Willis Lease Finance
28 named things its latest annual report says its results depend on, each in the company's own words. 13 of them are also named by other companies we've read.
Customers
Foreign (non-U.S.) lessees
earns from · approximately 69% of our lease rent revenuenamed as a riskFor the year ended December 31, 2025, approximately 69% of our lease rent revenue was generated by leases to foreign customers.Risk factors (Item 1A)
Largest lessee (unnamed)
concentrated in · approximately 13% of total lease rent revenuenamed as a riskFor instance, in 2025, one customer accounted for approximately 13% of total lease rent revenue, and in 2024, two customers accounted for approximately 11%, each, of total lease rent revenue.Risk factors (Item 1A)
Suppliers
Engine manufacturers (new engine purchase commitments)
depends on · up to $244.5 millionnamed as a riskWe have committed to purchase new engines in 2026 with an aggregate value of up to $244.5 million.Risk factors (Item 1A)
CFM International (CFMI)
depends onOur engine portfolio primarily consists of noise-compliant Stage IV commercial jet engines manufactured by CFMI, General Electric, Pratt & Whitney, Rolls Royce, and International Aero Engines.Business (Item 1)
Partners and platforms
Willis Engine Structured Trust (WEST) securitizations
depends on · monthly fees of 11.5% as servicernamed as a riskIf we are removed from such role with those facilities, our expenses would increase as our consolidated VIE’s WEST III, WEST V, WEST VI, WEST VII, WEST VIII, WEST IX, and WWFL would have to hire an outside provider to replace the servicer and administrative agent functions, and we would be materially and adversely affected.Risk factors (Item 1A)
Mitsui & Co., Ltd.
50% interestEach partner holds a 50% interest in the joint venture.Business (Item 1)
Willis Mitsui & Company Engine Support Limited (WMES)
$78.9 millionOur investment in the joint venture was $78.9 million as of December 31, 2025.Business (Item 1)
China Aviation Supplies Import & Export Corporation (CASC)
$21.6 millionCASC Willis acquires and leases jet engines to Chinese airlines and concentrates on meeting the fast-growing demand for leased commercial aircraft engines and aviation assets in the People’s Republic of China.Business (Item 1)
Blackstone Credit & Insurance (BXCI)
over $1 billionIn December 2025, the Company entered into a new investment fund partnership with Blackstone Credit & Insurance (“BXCI”) to invest in current and next generation aircraft engines.Business (Item 1)
Liberty Mutual Investments
up to $600 millionThe fund will invest up to $600 million in loan and loan-like engine financings and will be supported by a warehouse debt facility.Business (Item 1)
Global Engine Maintenance
70% membership interestIn 2025, we entered into an agreement with independent MRO (Maintenance, Repair and Overhaul) provider Global Engine Maintenance to create a joint venture named Willis Global Engine Testing (“WGET”) to build an engine test facility in West Palm Beach, Florida.Business (Item 1)
Competitors
AerCap Holdings N.V.
competes withnamed as a riskOur primary competitors include AerCap Holdings N.V., Shannon Engine Support Ltd., Pratt & Whitney, Rolls-Royce Partners Finance, Engine Lease Finance Corporation, FTAI Aviation LTD., MTU Aero Engines Holding AG, SMBC Aero Engine Lease B.V., and StandardAero, Inc.Risk factors (Item 1A)
FTAI Aviation Ltd.
competes withnamed as a riskOur primary competitors include AerCap Holdings N.V., Shannon Engine Support Ltd., Pratt & Whitney, Rolls-Royce Partners Finance, Engine Lease Finance Corporation, FTAI Aviation LTD., MTU Aero Engines Holding AG, SMBC Aero Engine Lease B.V., and StandardAero, Inc.Risk factors (Item 1A)
Places
Hazards
Middle East (United States-Israel-Iran war, Strait of Hormuz)
operates innamed as a riskFollowing the February 2026 missile strikes in Iran, there has been increased instability, including airspace closures in the Middle East, damage to airports, the de facto closure of Strait of Hormuz, a waterway that transports approximately 20% of the world’s petroleum.Risk factors (Item 1A)
Also named by BKR, CAG, CINF, CPB, CTAS, FLS, GAIN, J and 10 more
Commodities and inputs
SOFR
exposed to its price · $732.7 million of our outstanding debt was variable rate debtnamed as a riskAs of December 31, 2025, $732.7 million of our outstanding debt was variable rate debt.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Jet fuel
exposed to its pricenamed as a riskoperating costs, including the price and availability of fuel, maintenance costs, and insurance costs and coverages;Risk factors (Item 1A)
Regulators
Office of Foreign Assets Control (OFAC)
subject tonamed as a riskIt is possible that, without our knowledge, engines or other equipment that we export end up in the possession of individuals or entities that have been designated by OFAC or are located in a country subject to sanctions.Risk factors (Item 1A)
Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more
Federal Aviation Administration (FAA)
subject tonamed as a riskThe revocation or suspension of any of our material authorizations or approvals would have an adverse effect on our business, financial condition, and results of operations.Risk factors (Item 1A)
Also named by ACHR, AIR, ALK, AMT, AVAV, BA, BRK/B, CCI and 27 more
European Union Aviation Safety Agency (EASA)
subject tonamed as a riskUsers of engines and aircraft are subject to general civil aviation authorities, including the FAA and the EASA, who regulate the maintenance of engines and issue airworthiness directives.Risk factors (Item 1A)
Laws and programs
U.S. tariffs and trade policy
subject tonamed as a riskA significant portion of our business could be impacted by changes to the trade policies of the U.S. and foreign countries (including governmental action related to tariffs, international trade agreements, or economic sanctions).Risk factors (Item 1A)
Also named by ADSK, CTAS, EMR, EXP, FDX, FLR, GWW, HPE and 8 more
CORSIA
subject tonamed as a riskIn addition, the ICAO has adopted the Carbon Offsetting and Reduction Scheme for International Aviation (“CORSIA”), a global market-based scheme aimed at reducing carbon dioxide emissions from international aviation that will become mandatory in 2027.Risk factors (Item 1A)
EU Emissions Trading System
subject tonamed as a riskLimitations on emissions, such as the ETS and CORSIA, could favor the use of younger, more fuel-efficient aircraft, since they generally produce lower levels of emissions per passenger, which could adversely affect our ability to re-lease or otherwise dispose of less efficient older engines and aircraft on a timely basis, on favorable terms, or at all.Risk factors (Item 1A)
ICAO Stage IV noise standards
subject tonamed as a riskThese regulations could limit the economic life of our engines and aircraft or reduce their value, could limit our ability to lease or sell the non-compliant engines or aircraft or, if modifications are permitted, require us to make significant additional investments in the engines or aircraft to make them compliant.Risk factors (Item 1A)
U.S. export licensing
subject tonamed as a riskDenial of export licenses could reduce our sales to those countries and could have a material adverse effect on our business.Risk factors (Item 1A)
Section 1110 of the U.S. Bankruptcy Code
subject tonamed as a riskSection 1110 has been the subject of significant litigation, and we can give no assurance that Section 1110 will protect our investment in aircraft or engines in the event of a lessee’s bankruptcy.Risk factors (Item 1A)