Equipment Held for Operating Lease and Notes Receivable

9 Months Ended

Sep. 30, 2024

Equipment Held for Operating Lease and Notes Receivable

As of September 30, 2024, the Company had $2,435.6 million of equipment held in our operating lease portfolio, $175.4 million of notes receivable, $31.5 million of maintenance rights, and $23.2 million of investments in sales-type leases, which represented 348 engines, 16 aircraft, one marine vessel, and other leased parts and equipment. As of December 31, 2023, the Company had $2,112.8 million of equipment held in our operating lease portfolio, $92.6 million of notes receivable, $9.2 million of maintenance rights, and $8.8 million of investments in sales-type leases, which represented 337 engines, 12 aircraft, one marine vessel, and other leased parts and equipment.

The following table disaggregates equipment held for operating lease by asset class (in thousands):


	September 30, 2024						December 31, 2023
	Gross Value		Accumulated Depreciation		Net Book Value		Gross Value		Accumulated Depreciation		Net Book Value
Engines and related equipment	$	2,855,757	$	(588,704)	$	2,267,053	$	2,535,148	$	(569,596)	$	1,965,552
Aircraft and airframes	169,126		(11,033)		158,093		157,616		(21,409)		136,207
Marine vessel	14,367		(3,930)		10,437		14,366		(3,288)		11,078
	$	3,039,250	$	(603,667)	$	2,435,583	$	2,707,130	$	(594,293)	$	2,112,837

Notes Receivable and Investments in Sales-Type Leases

During the three months ended September 30, 2024 and 2023, the Company recorded interest revenue related to the notes receivable and investments in sales-type leases of $3.4 million and $2.1 million, respectively, and $8.0 million and $6.4 million during the nine months ended September 30, 2024 and 2023, respectively. The effective interest rates on our notes receivable and investments in sales-type leases ranged from 6.0% to 12.2% as of September 30, 2024 and 7.1% to 12.2% as of September 30, 2023.