Willis Lease Finance Corporation (WLFC) 2025 Q4 法說會逐字稿

Good day, and welcome to the Willis Lease Finance Corporation fourth-quarter 2025 earnings call. Today's call is being recorded.

大家好，歡迎參加威利斯租賃金融公司2025年第四季財報電話會議。今天的通話將會被錄音。

We would like to remind you that during this conference call, management will be making forward-looking statements, including statements regarding our expectations related to financial guidance, outlook for the company, and our expected investment and growth initiatives.

我們想提醒各位，在本次電話會議中，管理層將發表前瞻性聲明，包括有關我們對財務指引、公司前景以及預期投資和增長計劃的聲明。

Please note these forward-looking statements are based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect WLFC's views only as of today. They should not be relied upon as representative of views as of any subsequent date, and WLFC undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

請注意，這些前瞻性陳述是基於當前的預期和假設，但存在風險和不確定性。這些聲明僅代表WLFC截至今日的觀點。這些前瞻性聲明不應被視為代表任何後續日期的觀點，WLFC 也不承擔因新資訊或未來事件而修訂或公開任何修訂結果的義務。

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion of the material risks and other important factors that could affect WLFC's financial results, please refer to its filings with the SEC, including, without limitation, WLFC's most recent quarterly report from Form 10-K, annual report from -- I'm sorry, quarterly report on Form 10-Q, annual report on Form 10-K, and other periodic reports, which are available on the Investor Relations section of WLFC's website at https://www.wlfc.global/investor-relations.

這些聲明受到多種風險和不確定因素的影響，可能導致實際結果與預期結果有重大差異。有關可能影響 WLFC 財務表現的重大風險和其他重要因素的進一步討論，請參閱其向美國證券交易委員會提交的文件，包括但不限於 WLFC 最新的 10-K 表格季度報告、10-Q 表格年度報告以及其他定期報告，這些報告可在 WLFC 網站的投資者關係部分查閱，網址為 https://www.relorb.

At this time, I'd like to turn the call over to Austin Willis. Please go ahead.

此時，我想把電話交給奧斯汀威利斯。請繼續。

Thank you, operator, and thank you all for joining us today to discuss Willis Lease Finance Corporation's fourth-quarter 2025 financial results. On our call today, I'm joined by Scott Flaherty, our Chief Financial Officer. I encourage you to view our accompanying presentation illustrating details from our prepared remarks.

謝謝接線員，也謝謝各位今天加入我們，共同探討威利斯租賃金融公司 2025 年第四季的財務表現。今天和我一起參加電話會議的有我們的財務長史考特‧弗萊厄蒂。我建議您觀看我們隨附的演示文稿，其中詳細闡述了我們準備好的發言稿。

We finished the year with strong performance, delivering record revenues for the fourth quarter of $193.6 million, a 27% increase year over year. For the full year, we achieved record revenues of $730.2 million, a 28% increase and record earnings before tax of $160.6 million, reflecting the growing demand for our products and services and the strength across the aviation market as our global airline partners continue to rely upon Willis' leasing and services solutions to keep their fleets operating reliably and cost effectively.

我們以強勁的業績結束了這一年，第四季營收創下歷史新高，達到 1.936 億美元，較去年同期成長 27%。全年來看，我們實現了創紀錄的收入 7.302 億美元，增長了 28%；稅前利潤也創下 1.606 億美元的紀錄，這反映出市場對我們產品和服務的需求不斷增長，以及航空市場的強勁表現，因為我們的全球航空公司合作夥伴繼續依靠威利斯的租賃和服務解決方案來保持其運營機隊的可靠和經濟夥伴運營。

In addition to the revenue numbers described above, I would like to highlight our adjusted EBITDA of $459 million. We felt that highlighting EBITDA, while adjusting for selected items, would give investors a look at the immense cash-generating capability of our enterprise. We saw strong utilization of our lease portfolio throughout the year, averaging 85%, up from 83% in 2024, while retaining an average lease rental factor in excess of 1% per month.

除了上述營收數據外，我還想重點介紹我們調整後的 EBITDA，為 4.59 億美元。我們認為，透過突出 EBITDA，並調整特定項目，可以讓投資者了解我們企業龐大的現金創造能力。全年來看，我們的租賃組合利用率很高，平均達到 85%，高於 2024 年的 83%，同時維持了平均每月 1% 以上的租賃租金率。

Utilization is affected by engines that are in maintenance and engines that we keep off lease to support programs like ConstantThrust. Our consistent business performance and confidence in the strength of the aviation market has enabled WLFC to return capital to our shareholders. Accordingly, we recently declared a recurring dividend of $0.40 per share, reflecting our continued commitment to delivering long-term total returns to our shareholders.

利用率會受到正在維護的引擎以及我們為了支持 ConstantThrust 等項目而保留的租賃期滿的引擎的影響。我們持續穩定的業務表現以及對航空市場強勁前景的信心，使 WLFC 能夠向股東返還資本。因此，我們最近宣布派發每股 0.40 美元的經常性股息，這反映了我們持續致力於為股東帶來長期總回報的承諾。

The aviation market has become engine-centric. Engines are a critical constraint to both new aircraft deliveries as well as maintaining an operational aircraft fleet. While there is some optimism about improvements in aircraft AOGs resulting from delays in engine repairs, there are still over 600 aircraft powered by GTF engines that remain grounded and new technical issues that have arisen around LEAPs that threaten to require additional maintenance. The outlook for engine shop visits remains strong through the mid-2030s.

航空市場已經以引擎為中心。發動機是新飛機交付和維持現有營運機隊的關鍵限制因素。儘管人們對發動機維修延誤導致飛機停場時間有所改善抱有一些樂觀態度，但仍有 600 多架由 GTF 發動機驅動的飛機停飛，而且 LEAP 發動機周圍出現的新技術問題有可能需要額外的維護。到 2030 年代中期，引擎維修店的客流量前景依然強勁。

While we expect to see shop visits taper for the CFM56 and V2500 engine types, this will be more than replaced by the shop visits for the GTF and LEAP engines, which represent a growing proportion of our portfolio, and we feel will require more frequent and more expensive shop visits than previous generations, even after the teething issues have been resolved. We lease engines to airlines needing replacement power during shop visits. We sell spare parts to repair facilities overhauling engines. And finally, we repair engines ourselves. So the long-term demand environment for our business model looks robust.

雖然我們預計 CFM56 和 V2500 型引擎的維修次數會逐漸減少，但 GTF 和 LEAP 型引擎的維修次數將會大幅增加，因為它們在我們產品組合中所佔的比例越來越大，我們認為即使在初期問題解決之後，它們也需要比前幾代引擎更頻繁、更昂貴的維修。我們向航空公司出租發動機，以便在他們進行維修保養期間更換動力裝置。我們向維修廠出售引擎大修所需的備用零件。最後，我們自己修理引擎。因此，我們商業模式的長期需求環境看起來十分強勁。

Willis Aviation Capital is our recently announced asset manager comprised of three key elements: discretionary fund management, management of joint ventures, and management of engines and aircraft for investors where WLFC has no equity interest. And I'm pleased to say that we are ready to begin deploying capital into our discretionary funds.

Willis Aviation Capital 是我們最近宣布成立的資產管理公司，由三個關鍵要素組成：全權委託基金管理、合資企業管理以及為 WLFC 沒有股權的投資者管理發動機和飛機。我很高興地宣布，我們已經準備好開始向我們的自主管理基金投入資金。

We established a $600 million fund with Liberty Mutual Insurance, where we are minority investors and the general partner. This fund will provide financing for aircraft engines at attractive interest rates and advance rates. We have provided loan-like products on our balance sheet for some time but this structure will enable us to be even more competitive. We are uniquely positioned to add value in that our leasing business gives us comfort in the asset should we need to repossess at any point.

我們與 Liberty Mutual Insurance 共同設立了 6 億美元的基金，我們是該基金的少數股東和普通合夥人。該基金將以優惠的利率和預付款為飛機引擎提供融資。我們資產負債表上提供類似貸款的產品已經有一段時間了，但這種結構將使我們更具競爭力。我們的租賃業務讓我們在任何時候需要收回資產時都感到安心，因此我們擁有獨特的優勢來增加價值。

We established a separate fund with Blackstone Credit & Insurance for over $1 billion. This fund will invest in engines and aircraft, similarly to Willis' proprietary investments. Willis will also be a minority investor and general partner in this fund as well.

我們與黑石信貸與保險公司共同設立了一支規模超過10億美元的獨立基金。該基金將投資於引擎和飛機，與威利斯的自有投資類似。威利斯也將是該基金的少數股東和普通合夥人。

Both funds are funds of one. Our strategy is to deploy the capital alongside our joint ventures and our own balance sheet, then establish follow-on funds with additional limited partners. We earn a servicing fee from both funds as well as carried interest or promote that is payable based upon the fund's performance. We look forward to building upon our 2025 fee-related revenue of $17.2 million found in other revenue in our financials.

這兩個基金都是單一基金。我們的策略是先利用合資企業和我們自己的資產負債表部署資金，然後再與其他有限合夥人建立後續基金。我們從這兩檔基金中賺取服務費，以及根據基金績效支付的附帶權益或推廣費。我們期待在財務報表中其他收入項下顯示的 2025 年費用相關收入 1720 萬美元的基礎上再創佳績。

These funds are not a shift in focus, but rather an expansion of our focus on to both on and off-balance sheet aspects of managing assets. By establishing these funds, we can increase our return on equity through fee income and carried interest, pursue more transactions that otherwise would have been too large for us, pursue larger transactions with single parties where we can disperse concentration among more pockets of capital, grow our services businesses, namely parts, MRO, and consulting, which benefit from significant intercompany revenue more quickly than we could strictly with on-balance sheet growth.

這些資金並非轉移重點，而是擴大我們對資產管理中表內和表外各個面向的關注。透過設立這些基金，我們可以透過手續費收入和附帶權益提高股本回報率，進行更多原本對我們來說規模過大的交易，與單一交易方進行更大規模的交易，從而將資本集中度分散到更多資金池中，發展我們的服務業務，即零部件、MRO 和諮詢業務，這些業務受益於大量的公司間收入，其發展速度比我們僅依靠資產的速度。

Finally, we can offer a more broad spectrum of products to our customers. Many airlines taking delivery of large numbers of engines are looking to finance some and sell some to leaseback. With these funds, we can do both competitively.

最後，我們可以為客戶提供更廣泛的產品。許多接收大量發動機的航空公司正尋求融資購買部分發動機，並將部分發動機出售後回租。有了這些資金，我們可以在這兩方面都具有競爭力。

Our platform also provides unique value to the limited partners invested in the funds. As mentioned with Liberty Mutual, we are well-positioned to manage the collateral in the loans since it is the same collateral we lease out daily.

我們的平台也為投資於基金的有限合夥人提供了獨特的價值。正如之前提到的 Liberty Mutual 一樣，我們有能力管理貸款中的抵押品，因為這些抵押品與我們日常出租的抵押品相同。

With respect to the Blackstone fund, our services businesses will enable us to manage assets owned by these funds efficiently by getting them repaired quickly at our MROs and cost effectively with our used serviceable material and module exchanges.

對於黑石基金而言，我們的服務業務將使我們能夠有效地管理這些基金擁有的資產，方法是在我們的 MRO 中心快速維修這些資產，並透過我們可用的二手材料和模組交換，以經濟高效的方式進行維修。

Our services businesses continue to provide a great deal of value to our overall platform. Of the 475 or so employees at WLFC, nearly 300 are in our services businesses. WASI, our parts business, continues to create value by monetizing our unserviceable engines at a premium to what they would otherwise be sold for. In the fourth quarter, 57% of WASI sales were intercompany, supporting our two MROs.

我們的服務業務持續為我們的整體平台創造巨大價值。WLFC 約有 475 名員工，其中近 300 人在我們的服務部門工作。我們的零件業務 WASI 繼續創造價值，透過以高於正常售價的價格將我們無法使用的引擎貨幣化。第四季度，WASI 銷售額的 57% 為公司內部銷售，為我們的兩個 MRO 業務提供支援。

Our WERC U.S. and WERC UK MROs had 15% and 31%, respectively, of their revenues from intercompany. The material and the MROs help us keep our book values and turn times down for our engines as well as our customers. I'm proud to say that work US recently performed its first core module performance restoration, replacing both LLPs as well as airfoils.

我們的 WERC 美國和 WERC 英國 MRO 分別有 15% 和 31% 的收入來自公司內部交易。材料和MRO（維護、維修和大修）有助於我們保持帳面價值，並縮短引擎的周轉時間，同時也能滿足客戶的需求。我很自豪地說，美國最近完成了首次核心模組性能修復，更換了 LLP 和翼型。

And when the engine tested, it achieved approximately 51.7 degrees of EGT margin at high thrust, a testament to the quality of the product we are producing. While this event alone is not significant, it is a big step towards becoming a more comprehensive maintenance provider.

引擎測試結果顯示，在高推力下，其排氣溫度裕度約為 51.7 度，證明了我們產品的品質。雖然這件事本身意義不大，但對於成為更全面的維護服務提供者而言，這是重要的一步。

Similarly, we entered into a very novel materials agreement with CFM that was disclosed in a recent press release. We worked closely with CFM throughout 2025 on this initiative, and I'm proud to say that we helped design a structure that we expect will facilitate the repair of CFM56 engines in order to keep the fleet flying. We expect this to be a structure to help drive further business to and for our MROs.

同樣，我們與 CFM 達成了一項非常新穎的材料協議，該協議已在最近的新聞稿中披露。2025 年，我們與 CFM 密切合作開展這項計劃，我很自豪地說，我們幫助設計了一種結構，我們預計將有助於維修 CFM56 發動機，從而保證機隊繼續飛行。我們希望這種架構能幫助我們的MRO（維修、維修和大修）企業進一步拓展業務。

WASL, our airframe maintenance facility in the UK, is now fully up and running and certified to perform all C checks on 737NG and up to six wide checks on A320CEO aircraft. We have performed 12 maintenance checks in 2025 and have good line of sight on business for the next 12 months.

我們在英國的機身維修設施 WASL 現已全面投入運營，並獲得認證，可以對 737NG 飛機進行所有 C 級檢查，並對 A320CEO 飛機進行多達六項全面檢查。我們在 2025 年進行了 12 次維護檢查，並且對未來 12 個月的業務有良好的預期。

The airframe maintenance is going to become increasingly important as our aircraft leasing portfolio grows, equally important is the support WASL can provide for aircraft teardowns, which we expect to track with fleet retirements in the future.

隨著我們的飛機租賃組合不斷增長，機身維護將變得越來越重要；同樣重要的是，WASL 可以為飛機拆解提供支持，我們預計未來飛機拆解將與機隊退役同步進行。

In the European market, we see robust demand for maintenance checks in the winter season. During the summer season, we focus more on supporting leasing companies and airlines for maintenance and aircraft disassembly, where we also buy or lease out engines as they are removed from the disassembled airframes.

在歐洲市場，我們看到冬季對維修檢查的需求十分強勁。夏季期間，我們更專注於為租賃公司和航空公司提供維護和飛機拆解方面的支持，同時我們也從拆解的機身中拆下發動機，並進行購買或租賃。

We elected to no longer pursue our sustainable aviation fuel project. This was a very difficult decision but we decided that ultimately, our right to win in the space wasn't as strong as we feel is necessary to support the type of investment that is required. We hope another party can carry it forward because it is a strong project, and we feel that decarbonizing aviation is critical for ensuring the long-term viability of commercial air travel.

我們決定不再繼續推進我們的永續航空燃料計畫。這是一個非常艱難的決定，但我們最終認為，我們在這個領域獲勝的權利並不像我們認為支持所需投資類型所必需的那樣強大。我們希望其他政黨能夠繼續推進這個項目，因為它是一個強有力的項目，我們認為航空業脫碳對於確保商業航空旅行的長期可行性至關重要。

Finally, I'd like to welcome David Hooke to our team, who will run M&A for us. David is a reformed investment banker from Bank of America and a long-time pilot in the Marine Corps. He brings a wealth of knowledge and perspective, and we are fortunate to have him.

最後，我謹代表團隊歡迎大衛胡克加入，他將負責我們的併購業務。大衛曾是美國銀行的投資銀行家，後來轉行成為海軍陸戰隊的資深飛行員。他帶來了豐富的知識和獨特的見解，我們很幸運能有他加入。

Similarly, Brian Hole, who is the President of WLFC from 2016 until 2025, has moved to head up Willis Aviation Capital, and he has hired Steve Bridgland, a well-respected industry veteran, to act as the Head of Investor Relations and Capital Markets for Willis Aviation Capital. Thanks to you, three gentlemen, and thank you to the Willis team for delivering another great year of performance.

同樣，從 2016 年到 2025 年擔任 WLFC 總裁的 Brian Hole 已轉任 Willis Aviation Capital 的負責人，並聘請了備受尊敬的業內資深人士 Steve Bridgland 擔任 Willis Aviation Capital 的投資者關係和資本市場主管。感謝三位先生，也感謝威利斯團隊又一年取得的優異成績。

With that, I'll hand it over to Scott Flaherty.

接下來，我將把麥克風交給史考特‧弗萊厄蒂。

Thank you, Austin, and good morning all. 2025 was another record year for Willis Lease. Revenues of $730.2 million, up 28.3% from 2024 and record earnings before tax or EBT of $160.6 million for the year. Adjusted EBITDA, a new metric we are reporting, highlighting the strength of the cash flow of the Willis Enterprise was $459.1 million, up 16.6% from $393.7 million in the prior year. Walking through the P&L, record revenues driven by core lease rent revenues of $291.6 million and interest revenues of $14.1 million.

謝謝你，奧斯汀，大家早安。 2025年對威利斯租賃公司來說又是創紀錄的一年。營收達 7.302 億美元，比 2024 年成長 28.3%，稅前利潤 (EBT) 創歷史新高，達到 1.606 億美元。調整後的 EBITDA 是我們正在報告的一項新指標，它突顯了威利斯企業現金流的強勁勢頭，為 4.591 億美元，比上年的 3.937 億美元增長了 16.6%。從損益表來看，創紀錄的收入主要來自核心租賃租金收入 2.916 億美元和利息收入 1,410 萬美元。

Growth in these line items reflects our increased total portfolio size of $3 billion at year-end 2025. Our total owned portfolio is presented on our balance sheet as equipment held for operating lease, maintenance rights, notes receivable, and investment in sales-type leases.

這些項目的成長反映了我們截至 2025 年底總投資組合規模增加至 30 億美元。我們在資產負債表上將我們擁有的全部資產組合列為：用於經營租賃的設備、維護權、應收票據和銷售型租賃投資。

In 2025, the company purchased equipment, including capitalized shop visit costs totaling $524.6 million. This growth was partially offset on the balance sheet by $215.6 million of equipment book value sales, $106.3 million of lease portfolio asset depreciation, $41.5 million of asset transfers into held for sale, $32.9 million of impairment write-downs, and $23.1 million of payments received against our outstanding notes receivable and sales type leases.

2025年，該公司購買了設備，其中包括總計5.246億美元的資本化上門服務費用。這一增長在資產負債表上部分抵消，具體包括：設備帳面價值銷售額 2.156 億美元、租賃組合資產折舊 1.063 億美元、資產轉移至待售狀態 4,150 萬美元、減損損失 3,290 萬美元，以及收到的未償應收票據和銷售型租賃款項 2,310 萬美元。

Maintenance reserve revenues for the year were $232 million, up $18.1 million or 8.4% from 2024. As you peel back the numbers, you can see that $44.5 million of these maintenance reserve revenues were long-term maintenance reserves associated with engines coming off long-term lease, up from $39.4 million in the prior year.

本年度維護儲備金收入為 2.32 億美元，比 2024 年增加了 1,810 萬美元，增幅為 8.4%。仔細分析這些數字，你會發現，這些維護儲備金收入中有 4,450 萬美元是與長期租賃結束的引擎相關的長期維護儲備金，高於上一年的 3,940 萬美元。

In 2025, we had 19 assets come off long-term lease compared to 20 assets in 2024. $187.5 million of our maintenance reserve revenues were short-term maintenance reserves compared to $174.5 million in 2024. This continued strong cash flow is representative of the demand for our portfolio, the number of engines on short-term lease conditions, and the success of our program offerings.

2025 年，我們有 19 項資產結束了長期租賃，而 2024 年有 20 項資產結束了長期租賃。我們的維護儲備收入中有 1.875 億美元是短期維護儲備，而 2024 年為 1.745 億美元。持續強勁的現金流反映了市場對我們產品組合的需求、短期租賃條件下的引擎數量以及我們專案產品的成功。

Spare parts and equipment sales to third parties of $95.5 million in 2025 compared to $27.1 million in 2024. The $68.4 million increase in sales was driven by $37.7 million of spare parts sales, up $11.6 million or 44.4% from the prior year. Gross margin on these spare parts sales were 2% for the year but more importantly, provided the Willis platform and our customers access to high-demand used service material to keep fleets flying. $57.8 million of these sales related to equipment sales, primarily to our joint venture partner, Willis Mitsui, compared to $1 million of similar sales in 2024.

2025 年向第三方銷售的備件和設備金額為 9,550 萬美元，而 2024 年為 2,710 萬美元。銷售額成長 6,840 萬美元，其中備件銷售額成長 3,770 萬美元，比上年增長 1,160 萬美元，增幅達 44.4%。這些備件銷售的毛利率為2%，但更重要的是，它們為威利斯平台和我們的客戶提供了高需求的二手維修材料，從而保障了機隊的正常運作。其中5780萬美元的銷售額與設備銷售相關，主要銷售對像是我們的合資夥伴威利斯三井公司，而2024年類似的銷售額僅100萬美元。

We recognized gross revenues on equipment sales when the asset has not been on lease in our portfolio. Margin on the equipment sales was $2.1 million or 3.6%.

當資產未在我們的資產組合中處於租賃狀態時，我們會確認設備銷售的毛收入。設備銷售利潤為 210 萬美元，即 3.6%。

Gain on sale of lease equipment, a net revenue metric, was $54 million in 2025 and was associated with $269.7 million of gross equipment sales, representing an effective 20% margin on such sales. This compares to a gain of $45.1 million in 2024, where we saw similar healthy margins in excess of 20%. Our trading activities are an important part of Willis' efforts to recycle the portfolio, keeping it relevant to our customer base.

2025 年，租賃設備出售收益（淨收入指標）為 5,400 萬美元，與 2.697 億美元的設備銷售總額相關，相當於此類銷售的有效利潤率為 20%。相較之下，2024 年的收益為 4,510 萬美元，我們看到了類似的健康利潤率，超過 20%。我們的交易活動是威利斯公司循環利用投資組合、使其與客戶群保持相關性的重要舉措之一。

Maintenance services revenue, which represents fleet management, engine and aircraft storage and repair services, and revenues related to management of fixed base operator services, was marginally up in 2025 to $25.5 million as compared to $24.2 million in 2024. The 5.5% growth in maintenance services was driven by a $5.3 million increase in aircraft maintenance services and partially offset by a decline of $4.5 million related to the sale of our fleet management business in the second quarter of 2025.

維修服務收入（包括機隊管理、發動機和飛機存儲及維修服務，以及與固定基地運營商服務管理相關的收入）在 2025 年略微增長至 2550 萬美元，而 2024 年為 2420 萬美元。維修服務成長 5.5%，主要得益於飛機維修服務收入增加 530 萬美元，但部分被 2025 年第二季出售機隊管理業務導致的 450 萬美元收入下降所抵銷。

Gross margins in maintenance services were minus 9.5% as we are still in the build-out stages of our fixed-based operator services. Furthermore, these sales exclude the intercompany sales, which are eliminated in consolidation. We believe that our maintenance service offering provide a differentiated solution to our customers and create incremental lease opportunities for our business.

由於我們仍處於固定運營商服務的建設階段，維護服務的毛利率為 -9.5%。此外，這些銷售額不包括公司間銷售額，公司間銷售額在合併報表中會被抵銷。我們相信，我們的維護服務能夠為客戶提供差異化的解決方案，並為我們的業務創造更多租賃機會。

Other revenue increased by $8.1 million or 89% to $17.2 million from $9.1 million in 2024. Other revenue primarily is driven by management fees and has grown alongside the growth of our Willis Mitsui joint venture portfolio. We would expect our fund initiatives as well as the continued growth of our Willis Mitsui joint venture and our management of engines for third parties to fuel this growth on a go-forward basis.

其他收入從 2024 年的 910 萬美元增加到 1,720 萬美元，成長了 810 萬美元，增幅達 89%。其他收入主要來自管理費，並隨著我們 Willis Mitsui 合資企業投資組合的成長而成長。我們預計，我們的基金計劃、威利斯三井合資企業的持續成長以及我們為第三方提供的引擎管理服務，將推動這一成長持續下去。

On the expense side of the equation, depreciation for 2025 was up $19.1 million to $111.6 million as we increased the portfolio size but also as we place new assets on lease for the first time, which starts their depreciation cycle. Write-down of equipment was $32.9 million for the year as compared to $11.2 million in 2024.

在支出方面，由於我們增加了投資組合規模，同時也因為我們首次將新資產投入租賃，從而啟動了它們的折舊週期，因此 2025 年的折舊費用增加了 1,910 萬美元，達到 1.116 億美元。本年度設備減損損失為 3,290 萬美元，而 2024 年則為 1,120 萬美元。

As we go through our annual impairment process, we obtain appraisals on all of our engines and aircraft assets. When looking at our year-end 2025, maintenance adjusted market value of our portfolio, which includes our equipment held for operating lease, maintenance rate and financial assets in the aggregate representing our portfolio and comparing this value to the book value of our portfolio, net of any on-balance sheet maintenance reserves, we see an unrecognized market value in excess of our balance sheet book value of approximately $700 million. This excess value excludes any potential future end of lease payments or other contractual return conditions, which adds even more value to the portfolio.

在進行年度減損評估時，我們會對所有引擎和飛機資產進行評估。當我們查看 2025 年底的經維護調整後的投資組合市場價值時（其中包括我們用於經營租賃的設備、維護費率和金融資產，這些資產合計代表了我們的投資組合），並將該價值與我們投資組合的賬面價值（扣除任何資產負債表上的維護準備金）進行比較，我們發現未確認的市場價值比我們的資產負債約 7 億美元。此超額價值不包括任何潛在的未來租賃期滿付款或其他合約回報條件，這進一步增加了投資組合的價值。

G&A was $194.7 million in 2025 compared to $146.8 million in 2024. G&A as a percentage of total revenue remained relatively flat year over year. Increases in the overall G&A spend were related to a $23.7 million increase in personnel costs, which included a $15.3 million increase in share-based compensation expense and a $4.2 million increase in wages. Of the $15.3 million increase in share-based comp, $5.3 million related to the acceleration of vesting of shares associated with the departure of our former General Counsel.

2025 年一般及行政費用為 1.947 億美元，而 2024 年為 1.468 億美元。一般及行政費用佔總收入的比例與上年相比基本持平。整體一般及行政費用的增加與人員成本增加 2,370 萬美元有關，其中包括股權激勵費用增加 1,530 萬美元和工資增加 420 萬美元。在 1,530 萬美元的股權激勵增加額中，有 530 萬美元與前任總法律顧問離職相關的股份加速歸屬有關。

The remainder of increased share-based compensation costs was associated with the appreciation of our share price and the effect of such appreciation on older stock-based compensation awards. To a lesser extent, there was also the effect of share-based compensation awards associated with new hires. In 2025, the company modified its share-based compensation program to reflect significant appreciation in the price of the company's public equity. These changes phase in overtime as historical awards, which expense over multiple years as they vest flow through the P&L.

剩餘的增加的股權激勵成本與股價上漲以及股價上漲對較早的股權激勵獎勵的影響有關。在某種程度上，與新進員工相關的股權激勵獎勵也產生了影響。2025年，該公司修改了其股票激勵計劃，以反映公司公開股票價格的大幅上漲。這些變化會隨著歷史獎勵的逐步實施而加班加點，這些獎勵會在多年內分攤到損益表中。

Also, starting in 2026, the company has modified its cash incentive compensation plan, incorporating caps, which will further reduce cash compensation expense. $12.6 million of the increase in G&A was related to increased consultant fees, primarily associated with our sustainable aviation fuel project. The company made the recent decision to cease its investment in this effort, as mentioned by Austin in his earlier remarks.

此外，自2026年起，公司已修改現金激勵薪酬計劃，引入上限，這將進一步降低現金薪酬支出。管理費用增加的1,260萬美元與諮詢費增加有關，主要與我們的永續航空燃料項目相關。正如奧斯汀在之前的演講中提到的那樣，該公司最近決定停止對該項目的投資。

Lastly, $4.7 million of the increase relates to higher legal fees, primarily associated with finance initiatives as well as start-up costs of the company's new partnerships on the fund side of the business.

最後，成長的 470 萬美元與更高的法律費用有關，主要與融資計劃以及公司在基金業務方面的新合作關係的啟動成本有關。

Technical expense, which is predominantly unplanned maintenance and is expensed rather than capitalized, was $31.4 million for the year, up $9.1 million from the prior year. The increased level of technical expense is in line with the growth of the portfolio, the number of engines on short-term lease conditions and the usage of the portfolio.

技術費用（主要是計劃外維護費用，而且是計入費用而不是資本化）本年度為 3,140 萬美元，比前一年增加了 910 萬美元。技術費用的增加與投資組合的成長、短期租賃引擎的數量以及投資組合的使用情況相符。

Net finance costs were $135.1 million in 2025 compared to $104.8 million in 2024. The increase in costs were related to an increase in indebtedness as total debt obligations increased from $2.264 billion at year-end 2024 to $2.7 billion at year-end 2025, a $4.7 million increase in year-over-year interest expense on our warehouse facility as this facility was not in place until May of 2024 and therefore, only had half a year of interest expense and related fees, $17.8 million of incremental expense associated with our WEST VIII notes, which did not close until June of 2025, $6.2 million of less derivative receipts as certain swap positions matured in 2024 and 2025.

2025 年淨融資成本為 1.351 億美元，而 2024 年為 1.048 億美元。成本增加與以下因素有關：債務增加，總債務從 2024 年底的 22.64 億美元增加到 2025 年底的 27 億美元；倉儲融資的利息支出同比增加 470 萬美元，因為該融資安排直到 2024 年 5 月才生效，因此只有半年的利息支出和相關費用； 6 月才完成交割；以及由於某些互換部位在 2024 年和 2025 年到期，衍生性商品收入減少 620 萬美元。

The increase in interest expense were partially offset by increasing interest income associated with the increased restricted cash on our ABS financings and savings on our fully paid off West IV ABS notes and partially paid off West VII ABS notes.

利息支出的增加部分被以下因素抵消：ABS融資中受限現金增加帶來的利息收入增加，以及已全部償還的West IV ABS票據和部分償還的West VII ABS票據的節省。

In 2025, the company recognized a $43 million gain associated with the sale of our wholly owned subsidiary, Bridgend Asset Management Limited, or BAML, to our joint venture, Willis Mitsui, for $45 million. BAML, now doing business as Willis Mitsui & Company Asset Management Limited, continues to provide services to the Willis platform on an arm's length market pricing basis.

2025年，公司確認了與將全資子公司Bridgend Asset Management Limited（簡稱BAML）以4,500萬美元的價格出售給合資企業Willis Mitsui相關的4,300萬美元收益。現在以 Willis Mitsui & Company Asset Management Limited 的名義開展業務，繼續以公平的市場定價方式向 Willis 平台提供服務。

The company also picked up $13.4 million in earnings from our 50% ownership interest in our Willis Mitsui and CASC Willis joint ventures, which was up 62% from $8.2 million in 2024. Income from joint ventures was primarily driven by growth in our Willis Mitsui joint venture.

公司也從我們在 Willis Mitsui 和 CASC Willis 合資企業中 50% 的股權中獲得了 1,340 萬美元的收益，比 2024 年的 820 萬美元增長了 62%。合資企業的收入主要得益於我們與 Willis Mitsui 合資企業的成長。

Income tax expense was $46.8 million for the year, up $2.8 million or 6.4% from the prior year. The company's effective tax rate for the year was 29.2%, which differed from the 21% federal statutory rate, predominantly due to Section 162(m) add-backs as well as certain discrete tax effects associated with the sale of our BAML business.

本年度所得稅支出為 4,680 萬美元，比上年增加 280 萬美元，增幅為 6.4%。該公司當年的實際稅率為 29.2%，與 21% 的聯邦法定稅率不同，主要是由於第 162(m) 條款的加回以及與出售我們的 BAML 業務相關的某些單獨的稅務影響。

The company's actual cash tax payment in 2025 was $3.4 million as we benefit from significant depreciation tax shields associated with our leasing portfolio. The company produced $108.1 million of net income attributable to common shareholders, factoring GAAP taxes and the cost of our preferred equity, which was up 3.5% from $104.4 million in 2024. Diluted weighted average income per share was $15.39 in 2025 compared to $15.34 in 2024.

由於我們的租賃組合享有大量的折舊稅盾，公司在 2025 年實際現金稅為 340 萬美元。該公司實現歸屬於普通股股東的淨利潤為 1.081 億美元，計入 GAAP 稅收和優先股成本，比 2024 年的 1.044 億美元增長了 3.5%。2025 年稀釋加權平均每股收益為 15.39 美元，而 2024 年為 15.34 美元。

Adjusted EBITDA, a metric we have included in our new financial disclosures, speaks to the normalized cash flow generation of the Willis Enterprise. Our adjusted EBITDA makes adjustments to our net income attributable to common shareholders for income tax expense, interest expense, preferred stock dividends and costs, depreciation and amortization expense, stock-based compensation expense, the write-down of equipment, acquisition financing and divestitures-related expenses and other discrete gains and expenses, including the one-time gain on the sale of our BAML business and our sustainable aviation fuel project-related expenses incurred in 2024 and 2025. The adjusted EBITDA for 2025 was $459.1 million, up 16.6% from $393.7 million in 2024. Cash flow from operations was $283.2 million in 2025, in line with 2024.

調整後 EBITDA 是我們新財務揭露中納入的一項指標，它反映了 Willis 企業的正常現金流量產生。我們的調整後 EBITDA 對歸屬於普通股股東的淨利潤進行了調整，調整內容包括所得稅費用、利息費用、優先股股息和成本、折舊和攤銷費用、股份支付費用、設備減值、收購融資和資產剝離相關費用以及其他一次性收益和費用，包括出售 BAML 業務的一次性成本以及 2024 年和 2025 年發生的與航空燃料項目相關的燃料項目和 2024 年和 2025 年發生的燃料項目。2025 年調整後的 EBITDA 為 4.591 億美元，比 2024 年的 3.937 億美元成長 16.6%。2025 年經營活動產生的現金流量為 2.832 億美元，與 2024 年持平。

On the financing and capital structure side of the business, the company completed a series of capital market and strategic transactions, mainly in the fourth quarter to support the growth of our on and off-balance sheet businesses.

在業務的融資和資本結構方面，公司完成了一系列資本市場和策略交易，主要集中在第四季度，以支持我們資產負債表內和資產負債表外業務的成長。

2025 included approximately $3.4 billion of capital and strategic activity for Willis and our affiliated businesses, including three JOLCO transactions, raising approximately $60 million of capital between March and April, $596 million of ABS financings through our WEST VIII transaction in June, a first-time $750 million revolving credit facility at our Willis Mitsui joint venture in October, $392.9 million of ABS financing through our West IX transaction in December, a $600 million partnership with Liberty Mutual Investments to support our fund business focused on loan and loan-like assets in December, and a $1 billion-plus partnership with Blackstone Credit & Insurance to also support our fund business focused on operating lease assets and also in December.

2025 年，威利斯及其附屬業務的資本和戰略活動總額約為 34 億美元，其中包括三筆 JOLCO 交易，在 3 月至 4 月期間籌集了約 6000 萬美元的資金；6 月份透過 WEST VIII 交易籌集了 5.96 億美元的資產支持證券 (ABS) 信貸融資交易籌集了 3.929 億美元的 ABS 融資；12 月份與 Liberty Mutual Investments 達成 6 億美元的合作，以支持我們專注於貸款和類似貸款資產的基金業務；以及 12 月份與 Blackstone Credit & Insurance 達成超過 10 億美元的合作，同樣是為了支持我們專注於經營租賃資產的基金業務。

We continually look to diversify our sources of funding and minimize our overall cost of capital and have been successful accessing numerous markets over the years.

我們不斷尋求多元化融資來源，降低整體資本成本，多年來已成功進入多個市場。

In 2025, we returned $8.7 million of capital to our shareholders in the form of common dividends. In November of 2025, we paid our sixth consecutive quarterly dividend at an increased rate of $0.40 per share. Subsequent to year-end, we declared and then paid in February our seventh-consecutive regular quarterly dividend, which was at the higher $0.40 per share rate. Our recurring dividend provides shareholders with a moderate current cash yield on their investment while not degrading the strong cash flow of our business.

2025年，我們以普通股股利的形式向股東返還了870萬美元的資本。2025 年 11 月，我們連續第六年派發季度股息，每股股息提高至 0.40 美元。年末之後，我們在 2 月宣布並支付了連續第七個季度的常規股息，股息率為每股 0.40 美元。我們的定期分紅為股東提供了適度的當前現金收益，同時又不會削弱我們業務強勁的現金流。

With respect to leverage, as defined as total debt obligations, net of cash and restricted cash to equity, inclusive of preferred stock, our leverage ticked lower over the year by over 0.5 turn to 2.97 times at year-end 2025 from the 3.48 times at year-end 2024. This level of leverage provides the company with flexibility to make opportunistic purchases and investments.

就槓桿率而言（定義為總負債義務減去現金和受限現金至權益，包括優先股），我們的槓桿率在一年內下降了 0.5 倍以上，從 2024 年底的 3.48 倍降至 2025 年底的 2.97 倍。這種槓桿水平使公司能夠靈活地進行機會性收購和投資。

With that, I hand the call back to Austin.

說完，我把電話轉回給了奧斯汀。

Thank you, Scott. Putting it all together, 2025 was a terrific year from a performance perspective. But more importantly, we laid the groundwork for a long-term strategy using Willis Aviation Capital to accelerate growth in both assets under management as well as through our services businesses.

謝謝你，斯科特。綜合來看，從業成績角度來看，2025 年是非常棒的一年。但更重要的是，我們利用威利斯航空資本為長期策略奠定了基礎，以加速管理資產規模和透過我們的服務業務實現成長。

Thank you, all, for joining us today. And with that, I'll hand it back to the operator for Q&A.

感謝各位今天蒞臨。然後，我會把電話交還給接線生進行問答環節。

(Operator Instructions) [Zach Cafflin], Buckley Capital.

（操作說明）[Zach Cafflin]，Buckley Capital。

Can you talk a little bit about your plans for seeding the Blackstone portfolio? How much of your own engines do you think you might end up selling into that entity?

您能否談談您對黑石投資組合的種子計畫？你認為最終可能會向該實體出售多少你自己的引擎？

Zach, good to hear from you. So we're not going to disclose specific amounts but I will say that we do have a small seed portfolio that we intend to move over into both Blackstone and Liberty Mutual. But the lion's share of the assets that we expect to populate in these funds will be from origination in the marketplace.

札克，​​很高興收到你的來信。因此，我們不會透露具體金額，但我可以說，我們確實有一個小型種子投資組合，我們打算將其轉移到黑石集團和利寶互助保險公司。但我們預期這些基金的大部分資產將來自市場上的新增資產。

Got it. And then the assets that you would be seeding those funds with would there be a gain on sale associated with those, I'm assuming, if they're trading below fair market value?

知道了。那麼，如果您使用這些資產作為資金的種子，而這些資產的交易價格低於其公允市場價值，那麼出售這些資產是否會有收益呢？

Yes. I mean, I'd say it's consistent with other asset sales we see in the marketplace generally.

是的。我的意思是，我認為這與我們通常在市場上看到的其他資產出售情況是一致的。

Got it. And -- but you're not going to give the sort of direction or specificity around what percentage of the portfolio you might be selling into that?

知道了。但是——但你不會給出關於你可能會出售多少比例的投資組合的明確指示或具體細節嗎？

Sure. Zach, it's Scott. No, we're not going to give an exact number. But as Austin said, there's materiality to the portfolio. And as I mentioned in my earlier comments about the value of the portfolio when we look at the maintenance adjusted market values and the premium to the book values, we would expect to continue to see gains on the movement of those assets.

當然。札克，​​我是史考特。不，我們不會給出確切的數字。但正如奧斯汀所說，投資組合具有實質意義。正如我之前在評論中提到的，當我們查看經維護調整後的市場價值和帳面價值溢價時，我們預計這些資產的變動將繼續帶來收益。

Got it. That's helpful. And then I guess maybe just a follow-up on that for the engines that you will be buying for those portfolios, can you maybe talk about your competitive advantages in sort of sourcing those engines and buying at full market prices?

知道了。那很有幫助。那麼，關於您將為這些產品組合購買的發動機，我想再補充一點，您能否談談您在採購這些發動機並以市場全價購買方面的競爭優勢？

Sure. So it's consistent with our business model generally. We've got a good relationship with the OEMs, and we do have an order book with CFMI for LEAP engines. That's one source. Another source is buying from other leasing companies where we think we've got a value add on the power plant side.

當然。所以這與我們整體的商業模式是一致的。我們與原始設備製造商 (OEM) 保持良好的關係，並且我們已經向 CFMI 訂購了 LEAP 引擎。這是其中一個消息來源。另一個來源是從其他租賃公司購買，我們認為我們在電廠方面具有增值優勢。

And that's -- a lot of that is aircraft for engine strategy. And then lastly is programs. We've been very successful at originating high-volume, low-priced assets for programs because we're adding more value than simply the dollars that we're spending to acquire the asset. It's really helping them defer maintenance long term. So those are some key areas for us, and we expect to continue originating through those pathways.

而且，這其中很多都與飛機的引擎策略有關。最後是程序。我們之所以能夠成功地為專案獲取大量、低價的資產，是因為我們創造的價值不僅僅是我們為獲取資產所花費的資金。這確實有助於他們長期推遲維護費用。所以這些是我們的一些重點領域，我們希望繼續透過這些途徑來開展業務。

Will Waller, M3F.

威爾·沃勒，M3F。

As it relates to Willis Aviation Capital and the Blackstone investment, you mentioned a $1 billion number. I'm curious if you can utilize the access that you guys have had to the asset-backed securities market to then lever that. You guys are probably pretty unique in that you have a much lower cost of funds given the success you've had and the history you've had in the asset-backed securities market. So just curious if that $1 billion could then be leveraged kind of as you've done with your own capital in the past or how you're looking at that?

關於 Willis Aviation Capital 和 Blackstone 的投資，您提到了一個 10 億美元的數字。我很好奇你們能否利用你們已經獲得的進入資產支持證券市場的管道，進而進行槓桿操作。鑑於你們在資產支持證券市場的成功和歷史，你們的資金成本可能相當低，這或許是相當獨特的。所以，我只是好奇這10億美元可以像你過去利用自有資金那樣進行槓桿投資，或者你對此有何看法？

Sure. Thanks for the question. I think one thing to note is when we talk about $1 billion-plus, we're talking about $1 billion-plus of metal. And therefore, the fund or the equity dollars themselves will be less than the $1 billion. And that $1 billion-plus does contemplate the leverage on those assets.

當然。謝謝你的提問。我認為需要注意的一點是，當我們談論超過 10 億美元時，我們指的是超過 10 億美元的金屬。因此，該基金或股權本身的金額將少於 10 億美元。而且，這超過10億美元的數字確實考慮到了這些資產的槓桿作用。

And yes, we are a regular issuer into the ABS market. So I wouldn't be surprised if ultimately debt financing was structured in a way that was not dissimilar from what you've seen historically.

是的，我們是ABS市場的常規發行機構。因此，如果最終債務融資的結構與歷史上所見的結構並沒有太大差異，我不會感到驚訝。

Okay. Great. And then on the appraised value number, your stated equity is -- common equity is about $662 million. You mentioned the appraised value in excess of what you carry them on the books at of your equipment is about $700 million.

好的。偉大的。然後，根據評估價值數字，您聲明的權益是－普通股權益約為 6.62 億美元。您提到，您設備的評估價值超過帳面價值的部分約為 7 億美元。

You then also mentioned the maintenance dynamic. Would that be reflected in the maintenance reserve liability related to long-term leases where you haven't had those engines come back off lease or you'd add that in as well?

然後您也提到了維護動態。如果長期租賃的引擎尚未歸還，這是否會反映在與長期租賃相關的維護儲備負債中，還是也會將其計入？

Sure. What I talked about was the $700 million, and that was looking at the disparity in the maintenance adjusted market value, the exercise that we go through every year on our entire portfolio and the book value of our assets adjusted for the maintenance reserves, right?

當然。我談到的是 7 億美元，那是在檢視經維護調整後的市場價值與經維護儲備調整後的資產帳面價值之間的差異，這是我們每年對整個投資組合進行的計算，對吧？

Ultimately, those maintenance reserves will come back into the value of the assets. What I said on top of that, and I did not quantify, was that we do have engines that are on long-term lease conditions that maybe are not paying a maintenance reserve have an end-of-lease component or have a contractual return condition to come back following a full shop visit, that would all be incremental value above and beyond the $700 million disparity.

最終，這些維護儲備金將轉化為資產價值。除此之外，我還沒有量化，但我說過，我們有一些發動機是長期租賃的，可能沒有支付維護儲備金，租賃期滿後會有相應的補償，或者合約規定在全面檢修後歸還，所有這些都是超出 7 億美元差距的額外價值。

Okay, great. And then your order book, there's nothing being factored into that for the order book. So the order book, if you have saved prices for options to acquire LEAP engines at below current market value prices, that wouldn't be included in that $700 million as well, correct?

好的，太好了。至於你的訂單簿，訂單簿中沒有任何因素被考慮。所以，如果訂單簿中保存了以低於當前市場價格購買 LEAP 引擎的選擇權價格，那麼這些價格也不會包含在 7 億美元之中，對嗎？

Correct.

正確的。

Okay, great. And then as it relates to your long-term maintenance revenue, that number was down in the fourth quarter. I realize it's lumpy given you only account for that as you actually get the -- as you get the engines back in your possession. I see that maintenance reserve liability increased by about $13.3 million from the third quarter of 2025 to the fourth quarter of 2025. Would it be safe to assume that had you gotten those back, your earnings would have almost been double what you reported, correct?

好的，太好了。至於長期維護收入，第四季該數字有所下降。我知道這很不完整，因為你只考慮了當你真正拿到——當你把引擎拿回來的時候。我看到，從 2025 年第三季到 2025 年第四季，維護準備金負債增加了約 1,330 萬美元。如果那些錢找回來了，你的收入應該會比你申報的幾乎翻一番，對嗎？

Sure. So I think you're highlighting a good point, right? The long-term maintenance reserve component is lumpy. We had in the fourth quarter of 2024 -- we had approaching $15 million in the fourth quarter of 2025, we had approximately $5 million.

當然。所以我覺得你說的很有道理，對吧？長期維護儲備金部分波動較大。我們在 2024 年第四季擁有接近 1500 萬美元的資金，在 2025 年第四季擁有約 500 萬美元的資金。

But when you look for the full year, we had in 2025, almost $45 million compared to $39 million or approaching $40 million in 2024. That is lumpy over time. But consistently, we see growth as the portfolio builds. So I think that is something, if you're thinking about modeling, it really has to normalize over time.

但從全年來看，2025 年的收入接近 4,500 萬美元，而 2024 年的收入為 3,900 萬美元或接近 4,000 萬美元。隨著時間的推移，情況會變得不均勻。但隨著投資組合的不斷壯大，我們看到了持續成長。所以我覺得，如果你在考慮建模，那麼隨著時間的推移，它真的必須趨於正常化。

Yeah. And to reiterate what Scott is saying, if you look at the annualized numbers for '24 and '25, the percentage or the proportion of long term relative to short term is pretty consistent.

是的。正如 Scott 所說，如果你看一下 2024 年和 2025 年的年化數字，長期相對於短期的百分比或比例相當一致。

Okay, great. And then just one or two more quick ones. We saw an 8-K that you repurchased some shares during the fourth quarter. What are your views on share repurchases given it looks like you'll be going more towards an asset-light model where I'm guessing capital -- the need for all the cash and the capital that you're generating may not be as significant going forward. How are you looking at repurchases?

好的，太好了。然後再快速地拍一兩張。我們看到一份 8-K 表格，其中顯示您在第四季度回購了一些股票。鑑於貴公司似乎將更多地採用輕資產模式，我猜想未來對現金和資本的需求可能不會那麼大，您對股票回購有何看法？您如何看待回購？

So I'll first challenge the asset-light terminology. I think -- I know it sounds a bit tongue in cheek, but I would probably call us asset medium. We've been the beneficiaries of owning assets on balance sheet for 40-plus years. And I think we've shown that we're good at it, and it serves us quite well. So we're going to continue to grow to the extent that we can with respect to leverage.

所以，我首先要對「輕資產」這個術語提出質疑。我認為——我知道這聽起來有點諷刺，但我可能會稱我們為資產中等。40多年來，我們一直是資產負債表上擁有資產的受益者。我認為我們已經證明我們很擅長這一點，而且這對我們很有幫助。因此，我們將繼續在槓桿作用允許的範圍內實現成長。

I do think you're right, there is an opportunity to deploy the existing capital in BlackStone and Liberty Mutual and potentially not deploy as much on balance sheet but that's not necessarily the strategy for us now. We're really pursuing growth on all fronts.

我認為你是對的，確實有機會利用黑石集團和利寶互助保險公司現有的資本，而無需在資產負債表上投入太多資金，但這未必是我們現在的策略。我們確實在各方面追求成長。

Okay. And then lastly, the engines that you guys wrote down related to Russia, we've seen most companies like AerCap and Air Lease recapture a lot of that value in the form of insurance claims. Are you guys -- do you still have any sort of insurance claims pending on that price? We haven't seen anything? Just kind of curious as to an update on that.

好的。最後，你們提到的與俄羅斯有關的引擎，我們看到像 AerCap 和 Air Lease 這樣的大多數公司都透過保險索賠的形式收回了很多價值。你們那邊——你們還有任何關於那筆價格的保險索賠尚未處理嗎？我們什麼都沒看到嗎？我只是有點好奇這件事的最新進展。

Yeah. We do. And for that reason, I can't go into too much detail. But I think if you look at some of the judgments that we've seen both in Europe and in the US, we feel pretty confident in what the recovery is going to look like but I'll kind of leave it there.

是的。是的。因此，我不能透露太多細節。但我認為，如果你看看我們在歐洲和美國看到的一些判決，我們對復甦的前景相當有信心，我就說到這裡吧。

Thank you. That will conclude our question-and-answer session. At this time, I'd like to turn the call back over to Austin Willis for any additional or closing remarks.

謝謝。我們的問答環節到此結束。此時，我想把電話轉回給奧斯汀·威利斯，讓他補充或作總結發言。

Only to say thank you for joining us today, and thank you for being shareholders. 2025 was a great year, and we look forward to 2026.

僅此感謝各位今天蒞臨，也感謝各位成為我們的股東。 2025年是碩果累累的一年，我們期待2026年的到來。

Thank you. That will conclude today's call. We appreciate your participation.

謝謝。今天的電話會議到此結束。感謝您的參與。