All of XOJet's 35 aircraft are financed by the company that owns XOJet. They are one of the largest charter companies in the country and seem to be doing OK. They are a purely a charter company and make money through alliances, relationships, and various marketing strategies (i.e. SentientJet). They do focus on a niche however, flying primarily coast to coast domestic which keeps their inefficiant and unpaid for headhead down. They also received some pretty sweet deals on AC from Citation and Bombardier, including great rates on power by the hour maintenance, so that helps.
A "couple" of the fracs have been and continue to be profitable, despite the downturn. The rates that they charge are still pretty favorable, allowing somewhat marginal profits. Many owners still find value in owning a fraction of the plane. Not really "pyramidish" as the alternative during the economic downturn and associated collapse in values was losing 50% of $12MM (versus 60% of $750K. The aircraft, aircrew, and operational standards were near impossible to duplicate in the general charter market which provided value to the end user.