Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-15369 ______________________________________________________________________ WILLIS LEASE FINANCE CORPORATION (Exact name of registrant as specified in its charter) | Delaware | | | 68-0070656 | | | --- | --- | - ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-15369 __________________________________________________________________ ...

Revenue Sources - 60% of the company's lease rent revenue for the year ended December 31, 2022, was generated from foreign customers[135] - The company derived approximately 60% of its core lease rent revenue from international business, exposing it to global market uncertainties[148] - In 2022, 60% of the company's total lease rent revenues came from non-U.S. domiciled lessees, exposing it to currency devaluation risk[251] Financial Risks - The company faces risks from inflation, which has increased costs of labor and other services, potentially reducing profit margins[131] - Substantially all leases require payments in U.S. dollars, posing risks if foreign currencies devalue against the dollar[136] - The company has $727.0 million of outstanding variable rate debt, with an estimated annual interest expense increase of $2.3 million for every 1% rise in interest rates[249] Market Competition - The company operates in a highly competitive market, with primary competitors having significantly greater resources[150] Operational Challenges - The company may face challenges in managing the expansion of its operations effectively[154] - Political and economic instability, such as the conflict between Russia and Ukraine, may adversely affect operations[138] - Changes in trade policies and tariffs could materially impact the company's business and financial condition[145] - The company is subject to stringent governmental regulations, and failure to comply could harm its operations[156] Ownership and Control - As of December 31, 2022, Charles F. Willis, IV beneficially owned approximately 46% of the company's common stock, giving him effective control over the company[158] - Provisions in Delaware law and the company's charter may hinder or delay a change of control, complicating potential acquisitions[166] - The company has authorized the issuance of 6.5% Series A Preferred Stock, which could discourage mergers or proxy contests[167] Potential Transactions - The company is currently negotiating a potential "take-private" transaction with Mitsui & Co., Ltd. and other partners, which could adversely affect its stock price if negotiations fail[159] - The company has incurred significant expenses related to the potential transaction, which will not be recovered if the deal is not completed, potentially harming its business[159] - The company may face challenges in retaining employees and customers if the potential "take-private" transaction creates uncertainty about its future[160] Financial Compliance - As of December 31, 2022, the company was in compliance with financial covenants related to its servicing and administrative agency agreements, but future compliance is uncertain[165] - The company receives monthly fees of 11.5% as servicer and 2.0% as administrative agent for the WEST facilities, which are critical to its cash flows[164]

FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ Commission File Number: 001-15369 ______________________________________________________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-15369 ___________________________________________________________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-15369 __________________________________________________________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021 ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission File Number: 001-15369 WILLIS LEASE FINANCE CORPORATION (Exact name of registrant as specified in its charter) | Delaware | | | 68-0070656 | | --- | --- | --- | --- | | (State or ...

Financial Performance - Total revenue for the three months ended September 30, 2021, was $70.791 million, a slight increase of 0.3% compared to $70.613 million in the same period of 2020 [105]. - Total revenue for the nine months ended September 30, 2021, decreased by $28.8 million, or 12.7%, to $198.4 million compared to $227.2 million for the same period in 2020 [119]. - Lease rent revenue increased by $2.9 million, or 9.6%, to $32.9 million for the three months ended September 30, 2021, driven by lower COVID-19 related rent concessions [105]. - Lease rent revenue decreased by $18.0 million, or 15.7%, to $96.9 million for the nine months ended September 30, 2021, primarily due to lower utilization compared to the prior year [119]. - Maintenance reserve revenue decreased by $8.6 million, or 26.8%, to $23.7 million for the three months ended September 30, 2021, influenced by long-term maintenance revenue associated with engines coming off lease [108]. - Maintenance reserve revenue decreased by $22.1 million, or 26.6%, to $60.7 million for the nine months ended September 30, 2021, reflecting a decline in global flight traffic related to the COVID-19 pandemic [121]. - Spare parts sales increased by $2.2 million, or 76.3%, to $5.1 million for the three months ended September 30, 2021, due to an industry-wide increase in engine and aircraft utilization [109]. - Spare parts and equipment sales decreased by $1.6 million, or 10.9%, to $13.2 million for the nine months ended September 30, 2021 [122]. - Other revenue increased by $5.6 million, or 41.8%, to $18.9 million for the nine months ended September 30, 2021, driven by increases in service-related fees and interest income [125]. Expenses and Costs - General and administrative expenses increased by $2.2 million, or 13.4%, to $18.7 million for the three months ended September 30, 2021, primarily due to increased stock-based compensation [115]. - General and administrative expenses increased by $3.1 million, or 6.0%, to $54.3 million for the nine months ended September 30, 2021, primarily due to increased stock-based compensation [129]. - Net finance costs rose by $3.0 million, or 19.4%, to $18.3 million for the three months ended September 30, 2021, attributed to higher leverage levels [117]. - Net finance costs decreased by $1.5 million, or 2.9%, to $50.3 million for the nine months ended September 30, 2021, primarily due to a loss on debt extinguishment recognized in the prior year [131]. Utilization and Operational Metrics - Average utilization based on net book value was approximately 82% for the three months ended September 30, 2021, down from 86% in the same period of 2020 [107]. - Average utilization based on net book value was approximately 81% for the nine months ended September 30, 2021, down from 86% in the prior year [120]. Cash Flow and Debt - Cash flows provided by operating activities decreased to $68.6 million for the nine months ended September 30, 2021, compared to $83.5 million for the same period in 2020 [136]. - Cash flows used in investing activities were $180.9 million for the nine months ended September 30, 2021, primarily reflecting purchases of equipment held for operating lease [138]. - As of September 30, 2021, total debt obligations amounted to $1,834.7 million, with interest rates ranging from approximately 1.8% to 7.4% [151]. - The company recognized a loss of $4.7 million on debt extinguishment related to the repayment of the WEST II Series A 2012 term notes in March 2020 [150]. - The company is in compliance with financial covenants, including an Interest Coverage Ratio of at least 2.25 to 1.00 and a Total Leverage Ratio below 4.50 to 1.00 as of September 30, 2021 [153]. Commitments and Future Outlook - The company has contractual commitments totaling $2,580.6 million, with $75.1 million due within one year and $908.7 million due beyond five years [155]. - The company has committed to purchasing 12 additional LEAP-1B engines, anticipating increased demand as the 737 Max is re-certified [155]. - Future maintenance services are anticipated to cost $24.0 million by 2024, with additional commitments for overhaul and maintenance services ranging from $70.2 million to $112.0 million by 2030 [156]. Risk Factors - The company is exposed to currency devaluation risk, with 54% of lease rent revenues from non-U.S. domiciled lessees during the nine months ended September 30, 2021 [161]. - As of September 30, 2021, $603.0 million of the company's outstanding debt is variable rate debt, with an estimated annual interest expense fluctuation of $1.0 million for every 1% change in interest rates [159]. Taxation - The effective tax rate for the third quarter of 2021 was 52.8%, compared to 50.6% in the prior year period, mainly due to executive compensation exceeding $1.0 million [118]. Asset Holdings - As of September 30, 2021, the company held $1,971.3 million in equipment under operating leases and $196.1 million in notes receivable, representing a total of 313 engines and eight aircraft [95].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-15369 ___________________________________________________________________ ...

(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________ FORM 10-Q (IRS Employer Identification No.) 4700 Lyons Technology Parkway Coconut Creek Florida 33073 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commissi ...