有一个小伙伴咨询一个问题： 在融资租赁中，出租方需要确认未实现融资收益，并通过"递延收益——未实现融资收益"科目核算。 出租资产时，未实现融资收益= (最低租赁收款额+未担保余值) - (最低租赁收款额现值+未担保余值现 值)的计算公式是怎么得来的？ 以下我以一个"租房东的机器"的故事，把这个会计问题讲明白。小伙伴们完全不用担心，咱们一步步 来。 想象一下，我是一家建筑公司，准备租赁一台大型挖掘机。 你是出租方（租赁公司），我是承租方（建筑公司）。 第一步：故事的开始 你花费 100万元购买了一台崭新的挖掘机。 5年后合同到期，挖掘机归还给你。 合同签5年，约定： 每年底，我固定付你一笔租金，比如28万元。 5年下来，你总共会收到 140万元 现金。 这140万，在会计上就叫 "最低租赁收款额"。 这100万就是它的"现在值多少钱"，也叫现值或成本。 第二步：咱们谈租赁合同 我不直接买，而是找你租。 这里就是核心的金融逻辑： 钱有时间价值。 明年的1元钱，不如今天的1元钱值钱，因为今天的钱可以存银行生利息。 到时候这旧机器还能卖点钱，咱们估计它能卖 10万元。 但这10万元没人提供担保，可能卖多卖少，这就是 ...

1. 公开市场操作 2. 资金面 （*数据来源：Wind-央行动态PBOC） 银行间市场周三资金面呈结构性分化，存款类机构隔夜回购加权利率（ DR001 ）继续低位徘徊在 1.26% 附近，匿名点击（ X-repo ）系统上，隔夜报价在 上日午后降至 1.24% 后持稳，供给依旧充盈；存款类机构七天期回购加权利率今日继续下探，低于七天逆回购利率 1.4% 。 海外方面，最新美国隔夜融资担保利率为 3.68% 。 （IMM） // 债市综述 // （*数据来源：Wind-国际货币资金情绪指数、资金综合屏） 3. 同业存单 全国和主要股份制银行一年期同业存单最新成交在 1.64% 附近，较上日变化不大。 央行公告称， 12 月 24 日以固定利率、数量招标方式开展了 260 亿元 7 天期逆回购操作，操作利率 1.40% ，投标量 260 亿元，中标量 260 亿元。 Wind 数 据显示，当日 468 亿元逆回购到期，据此计算，单日净回笼 208 亿元 。 （*数据来源：Wind-利差分析） 6. 国债期货收盘 30 年期主力合约涨 0.02% 10 年期主力合约涨 0.02% 5 年期主力合约跌 0.01% ...

Core Points - Willis Lease Finance Corporation (WLFC) announced the offering of $337.4 million in Series A Fixed Rate Notes and $55.5 million in Series B Fixed Rate Notes through its subsidiary, Willis Engine Structured Trust IX (WEST) [1] - The Notes will be secured by interests in a portfolio of 47 aircraft engines and 2 airframes, which will be acquired from WLFC or its subsidiaries [1] - The net proceeds from the Notes will be used for fees related to the offering, reserve accounts for security deposits and maintenance expenses, and to pay WLFC for the acquired aircraft engines and airframes [2] Financial Details - The total amount of the Initial Notes being offered is $392.9 million, comprising $337.4 million in Series A Notes and $55.5 million in Series B Notes [1] - WLFC plans to use any net proceeds received to repay debt collateralized by the assets and for general corporate purposes [2] Regulatory Information - The Notes will not be registered under the Securities Act of 1933 and are being offered only to qualified institutional buyers and non-U.S. persons [3] - The offering does not constitute an offer to sell or a solicitation of an offer to buy in jurisdictions where such actions would be unlawful [4]

Core Insights - The 22nd Annual Leasing Life Awards celebrated organizations driving innovation, sustainability, digital transformation, and customer impact in the leasing industry [1][2] Awards Summary - **Best Sustainability Initiative of the Year**: BPCE Equipment Solutions was recognized for integrating sustainability into its core business, financing over €3 billion in green assets, achieving EcoVadis certification, and training over 80% of employees in ESG principles [3] - **Circular Economy Model of the Year**: BNP Paribas 3 Step IT won for its renewable-energy-powered refurbishment center, which processes hundreds of thousands of devices annually, significantly impacting waste reduction and resource efficiency [4] - **Digital Innovation of the Year (Asset Finance)**: TotalSoft received the award for its next-generation digital leasing platform that features automation, AI readiness, and paperless operations, enhancing the customer journey and empowering stakeholders [5] - **Digital Innovation of the Year (ESG)**: PEAC Solutions was honored for its digital mobility platform that promotes greener commuting through instant onboarding and automated processes, merging ESG goals with customer-centric design [6]

Core Viewpoint - Maui Land & Pineapple Company, Inc. (MLP) has experienced a significant decline in share price, dropping 36.6% since the third-quarter 2025 results were reported, which is notably worse than the S&P 500 Index's 2.3% decrease, indicating investor concerns despite operational improvements [1] Financial Performance - In Q3 2025, MLP reported total operating revenue of $4.5 million, an increase from $3 million year-over-year, primarily driven by higher leasing revenue and land development activity [2] - The company achieved a net income of $0.2 million, a significant recovery from a net loss of $2.2 million in the same quarter last year, with earnings per share rising to 1 cent from a loss of 11 cents [2] - Leasing revenue increased to $3.5 million from $2.7 million, while land development and sales contributed $0.8 million compared to no revenue in the prior-year quarter [2] - Operating costs decreased to $4.9 million from $5.3 million, attributed to lower share-based compensation despite higher leasing-related costs [2] Key Business Metrics - For the nine months ended September 30, 2025, operating revenue rose 83.1% to $14.9 million from $8.2 million, driven by leasing, land development sales, and reimbursements from the State of Hawai'i's Relief Housing Project [3] - Leasing revenue grew to $9.9 million from $7.1 million, supported by tenant additions and higher occupancy [3] - Land development and sales revenue surged to $4.2 million from $0.2 million, reflecting parcel sales and progress on the Honokeana Homes project [3] Operating Loss and Adjusted EBITDA - Operating loss narrowed significantly to $2.8 million from $5.5 million in the prior-year period, while adjusted EBITDA turned positive at $1.6 million compared to a slight loss a year earlier [4] - However, the company recorded a GAAP net loss of $9.4 million, widening from a $5.5 million loss last year, primarily due to $6.9 million in pension-related expenses [4] Cash Position - Total cash and investments convertible to cash declined to $5 million from $9.5 million at year-end 2024, reflecting pension contributions, development costs, and capital expenditures [5] Management Commentary - Management highlighted strong leasing momentum with a 39% year-over-year increase in recurring leasing revenue and improved occupancy across commercial properties [6] - The company is focusing on stabilizing recurring income while unlocking value from non-strategic parcels and has terminated its qualified pension plan, fulfilling a significant legacy obligation [7] Influencing Factors - Results for the nine months ended September 30, 2025, were significantly impacted by the State of Hawai'i's Relief Housing Project, contributing $3.4 million in reimbursed development costs [8] - Increased tenant activity, higher water system revenues, and improved occupancy across various properties positively influenced leasing [8] Cost Dynamics - Leasing-related expenses rose due to increased occupancy, property management fees, and tenant improvement work [10] Future Outlook - Management expects continued growth in leasing income as occupancy stabilizes and origination costs decline, with plans to monetize remnant parcels over the next one to three years [12] Other Developments - MLP advanced its agave farming venture and initiated planting across 25 acres, while also continuing the Honokeana Homes project on a cost-recovery basis [13] - The company disclosed several legal matters, including lawsuits related to irrigation water access, though financial impacts remain undetermined [13] Overall Assessment - While MLP demonstrated operational improvements in leasing and land development, cash outflows and pension-related charges negatively impacted reported earnings, leading to a muted market reaction [14]

Core Points - The European Bank for Reconstruction and Development (EBRD) has provided a €10 million loan to Winner Leasing, marking the first collaboration between the two entities in the financial sector [1] - The loan aims to support medium-term financing for Ukrainian micro, small, and medium-sized enterprises (MSMEs) that are facing challenges in accessing credit due to the ongoing war [1][2] - At least 40% of the loan proceeds will be allocated to green equipment, aligning with the EBRD's Green Economy Transition strategy, which includes investments in electric vehicles and charging infrastructure [3] Company Overview - Winner Leasing, established in 2016 and part of Winner Group Ukraine, offers financial and operating lease services across various sectors and has been an EBRD client since 2021 [4] - Winner Group, founded in 1994, has evolved from a single-brand Ford dealer to a significant multi-brand automotive group in Ukraine, representing several premium and mass-market brands [5] EBRD's Commitment - The EBRD is the largest institutional lender in Ukraine, having committed over €8.5 billion to the country's real economy since February 2022 [4] - The Bank has secured a €4 billion capital increase to continue financing Ukraine's economy during the ongoing conflict and for future reconstruction efforts [4]

Core Insights - The company Willis Lease Finance (WLFC) was previously rated a hold due to its price-to-book (PB) ratio of 1.8x, which was considered high at that time [1] Group 1: Company Analysis - The company has been trading at a PB of 1.8x, indicating a valuation that may not be attractive for new investments [1] - The analysis reflects a perspective of seeking high-quality stocks that are trading at discounted prices, suggesting a focus on value investing [1] Group 2: Market Perspective - The equity markets are described as fascinating, providing an analytical overview of global market performance, which is essential for understanding investment opportunities [1]

Core Insights - Shares of Willis Lease Finance Corporation (WLFC) have declined 4.6% since the earnings report for Q3 2025, contrasting with a 1.8% decline in the S&P 500 index during the same period [1] - The company reported earnings per share (EPS) of $3.25, down from $3.37 in the same quarter last year [1] Revenue and Growth - Total revenues reached $183.4 million, a 25.4% increase from $146.2 million in the prior-year period, driven by strong lease rent and maintenance reserve revenues [2] - Lease rent revenues hit a record $76.6 million, up 17.9% year over year, while maintenance reserve revenue surged 52.8% to $76.1 million [2] Operational Performance - Income from operations was $38 million, reflecting a 12.8% increase, and pre-tax income was $43.2 million, up 25.4% compared to the same quarter last year [3] - Net income attributable to common shareholders slightly decreased to $22.9 million from $23.1 million, a decline of 1.1% due to higher expenses [3] Business Metrics - The portfolio utilization rate improved to 86%, up from 82.9% a year earlier, indicating operational strength [4] - Long-term maintenance revenues rose sharply to $29.5 million from $1.2 million in Q3 2024, reflecting effective monetization of maintenance reserves [4] Gains and Asset Management - Gains on the sale of leased equipment totaled $16.1 million, significantly higher than the $9.5 million gain recorded in the same period last year [5] - The company completed several asset purchases, acquiring 16 engines and one aircraft, while also selling 10 engines and one airframe [11] Management Insights - CEO Austin Willis emphasized the resilience of WLFC's business model amid challenging conditions, attributing success to strong demand for leasing services [6] - The decision to raise the quarterly dividend from 25 cents to 40 cents per share was presented as a vote of confidence in the company's cash-generative model [6] Financial Challenges - General and administrative expenses rose 22.9% to $49.2 million, driven by increased headcount and consultant fees [8] - Write-downs of equipment surged to $10.2 million from $0.6 million a year ago, primarily due to impairments of off-lease assets [8] - Interest expense increased 22.9% to $34.2 million, influenced by higher debt levels and rates [9] Tax Implications - The effective tax rate increased to 43.7%, up from 30.1% in Q3 2024, attributed to recent tax law changes [10] Future Plans - WLFC appointed Pascal Picano as Senior Vice President of Aircraft Leasing and Trading, indicating plans for expansion and professionalization of leasing operations [12] - The company highlighted future capital deployment plans, including investments in sustainable aviation fuel (SAF) production and additional aircraft leasing ventures [12]

Core Insights - Tianjin's Financial Innovation and Operation Demonstration Zone (referred to as "Jin Chuang District") has achieved significant milestones over the past decade, promoting systemic innovation and providing a model for financial reform and innovation in the Beijing-Tianjin-Hebei region and nationwide [4][5][9] Financial Development Achievements - The recently released "Tianjin Green Finance Development Index" showcases the city's achievements in green finance, with over ten national "firsts" established, including the first standardized green financing lease and commercial factoring standards [6][9] - Since 2021, the balance of green loans in Tianjin has increased by an average of 100 billion yuan annually, surpassing 840 billion yuan as of September this year, with 217 million yuan allocated to carbon reduction projects, resulting in a reduction of 6.33 million tons of carbon emissions [6][9] Financing and Leasing Innovations - The financing leasing and commercial factoring sectors in Tianjin have grown significantly, with over 50 national "firsts" achieved, including the first cross-border RMB leasing for mining machinery and container exports [7][9] - The commercial factoring asset scale has exceeded 300 billion yuan, maintaining the top position in the country, while the financing leasing scale has reached 2.3 trillion yuan, accounting for approximately one-quarter of the national market [7][9] Shipping Finance Development - Tianjin has established a shipping finance development index and improved financial response mechanisms for port enterprises, with major banks setting up shipping finance centers to enhance financial services [8][9] Policy and Strategic Support - The central bank and Tianjin government have jointly issued policies to support high-quality development in Tianjin, providing a robust framework for the Jin Chuang District [9][10] - The city has implemented targeted financial tools to address local economic challenges, including specialized loans for urban village revitalization and infrastructure public REITs projects [10][11] Financial Services for Key Industries - Tianjin has launched initiatives to support key industrial chains, with new credit issuance of 139.3 billion yuan and 36.2 billion yuan in loans in the first three quarters of this year [11][12] - The city is developing a comprehensive financial service system for technology enterprises and small businesses, enhancing financial accessibility and support [11][12] Financial Innovation and Historical Integration - The Jin Chuang District serves as a testing ground for financial reforms, with a focus on innovation and sharing successful practices to inspire other regions [12][13] - Tianjin's financial sector has seen significant growth, with deposits exceeding 5 trillion yuan and loans surpassing 4.8 trillion yuan, contributing to a rising share of financial value added in the city's GDP from 8.8% in 2014 to an expected 14.2% in 2024 [13]

Core Insights - Willis Lease Finance Corporation (WLFC) reported a strong financial performance for the third quarter of 2025, with total revenue reaching $183.4 million, a 25.4% increase compared to $146.2 million in the same period of 2024 [4][9] - The company declared a quarterly dividend of $0.40 per share, up from the previous $0.25 per share, reflecting confidence in its ongoing financial strength [2][4] Financial Performance - Total revenue for Q3 2025 was $183.4 million, up 25.4% from $146.2 million in Q3 2024 [4][9] - Core lease rent and maintenance reserve revenues totaled $152.6 million, marking a 33.1% increase from $114.7 million in Q3 2024 [4] - Lease rent revenue increased by $11.6 million, or 17.9%, to $76.6 million compared to $64.9 million in Q3 2024 [5][9] - Maintenance reserve revenue reached a record high of $76.1 million, up 52.8% from $49.8 million in the same quarter last year [9] Operational Highlights - The company recognized $29.5 million in long-term maintenance revenue during Q3 2025, a significant increase from $1.2 million in Q3 2024 [6] - The gain on the sale of leased equipment was $16.1 million, reflecting the sale of 10 engines and one airframe, compared to a gain of $9.5 million from 13 engines sold in Q3 2024 [7][9] - The book value of lease assets was $3,302.6 million as of September 30, 2025 [8] Balance Sheet Overview - As of September 30, 2025, the company's lease portfolio was valued at $2,888.5 million, with $2,700.4 million in equipment held for operating lease [9][10] - Total assets increased to $3,421.3 million from $3,297.2 million at the end of 2024 [15] - Total liabilities stood at $2,707.8 million, slightly up from $2,684.7 million at the end of 2024 [15] Market Context - The growth in WLFC's revenues is attributed to the ongoing strength of the aviation marketplace, as airlines continue to leverage the company's extensive portfolio of in-demand engines [5] - The demand for leasing models is driven by the high cost of new engines, which enhances the value of WLFC's maintenance capabilities and other programs [5]