Financial Analysis

Commitments and Contingencies Rent expense for office space leased in Stamford, Connecticut, Dublin, Ireland, and Singapore, $2.3 million, $1.9 million and $2.3 million for the years ended February 28, 2026 and 2025, and February 29, 2024, respectively. As of February 28, 2026, future minimum lease payments under non-cancelable operating leases were as follows: Year Ending February 28/29, Amount 2027 $ 3,220 2028 3,251 2029 2,458 2030 1,649 2031 1,451 Thereafter 14,522 Total $ 26,551 As of February 28, 2026, we had commitments to acquire 17 aircraft for $829.5 million. As of February 28, 2026, commitments, including $34.4 million of remaining progress payments, contractual price escalations and other adjustments for these aircraft, net of amounts already paid, were as follows: Year Ending February 28/29, Amount 2027 $ 583,400 2028 114,456 2029 131,670 2030 2031 Thereafter Total $ 829,526 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Borrowings from Secured and Unsecured Debt Financings The outstanding amounts of our secured and unsecured term debt financings were as follows: At February 28, 2026 At February 28, 2025 Debt Obligation Outstanding Borrowings Number of Aircraft Interest Rate Final Stated Maturity Outstanding Borrowings Secured Debt Financings: Other Financings (1) $ 114,177 4 2.36% to 4.14% 11/30/31 to 06/27/32 $ 509,104 Less: Debt issuance costs (1,822) (6,495) Total secured debt financings, net of debt issuance costs and discounts 112,355 502,609 Unsecured Debt Financings: Senior Notes due 2025 (2) 5.25% 08/11/25 650,000 Senior Notes due 2026 650,000 4.25% 06/15/26 650,000 2.850% Senior Notes due 2028 750,000 2.85% 01/26/28 750,000 6.500% Senior Notes due 2028 650,000 6.50% 07/18/28 650,000 Senior Notes due 2029 650,000 5.95% 02/15/29 650,000 5.250% Senior Notes due 2030 500,000 5.25% 03/15/30 500,000 5.000% Senior Notes due 2030 650,000 5.00% 09/15/30 Senior Notes due 2031 500,000 5.75% 10/01/31 500,000 Unsecured Term Loan 600,000 5.06% 04/28/30 Revolving Credit Facilities 240,000 4.88% to 5.63% 01/18/28 to 02/9/29 150,000 Less: Debt issuance costs and discounts (50,589) (47,219) Total unsecured debt financings, net of debt issuance costs and discounts 5,139,411 4,452,781 Total secured and unsecured debt financings, net of debt issuance costs and discounts $ 5,251,766 $ 4,955,390 _______________ (1) The borrowings under these financings at February 28, 2026 have a weighted-average fixed ra …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present amount based on current market expectation about those future amounts. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Assets Measured at Fair Value on a Recurring Basis The following tables set forth our financial assets as of February 28, 2026 and 2025, that we measured at fair value on a recurring basis by level within the fair value hi …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes Income taxes have been provided for based upon the tax laws and rates in countries in which our operations are conducted and income is earned. On December 18, 2023, the Government of Bermuda enacted the Bermuda Corporate Income Tax Act (the Bermuda CIT Act), which imposes a 15% corporate income tax (the Bermuda CIT) effective for tax years beginning on or after January 1, 2025. Accordingly, the Company is subject to the Bermuda CIT with respect to its fiscal year beginning March 1, 2025, and subsequent years. As a result of the enactment of the Bermuda CIT Act, the Company now presents sources of income and the related components of the income tax provision by jurisdiction. Historically, such information was presented on a U.S. and non-U.S. basis, as Bermuda was a zero-rate jurisdiction in prior years. The table below summarizes income by jurisdiction, including from Bermuda, the United States and other jurisdictions, primarily Ireland. Income from continuing operations before income taxes and earnings of unconsolidated equity method investment for the years ended February 28, 2026 and 2025, and February 29, 2024, were as follows: Year Ended February 28/29, 2026 2025 2024 Bermuda $ 49,287 $ 53,649 $ 31,711 United States 22,867 27,253 25,029 Other 148,095 61,556 47,636 Income from continuing operations before income taxes and earnings of unconsolidated equity method investment $ 220,249 $ 142,458 $ 104,376 Our Bermuda, U.S., and Ireland-based aircraft-owning subsi …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 enhances the transparency of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The standard requires disclosure of specific categories in the rate reconciliation, using both percentages and reporting currency amounts, as well as disclosure of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and individual jurisdictions. The standard is effective for annual periods beginning after December 15, 2024 and is applied on a prospective basis. The Company adopted ASU 2023-09 effective for the year ended February 28, 2026, and the additional disclosures required by the standard are included in Note 11. The adoption of ASU 2023-09 did not have a material impact on the consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03). ASU 2024-03 requires entities to provide additional disclosure around certain costs and expenses presented within the Income Statement. This standard aims to improve the disclosures around the entitys expenses and address requests from investors …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Related Party Transactions We incurred fees from our Shareholders as part of intra-company service agreements totaling $8.3 million and $8.7 million during the years ended February 28, 2026 and 2025, respectively, whereby our Shareholders provide certain management and administrative services to the Company. These fees are recorded in selling, general and administrative costs in the consolidated statements of income. See Note 7 for our loan agreement entered into with our equity method investee during the year ended February 28, 2026.

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Commitments and Contingencies Rent expense, for office space leased in Stamford, Connecticut, Dublin, Ireland and Singapore was $0.2 million and $0.5 million for the three months ended May 31, 2026 and 2025, respectively. As of May 31, 2026, future minimum lease payments relating to our non-cancelable office leases were as follows: Year Ending February 28/29, Amount 2027 (Remainder of fiscal year) $ 2,404 2028 3,231 2029 2,438 2030 1,628 2031 1,433 Thereafter 14,329 Total $ 25,463 At May 31, 2026, we had commitments to purchase 19 aircraft for $897.8 million. At May 31, 2026, commitments, including $29.1 million of remaining progress payments, contractual price escalations and other adjustments for these aircraft, net of amounts already paid, were as follows: Year Ending February 28/29, Amount 2027 (Remainder of fiscal year) $ 665,018 2028 109,215 2029 123,524 2030 2031 Thereafter Total $ 897,757 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Borrowings from Secured and Unsecured Debt Financings The outstanding amounts of our secured and unsecured debt financings were as follows: At May 31, 2026 At February 28, 2026 Debt Obligation Outstanding Borrowings Number of Aircraft Interest Rate Final Stated Maturity Outstanding Borrowings Secured Debt Financings: Other Financings (1) $ 113,337 4 2.36% to 4.14% 11/30/31 to 06/27/32 $ 114,177 Less: Debt issuance costs and discounts (1,745) (1,822) Total secured debt financings, net of debt issuance costs and discounts 111,592 112,355 Unsecured Debt Financings: Senior Notes due 2026 (2) 4.25% 06/15/26 650,000 2.850% Senior Notes due 2028 750,000 2.85% 01/26/28 750,000 6.500% Senior Notes due 2028 650,000 6.50% 07/18/28 650,000 Senior Notes due 2029 650,000 5.95% 02/15/29 650,000 5.250% Senior Notes due 2030 500,000 5.25% 03/15/30 500,000 5.000% Senior Notes due 2030 650,000 5.00% 09/15/30 650,000 5.000% Senior Notes due 2031 650,000 5.00% 05/15/31 5.750% Senior Notes due 2031 500,000 5.75% 10/01/31 500,000 Unsecured Term Loans 975,000 4.94% to 5.06% 04/28/30 to 05/20/31 600,000 Revolving Credit Facilities 20,000 5.56% 01/30/29 240,000 Less: Debt issuance costs and discounts (56,605) (50,589) Total unsecured debt financings, net of debt issuance costs and discounts 5,288,395 5,139,411 Total secured and unsecured debt financings, net of debt issuance costs and discounts $ 5,399,987 $ 5,251,766 ______________ (1) The borrowings under these financings as of May 31, 2026, have a …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize the use of unobservable inputs. Assets Measured at Fair Value on a Recurring Basis The following tables set forth our financial assets as of May 31, 2026 and February 28, 2026, that we measured at fair value on a recurring basis by level within the fair value hierarchy. Assets measured at fair value are classified in their entirety based on the lowest level of input that is significant to their fair value measurement. Fair Value Measurements at May 31, 2026 Using Fair Value Hierarchy Fair Value as of May 31, 2026 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation Technique Assets : Cash and cash equivalents $ 440,922 $ 440,922 $ $ Market Investments in equity securities 5,090 1,192 3,898 Market/Income Fair Value Measurements at February 28, 2026 Using Fair Value Hierarchy Fair Value as of February 28, 2026 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Valuation Technique Assets : Cash and cash equivalents $ 179,889 $ 179,889 $ $ Market Investments in equity securities 5,704 1,806 3,898 Market/Income Our cash and cash equivalents consist largely of money market securities that are highly …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes Income taxes are provided based upon the tax laws and rates of the jurisdictions in which our operations are conducted and income is earned. The Government of Bermuda enacted the Bermuda Corporate Income Tax Act (the Bermuda CIT Act), which imposes a 15% corporate income tax (the Bermuda CIT) applicable to the Company with respect to its fiscal year beginning March 1, 2025. The Company has appropriately considered the impact of the Bermuda CIT and its impact on current and deferred income taxes. As a result of the enactment of the Bermuda CIT Act, the Company now presents sources of income and the related components of the income tax provision by jurisdiction. Historically, such information was presented on a U.S. and non-U.S. basis, as Bermuda was a zero-rate jurisdiction in prior periods. The table below summarizes income by jurisdiction, including from Bermuda, the United States and other jurisdictions, primarily Ireland. Income from continuing operations before income taxes and earnings of unconsolidated equity method investment for the three months ended May 31, 2026 and 2025, were as follows: Three Months Ended May 31, 2026 2025 Bermuda $ 7,446 $ 11,445 United States 13,098 10,090 Other 20,402 40,080 Income from continuing operations before income taxes and earnings of unconsolidated equity method investment $ 40,946 $ 61,615 Our Bermuda, U.S. and Ireland-based aircraft-owning subsidiaries are subject to taxes in their respective jurisdictions. Our non-U.S. …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03). This standard requires entities to provide additional disclosure around certain costs and expenses presented within the Income Statement. This standard aims to improve the disclosures around the entitys expenses and address requests from investors for more detailed information about the types of expenses. The standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (ASU 2025-11). ASU 2025-11 clarifies the scope and requirements for interim financial statement disclosures under U.S. GAAP. The amendments create a comprehensive list of required interim disclosures and introduce a disclosure principle requiring entities to disclose, in interim periods, any event or change since the previous year-end that has a material effect on the entity. ASU 2025-11 is effective for interim reporting periods within annual periods beginning after December 15, 2027, for public bus …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Related Party Transactions We incurred fees from our Shareholders as part of intra-company service agreements totaling $1.9 million and $2.1 million during the three months ended May 31, 2026 and 2025, respectively, whereby our Shareholders provide certain management and administrative services to the Company. These expenses are recorded in selling, general and administrative costs in the consolidated statements of income. See Note 7 for distributions received from our equity method investee during the three months ended May 31, 2026

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Subsequent Events Subsequent to May 31, 2026, the Company redeemed all 400 outstanding Series A Preference Shares for a cash redemption price totaling $405.4 million, which included accumulated and unpaid dividends. See Note 9 for more information.

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