U.S. aircraft lessor Aviation Capital Group (ACG) posted $830 million in net profit for Q1/17 that included AGC’s receipt of an $891 million tax benefit related to the elimination of the company’s net deferred tax liability which resulted from the company’s March 31 change in tax status from a corporation to a limited liability company. Net profit for the same quarter in 2016 was $17.7 million. ACG noted an impairment of aircraft charge of $125.1 million in Q1/17 compared to $33.1 million in Q1/16.

“The conversion to an LLC structure increases our equity base, thereby strengthening our balance sheet and allowing us to continue to grow and execute on our business plan, while at the same time providing a more tax efficient structure for our parent, Pacific Life,” ACG CEO Khanh Tran said.

The company, now known as Aviation Capital Group LLC, is a wholly owned subsidiary of Pacific Life Aviation Holdings, itself a wholly owned subsidiary of Newport Beach, CA-based Pacific Life Insurance.

As of March 31, AGC’s portfolio comprised 267 owned and managed aircraft, including 123 Airbus A320-family aircraft, three Airbus A330s, 128 Boeing 737-family aircraft, 10 refurbished Boeing 757s and three Boeing 767s.

The company has firm orders and commitments for 159 aircraft from manufacturers and third parties, including 61 A320neo-family aircraft, 21 A320ceos, 60 737 MAX-family aircraft, seven Boeing 787s, eight current-engine 737s, one Boeing 777 and one refurbished 757.

As of March 31, 2017 ACG leased aircraft to 90 lessees whose principal places of business are located in 40 countries.

AGC noted it expects to take delivery of 32 new aircraft in 2017.