Debt Obligations

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt Obligations

Debt Obligations

Debt obligations consisted of the following:

	March 31, 2024		December 31, 2023
	(in thousands)
Credit facility at a floating rate of interest of one-month term Secured Overnight Financing Rate (“SOFR”) plus 3.00% and 1.38% on $218.8 million and $71.2 million, respectively, at March 31, 2024, secured by engines. The facility has a committed amount of $658.2 million at March 31, 2024, of which $158.2 million revolves until the maturity date of June 2024, and $500.0 million revolves until the maturity date of June 2025.	$	290,000	$	353,000
WEST VII Series A 2023 term notes payable at a fixed rate of interest of 8.00%, maturing in October 2048, secured by engines	396,931		406,894
WEST VI Series A 2021 term notes payable at a fixed rate of interest of 3.10%, maturing in May 2046, secured by engines	250,544		252,986
WEST VI Series B 2021 term notes payable at a fixed rate of interest of 5.44%, maturing in May 2046, secured by engines	34,831		35,142
WEST VI Series C 2021 term notes payable at a fixed rate of interest of 7.39%, maturing in May 2046, secured by engines	11,781		12,361
WEST V Series A 2020 term notes payable at a fixed rate of interest of 3.23%, maturing in March 2045, secured by engines	236,642		240,371
WEST V Series B 2020 term notes payable at a fixed rate of interest of 4.21%, maturing in March 2045, secured by engines	32,966		33,485
WEST V Series C 2020 term notes payable at a fixed rate of interest of 6.66%, maturing in March 2045, secured by engines	10,043		10,695
WEST IV Series A 2018 term notes payable at a fixed rate of interest of 4.75%, maturing in September 2043, secured by engines	209,079		212,157
WEST IV Series B 2018 term notes payable at a fixed rate of interest of 5.44%, maturing in September 2043, secured by engines	28,602		29,024
WEST III Series A 2017 term notes payable at a fixed rate of interest of 4.69%, maturing in August 2042, secured by engines	171,760		175,705
WEST III Series B 2017 term notes payable at a fixed rate of interest of 6.36%, maturing in August 2042, secured by engines	23,062		23,592
Note payable at a fixed rate of interest of 5.00%, maturing in February 2033, secured by an engine	20,980		—
Note payable at a fixed rate of interest of 4.59%, maturing in November 2032, secured by an engine	22,483		22,610
Note payable at a fixed rate of interest of 4.23%, maturing in June 2032, secured by an engine	17,780		17,802
Note payable at a fixed rate of interest of 3.18%, maturing in July 2024, secured by an aircraft	707		1,235
	1,758,191		1,827,059
Less: unamortized debt issuance costs and note discounts	(22,621)		(24,178)
Total debt obligations	$	1,735,570	$	1,802,881

One-month term SOFR was 5.33% and 5.38% as of March 31, 2024 and December 31, 2023, respectively.

As it relates to the $21.0 million, $22.5 million, and $17.8 million notes payable resulting from failed sale-leaseback transactions that are secured by engines, the Company has options to repurchase the engines in March 2032 for $18.4 million, January 2032 for $17.7 million, and July 2031 for $17.0 million, respectively.

Principal outstanding at March 31, 2024 is expected to be repayable as follows:

Year	(in thousands)
2024	$	54,432
2025	361,641
2026	270,873
2027	193,282
2028	239,395
Thereafter	638,568
Total	$	1,758,191

Virtually all of the above debt requires ongoing compliance with certain financial covenants, including debt/equity ratios, minimum tangible net worth and minimum interest coverage ratios, and other eligibility criteria including asset type, customer and geographic concentration restrictions. The Company also has certain negative financial covenant obligations that relate to such items as liens, advances, changes in business, sales of assets, dividends and stock repurchases. Compliance with these covenants is tested either monthly, quarterly or annually, as required, and the Company was in full compliance with all financial covenant requirements at March 31, 2024.