July 21, 2026 06:30 ET | Source: Willis Lease Finance Corp.
COCONUT CREEK, Fla., July 21, 2026 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced it will release its financial results for the second quarter of 2026 before the market opens on August 4, 2026. The Company will host a conference call led by the executive management team that day at 10:00 a.m. Eastern Time.
To participate in the conference call, please use the following dial-in numbers:
U.S. and Canada: +1 (800) 330-6730
International: +1 786 297 8585
Conference ID: 7661930
Participant Passcode: 442978
The conference call may also be accessed by registering via the following link:
https://event.webcasts.com/starthere.jsp?ei=1768040&tp_key=c567b99f23.
A digital replay will be available two hours after the completion of the conference call. To access the replay, please visit the Company’s website at www.wlfc.global under the Investor Center section for details.
Willis Lease Finance Corporation
Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools, and asset management services through Willis Mitsui & Co. Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions, or circumstances on which the forward-looking statement is based, except as required by law.
The Company’s actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and the Company’s ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; the Company’s ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to the Company and its customers; the Company’s ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in the Company’s portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
Transaction expands WLFC’s lease portfolio by an additional 12 aircraft and 13 engines July 14, 2026 17:18 ET | Source: Willis Lease Finance Corp.
COCONUT CREEK, Fla., July 14, 2026 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (the “Company” or “WLFC”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced that it has signed a definitive agreement to acquire 12 commercial aircraft and 13 aircraft engines.
The acquisition complements WLFC’s broader asset management, technical, and aftermarket capabilities, strengthening the Company’s ability to support customers worldwide throughout the aviation asset lifecycle.
“This transaction provides an opportunity to grow our portfolio as well as customer base,” said Austin C. Willis, Chief Executive Officer of WLFC. “It also strengthens our aircraft leasing business, where we can create additional value through engine-based programs such as ConstantThrust®.”
The transaction is subject to customary closing conditions.
Milbank LLP served as legal counsel to WLFC, and PricewaterhouseCoopers LLP provided accounting, tax and financial due diligence services to WLFC in connection with the transaction. The seller was advised by Vedder as legal counsel and by KPMG Ireland as tax and accounting advisors in connection with the transaction.
Willis Lease Finance Corporation
Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools, and asset management services through Willis Mitsui & Co. Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions, or circumstances on which the forward-looking statement is based, except as required by law.
The Company’s actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and the Company’s ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; the Company’s ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to the Company and its customers; the Company’s ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in the Company’s portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
July 08, 2026 15:55 ET | Source: Willis Lease Finance Corp.
COCONUT CREEK, Fla., July 08, 2026 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) ("WLFC" or the "Company"), the leading lessor of commercial aircraft engines and a global provider of aviation services, today announced that it has been added to three Russell 2000 Indexes, effective June 26, 2026, as part of the FTSE Russell 2026 U.S. Indexes reconstitution.
A member of the Russell 2000 Index since 2009, WLFC is now included in these additional indexes:
Russell 2000 Defensive IndexRussell 2000 Growth-Defensive IndexRussell 2000 Value-Defensive Index "We are delighted to be represented in three additional Russell 2000 Indexes, which should broaden WLFC’s visibility with the investment community," said Austin C. Willis, Chief Executive Officer of WLFC. "These indexes are designed to deliver financial stability for investors, and we believe our inclusion validates our long-term strategy to create value for shareholders.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. As of June 30, 2025, approximately $12.2 trillion in assets are benchmarked to the Russell US Indexes, which belong to FTSE Russell, the global index provider.
Willis Lease Finance Corporation
Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools, and asset management services through Willis Mitsui & Co. Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions, or circumstances on which the forward-looking statement is based, except as required by law.
The Company’s actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and the Company’s ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; the Company’s ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to the Company and its customers; the Company’s ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in the Company’s portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
June 25, 2026 07:42 ET | Source: Willis Lease Finance Corp.
COCONUT CREEK, Fla., June 25, 2026 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced that it has closed the acquisition of three Airbus A330-300 aircraft that will be leased to China Airlines and EVA Air.
“Demand for assets and aftermarket services remains exceptionally strong as operators navigate fleet growth, delivery delays, and ongoing maintenance capacity constraints,” said Austin C. Willis, Chief Executive Officer of WLFC. “We believe the current market environment presents a compelling opportunity to deploy capital into high-quality assets. This purchase represents another important step in the continued expansion of our portfolio and commitment to supporting our customers around the world.”
Willis Lease Finance Corporation
Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools, and asset management services through Willis Mitsui & Co. Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions, or circumstances on which the forward-looking statement is based, except as required by law. The Company’s actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and the Company’s ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; the Company’s ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to the Company and its customers; the Company’s ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in the Company’s portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
June 23, 2026 16:01 ET | Source: Willis Lease Finance Corp.
COCONUT CREEK, Fla., June 23, 2026 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (the “Company” or “WLFC”), the leading lessor of commercial aircraft engines and a global provider of aviation services, announced today that its shareholders approved a three-for-one forward stock split of the Company’s common stock and a proportionate increase in the number of authorized shares of common stock to accommodate the stock split. The split was also approved by the Company’s Board of Directors and will be effected through an amendment to the Company’s certificate of incorporation (the “Amendment”).
“We are pleased that the 3-to-1 stock split proposal has passed with overwhelming shareholder support, as we believe this action is in the best interests of the Company and our shareholders," said Charles F. Willis, Executive Chairman of WLFC. "Including the stock split, all five proposals on our 2026 proxy were passed by shareholders. Over the past several years, we have built meaningful momentum across the business, further positioning the Company to capitalize on growth opportunities and create value for shareholders.”
Each shareholder of record as of the close of trading on July 6, 2026 (the “Record Date”) will receive, upon effectiveness of the Amendment, two additional shares for every one share held on the record date. Subject to final approval by Nasdaq, trading is expected to begin on a split-adjusted basis at market open on July 20, 2026.
Willis Lease Finance Corporation
Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools, and asset management services through Willis Mitsui & Co. Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions, or circumstances on which the forward-looking statement is based, except as required by law.
The Company’s actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and the Company’s ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; the Company’s ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to the Company and its customers; the Company’s ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in the Company’s portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
CONTACT:Scott B. Flaherty Executive Vice President & Chief Financial Officer (561) 413-0112
NEW YORK, April 24, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation’s (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC’s past and ongoing practices of paying potentially excessive compensation to Mr. Willis.
If you are a current shareholder of Willis Lease Finance, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/willis-lease-investigation
Why is Willis Lease Finance being Investigated?
Willis Lease is “effectively controlled” by Charles F. Willis, IV, who founded the company in 1985 and owns approximately 40% of the company’s stock. Willis Lease’s board of directors consists of Mr. Willis, his son (who serves as the CEO of Willis Lease), and three additional directors (who are purportedly independent and constitute the Company’s compensation committee).
In fiscal year 2022, Mr. Willis received compensation totaling approximately $6.2 million. In fiscal year 2023, he received compensation totaling approximately $10.7 million. In fiscal year 2024, he received compensation totally approximately $14.0 million. In fiscal year 2025, he received compensation totaling approximately $14.2 million. Over half of Mr. Willis’ total compensation for these years has been in the form of stock awards.
In 2024, the Company’s board of directors issued additional “one-time performance” stock awards to the Company’s executives, including an unexplained double-issuance of stock options worth $23.9 million to Mr. Willis.
Despite this substantial compensation, on November 10, 2025, Willis Lease’s compensation committee awarded Mr. Willis an option grant to purchase up to 300,000 shares of Willis Lease common stock “intended to retain and incentivize Mr. Willis to continue in the role of Executive Chairman” with a four-year vesting period and an exercise price linked to Willis Lease’s stock price at the time of the option grant. In the months following this option grant, Willis Lease’s stock price has risen significantly, giving the options significant value to Mr. Willis.
BFA is investigating whether Willis Lease’s compensation to Charles F. Willis, IV, represents excessive or wasteful compensation, and whether the Company’s board of directors, together with Charles F. Willis, IV (as the controlling shareholder) have breached their fiduciary duties to Willis Lease’s stockholders in connection with the compensation.
Click here for more information: https://www.bfalaw.com/cases/willis-lease-investigation
What Can You Do?
If you are a current holder of Willis Lease Finance Corporation stock, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
NEW YORK, April 27, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation’s (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC’s past and ongoing practices of paying potentially excessive compensation to Mr. Willis.
If you are a current shareholder of Willis Lease Finance, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/willis-lease-investigation
Why is Willis Lease Finance being Investigated?
Willis Lease is “effectively controlled” by Charles F. Willis, IV, who founded the company in 1985 and owns approximately 40% of the company’s stock. Willis Lease’s board of directors consists of Mr. Willis, his son (who serves as the CEO of Willis Lease), and three additional directors (who are purportedly independent and constitute the Company’s compensation committee).
In fiscal year 2022, Mr. Willis received compensation totaling approximately $6.2 million. In fiscal year 2023, he received compensation totaling approximately $10.7 million. In fiscal year 2024, he received compensation totally approximately $14.0 million. In fiscal year 2025, he received compensation totaling approximately $14.2 million. Over half of Mr. Willis’ total compensation for these years has been in the form of stock awards.
In 2024, the Company’s board of directors issued additional “one-time performance” stock awards to the Company’s executives, including an unexplained double-issuance of stock options worth $23.9 million to Mr. Willis.
Despite this substantial compensation, on November 10, 2025, Willis Lease’s compensation committee awarded Mr. Willis an option grant to purchase up to 300,000 shares of Willis Lease common stock “intended to retain and incentivize Mr. Willis to continue in the role of Executive Chairman” with a four-year vesting period and an exercise price linked to Willis Lease’s stock price at the time of the option grant. In the months following this option grant, Willis Lease’s stock price has risen significantly, giving the options significant value to Mr. Willis.
BFA is investigating whether Willis Lease’s compensation to Charles F. Willis, IV, represents excessive or wasteful compensation, and whether the Company’s board of directors, together with Charles F. Willis, IV (as the controlling shareholder) have breached their fiduciary duties to Willis Lease’s stockholders in connection with the compensation.
Click here for more information: https://www.bfalaw.com/cases/willis-lease-investigation
What Can You Do?
If you are a current holder of Willis Lease Finance Corporation stock, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
NEW YORK, April 29, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation's (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC's past and ongoing practices of paying potentially excessive compensation to Mr.
NEW YORK, May 01, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation’s (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC’s past and ongoing practices of paying potentially excessive compensation to Mr. Willis.
If you are a current shareholder of Willis Lease Finance, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/willis-lease-investigation
Why is Willis Lease Finance being Investigated?
Willis Lease is “effectively controlled” by Charles F. Willis, IV, who founded the company in 1985 and owns approximately 40% of the company’s stock. Willis Lease’s board of directors consists of Mr. Willis, his son (who serves as the CEO of Willis Lease), and three additional directors (who are purportedly independent and constitute the Company’s compensation committee).
In fiscal year 2022, Mr. Willis received compensation totaling approximately $6.2 million. In fiscal year 2023, he received compensation totaling approximately $10.7 million. In fiscal year 2024, he received compensation totally approximately $14.0 million. In fiscal year 2025, he received compensation totaling approximately $14.2 million. Over half of Mr. Willis’ total compensation for these years has been in the form of stock awards.
In 2024, the Company’s board of directors issued additional “one-time performance” stock awards to the Company’s executives, including an unexplained double-issuance of stock options worth $23.9 million to Mr. Willis.
Despite this substantial compensation, on November 10, 2025, Willis Lease’s compensation committee awarded Mr. Willis an option grant to purchase up to 300,000 shares of Willis Lease common stock “intended to retain and incentivize Mr. Willis to continue in the role of Executive Chairman” with a four-year vesting period and an exercise price linked to Willis Lease’s stock price at the time of the option grant. In the months following this option grant, Willis Lease’s stock price has risen significantly, giving the options significant value to Mr. Willis.
BFA is investigating whether Willis Lease’s compensation to Charles F. Willis, IV, represents excessive or wasteful compensation, and whether the Company’s board of directors, together with Charles F. Willis, IV (as the controlling shareholder) have breached their fiduciary duties to Willis Lease’s stockholders in connection with the compensation.
Click here for more information: https://www.bfalaw.com/cases/willis-lease-investigation
What Can You Do?
If you are a current holder of Willis Lease Finance Corporation stock, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
NEW YORK, May 04, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation's (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC's past and ongoing practices of paying potentially excessive compensation to Mr.
Declares Second Quarter 2026 Dividend of $0.40 Per Share May 05, 2026 06:31 ET | Source: Willis Lease Finance Corp.
COCONUT CREEK, Fla., May 05, 2026 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, today announced its financial results for the first quarter ended March 31, 2026. The Company also announced a quarterly dividend of $0.40 per share of common stock outstanding. The dividend is expected to be paid on May 22, 2026 to shareholders of record at the close of business on May 11, 2026.
First Quarter 2026 Highlights (All metrics compared to first quarter 2025, except where noted)
Quarterly total revenue of $194.3 million, an increase of 23.2%Income from operations of $33.8 million, an increase of 41.4%Quarterly pre-tax income of $36.8 million, an increase of 45.9%Diluted weighted average income per common share of $3.26, an increase of 47.5%Record high quarterly lease rent revenue of $77.4 million, an increase of 14.2%Record high quarterly maintenance services revenue of $9.8 million, an increase of 74.9%Gain on sale of leased equipment of $18.0 million, and increase of 304.8%Net income attributable to common shareholders of $23.7 million, an increase of 52.9%Adjusted EBITDA of $123.8 million, an increase of 19.9%Portfolio utilization increased to 85.8% at quarter end, compared to 79.9% For the three months ended March 31, 2026, total revenue was $194.3 million, up 23.2% as compared to $157.7 million for the same period in 2025. For the first quarter of 2026, core lease rent and maintenance reserve revenues were $132.9 million in the aggregate, up 8.4% as compared to $122.6 million for the same period in 2025. The growth was predominantly driven by core lease and maintenance revenues associated with the continued strength of the aviation marketplace, as airlines leverage the Company’s extensive portfolio of in-demand engines as well as our parts and maintenance capabilities to avoid protracted, expensive engine shop visits.
“In the first quarter we outperformed nearly every revenue and earnings metric compared to Q1 2025,” said Austin Willis, CEO of WLFC, “and, thanks to the capital strategy we executed, we are poised for significant growth.”
First Quarter 2026 Operating Results
Lease rent revenue increased by $9.6 million, or 14.2%, to $77.4 million in the three months ended March 31, 2026 from $67.7 million for the three months ended March 31, 2025. The increase is due to an increase in the average size of the portfolio as compared to that of the prior year period as well as an increase in average utilization (based on net book value of equipment held for operating lease, maintenance rights, and notes receivable and investments in sales-type leases net of allowances) of equipment held in our operating lease portfolio.
During the first quarter of 2026, the Company recognized $12.4 million of long-term maintenance revenue, compared to $9.6 million for the quarter ended March 31, 2025. Long-term maintenance is recognized at the end of a lease period as the related maintenance reserve liability is released from the balance sheet.
For the quarter ended March 31, 2026, the gain on sale of leased equipment was $18.0 million, reflecting the sale of 14 engines from the lease portfolio. During the three months ended March 31, 2025, the Company sold seven engines, one airframe, and other parts and equipment for a net gain of $4.4 million.
In March 2026, the Company’s investment fund partnership with Liberty Mutual Investments commenced operations.
The book value of lease assets owned either directly or through WLFC’s joint ventures, inclusive of the Company’s equipment held for operating lease, maintenance rights, notes receivable, and investments in sales-type leases was $3,563.5 million as of March 31, 2026.
NON-GAAP FINANCIAL MEASURES
Adjusted EBITDA
We analyze our financial data to evaluate the health of our business and assess our performance. As appropriate, in addition to income or loss from operations under GAAP, we use Adjusted EBITDA, a non-GAAP financial measure, to evaluate our business. We believe that this non-GAAP financial measure provides meaningful supplemental information regarding our performance as it excludes certain items that may not be indicative of our recurring operating results. We also believe that investors, in addition to management, benefit from referring to this non-GAAP financial measure in assessing our performance, when viewed together with our GAAP results. While items excluded from Adjusted EBITDA may be recurring in nature and should not be disregarded in evaluating performance, it can be useful to exclude such items as they can vary significantly between periods and or not be indicative of current or future operating results.
Because non-GAAP financial measures are not standardized, our calculation of Adjusted EBITDA may differ from similarly titled non-GAAP measures, if any, reported by other companies. This non-GAAP financial measure should not be considered in insolation from, or as a substitute for, financial information performed in accordance with GAAP.
We define Adjusted EBITDA as net income attributable to common shareholders, excluding (i) income tax expense, (ii) interest expense, (iii) preferred stock dividends/costs, (iv) loss on debt extinguishment, (v) depreciation and amortization expense, (vi) stock compensation expense, (vii) write-down of equipment, (viii) acquisition, financing and divestitures related expenses, and (ix) other items not indicative of our ongoing operating performance.
Adjusted EBITDA was approximately $123.8 million and $103.3 million for the three months ended March 31, 2026 and 2025, respectively. See below for the reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income attributable to common shareholders.
Three months ended March 31, 2026
2025
(in thousands) Net income attributable to common shareholders $23,661 $15,476 Add: Income tax expense 11,755 8,385 Add: Interest expense 32,633 32,094 Add: Preferred stock dividends/costs 1,422 1,393 Add: Loss on debt extinguishment 7,027 — Add: Depreciation and amortization expense 30,178 25,024 Add: Stock compensation expense 13,752 6,907 Add: Write-down of equipment 1,149 2,109 Add: Acquisition, financing and divestitures related expenses 2,242 166 Add: Other (1) 28 11,777 Adjusted EBITDA $123,847 $103,331 ________________________________________________________
In Q1 2026 and 2025, the Company recognized $0.03 million and $11.8 million, respectively, in non-recurring project expenses associated with the sustainable aviation fuels project, which the Company decided to cease investment in and pursue strategic alternatives for, including, a potential sale. Balance Sheet
As of March 31, 2026, the Company’s lease portfolio was $2,857.0 million, consisting of $2,760.5 million of equipment held in its operating lease portfolio, $65.6 million of notes receivable, $30.6 million of maintenance rights, and $0.3 million of investments in sales-type leases, which represented 342 engines, 20 aircraft, one marine vessel, and other leased parts and equipment. As of December 31, 2025, the Company’s lease portfolio was $2,988.9 million, consisting of $2,801.7 million of equipment held in its operating lease portfolio, $139.9 million of notes receivable, $30.6 million of maintenance rights, and $16.6 million of investments in sales-type leases, which represented 363 engines, 20 aircraft, one marine vessel, and other leased parts and equipment.
Conference Call
WLFC will hold a conference call led by the executive management team today at 10:00 a.m. Eastern Time to discuss its first quarter 2026 results.
To participate in the conference call, please use the following dial-in numbers:
U.S. and Canada: +1 (800) 330-6730
International: +1 (786) 297-8585
Conference ID: 3012326
Participant Passcode: 989617
The conference call may also be accessed by registering via the following link:
https://event.webcasts.com/starthere.jsp?ei=1759374&tp_key=c0ab3b632b.
A digital replay will be available two hours after the completion of the conference call. To access the replay, please visit the Investor Relations sections of our website at https://www.wlfc.global/investor-center.
About Willis Lease Finance Corporation
Willis Lease Finance Corporation (WLFC) leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Additionally, through Willis Engine Repair Center®, Jet Centre
by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO, and ground and cargo handling services.
Forward-Looking Statements
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. By their nature, forward-looking statements involve a number of inherent risks, uncertainties and assumptions and are subject to change in circumstances that are difficult to predict and many of which are outside of our control. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed, either expressly or implicitly, in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and natural disasters; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors, as well as the impact of new or increased tariffs; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
CONTACT:Scott B. Flaherty Executive Vice President & Chief Financial Officer 561.413.0112 Unaudited Condensed Consolidated Statements of Income
(In thousands, except per share data)
Three months ended March 31, 2026 2025 % ChangeREVENUE Lease rent revenue $77,385 $67,739 14.2 %Maintenance reserve revenue 55,512 54,859 1.2 %Spare parts and equipment sales 21,687 18,240 18.9 %Interest revenue 2,788 3,934 (29.1)%Gain on sale of leased equipment 17,959 4,437 304.8 %Gain on sale of financial assets 438 378 15.9 %Maintenance services revenue 9,769 5,586 74.9 %Management and advisory fees 7,895 1,963 302.2 %Other revenue 913 596 53.2 %Total revenue 194,346 157,732 23.2 % EXPENSES Depreciation and amortization expense 30,178 25,024 20.6 %Cost of spare parts and equipment sales 14,417 15,323 (5.9)%Cost of maintenance services 8,860 5,329 66.3 %Write-down of equipment 1,149 2,109 (45.5)%General and administrative 56,604 47,720 18.6 %Technical expense 9,688 6,230 55.5 %Net finance costs: Interest expense 32,633 32,094 1.7 %Loss on debt extinguishment 7,027 — nmTotal net finance costs 39,660 32,094 23.6 %Total expenses 160,556 133,829 20.0 % Income from operations 33,790 23,903 41.4 %Income from investments 3,048 1,351 125.6 %Income before income taxes 36,838 25,254 45.9 %Income tax expense 11,755 8,385 40.2 %Net income 25,083 16,869 48.7 %Preferred stock dividends 1,353 1,323 2.3 %Accretion of preferred stock issuance costs 69 70 (1.4)%Net income attributable to common shareholders $23,661 $15,476 52.9 % Basic weighted average income per common share $3.49 $2.34 Diluted weighted average income per common share $3.26 $2.21 Basic weighted average common shares outstanding 6,778 6,606 Diluted weighted average common shares outstanding 7,252 7,000 Unaudited Condensed Consolidated Balance Sheets
(In thousands, except per share data)
March 31, 2026 December 31, 2025ASSETS Cash and cash equivalents $24,554 $16,441 Restricted cash 196,023 530,500 Equipment held for operating lease, less accumulated depreciation 2,760,517 2,801,683 Maintenance rights 30,576 30,632 Equipment held for sale 14,764 20,509 Receivables, net 38,886 35,717 Spare parts inventory 56,321 56,577 Investments 128,996 104,250 Property, equipment & furnishings, less accumulated depreciation 75,767 73,835 Intangible assets, net 271 271 Notes receivable, net 65,551 139,945 Investments in sales-type leases, net 344 16,595 Due from affiliates 229 — Other assets 113,386 109,360 Total assets $3,506,185 $3,936,315 LIABILITIES, REDEEMABLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY Liabilities: Accounts payable and accrued expenses $72,636 $105,706 Deferred income taxes 240,112 228,547 Debt obligations 2,253,705 2,700,338 Maintenance reserves 124,562 116,185 Security deposits 24,398 24,651 Unearned revenue 32,928 35,350 Total liabilities 2,748,341 3,210,777 Redeemable preferred stock ($0.01 par value) 63,470 63,401 Shareholders’ equity: Common stock ($0.01 par value) 77 76 Paid-in capital in excess of par 83,751 72,663 Retained earnings 611,333 590,785 Accumulated other comprehensive loss, net of tax (787) (1,387)Total shareholders’ equity 694,374 662,137 Total liabilities, redeemable preferred stock and shareholders’ equity $3,506,185 $3,936,315
NEW YORK, May 06, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation's (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC's past and ongoing practices of paying potentially excessive compensation to Mr.
NEW YORK, May 08, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation's (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC's past and ongoing practices of paying potentially excessive compensation to Mr.
NEW YORK, May 11, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation’s (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC’s past and ongoing practices of paying potentially excessive compensation to Mr. Willis.
If you are a current shareholder of Willis Lease Finance, you are encouraged to obtain additional information by visiting: https://www.bfalaw.com/cases/willis-lease-investigation
Why is Willis Lease Finance being Investigated?
Willis Lease is “effectively controlled” by Charles F. Willis, IV, who founded the company in 1985 and owns approximately 40% of the company’s stock. Willis Lease’s board of directors consists of Mr. Willis, his son (who serves as the CEO of Willis Lease), and three additional directors (who are purportedly independent and constitute the Company’s compensation committee).
In fiscal year 2022, Mr. Willis received compensation totaling approximately $6.2 million. In fiscal year 2023, he received compensation totaling approximately $10.7 million. In fiscal year 2024, he received compensation totally approximately $14.0 million. In fiscal year 2025, he received compensation totaling approximately $14.2 million. Over half of Mr. Willis’ total compensation for these years has been in the form of stock awards.
In 2024, the Company’s board of directors issued additional “one-time performance” stock awards to the Company’s executives, including an unexplained double-issuance of stock options worth $23.9 million to Mr. Willis.
Despite this substantial compensation, on November 10, 2025, Willis Lease’s compensation committee awarded Mr. Willis an option grant to purchase up to 300,000 shares of Willis Lease common stock “intended to retain and incentivize Mr. Willis to continue in the role of Executive Chairman” with a four-year vesting period and an exercise price linked to Willis Lease’s stock price at the time of the option grant. In the months following this option grant, Willis Lease’s stock price has risen significantly, giving the options significant value to Mr. Willis.
BFA is investigating whether Willis Lease’s compensation to Charles F. Willis, IV, represents excessive or wasteful compensation, and whether the Company’s board of directors, together with Charles F. Willis, IV (as the controlling shareholder) have breached their fiduciary duties to Willis Lease’s stockholders in connection with the compensation.
Click here for more information: https://www.bfalaw.com/cases/willis-lease-investigation
What Can You Do?
If you are a current holder of Willis Lease Finance Corporation stock, you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis; there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
BFA is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It has been named a top plaintiff law firm by Chambers USA, The Legal 500, and ISS SCAS, and its attorneys have been named “Elite Trial Lawyers” by the National Law Journal, “Litigation Stars” by Benchmark Litigation, among the top “500 Leading Plaintiff Financial Lawyers” by Lawdragon, “Titans of the Plaintiffs’ Bar” by Law360 and “SuperLawyers” by Thomson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.’s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
Shares of Willis Lease Finance Corporation (WLFC - Free Report) have gained 13.7% since the company reported its earnings for the quarter ended March 31, 2026, outperforming the S&P 500 index’s 2.9% increase over the same period. However, over the past month, the stock rose 7.4%, trailing the S&P 500’s 8.6% growth.
WLFC delivered first-quarter 2026 earnings per share of $3.26, which rose 47.5% from $2.21 in the year-ago quarter.
Total revenues increased 23.2% year over year to $194.3 million, while net income attributable to common shareholders climbed 52.9% to $23.7 million.
Income from operations improved 41.4% to $33.8 million, and pretax income increased 45.9% to $36.8 million.
The quarterly results were driven by higher lease rent revenues, gains on equipment sales and expanding aviation services activity.
Leasing Business and Portfolio PerformanceWLFC reported record quarterly lease rent revenues of $77.4 million, up 14.2% from the prior-year quarter, reflecting a larger average portfolio size and improved utilization levels. Portfolio utilization increased to 85.8% at quarter-end from 79.9% a year earlier. Management noted that strong aviation market conditions, constrained engine availability and airlines’ efforts to avoid costly engine shop visits continued to support leasing demand.
Maintenance reserve revenues edged up 1.2% to $55.5 million, including $12.4 million of long-term maintenance revenues recognized at lease termination compared with $9.6 million in the prior-year quarter. Spare parts and equipment sales rose 18.9% to $21.7 million, while maintenance services revenues surged 74.9% to $9.8 million. Management and advisory fees jumped more than 300% to $7.9 million, aided by fees related to the Liberty Mutual fund partnership.
The company also benefited from strong asset sale activity. Gain on sale of leased equipment rose 304.8% year over year to $18 million, supported by the sale of 14 engines during the quarter versus seven engines, one airframe and other equipment sold a year ago.
Management Commentary and Market DynamicsChief executive officer Austin Willis said the company “outperformed nearly every revenue and earnings metric compared to Q1 2025” and highlighted favorable industry conditions, including limited spare engine availability and elevated maintenance demand.
Management emphasized that airlines continue to preserve liquidity by leasing engines instead of purchasing them outright. The company also cited prolonged engine maintenance timelines and pressure on spare engine supply as key drivers supporting lease rates and utilization. Management added that newer-generation engines, including LEAP, GTF and GEnx models, now account for roughly half of WLFC’s engine portfolio, positioning the company to benefit from sustained demand trends.
Executives also pointed to growth opportunities from Willis Aviation Capital, the company’s expanding asset-management platform. Management said Blackstone now manages more than $2.7 billion of committed or deployed capital across WLFC joint ventures and partnerships, while Liberty Mutual’s investment partnership commenced operations during the quarter.
Profitability, Capital Deployment and Balance SheetAdjusted EBITDA increased 19.9% year over year to $123.8 million, reflecting stronger operating performance and higher revenue across multiple business lines.
General and administrative expenses rose 18.6% to $56.6 million, partly due to higher personnel and share-based compensation costs. Technical expenses climbed 55.5% to $9.7 million as the company expanded maintenance-related activities to support growing customer demand. Net finance costs increased 23.6% to $39.7 million, including a $7 million loss on debt extinguishment tied to refinancing activity.
WLFC continued to strengthen its balance sheet and liquidity profile during the quarter. Management said the company expanded its revolving credit facility commitments from $1 billion to $1.75 billion and extended the maturity to April 2031. The company also completed additional Japanese operating leases with call option financings totaling roughly $50 million.
The company ended the quarter with total assets of $3.5 billion and debt obligations of $2.3 billion, down from $2.7 billion at the end of 2025. Net debt-to-equity improved to 2.68 times.
Shareholder Returns and OutlookWLFC declared a quarterly dividend of 40 cents per share, payable on May 22, 2026, to shareholders of record as of May 11, 2026. Management reiterated confidence in the company’s growth strategy, citing strong demand fundamentals, a visible investment pipeline and increasing scale within its asset-management platform.
Other DevelopmentsIn March 2026, WLFC’s investment fund partnership with Liberty Mutual Investments officially commenced operations. During the quarter, the company funded approximately $90 million of finance leases through the Liberty Mutual fund. Management also discussed progress with its Blackstone partnership, noting plans to continue deploying additional assets into Blackstone-managed portfolios during 2026.
May 11, 2026 15:33 ET | Source: Four Tree Island Advisory LLC
Highlights $52.1 million 2025 Compensation for Executive Chairman Charles Willis Far Exceeds Pay at Exponentially Larger, Better-Performing Companies
Calls on Stockholders to Send a Clear Message of Dissatisfaction by Opposing All Proposals Other than Ratification of Independent Auditor
PORTSMOUTH, N.H., May 11, 2026 (GLOBE NEWSWIRE) -- Four Tree Island Advisory LLC (“Four Tree Island”), a top-10 stockholder of Willis Lease Finance Corporation (NASDAQ:WLFC) (“WLFC” or the “Company”) based on public information, today urged fellow stockholders to vote AGAINST all proposals set forth in WLFC’s proxy statement for the 2026 Annual Meeting of Stockholders scheduled to be held on May 26, 2026 (the “Annual Meeting”), except the proposal to ratify the appointment of Grant Thornton LLP as the Company’s independent registered public accounting firm.
As WLFC stockholders consider how to vote their shares at the upcoming Annual Meeting, Four Tree Island believes that stockholders should focus on Executive Chairman Charles Willis’s egregious $52.1 million in total 2025 compensation as disclosed in the Company’s proxy statement, which appears entirely unjustifiable in light of the Company’s size and 2025 total shareholder returns (TSR), and even more absurd when compared to pay levels at far larger, better performing companies.
Equilar, a leading provider of corporate leadership data solutions that specializes in executive compensation, published “Equilar 100: An Early Look at the Highest-Paid CEOs in 2025” on April 23, 2026 (https://www.equilar.com/reports/126-highest-paid-ceos-2026-equilar-100.html).
Using the list of the top 20 highest-paid CEOs in 2025 as identified in Equilar’s report and comparing it with year-end 2025 market capitalizations and 2025 TSR for those companies, WLFC’s compensation practices stand out in stark relief:
If Executive Chairman Willis were included in the Equilar 100 analysis, his 2025 total compensation would place him 18th highest paid, ahead of Nvidia CEO Jensen Huang, despite WLFC’s dramatically smaller scale (0.02% the market capitalization of Nvidia) and weaker stock performance (WLFC’s TSR underperformed that of Nvidia in 2025 by 73%: +39% for Nvidia vs. -34% for WLFC).The smallest market capitalization among companies with a top 20 paid CEO in 2025 was roughly 14x the size of WLFC’s market capitalization.The median market capitalization for a company with a top 20 paid CEO in 2025 was approximately 174x the market capitalization of WLFC.The weakest 2025 TSR for companies with a top 20 paid CEO in 2025 still exceeded WLFC’s 2025 TSR by ~1,300 basis points.The median TSR for a company with a top 20 paid CEO in 2025 was 68% better than WLFC’s 2025 TSR.
In our view, it is impossible to reconcile approximately $52.1 million in 2025 compensation for an Executive Chairman – who is not the Company’s CEO – with the economic reality faced by WLFC’s minority stockholders. When an executive at a small cap company is effectively paid like the leadership of exponentially larger, better performing enterprises, we believe stockholders are entitled to ask whether the Board is fulfilling its fiduciary responsibilities.
Four Tree Island previously outlined significant concerns about WLFC’s governance, related party transactions and executive compensation practices in a letter sent privately to the independent members of the Board on January 6, 2026, which was subsequently made public as an attachment to its March 30, 2026 press release. These concerns focus on whether the Board has exercised appropriate oversight and care in approving executive compensation arrangements and other matters that primarily benefit Executive Chairman Willis.
In his letter to stockholders accompanying the proxy statement for the Annual Meeting, Executive Chairman Willis stated that “the Board values your engagement.” Consistent with that invitation, Four Tree Island Advisory is calling on minority stockholders to send a clear message this year.
Four Tree Island therefore urges WLFC stockholders to:
Vote AGAINST every proposal at the Annual Meeting, except the proposal to ratify Grant Thornton LLP as WLFC’s independent auditor.Recognize that the Company needs to secure support from 80% of the outstanding shares to approve the proposed increase in share capital and potential 3-for-1 forward stock split proposal (the “Charter Amendment”), so minority stockholders will determine whether this proposal passes or not. In our view, the Board has routinely made decisions benefiting Executive Chairman Willis at the expense of minority stockholders, so we question the true motivations for the Board seeking approval of the Charter Amendment. As indicated in Four Tree Island’s original private letter to the Board sent on November 25, 2025 and made public on January 6, 2026, WLFC has suffered a consistent, high rate of stockholder dilution through stock-based compensation. Four Tree Island submits that anything that may be used to potentially further dilute minority stockholders is not deserving of an affirmative vote, and a protest AGAINST vote is warranted based on Executive Chairman Willis’s egregious compensation alone.
Based on an abundance of outreach from fellow WLFC stockholders, Four Tree Island believes that minority investors share serious concerns regarding the Company’s executive compensation, governance and capital allocation. The firm encourages stockholders to convey their views directly to the Board. According to the Company’s proxy statement, communications to the Board may be directed through WLFC’s General Counsel and Corporate Secretary, who can be reached at [email protected].
Stockholders should refer to their proxy materials for detailed instructions on how to vote or change previously submitted votes. According to the Company’s proxy materials, votes must be received by 11:59pm Eastern Time on May 25, 2026, and may be submitted by telephone or online at proxydocs.com/WLFC. Stockholders who have already voted retain the right to change their vote at any time before the deadline.
THIS COMMUNICATION IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY AND DOES NOT REQUEST OR SEEK THE POWER TO ACT AS A PROXY FOR ANY STOCKHOLDER. DO NOT SEND US YOUR PROXY CARD. FOUR TREE ISLAND IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. FOUR TREE ISLAND IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.
Contact
Four Tree Island Advisory LLC [email protected]
(603) 427-8053
NEW YORK, May 13, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation's (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC's past and ongoing practices of paying potentially excessive compensation to Mr.
May 13, 2026 16:09 ET | Source: Willis Lease Finance Corp.
COCONUT CREEK, Fla., May 13, 2026 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, announced today its intention to offer, subject to market and other conditions, $175.0 million aggregate principal amount of convertible senior notes due 2031 (the “Notes”) in a public offering (the “Notes Offering”) registered under the Securities Act of 1933, as amended (the “Act”). The Company intends to grant the underwriters a 30-day option to purchase up to an additional $25.0 million principal amount of Notes, solely to cover over-allotments, if any. The Company currently intends to use the net proceeds from the issuance of the Notes to temporarily repay amounts outstanding under the Company’s revolving credit facility until deployed for general corporate purposes. There can be no assurance as to whether or when the Notes Offering may be completed or as to the actual size or terms of the offering.
Morgan Stanley & Co. LLC, BofA Securities, and Deutsche Bank Securities Inc. are acting as joint book-running managers for the Notes Offering.
The Notes will be senior, unsecured obligations of the Company, will accrue interest payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2026, and will mature on May 15, 2031, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their Notes in certain circumstances and during specified periods based on the applicable conversion rate. The Company will settle conversions of Notes by paying or delivering, as applicable, cash or a combination of cash and shares of its common stock, at its election.
The Notes will be redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and from time to time, on or after May 21, 2029 and on or before the 41st scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of its common stock exceeds 130% of the conversion price for a specified period of time. The Company may not redeem less than all of the outstanding Notes unless the excess of the principal amount of the Notes outstanding as of the time the Company sends the related redemption notice over the aggregate principal amount of the Notes subject to such redemption is at least $75.0 million.
If a “fundamental change” (which will be defined in the indenture that will govern the Notes to include certain change-of-control events and the delisting of the Company’s common stock) occurs, then, subject to a limited exception, noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date.
The interest rate, initial conversion rate and other terms of the Notes will be determined at the pricing of the Notes Offering.
Concurrently with the Notes Offering, Morgan Stanley & Co. LLC, acting on behalf of itself and/or its affiliates (in such capacity, the “delta underwriter”) intends to offer and sell short, in a separate, underwritten public offering under the Act, a number of shares of the Company’s common stock borrowed from non-affiliate third parties to facilitate hedging transactions by certain investors subscribing for the Notes (the “Concurrent Delta Offering”). The number of shares of the Company’s common stock subject to the Concurrent Delta Offering will be determined at the time of pricing of the Concurrent Delta Offering, will depend on what portion of such investors desire to hedge their investment in the Notes and is expected to be no greater than the commercially reasonable initial short positions of such investors being established to hedge their market risk with respect to the Notes they acquire. No new shares of the Company’s common stock will be issued, and the Company will not receive the proceeds from the short sale of its common stock.
The Concurrent Delta Offering and Notes Offering are contingent upon one another.
The Notes Offering will be made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2025 (the “Registration Statement”) and a prospectus supplement. The Notes Offering will be made only by means of a prospectus supplement and an accompanying prospectus. The Concurrent Delta Offering will be made pursuant to the Registration Statement and a prospectus supplement. The Concurrent Delta Offering will be made only by means of a prospectus supplement and an accompanying prospectus. A copy of the preliminary prospectus supplements, together with the accompanying prospectuses and the Registration Statement relating to each offering, when available, may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, a copy of the preliminary prospectus supplements, together with the accompanying prospectuses relating to each offering, when available, may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, email: [email protected], and a copy of the preliminary prospectus supplement, together with the accompanying prospectus relating to the Notes Offering, may also be obtained from BofA Securities, 201 North Tryon Street, Charlotte, North Carolina 28255, Attention: Prospectus Department, email: [email protected], and from Deutsche Bank Securities Inc., Attention: Prospectus Department, 1 Columbus Circle, New York, New York 10019, telephone: 800-503-4611, email: [email protected].
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Willis Lease Finance Corporation
Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools, and asset management services through Willis Mitsui & Co. Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions, or circumstances on which the forward-looking statement is based, except as required by law. The Company’s actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and the Company’s ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; the Company’s ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to the Company and its customers; the Company’s ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in the Company’s portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
CONTACT:Scott B. Flaherty EVP & Chief Financial Officer (561) 413-0112
COCONUT CREEK, Fla., May 14, 2026 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, announced today the pricing of its public offering (the “Notes Offering”) of $200.0 million aggregate principal amount of 2.50% convertible senior notes due 2031 (the “Notes”), for total net proceeds of approximately $193.1 million, after deducting underwriting discounts and other estimated offering expenses. The offering size was increased from the previously announced offering size of $175.0 million. The Company also granted the underwriters of the Notes a 30-day option to purchase up to an additional $30.0 million principal amount of Notes, solely to cover over-allotments, if any. The Company currently intends to use the net proceeds from the issuance of the Notes to temporarily repay amounts outstanding under the Company’s revolving credit facility until deployed for general corporate purposes. The Notes Offering is expected to close on May 18, 2026, subject to satisfaction of customary closing conditions.
Morgan Stanley & Co. LLC, BofA Securities and Deutsche Bank Securities Inc. are acting as joint book-running managers for the Notes Offering.
The Notes will be senior, unsecured obligations of the Company, will accrue interest payable semi-annually in arrears on May 15 and November 15 of each year, beginning on November 15, 2026, and will mature on May 15, 2031, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their Notes in certain circumstances and during specified periods based on the applicable conversion rate. The Company will settle conversions of Notes by paying or delivering, as applicable, cash or a combination of cash and shares of its common stock, at its election. The initial conversion rate is 3.7202 shares of common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $268.80 per share of common stock. The initial conversion price represents a premium of approximately 40.0% above the public offering price of the Company’s common stock in the Concurrent Delta Offering described below.
The Notes will be redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and from time to time, on or after May 21, 2029 and on or before the 41st scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if the last reported sale price per share of its common stock exceeds 130% of the conversion price for a specified period of time. The Company may not redeem less than all of the outstanding Notes unless the excess of the principal amount of the Notes outstanding as of the time the Company sends the related redemption notice over the aggregate principal amount of the Notes subject to such redemption is at least $75.0 million.
If a “fundamental change” (which will be defined in the indenture that will govern the Notes to include certain change-of-control events and the delisting of the Company’s common stock) occurs, then, subject to a limited exception, noteholders may require the Company to repurchase their Notes at a cash repurchase price equal to the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date.
Concurrently with the Notes Offering, Morgan Stanley & Co. LLC, acting on behalf of itself and/or its affiliates (in such capacity, the “delta underwriter”) is offering and selling short, in a separate, underwritten public offering under the Act, 281,250 shares of the Company’s common stock to be borrowed from non-affiliate third parties to facilitate hedging transactions by certain investors subscribing for the Notes (the “Concurrent Delta Offering”). The delta underwriter will initially offer the shares of the Company’s common stock directly to the public at a price of $192.00 per share of the Company’s common stock and may subsequently offer the shares of the Company’s Common Stock for sale in one or more transactions on the Nasdaq Global Market, in the over-the-counter market, through negotiated transactions or otherwise, at market prices prevailing at the time of sale, at prices related to prevailing market prices at the time of sale, at prices related to prevailing market prices or at negotiated prices. No new shares of the Company’s common stock will be issued, and the Company will not receive the proceeds from the short sale of its common stock. The Concurrent Delta Offering is scheduled to close on May 18, 2026, subject to customary closing conditions.
The Concurrent Delta Offering and Notes Offering are contingent upon one another.
The Notes Offering will be made pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (the “SEC”) on May 15, 2025 (the “Registration Statement”) and a prospectus supplement. The Notes Offering will be made only by means of a prospectus supplement and an accompanying prospectus. The Concurrent Delta Offering will be made pursuant to the Registration Statement and a prospectus supplement. The Concurrent Delta Offering will be made only by means of a prospectus supplement and an accompanying prospectus. A copy of the preliminary prospectus supplements, together with the accompanying prospectuses and the Registration Statement relating to each offering, when available, may be obtained for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, a copy of the preliminary prospectus supplements (or, when available, the final prospectus supplement), together with the accompanying prospectuses relating to each offering, may be obtained from Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, email: [email protected], and a copy of the preliminary prospectus supplement (or, when available, the final prospectus supplement), together with the accompanying prospectus relating to the Notes Offering, may also be obtained from BofA Securities, 201 North Tryon Street, Charlotte, North Carolina 28255, Attention: Prospectus Department, email: [email protected], and from Deutsche Bank Securities Inc., Attention: Prospectus Department, 1 Columbus Circle, New York, New York 10019, telephone: 800-503-4611, email: [email protected].
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Willis Lease Finance Corporation
Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools, and asset management services through Willis Mitsui & Co. Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions, or circumstances on which the forward-looking statement is based, except as required by law. The Company’s actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and the COVID-19 pandemic; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and the Company’s ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; the Company’s ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to the Company and its customers; the Company’s ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in the Company’s portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.
CONTACT:Scott B. Flaherty EVP & Chief Financial Officer (561) 413-0112
NEW YORK, May 15, 2026 (GLOBE NEWSWIRE) -- Leading securities law firm Bleichmar Fonti & Auld LLP announces an investigation into Willis Lease Finance Corporation's (NASDAQ: WLFC) board of directors as well as executive chairman Charles F. Willis, IV (as the controlling shareholder) for potential breaches of their fiduciary duties to shareholders in connection with WLFC's past and ongoing practices of paying potentially excessive compensation to Mr.
Believes the Company's Dramatic Underperformance Relative to its Closest Peer, Soaring SG&A Expenses and Pattern of Dilution also Warrants Opposition to Proposal 2
June 01, 2026 14:06 ET | Source: Four Tree Island Advisory LLC
Notes that Over 92% of Unaffiliated Stockholders Opposed WLFC’s Executive Compensation and Nearly 84% Opposed Re-Election of Stephen Jones
Calls on Stockholders to Continue Opposing Charter Amendment Proposal that would Triple Authorized Share Count at Reconvened Annual Meeting
PORTSMOUTH, N.H., June 01, 2026 (GLOBE NEWSWIRE) -- Four Tree Island Advisory LLC (“Four Tree Island Advisory” or “we”), a top-10 stockholder of Willis Lease Finance Corporation (NASDAQ:WLFC) (“WLFC” or the “Company”) based on public information, today commented on the decisive rebuke to the Company’s Board of Directors and management team delivered by stockholders at the Company’s 2026 Annual Meeting of Stockholders (the “Annual Meeting”).
Based on the voting results from the Annual Meeting disclosed by the Company, nearly 84% of unaffiliated stockholders opposed the re-election of director Stephen Jones, demonstrating a profound lack of confidence in the Company’s governance and oversight. Furthermore, over 92% of unaffiliated stockholders voted AGAINST the Company’s executive compensation program, underscoring widespread dissatisfaction with WLFC’s pay practices.1
WLFC also failed to secure sufficient stockholder support for its proposal to triple the Company’s authorized share count. Rather than accept this outcome, the Company adjourned the Annual Meeting and announced its intention to solicit additional votes in an effort to pass the proposal. A subsequent vote has been scheduled for a reconvened Annual Meeting on June 23, 2026.
Four Tree Island Advisory believes these results reflect a clear and unambiguous message from minority stockholders: fundamental changes are required at the Company.
In our view, stockholders have spoken decisively against entrenched governance practices, excessive compensation and value destructive capital allocation decisions. We believe it is incumbent upon the Board, particularly its independent directors, to respect this mandate rather than attempt to override it through continued solicitation efforts.
Four Tree Island Advisory is urging stockholders to continue to vote AGAINST the proposed increase in authorized shares unless and until the Company implements three critical governance and capital discipline measures:
The cancellation and rescission of the 300,000-share option grant awarded to Executive Chairman Charles Willis in November 2025. The sale of the Company’s luxury superyacht and the sale of one of the Company’s two corporate aircraft, accompanied by a binding commitment not to acquire similar assets in the future. For point of reference, no company in WLFC’s broader peer group (FTAI, AerCap and Air Lease which are 19x, 16x and 5x (at its recent acquisition price) WLFC’s market capitalization, respectively) has more than one corporate aircraft and none has a corporate luxury yacht. A formal agreement that no member of the Willis family will receive any further equity compensation for a minimum of ten years. Four Tree Island Advisory further calls on the Board – especially those designated as independent – to take immediate action to address what it believes can only be described as an egregious compensation and perquisite culture that is plaguing the Company.
We believe that continuing to ignore the will of minority stockholders and the Board’s fiduciary responsibilities risks further erosion of trust and value. We encourage all stockholders to remain engaged and to hold the Board accountable in the coming weeks and beyond subject to fundamental, positive change.
THIS COMMUNICATION IS NOT A SOLICITATION OF AUTHORITY TO VOTE YOUR PROXY AND DOES NOT REQUEST OR SEEK THE POWER TO ACT AS A PROXY FOR ANY STOCKHOLDER. DO NOT SEND US YOUR PROXY CARD. FOUR TREE ISLAND ADVISORY IS NOT ASKING FOR YOUR PROXY CARD AND WILL NOT ACCEPT PROXY CARDS IF SENT. FOUR TREE ISLAND ADVISORY IS NOT ABLE TO VOTE YOUR PROXY, NOR DOES THIS COMMUNICATION CONTEMPLATE SUCH AN EVENT.
Contact
Four Tree Island Advisory LLC [email protected]
(603) 427-8053
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1 Calculated based on 7,604,821 shares outstanding less 3,768,660 shares owned by the Company’s directors & executive officers as disclosed in the Company’s proxy statement (4,128,608 reported beneficial ownership for directors & executive officers less unexercised options and performance-based awards), and assumes that the Company’s directors & executive officers voted in favor of the proposals.
