Aircastle (AYR) 10-Q10 Oct 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Aug. 31, 2024	Oct. 04, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 31, 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	Q2
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	Aug. 31, 2024	Feb. 29, 2024
ASSETS
Cash and cash equivalents	$ 432,564	$ 129,977
Accounts receivable	12,778	12,518
Flight equipment held for lease, net	6,798,327	6,940,502
Net investment in leases, net	278,270	282,439
Unconsolidated equity method investment	43,709	42,710
Other assets	267,907	271,807
Total assets	7,833,555	7,679,953
LIABILITIES
Borrowings from secured financings, net	636,410	875,397
Borrowings from unsecured financings, net	3,823,665	3,823,099
Accounts payable, accrued expenses and other liabilities	212,315	219,588
Lease rentals received in advance	62,894	52,654
Security deposits	71,689	69,544
Maintenance payments	558,568	505,897
Total liabilities	5,365,541	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 August 31, 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 August 31, 2024 and February 29, 2024, respectively	0	0
Additional paid-in capital	2,378,774	2,078,774
Retained earnings	89,240	55,000
Total shareholders’ equity	2,468,014	2,133,774
Total liabilities and shareholders’ equity	$ 7,833,555	$ 7,679,953
Common Stock, Shares, Outstanding	15,564	17,840

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Aug. 31, 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 outstanding	15,564	17,840

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Revenues:
Lease rental revenue	$ 162,379	$ 150,351	$ 324,949	$ 297,086
Direct financing and sales-type lease revenue	5,426	5,085	10,883	6,158
Amortization of lease premiums, discounts and incentives	(6,068)	(7,124)	(12,717)	(14,331)
Maintenance revenue	19,378	15,046	61,527	49,566
Total lease revenue	181,115	163,358	384,642	338,479
Gain on sale or disposition of flight equipment	35,416	4,453	36,426	47,047
Other revenue	137	145	773	921
Total revenues	216,668	167,956	421,841	386,447
Operating expenses:
Depreciation	87,675	86,328	177,033	175,117
Interest, net	62,424	57,035	127,237	113,926
Selling, general and administrative	20,090	18,882	42,145	39,717
Provision for credit losses	426	(834)	281	6,125
Impairment of flight equipment	5,761	1,100	10,972	2,197
Maintenance and other costs	4,096	8,854	8,539	17,387
Total operating expenses	180,472	171,365	366,207	354,469
Other income:
Gain on extinguishment of debt	285	0	285	0
Other	726	3,372	422	4,709
Total other income	1,011	3,372	707	4,709
Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investment	37,207	(37)	56,341	36,687
Income tax provision (benefit)	9,028	(5,099)	12,600	9,261
Earnings of unconsolidated equity method investment, net of tax	480	456	999	862
Net income	28,659	5,518	44,740	28,288
Net income (loss) available to common shareholders	18,159	(4,982)	34,240	17,788
Preference share dividends	(10,500)	(10,500)	(10,500)	(10,500)
Total comprehensive income (loss) available to common shareholders	$ 18,159	$ (4,982)	$ 34,240	$ 17,788

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 44,740	$ 28,288
Adjustments to reconcile net income to net cash and cash equivalents provided by operating activities:
Depreciation	177,033	175,117
Amortization of deferred financing costs	8,590	8,321
Amortization of lease premiums, discounts and incentives	12,717	14,331
Deferred income taxes	9,438	6,179
Collections on net investment in leases	3,477	1,598
Security deposits and maintenance payments included in earnings	(9,914)	(9,895)
Gain on sale or disposition of flight equipment	(36,426)	(47,047)
Gain on extinguishment of debt	(285)	0
Impairment of flight equipment	10,972	2,197
Provision for credit losses	281	6,125
Other	(1,008)	(845)
Changes in certain assets and liabilities:
Accounts receivable	(3,201)	1,437
Other assets	(4,690)	(9,723)
Accounts payable, accrued expenses and other liabilities	(19,235)	(3,833)
Lease rentals received in advance	12,414	14,165
Net cash and cash equivalents provided by operating activities	204,903	186,415
Cash flows from investing activities:
Acquisition and improvement of flight equipment	(335,410)	(379,349)
Proceeds from sale or disposition of flight equipment	329,288	126,011
Aircraft purchase deposits and progress payments, net of deposits returned and aircraft sales deposits	(1,069)	6,852
Other	(293)	(4,026)
Net cash and cash equivalents used in investing activities	(7,484)	(250,512)
Cash flows from financing activities:
Proceeds from secured and unsecured debt financings	1,048,200	1,273,709
Repayments of secured and unsecured debt financings	(1,289,386)	(963,507)
Debt extinguishment costs	285	0
Deferred financing costs	(4,961)	(7,536)
Security deposits and maintenance payments received	73,206	77,006
Security deposits and maintenance payments returned	(11,676)	(10,508)
Dividends paid	(10,500)	(10,500)
Net cash and cash equivalents provided by financing activities	105,168	558,664
Proceeds from issuance of common shares	300,000	200,000
Net increase in cash and cash equivalents:	302,587	494,567
Cash and cash equivalents at beginning of period	129,977	231,861
Cash and cash equivalents at end of period	432,564	726,428
Unrestricted and restricted cash and cash equivalents	432,564	726,428
Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized	128,754	116,827
Cash paid for income taxes	517	5,631
Supplemental disclosures of non-cash investing activities:
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets assumed in asset acquisitions	27,807	12,927
Advance lease rentals, security deposits, maintenance payments, other liabilities and other assets settled in sale of flight equipment	47,607	11,974
Transfers from flight equipment held for lease to Net investment in leases and Other assets	$ 6,310	$ 182,818

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]
Net income	28,288
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 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]
Net income	5,518				5,518
Issuance of common shares				200,000
Preference share dividends					(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
Balance, shares at Feb. 29, 2024	17,840	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	17,840	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	$ 44,740
Issuance of common shares (in shares)		2,276
Balance, shares at Aug. 31, 2024	15,564	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		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]
Net income	28,659
Issuance of common shares	300,000
Preference share dividends	$ (10,500)
Balance, shares at Aug. 31, 2024	15,564	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		400

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Aug. 31, 2024
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	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 Company’s management has reviewed and evaluated all events or transactions for potential recognition and/or disclosure subsequent to the balance sheet date of August 31, 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.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Aug. 31, 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 August 31, 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 August 31, 2024 Using Fair Value Hierarchy Fair Value as of August 31, 2024 Quoted Prices Significant Significant Valuation Assets : Cash and cash equivalents $ 432,564 $ 432,564 $ — $ — Market Investments, at fair value: Investment in debt securities $ 5,029 $ — $ — $ 5,029 Income Investment in equity securities 4,989 1,545 — 3,444 Market/Income Total investments, at fair value $ 10,018 $ 1,545 $ — $ 8,473 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 six months ended August 31, 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 August 31, 2024, and February 29, 2024 were as follows: August 31, 2024 February 29, 2024 Assets Carrying Amount Fair Value Carrying Amount Fair Value Investments, at fair value (1) $ 10,018 $ 10,018 $ 10,160 $ 10,160 Other investments, net (2) 4,335 4,335 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 643,200 640,888 883,451 885,139 Senior Notes 3,850,000 3,837,117 3,850,000 3,738,146 _______________ (1) See Assets Measured at Fair Value on a Recurring Basis. (2) As of August 31, 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 August 31, 2024, the Company recorded a transactional impairment charge of $5.8 million related to a lease amendment for 1 aircraft. The Company recognized $6.0 million of maintenance revenue for this aircraft during the three months ended August 31, 2024. During the six months ended August 31, 2024, the Company recorded transactional impairment charges totaling $11.0 million 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 six months ended August 31, 2024. Annual Recoverability Assessment We will perform our annual recoverability assessment of all our aircraft during the third quarter of fiscal year 2024. When we perform a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the aircraft 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	6 Months Ended
Flight Equipment Held for Lease, Net	Aug. 31, 2024
Property, Plant and Equipment [Abstract]
Flight Equipment Held for Lease, Net	Note 3. Flight Equipment Held for Lease, Net The following table summarizes the activities for the Company’s flight equipment held for lease for the six months ended August 31, 2024: Amount Balance at February 29, 2024 $ 6,940,502 Additions 350,962 Depreciation (175,905) Disposals and transfers to net investment in leases and held for sale (306,260) Impairments (10,972) Balance at August 31, 2024 $ 6,798,327 Accumulated depreciation $ 2,173,023 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	6 Months Ended
Lease Rental Revenues	Aug. 31, 2024
Leases [Abstract]
Lease Rental Revenues	Note 4. Lease Rental Revenues Minimum future lease rentals contracted to be received under our existing operating leases of flight equipment at August 31, 2024 were as follows: Year Ending February 28/29, Amount (1) 2025 (Remainder of fiscal year) $ 326,347 2026 606,769 2027 531,015 2028 426,904 2029 345,978 Thereafter 875,474 Total $ 3,112,487 _______________ (1) Reflects impact of lessee lease rental deferrals. At August 31, 2024 and February 29, 2024, the amounts of lease incentive liabilities recorded in maintenance payments on our consolidated balance sheets were $33.3 million and $26.6 million, respectively.

Net Investment in Leases, Net

Net Investment in Leases, Net	6 Months Ended
Net Investment in Leases, Net	Aug. 31, 2024
Leases [Abstract]
Net Investment in Leases, Net	Net Investment in Leases, Net At August 31, 2024 and February 29, 2024, our net investment in leases consisted of 15 aircraft. The components of our net investment in leases at August 31, 2024 and February 29, 2024, were as follows: August 31, 2024 February 29, 2024 Lease receivable $ 133,839 $ 142,983 Unguaranteed residual value of flight equipment 151,914 147,170 Net investment leases 285,753 290,153 Allowance for credit losses (7,483) (7,714) Net investment in leases, net $ 278,270 $ 282,439 At August 31, 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) $ 14,016 2026 17,262 2027 26,160 2028 27,163 2029 26,716 Thereafter 65,194 Total lease payments to be received 176,511 Present value of lease payments - lease receivable (133,839) Difference between undiscounted lease payments and lease receivable $ 42,672

Concentration of Risk

Concentration of Risk	6 Months Ended
Concentration of Risk	Aug. 31, 2024
Risks and Uncertainties [Abstract]
Concentration of Risk	Note 6. 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 August 31, 2024, and February 29, 2024, was as follows: August 31, 2024 February 29, 2024 Region Number Net Book Number Net Book Asia and Pacific 63 28 % 63 27 % Europe 91 31 % 90 30 % Middle East and Africa 10 5 % 9 5 % North America 49 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 August 31, 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 August 31, 2024 and February 29, 2024: August 31, 2024 February 29, 2024 Country Net Book Net Book Number Net Book Net Book Number United States $ 842,912 12% 7 $ 806,162 11% 5 India 698,412 10% 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 August 31, Six Months Ended August 31, Region 2024 2023 2024 2023 Asia and Pacific 28 % 29 % 28 % 30 % Europe 32 % 31 % 31 % 30 % Middle East and Africa 4 % 4 % 5 % 4 % North America 24 % 23 % 24 % 23 % South America 12 % 13 % 12 % 13 % 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 August 31, Six Months Ended August 31, 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 2 14% 3 21% 2 15% 3 21% For the three months ended August 31, 2024, Spain comprised 16% of total revenue. Total revenue attributable to Spain included $21.7 million from gains on sales of flight equipment and maintenance revenue. For the six months ended August 31, 2024, Spain comprised 11% of total revenue. Total revenue attributable to Spain included $24.5 million from gains on sales of flight equipment and maintenance revenue. For the three months ended August 31, 2023, total revenue attributable to the United States and India was 13% and 11% , respectively. Total revenue attributable to the United States included $4.1 million from gains on sales of flight equipment. For the six months ended August 31, 2023, no country comprised more than 10% of total revenue.

Unconsolidated Equity Method In

Unconsolidated Equity Method Investment	6 Months Ended
Unconsolidated Equity Method Investment	Aug. 31, 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 $264.9 million at August 31, 2024. Amount Balance at February 29, 2024 $ 42,710 Earnings of unconsolidated equity method investment, net of tax 999 Balance at August 31, 2024 $ 43,709

Borrowings from Secured and Uns

Borrowings from Secured and Unsecured Debt Financings	6 Months Ended
Borrowings from Secured and Unsecured Debt Financings	Aug. 31, 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 August 31, 2024 At February 29, 2024 Debt Obligation Outstanding Number of Aircraft Interest Rate Final Stated Outstanding Secured Debt Financings: Term Financings (1) $ 643,200 30 2.36% to 7.42% 12/27/24 to 06/27/32 $ 883,451 Less: Debt issuance costs and discounts (6,790) (8,054) Total secured debt financings, net of debt issuance costs and discounts 636,410 875,397 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 7.50% 05/24/25 to 02/08/28 20,000 Less: Debt issuance costs and discounts (46,335) (46,901) Total unsecured debt financings, net of debt issuance costs and discounts 3,823,665 3,823,099 Total secured and unsecured debt financings, net of debt issuance costs and discounts $ 4,460,075 $ 4,698,496 (1) The borrowings under these financings at August 31, 2024, have a weighted average fixed rate of interest of 5.89%. (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, including $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. 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 August 31, 2024, we had $20.0 million outstanding under our revolving credit facilities and had $2.1 billion available for borrowing. As of August 31, 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	6 Months Ended
Shareholders’ Equity	Aug. 31, 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.

Related Party Disclosures

Related Party Disclosures	6 Months Ended
Related Party Disclosures	Aug. 31, 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 $2.1 million during the three months ended August 31, 2024 and 2023, respectively, and $4.6 million and $4.1 million during the six months ended August 31, 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	6 Months Ended
Income Taxes	Aug. 31, 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 (loss) from continuing operations before income taxes and earnings of our unconsolidated equity method investment for the three and six months ended August 31, 2024 and 2023 were as follows: Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 U.S. operations $ 5,688 $ 6,588 $ 10,684 $ 10,870 Non-U.S. operations 31,519 (6,625) 45,657 25,817 Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investment $ 37,207 $ (37) $ 56,341 $ 36,687 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 $12.6 million and $9.3 million for the six months ended August 31, 2024 and 2023, respectively. Our effective tax rate for the six months ended August 31, 2024 and 2023 was 22.4% and 25.2%, 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	6 Months Ended
Interest, Net	Aug. 31, 2024
Interest Income (Expense), Operating [Abstract]
Interest, Net	Interest, Net The following table shows the components of interest, net: Three Months Ended Six Months Ended 2024 2023 2024 2023 Interest on borrowings and other liabilities $ 61,762 $ 58,133 $ 123,629 $ 114,005 Amortization of deferred financing fees and debt discount 4,247 4,290 8,590 8,321 Interest expense 66,009 62,423 132,219 122,326 Less: Interest income (3,585) (4,736) (4,320) (7,028) Less: Capitalized interest — (652) (662) (1,372) Interest, net $ 62,424 $ 57,035 $ 127,237 $ 113,926

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Aug. 31, 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 $1.0 million and $1.3 million for the three and six months ended August 31, 2024 and 2023, respectively. As of August 31, 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) $ 1,495 2026 2,815 2027 2,750 2028 2,781 2029 1,987 Thereafter 16,005 Total $ 27,833 At August 31, 2024, we had commitments to purchase 11 aircraft for $377.2 million. At August 31, 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) $ 64,205 2026 80,132 2027 202,216 2028 30,679 2029 — Thereafter — Total $ 377,232

Other Assets

Other Assets	6 Months Ended
Other Assets	Aug. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consisted of the following as of August 31, 2024, and February 29, 2024: August 31, February 29, Deferred income tax asset $ 47 $ 48 Lease incentives and premiums, net of accumulated amortization of $95,925 and $90,408, respectively 47,368 37,459 Flight equipment held for sale 19,173 19,190 Aircraft purchase deposits and Embraer E-2 progress payments 47,353 42,784 Right-of-use asset (1) 15,364 16,053 Deferred rent receivable, net (2) 13,100 15,825 Investments, at fair value (3) 10,018 10,160 Other investments, net (2)(3) 4,335 5,079 Other assets 111,149 125,209 Total other assets $ 267,907 $ 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	6 Months Ended
Allowance for Credit Losses	Aug. 31, 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 six months ended August 31, 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 Balance at August 31, 2024 $ 7,483 $ 3,951 $ 1,916 $ 13,350

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	6 Months Ended
Accounts Payable, Accrued Expenses and Other Liabilities	Aug. 31, 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 August 31, 2024, and February 29, 2024: August 31, February 29, Accounts payable, accrued expenses and other liabilities $ 49,478 $ 68,185 Deferred income tax liability 109,842 100,405 Accrued interest payable 21,716 27,507 Lease liability 18,338 19,193 Lease discounts, net of amortization of $19,888 and $43,519, respectively 12,941 4,298 Total accounts payable, accrued expenses and other liabilities $ 212,315 $ 219,588

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Aug. 31, 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 Company’s management has reviewed and evaluated all events or transactions for potential recognition and/or disclosure subsequent to the balance sheet date of August 31, 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.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Aug. 31, 2024
Fair Value Disclosures [Abstract]
Fair value assets and liabilities measured on recurring basis	The following tables set forth our financial assets as of August 31, 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 August 31, 2024 Using Fair Value Hierarchy Fair Value as of August 31, 2024 Quoted Prices Significant Significant Valuation Assets : Cash and cash equivalents $ 432,564 $ 432,564 $ — $ — Market Investments, at fair value: Investment in debt securities $ 5,029 $ — $ — $ 5,029 Income Investment in equity securities 4,989 1,545 — 3,444 Market/Income Total investments, at fair value $ 10,018 $ 1,545 $ — $ 8,473 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 August 31, 2024, and February 29, 2024 were as follows: August 31, 2024 February 29, 2024 Assets Carrying Amount Fair Value Carrying Amount Fair Value Investments, at fair value (1) $ 10,018 $ 10,018 $ 10,160 $ 10,160 Other investments, net (2) 4,335 4,335 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 643,200 640,888 883,451 885,139 Senior Notes 3,850,000 3,837,117 3,850,000 3,738,146 _______________ (1) See Assets Measured at Fair Value on a Recurring Basis. (2) As of August 31, 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)	6 Months Ended
Flight Equipment Held for Lease, Net (Tables)	Aug. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment, Lessor Asset under Operating Lease	The following table summarizes the activities for the Company’s flight equipment held for lease for the six months ended August 31, 2024: Amount Balance at February 29, 2024 $ 6,940,502 Additions 350,962 Depreciation (175,905) Disposals and transfers to net investment in leases and held for sale (306,260) Impairments (10,972) Balance at August 31, 2024 $ 6,798,327 Accumulated depreciation $ 2,173,023

Lease Rental Revenues (Tables)

Lease Rental Revenues (Tables)	6 Months Ended
Lease Rental Revenues (Tables)	Aug. 31, 2024
Leases [Abstract]
Lessor, Operating Lease, Payment to be Received, Fiscal Year Maturity	Minimum future lease rentals contracted to be received under our existing operating leases of flight equipment at August 31, 2024 were as follows: Year Ending February 28/29, Amount (1) 2025 (Remainder of fiscal year) $ 326,347 2026 606,769 2027 531,015 2028 426,904 2029 345,978 Thereafter 875,474 Total $ 3,112,487 _______________ (1) Reflects impact of lessee lease rental deferrals.

Net Investment in Leases, Net (

Net Investment in Leases, Net (Tables)	6 Months Ended
Net Investment in Leases, Net (Tables)	Aug. 31, 2024
Leases [Abstract]
Schedule of Components of Net Investment in Leases	The components of our net investment in leases at August 31, 2024 and February 29, 2024, were as follows: August 31, 2024 February 29, 2024 Lease receivable $ 133,839 $ 142,983 Unguaranteed residual value of flight equipment 151,914 147,170 Net investment leases 285,753 290,153 Allowance for credit losses (7,483) (7,714) Net investment in leases, net $ 278,270 $ 282,439
Sales-type and Direct Financing Leases, Lease Receivable, Maturity	At August 31, 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) $ 14,016 2026 17,262 2027 26,160 2028 27,163 2029 26,716 Thereafter 65,194 Total lease payments to be received 176,511 Present value of lease payments - lease receivable (133,839) Difference between undiscounted lease payments and lease receivable $ 42,672

Concentration of Risk (Tables)

Concentration of Risk (Tables)	6 Months Ended
Concentration of Risk (Tables)	Aug. 31, 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 August 31, 2024, and February 29, 2024, was as follows: August 31, 2024 February 29, 2024 Region Number Net Book Number Net Book Asia and Pacific 63 28 % 63 27 % Europe 91 31 % 90 30 % Middle East and Africa 10 5 % 9 5 % North America 49 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 August 31, 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 August 31, 2024 and February 29, 2024: August 31, 2024 February 29, 2024 Country Net Book Net Book Number Net Book Net Book Number United States $ 842,912 12% 7 $ 806,162 11% 5 India 698,412 10% 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 August 31, Six Months Ended August 31, Region 2024 2023 2024 2023 Asia and Pacific 28 % 29 % 28 % 30 % Europe 32 % 31 % 31 % 30 % Middle East and Africa 4 % 4 % 5 % 4 % North America 24 % 23 % 24 % 23 % South America 12 % 13 % 12 % 13 % 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 August 31, Six Months Ended August 31, 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 2 14% 3 21% 2 15% 3 21%

Unconsolidated Equity Method _2

Unconsolidated Equity Method Investment (Tables)	6 Months Ended
Unconsolidated Equity Method Investment (Tables)	Aug. 31, 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 999 Balance at August 31, 2024 $ 43,709

Borrowings from Secured and U_2

Borrowings from Secured and Unsecured Debt Financings (Tables)	6 Months Ended
	Aug. 31, 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 August 31, 2024 At February 29, 2024 Debt Obligation Outstanding Number of Aircraft Interest Rate Final Stated Outstanding Secured Debt Financings: Term Financings (1) $ 643,200 30 2.36% to 7.42% 12/27/24 to 06/27/32 $ 883,451 Less: Debt issuance costs and discounts (6,790) (8,054) Total secured debt financings, net of debt issuance costs and discounts 636,410 875,397 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 7.50% 05/24/25 to 02/08/28 20,000 Less: Debt issuance costs and discounts (46,335) (46,901) Total unsecured debt financings, net of debt issuance costs and discounts 3,823,665 3,823,099 Total secured and unsecured debt financings, net of debt issuance costs and discounts $ 4,460,075 $ 4,698,496 (1) The borrowings under these financings at August 31, 2024, have a weighted average fixed rate of interest of 5.89%. (2) Repaid at the final stated maturity date.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Aug. 31, 2024
Income Tax Disclosure [Abstract]
Sources of income from continuing operations before income taxes	The sources of income (loss) from continuing operations before income taxes and earnings of our unconsolidated equity method investment for the three and six months ended August 31, 2024 and 2023 were as follows: Three Months Ended August 31, Six Months Ended August 31, 2024 2023 2024 2023 U.S. operations $ 5,688 $ 6,588 $ 10,684 $ 10,870 Non-U.S. operations 31,519 (6,625) 45,657 25,817 Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investment $ 37,207 $ (37) $ 56,341 $ 36,687

Interest, Net (Tables)

Interest, Net (Tables)	6 Months Ended
Interest, Net (Tables)	Aug. 31, 2024
Interest Income (Expense), Operating [Abstract]
Components of Interest	The following table shows the components of interest, net: Three Months Ended Six Months Ended 2024 2023 2024 2023 Interest on borrowings and other liabilities $ 61,762 $ 58,133 $ 123,629 $ 114,005 Amortization of deferred financing fees and debt discount 4,247 4,290 8,590 8,321 Interest expense 66,009 62,423 132,219 122,326 Less: Interest income (3,585) (4,736) (4,320) (7,028) Less: Capitalized interest — (652) (662) (1,372) Interest, net $ 62,424 $ 57,035 $ 127,237 $ 113,926

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Aug. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of obligations under non-cancelable operating leases	As of August 31, 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) $ 1,495 2026 2,815 2027 2,750 2028 2,781 2029 1,987 Thereafter 16,005 Total $ 27,833
Long-term Purchase Commitment	At August 31, 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) $ 64,205 2026 80,132 2027 202,216 2028 30,679 2029 — Thereafter — Total $ 377,232

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
Other Assets (Tables)	Aug. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Principal components of other assets	Other assets consisted of the following as of August 31, 2024, and February 29, 2024: August 31, February 29, Deferred income tax asset $ 47 $ 48 Lease incentives and premiums, net of accumulated amortization of $95,925 and $90,408, respectively 47,368 37,459 Flight equipment held for sale 19,173 19,190 Aircraft purchase deposits and Embraer E-2 progress payments 47,353 42,784 Right-of-use asset (1) 15,364 16,053 Deferred rent receivable, net (2) 13,100 15,825 Investments, at fair value (3) 10,018 10,160 Other investments, net (2)(3) 4,335 5,079 Other assets 111,149 125,209 Total other assets $ 267,907 $ 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)	6 Months Ended
Allowance for Credit Losses (Tables)	Aug. 31, 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 six months ended August 31, 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 Balance at August 31, 2024 $ 7,483 $ 3,951 $ 1,916 $ 13,350

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Aug. 31, 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 August 31, 2024, and February 29, 2024: August 31, February 29, Accounts payable, accrued expenses and other liabilities $ 49,478 $ 68,185 Deferred income tax liability 109,842 100,405 Accrued interest payable 21,716 27,507 Lease liability 18,338 19,193 Lease discounts, net of amortization of $19,888 and $43,519, respectively 12,941 4,298 Total accounts payable, accrued expenses and other liabilities $ 212,315 $ 219,588

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details)	6 Months Ended
	Aug. 31, 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	Aug. 31, 2024	Feb. 29, 2024
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3) \| Debt Securities
Assets:
Investment	$ 10,018	$ 10,160
Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Cash and cash equivalents	432,564	129,977
Investment	1,545	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	1,545	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	8,473	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	3,444	3,444
Recurring \| Estimate of Fair Value Measurement
Assets:
Cash and cash equivalents	432,564	129,977
Investment	10,018	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	$ 4,989	$ 5,131

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2024 USD ($) aircraft	Aug. 31, 2023 USD ($)	Aug. 31, 2024 USD ($)	Aug. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Transfers, net			$ 0
Impairment of flight equipment	$ 5,761	$ 1,100	10,972	$ 2,197
Gain on sale or disposition of flight equipment	$ 35,416	$ 4,453	36,426	$ 47,047
Number of aircrafts impaired \| aircraft	1
KOREA, REPUBLIC OF
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain on sale or disposition of flight equipment	$ 6,000		$ 24,000

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Aug. 31, 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	10,018	10,160
Fair Value, Inputs, Level 3 [Member] \| Reported Value Measurement \| Other Investments
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Investment	4,335	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	10,018	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	4,335	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	3,837,117	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	643,200	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	$ 640,888	$ 885,139

Flight Equipment Held for Lea_3

Flight Equipment Held for Lease, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Impaired Long-Lived Assets Held And Used [Roll Forward]
Balance, beginning of period			$ 6,940,502
Depreciation	$ (87,675)	$ (86,328)	(177,033)	$ (175,117)
Transfers from flight equipment held for lease to Net investment in leases and Other assets			6,310	182,818
Impairments	(5,761)	$ (1,100)	(10,972)	$ (2,197)
Balance, end of period	6,798,327		6,798,327
Flight Equipment
Impaired Long-Lived Assets Held And Used [Roll Forward]
Balance, beginning of period			6,940,502
Additions			350,962
Depreciation			(175,905)
Transfers from flight equipment held for lease to Net investment in leases and Other assets			(306,260)
Impairments			(10,972)
Balance, end of period	6,798,327		6,798,327
Accumulated depreciation	$ 2,173,023		$ 2,173,023

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, Operating Activities \| $	$ 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 (Details)

Lease Rental Revenues (Details) $ in Thousands	Aug. 31, 2024 USD ($)
Annual future minimum lease rentals receivable
2025 (Remainder of fiscal year)	$ 326,347
2026	606,769
2027	531,015
2028	426,904
2029	345,978
Thereafter	875,474
Total	$ 3,112,487

Lease Rental Revenues (Details

Lease Rental Revenues (Details Textual) - USD ($) $ in Millions	Aug. 31, 2024	Feb. 29, 2024
Maintenance Payments
Revenue, Major Customer [Line Items]
Lease incentive liabilities	$ 33.3	$ 26.6

Net Investment in Leases, Net_2

Net Investment in Leases, Net (Details Textual)	Aug. 31, 2024 aircraft
Leases [Abstract]
Number of leased assets	15

Net Investment in Leases, Net_3

Net Investment in Leases, Net (Details 2) - USD ($) $ in Thousands	Aug. 31, 2024	Feb. 29, 2024
Capital Leases, Net Investment in Direct Financing Leases [Abstract]
Lease receivable	$ 133,839	$ 142,983
Unguaranteed residual value of flight equipment	151,914	147,170
Net investment leases	285,753	290,153
Allowance for credit losses	(7,483)	(7,714)
Net investment in leases, net	278,270	$ 282,439
2025 (Remainder of fiscal year)	14,016
2026	17,262
2027	26,160
2028	27,163
2029	26,716
Thereafter	65,194
Total lease payments to be received	176,511
Present value of lease payments - lease receivable	(133,839)
Difference between undiscounted lease payments and lease receivable	$ 42,672

Concentration of Risk (Details)

Concentration of Risk (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Concentration of Risk (Details) $ in Thousands	Aug. 31, 2024 USD ($) aircraft Lessee	Aug. 31, 2023 USD ($) Lessee	Aug. 31, 2024 USD ($) aircraft Lessee	Aug. 31, 2023 USD ($) Lessee	Feb. 29, 2024 USD ($) aircraft Lessee	Oct. 04, 2024 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 \| $	$ 35,416	$ 4,453	$ 36,426	$ 47,047
Asia and Pacific
Concentration Risk [Line Items]
Number of Aircraft	63		63		63
Europe
Concentration Risk [Line Items]
Number of Aircraft	91		91		90
Middle East and Africa
Concentration Risk [Line Items]
Number of Aircraft	10		10		9
North America
Concentration Risk [Line Items]
Number of Aircraft	49		49		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 \| $	$ 842,912		$ 842,912		$ 806,162
Net Book Value %			12%		11%
Number of Lessees \| Lessee			7		5
Gain on sale or disposition of flight equipment \| $		$ 4,100
India
Concentration Risk [Line Items]
Net Book Value \| $	698,412		$ 698,412		$ 750,498
Net Book Value %			10%		11%
Number of Lessees \| Lessee			3		4
SPAIN
Concentration Risk [Line Items]
Gain on sale or disposition of flight equipment \| $	$ 21,700		$ 24,500
Geographic Concentration Risk \| Net Book Value \| Asia and Pacific
Concentration Risk [Line Items]
Percentage			28%		27%
Geographic Concentration Risk \| Net Book Value \| Europe
Concentration Risk [Line Items]
Percentage			31%		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%	29%	28%	30%
Geographic Concentration Risk \| Lease Rental Revenue \| Europe
Concentration Risk [Line Items]
Percentage	32%	31%	31%	30%
Geographic Concentration Risk \| Lease Rental Revenue \| Middle East and Africa
Concentration Risk [Line Items]
Percentage	4%	4%	5%	4%
Geographic Concentration Risk \| Lease Rental Revenue \| North America
Concentration Risk [Line Items]
Percentage	24%	23%	24%	23%
Geographic Concentration Risk \| Lease Rental Revenue \| South America
Concentration Risk [Line Items]
Percentage	12%	13%	12%	13%
Geographic Concentration Risk \| Total Revenue \| United States
Concentration Risk [Line Items]
Percentage		13%
Geographic Concentration Risk \| Total Revenue \| India
Concentration Risk [Line Items]
Percentage		11%
Geographic Concentration Risk \| Total Revenue \| SPAIN
Concentration Risk [Line Items]
Percentage	16%		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	2	3	2	3
Largest lessees by lease rental revenue \| Customer Concentration Risk \| Lease Rental Revenue
Concentration Risk [Line Items]
Percentage	14%	21%	15%	21%

Unconsolidated Equity Method _3

Unconsolidated Equity Method Investment (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 31, 2024 USD ($) aircraft	Aug. 31, 2023 USD ($)	Aug. 31, 2024 USD ($) aircraft	Aug. 31, 2023 USD ($)
Equity Method Investments [Roll Forward]
Beginning balance			$ 42,710
Earnings of unconsolidated equity method investment, net of tax	$ 480	$ 456	999	$ 862
Ending balance	$ 43,709		$ 43,709
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Total number of aircraft owned by joint ventures \| aircraft	9		9
Net Book Value	$ 264,900		$ 264,900

Borrowings from Secured and U_3

Borrowings from Secured and Unsecured Debt Financings (Details) $ in Thousands	Aug. 31, 2024 USD ($) aircraft	Jul. 18, 2024 USD ($)	Feb. 29, 2024 USD ($)
Outstanding amounts of secured and unsecured term debt financings
Borrowings from secured financings	$ 636,410		$ 875,397
Borrowings from unsecured financings, net	$ 3,823,665		3,823,099
Number of Aircraft \| aircraft
Total secured and unsecured debt financings, net of debt issuance costs and discounts	$ 4,460,075		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
Revolving Credit Facility \| Minimum
Outstanding amounts of secured and unsecured term debt financings
Interest Rate	7.50%
Bank Financings \| Notes Payable to Banks
Outstanding amounts of secured and unsecured term debt financings
Borrowings from secured financings	$ 643,200		883,451
Number of Aircraft \| aircraft	30
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	7.42%
Bank Financings \| Notes Payable, Other Payables
Outstanding amounts of secured and unsecured term debt financings
Weighted-average fixed interest rate	5.89%
Secured Debt
Outstanding amounts of secured and unsecured term debt financings
Debt issuance costs and discounts	$ (6,790)		(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	$ (46,335)		$ (46,901)

Borrowings from Secured and U_4

Borrowings from Secured and Unsecured Debt Financings (Details Textual) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 28, 2024 USD ($) aircraft	Aug. 31, 2024 USD ($)	Aug. 31, 2023 USD ($)	Aug. 31, 2024 USD ($)	Aug. 31, 2023 USD ($)	Jul. 18, 2024	Feb. 29, 2024 USD ($)
Debt Instrument [Line Items]
Gain on extinguishment of debt		$ 285	$ 0	$ 285	$ 0
Borrowings from unsecured financings, net		3,823,665		3,823,665			$ 3,823,099
Remaining borrowing capacity		$ 2,100,000		$ 2,100,000
6.500% Senior Notes due 2028 \| Senior Notes \| 6.50%
Debt Instrument [Line Items]
Interest rate		6.50%		6.50%
Borrowings from unsecured financings, net		$ 650,000		$ 650,000			650,000
2023 Secured Facility \| Secured Debt
Debt Instrument [Line Items]
Principal paid	$ 206,300
Maximum number of aircraft secured by debt instrument \| aircraft	8
Accrued interest paid	$ 1,900
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%
Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Borrowings from unsecured financings, net		$ 20,000		$ 20,000			$ 20,000

Shareholders_ Equity (Details)

Shareholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Aug. 31, 2024	May 31, 2024	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)			2,276		1,516
Preference share dividends	$ 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		6 Months Ended
	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Marubeni Service Agreement
Related Party Transaction [Line Items]
Amounts of transactions	$ 2.1	$ 2.1	$ 4.6	$ 4.1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Sources of income from continuing operations before income taxes
U.S. operations	$ 5,688	$ 6,588	$ 10,684	$ 10,870
Non-U.S. operations	31,519	(6,625)	45,657	25,817
Income (loss) from continuing operations before income taxes and earnings of unconsolidated equity method investment	$ 37,207	$ (37)	$ 56,341	$ 36,687

Income Taxes (Textual) (Details

Income Taxes (Textual) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Textual) (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 9,028	$ (5,099)	$ 12,600	$ 9,261
Effective tax rate			22.40%	25.20%

Interest, Net (Details)

Interest, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Interest, Net (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Aug. 31, 2023	Aug. 31, 2024	Aug. 31, 2023
Interest Income (Expense), Operating [Abstract]
Interest on borrowings and other liabilities	$ 61,762	$ 58,133	$ 123,629	$ 114,005
Amortization of deferred financing fees and debt discount	4,247	4,290	8,590	8,321
Interest expense	66,009	62,423	132,219	122,326
Less: Interest income	(3,585)	(4,736)	(4,320)	(7,028)
Less: Capitalized interest	0	(652)	(662)	(1,372)
Interest, net	$ 62,424	$ 57,035	$ 127,237	$ 113,926

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		6 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Aug. 31, 2024 USD ($) aircraft	Aug. 31, 2023 USD ($)	Aug. 31, 2024 USD ($) aircraft	Aug. 31, 2023 USD ($)
Types of Commercial Aircraft [Line Items]
Rent expense	$ 500	$ 600	$ 1,000	$ 1,300
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2025 (Remainder of fiscal year)	1,495		1,495
2026	2,815		2,815
2027	2,750		2,750
2028	2,781		2,781
2029	1,987		1,987
Thereafter	16,005		16,005
Total	$ 27,833		$ 27,833
Committed to acquire aircraft \| aircraft	11		11
Purchase Obligation, Fiscal Year Maturity [Abstract]
2025 (Remainder of fiscal year)	$ 64,205		$ 64,205
2026	80,132		80,132
2027	202,216		202,216
2028	30,679		30,679
2029	0		0
Thereafter	0		0
Total	377,232		377,232
Pre-Delivery Payments
Purchase Obligation, Fiscal Year Maturity [Abstract]
Total	$ 34,400		$ 34,400

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Aug. 31, 2024	Feb. 29, 2024
Principal components of other assets
Deferred income tax asset	$ 47	$ 48
Lease incentives and premiums, net of accumulated amortization of $95,925 and $90,408, respectively	47,368	37,459
Flight equipment held for sale	19,173	19,190
Aircraft purchase deposits and Embraer E-2 progress payments	47,353	42,784
Right-of-use asset	15,364	16,053
Deferred rent receivable, net	13,100	15,825
Investments, at fair value	10,018	10,160
Other Investments	4,335	5,079
Other assets	111,149	125,209
Total other assets	267,907	271,807
Lease incentives and lease premiums, accumulated amortization	$ 95,925	$ 90,408

Allowance for Credit Losses - S

Allowance for Credit Losses - Schedule of Activity (Details) - USD ($) $ in Thousands	6 Months Ended
	Aug. 31, 2024	Feb. 29, 2024
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses	$ 7,483	$ 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
Allowance for credit loss	13,350	$ 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	Aug. 31, 2024	Feb. 29, 2024
Payables and Accruals [Abstract]
Accounts payable, accrued expenses and other liabilities	$ 49,478	$ 68,185
Deferred income tax liability	109,842	100,405
Accrued interest payable	21,716	27,507
Lease liability	18,338	19,193
Lease discounts, net of amortization of $19,888 and $43,519, respectively	12,941	4,298
Total accounts payable, accrued expenses and other liabilities	212,315	219,588
Deferred lease income, accumulated amortization	$ 19,888	$ 43,519