Willis Lease Finance Corp (NASDAQ: WLFC)

Willis Lease Finance Corporation is a leading lessor and servicer of commercial aircraft and aircraft engines. The company acquires commercial aircraft and engines and manages those assets to generate returns primarily through lease rent, maintenance reserve revenues, and management fees for assets owned by third parties. It operates globally with a portfolio that includes engines, aircraft, marine vessels and related parts and equipment.

The company generates revenue mainly from leasing activities and spare parts sales. Leasing revenue consists of rent received on operating leases, maintenance reserves paid by lessees to cover future maintenance costs, and fees earned for managing engines owned by others. Spare parts revenue is derived from the sale of aircraft engine parts and materials through its wholly owned subsidiary Willis Aero, which acquires parts via acquisition or consignment from third parties or from the leasing portfolio.

The company operates through the following segments: Leasing and Related Operations and Spare Parts Sales.

• Leasing and Related Operations focuses on leasing aircraft and aircraft engines and providing related services to a diversified group of commercial aircraft operators and maintenance repair and overhaul organizations worldwide. The segment acquires engines through sale leaseback transactions, purchases from manufacturers or other lessors, and manages the portfolio to earn lease rent, maintenance reserves and management fees. It also offers engine storage, Part 145 maintenance and aircraft tear down services to customers.

• Spare Parts Sales is conducted by the wholly owned subsidiary Willis Aero, which sells aircraft engine parts and materials obtained by acquisition or consignment from third parties or from the leasing portfolio. This segment provides end of life solutions for surplus aircraft and engines, manages the full life cycle of lease assets, enhances returns on the engine portfolio through the use of used serviceable material and creates incremental value for shareholders.

Willis Lease Finance Corporation holds a competitive position in the specialized engine leasing market, where it competes with aircraft engine manufacturers, other aircraft and engine lessors, airline service and repair companies, and spare parts distributors. Its advantages stem from a high quality portfolio of noise compliant Stage IV engines, strong supply reliability, a reputation for high levels of customer service, and an engine pooling arrangement that gives lessees quick access to spare engines. The company’s global presence and ability to transfer engines across jurisdictions further strengthen its market standing.

The company serves a broad base of commercial aircraft operators and maintenance repair and overhaul organizations. As of the end of 2025 it had 69 lessees located in 37 countries, spanning airlines, manufacturers and MROs worldwide. No specific customer names are disclosed in the filing.