our estimates or assumptions change, including those related to our customers that have entered judicial insolvency proceedings or similar-type proceedings or restructurings, we may revise our cash flow assumptions and record future impairment charges. While we believe that the estimates and related assumptions used in our recoverability assessments are appropriate, actual results could differ from those estimates.

Flight Equipment Held for Lease

Flight Equipment Held for Lease, Net	9 Months Ended
	Nov. 30, 2024
Property, Plant and Equipment [Abstract]
Flight Equipment Held for Lease, Net	Flight Equipment Held for Lease, Net The following table summarizes the activities for the Company’s flight equipment held for lease for the nine months ended November 30, 2024: Amount Balance at February 29, 2024 $ 6,940,502 Additions 621,932 Depreciation (262,941) Disposals and transfers to net investment in leases and held for sale (430,456) Impairments (10,972) Balance at November 30, 2024 $ 6,858,065 Accumulated depreciation $ 2,159,032 Update on Russian Aircraft The Company leased 9 aircraft to Russian airlines that were unrecoverable following Russia’s invasion of Ukraine in February 2022. The Company filed claims against the reinsurers of the Russian airlines’ insurance and the Company’s contingent and possessed insurance policies (“C&P Policies”) seeking indemnity. During the year ended February 29, 2024, the Company received cash settlement proceeds of $43.2 million in settlement of certain of the Company’s claims under the insurance policies in respect of 4 aircraft formerly on lease to 2 Russian airlines. The Company will continue to explore mitigating losses with respect to the 5 other aircraft that were not included in the prior settlement, but it is uncertain whether this will result in any further settlements and, if so, in what amount. The receipt of the insurance settlement proceeds serve to mitigate, in part, the Company’s losses under its aviation insurance policies. The Company reserves all rights under its C&P Policies. The collection, timing and amount of any future recoveries, including those related to insurance litigation, remain uncertain. Accordingly, at this time, the Company can give no assurance as to when or what amounts it may ultimately collect with respect to these matters.

Lease Rental Revenues

Lease Rental Revenues	9 Months Ended
	Nov. 30, 2024
Leases [Abstract]
Lease Rental Revenues	Lease Rental Revenues Minimum future lease rentals contracted to be received under our existing operating leases of flight equipment at November 30, 2024 were as follows: Year Ending February 28/29, Amount (1) 2025 (Remainder of fiscal year) $ 165,276 2026 622,185 2027 547,235 2028 445,654 2029 368,602 Thereafter 941,164 Total $ 3,090,116 _______________ (1) Reflects impact of lessee lease rental deferrals. At November 30, 2024 and February 29, 2024, the amounts of lease incentive liabilities recorded in maintenance payments on our consolidated balance sheets were $32.0 million and $26.6 million, respectively.

Net Investment in Leases, Net

Net Investment in Leases, Net	9 Months Ended
	Nov. 30, 2024
Leases [Abstract]
Net Investment in Leases, Net	Net Investment in Leases, Net At November 30, 2024 and February 29, 2024, our net investment in leases consisted of 14 aircraft and 15 aircraft, respectively. The components of our net investment in leases at November 30, 2024 and February 29, 2024, were as follows: November 30, 2024 February 29, 2024 Lease receivable $ 125,472 $ 142,983 Unguaranteed residual value of flight equipment 140,038 147,170 Net investment leases 265,510 290,153 Allowance for credit losses (6,871) (7,714) Net investment in leases, net $ 258,639 $ 282,439 At November 30, 2024, future lease payments to be received under our net investment in leases were as follows: Year Ending February 28/29, Amount 2025 (Remainder of fiscal year) $ 5,650 2026 16,589 2027 25,260 2028 26,263 2029 25,994 Thereafter 65,143 Total lease payments to be received 164,899 Present value of lease payments - lease receivable (125,472) Difference between undiscounted lease payments and lease receivable $ 39,427

Concentration of Risk

Concentration of Risk	9 Months Ended
	Nov. 30, 2024
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk The classification of regions in the tables below is based on our customers’ principal place of business. The geographic concentration of the net book value of our fleet (flight equipment held for lease and net investment in leases, or “Net Book Value”) as of November 30, 2024, and February 29, 2024, was as follows: November 30, 2024 February 29, 2024 Region Number Net Book Number Net Book Asia and Pacific 66 29 % 63 27 % Europe 87 30 % 90 30 % Middle East and Africa 10 5 % 9 5 % North America 50 23 % 46 23 % South America 29 12 % 32 14 % Off-lease 2 (1) 1 % 3 1 % Total 244 100 % 243 100 % _______________ (1) Of the 2 off-lease aircraft at November 30, 2024, we currently have 1 narrow-body freighter aircraft, which is subject to a lease commitment, and 1 narrow-body freighter aircraft, which we are marketing for lease. The following table sets forth individual countries representing at least 10% of our Net Book Value as of November 30, 2024 and February 29, 2024: November 30, 2024 February 29, 2024 Country Net Book Net Book Number Net Book Net Book Number United States $ 859,953 12% 7 $ 806,162 11% 5 India 799,139 11% 3 750,498 11% 4 The geographic concentration of our lease rental revenue earned from flight equipment held for lease was as follows: Three Months Ended November 30, Nine Months Ended November 30, Region 2024 2023 2024 2023 Asia and Pacific 28 % 28 % 28 % 29 % Europe 33 % 28 % 32 % 30 % Middle East and Africa 4 % 4 % 4 % 4 % North America 25 % 23 % 24 % 23 % South America 10 % 17 % 12 % 14 % Total 100 % 100 % 100 % 100 % The following table shows the number of lessees with lease rental revenue of at least 5% of total lease rental revenue and their combined total percentage of lease rental revenue for the periods indicated: Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Largest lessees by lease rental revenue 3 20% 4 27% 2 15% 3 21% 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.

Unconsolidated Equity Method In

Unconsolidated Equity Method Investment	9 Months Ended
	Nov. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Unconsolidated Equity Method Investment	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. Amount Balance at February 29, 2024 $ 42,710 Earnings of unconsolidated equity method investment, net of tax 1,737 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.

Borrowings from Secured and Uns

Borrowings from Secured and Unsecured Debt Financings	9 Months Ended
	Nov. 30, 2024
Debt Disclosure [Abstract]
Borrowings from Secured and Unsecured Debt Financings	Borrowings from Secured and Unsecured Debt Financings The outstanding amounts of our secured and unsecured debt financings were as follows: At November 30, 2024 At February 29, 2024 Debt Obligation Outstanding Number of Aircraft Interest Rate Final Stated Outstanding Secured Debt Financings: Term Financings (1) $ 657,091 31 2.36% to 6.87% 12/27/24 to 06/27/32 $ 883,451 Less: Debt issuance costs and discounts (6,352) (8,054) Total secured debt financings, net of debt issuance costs and discounts 650,739 875,397 Unsecured Debt Financings: Senior Notes due 2024 (2) — 4.125% 05/01/24 500,000 Senior Notes due 2025 650,000 5.25% 08/11/25 650,000 Senior Notes due 2026 650,000 4.25% 06/15/26 650,000 2.850% Senior Notes due 2028 750,000 2.85% 01/26/28 750,000 6.500% Senior Notes due 2028 650,000 6.50% 07/18/28 650,000 Senior Notes due 2029 650,000 5.95% 02/15/29 650,000 Senior Notes due 2031 500,000 5.75% 10/01/31 — Revolving Credit Facilities 20,000 7.15% 05/24/25 to 02/08/28 20,000 Less: Debt issuance costs and discounts (42,641) (46,901) Total unsecured debt financings, net of debt issuance costs and discounts 3,827,359 3,823,099 Total secured and unsecured debt financings, net of debt issuance costs and discounts $ 4,478,098 $ 4,698,496 (1) The borrowings under these financings at November 30, 2024, have a weighted average fixed rate of interest of 5.49%. (2) Repaid at the final stated maturity date. Secured Debt Financings Term Financings On August 28, 2024, we repaid in full the $206.3 million outstanding principal amount of one of our term financings secured by 8 aircraft, and $1.9 million of accrued interest. The secured term financing had a final stated maturity date of September 13, 2024, and we recognized a gain on the early extinguishment of debt of $0.3 million. On December 27, 2024, we repaid in full the $60.6 million outstanding principal amount of one of our term financings secured by 7 aircraft, and $0.6 million of accrued interest, at its stated maturity date. Unsecured Debt Financings 5.750% Senior Notes due 2031 On July 18, 2024, the Company and Aircastle (Ireland) Designated Activity Company (“AIDAC”), a wholly-owned subsidiary of the Company, issued $500.0 million aggregate principal amount of 5.750% Senior Notes due 2031 (the “Senior Notes due 2031”) at an issue price of 99.64%. The Senior Notes due 2031 will mature on October 1, 2031, and bear interest at a rate of 5.75% per annum, payable semi-annually on April 1 and October 1 of each year, commencing on April 1, 2025. Interest accrues on the Senior Notes due 2031 from July 18, 2024. Revolving Credit Facilities As of November 30, 2024, we had $20.0 million outstanding under our revolving credit facilities and had $2.1 billion available for borrowing. As of November 30, 2024, we were in compliance with all applicable covenants in our financings. AIDAC Guarantees In connection with AIDAC co-issuing the Senior Notes due 2031 with the Company, AIDAC agreed to fully and unconditionally guarantee (the “AIDAC Guarantees”) the Company’s obligations under its: (i) revolving credit facilities; (ii) 5.250% Senior Notes due 2025; (iii) 4.250% Senior Notes due 2026; (iv) 2.850% Senior Notes due 2028; (v) 6.500% Senior Notes due 2028; and (vi) 5.950% Senior Notes due 2029 (collectively, the “Existing Unsecured Debt”). As a result of the AIDAC Guarantees, the Senior Notes due 2031 rank pari passu in right of payment with the Existing Unsecured Debt.

Shareholders_ Equity

Shareholders’ Equity	9 Months Ended
	Nov. 30, 2024
Equity [Abstract]
Shareholders’ Equity	Shareholders' Equity Issuance of Common Shares On July 5, 2023, the Company entered into a Subscription Agreement with its Shareholders, pursuant to which the Company agreed to make a pro rata issuance of the Company’s common shares, $0.01 par value per share (the “Shares”), for an aggregate purchase price of up to $500.0 million. On July 18, 2023, 1,516 Shares in the aggregate were issued to the Shareholders for an aggregate purchase price of $200.0 million. On June 28, 2024, 2,276 Shares in the aggregate were issued to the Shareholders for an aggregate purchase price of $300.0 million, representing the second and final tranche of Shares to be issued under the Subscription Agreement. The number of Shares and the subscription price per share were determined and agreed to by the parties at the time of issuance. The Shares rank pari passu in all respects with other common shares of the Company. The Company has used, and intends to continue to use, the net proceeds from the issuance of Shares for general corporate purposes. Preference Share Dividends On March 15, 2024, the Company paid a semi-annual dividend in the amount of $10.5 million for its preference shares, which was approved by the Company’s Board of Directors on January 9, 2024, and accrued as of February 29, 2024. On September 16, 2024, the Company paid a semi-annual dividend in the amount of $10.5 million for its preference shares, which was approved by the Company’s Board of Directors on July 8, 2024, and accrued as of August 31, 2024. On January 9, 2025, the Company’s Board of Directors approved a semi-annual dividend in the amount of $10.5 million for its preference shares, to be paid on March 17, 2025.

Related Party Disclosures

Related Party Disclosures	9 Months Ended
	Nov. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We incurred fees from our Shareholders as part of intra-company service agreements totaling $2.1 million and $2.2 million during the three months ended November 30, 2024 and 2023, respectively, and $6.6 million and $6.3 million during the nine months ended November 30, 2024 and 2023, respectively, whereby our Shareholders provide certain management and administrative services to the Company. See Note 9 for additional information regarding our Subscription Agreement with our Shareholders and related Shares issuances.

Income Taxes

Income Taxes	9 Months Ended
	Nov. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income taxes have been provided for based upon the tax laws and rates in countries in which our operations are conducted and income is earned. In December 2023, the Government of Bermuda enacted the Bermuda Corporate Income Tax Act (the “Bermuda CIT Act”), which imposes a 15% corporate current income tax (the “Bermuda CIT”) effective for tax years beginning on or after January 1, 2025. The Company expects to become subject to the Bermuda CIT with respect to its fiscal year beginning March 1, 2025 and subsequent years. Consequently, the provision for income taxes relates to income earned by certain subsidiaries of the Company which are located in, or earn income in, jurisdictions that impose income taxes, primarily the United States and Ireland. The sources of income from continuing operations before income taxes and earnings of our unconsolidated equity method investment for the three and nine months ended November 30, 2024 and 2023 were as follows: Three Months Ended Nine Months Ended November 30, 2024 2023 2024 2023 U.S. operations $ 6,369 $ 7,518 $ 17,053 $ 18,388 Non-U.S. operations 15,269 23,227 60,926 49,044 Income from continuing operations before income taxes and earnings of unconsolidated equity method investment $ 21,638 $ 30,745 $ 77,979 $ 67,432 Our aircraft-owning subsidiaries generally earn income from sources outside the United States and typically are not subject to U.S. federal, state or local income taxes. The aircraft owning subsidiaries resident in the United States and Ireland are subject to tax in those respective jurisdictions. We have a U.S.-based subsidiary which provides management services to our subsidiaries and is subject to U.S. federal, state and local income taxes. We also have Ireland and Singapore-based subsidiaries which provide management services to our non-U.S. subsidiaries and are subject to tax in those respective jurisdictions. We recognized income tax provisions of $16.9 million and $15.3 million for the nine months ended November 30, 2024 and 2023, respectively. Our effective tax rate for the nine months ended November 30, 2024 and 2023 was 21.6% and 22.7%, respectively. The decrease in our effective tax rate is primarily attributable to the mix of profits in taxable and non-taxable jurisdictions. Ireland and Bermuda Tax Law Changes On December 18, 2023, Ireland enacted Finance (No. 2) Bill 2023 (the “Finance Bill”) which includes legislative changes for new tax measures and amendments to the Irish tax code, such as provisions to implement the Pillar Two GloBE rules, new outbound payment rules, and a dividend withholding tax, among other changes. The Finance Bill requires a 20% withholding tax be applied to certain payments, such as interest payments, from Irish companies to recipients in no-tax and zero-tax jurisdictions, effective April 1, 2024. The Finance Bill also requires a 25% withholding tax be applied to dividends and distributions, subject to certain exemptions, as well as introduces new interest deduction rules for a qualifying finance company. The Company has determined that there is no current year impact from the law change. On December 18, 2023, Bermuda enacted the Bermuda CIT Act which imposes the 15% Bermuda CIT that applies to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750 million or more and is effective for tax years beginning on or after January 1, 2025. The Company has appropriately considered the impact of the Bermuda CIT and its impact on current and deferred income taxes.

Interest, Net

Interest, Net	9 Months Ended
	Nov. 30, 2024
Interest Income (Expense), Operating [Abstract]
Interest, Net	Interest, Net The following table shows the components of interest, net: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Interest on borrowings and other liabilities $ 59,615 $ 56,746 $ 183,244 $ 170,751 Amortization of deferred financing fees and debt discount 4,132 4,290 12,722 12,611 Interest expense 63,747 61,036 195,966 183,362 Less: Interest income (4,995) (3,323) (9,315) (10,351) Less: Capitalized interest — (676) (662) (2,048) Interest, net $ 58,752 $ 57,037 $ 185,989 $ 170,963

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Nov. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Rent expense, primarily for the corporate office and sales and marketing facilities, was $0.5 million and $0.6 million, and $1.5 million and $1.8 million for the three and nine months ended November 30, 2024 and 2023, respectively. As of November 30, 2024, Aircastle is obligated under non-cancelable operating leases relating principally to office facilities in Stamford, Connecticut; Dublin, Ireland; and Singapore for future minimum lease payments as follows: Year Ending February 28/29, Amount 2025 (Remainder of fiscal year) $ 731 2026 2,754 2027 2,691 2028 2,723 2029 1,929 Thereafter 15,214 Total $ 26,042 At November 30, 2024, we had commitments to purchase 32 aircraft for $1.4 billion. At November 30, 2024, commitments, including $34.4 million of remaining progress payments, contractual price escalations and other adjustments for these aircraft, net of amounts already paid, were as follows: Year Ending February 28/29, Amount 2025 (Remainder of fiscal year) $ 592,534 2026 586,456 2027 202,295 2028 30,691 2029 — Thereafter — Total $ 1,411,976

Other Assets

Other Assets	9 Months Ended
	Nov. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consisted of the following as of November 30, 2024, and February 29, 2024: November 30, February 29, Deferred income tax asset $ 47 $ 48 Lease incentives and premiums, net of accumulated amortization of $88,550 and $90,408, respectively 43,920 37,459 Flight equipment held for sale 10,108 19,190 Aircraft purchase deposits and Embraer E-2 progress payments 34,092 42,784 Right-of-use asset (1) 15,010 16,053 Deferred rent receivable, net (2) 10,247 15,825 Investments, at fair value (3) 10,362 10,160 Other investments, net (2)(3) 5,063 5,079 Other assets 111,604 125,209 Total other assets $ 240,453 $ 271,807 ______________ (1) Net of lease incentives and tenant allowances. (2) Net of an allowance for credit losses – see Note 15. (3)

Allowance for Credit Losses

Allowance for Credit Losses	9 Months Ended
	Nov. 30, 2024
Credit Loss [Abstract]
Allowance for Credit Losses	Allowance for Credit Losses The activity in the allowance for credit losses related to our net investment in leases, other investments, and deferred rent receivables for the nine months ended November 30, 2024, was as follows: Net Investment in Leases, net Other Investments, net Deferred Rent Receivables, net Total Balance at February 29, 2024 $ 7,714 $ 3,209 $ 2,146 $ 13,069 Provision for credit losses (231) 742 (230) 281 Write-offs (612) — — (612) Balance at November 30, 2024 $ 6,871 $ 3,951 $ 1,916 $ 12,738

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	9 Months Ended
	Nov. 30, 2024
Payables and Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	Accounts Payable, Accrued Expenses and Other Liabilities Accounts payable, accrued expenses and other liabilities consisted of the following as of November 30, 2024, and February 29, 2024: November 30, February 29, Accounts payable, accrued expenses and other liabilities $ 40,938 $ 68,185 Deferred income tax liability 110,884 100,405 Accrued interest payable 69,789 27,507 Lease liability 18,302 19,193 Lease discounts, net of amortization of $20,749 and $43,519, respectively 20,543 4,298 Total accounts payable, accrued expenses and other liabilities $ 260,456 $ 219,588

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Nov. 30, 2024
Accounting Policies [Abstract]
Organization and Basis of Presentation	Organization Aircastle Limited (“Aircastle,” the “Company,” “we,” “us” or “our”) is a Bermuda company that was incorporated on October 29, 2004, under the provisions of Section 14 of the Companies Act of 1981 of Bermuda. Aircastle’s business consists of acquiring, leasing, managing and selling commercial jet aircraft. The Company is controlled by affiliates of Marubeni Corporation (“Marubeni”) and Mizuho Leasing Company, Limited (“Mizuho Leasing” and, together with Marubeni, our “Shareholders”). Aircastle is a holding company and conducts its business through subsidiaries that are wholly owned, either directly or indirectly, by Aircastle.
Principles of Consolidation	Basis of Presentation and Principles of Consolidation The consolidated financial statements presented are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The accompanying consolidated financial statements are unaudited and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting and, in our opinion, reflect all adjustments, including normal recurring items, which are necessary to present fairly the results for interim periods. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the entire year. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with U.S. GAAP have been omitted in accordance with the rules and regulations of the SEC. However, we believe that the disclosures are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended February 29, 2024. The consolidated financial statements include the accounts of Aircastle and all its subsidiaries, including any Variable Interest Entity (“VIE”) of which Aircastle is the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. We manage and analyze our business and report on our results of operations based on one operating segment: leasing, financing, selling and managing commercial flight equipment. Our Chief Executive Officer is the chief operating decision maker (the “CODM”). The significant segment expenses and other segment items that are provided to the CODM align with expense information that is included in the Company’s consolidated income statement. The Company’s management has reviewed and evaluated all events or transactions for potential recognition and/or disclosure subsequent to the balance sheet date of November 30, 2024, through the date on which the consolidated financial statements included in this Form 10-Q were issued.
Concentration Risk, Credit Risk, Policy	Risk and Uncertainties In the normal course of business, Aircastle encounters several significant types of economic risk, including credit, market, aviation industry and capital market risks. Credit risk is the risk of a lessee’s inability or unwillingness to make contractually required payments and to fulfill its other contractual obligations to Aircastle. Market risk reflects the change in the value of financings due to changes in interest rate spreads or other market factors, including the value of collateral underlying financings. Aviation industry risk is the risk of a downturn in the commercial aviation industry which could adversely impact a lessee’s ability to make payments, increase the risk of early lease terminations and depress lease rates and the value of the Company’s aircraft. Capital market risk is the risk that the Company is unable to obtain capital at reasonable rates to fund the growth of its business or to refinance existing debt.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. While Aircastle believes the estimates and related assumptions used in the preparation of the consolidated financial statements are appropriate, actual results could differ from those estimates.
New Accounting Pronouncements, Policy	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASC 740”). ASC 740 enhances the transparency of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The standard requires disclosure of specific categories in the rate reconciliation, using both percentages and reporting currency amounts, as well as disclosure of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and individual jurisdictions. The standard is effective for annual periods beginning after December 15, 2024 and should be applied on a prospective basis. We are currently evaluating the standard; however, it is not expected to have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This standard requires entities to provide additional disclosure around certain costs and expenses presented within the Income Statement. This standard aims to improve the disclosures around the entity’s expenses and address requests from investors for more detailed information about the types of expenses. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company does not anticipate that the adoption of the standard will have a material impact on its consolidated financial statements or related disclosures.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Nov. 30, 2024
Fair Value Disclosures [Abstract]
Fair value assets and liabilities measured on recurring basis	The following tables set forth our financial assets as of November 30, 2024, and February 29, 2024, that we measured at fair value on a recurring basis by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value Measurements at November 30, 2024 Using Fair Value Hierarchy Fair Value as of November 30, 2024 Quoted Prices Significant Significant Valuation Assets : Cash and cash equivalents $ 523,753 $ 523,753 $ — $ — Market Investments, at fair value: Investment in debt securities $ 5,029 $ — $ — $ 5,029 Income Investment in equity securities 5,333 1,435 — 3,898 Market/Income Total investments, at fair value $ 10,362 $ 1,435 $ — $ 8,927 Fair Value Measurements at February 29, 2024 Using Fair Value Hierarchy Fair Value as of February 29, 2024 Quoted Prices Significant Significant Valuation Assets : Cash and cash equivalents $ 129,977 $ 129,977 $ — $ — Market Investments, at fair value: Investment in debt securities $ 5,029 $ — $ — $ 5,029 Income Investment in equity securities 5,131 1,687 — 3,444 Market/Income Total investments, at fair value $ 10,160 $ 1,687 $ — $ 8,473
Carrying amounts and fair values of financial instruments	The carrying amounts and fair values of our financial instruments at November 30, 2024, and February 29, 2024 were as follows: November 30, 2024 February 29, 2024 Assets Carrying Amount Fair Value Carrying Amount Fair Value Investments, at fair value (1) $ 10,362 $ 10,362 $ 10,160 $ 10,160 Other investments, net (2) 5,063 5,063 5,079 5,079 Liabilities Carrying Amount Fair Value Carrying Amount Fair Value Credit Facilities $ 20,000 $ 20,000 $ 20,000 $ 20,000 Term Financings 657,091 655,079 883,451 885,139 Senior Notes 3,850,000 3,861,008 3,850,000 3,738,146 _______________ (1) See Assets Measured at Fair Value on a Recurring Basis. (2) As of November 30, 2024, we had a $4.0 million allowance for credit losses on certain investments in debt securities that are carried at amortized cost – see Note 15.

Flight Equipment Held for Lea_2

Flight Equipment Held for Lease, Net (Tables)	9 Months Ended
	Nov. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Flight Equipment Held for Sale	The following table summarizes the activities for the Company’s flight equipment held for lease for the nine months ended November 30, 2024: Amount Balance at February 29, 2024 $ 6,940,502 Additions 621,932 Depreciation (262,941) Disposals and transfers to net investment in leases and held for sale (430,456) Impairments (10,972) Balance at November 30, 2024 $ 6,858,065 Accumulated depreciation $ 2,159,032

Lease Rental Revenues (Tables)

Lease Rental Revenues (Tables)	9 Months Ended
	Nov. 30, 2024
Leases [Abstract]
Schedule of Minimum Future Lease Rentals	Minimum future lease rentals contracted to be received under our existing operating leases of flight equipment at November 30, 2024 were as follows: Year Ending February 28/29, Amount (1) 2025 (Remainder of fiscal year) $ 165,276 2026 622,185 2027 547,235 2028 445,654 2029 368,602 Thereafter 941,164 Total $ 3,090,116 _______________ (1) Reflects impact of lessee lease rental deferrals.

Net Investment in Leases, Net (

Net Investment in Leases, Net (Tables)	9 Months Ended
	Nov. 30, 2024
Leases [Abstract]
Schedule of Components of Net Investment in Leases	The components of our net investment in leases at November 30, 2024 and February 29, 2024, were as follows: November 30, 2024 February 29, 2024 Lease receivable $ 125,472 $ 142,983 Unguaranteed residual value of flight equipment 140,038 147,170 Net investment leases 265,510 290,153 Allowance for credit losses (6,871) (7,714) Net investment in leases, net $ 258,639 $ 282,439
Schedule of Future Lease Payments to be Received	At November 30, 2024, future lease payments to be received under our net investment in leases were as follows: Year Ending February 28/29, Amount 2025 (Remainder of fiscal year) $ 5,650 2026 16,589 2027 25,260 2028 26,263 2029 25,994 Thereafter 65,143 Total lease payments to be received 164,899 Present value of lease payments - lease receivable (125,472) Difference between undiscounted lease payments and lease receivable $ 39,427

Concentration of Risk (Tables)

Concentration of Risk (Tables)	9 Months Ended
	Nov. 30, 2024
Risks and Uncertainties [Abstract]
Long-lived Assets by Geographic Areas	The geographic concentration of the net book value of our fleet (flight equipment held for lease and net investment in leases, or “Net Book Value”) as of November 30, 2024, and February 29, 2024, was as follows: November 30, 2024 February 29, 2024 Region Number Net Book Number Net Book Asia and Pacific 66 29 % 63 27 % Europe 87 30 % 90 30 % Middle East and Africa 10 5 % 9 5 % North America 50 23 % 46 23 % South America 29 12 % 32 14 % Off-lease 2 (1) 1 % 3 1 % Total 244 100 % 243 100 % _______________ (1) Of the 2 off-lease aircraft at November 30, 2024, we currently have 1 narrow-body freighter aircraft, which is subject to a lease commitment, and 1 narrow-body freighter aircraft, which we are marketing for lease.
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country	The following table sets forth individual countries representing at least 10% of our Net Book Value as of November 30, 2024 and February 29, 2024: November 30, 2024 February 29, 2024 Country Net Book Net Book Number Net Book Net Book Number United States $ 859,953 12% 7 $ 806,162 11% 5 India 799,139 11% 3 750,498 11% 4
Revenue from External Customers by Geographic Areas	The geographic concentration of our lease rental revenue earned from flight equipment held for lease was as follows: Three Months Ended November 30, Nine Months Ended November 30, Region 2024 2023 2024 2023 Asia and Pacific 28 % 28 % 28 % 29 % Europe 33 % 28 % 32 % 30 % Middle East and Africa 4 % 4 % 4 % 4 % North America 25 % 23 % 24 % 23 % South America 10 % 17 % 12 % 14 % Total 100 % 100 % 100 % 100 %
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas	The following table shows the number of lessees with lease rental revenue of at least 5% of total lease rental revenue and their combined total percentage of lease rental revenue for the periods indicated: Three Months Ended November 30, Nine Months Ended November 30, 2024 2023 2024 2023 Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Number of Lessees Combined % of Lease Largest lessees by lease rental revenue 3 20% 4 27% 2 15% 3 21%

Unconsolidated Equity Method _2

Unconsolidated Equity Method Investment (Tables)	9 Months Ended
	Nov. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	Amount Balance at February 29, 2024 $ 42,710 Earnings of unconsolidated equity method investment, net of tax 1,737 Balance at November 30, 2024 $ 44,447

Borrowings from Secured and U_2

Borrowings from Secured and Unsecured Debt Financings (Tables)	9 Months Ended
	Nov. 30, 2024
Debt Disclosure [Abstract]
Outstanding amounts of secured and unsecured term debt financings	The outstanding amounts of our secured and unsecured debt financings were as follows: At November 30, 2024 At February 29, 2024 Debt Obligation Outstanding Number of Aircraft Interest Rate Final Stated Outstanding Secured Debt Financings: Term Financings (1) $ 657,091 31 2.36% to 6.87% 12/27/24 to 06/27/32 $ 883,451 Less: Debt issuance costs and discounts (6,352) (8,054) Total secured debt financings, net of debt issuance costs and discounts 650,739 875,397 Unsecured Debt Financings: Senior Notes due 2024 (2) — 4.125% 05/01/24 500,000 Senior Notes due 2025 650,000 5.25% 08/11/25 650,000 Senior Notes due 2026 650,000 4.25% 06/15/26 650,000 2.850% Senior Notes due 2028 750,000 2.85% 01/26/28 750,000 6.500% Senior Notes due 2028 650,000 6.50% 07/18/28 650,000 Senior Notes due 2029 650,000 5.95% 02/15/29 650,000 Senior Notes due 2031 500,000 5.75% 10/01/31 — Revolving Credit Facilities 20,000 7.15% 05/24/25 to 02/08/28 20,000 Less: Debt issuance costs and discounts (42,641) (46,901) Total unsecured debt financings, net of debt issuance costs and discounts 3,827,359 3,823,099 Total secured and unsecured debt financings, net of debt issuance costs and discounts $ 4,478,098 $ 4,698,496 (1) The borrowings under these financings at November 30, 2024, have a weighted average fixed rate of interest of 5.49%. (2) Repaid at the final stated maturity date.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Nov. 30, 2024
Income Tax Disclosure [Abstract]
Sources of income from continuing operations before income taxes	The sources of income from continuing operations before income taxes and earnings of our unconsolidated equity method investment for the three and nine months ended November 30, 2024 and 2023 were as follows: Three Months Ended Nine Months Ended November 30, 2024 2023 2024 2023 U.S. operations $ 6,369 $ 7,518 $ 17,053 $ 18,388 Non-U.S. operations 15,269 23,227 60,926 49,044 Income from continuing operations before income taxes and earnings of unconsolidated equity method investment $ 21,638 $ 30,745 $ 77,979 $ 67,432

Interest, Net (Tables)

Interest, Net (Tables)	9 Months Ended
	Nov. 30, 2024
Interest Income (Expense), Operating [Abstract]
Components of Interest	The following table shows the components of interest, net: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Interest on borrowings and other liabilities $ 59,615 $ 56,746 $ 183,244 $ 170,751 Amortization of deferred financing fees and debt discount 4,132 4,290 12,722 12,611 Interest expense 63,747 61,036 195,966 183,362 Less: Interest income (4,995) (3,323) (9,315) (10,351) Less: Capitalized interest — (676) (662) (2,048) Interest, net $ 58,752 $ 57,037 $ 185,989 $ 170,963

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Nov. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of obligations under non-cancelable operating leases	As of November 30, 2024, Aircastle is obligated under non-cancelable operating leases relating principally to office facilities in Stamford, Connecticut; Dublin, Ireland; and Singapore for future minimum lease payments as follows: Year Ending February 28/29, Amount 2025 (Remainder of fiscal year) $ 731 2026 2,754 2027 2,691 2028 2,723 2029 1,929 Thereafter 15,214 Total $ 26,042
Long-term Purchase Commitment	At November 30, 2024, commitments, including $34.4 million of remaining progress payments, contractual price escalations and other adjustments for these aircraft, net of amounts already paid, were as follows: Year Ending February 28/29, Amount 2025 (Remainder of fiscal year) $ 592,534 2026 586,456 2027 202,295 2028 30,691 2029 — Thereafter — Total $ 1,411,976

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Nov. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Principal components of other assets	Other assets consisted of the following as of November 30, 2024, and February 29, 2024: November 30, February 29, Deferred income tax asset $ 47 $ 48 Lease incentives and premiums, net of accumulated amortization of $88,550 and $90,408, respectively 43,920 37,459 Flight equipment held for sale 10,108 19,190 Aircraft purchase deposits and Embraer E-2 progress payments 34,092 42,784 Right-of-use asset (1) 15,010 16,053 Deferred rent receivable, net (2) 10,247 15,825 Investments, at fair value (3) 10,362 10,160 Other investments, net (2)(3) 5,063 5,079 Other assets 111,604 125,209 Total other assets $ 240,453 $ 271,807 ______________ (1) Net of lease incentives and tenant allowances. (2) Net of an allowance for credit losses – see Note 15. (3) See Note 2.

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)	9 Months Ended
	Nov. 30, 2024
Credit Loss [Abstract]
Allowance for Credit Losses	The activity in the allowance for credit losses related to our net investment in leases, other investments, and deferred rent receivables for the nine months ended November 30, 2024, was as follows: Net Investment in Leases, net Other Investments, net Deferred Rent Receivables, net Total Balance at February 29, 2024 $ 7,714 $ 3,209 $ 2,146 $ 13,069 Provision for credit losses (231) 742 (230) 281 Write-offs (612) — — (612) Balance at November 30, 2024 $ 6,871 $ 3,951 $ 1,916 $ 12,738

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Nov. 30, 2024
Payables and Accruals [Abstract]
Principal components of accounts payable, accrued expenses and other liabilities recorded on our consolidated balance sheet	Accounts payable, accrued expenses and other liabilities consisted of the following as of November 30, 2024, and February 29, 2024: November 30, February 29, Accounts payable, accrued expenses and other liabilities $ 40,938 $ 68,185 Deferred income tax liability 110,884 100,405 Accrued interest payable 69,789 27,507 Lease liability 18,302 19,193 Lease discounts, net of amortization of $20,749 and $43,519, respectively 20,543 4,298 Total accounts payable, accrued expenses and other liabilities $ 260,456 $ 219,588

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	9 Months Ended
	Nov. 30, 2024 segment
Accounting Policies [Abstract]
Number of operating segments	1

Fair Value Measurements - Asset

Fair Value Measurements - Assets Measured at Fair Value (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Debt Securities
Assets:
Investment	$ 10,362	$ 10,160
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash and cash equivalents	523,753	129,977
Investment	1,435	1,687
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Debt Securities
Assets:
Investment	0	0
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity Securities
Assets:
Investment	1,435	1,687
Recurring | Significant Other Observable Inputs (Level 2)
Assets:
Cash and cash equivalents	0	0
Investment	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Debt Securities
Assets:
Investment	0	0
Recurring | Significant Other Observable Inputs (Level 2) | Equity Securities
Assets:
Investment	0	0
Recurring | Significant Unobservable Inputs (Level 3)
Assets:
Cash and cash equivalents	0	0
Investment	8,927	8,473
Recurring | Significant Unobservable Inputs (Level 3) | Debt Securities
Assets:
Investment	5,029	5,029
Recurring | Significant Unobservable Inputs (Level 3) | Equity Securities
Assets:
Investment	3,898	3,444
Recurring | Estimate of Fair Value Measurement
Assets:
Cash and cash equivalents	523,753	129,977
Investment	10,362	10,160
Recurring | Estimate of Fair Value Measurement | Debt Securities
Assets:
Investment	5,029	5,029
Recurring | Estimate of Fair Value Measurement | Equity Securities
Assets:
Investment	$ 5,333	$ 5,131

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Transfers, net			$ 0
Impairment of flight equipment	$ 8,419	$ 34,959	19,391	$ 37,156
Gain on sale or disposition of flight equipment	$ 20,483	$ 20,193	56,909	$ 67,240
Transactional
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impairment of flight equipment			11,000
KOREA, REPUBLIC OF
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain on sale or disposition of flight equipment			$ 24,000

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other investments net allowance for credit loss writeoff	$ 3,951	$ 3,209
Other Investments, net
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Other investments net allowance for credit loss writeoff	4,000
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement | Debt Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investment	10,362	10,160
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement | Other Investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investment	5,063	5,079
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement | Debt Securities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investment	10,362	10,160
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement | Other Investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investment	5,063	5,079
Unsecured Debt | Significant Other Observable Inputs (Level 2) | Reported Value Measurement | Revolving Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments	20,000	20,000
Unsecured Debt | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement | Revolving Credit Facility
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments	20,000	20,000
Unsecured Debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | Reported Value Measurement | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments	3,850,000	3,850,000
Unsecured Debt | Quoted Prices in Active Markets for Identical Assets (Level 1) | Estimate of Fair Value Measurement | Senior Notes
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments	3,861,008	3,738,146
Secured Debt | Significant Other Observable Inputs (Level 2) | Reported Value Measurement | Term Financings
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments	657,091	883,451
Secured Debt | Significant Other Observable Inputs (Level 2) | Estimate of Fair Value Measurement | Term Financings
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Debt instruments	$ 655,079	$ 885,139

Flight Equipment Held for Lea_3

Flight Equipment Held for Lease, Net - Schedule of Flight Equipment Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Impaired Long-Lived Assets Held And Used [Roll Forward]
Balance, beginning of period			$ 6,940,502
Depreciation	$ (87,604)	$ (86,647)	(264,637)	$ (261,764)
Transfers from flight equipment held for lease to Net investment in leases and Other assets			6,310	184,236
Impairments	(8,419)	$ (34,959)	(19,391)	$ (37,156)
Balance, end of period	6,858,065		6,858,065
Flight Equipment
Impaired Long-Lived Assets Held And Used [Roll Forward]
Balance, beginning of period			6,940,502
Additions			621,932
Depreciation			(262,941)
Transfers from flight equipment held for lease to Net investment in leases and Other assets			(430,456)
Impairments			(10,972)
Balance, end of period	6,858,065		6,858,065
Accumulated depreciation	$ 2,159,032		$ 2,159,032

Flight Equipment Held for Lea_4

Flight Equipment Held for Lease, Net - Narrative (Details) $ in Millions	Dec. 26, 2023 USD ($) aircraft
Impaired Long-Lived Assets Held and Used [Line Items]
Proceeds from insurance settlement | $	$ 43.2
RUSSIAN FEDERATION | Settlement Discussions Ongoing
Impaired Long-Lived Assets Held and Used [Line Items]
Number of Russian lessees, insurance settlement	2
Aircraft Remaining in Country of Base Operations | RUSSIAN FEDERATION
Impaired Long-Lived Assets Held and Used [Line Items]
Number of aircraft previously on lease with Russian Airlines	9
Aircraft Remaining in Country of Base Operations | RUSSIAN FEDERATION | Settlement Resolved
Impaired Long-Lived Assets Held and Used [Line Items]
Number of aircraft previously on lease with Russian Airlines	4
Aircraft Remaining in Country of Base Operations | RUSSIAN FEDERATION | Settlement Discussions Ongoing
Impaired Long-Lived Assets Held and Used [Line Items]
Number of aircraft previously on lease with Russian Airlines	5

Lease Rental Revenues - Schedul

Lease Rental Revenues - Schedule of Minimum Future Lease Rentals (Details) $ in Thousands	Nov. 30, 2024 USD ($)
Annual future minimum lease rentals receivable
2025 (Remainder of fiscal year)	$ 165,276
2026	622,185
2027	547,235
2028	445,654
2029	368,602
Thereafter	941,164
Total	$ 3,090,116

Lease Rental Revenues - Narrati

Lease Rental Revenues - Narrative (Details) - USD ($) $ in Millions	Nov. 30, 2024	Feb. 29, 2024
Maintenance Payments
Revenue, Major Customer [Line Items]
Lease incentive liabilities	$ 32	$ 26.6

Net Investment in Leases, Net -

Net Investment in Leases, Net - Narrative (Details) - aircraft	Nov. 30, 2024	Feb. 29, 2024
Leases [Abstract]
Number of leased assets	14	15

Net Investment in Leases, Net_2

Net Investment in Leases, Net - Schedule of Components of Net Investment in Leases (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024
Leases [Abstract]
Lease receivable	$ 125,472	$ 142,983
Unguaranteed residual value of flight equipment	140,038	147,170
Net investment leases	265,510	290,153
Allowance for credit losses	(6,871)	(7,714)
Net investment in leases, net	$ 258,639	$ 282,439

Net Investment in Leases, Net_3

Net Investment in Leases, Net - Schedule of Future Lease Payments to be Received (Details) $ in Thousands	Nov. 30, 2024 USD ($)
Capital Leases, Net Investment in Direct Financing Leases [Abstract]
2025 (Remainder of fiscal year)	$ 5,650
2026	16,589
2027	25,260
2028	26,263
2029	25,994
Thereafter	65,143
Total lease payments to be received	164,899
Present value of lease payments - lease receivable	(125,472)
Difference between undiscounted lease payments and lease receivable	$ 39,427

Concentration of Risk (Details)

Concentration of Risk (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2024 USD ($) aircraft Lessee	Nov. 30, 2023 USD ($) Lessee	Nov. 30, 2024 USD ($) aircraft Lessee	Nov. 30, 2023 USD ($) Lessee	Feb. 29, 2024 USD ($) aircraft Lessee	Jan. 07, 2025 aircraft
Concentration Risk [Line Items]
Number of Aircraft	244		244		243
Percentage	100%	100%	100%	100%	100%
Gain on sale or disposition of flight equipment | $	$ 20,483	$ 20,193	$ 56,909	$ 67,240
Maintenance revenue | $	$ 14,517	58,657	$ 76,044	$ 108,223
Asia and Pacific
Concentration Risk [Line Items]
Number of Aircraft	66		66		63
Europe
Concentration Risk [Line Items]
Number of Aircraft	87		87		90
Middle East and Africa
Concentration Risk [Line Items]
Number of Aircraft	10		10		9
North America
Concentration Risk [Line Items]
Number of Aircraft	50		50		46
South America
Concentration Risk [Line Items]
Number of Aircraft	29		29		32
Off Lease
Concentration Risk [Line Items]
Number of off-lease aircraft marketed for lease	2		2
Number of off-lease aircraft marketed for lease or sale					3
United States
Concentration Risk [Line Items]
Net Book Value | $	$ 859,953		$ 859,953		$ 806,162
Net Book Value %			12%		11%
Number of Lessees | Lessee			7		5
Gain on sale or disposition of flight equipment | $	20,600	9,300	$ 22,100
India
Concentration Risk [Line Items]
Net Book Value | $	$ 799,139		$ 799,139		$ 750,498
Net Book Value %			11%		11%
Number of Lessees | Lessee			3		4
SPAIN
Concentration Risk [Line Items]
Gain on sale or disposition of flight equipment | $			$ 32,200
KOREA, REPUBLIC OF
Concentration Risk [Line Items]
Gain on sale or disposition of flight equipment | $			$ 24,000
Maintenance revenue | $		$ 21,300
Geographic Concentration Risk | Net Book Value | Asia and Pacific
Concentration Risk [Line Items]
Percentage			29%		27%
Geographic Concentration Risk | Net Book Value | Europe
Concentration Risk [Line Items]
Percentage			30%		30%
Geographic Concentration Risk | Net Book Value | Middle East and Africa
Concentration Risk [Line Items]
Percentage			5%		5%
Geographic Concentration Risk | Net Book Value | North America
Concentration Risk [Line Items]
Percentage			23%		23%
Geographic Concentration Risk | Net Book Value | South America
Concentration Risk [Line Items]
Percentage			12%		14%
Geographic Concentration Risk | Net Book Value | Off Lease
Concentration Risk [Line Items]
Percentage			1%		1%
Geographic Concentration Risk | Lease Rental Revenue | Asia and Pacific
Concentration Risk [Line Items]
Percentage	28%	28%	28%	29%
Geographic Concentration Risk | Lease Rental Revenue | Europe
Concentration Risk [Line Items]
Percentage	33%	28%	32%	30%
Geographic Concentration Risk | Lease Rental Revenue | Middle East and Africa
Concentration Risk [Line Items]
Percentage	4%	4%	4%	4%
Geographic Concentration Risk | Lease Rental Revenue | North America
Concentration Risk [Line Items]
Percentage	25%	23%	24%	23%
Geographic Concentration Risk | Lease Rental Revenue | South America
Concentration Risk [Line Items]
Percentage	10%	17%	12%	14%
Geographic Concentration Risk | Total Revenue | United States
Concentration Risk [Line Items]
Percentage	21%	11%	13%
Geographic Concentration Risk | Total Revenue | SPAIN
Concentration Risk [Line Items]
Percentage			11%
Subsequent Event | Narrow-body - Freighter
Concentration Risk [Line Items]
Number of off-lease aircraft marketed for lease						1
Subsequent Event | Narrow-body
Concentration Risk [Line Items]
Number of off-lease aircraft marketed for lease						1
Largest lessees by lease rental revenue
Concentration Risk [Line Items]
Number of customers | Lessee	3	4	2	3
Largest lessees by lease rental revenue | Customer Concentration Risk | Lease Rental Revenue
Concentration Risk [Line Items]
Percentage	20%	27%	15%	21%

Unconsolidated Equity Method _3

Unconsolidated Equity Method Investment (Details)		3 Months Ended		9 Months Ended
	Oct. 29, 2024 USD ($)	Nov. 30, 2024 USD ($) aircraft	Nov. 30, 2023 USD ($)	Nov. 30, 2024 USD ($) aircraft	Nov. 30, 2023 USD ($)	Feb. 29, 2024 USD ($)
Equity Method Investments [Roll Forward]
Beginning balance				$ 42,710,000
Earnings of unconsolidated equity method investment, net of tax		$ 738,000	$ 925,000	1,737,000	$ 1,787,000
Ending balance		44,447,000		44,447,000
Borrowings from unsecured financings, net		$ 3,827,359,000		$ 3,827,359,000		$ 3,823,099,000
Unsecured Debt | Corporate Joint Venture | Mizuho Leasing 2024 Unsecured Loan Facility JV
Equity Method Investments [Roll Forward]
Borrowings from unsecured financings, net	$ 4,500,000
Line of Credit | Corporate Joint Venture | Mizuho Leasing 2024 Unsecured Loan Facility JV
Equity Method Investments [Roll Forward]
Debt Instrument, Basis Spread on Variable Rate	2%
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Total number of aircraft owned by joint ventures | aircraft		9		9
Net Book Value		$ 261,500,000		$ 261,500,000

Borrowings from Secured and U_3

Borrowings from Secured and Unsecured Debt Financings - Outstanding amounts of secured and unsecured term debt financings (Details) $ in Thousands	Nov. 30, 2024 USD ($) aircraft	Jul. 18, 2024 USD ($)	Feb. 29, 2024 USD ($)
Outstanding amounts of secured and unsecured term debt financings
Borrowings from secured financings	$ 650,739		$ 875,397
Borrowings from unsecured financings, net	$ 3,827,359		3,823,099
Number of Aircraft | aircraft
Total secured and unsecured debt financings, net of debt issuance costs and discounts	$ 4,478,098		4,698,496
Line of Credit | Revolving Credit Facility
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 20,000		20,000
Line of Credit | Minimum | Revolving Credit Facility
Outstanding amounts of secured and unsecured term debt financings
Interest Rate	7.15%
Bank Financings | Notes Payable to Banks
Outstanding amounts of secured and unsecured term debt financings
Borrowings from secured financings	$ 657,091		883,451
Number of Aircraft | aircraft	31
Bank Financings | Notes Payable to Banks | Minimum
Outstanding amounts of secured and unsecured term debt financings
Interest Rate	2.36%
Bank Financings | Notes Payable to Banks | Maximum
Outstanding amounts of secured and unsecured term debt financings
Interest Rate	6.87%
Bank Financings | Notes Payable, Other Payables
Outstanding amounts of secured and unsecured term debt financings
Weighted-average fixed interest rate	5.49%
Secured Debt
Outstanding amounts of secured and unsecured term debt financings
Debt issuance costs and discounts	$ (6,352)		(8,054)
Senior Notes due 2024(2) | Senior Notes | 4.125
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 0		500,000
Interest Rate	4.125%
Senior Notes due 2025 | Senior Notes | 5.25%
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 650,000		650,000
Interest Rate	5.25%
Senior Notes due 2026 | Senior Notes | 4.25%
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 650,000		650,000
Interest Rate	4.25%
2.850% Senior Notes due 2028 | Senior Notes | 2.85%
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 750,000		750,000
Interest Rate	2.85%
6.500% Senior Notes due 2028 | Senior Notes | 6.50%
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 650,000		650,000
Interest Rate	6.50%
Senior Notes due 2029 | Senior Notes | 5.95%
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 650,000		650,000
Interest Rate	5.95%
Senior Notes due 2031 | Senior Notes | 5.75%
Outstanding amounts of secured and unsecured term debt financings
Borrowings from unsecured financings, net	$ 500,000	$ 500,000	0
Interest Rate	5.75%
Unsecured Debt
Outstanding amounts of secured and unsecured term debt financings
Debt issuance costs and discounts	$ (42,641)		$ (46,901)

Borrowings from Secured and U_4

Borrowings from Secured and Unsecured Debt Financings - Narrative (Details)			3 Months Ended			9 Months Ended
	Dec. 27, 2024 USD ($) aircraft	Aug. 28, 2024 USD ($) aircraft	Nov. 30, 2024 USD ($)	Aug. 31, 2024 USD ($)	Nov. 30, 2023 USD ($)	Nov. 30, 2024 USD ($)	Nov. 30, 2023 USD ($)	Jul. 18, 2024	Feb. 29, 2024 USD ($)
Debt Instrument [Line Items]
Gain on extinguishment of debt			$ 0	$ 300,000	$ 0	$ 285,000	$ 0
Borrowings from unsecured financings, net			3,827,359,000			3,827,359,000			$ 3,823,099,000
Remaining borrowing capacity			2,100,000,000			2,100,000,000
6.500% Senior Notes due 2028 | Senior Notes | 6.50%
Debt Instrument [Line Items]
Borrowings from unsecured financings, net			$ 650,000,000			$ 650,000,000			650,000,000
Interest rate			6.50%			6.50%
2023 Secured Facility | Secured Debt
Debt Instrument [Line Items]
Principal paid		$ 206,300,000
Individual debt instrument at time of issuance, part of overall portfolio of term financings		1
Maximum number of aircraft secured by debt instrument | aircraft		8
Accrued interest paid		$ 1,900,000
5.75% | Senior Notes | 5.75%
Debt Instrument [Line Items]
Interest rate								5.75%
5.75% Senior Notes Due 2031 | Senior Notes
Debt Instrument [Line Items]
Debt issue price percent								99.64%
NAB 2018/2019 Financing | Secured Debt | Subsequent Event
Debt Instrument [Line Items]
Principal paid	$ 60,600,000
Individual debt instrument at time of issuance, part of overall portfolio of term financings	1
Maximum number of aircraft secured by debt instrument | aircraft	7
Accrued interest paid	$ 600,000
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Borrowings from unsecured financings, net			$ 20,000,000			$ 20,000,000			$ 20,000,000

Shareholders_ Equity (Details)

Shareholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Nov. 30, 2024	Aug. 31, 2024	May 31, 2024	Aug. 31, 2023	Jun. 28, 2024	Feb. 29, 2024	Jul. 05, 2023
Class of Stock [Line Items]
Common shares, par value (in dollars per share)	$ 0.01					$ 0.01
Common stock, value, subscriptions							$ 500,000
Issuance of common shares (in shares)	17,840				2,276	15,564	1,516
Preference share dividends	$ 10,500	$ 10,500	$ 10,500	$ 10,500
Subscription Agreement with Marubeni/Mizuho - Tranche One ($200.0 million)
Class of Stock [Line Items]
Common stock, value, subscriptions							$ 200,000
Subscription Agreement with Marubeni/Mizuho - Tranche Two ($300.0 million)
Class of Stock [Line Items]
Common stock, value, subscriptions					$ 300,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Marubeni Service Agreement
Related Party Transaction [Line Items]
Amounts of transactions	$ 2.1	$ 2.2	$ 6.6	$ 6.3

Income Taxes - Sources of incom

Income Taxes - Sources of income from continuing operations before income taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Sources of income from continuing operations before income taxes
U.S. operations	$ 6,369	$ 7,518	$ 17,053	$ 18,388
Non-U.S. operations	15,269	23,227	60,926	49,044
Income from continuing operations before income taxes and earnings of unconsolidated equity method investment	$ 21,638	$ 30,745	$ 77,979	$ 67,432

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 4,281	$ 6,025	$ 16,881	$ 15,286
Effective tax rate			21.60%	22.70%

Interest, Net (Details)

Interest, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Interest Income (Expense), Operating [Abstract]
Interest on borrowings and other liabilities	$ 59,615	$ 56,746	$ 183,244	$ 170,751
Amortization of deferred financing fees and debt discount	4,132	4,290	12,722	12,611
Interest expense	63,747	61,036	195,966	183,362
Less: Interest income	(4,995)	(3,323)	(9,315)	(10,351)
Less: Capitalized interest	0	(676)	(662)	(2,048)
Interest, net	$ 58,752	$ 57,037	$ 185,989	$ 170,963

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Nov. 30, 2024 USD ($) aircraft	Nov. 30, 2023 USD ($)	Nov. 30, 2024 USD ($) aircraft	Nov. 30, 2023 USD ($)
Types of Commercial Aircraft [Line Items]
Rent expense	$ 500	$ 600	$ 1,500	$ 1,800
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2025 (Remainder of fiscal year)	731		731
2026	2,754		2,754
2027	2,691		2,691
2028	2,723		2,723
2029	1,929		1,929
Thereafter	15,214		15,214
Total	$ 26,042		$ 26,042
Committed to acquire aircraft | aircraft	32		32
Purchase Obligation, Fiscal Year Maturity [Abstract]
2025 (Remainder of fiscal year)	$ 592,534		$ 592,534
2026	586,456		586,456
2027	202,295		202,295
2028	30,691		30,691
2029	0		0
Thereafter	0		0
Total	1,411,976		1,411,976
Pre-Delivery Payments
Purchase Obligation, Fiscal Year Maturity [Abstract]
Total	$ 34,400		$ 34,400

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024
Principal components of other assets
Deferred income tax asset	$ 47	$ 48
Lease incentives and premiums, net of accumulated amortization of $88,550 and $90,408, respectively	43,920	37,459
Flight equipment held for sale	10,108	19,190
Aircraft purchase deposits and Embraer E-2 progress payments	34,092	42,784
Right-of-use asset	15,010	16,053
Deferred rent receivable, net	10,247	15,825
Investments, at fair value	10,362	10,160
Other Investments	5,063	5,079
Other assets	111,604	125,209
Total other assets	240,453	271,807
Lease incentives and lease premiums, accumulated amortization	$ 88,550	$ 90,408

Allowance for Credit Losses - S

Allowance for Credit Losses - Schedule of Activity (Details) - USD ($) $ in Thousands	9 Months Ended
	Nov. 30, 2024	Feb. 29, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses	$ 6,871	$ 7,714
Other investments net allowance for credit loss writeoff	3,951	3,209
Deferred rent receivables net, allowance for credit loss	1,916	2,146
Provision for credit losses	(231)
Credit loss expense (reversal)	281
Other Investments Net Allowance for Credit Loss Writeoff	0
Deferred Rent Receivables Net Allowance for Credit Loss Writeoff	0
Net Investment in Lease, Allowance for Credit Loss, Writeoff	(612)
Allowance for Credit Loss Write Off	(612)
Allowance for credit loss	12,738	$ 13,069
Other Investments, net
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Other investments net allowance for credit loss writeoff	4,000
Credit loss expense (reversal)	742
Deferred Rent Receivable, net
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Credit loss expense (reversal)	$ (230)

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2024	Feb. 29, 2024
Payables and Accruals [Abstract]
Accounts payable, accrued expenses and other liabilities	$ 40,938	$ 68,185
Deferred income tax liability	110,884	100,405
Accrued interest payable	69,789	27,507
Lease liability	18,302	19,193
Lease discounts, net of amortization of $20,749 and $43,519, respectively	20,543	4,298
Total accounts payable, accrued expenses and other liabilities	260,456	219,588
Deferred lease income, accumulated amortization	$ 20,749	$ 43,519