Air Lease (AL) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Aug. 02, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-35121
Entity Registrant Name	AIR LEASE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1840403
Entity Address, Address Line One	2000 Avenue of the Stars,
Entity Address, Address Line Two	Suite 1000N
Entity Address, City or Town	Los Angeles,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90067
City Area Code	310
Local Phone Number	553-0555
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		111,027,252
Entity Central Index Key	0001487712
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Class A Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Class A Common Stock
Trading Symbol	AL
Security Exchange Name	NYSE
6.150% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A
Entity Information [Line Items]
Title of 12(b) Security	6.150% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A
Trading Symbol	AL PRA
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 576,730	$ 766,418
Restricted cash	3,705	13,599
Flight equipment subject to operating leases	30,623,894	29,466,888
Less accumulated depreciation	(5,108,155)	(4,928,503)
Flight equipment subject to operating leases, net	25,515,739	24,538,385
Deposits on flight equipment purchases	1,105,299	1,344,973
Other assets	2,556,349	1,733,330
Total assets	29,757,822	28,396,705
Liabilities and Shareholders’ Equity
Accrued interest and other payables	1,427,631	696,899
Debt financing, net of discounts and issuance costs	18,895,793	18,641,063
Security deposits and maintenance reserves on flight equipment leases	1,410,766	1,293,929
Rentals received in advance	141,294	147,654
Deferred tax liability	1,029,685	970,797
Total liabilities	22,905,169	21,750,342
Shareholders’ Equity
Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 10,600,000 (aggregate liquidation preference of $850,000) shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	106	106
Paid-in capital	3,267,230	3,255,973
Retained earnings	3,582,683	3,386,820
Accumulated other comprehensive income	1,524	2,355
Total shareholders’ equity	6,852,653	6,646,363
Total liabilities and shareholders’ equity	29,757,822	28,396,705
Class A Common Stock
Shareholders’ Equity
Common stock	1,110	1,109
Class B Non‑Voting Common Stock
Shareholders’ Equity
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, issued (in shares)	10,600,000
Preferred stock, outstanding (in shares)	10,600,000
Preferred stock, aggregate liquidation preference	$ 850,000
Noncumulative Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, issued (in shares)	10,600,000	10,600,000
Preferred stock, outstanding (in shares)	10,600,000	10,600,000
Preferred stock, aggregate liquidation preference	$ 850,000	$ 850,000
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, issued (in shares)	111,027,252	110,892,097
Common stock, outstanding (in shares)	111,027,252	110,892,097
Class B Non‑Voting Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND OTHER COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Rental of flight equipment	$ 611,733	$ 545,271	$ 1,229,506	$ 1,111,825
Revenue from Contract with Customer, Product and Service [Extensible Enumeration]	Aircraft Sales, Trading And Other [Member]	Aircraft Sales, Trading And Other [Member]	Aircraft Sales, Trading And Other [Member]	Aircraft Sales, Trading And Other [Member]
Aircraft sales, trading and other	$ 61,171	$ 12,425	$ 79,540	$ 42,533
Total revenues	672,904	557,696	1,309,046	1,154,358
Expenses
Interest	172,174	118,997	323,786	236,274
Amortization of debt discounts and issuance costs	13,646	13,413	26,719	26,610
Interest expense	185,820	132,410	350,505	262,884
Depreciation of flight equipment	268,586	235,284	528,266	470,591
Write-off of Russian fleet	0	0	0	802,352
Selling, general and administrative	45,832	38,512	93,447	71,277
Stock-based compensation expense	8,715	6,558	14,611	4,035
Total expenses	508,953	412,764	986,829	1,611,139
Income/(loss) before taxes	163,951	144,932	322,217	(456,781)
Income tax (expense)/benefit	(31,550)	(28,655)	(61,096)	104,065
Net income/(loss)	132,401	116,277	261,121	(352,716)
Preferred stock dividends	(10,425)	(10,425)	(20,850)	(20,850)
Net income/(loss) attributable to common stockholders, basic	121,976	105,852	240,271	(373,566)
Net income/(loss) attributable to common stockholders, diluted	121,976	105,852	240,271	(373,566)
Other comprehensive income/(loss):
Foreign currency translation adjustment	(6,123)	9,349	(6,953)	6,330
Change in fair value of hedged transactions	5,748	(9,941)	5,896	(4,712)
Total tax benefit/(expense) on other comprehensive income/loss	80	127	226	(346)
Other comprehensive income/(loss), net of tax	(295)	(465)	(831)	1,272
Total comprehensive income/(loss) attributable for common stockholders	$ 121,681	$ 105,387	$ 239,440	$ (372,294)
Earnings/(loss) per share of common stock:
Basic (in dollars per share)	$ 1.10	$ 0.95	$ 2.16	$ (3.32)
Diluted (in dollars per share)	$ 1.10	$ 0.95	$ 2.16	$ (3.32)
Weighted-average shares of common stock outstanding
Basic (in shares)	111,021,133	110,868,040	110,982,557	112,373,092
Diluted (in shares)	111,239,004	111,043,836	111,307,049	112,373,092
Dividends declared per share of common stock (in dollars per share)	$ 0.20	$ 0.185	$ 0.40	$ 0.37

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Class A Common Stock	Class B Non‑Voting Common Stock	Preferred Stock	Common Stock Class A Common Stock	Common Stock Class B Non‑Voting Common Stock	Paid‑in Capital	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)
Beginning balance preferred stock (in shares) at Dec. 31, 2021				10,600,000
Beginning balance at Dec. 31, 2021	$ 7,008,568			$ 106	$ 1,140	$ 0	$ 3,399,245	$ 3,609,885	$ (1,808)
Beginning balance common stock (in shares) at Dec. 31, 2021					113,987,154	0
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon vesting of restricted stock units (in shares)					477,656
Issuance of common stock upon vesting of restricted stock units	2				$ 5		(3)
Common stock repurchased (in shares)					(2,959,458)
Common stock repurchased	(129,549)				$ (30)		(129,519)
Stock-based compensation expense	(2,523)						(2,523)
Cash dividends	(21,136)							(21,136)
Cash dividends (declared on preferred stock)	(10,425)							(10,425)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	1,738								1,738
Tax withholdings on stock-based compensation (in shares)					(188,093)
Tax withholdings on stock-based compensation	(8,097)				$ (2)		(8,095)
Net income (loss)	(468,993)							(468,993)
Ending balance preferred stock (in shares) at Mar. 31, 2022				10,600,000
Ending balance at Mar. 31, 2022	6,369,585			$ 106	$ 1,113	$ 0	3,259,105	3,109,331	(70)
Ending balance common stock (in shares) at Mar. 31, 2022					111,317,259	0
Beginning balance preferred stock (in shares) at Dec. 31, 2021				10,600,000
Beginning balance at Dec. 31, 2021	7,008,568			$ 106	$ 1,140	$ 0	3,399,245	3,609,885	(1,808)
Beginning balance common stock (in shares) at Dec. 31, 2021					113,987,154	0
Increase (Decrease) in Shareholders' Equity
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	1,272
Net income (loss)	(352,716)
Ending balance preferred stock (in shares) at Jun. 30, 2022				10,600,000
Ending balance at Jun. 30, 2022	6,439,634			$ 106	$ 1,109	$ 0	3,244,282	3,194,672	(535)
Ending balance common stock (in shares) at Jun. 30, 2022					110,892,097	0
Beginning balance preferred stock (in shares) at Mar. 31, 2022				10,600,000
Beginning balance at Mar. 31, 2022	6,369,585			$ 106	$ 1,113	$ 0	3,259,105	3,109,331	(70)
Beginning balance common stock (in shares) at Mar. 31, 2022					111,317,259	0
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon vesting of restricted stock units (in shares)					59,603
Common stock repurchased (in shares)					(461,416)
Common stock repurchased	(20,454)				$ (4)		(20,450)
Stock-based compensation expense	6,558						6,558
Cash dividends	(20,511)							(20,511)
Cash dividends (declared on preferred stock)	(10,425)							(10,425)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(465)								(465)
Tax withholdings on stock-based compensation (in shares)					(23,349)
Tax withholdings on stock-based compensation	(931)						(931)
Net income (loss)	116,277							116,277
Ending balance preferred stock (in shares) at Jun. 30, 2022				10,600,000
Ending balance at Jun. 30, 2022	6,439,634			$ 106	$ 1,109	$ 0	3,244,282	3,194,672	(535)
Ending balance common stock (in shares) at Jun. 30, 2022					110,892,097	0
Beginning balance preferred stock (in shares) at Dec. 31, 2022				10,600,000
Beginning balance at Dec. 31, 2022	6,646,363			$ 106	$ 1,109	$ 0	3,255,973	3,386,820	2,355
Beginning balance common stock (in shares) at Dec. 31, 2022		110,892,097	0		110,892,097	0
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon vesting of restricted stock units (in shares)					198,437
Issuance of common stock upon vesting of restricted stock units	1				$ 1
Stock-based compensation expense	5,896						5,896
Cash dividends	(22,203)							(22,203)
Cash dividends (declared on preferred stock)	(10,425)							(10,425)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(536)								(536)
Tax withholdings on stock-based compensation (in shares)					(75,116)
Tax withholdings on stock-based compensation	(3,230)						(3,230)
Net income (loss)	128,720							128,720
Ending balance preferred stock (in shares) at Mar. 31, 2023				10,600,000
Ending balance at Mar. 31, 2023	6,744,586			$ 106	$ 1,110	$ 0	3,258,639	3,482,912	1,819
Ending balance common stock (in shares) at Mar. 31, 2023					111,015,418	0
Beginning balance preferred stock (in shares) at Dec. 31, 2022				10,600,000
Beginning balance at Dec. 31, 2022	6,646,363			$ 106	$ 1,109	$ 0	3,255,973	3,386,820	2,355
Beginning balance common stock (in shares) at Dec. 31, 2022		110,892,097	0		110,892,097	0
Increase (Decrease) in Shareholders' Equity
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(831)
Net income (loss)	$ 261,121
Ending balance preferred stock (in shares) at Jun. 30, 2023	10,600,000			10,600,000
Ending balance at Jun. 30, 2023	$ 6,852,653			$ 106	$ 1,110	$ 0	3,267,230	3,582,683	1,524
Ending balance common stock (in shares) at Jun. 30, 2023		111,027,252	0		111,027,252	0
Beginning balance preferred stock (in shares) at Mar. 31, 2023				10,600,000
Beginning balance at Mar. 31, 2023	6,744,586			$ 106	$ 1,110	$ 0	3,258,639	3,482,912	1,819
Beginning balance common stock (in shares) at Mar. 31, 2023					111,015,418	0
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon vesting of restricted stock units (in shares)					14,962
Stock-based compensation expense	8,715						8,715
Cash dividends	(22,205)							(22,205)
Cash dividends (declared on preferred stock)	(10,425)							(10,425)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(295)								(295)
Tax withholdings on stock-based compensation (in shares)					(3,128)
Tax withholdings on stock-based compensation	(124)						(124)
Net income (loss)	$ 132,401							132,401
Ending balance preferred stock (in shares) at Jun. 30, 2023	10,600,000			10,600,000
Ending balance at Jun. 30, 2023	$ 6,852,653			$ 106	$ 1,110	$ 0	$ 3,267,230	$ 3,582,683	$ 1,524
Ending balance common stock (in shares) at Jun. 30, 2023		111,027,252	0		111,027,252	0

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share of common stock (in dollars per share)	$ 0.20	$ 0.20	$ 0.185	$ 0.185	$ 0.40	$ 0.37

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating Activities
Net income/(loss)	$ 261,121	$ (352,716)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation of flight equipment	528,266	470,591
Write-off of Russian fleet	0	802,352
Stock-based compensation expense	14,611	4,035
Deferred taxes	59,114	(104,963)
Amortization of discounts and debt issuance costs	26,719	26,610
Amortization of prepaid lease costs	36,064	23,355
Gain on aircraft sales, trading and other activity	(86,838)	(71,753)
Changes in operating assets and liabilities:
Other assets	7,028	(147,685)
Accrued interest and other payables	38,986	26,590
Rentals received in advance	(4,172)	12,423
Net cash provided by operating activities	880,899	688,839
Investing Activities
Acquisition of flight equipment under operating lease	(2,416,609)	(1,569,310)
Payments for deposits on flight equipment purchases	(134,825)	(345,643)
Proceeds from aircraft sales, trading and other activity	1,261,476	1,166
Acquisition of aircraft furnishings, equipment and other assets	(125,541)	(106,655)
Net cash used in investing activities	(1,415,499)	(2,020,442)
Financing Activities
Cash dividends paid on Class A common stock	(44,382)	(42,223)
Common shares repurchased	0	(150,000)
Cash dividends paid on preferred stock	(20,850)	(20,850)
Tax withholdings on stock-based compensation	(3,354)	(9,027)
Net change in unsecured revolving facility	(20,000)	520,000
Proceeds from debt financings	1,538,087	1,497,615
Payments in reduction of debt financings	(1,287,880)	(718,687)
Debt issuance costs	(9,149)	(5,613)
Security deposits and maintenance reserve receipts	188,471	198,763
Security deposits and maintenance reserve disbursements	(5,925)	(12,819)
Net cash provided by financing activities	335,018	1,257,159
Net decrease in cash	(199,582)	(74,444)
Cash, cash equivalents and restricted cash at beginning of period	780,017	1,108,292
Cash, cash equivalents and restricted cash at end of period	580,435	1,033,848
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $21,336 and $19,127 at June 30, 2023 and 2022, respectively	325,365	254,349
Cash paid for income taxes	5,573	3,557
Supplemental Disclosure of Noncash Activities
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment	552,058	343,794
Cash dividends declared on Class A common stock, not yet paid	$ 22,205	$ 20,511

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, capitalized interest	$ 21,336	$ 19,127

Company Background and Overview

Company Background and Overview	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company Background and Overview	Company Background and OverviewAir Lease Corporation (the “Company”, “ALC”, “we”, “our” or “us”) is a leading aircraft leasing company that was founded by aircraft leasing industry pioneer, Steven F. Udvar-Házy. The Company is principally engaged in purchasing the most modern, fuel-efficient, new technology commercial jet aircraft directly from aircraft manufacturers, such as The Boeing Company (“Boeing”) and Airbus S.A.S. (“Airbus”). The Company leases these aircraft to airlines throughout the world with the intention to generate attractive returns on equity. As of June 30, 2023, the Company owned 448 aircraft, managed 80 aircraft and had 359 aircraft on order with aircraft manufacturers. In addition to its leasing activities, the Company sells aircraft from its fleet to third parties, including other leasing companies, financial services companies, airlines and other investors. The Company also provides fleet management services to investors and owners of aircraft portfolios for a management fee.

Basis of Preparation and Critic

Basis of Preparation and Critical Accounting Policies	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Preparation and Critical Accounting Policies	Basis of Preparation and Critical Accounting Policies The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is the primary beneficiary. All material intercompany balances are eliminated in consolidation. The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying unaudited Consolidated Financial Statements include all adjustments, consisting only of normal, recurring adjustments, which are in the opinion of management necessary to present fairly the Company’s financial position, results of operations and cash flows at June 30, 2023, and for all periods presented. The results of operations for the six months ended June 30, 2023 are not necessarily indicative of the operating results expected for the year ending December 31, 2023. These financial statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Summary of Significant Accounting Policies Flight equipment Flight equipment under operating lease is stated at cost less accumulated depreciation. Purchases, major additions and modifications, and interest on deposits during the construction phase are capitalized. The Company generally depreciates passenger aircraft on a straight-line basis over a 25-year life from the date of manufacture to a 15% residual value. The Company generally depreciates freighter aircraft on a straight-line basis over a 35-year life from the date of manufacture to a 15% residual value. Changes in the assumption of useful lives or residual values for aircraft could have a significant impact on the Company’s results of operations and financial condition. Major aircraft improvements and modifications incurred during an off-lease period are capitalized and depreciated over the lesser of the remaining life of the flight equipment or the aircraft improvement. In addition, costs paid by us for scheduled maintenance and overhauls are capitalized and depreciated over a period to the next scheduled maintenance or overhaul event. Miscellaneous repairs are expensed when incurred. The Company’s management evaluates on a quarterly basis the need to perform an impairment test whenever facts or circumstances indicate a potential impairment has occurred. An assessment is performed whenever events or changes in circumstances indicate that the carrying amount of an aircraft may not be recoverable. Recoverability of an aircraft’s carrying amount is measured by comparing the carrying amount of the aircraft to future undiscounted net cash flows expected to be generated by the aircraft. The undiscounted cash flows consist of cash flows from currently contracted leases, future projected lease rates, and estimated residual or scrap values for each aircraft. We develop assumptions used in the recoverability analysis based on our knowledge of active lease contracts, current and future expectations of the global demand for a particular aircraft type, potential for alternative use of aircraft and historical experience in the aircraft leasing market and aviation industry, as well as information received from third-party industry sources. The factors considered in estimating the undiscounted cash flows are affected by changes in future periods due to changes in contracted lease rates, economic conditions, technology, and airline demand for a particular aircraft type. In the event that an aircraft does not meet the recoverability test and the aircraft's carrying amount falls below estimated values from third-party industry sources,

Debt Financing

Debt Financing	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt Financing	Debt Financing The Company’s consolidated debt as of June 30, 2023 and December 31, 2022 is summarized below: June 30, 2023 December 31, 2022 (in thousands) Unsecured Senior unsecured securities $ 17,202,069 $ 17,095,116 Revolving credit facility 1,000,000 1,020,000 Term financings 668,300 582,950 Total unsecured debt financing 18,870,369 18,698,066 Secured Export credit financing 112,184 11,646 Term financings 107,133 113,717 Total secured debt financing 219,317 125,363 Total debt financing 19,089,686 18,823,429 Less: Debt discounts and issuance costs (193,893) (182,366) Debt financing, net of discounts and issuance costs $ 18,895,793 $ 18,641,063 As of June 30, 2023, management of the Company believes it is in compliance in all material respects with the covenants in its debt agreements, including minimum consolidated shareholders’ equity, minimum consolidated unencumbered assets, and interest coverage ratio. All of the Company’s secured obligations as of June 30, 2023 and December 31, 2022 are recourse in nature. Senior unsecured securities (including Medium-Term Note Program) As of June 30, 2023, the Company had $17.2 billion in senior unsecured securities outstanding. As of December 31, 2022, the Company had $17.1 billion in senior unsecured securities outstanding. Public unsecured bonds. During the six months ended June 30, 2023, the Company issued $700.0 million in aggregate principal amount of 5.30% Medium-Term Notes due 2028. Private placement securities. During the six months ended June 30, 2023, the Company, through a trust, issued $600.0 million in aggregate principal amount of 5.85% trust certificates due 2028 in a Sukuk financing. If the Company fails to meet its obligations under the Sukuk financing, the sole rights of each of the holders of the trust certificates will be against the Company to perform its obligations under the arrangements to which it is a party. Syndicated unsecured revolving credit facility As of June 30, 2023 and December 31, 2022, the Company had $1.0 billion, outstanding under its unsecured revolving credit facility (the “Revolving Credit Facility”). Borrowings under the Revolving Credit Facility are used to finance the Company’s working capital needs in the ordinary course of business and for other general corporate purposes. During the second quarter of 2023, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2026 to May 5, 2027 and amended the total revolving commitments thereunder to approximately $7.2 billion as of May 5, 2023. The amended Revolving Credit Facility also decreased the SOFR credit spread adjustment applicable to borrowings for all interest periods. As of June 30, 2023, borrowings under the Revolving Credit Facility accrue interest at Adjusted Term SOFR (as defined in the Revolving Credit Facility) plus a margin of 1.05% per year. The Company is required to pay a facility fee of 0.20% per year in respect of total commitments under the Revolving Credit Facility. Interest rate and facility fees are subject to changes in the Company’s credit ratings. As of August 3, 2023, lenders held revolving commitments totaling approximately $6.8 billion that mature on May 5, 2027, commitments totaling $320.0 million that mature on May 5, 2026, and commitments totaling $32.5 million that mature on May 5, 2025. Other debt financings From time to time, the Company enters into other debt financings such as unsecured revolving credit facilities, unsecured term financings and secured term financings, including export credit. During the quarter ended June 30, 2023, the Company entered into a $650.0 million term loan. Under the terms of the loan agreement, the Company has the ability to set the funding date of the loan; however, the loan must be funded by November 2023. Once funded, the term loan bears interest at a floating rate of Term SOFR plus a credit spread adjustment of 0.10% plus 1.4% and has a final maturity on November 24, 2026. This term loan contains customary covenants and events of default consistent with the Company’s Revolving Credit Facility. In July 2023, the Company entered into a new lender supplement to increase the total term loan to $725.0 million. As of August 3, 2023, the Company had no borrowings outstanding under the term loan. In addition, during the quarter ended June 30, 2023, the Company issued $112.2 million in secured notes due 2034 guaranteed by United Kingdom Export Finance (“UKEF”), the UK government’s export credit agency. The notes will mature on October 6, 2034 and will bear interest at a floating rate of three-month SOFR plus 0.42%. The Company pledged one aircraft as collateral in connection with this transaction. As of June 30, 2023, the outstanding balance on other debt financings was $887.6 million and the Company had pledged three aircraft as collateral with a net book value of $318.2 million. As of December 31, 2022, the outstanding balance on other debt financings was $708.3 million and the Company had pledged three aircraft as collateral with a net book value of $212.1 million. Maturities Maturities of debt outstanding as of June 30, 2023 are as follows (in thousands): Years ending December 31, 2023 $ 1,300,288 2024 2,946,128 2025 2,400,016 2026 3,621,710 2027 3,787,044 Thereafter 5,034,500 Total $ 19,089,686

Flight equipment subject to ope

Flight equipment subject to operating lease	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Flight equipment subject to operating lease	Flight equipment subject to operating lease The following table summarizes the activities for the Company’s flight equipment subject to operating lease for the six months ended June 30, 2023: (in thousands) Net book value as of December 31, 2022 $ 24,538,385 Purchase of aircraft 3,010,033 Depreciation (528,266) Sale of aircraft (599,616) Transferred to Held for Sale (904,797) Net book value as of June 30, 2023 $ 25,515,739 Accumulated depreciation as of June 30, 2023 $ (5,108,155) Write-off of Russian fleet update In response to the sanctions against certain industry sectors and parties in Russia, in March 2022, the Company terminated all of its leasing activities in Russia, including eight aircraft from its managed fleet. While the Company or the respective managed platform maintains title to the aircraft, the Company determined that it is unlikely it or they will regain possession of the aircraft detained in Russia. As such, during the three months ended March 31, 2022, the Company recognized a loss from asset write-offs of its interests in owned aircraft detained in Russia, totaling approximately $791.0 million. In October 2022, one Boeing 737-8 MAX aircraft that was not operating and had been in storage in Russia since the 737 MAX grounding was returned to the Company. At this time, the Company does not anticipate the return of any other aircraft detained in Russia. In June 2022, the Company submitted insurance claims to its insurers to recover its losses relating to aircraft detained in Russia. In December 2022, the Company filed suit in the Los Angeles County Superior Court of the State of California against its insurers in connection with its previously submitted insurance claims and will continue to vigorously pursue all available insurance claims. Collection, timing and amounts of any insurance recoveries and the outcome of the ongoing insurance litigation remain uncertain at this time.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Aircraft Acquisition As of June 30, 2023, the Company had commitments to purchase 359 aircraft from Boeing and Airbus for delivery through 2028, with ongoing delays that could extend through 2029, with an estimated aggregate commitment of $23.2 billion. The table is subject to change based on Airbus and Boeing delivery delays. As noted below, the Company expects delivery delays for a majority of the aircraft in its orderbook. The Company remains in discussions with Boeing and Airbus to determine the extent and duration of delivery delays; however, the Company is not yet able to determine the full impact of these delays. Estimated Delivery Years Aircraft Type 2023 2024 2025 2026 2027 Thereafter Total Airbus A220-100/300 11 20 17 21 — — 69 Airbus A320/321neo (1) 12 20 21 35 35 40 163 Airbus A330-900neo 3 6 — — — — 9 Airbus A350-900/1000 1 3 — — — — 4 Airbus A350F — — — 2 2 3 7 Boeing 737-8/9 MAX 15 26 30 16 — — 87 Boeing 787-9/10 4 6 9 1 — — 20 Total (2) 46 81 77 75 37 43 359 (1) The Company’s Airbus A320/321neo aircraft orders include 12 long-range variants and 49 extra long-range variants. (2) The table above reflects Airbus and Boeing aircraft delivery delays based on contractual documentation. Pursuant to the Company’s purchase agreements with Boeing and Airbus, the Company agrees to contractual delivery dates for each aircraft ordered. These dates can change for a variety of reasons, however for the last several years, manufacturing delays have significantly impacted the planned purchases of the Company’s aircraft on order with both Boeing and Airbus. The aircraft purchase commitments discussed above could also be impacted by cancellations. The Company’s purchase agreements with Boeing and Airbus generally provide each of the Company and the manufacturers with cancellation rights for delivery delays starting at one year after the original contractual delivery date, regardless of cause. In addition, the Company’s lease agreements generally provide each of the Company and the lessee with cancellation rights related to certain aircraft delivery delays that typically parallel the cancellation rights in the Company’s purchase agreements. Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $23.2 billion as of June 30, 2023, are as follows (in thousands): Years ending December 31, 2023 (excluding the six months ended June 30, 2023) $ 3,560,678 2024 5,510,954 2025 4,787,013 2026 4,302,205 2027 2,484,140 Thereafter 2,567,640 Total $ 23,212,630 The Company has made non-refundable deposits on flight equipment purchases of $1.1 billion and $1.3 billion as of June 30, 2023 and December 31, 2022, respectively, which are subject to manufacturer performance commitments. If the Company is unable to satisfy its purchase commitments, the Company may be forced to forfeit its deposits and may also be exposed to breach of contract claims by its lessees as well as the manufacturers.

Rental Income

Rental Income	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Rental Income	Rental Income As of June 30, 2023, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of June 30, 2023 are as follows (in thousands): Years ending December 31, 2023 (excluding the six months ended June 30, 2023) $ 1,162,804 2024 2,292,014 2025 2,141,677 2026 1,914,232 2027 1,705,007 Thereafter 7,022,358 Total $ 16,238,092

Earnings_(Loss) Per Share

Earnings/(Loss) Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings/(Loss) Per Share	Earnings/(Loss) Per Share Basic earnings/(loss) per share is computed by dividing net income/(loss) by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common equivalent shares are excluded if the effect of including these shares would be anti-dilutive. The Company’s two classes of common stock, Class A and Class B non-voting, have equal rights to dividends and income, and therefore, basic and diluted earnings per share are the same for each class of common stock. As of June 30, 2023, the Company did not have any Class B non-voting common stock outstanding. Diluted earnings per share takes into account the potential conversion of stock options, restricted stock units, and warrants using the treasury stock method and convertible notes using the if-converted method. For the three and six months ended June 30, 2023, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. Since the Company was in a loss position for the six months ended June 30, 2022, diluted net loss per share is the same as basic net loss per share for the period as the inclusion of all potential common shares outstanding would have been anti-dilutive. For the six months ended June 30, 2022, the Company excluded 301,279 potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. For the three months ended June 30, 2022, the Company did not exclude any potentially dilutive securities, whose effect would have been anti-dilutive, from the computation of diluted earnings per share. The Company excluded 969,698 and 978,036 shares related to restricted stock units for which the performance metric had yet to be achieved as of June 30, 2023 and 2022, respectively. The following table sets forth the reconciliation of basic and diluted earnings/(loss) per share: Three Months Ended Six Months Ended 2023 2022 2023 2022 (in thousands, except share and per share) Basic earnings/(loss) per share: Numerator Net income/(loss) $ 132,401 $ 116,277 $ 261,121 $ (352,716) Preferred stock dividends (10,425) (10,425) (20,850) (20,850) Net income/(loss) attributable to common stockholders $ 121,976 $ 105,852 $ 240,271 $ (373,566) Denominator Weighted-average shares outstanding 111,021,133 110,868,040 110,982,557 112,373,092 Basic earnings/(loss) per share $ 1.10 $ 0.95 $ 2.16 $ (3.32) Diluted earnings/(loss) per share: Numerator Net income/(loss) $ 132,401 $ 116,277 $ 261,121 $ (352,716) Preferred stock dividends (10,425) (10,425) (20,850) (20,850) Net income/(loss) attributable to common stockholders $ 121,976 $ 105,852 $ 240,271 $ (373,566) Denominator Number of shares used in basic computation 111,021,133 110,868,040 110,982,557 112,373,092 Weighted-average effect of dilutive securities 217,871 175,796 324,492 — Number of shares used in per share computation 111,239,004 111,043,836 111,307,049 112,373,092 Diluted earnings/(loss) per share $ 1.10 $ 0.95 $ 2.16 $ (3.32)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring and Non-recurring Basis The Company has a cross-currency swap related to its Canadian dollar Medium-Term Notes, which were issued in December 2019. The fair value of the swap as a foreign currency exchange derivative is categorized as a Level 2 measurement in the fair value hierarchy and is measured on a recurring basis. As of June 30, 2023, the estimated fair value of the foreign currency exchange derivative asset was $3.4 million. As of December 31, 2022, the estimated fair value of the foreign currency exchange derivative liability was $2.5 million. Financial Instruments Not Measured at Fair Values The fair value of debt financing is estimated based on the quoted market prices for the same or similar issues, or on the current rates offered to the Company for debt of the same remaining maturities, which would be categorized as a Level 2 measurement in the fair value hierarchy. The estimated fair value of debt financing as of June 30, 2023 was $17.9 billion compared to a book value of $19.1 billion. The estimated fair value of debt financing as of December 31, 2022 was $17.5 billion compared to a book value of $18.8 billion. The following financial instruments are not measured at fair value on the Company’s Consolidated Balance Sheets at June 30, 2023, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at June 30, 2023 and December 31, 2022 approximates their carrying value as reported on the Consolidated Balance Sheets. The fair value of all these instruments would be categorized as Level 1 in the fair value hierarchy.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity The Company was authorized to issue 500,000,000 shares of Class A common stock, $0.01 par value, at June 30, 2023 and December 31, 2022. As of June 30, 2023 and December 31, 2022, the Company had 111,027,252 and 110,892,097 Class A common shares issued and outstanding, respectively. The Company was authorized to issue 10,000,000 shares of Class B common stock, $0.01 par value at June 30, 2023 and December 31, 2022. The Company did not have any shares of Class B non-voting common stock, $0.01 par value, issued or outstanding as of June 30, 2023 or December 31, 2022. The Company was authorized to issue 50,000,000 shares of preferred stock, $0.01 par value, at June 30, 2023 and December 31, 2022. As of June 30, 2023 and December 31, 2022, the Company had 10.0 million shares of 6.15% Fixed-to-Floating Non-Cumulative Perpetual Preferred Stock, Series A (the “Series A Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $250.0 million ($25.00 per share), 300,000 shares of 4.65% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B (the “Series B Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share) and 300,000 shares of 4.125% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C (the “Series C Preferred Stock”), $0.01 par value, issued and outstanding with an aggregate liquidation preference of $300.0 million ($1,000 per share). The following table summarizes the Company’s preferred stock issued and outstanding as of June 30, 2023 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of June 30, 2023 Liquidation Preference Issue Date Dividend Rate in Effect at June 30, 2023 Next dividend rate reset date Dividend rate after reset date Series A 10,000,000 $ 250,000 March 5, 2019 6.150 % March 15, 2024 3M Term SOFR (1) plus 3.65% Series B 300,000 300,000 March 2, 2021 4.650 % June 15, 2026 5 Yr U.S. Treasury plus 4.076% Series C 300,000 300,000 October 13, 2021 4.125 % December 15, 2026 5 Yr U.S. Treasury plus 3.149% Total 10,600,000 $ 850,000 (1) 3M Term SOFR includes a credit spread adjustment of 0.10%.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation On May 3, 2023, the stockholders of the Company approved the Air Lease Corporation 2023 Equity Incentive Plan (the “2023 Plan”). Upon approval of the 2023 Plan, no new awards under the Air Lease Corporation 2014 Equity Incentive Plan (the “2014 Plan”) could be granted. As of June 30, 2023, the number of shares of Class A Common Stock available for new award grants under the 2023 Plan is approximately 4,133,835. The Company has issued restricted stock units (“RSUs”) with four different vesting criteria: those RSUs that vest based on the attainment of book-value goals, those RSUs that vest based on the attainment of Total Shareholder Return (“TSR”) goals, time based RSUs that vest ratably over a time period of three years and RSUs that cliff vest at the end of a one two As of June 30, 2023, the Company had no outstanding stock options (“Stock Options”) and no unrecognized compensation costs related to outstanding Stock Options. For the three and six months ended June 30, 2023 and 2022, there were no stock-based compensation expenses related to Stock Options. The Company recorded $8.7 million and $6.6 million of stock-based compensation expense related to RSUs for the three months ended June 30, 2023 and 2022, respectively. The Company recorded $14.6 million and $4.0 million of stock-based compensation expense related to RSUs for the six months ended June 30, 2023 and 2022, respectively. For the six months ended June 30, 2022, the Company recorded a net reversal of previously recognized stock-based compensation of $2.5 million. Such net reversal was a result of reductions in the underlying vesting estimates of certain book value RSUs as the performance criteria were no longer considered probable of being achieved during the six months ended June 30, 2022. Restricted Stock Units Compensation cost for RSUs is measured at the grant date based on fair value and recognized over the vesting period. The fair value of book value and time based RSUs is determined based on the closing market price of the Company’s Class A common stock on the date of grant, while the fair value of RSUs that vest based on the attainment of TSR goals is determined at the grant date using a Monte Carlo simulation model. Included in the Monte Carlo simulation model were certain assumptions regarding a number of highly complex and subjective variables, such as expected volatility, risk-free interest rate and expected dividends. To appropriately value the award, the risk-free interest rate is estimated for the time period from the valuation date until the vesting date and the historical volatilities were estimated based on a historical timeframe equal to the time from the valuation date until the end date of the performance period. During the six months ended June 30, 2023, the Company granted 704,565 RSUs of which 121,608 are TSR RSUs and 243,206 are book value RSUs. The following table summarizes the activities for the Company’s unvested RSUs for the six months ended June 30, 2023: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2022 1,514,875 $ 45.90 Granted 704,565 $ 44.73 Vested (229,187) $ 44.19 Forfeited/canceled (373,567) $ 42.43 Unvested at June 30, 2023 1,616,686 $ 46.44 Expected to vest after June 30, 2023 1,767,130 $ 46.18 As of June 30, 2023, there was $49.6 million of unrecognized compensation expense related to unvested stock-based payments granted to employees. Total unrecognized compensation expense will be recognized over a weighted-average remaining period of 2.01 years.

Aircraft Under Management

Aircraft Under Management	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Aircraft Under Management	Aircraft Under Management As of June 30, 2023, the Company managed 80 aircraft across three aircraft management platforms. The Company managed 45 aircraft through its Thunderbolt platform, 34 aircraft through the Blackbird investment funds and one aircraft on behalf of a financial institution. As of June 30, 2023, the Company managed 34 aircraft on behalf of third-party investors through two investment funds, Blackbird I and Blackbird II. These funds invest in commercial jet aircraft and lease them to airlines throughout the world. The Company provides management services to these funds for a fee. As of June 30, 2023, the Company's non-controlling interests in each fund were 9.5% and are accounted for under the equity method of accounting. The Company’s investments in these funds aggregated $65.6 million and $64.7 million as of June 30, 2023 and December 31, 2022, respectively, and are included in Other assets on the Consolidated Balance Sheets.

Net Investment in Sales-type Le

Net Investment in Sales-type Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Net Investment in Sales-type Leases	Net Investment in Sales-type Leases As of June 30, 2023, the Company had sales-type leases for ten A320-200 aircraft in its owned fleet. Net investment in sales-type leases are included in Other assets in the Company’s Consolidated Balance Sheets based on the present value of fixed payments under the contract and the residual value of the underlying asset, discounted at the rate implicit in the lease. The Company’s investment in sales-type leases consisted of the following (in thousands): June 30, 2023 Future minimum lease payments to be received $ 224,475 Estimated residual values of leased flight equipment 91,688 Less: Unearned income (42,323) Net Investment in Sales-type Leases $ 273,840 As of June 30, 2023, future minimum lease payments to be received on sales-type leases were as follows (in thousands): Years ending December 31, 2023 (excluding the six months ended June 30, 2023) $ 12,300 2024 24,600 2025 24,600 2026 24,600 2027 24,600 Thereafter 113,775 Total $ 224,475

Flight Equipment Held for Sale

Flight Equipment Held for Sale	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Flight Equipment Held for Sale	Flight Equipment Held for Sale As of June 30, 2023, the Company had 19 aircraft, with a carrying value of $0.9 billion, which were held for sale and included in Other assets on the Consolidated Balance Sheets. The Company expects the sale of all 19 aircraft to be completed by end of the second quarter of 2024. During the three months ended June 30, 2023, the Company received an aggregate of $639.7 million in purchase deposits pursuant to conditional sale agreements related to 10 of the 19 aircraft, which amount is included in Accrued interest and other payables on the Consolidated Balance Sheets. During the six months ended June 30, 2023, the Company completed the sale of 10 aircraft from its held for sale portfolio. The Company ceases recognition of depreciation expense once an aircraft is classified as held for sale. As of December 31, 2022, the Company had four aircraft, with a carrying value of $153.5 million, which were held for sale and included in Flight equipment subject to operating leases on the Consolidated Balance Sheets.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On August 2, 2023, the Company’s board of directors approved quarterly cash dividends for the Company’s Class A common stock and Series A, B and C Preferred Stock. The following table summarizes the details of the dividends that were declared: Title of each class Cash dividend per share Record Date Payment Date Class A Common Stock $ 0.20 September 12, 2023 October 6, 2023 Series A Preferred Stock $ 0.384375 August 31, 2023 September 15, 2023 Series B Preferred Stock $ 11.625 August 31, 2023 September 15, 2023 Series C Preferred Stock $ 10.3125 August 31, 2023 September 15, 2023

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 132,401	$ 128,720	$ 116,277	$ (468,993)	$ 261,121	$ (352,716)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Preparation and Crit_2

Basis of Preparation and Critical Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The Company consolidates financial statements of all entities in which the Company has a controlling financial interest, including the accounts of any Variable Interest Entity in which the Company has a controlling financial interest and for which it is the primary beneficiary. All material intercompany balances are eliminated in consolidation.
Basis of Accounting	The accompanying Consolidated Financial Statements have been prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements.
Flight equipment	Flight equipment Flight equipment under operating lease is stated at cost less accumulated depreciation. Purchases, major additions and modifications, and interest on deposits during the construction phase are capitalized. The Company generally depreciates passenger aircraft on a straight-line basis over a 25-year life from the date of manufacture to a 15% residual value. The Company generally depreciates freighter aircraft on a straight-line basis over a 35-year life from the date of manufacture to a 15% residual value. Changes in the assumption of useful lives or residual values for aircraft could have a significant impact on the Company’s results of operations and financial condition. Major aircraft improvements and modifications incurred during an off-lease period are capitalized and depreciated over the lesser of the remaining life of the flight equipment or the aircraft improvement. In addition, costs paid by us for scheduled maintenance and overhauls are capitalized and depreciated over a period to the next scheduled maintenance or overhaul event. Miscellaneous repairs are expensed when incurred. The Company’s management evaluates on a quarterly basis the need to perform an impairment test whenever facts or circumstances indicate a potential impairment has occurred. An assessment is performed whenever events or changes in circumstances indicate that the carrying amount of an aircraft may not be recoverable. Recoverability of an aircraft’s carrying amount is measured by comparing the carrying amount of the aircraft to future undiscounted net cash flows expected to be generated by the aircraft. The undiscounted cash flows consist of cash flows from currently contracted leases, future projected lease rates, and estimated residual or scrap values for each aircraft. We develop assumptions used in the recoverability analysis based on our knowledge of active lease contracts, current and future expectations of the global demand for a particular aircraft type, potential for alternative use of aircraft and historical experience in the aircraft leasing market and aviation industry, as well as information received from third-party industry sources. The factors considered in estimating the undiscounted cash flows are affected by changes in future periods due to changes in contracted lease rates, economic conditions, technology, and airline demand for a particular aircraft type. In the event that an aircraft does not meet the recoverability test and the aircraft's carrying amount falls below estimated values from third-party industry sources,

Debt Financing (Tables)

Debt Financing (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Consolidated Debt	The Company’s consolidated debt as of June 30, 2023 and December 31, 2022 is summarized below: June 30, 2023 December 31, 2022 (in thousands) Unsecured Senior unsecured securities $ 17,202,069 $ 17,095,116 Revolving credit facility 1,000,000 1,020,000 Term financings 668,300 582,950 Total unsecured debt financing 18,870,369 18,698,066 Secured Export credit financing 112,184 11,646 Term financings 107,133 113,717 Total secured debt financing 219,317 125,363 Total debt financing 19,089,686 18,823,429 Less: Debt discounts and issuance costs (193,893) (182,366) Debt financing, net of discounts and issuance costs $ 18,895,793 $ 18,641,063
Schedule of Maturities of Debt Outstanding	Maturities of debt outstanding as of June 30, 2023 are as follows (in thousands): Years ending December 31, 2023 $ 1,300,288 2024 2,946,128 2025 2,400,016 2026 3,621,710 2027 3,787,044 Thereafter 5,034,500 Total $ 19,089,686

Flight equipment subject to o_2

Flight equipment subject to operating lease (Tables)	6 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Flight Equipment Subject to Operating Lease	The following table summarizes the activities for the Company’s flight equipment subject to operating lease for the six months ended June 30, 2023: (in thousands) Net book value as of December 31, 2022 $ 24,538,385 Purchase of aircraft 3,010,033 Depreciation (528,266) Sale of aircraft (599,616) Transferred to Held for Sale (904,797) Net book value as of June 30, 2023 $ 25,515,739 Accumulated depreciation as of June 30, 2023 $ (5,108,155)

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Commitments to Acquire Aircraft	Estimated Delivery Years Aircraft Type 2023 2024 2025 2026 2027 Thereafter Total Airbus A220-100/300 11 20 17 21 — — 69 Airbus A320/321neo (1) 12 20 21 35 35 40 163 Airbus A330-900neo 3 6 — — — — 9 Airbus A350-900/1000 1 3 — — — — 4 Airbus A350F — — — 2 2 3 7 Boeing 737-8/9 MAX 15 26 30 16 — — 87 Boeing 787-9/10 4 6 9 1 — — 20 Total (2) 46 81 77 75 37 43 359 (1) The Company’s Airbus A320/321neo aircraft orders include 12 long-range variants and 49 extra long-range variants. (2) The table above reflects Airbus and Boeing aircraft delivery delays based on contractual documentation.
Schedule of Contractual Commitments for The Acquisition of Aircraft at an Estimated Aggregate Purchase Price	Commitments for the acquisition of these aircraft, calculated at an estimated aggregate purchase price (including adjustments for anticipated inflation) of approximately $23.2 billion as of June 30, 2023, are as follows (in thousands): Years ending December 31, 2023 (excluding the six months ended June 30, 2023) $ 3,560,678 2024 5,510,954 2025 4,787,013 2026 4,302,205 2027 2,484,140 Thereafter 2,567,640 Total $ 23,212,630

Rental Income (Tables)

Rental Income (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Minimum Future Rentals	As of June 30, 2023, minimum future rentals on non-cancellable operating leases of flight equipment in the Company’s owned fleet, which have been delivered as of June 30, 2023 are as follows (in thousands): Years ending December 31, 2023 (excluding the six months ended June 30, 2023) $ 1,162,804 2024 2,292,014 2025 2,141,677 2026 1,914,232 2027 1,705,007 Thereafter 7,022,358 Total $ 16,238,092

Earnings_(Loss) Per Share (Tabl

Earnings/(Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Reconciliation of Basic and Diluted Earnings/(Loss) Per Share	The following table sets forth the reconciliation of basic and diluted earnings/(loss) per share: Three Months Ended Six Months Ended 2023 2022 2023 2022 (in thousands, except share and per share) Basic earnings/(loss) per share: Numerator Net income/(loss) $ 132,401 $ 116,277 $ 261,121 $ (352,716) Preferred stock dividends (10,425) (10,425) (20,850) (20,850) Net income/(loss) attributable to common stockholders $ 121,976 $ 105,852 $ 240,271 $ (373,566) Denominator Weighted-average shares outstanding 111,021,133 110,868,040 110,982,557 112,373,092 Basic earnings/(loss) per share $ 1.10 $ 0.95 $ 2.16 $ (3.32) Diluted earnings/(loss) per share: Numerator Net income/(loss) $ 132,401 $ 116,277 $ 261,121 $ (352,716) Preferred stock dividends (10,425) (10,425) (20,850) (20,850) Net income/(loss) attributable to common stockholders $ 121,976 $ 105,852 $ 240,271 $ (373,566) Denominator Number of shares used in basic computation 111,021,133 110,868,040 110,982,557 112,373,092 Weighted-average effect of dilutive securities 217,871 175,796 324,492 — Number of shares used in per share computation 111,239,004 111,043,836 111,307,049 112,373,092 Diluted earnings/(loss) per share $ 1.10 $ 0.95 $ 2.16 $ (3.32)

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Preferred Stock Issued and Outstanding	The following table summarizes the Company’s preferred stock issued and outstanding as of June 30, 2023 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of June 30, 2023 Liquidation Preference Issue Date Dividend Rate in Effect at June 30, 2023 Next dividend rate reset date Dividend rate after reset date Series A 10,000,000 $ 250,000 March 5, 2019 6.150 % March 15, 2024 3M Term SOFR (1) plus 3.65% Series B 300,000 300,000 March 2, 2021 4.650 % June 15, 2026 5 Yr U.S. Treasury plus 4.076% Series C 300,000 300,000 October 13, 2021 4.125 % December 15, 2026 5 Yr U.S. Treasury plus 3.149% Total 10,600,000 $ 850,000 (1) 3M Term SOFR includes a credit spread adjustment of 0.10%.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Activities for Unvested RSUs	The following table summarizes the activities for the Company’s unvested RSUs for the six months ended June 30, 2023: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2022 1,514,875 $ 45.90 Granted 704,565 $ 44.73 Vested (229,187) $ 44.19 Forfeited/canceled (373,567) $ 42.43 Unvested at June 30, 2023 1,616,686 $ 46.44 Expected to vest after June 30, 2023 1,767,130 $ 46.18

Net Investment in Sales-type _2

Net Investment in Sales-type Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Components of Investment in Sales-Type Leases, Net	The Company’s investment in sales-type leases consisted of the following (in thousands): June 30, 2023 Future minimum lease payments to be received $ 224,475 Estimated residual values of leased flight equipment 91,688 Less: Unearned income (42,323) Net Investment in Sales-type Leases $ 273,840
Schedule of Future Minimum Lease Payments to be Received on Sales-Type Lease	As of June 30, 2023, future minimum lease payments to be received on sales-type leases were as follows (in thousands): Years ending December 31, 2023 (excluding the six months ended June 30, 2023) $ 12,300 2024 24,600 2025 24,600 2026 24,600 2027 24,600 Thereafter 113,775 Total $ 224,475

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Schedule of Dividends Declared	The following table summarizes the details of the dividends that were declared: Title of each class Cash dividend per share Record Date Payment Date Class A Common Stock $ 0.20 September 12, 2023 October 6, 2023 Series A Preferred Stock $ 0.384375 August 31, 2023 September 15, 2023 Series B Preferred Stock $ 11.625 August 31, 2023 September 15, 2023 Series C Preferred Stock $ 10.3125 August 31, 2023 September 15, 2023

Company Background and Overvi_2

Company Background and Overview (Details)	6 Months Ended
	Jun. 30, 2023 aircraft
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of aircraft owned	448
Number of aircraft managed	80
Number of aircraft on order with manufacturers	359

Basis of Preparation and Crit_3

Basis of Preparation and Critical Accounting Policies (Details)	Jun. 30, 2023
Passenger Aircraft
Schedule of Equity Method Investments [Line Items]
Aircraft useful life	25 years
Aircraft, residual value	15%
Freighter Aircraft
Schedule of Equity Method Investments [Line Items]
Aircraft useful life	35 years
Aircraft, residual value	15%

Debt Financing - Consolidated D

Debt Financing - Consolidated Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt financing	$ 19,089,686	$ 18,823,429
Less: Debt discounts and issuance costs	(193,893)	(182,366)
Debt financing, net of discounts and issuance costs	18,895,793	18,641,063
Total unsecured debt financing
Debt Instrument [Line Items]
Total debt financing	18,870,369	18,698,066
Senior unsecured securities
Debt Instrument [Line Items]
Total debt financing	17,202,069	17,095,116
Revolving credit facility
Debt Instrument [Line Items]
Total debt financing	1,000,000	1,020,000
Term financings
Debt Instrument [Line Items]
Total debt financing	668,300	582,950
Total secured debt financing
Debt Instrument [Line Items]
Total debt financing	219,317	125,363
Export credit financing
Debt Instrument [Line Items]
Total debt financing	112,184	11,646
Term financings
Debt Instrument [Line Items]
Total debt financing	$ 107,133	$ 113,717

Debt Financing - Narrative (Det

Debt Financing - Narrative (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) aircraft	Jun. 30, 2023 USD ($) aircraft	Aug. 03, 2023 USD ($)	Jul. 31, 2023 USD ($)	May 05, 2023 USD ($)	Dec. 31, 2022 USD ($) aircraft
Debt Instrument [Line Items]
Outstanding balance	$ 19,089,686,000	$ 19,089,686,000				$ 18,823,429,000
Senior unsecured securities
Debt Instrument [Line Items]
Outstanding balance	17,202,069,000	17,202,069,000				17,095,116,000
Medium Term Note Program Due 2028 | Total unsecured debt financing
Debt Instrument [Line Items]
Principal amount issued	$ 700,000,000	$ 700,000,000
Interest rate	5.30%	5.30%
Trust Certificates Due 2028
Debt Instrument [Line Items]
Principal amount issued	$ 600,000,000	$ 600,000,000
Interest rate	5.85%	5.85%
Revolving credit facility
Debt Instrument [Line Items]
Outstanding balance	$ 1,000,000,000	$ 1,000,000,000				1,020,000,000
Maximum borrowing capacity					$ 7,200,000,000
Facility fee		0.20%
Revolving credit facility | Mature May 5, 2027 | Subsequent Event
Debt Instrument [Line Items]
Line of credit, noncurrent			$ 6,800,000,000
Revolving credit facility | Mature May 5, 2026 | Subsequent Event
Debt Instrument [Line Items]
Line of credit, noncurrent			320,000,000
Revolving credit facility | Mature May 5, 2025 | Subsequent Event
Debt Instrument [Line Items]
Line of credit, noncurrent			32,500,000
Revolving credit facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest margin		1.05%
2023 Term Loan | Term financings
Debt Instrument [Line Items]
Principal amount issued	$ 650,000,000	$ 650,000,000
Credit spread adjustment	0.10%	0.10%
2023 Term Loan | Term financings | Subsequent Event
Debt Instrument [Line Items]
Outstanding balance			$ 0
Principal amount issued				$ 725,000,000
2023 Term Loan | Term financings | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest margin	1.40%
Secured Notes Due 2034 | Total secured debt financing
Debt Instrument [Line Items]
Principal amount issued	$ 112,200,000	$ 112,200,000
Number of aircraft pledged as collateral | aircraft	1	1
Secured Notes Due 2034 | Total secured debt financing | 3M SOFR
Debt Instrument [Line Items]
Interest margin	0.42%
Other Debt Financings
Debt Instrument [Line Items]
Outstanding balance	$ 887,600,000	$ 887,600,000				$ 708,300,000
Number of aircraft pledged as collateral | aircraft	3	3				3
Net book value of aircraft pledged as collateral	$ 318,200,000	$ 318,200,000				$ 212,100,000

Debt Financing - Maturities of

Debt Financing - Maturities of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2023	$ 1,300,288
2024	2,946,128
2025	2,400,016
2026	3,621,710
2027	3,787,044
Thereafter	5,034,500
Total	$ 19,089,686	$ 18,823,429

Flight equipment subject to o_3

Flight equipment subject to operating lease - Schedule of Flight Equipment Subject to Operating Lease (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Movement in Property, Plant and Equipment [Roll Forward]
Depreciation	$ (268,586)	$ (235,284)	$ (528,266)	$ (470,591)
Flight Equipment
Movement in Property, Plant and Equipment [Roll Forward]
Net book value, beginning balance			24,538,385
Purchase of aircraft			3,010,033
Depreciation			(528,266)
Sale of aircraft			(599,616)
Transferred to Held for Sale			(904,797)
Net book value, ending balance	25,515,739		25,515,739
Accumulated depreciation as of June 30, 2023	$ (5,108,155)		$ (5,108,155)

Flight equipment subject to o_4

Flight equipment subject to operating lease - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) aircraft	Aug. 03, 2023 aircraft	Oct. 31, 2022 aircraft
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of managed aircraft terminating lease	8
Number of aircrafts returned from Russia			1
Subsequent Event
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of aircraft under operating lease terminated remaining in Russia		20
Flight Equipment
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Write-off of fleet | $	$ 791

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($)
Long-term Purchase Commitment [Line Items]
Number of aircraft on order with manufacturers | aircraft	359
Purchase obligation	$ 23,212,630
Minimum aircraft delivery delays that could trigger lessee cancellation clauses	1 year
Purchase agreements, termination commencement period	1 year
Non-refundable deposits on aircraft	$ 1,105,299	$ 1,344,973
Aircrafts
Long-term Purchase Commitment [Line Items]
Non-refundable deposits on aircraft	$ 1,100,000	$ 1,300,000

Commitments and Contingencies_2

Commitments and Contingencies - Aircraft Acquisition (Details)	6 Months Ended
	Jun. 30, 2023 aircraft
Aircrafts
Long-term Purchase Commitment [Line Items]
2023	46
2024	81
2025	77
2026	75
2027	37
Thereafter	43
Total	359
Airbus A220-100/300
Long-term Purchase Commitment [Line Items]
2023	11
2024	20
2025	17
2026	21
2027	0
Thereafter	0
Total	69
Airbus A320/321neo
Long-term Purchase Commitment [Line Items]
2023	12
2024	20
2025	21
2026	35
2027	35
Thereafter	40
Total	163
Number of long-range variant aircraft	12
Number of extra long-range variant aircrafts	49
Airbus A330-900neo
Long-term Purchase Commitment [Line Items]
2023	3
2024	6
2025	0
2026	0
2027	0
Thereafter	0
Total	9
Airbus A350-900/1000
Long-term Purchase Commitment [Line Items]
2023	1
2024	3
2025	0
2026	0
2027	0
Thereafter	0
Total	4
Airbus A350F
Long-term Purchase Commitment [Line Items]
2023	0
2024	0
2025	0
2026	2
2027	2
Thereafter	3
Total	7
Boeing 737-8/9 MAX
Long-term Purchase Commitment [Line Items]
2023	15
2024	26
2025	30
2026	16
2027	0
Thereafter	0
Total	87
Boeing 787-9/10
Long-term Purchase Commitment [Line Items]
2023	4
2024	6
2025	9
2026	1
2027	0
Thereafter	0
Total	20

Commitments and Contingencies_3

Commitments and Contingencies -Aircraft Acquisition at Aggregate Purchase Price (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 3,560,678
2024	5,510,954
2025	4,787,013
2026	4,302,205
2027	2,484,140
Thereafter	2,567,640
Total	$ 23,212,630

Rental Income (Details)

Rental Income (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 1,162,804
2024	2,292,014
2025	2,141,677
2026	1,914,232
2027	1,705,007
Thereafter	7,022,358
Total	$ 16,238,092

Earnings_(Loss) Per Share - Nar

Earnings/(Loss) Per Share - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2022 shares	Jun. 30, 2023 class_of_stock shares	Jun. 30, 2022 shares	Dec. 31, 2022 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of classes of common stock | class_of_stock			2
Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded related to restricted stock units	0	0	0	301,279
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded related to restricted stock units			969,698	978,036
Class B Non‑Voting Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, outstanding (in shares)	0		0		0

Earnings_(Loss) Per Share - Rec

Earnings/(Loss) Per Share - Reconciliation of Basic and Diluted Earnings/Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator
Net income/(loss)	$ 132,401	$ 128,720	$ 116,277	$ (468,993)	$ 261,121	$ (352,716)
Preferred stock dividends	(10,425)		(10,425)		(20,850)	(20,850)
Net income/(loss) attributable to common stockholders, basic	$ 121,976		$ 105,852		$ 240,271	$ (373,566)
Denominator
Weighted-average shares outstanding (in shares)	111,021,133		110,868,040		110,982,557	112,373,092
Basic earnings/(loss) per share (in dollars per share)	$ 1.10		$ 0.95		$ 2.16	$ (3.32)
Numerator
Net income/(loss)	$ 132,401	$ 128,720	$ 116,277	$ (468,993)	$ 261,121	$ (352,716)
Preferred stock dividends	(10,425)		(10,425)		(20,850)	(20,850)
Net income/(loss) attributable to common stockholders, diluted	$ 121,976		$ 105,852		$ 240,271	$ (373,566)
Denominator
Number of shares used in basic computation (in shares)	111,021,133		110,868,040		110,982,557	112,373,092
Weighted-average effect of dilutive securities (in shares)	217,871		175,796		324,492	0
Number of shares used in per share computation (in shares)	111,239,004		111,043,836		111,307,049	112,373,092
Diluted earnings/(loss) per share (in dollars per share)	$ 1.10		$ 0.95		$ 2.16	$ (3.32)

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Reported Value Measurement
Fair Value Measurements
Debt financing	$ 19,100	$ 18,800
Level 2
Fair Value Measurements
Debt financing	17,900	17,500
Recurring basis | Foreign Exchange Contract | Level 2
Fair Value Measurements
Derivative asset	$ 3.4
Derivative liability		$ 2.5

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, issued (in shares)	10,600,000
Preferred stock, outstanding (in shares)	10,600,000
Preferred stock, aggregate liquidation preference	$ 850,000
Class A Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	500,000,000	500,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	111,027,252	110,892,097
Common stock, outstanding (in shares)	111,027,252	110,892,097
Class B Non‑Voting Common Stock
Class of Stock [Line Items]
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0
Noncumulative Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares)	50,000,000	50,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	10,600,000	10,600,000
Preferred stock, outstanding (in shares)	10,600,000	10,600,000
Preferred stock, aggregate liquidation preference	$ 850,000	$ 850,000
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	10,000,000	10,000,000
Preferred stock, outstanding (in shares)	10,000,000	10,000,000
Preferred stock, dividend rate	6.15%	6.15%
Preferred stock, aggregate liquidation preference	$ 250,000	$ 250,000
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	300,000	300,000
Preferred stock, outstanding (in shares)	300,000	300,000
Preferred stock, dividend rate	4.65%	4.65%
Preferred stock, aggregate liquidation preference	$ 300,000	$ 300,000
Preferred stock, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	300,000	300,000
Preferred stock, outstanding (in shares)	300,000	300,000
Preferred stock, dividend rate	4.125%	4.125%
Preferred stock, aggregate liquidation preference	$ 300,000	$ 300,000
Preferred stock, liquidation preference (in dollars per share)	$ 1,000	$ 1,000

Shareholders' Equity - Preferre

Shareholders' Equity - Preferred Stock Issued and Outstanding (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, issued (in shares)	10,600,000	10,600,000
Preferred stock, outstanding (in shares)	10,600,000	10,600,000
Preferred stock, aggregate liquidation preference	$ 850,000	$ 850,000
2023 Term Loan | Term financings
Class of Stock [Line Items]
Credit spread adjustment	0.10%	0.10%
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, outstanding (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, aggregate liquidation preference	$ 250,000	$ 250,000	$ 250,000
Preferred stock, dividend rate		6.15%	6.15%
Series A Preferred Stock | 3M SOFR
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread		3.65%
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	300,000	300,000	300,000
Preferred stock, outstanding (in shares)	300,000	300,000	300,000
Preferred stock, aggregate liquidation preference	$ 300,000	$ 300,000	$ 300,000
Preferred stock, dividend rate		4.65%	4.65%
Series B Preferred Stock | US Treasury (UST) Interest Rate
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread		4.076%
Series C Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)	300,000	300,000	300,000
Preferred stock, outstanding (in shares)	300,000	300,000	300,000
Preferred stock, aggregate liquidation preference	$ 300,000	$ 300,000	$ 300,000
Preferred stock, dividend rate		4.125%	4.125%
Series C Preferred Stock | US Treasury (UST) Interest Rate
Class of Stock [Line Items]
Preferred stock, dividend rate, basis spread		3.149%

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) criteria shares	Jun. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding (in shares) | shares	0		0
Unrecognized compensation expense | $	$ 49,600,000		$ 49,600,000
Weighted-average period of recognition of unrecognized stock-based compensation cost			2 years 3 days
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of different vesting criteria | criteria			4
Stock-based compensation expense | $	8,700,000	$ 6,600,000	$ 14,600,000	$ 4,000,000
Stock-based compensation expense reversal | $				2,500,000
Number of shares other than options granted | shares			704,565
Restricted Stock Units (RSUs) | Vesting Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Restricted Stock Units (RSUs) | Vesting Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Restricted Stock Units (RSUs) | Vesting Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years
Restricted Stock With Total Shareholder Return Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares other than options granted | shares			121,608
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense | $	0		$ 0
Stock-based compensation expense | $	$ 0	$ 0	$ 0	$ 0
Restricted Stock Units (RSUs), Book Value
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares other than options granted | shares			243,206
2023 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) | shares	4,133,835		4,133,835

Stock-based Compensation - Unve

Stock-based Compensation - Unvested Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs)	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Unvested Restricted Stock Units, Number of Shares
Unvested at the beginning of the period (in shares) | shares	1,514,875
Granted (in shares) | shares	704,565
Vested (in shares) | shares	(229,187)
Forfeited/canceled (in shares) | shares	(373,567)
Unvested at the end of the period (in shares) | shares	1,616,686
Expected to vest after the end of the period (in shares) | shares	1,767,130
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 45.90
Granted (in dollars per share) | $ / shares	44.73
Vested (in dollars per share) | $ / shares	44.19
Forfeited/canceled (in dollars per share) | $ / shares	42.43
Unvested at the end of the period (in dollars per share) | $ / shares	46.44
Expected to vest after the end of the period (in dollars per share) | $ / shares	$ 46.18

Aircraft Under Management (Deta

Aircraft Under Management (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) entity aircraft joint_venture aircraft_management_platform	Dec. 31, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of aircraft managed	80
Number of aircraft management platforms | aircraft_management_platform	3
Percentage of non-controlling interest ownership, number of entities | entity	2
Financial Institutions Borrower
Schedule of Equity Method Investments [Line Items]
Number of aircraft	1
Blackbird Capital I and Blackbird Capital II
Schedule of Equity Method Investments [Line Items]
Number of aircraft	34
Number of joint ventures participated | joint_venture	2
Percentage of equity ownership	9.50%
Equity method investment | $	$ 65.6	$ 64.7
Thunderbolt Platform
Schedule of Equity Method Investments [Line Items]
Number of aircraft	45
Investment in aircraft sold | $	$ 8.8	$ 8.8
Thunderbolt Platform | Aircraft Held For Sale
Schedule of Equity Method Investments [Line Items]
Number of entities which aircraft is managed | entity	3
Thunderbolt II And Thunderbolt III
Schedule of Equity Method Investments [Line Items]
Percentage of noncontrolling interest	5%

Net Investment in Sales-type _3

Net Investment in Sales-type Leases - Narrative (Details)	Jun. 30, 2023 aircraft
Leases [Abstract]
Sales-type lease, number of aircrafts	10

Net Investment in Sales-type _4

Net Investment in Sales-type Leases - Components of Investment in Sales-Type Leases, Net (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
Future minimum lease payments to be received	$ 224,475
Estimated residual values of leased flight equipment	91,688
Less: Unearned income	(42,323)
Net Investment in Sales-type Leases	$ 273,840

Net Investment in Sales-type _5

Net Investment in Sales-type Leases - Future Minimum Lease Payments to be Received on Sales-type Lease (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023 (excluding the six months ended June 30, 2023)	$ 12,300
2024	24,600
2025	24,600
2026	24,600
2027	24,600
Thereafter	113,775
Total	$ 224,475

Flight Equipment Held for Sale

Flight Equipment Held for Sale (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) aircraft	Jun. 30, 2023 USD ($) aircraft	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) aircraft
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from aircraft sales, trading and other activity		$ 1,261,476	$ 1,166
Disposal Group, Held-for-sale, Not Discontinued Operations | Nineteen Aircrafts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of aircrafts | aircraft	19	19
Carrying value of assets held for sale	$ 900,000	$ 900,000
Disposal Group, Held-for-sale, Not Discontinued Operations | Four Aircrafts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of aircrafts | aircraft				4
Carrying value of assets held for sale				$ 153,500
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Ten Aircrafts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of aircrafts | aircraft	10	10
Proceeds from aircraft sales, trading and other activity	$ 639,700

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended				6 Months Ended
	Aug. 02, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Subsequent Events
Cash dividends declared per share (in dollars per share)		$ 0.20	$ 0.20	$ 0.185	$ 0.185	$ 0.40	$ 0.37
Class A Common Stock | Subsequent Event
Subsequent Events
Cash dividends declared per share (in dollars per share)	$ 0.20
Series A Preferred Stock | Subsequent Event
Subsequent Events
Cash dividends declared per share (in dollars per share)	0.384375
Series B Preferred Stock | Subsequent Event
Subsequent Events
Cash dividends declared per share (in dollars per share)	11.625
Series C Preferred Stock | Subsequent Event
Subsequent Events
Cash dividends declared per share (in dollars per share)	$ 10.3125