Air Lease (AL) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 30, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		111,376,884
Entity Central Index Key	0001487712
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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
3.700% Medium-Term Notes, Series A, due April 15, 2030
Entity Information [Line Items]
Title of 12(b) Security	3.700% Medium-Term Notes, Series A, due April 15, 2030
Trading Symbol	AL30
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 454,123	$ 460,870
Restricted cash	1,533	3,622
Flight equipment subject to operating leases	32,643,461	31,787,241
Less accumulated depreciation	(5,854,095)	(5,556,033)
Flight equipment subject to operating leases, net	26,789,366	26,231,208
Deposits on flight equipment purchases	1,131,899	1,203,068
Other assets	2,641,456	2,553,484
Total assets	31,018,377	30,452,252
Liabilities and Shareholders’ Equity
Accrued interest and other payables	916,998	1,164,140
Debt financing, net of discounts and issuance costs	19,679,063	19,182,657
Security deposits and maintenance reserves on flight equipment leases	1,654,107	1,519,719
Rentals received in advance	128,992	143,861
Deferred tax liability	1,331,971	1,281,837
Total liabilities	23,711,131	23,292,214
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 each of June 30, 2024 and December 31, 2023	106	106
Paid-in capital	3,294,959	3,287,234
Retained earnings	4,010,916	3,869,813
Accumulated other comprehensive income	151	1,775
Total shareholders’ equity	7,307,246	7,160,038
Total liabilities and shareholders’ equity	31,018,377	30,452,252
Class A Common Stock
Shareholders’ Equity
Common stock	1,114	1,110
Class B Non‑Voting Common Stock
Shareholders’ Equity
Common stock	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
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	$ 850,000,000	$ 850,000,000
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)	111,376,884	111,027,252
Common stock, outstanding (in shares)	111,376,884	111,027,252
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 INCO

CONSOLIDATED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Rental of flight equipment	$ 609,505	$ 611,733	$ 1,223,834	$ 1,229,506
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	$ 57,783	$ 61,171	$ 106,764	$ 79,540
Total revenues	667,288	672,904	1,330,598	1,309,046
Expenses
Interest	190,004	172,174	371,599	323,786
Amortization of debt discounts and issuance costs	13,292	13,646	26,401	26,719
Interest expense	203,296	185,820	398,000	350,505
Depreciation of flight equipment	281,982	268,586	559,242	528,266
Selling, general and administrative	45,432	45,832	93,175	93,447
Stock-based compensation expense	8,837	8,715	17,112	14,611
Total expenses	539,547	508,953	1,067,529	986,829
Income before taxes	127,741	163,951	263,069	322,217
Income tax expense	(24,795)	(31,550)	(52,257)	(61,096)
Net income	102,946	132,401	210,812	261,121
Preferred stock dividends	(12,508)	(10,425)	(22,933)	(20,850)
Net income attributable to common stockholders, basic	90,438	121,976	187,879	240,271
Net income attributable to common stockholders, diluted	90,438	121,976	187,879	240,271
Other comprehensive income/(loss):
Foreign currency translation adjustment	14,576	(6,123)	33,020	(6,953)
Change in fair value of hedged transactions	(15,226)	5,748	(35,086)	5,896
Total tax benefit on other comprehensive income/(loss)	139	80	442	226
Other comprehensive income/(loss), net of tax	(511)	(295)	(1,624)	(831)
Total comprehensive income attributable for common stockholders	$ 89,927	$ 121,681	$ 186,255	$ 239,440
Earnings per share of common stock:
Basic (in dollars per share)	$ 0.81	$ 1.10	$ 1.69	$ 2.16
Diluted (in dollars per share)	$ 0.81	$ 1.10	$ 1.68	$ 2.16
Weighted-average shares of common stock outstanding
Basic (in shares)	111,372,434	111,021,133	111,273,514	110,982,557
Diluted (in shares)	111,740,821	111,239,004	111,712,719	111,307,049
Dividends declared per share of common stock (in dollars per share)	$ 0.21	$ 0.20	$ 0.42	$ 0.40

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
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
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	2				$ 2
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	(3,231)				$ (1)		(3,230)
Net income	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
Increase (Decrease) in Shareholders' Equity
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(831)
Net income	261,121
Ending balance, preferred stock (in shares) at Jun. 30, 2023				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
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	132,401							132,401
Ending balance, preferred stock (in shares) at Jun. 30, 2023				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
Beginning balance, preferred stock (in shares) at Dec. 31, 2023	10,600,000			10,600,000
Beginning balance at Dec. 31, 2023	$ 7,160,038			$ 106	$ 1,110	$ 0	3,287,234	3,869,813	1,775
Beginning balance, common stock (in shares) at Dec. 31, 2023		111,027,252	0		111,027,252	0
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon vesting of restricted stock units (in shares)					567,154
Issuance of common stock upon vesting of restricted stock units	6				$ 6
Stock-based compensation expense	8,275						8,275
Cash dividends	(23,387)							(23,387)
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	(1,113)								(1,113)
Tax withholdings on stock-based compensation (in shares)					(227,905)
Tax withholdings on stock based-compensation	(9,389)				$ (2)		(9,387)
Net income	107,866							107,866
Ending balance, preferred stock (in shares) at Mar. 31, 2024				10,600,000
Ending balance at Mar. 31, 2024	$ 7,231,871			$ 106	$ 1,114	$ 0	3,286,122	3,943,867	662
Ending balance, common stock (in shares) at Mar. 31, 2024					111,366,501	0
Beginning balance, preferred stock (in shares) at Dec. 31, 2023	10,600,000			10,600,000
Beginning balance at Dec. 31, 2023	$ 7,160,038			$ 106	$ 1,110	$ 0	3,287,234	3,869,813	1,775
Beginning balance, common stock (in shares) at Dec. 31, 2023		111,027,252	0		111,027,252	0
Increase (Decrease) in Shareholders' Equity
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(1,624)
Net income	$ 210,812
Ending balance, preferred stock (in shares) at Jun. 30, 2024	10,600,000			10,600,000
Ending balance at Jun. 30, 2024	$ 7,307,246			$ 106	$ 1,114	$ 0	3,294,959	4,010,916	151
Ending balance, common stock (in shares) at Jun. 30, 2024		111,376,884	0		111,376,884	0
Beginning balance, preferred stock (in shares) at Mar. 31, 2024				10,600,000
Beginning balance at Mar. 31, 2024	7,231,871			$ 106	$ 1,114	$ 0	3,286,122	3,943,867	662
Beginning balance, common stock (in shares) at Mar. 31, 2024					111,366,501	0
Increase (Decrease) in Shareholders' Equity
Issuance of common stock upon vesting of restricted stock units (in shares)					10,383
Stock-based compensation expense	8,837						8,837
Cash dividends	(23,389)							(23,389)
Cash dividends (declared on preferred stock)	(12,508)							(12,508)
Change in foreign currency translation adjustment and in fair value of hedged transactions, net of tax	(511)								(511)
Tax withholdings on stock based-compensation	0
Net income	$ 102,946							102,946
Ending balance, preferred stock (in shares) at Jun. 30, 2024	10,600,000			10,600,000
Ending balance at Jun. 30, 2024	$ 7,307,246			$ 106	$ 1,114	$ 0	$ 3,294,959	$ 4,010,916	$ 151
Ending balance, common stock (in shares) at Jun. 30, 2024		111,376,884	0		111,376,884	0

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Dividends declared per share of common stock (in dollars per share)	$ 0.21	$ 0.21	$ 0.20	$ 0.20	$ 0.42	$ 0.40

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating Activities
Net income	$ 210,812	$ 261,121
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of flight equipment	559,242	528,266
Stock-based compensation expense	17,112	14,611
Deferred taxes	50,575	59,114
Amortization of discounts and debt issuance costs	26,401	26,719
Amortization of prepaid lease costs	50,579	36,064
Gain on aircraft sales, trading and other activity	(97,978)	(86,838)
Changes in operating assets and liabilities:
Other assets	(25,377)	7,028
Accrued interest and other payables	8,555	38,986
Rentals received in advance	(14,778)	(4,172)
Net cash provided by operating activities	785,143	880,899
Investing Activities
Acquisition of flight equipment under operating lease	(1,466,104)	(2,416,609)
Payments for deposits on flight equipment purchases	(179,213)	(134,825)
Proceeds from aircraft sales, trading and other activity	430,476	1,261,476
Acquisition of aircraft furnishings, equipment and other assets	(191,952)	(125,541)
Net cash used in investing activities	(1,406,793)	(1,415,499)
Financing Activities
Cash dividends paid on Class A common stock	(46,703)	(44,382)
Cash dividends paid on preferred stock	(22,933)	(20,850)
Tax withholdings on stock-based compensation	(9,384)	(3,354)
Net change in unsecured revolving facility	(1,010,000)	(20,000)
Proceeds from debt financings	3,024,408	1,538,087
Payments in reduction of debt financings	(1,503,849)	(1,287,880)
Debt issuance costs	(7,534)	(9,149)
Security deposits and maintenance reserve receipts	198,377	188,471
Security deposits and maintenance reserve disbursements	(9,568)	(5,925)
Net cash provided by financing activities	612,814	335,018
Net decrease in cash	(8,836)	(199,582)
Cash, cash equivalents and restricted cash at beginning of period	464,492	780,017
Cash, cash equivalents and restricted cash at end of period	455,656	580,435
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest, including capitalized interest of $21,709 and $21,336 at June 30, 2024 and 2023, respectively	390,120	325,365
Cash paid for income taxes	21,313	5,573
Supplemental Disclosure of Noncash Activities
Buyer furnished equipment, capitalized interest and deposits on flight equipment purchases applied to acquisition of flight equipment and other assets	351,720	552,058
Flight equipment subject to operating leases reclassified to flight equipment held for sale	744,559	1,339,087
Flight equipment subject to operating leases reclassified to investment in sales-type lease	33,629	0
Cash dividends declared on Class A common stock, not yet paid	$ 23,389	$ 22,205

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental Disclosure of Cash Flow Information
Cash paid for interest, capitalized interest	$ 21,709	$ 21,336

Company Background and Overview

Company Background and Overview	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company Background and Overview	Company Background and Overview Air 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, 2024, the Company owned 474 aircraft, managed 67 aircraft and had 307 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, 2024
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, 2024, and for all periods presented. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the operating results expected for the year ending December 31, 2024. 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, 2023. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is still evaluating the impact of ASU 2023-09 but does not expect the application of this guidance to have a material impact on its financial statement disclosures.

Debt Financing

Debt Financing	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt Financing	Debt Financing The Company’s consolidated debt as of June 30, 2024 and December 31, 2023 is summarized below: June 30, 2024 December 31, 2023 (in thousands) Unsecured Senior unsecured securities $ 17,493,142 $ 16,329,605 Term financings 2,003,500 1,628,400 Revolving credit facility 90,000 1,100,000 Total unsecured debt financing 19,586,642 19,058,005 Secured Export credit financing 197,776 204,984 Term financings 93,731 100,471 Total secured debt financing 291,507 305,455 Total debt financing 19,878,149 19,363,460 Less: Debt discounts and issuance costs (199,086) (180,803) Debt financing, net of discounts and issuance costs $ 19,679,063 $ 19,182,657 As of June 30, 2024, 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 an interest coverage ratio test. Senior unsecured securities (including Medium-Term Note Program) As of June 30, 2024 and December 31, 2023, the Company had $17.5 billion and $16.3 billion in senior unsecured securities outstanding, respectively. During the six months ended June 30, 2024, the Company issued (i) $500.0 million in aggregate principal amount of 5.10% Medium-Term Notes due 2029, (ii) Canadian dollar (“C$”) denominated debt of C$400.0 million in additional aggregate principal amount of 5.40% Medium-Term Notes due 2028 (“2024 C$ notes”), (iii) Euro (“€”) denominated debt of €600.0 million in aggregate principal amount of 3.70% Medium-Term Notes due 2030 (“2024 € notes”), (iv) $600.0 million in aggregate principal amount of 5.30% Medium-Term Notes due 2026 and (v) $600.0 million in aggregate principal amount of 5.20% Medium-Term Notes due 2031. The 2024 C$ notes issued in 2024 have the same terms as, and constitute a single tranche with, the C$500.0 million aggregate principal amount of 5.40% Medium-Term Notes issued in November 2023. The Company hedged the 2024 C$ notes through a cross-currency swap that converts the borrowing rate to a fixed 5.95% U.S. dollar denominated rate. The Company also hedged the 2024 € notes through a cross-currency swap that converts the borrowing rate to a fixed 5.441% U.S. dollar denominated rate. The swaps have been designated as cash flow hedges with changes in the fair value of the derivative recognized in other comprehensive income/(loss). See Note 9. “Fair Value Measurements” for additional details on the fair value of the swaps. Syndicated unsecured revolving credit facility As of June 30, 2024 and December 31, 2023, the Company had $90.0 million and $1.1 billion, respectively, outstanding under its syndicated 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. In April 2024, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, extended the final maturity date from May 5, 2027 to May 5, 2028 and amended the total revolving commitments thereunder to approximately $7.8 billion as of May 5, 2024. As of August 1, 2024, lenders held revolving commitments totaling approximately $7.5 billion that mature on May 5, 2028, commitments totaling $25.0 million that mature on May 5, 2027, $210.0 million that mature on May 5, 2026 and commitments totaling $25.0 million that mature on May 5, 2025. Borrowings under the Revolving Credit Facility continue to 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. Secured debt financings As of June 30, 2024, the Company had an outstanding balance of $291.5 million in secured debt financings and pledged four aircraft as collateral with a net book value of $436.9 million. As of December 31, 2023, the Company had an outstanding balance of $305.5 million in secured debt financings and pledged four aircraft as collateral with a net book value of $445.9 million. All of the Company’s secured obligations as of June 30, 2024 and December 31, 2023 are recourse in nature. Maturities Maturities of debt outstanding as of June 30, 2024 are as follows (in thousands): Years ending December 31, 2024 $ 1,696,479 2025 2,541,675 2026 5,246,518 2027 2,777,270 2028 3,067,724 Thereafter 4,548,483 Total $ 19,878,149

Flight equipment subject to ope

Flight equipment subject to operating lease	6 Months Ended
	Jun. 30, 2024
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, 2024: (in thousands) Net book value as of December 31, 2023 $ 26,231,208 Purchase of aircraft 1,859,801 Depreciation (559,242) Flight equipment subject to operating leases reclassified to flight equipment held for sale (708,772) Flight equipment subject to operating leases reclassified to investment in sales-type lease (33,629) Net book value as of June 30, 2024 $ 26,789,366 Accumulated depreciation as of June 30, 2024 $ (5,854,095) Update on Russian fleet As previously disclosed in the Company’s filings with the U.S. Securities and Exchange Commission, in June 2022, the Company and certain of its subsidiaries submitted insurance claims to the insurers on its aviation insurance policies to recover losses relating to aircraft detained in Russia for which the Company recorded a net write-off of its interests in its owned and managed aircraft totaling approximately $771.5 million for the year ended December 31, 2022. In December 2022, the Company filed suit in the Los Angeles County Superior Court of the State of California against its aviation insurance carriers in connection with its previously submitted insurance claims for which a trial date has been set for April 17, 2025. The Company continues to have significant claims against its aviation insurance carriers and will continue to vigorously pursue all available insurance claims and its related insurance litigation, and all rights and remedies therein. Collection, timing and amounts of any future insurance and related recoveries and the outcome of the Company’s ongoing insurance litigation remain uncertain at this time. In January 2024, the Company and certain of its subsidiaries filed suit in the High Court of Justice, Business & Property Courts of England & Wales, Commercial Court against the Russian airlines’ aviation insurers and reinsurance insurers (collectively, the “Airlines’ Insurers”) seeking recovery under the Russian airlines’ insurance policies for aircraft that remain in Russia. The lawsuit against the Airlines’ Insurers is in the early stages and no trial date has been set. As of August 1, 2024, 16 aircraft previously included in the Company’s owned fleet are still detained in Russia. The operators of these aircraft have continued to fly most of the aircraft notwithstanding the termination of leasing activities and the Company’s ongoing demands for the return of its assets.

Flight Equipment Held for Sale

Flight Equipment Held for Sale	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Flight Equipment Held for Sale	Flight Equipment Held for Sale As of June 30, 2024, the Company had 18 aircraft, with a carrying value of $608.9 million, which were classified as held for sale and included in Other assets on the Consolidated Balance Sheets. The Company expects the sale of all 18 aircraft to be completed by the second half of 2025. During the six months ended June 30, 2024, the Company transferred 21 aircraft from flight equipment subject to operating lease to flight equipment held for sale and completed the sale of 16 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, 2023, the Company had 14 aircraft, with a carrying value of $605.1 million, which were held for sale and included in Other assets on the Consolidated Balance Sheets. The following table summarizes the activities of the Company’s flight equipment held for sale for the six months ended June 30, 2024 based on carrying value: (in thousands) Flight equipment held for sale as of December 31, 2023 $ 605,104 Flight equipment subject to operating leases reclassified to flight equipment held for sale 708,772 Aircraft sales (704,995) Flight equipment held for sale as of June 30, 2024 $ 608,881

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Aircraft Acquisition As of June 30, 2024, the Company had commitments to purchase 307 aircraft from Airbus and Boeing for delivery through 2029, with an estimated aggregate commitment of $19.9 billion. The following table shows the Company’s contractual delivery commitment schedule as of June 30, 2024: Estimated Delivery Years Aircraft Type Last 6 months of 2024 2025 2026 2027 2028 Thereafter Total Airbus A220-100/300 11 14 6 12 12 2 57 Airbus A320/321neo (1) 9 11 30 50 36 4 140 Airbus A330-900neo 5 1 — — — — 6 Airbus A350-900/1000 2 — — — — — 2 Airbus A350F — — — 4 2 1 7 Boeing 737-8/9 MAX 13 27 20 12 2 — 74 Boeing 787-9/10 10 7 4 — — — 21 Total (2) 50 60 60 78 52 7 307 (1) The Company’s Airbus A320/321neo aircraft orders include seven long-range variants and 49 extra long-range variants. (2) The table above reflects aircraft deliveries based on contractual documentation and production adjustments as communicated by Airbus and Boeing through August 1, 2024. The Company’s contractual delivery commitment schedule is subject to a number of factors outside its control, including ongoing delays by Airbus and Boeing for some aircraft, and the Company cannot guarantee delivery of any particular aircraft at any specific time notwithstanding its contractual delivery commitment schedule. The table above is subject to change based on Airbus and Boeing delivery delays. As noted below, the Company expects delivery delays for some aircraft in its orderbook. The Company remains in discussions with Airbus and Boeing to determine the extent and duration of delivery delays; however, the Company is not currently able to determine the full impact of these delays. Pursuant to the Company’s purchase agreements with Airbus and Boeing, 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 Airbus and Boeing. The Company is currently experiencing delivery delays with both Airbus and Boeing aircraft. In January 2024, the FAA ordered the temporary grounding of certain Boeing 737-9 MAX aircraft after the in-flight loss of a mid-cabin exit door plug in one aircraft. The 737-9 MAX aircraft has since returned to service; however, Boeing will not be allowed by the FAA to increase 737 MAX production rates until quality control issues are resolved. Due to these production constraints, the Company expects further delivery delays on our 737 MAX aircraft orders, and the Company is unable to estimate when Boeing 737 MAX production rates will normalize. The aircraft purchase commitments discussed above could also be impacted by cancellations. The Company’s purchase agreements with Airbus and Boeing 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 $19.9 billion as of June 30, 2024, are as follows (in thousands): Years ending December 31, 2024 (excluding the six months ended June 30, 2024) $ 4,308,673 2025 3,924,479 2026 3,750,744 2027 4,769,521 2028 2,729,222 Thereafter 413,273 Total $ 19,895,912 The Company has made non-refundable deposits on flight equipment purchases of $1.1 billion and $1.2 billion as of June 30, 2024 and December 31, 2023, 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, 2024
Leases [Abstract]
Rental Income	Rental Income As of June 30, 2024, 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, 2024 are as follows (in thousands): Years ending December 31, 2024 (excluding the six months ended June 30, 2024) $ 1,225,409 2025 2,359,705 2026 2,142,733 2027 1,956,856 2028 1,773,051 Thereafter 7,059,707 Total $ 16,517,461

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income 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, 2024, the Company did not have any Class B non-voting common stock outstanding. Diluted earnings per share takes into account the vesting of restricted stock units using the treasury stock method. For the three and six months ended June 30, 2024, and 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. The Company excluded 1,064,633 and 969,698 shares related to restricted stock units for which the performance metric had yet to be achieved as of June 30, 2024 and 2023, respectively. The following table sets forth the reconciliation of basic and diluted earnings per share: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands, except share and per share) Basic earnings per share: Numerator Net income $ 102,946 $ 132,401 $ 210,812 $ 261,121 Preferred stock dividends (12,508) (10,425) (22,933) (20,850) Net income attributable to common stockholders $ 90,438 $ 121,976 $ 187,879 $ 240,271 Denominator Weighted-average shares outstanding 111,372,434 111,021,133 111,273,514 110,982,557 Basic earnings per share $ 0.81 $ 1.10 $ 1.69 $ 2.16 Diluted earnings per share: Numerator Net income $ 102,946 $ 132,401 $ 210,812 $ 261,121 Preferred stock dividends (12,508) (10,425) (22,933) (20,850) Net income attributable to common stockholders $ 90,438 $ 121,976 $ 187,879 $ 240,271 Denominator Number of shares used in basic computation 111,372,434 111,021,133 111,273,514 110,982,557 Weighted-average effect of dilutive securities 368,387 217,871 439,205 324,492 Number of shares used in per share computation 111,740,821 111,239,004 111,712,719 111,307,049 Diluted earnings per share $ 0.81 $ 1.10 $ 1.68 $ 2.16

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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 four cross-currency swaps related to its Canadian dollar and Euro Medium-Term Notes. The fair value of these swaps as a foreign currency derivative are categorized as a Level 2 measurement in the fair value hierarchy and are measured on a recurring basis. As of June 30, 2024, the estimated fair value of one of the Company’s foreign currency swaps was a derivative asset of $4.2 million and the remaining three swaps were, in the aggregate, derivative liabilities of $22.3 million. As of December 31, 2023, the estimated fair value of two of the Company’s foreign currency swaps were, in the aggregate, derivative assets of $17.0 million. Derivative assets are included in Other assets on the Company’s Consolidated Balance Sheets while derivative liabilities are included in Accrued interest and other payables on the Company’s Consolidated Balance Sheets. 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, 2024 was $19.2 billion compared to a book value of $19.9 billion. The estimated fair value of debt financing as of December 31, 2023 was $18.7 billion compared to a book value of $19.4 billion. The following financial instruments are not measured at fair value on the Company’s Consolidated Balance Sheets at June 30, 2024, but require disclosure of their fair values: cash and cash equivalents and restricted cash. The estimated fair value of such instruments at June 30, 2024 and December 31, 2023 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, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity The Company was authorized to issue up to 500,000,000 shares of Class A common stock, $0.01 par value, at June 30, 2024 and December 31, 2023. As of June 30, 2024 and December 31, 2023, the Company had 111,376,884 and 111,027,252 shares of Class A common stock issued and outstanding, respectively. The Company was authorized to issue up to 10,000,000 shares of Class B common stock, $0.01 par value at June 30, 2024 and December 31, 2023. 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, 2024 or December 31, 2023. The Company was authorized to issue up to 50,000,000 shares of preferred stock, $0.01 par value, at June 30, 2024 and December 31, 2023. As of June 30, 2024 and December 31, 2023, 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, 2024 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of June 30, 2024 Liquidation Preference as of June 30, 2024 (2) Issue Date Dividend Rate in Effect at June 30, 2024 (3) Next dividend rate reset date Dividend rate after reset date Series A 10,000,000 $ 250,000 March 5, 2019 3M Term SOFR (1) plus 3.65% September 15, 2024 3M Term SOFR (1) plus 3.65% Series B 300,000 300,000 March 2, 2021 4.65% 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%. (2) The Series A Preferred Stock has a redemption price of $25.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. The Series B Preferred Stock and Series C Preferred Stock each have a redemption price of $1,000.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. (3) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends on the Series A Preferred Stock are reset quarterly and payable quarterly in arrears and dividends on the Series B Preferred Stock and Series C Preferred Stock are reset every five years and payable quarterly in arrears.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Jun. 30, 2024
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”). As of June 30, 2024, the number of shares of Class A Common Stock available for new award grants under the 2023 Plan is approximately 3,727,160. 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 The Company recorded $8.8 million and $8.7 million of stock-based compensation expense related to RSUs for the three months ended June 30, 2024 and 2023, respectively. The Company recorded $17.1 million and $14.6 million of stock-based compensation expense related to RSUs for the six months ended June 30, 2024 and 2023, respectively. 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 time based and book value 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, 2024, the Company granted 827,980 RSUs of which 133,438 are TSR RSUs and 308,421 are book value RSUs. The following table summarizes the activities for the Company’s unvested RSUs for the six months ended June 30, 2024: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2023 1,607,575 $ 46.44 Granted 827,980 $ 41.56 Vested (1) (591,381) $ 44.95 Forfeited/canceled (101,175) $ 51.79 Unvested at June 30, 2024 1,742,999 $ 44.32 Expected to vest after June 30, 2024 1,972,764 $ 44.21 (1) During the six months ended June 30, 2024, 247,259 performance based RSUs and 344,122 time-based RSUs vested. As of June 30, 2024, there was $48.8 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 1.91 years.

Aircraft Under Management

Aircraft Under Management	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Aircraft Under Management	Aircraft Under Management As of June 30, 2024, the Company managed 67 aircraft across two aircraft management platforms. The Company managed 34 aircraft through its Thunderbolt platform and 33 aircraft through the Blackbird investment funds. As of June 30, 2024, the Company managed 33 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, 2024, 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 $70.2 million and $69.4 million as of June 30, 2024 and December 31, 2023, respectively, and are included in Other assets on the Consolidated Balance Sheets. Additionally, the Company continues to manage aircraft that it sells through its Thunderbolt platform. The Thunderbolt platform facilitates the sale of mid-life aircraft to investors while allowing the Company to continue the management of these aircraft for a fee. As of June 30, 2024, the Company managed 34 aircraft across three separate transactions. The Company has non-controlling interests in two of these entities of approximately 5.0%, which are accounted for under the cost method of accounting. The Company’s total investment in aircraft sold through its Thunderbolt platform was $8.8 million as of each of June 30, 2024 and December 31, 2023 and is 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, 2024
Leases [Abstract]
Net Investment in Sales-type Leases	Net Investment in Sales-type Leases As of June 30, 2024 and December 31, 2023, the Company had sales-type leases for 13 aircraft and 12 aircraft in its owned fleet, respectively. 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, 2024 December 31, 2023 Future minimum lease payments to be received $ 306,646 $ 285,443 Estimated residual values of leased flight equipment 116,603 108,688 Less: Unearned income (55,005) (53,412) Net Investment in Sales-type Leases $ 368,244 $ 340,719 As of June 30, 2024, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2024 (excluding the six months ended June 30, 2024) $ 17,010 2025 34,022 2026 34,022 2027 34,022 2028 34,022 Thereafter 153,548 Total $ 306,646

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 31, 2024, the Company’s board of directors approved quarterly cash dividends for the Company’s Class A common stock and Series A, Series B and Series 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 $ 0.21 September 6, 2024 October 9, 2024 Series A Preferred Stock $ 0.574388 August 31, 2024 September 15, 2024 Series B Preferred Stock $ 11.625 August 31, 2024 September 15, 2024 Series C Preferred Stock $ 10.3125 August 31, 2024 September 15, 2024

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 102,946	$ 107,866	$ 132,401	$ 128,720	$ 210,812	$ 261,121

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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, 2024
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-09 Income Taxes (Topic 740) Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The new requirements will be effective for annual periods beginning after December 15, 2024. The guidance will be applied on a prospective basis with the option to apply the standard retrospectively. The Company is still evaluating the impact of ASU 2023-09 but does not expect the application of this guidance to have a material impact on its financial statement disclosures.

Debt Financing (Tables)

Debt Financing (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Consolidated Debt	The Company’s consolidated debt as of June 30, 2024 and December 31, 2023 is summarized below: June 30, 2024 December 31, 2023 (in thousands) Unsecured Senior unsecured securities $ 17,493,142 $ 16,329,605 Term financings 2,003,500 1,628,400 Revolving credit facility 90,000 1,100,000 Total unsecured debt financing 19,586,642 19,058,005 Secured Export credit financing 197,776 204,984 Term financings 93,731 100,471 Total secured debt financing 291,507 305,455 Total debt financing 19,878,149 19,363,460 Less: Debt discounts and issuance costs (199,086) (180,803) Debt financing, net of discounts and issuance costs $ 19,679,063 $ 19,182,657
Schedule of Maturities of Debt Outstanding	Maturities of debt outstanding as of June 30, 2024 are as follows (in thousands): Years ending December 31, 2024 $ 1,696,479 2025 2,541,675 2026 5,246,518 2027 2,777,270 2028 3,067,724 Thereafter 4,548,483 Total $ 19,878,149

Flight equipment subject to o_2

Flight equipment subject to operating lease (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024: (in thousands) Net book value as of December 31, 2023 $ 26,231,208 Purchase of aircraft 1,859,801 Depreciation (559,242) Flight equipment subject to operating leases reclassified to flight equipment held for sale (708,772) Flight equipment subject to operating leases reclassified to investment in sales-type lease (33,629) Net book value as of June 30, 2024 $ 26,789,366 Accumulated depreciation as of June 30, 2024 $ (5,854,095)

Flight Equipment Held for Sale

Flight Equipment Held for Sale (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Flight Equipment Held for Sale	The following table summarizes the activities of the Company’s flight equipment held for sale for the six months ended June 30, 2024 based on carrying value: (in thousands) Flight equipment held for sale as of December 31, 2023 $ 605,104 Flight equipment subject to operating leases reclassified to flight equipment held for sale 708,772 Aircraft sales (704,995) Flight equipment held for sale as of June 30, 2024 $ 608,881

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Contractual Commitments to Acquire Aircraft	The following table shows the Company’s contractual delivery commitment schedule as of June 30, 2024: Estimated Delivery Years Aircraft Type Last 6 months of 2024 2025 2026 2027 2028 Thereafter Total Airbus A220-100/300 11 14 6 12 12 2 57 Airbus A320/321neo (1) 9 11 30 50 36 4 140 Airbus A330-900neo 5 1 — — — — 6 Airbus A350-900/1000 2 — — — — — 2 Airbus A350F — — — 4 2 1 7 Boeing 737-8/9 MAX 13 27 20 12 2 — 74 Boeing 787-9/10 10 7 4 — — — 21 Total (2) 50 60 60 78 52 7 307 (1) The Company’s Airbus A320/321neo aircraft orders include seven long-range variants and 49 extra long-range variants. (2) The table above reflects aircraft deliveries based on contractual documentation and production adjustments as communicated by Airbus and Boeing through August 1, 2024. The Company’s contractual delivery commitment schedule is subject to a number of factors outside its control, including ongoing delays by Airbus and Boeing for some aircraft, and the Company cannot guarantee delivery of any particular aircraft at any specific time notwithstanding its contractual delivery commitment schedule.
Schedule of Commitments for the Acquisition of the 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 $19.9 billion as of June 30, 2024, are as follows (in thousands): Years ending December 31, 2024 (excluding the six months ended June 30, 2024) $ 4,308,673 2025 3,924,479 2026 3,750,744 2027 4,769,521 2028 2,729,222 Thereafter 413,273 Total $ 19,895,912

Rental Income (Tables)

Rental Income (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Minimum Future Rentals on Non-Cancellable Operating Leases of Flight Equipment	As of June 30, 2024, 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, 2024 are as follows (in thousands): Years ending December 31, 2024 (excluding the six months ended June 30, 2024) $ 1,225,409 2025 2,359,705 2026 2,142,733 2027 1,956,856 2028 1,773,051 Thereafter 7,059,707 Total $ 16,517,461

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
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 per share: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands, except share and per share) Basic earnings per share: Numerator Net income $ 102,946 $ 132,401 $ 210,812 $ 261,121 Preferred stock dividends (12,508) (10,425) (22,933) (20,850) Net income attributable to common stockholders $ 90,438 $ 121,976 $ 187,879 $ 240,271 Denominator Weighted-average shares outstanding 111,372,434 111,021,133 111,273,514 110,982,557 Basic earnings per share $ 0.81 $ 1.10 $ 1.69 $ 2.16 Diluted earnings per share: Numerator Net income $ 102,946 $ 132,401 $ 210,812 $ 261,121 Preferred stock dividends (12,508) (10,425) (22,933) (20,850) Net income attributable to common stockholders $ 90,438 $ 121,976 $ 187,879 $ 240,271 Denominator Number of shares used in basic computation 111,372,434 111,021,133 111,273,514 110,982,557 Weighted-average effect of dilutive securities 368,387 217,871 439,205 324,492 Number of shares used in per share computation 111,740,821 111,239,004 111,712,719 111,307,049 Diluted earnings per share $ 0.81 $ 1.10 $ 1.68 $ 2.16

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 (in thousands, except for share amounts and percentages): Shares Issued and Outstanding as of June 30, 2024 Liquidation Preference as of June 30, 2024 (2) Issue Date Dividend Rate in Effect at June 30, 2024 (3) Next dividend rate reset date Dividend rate after reset date Series A 10,000,000 $ 250,000 March 5, 2019 3M Term SOFR (1) plus 3.65% September 15, 2024 3M Term SOFR (1) plus 3.65% Series B 300,000 300,000 March 2, 2021 4.65% 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%. (2) The Series A Preferred Stock has a redemption price of $25.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. The Series B Preferred Stock and Series C Preferred Stock each have a redemption price of $1,000.00 per share, plus any declared and unpaid dividends to, but excluding, the redemption date without accumulation of any undeclared dividends. (3) Dividends on preferred stock are discretionary and non-cumulative. When declared, dividends on the Series A Preferred Stock are reset quarterly and payable quarterly in arrears and dividends on the Series B Preferred Stock and Series C Preferred Stock are reset every five years and payable quarterly in arrears.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024: Unvested Restricted Stock Units Number of Weighted-Average Unvested at December 31, 2023 1,607,575 $ 46.44 Granted 827,980 $ 41.56 Vested (1) (591,381) $ 44.95 Forfeited/canceled (101,175) $ 51.79 Unvested at June 30, 2024 1,742,999 $ 44.32 Expected to vest after June 30, 2024 1,972,764 $ 44.21 (1) During the six months ended June 30, 2024, 247,259 performance based RSUs and 344,122 time-based RSUs vested.

Net Investment in Sales-type _2

Net Investment in Sales-type Leases (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023 Future minimum lease payments to be received $ 306,646 $ 285,443 Estimated residual values of leased flight equipment 116,603 108,688 Less: Unearned income (55,005) (53,412) Net Investment in Sales-type Leases $ 368,244 $ 340,719
Schedule of Future Minimum Lease Payments to be Received on Sales-Type Lease	As of June 30, 2024, future minimum lease payments to be received on sales-type leases were as follows: (in thousands) Years ending December 31, 2024 (excluding the six months ended June 30, 2024) $ 17,010 2025 34,022 2026 34,022 2027 34,022 2028 34,022 Thereafter 153,548 Total $ 306,646

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2024
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 $ 0.21 September 6, 2024 October 9, 2024 Series A Preferred Stock $ 0.574388 August 31, 2024 September 15, 2024 Series B Preferred Stock $ 11.625 August 31, 2024 September 15, 2024 Series C Preferred Stock $ 10.3125 August 31, 2024 September 15, 2024

Company Background and Overvi_2

Company Background and Overview (Details)	6 Months Ended
	Jun. 30, 2024 aircraft
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of aircraft owned	474
Number of aircraft managed	67
Number of aircraft on order with manufacturers	307

Debt Financing - Schedule of Co

Debt Financing - Schedule of Consolidated Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total debt financing	$ 19,878,149	$ 19,363,460
Less: Debt discounts and issuance costs	(199,086)	(180,803)
Debt financing, net of discounts and issuance costs	19,679,063	19,182,657
Total unsecured debt financing
Debt Instrument [Line Items]
Total debt financing	19,586,642	19,058,005
Senior unsecured securities
Debt Instrument [Line Items]
Total debt financing	17,493,142	16,329,605
Term financings
Debt Instrument [Line Items]
Total debt financing	2,003,500	1,628,400
Revolving credit facility
Debt Instrument [Line Items]
Total debt financing	90,000	1,100,000
Total secured debt financing
Debt Instrument [Line Items]
Total debt financing	291,507	305,455
Export credit financing
Debt Instrument [Line Items]
Total debt financing	197,776	204,984
Term financings
Debt Instrument [Line Items]
Total debt financing	$ 93,731	$ 100,471

Debt Financing - Narrative (Det

Debt Financing - Narrative (Details) $ in Thousands, € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) aircraft	Aug. 01, 2024 USD ($)	Jun. 30, 2024 CAD ($) aircraft	Jun. 30, 2024 EUR (€) aircraft	May 05, 2024 USD ($)	Dec. 31, 2023 USD ($) aircraft	Nov. 30, 2023 CAD ($)
Debt Instrument [Line Items]
Outstanding balance	$ 19,878,149					$ 19,363,460
Senior unsecured securities
Debt Instrument [Line Items]
Outstanding balance	17,493,142					16,329,605
Medium Term Note Due 2029 - 5.100% | Medium-Term Notes
Debt Instrument [Line Items]
Principal amount issued	$ 500,000
Interest rate	5.10%		5.10%	5.10%
Medium Term Note Due 2026 - 5.30% | Medium-Term Notes
Debt Instrument [Line Items]
Principal amount issued	$ 600,000
Interest rate	5.30%		5.30%	5.30%
Medium Term Note Due 2031 - 5.20% | Medium-Term Notes
Debt Instrument [Line Items]
Principal amount issued	$ 600,000
Interest rate	5.20%		5.20%	5.20%
2024 C$ notes | Medium-Term Notes
Debt Instrument [Line Items]
Principal amount issued			$ 400
Interest rate	5.40%		5.40%	5.40%
Effective rate	5.95%		5.95%	5.95%
2024 € notes | Medium-Term Notes
Debt Instrument [Line Items]
Principal amount issued | €				€ 600
Interest rate	3.70%		3.70%	3.70%
Effective rate	5.441%		5.441%	5.441%
Medium Term Note Due 2028 - 5.400% Canadian Dollar, Issued November 2023 | Medium-Term Notes
Debt Instrument [Line Items]
Principal amount issued							$ 500
Interest rate							5.40%
Revolving credit facility
Debt Instrument [Line Items]
Outstanding balance	$ 90,000					1,100,000
Maximum borrowing capacity					$ 7,800,000
Interest margin	1.05%
Facility fee	0.20%
Revolving credit facility | Subsequent Event | Mature May 5, 2028
Debt Instrument [Line Items]
Line of credit, noncurrent		$ 7,500,000
Revolving credit facility | Subsequent Event | Mature May 5, 2027
Debt Instrument [Line Items]
Line of credit, noncurrent		25,000
Revolving credit facility | Subsequent Event | Mature May 5, 2026
Debt Instrument [Line Items]
Line of credit, noncurrent		210,000
Revolving credit facility | Subsequent Event | Mature May 5, 2025
Debt Instrument [Line Items]
Line of credit, noncurrent		$ 25,000
Total secured debt financing
Debt Instrument [Line Items]
Outstanding balance	$ 291,507					$ 305,455
Number of aircraft pledged as collateral | aircraft	4		4	4		4
Net book value of aircraft pledged as collateral	$ 436,900					$ 445,900

Debt Financing - Schedule of Ma

Debt Financing - Schedule of Maturities of Debt Outstanding (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024	$ 1,696,479
2025	2,541,675
2026	5,246,518
2027	2,777,270
2028	3,067,724
Thereafter	4,548,483
Total	$ 19,878,149	$ 19,363,460

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Movement in Property, Plant and Equipment [Roll Forward]
Depreciation	$ (281,982)	$ (268,586)	$ (559,242)	$ (528,266)
Flight equipment subject to operating leases reclassified to flight equipment held for sale			(744,559)	(1,339,087)
Flight equipment subject to operating leases reclassified to investment in sales-type lease			(33,629)	$ 0
Flight Equipment
Movement in Property, Plant and Equipment [Roll Forward]
Net book value, beginning balance			26,231,208
Purchase of aircraft			1,859,801
Depreciation			(559,242)
Flight equipment subject to operating leases reclassified to flight equipment held for sale			(708,772)
Flight equipment subject to operating leases reclassified to investment in sales-type lease			(33,629)
Net book value, ending balance	26,789,366		26,789,366
Accumulated depreciation	$ (5,854,095)		$ (5,854,095)

Flight equipment subject to o_4

Flight equipment subject to operating lease - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Aug. 01, 2024 aircraft
Subsequent Event
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of aircraft under operating lease terminated remaining in Russia | aircraft		16
Flight Equipment
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Write-off of aircrafts | $	$ 771.5

Flight Equipment Held for Sal_2

Flight Equipment Held for Sale - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) aircraft	Dec. 31, 2023 USD ($) aircraft
Disposal Group, Held-for-sale, Not Discontinued Operations | Eighteen Aircrafts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of aircrafts sold	18
Carrying value of assets held for sale | $	$ 608.9
Disposal Group, Held-for-sale, Not Discontinued Operations | Twenty-One Aircrafts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of aircrafts transferred	21
Disposal Group, Held-for-sale, Not Discontinued Operations | Fourteen Aircrafts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of aircrafts sold		14
Carrying value of assets held for sale | $		$ 605.1
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Sixteen Aircrafts
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of aircrafts sold	16

Flight Equipment Held for Sal_3

Flight Equipment Held for Sale - Schedule of Flight Equipment Held for Sale (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment [Roll Forward]
Flight equipment subject to operating leases reclassified to flight equipment held for sale	$ 744,559	$ 1,339,087
Flight Equipment
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment [Roll Forward]
Flight equipment subject to operating leases reclassified to flight equipment held for sale	708,772
Disposal Group, Held-for-sale, Not Discontinued Operations | Flight Equipment
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment [Roll Forward]
Flight equipment held for sale, beginning balance	605,104
Flight equipment subject to operating leases reclassified to flight equipment held for sale	708,772
Aircraft sales	(704,995)
Flight equipment held for sale, ending balance	$ 608,881

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) aircraft	Dec. 31, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Number of aircraft on order with manufacturers | aircraft	307
Purchase obligation	$ 19,895,912
Minimum aircraft delivery delays that could trigger lessee cancellation clauses	1 year
Purchase agreements, termination commencement period	1 year
Non-refundable deposits on aircraft	$ 1,131,899	$ 1,203,068
Aircrafts
Long-term Purchase Commitment [Line Items]
Non-refundable deposits on aircraft	$ 1,100,000	$ 1,200,000

Commitments and Contingencies_2

Commitments and Contingencies - Schedule of Contractual Commitments to Acquire Aircraft (Details)	6 Months Ended
	Jun. 30, 2024 aircraft
Aircrafts
Long-term Purchase Commitment [Line Items]
Last 6 months of 2024	50
2025	60
2026	60
2027	78
2028	52
Thereafter	7
Total	307
Airbus A220-100/300
Long-term Purchase Commitment [Line Items]
Last 6 months of 2024	11
2025	14
2026	6
2027	12
2028	12
Thereafter	2
Total	57
Airbus A320/321neo
Long-term Purchase Commitment [Line Items]
Last 6 months of 2024	9
2025	11
2026	30
2027	50
2028	36
Thereafter	4
Total	140
Number of long-range variant aircraft	7
Number of extra long-range variant aircrafts	49
Airbus A330-900neo
Long-term Purchase Commitment [Line Items]
Last 6 months of 2024	5
2025	1
2026	0
2027	0
2028	0
Thereafter	0
Total	6
Airbus A350-900/1000
Long-term Purchase Commitment [Line Items]
Last 6 months of 2024	2
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	2
Airbus A350F
Long-term Purchase Commitment [Line Items]
Last 6 months of 2024	0
2025	0
2026	0
2027	4
2028	2
Thereafter	1
Total	7
Boeing 737-8/9 MAX
Long-term Purchase Commitment [Line Items]
Last 6 months of 2024	13
2025	27
2026	20
2027	12
2028	2
Thereafter	0
Total	74
Boeing 787-9/10
Long-term Purchase Commitment [Line Items]
Last 6 months of 2024	10
2025	7
2026	4
2027	0
2028	0
Thereafter	0
Total	21

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of Commitments for the Acquisition of the Aircraft, at an Estimated Aggregate Purchase Price (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 4,308,673
2025	3,924,479
2026	3,750,744
2027	4,769,521
2028	2,729,222
Thereafter	413,273
Total	$ 19,895,912

Rental Income (Details)

Rental Income (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 1,225,409
2025	2,359,705
2026	2,142,733
2027	1,956,856
2028	1,773,051
Thereafter	7,059,707
Total	$ 16,517,461

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 class_of_stock shares	Jun. 30, 2023 shares	Dec. 31, 2023 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
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares excluded related to restricted stock units	1,064,633	969,698
Class B Non‑Voting Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common stock, outstanding (in shares)	0		0

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Reconciliation of Basic and Diluted Earnings/(Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net income	$ 102,946	$ 107,866	$ 132,401	$ 128,720	$ 210,812	$ 261,121
Preferred stock dividends	(12,508)		(10,425)		(22,933)	(20,850)
Net income attributable to common stockholders, basic	$ 90,438		$ 121,976		$ 187,879	$ 240,271
Denominator
Weighted-average shares outstanding (in shares)	111,372,434		111,021,133		111,273,514	110,982,557
Basic earnings per share (in dollars per share)	$ 0.81		$ 1.10		$ 1.69	$ 2.16
Numerator
Net income	$ 102,946	$ 107,866	$ 132,401	$ 128,720	$ 210,812	$ 261,121
Preferred stock dividends	(12,508)		(10,425)		(22,933)	(20,850)
Net income attributable to common stockholders, diluted	$ 90,438		$ 121,976		$ 187,879	$ 240,271
Denominator
Number of shares used in basic computation (in shares)	111,372,434		111,021,133		111,273,514	110,982,557
Weighted-average effect of dilutive securities (in shares)	368,387		217,871		439,205	324,492
Number of shares used in per share computation (in shares)	111,740,821		111,239,004		111,712,719	111,307,049
Diluted earnings per share (in dollars per share)	$ 0.81		$ 1.10		$ 1.68	$ 2.16

Fair Value Measurements (Detail

Fair Value Measurements (Details) $ in Millions	Jun. 30, 2024 USD ($) swap	Dec. 31, 2023 USD ($) swap
Fair Value Measurements
Number of cross-currency swaps | swap	4
Reported Value Measurement
Fair Value Measurements
Debt financing	$ 19,900	$ 19,400
Level 2
Fair Value Measurements
Debt financing	$ 19,200	$ 18,700
Recurring Basis | Foreign Exchange Contract | Level 2
Fair Value Measurements
Number of derivative asset foreign currency swaps | swap	1	2
Derivative assets	$ 4.2	$ 17
Number of derivative liability foreign currency swaps | swap	3
Derivative liability	$ 22.3

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
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		$ 850,000,000	$ 850,000,000
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)		111,376,884	111,027,252
Common stock, outstanding (in shares)		111,376,884	111,027,252
Class B 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
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		$ 250,000,000	$ 250,000,000
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		$ 300,000,000	$ 300,000,000
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		$ 300,000,000	$ 300,000,000
Preferred stock, liquidation preference (in dollars per share)		$ 1,000	$ 1,000

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Preferred Stock Issued and Outstanding (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
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		$ 850,000,000	$ 850,000,000
2023 Term Loan | Term financings
Class of Stock [Line Items]
Credit spread adjustment		0.10%
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, issued (in shares)		10,000,000	10,000,000
Preferred stock, outstanding (in shares)		10,000,000	10,000,000
Preferred stock, aggregate liquidation preference		$ 250,000,000	$ 250,000,000
Preferred stock, dividend rate	6.15%	6.15%
Preferred stock, redemption price (in dollars per share)		$ 25
Dividend rate reset term		5 years
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
Preferred stock, outstanding (in shares)		300,000	300,000
Preferred stock, aggregate liquidation preference		$ 300,000,000	$ 300,000,000
Preferred stock, dividend rate		4.65%	4.65%
Preferred stock, redemption price (in dollars per share)		$ 1,000
Dividend rate reset term		5 years
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
Preferred stock, outstanding (in shares)		300,000	300,000
Preferred stock, aggregate liquidation preference		$ 300,000,000	$ 300,000,000
Preferred stock, dividend rate		4.125%	4.125%
Preferred stock, redemption price (in dollars per share)		$ 1,000
Dividend rate reset term		5 years
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) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) criteria shares	Jun. 30, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense | $	$ 48.8		$ 48.8
Weighted-average period of recognition of unrecognized stock-based compensation cost			1 year 10 months 28 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 | $	$ 8.8	$ 8.7	$ 17.1	$ 14.6
Number of shares other than options granted			827,980
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			133,438
Restricted Stock Units (RSUs), Book Value
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares other than options granted			308,421
2023 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)	3,727,160		3,727,160

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of Activities for Unvested RSUs (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Stock Units (RSUs)
Unvested Restricted Stock Units, Number of Shares
Unvested at the beginning of the period (in shares)	1,607,575
Granted (in shares)	827,980
Vested (in shares)	(591,381)
Forfeited/canceled (in shares)	(101,175)
Unvested at the end of the period (in shares)	1,742,999
Expected to vest after at the end of the period (in shares)	1,972,764
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share) | $ / shares	$ 46.44
Granted (in dollars per share) | $ / shares	41.56
Vested (in dollars per share) | $ / shares	44.95
Forfeited/canceled (in dollars per share) | $ / shares	51.79
Unvested at the end of the period (in dollars per share) | $ / shares	44.32
Expected to vest after at the end of the period (in dollars per share) | $ / shares	$ 44.21
Vested (in shares)	591,381
Performance Based RSUs
Unvested Restricted Stock Units, Number of Shares
Vested (in shares)	(247,259)
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value
Vested (in shares)	247,259
Time-Based RSUs
Unvested Restricted Stock Units, Number of Shares
Vested (in shares)	(344,122)
Unvested Restricted Stock Units, Weighted-Average Grant-Date Fair Value
Vested (in shares)	344,122

Aircraft Under Management (Deta

Aircraft Under Management (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) aircraft joint_venture entity aircraft_management_platform	Dec. 31, 2023 USD ($)	Nov. 06, 2023 aircraft
Schedule of Equity Method Investments [Line Items]
Number of aircraft managed	67
Number of aircraft management platforms | aircraft_management_platform	2
Percentage of non-controlling interest ownership, number of entities | entity	2
Blackbird Capital I and Blackbird Capital II
Schedule of Equity Method Investments [Line Items]
Number of aircraft managed	33
Number of joint ventures participated | joint_venture	2
Percentage of equity ownership	9.50%
Equity method investment | $	$ 70.2	$ 69.4
Thunderbolt Platform
Schedule of Equity Method Investments [Line Items]
Number of aircraft managed	34
Number of entities which aircraft is managed | entity	3
Investment in aircraft sold | $	$ 8.8	$ 8.8
Thunderbolt II and Thunderbolt III
Schedule of Equity Method Investments [Line Items]
Percentage of noncontrolling interest	5%
Thunderbolt I | Disposal Group, Held-for-sale, Not Discontinued Operations
Schedule of Equity Method Investments [Line Items]
Number of aircrafts sold			13
Thunderbolt I | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Schedule of Equity Method Investments [Line Items]
Number of aircrafts sold	9

Net Investment in Sales-type _3

Net Investment in Sales-type Leases - Narrative (Details) - aircraft	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Sales-type lease, number of aircrafts	13	12

Net Investment in Sales-type _4

Net Investment in Sales-type Leases - Schedule of Components of Investment in Sales-Type Leases, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Future minimum lease payments to be received	$ 306,646	$ 285,443
Estimated residual values of leased flight equipment	116,603	108,688
Less: Unearned income	(55,005)	(53,412)
Net Investment in Sales-type Leases	$ 368,244	$ 340,719

Net Investment in Sales-type _5

Net Investment in Sales-type Leases - Schedule of Future Minimum Lease Payments to be Received on Sales-Type Lease (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024	$ 17,010
2025	34,022
2026	34,022
2027	34,022
2028	34,022
Thereafter	153,548
Total	$ 306,646	$ 285,443

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		3 Months Ended				6 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Subsequent Events
Common stock, cash dividends declared per share (in dollars per share)		$ 0.21	$ 0.21	$ 0.20	$ 0.20	$ 0.42	$ 0.40
Class A Common Stock | Subsequent Event
Subsequent Events
Common stock, cash dividends declared per share (in dollars per share)	$ 0.21
Series A Preferred Stock | Subsequent Event
Subsequent Events
Preferred stock, cash dividends declared per share (in dollars per share)	0.574388
Series B Preferred Stock | Subsequent Event
Subsequent Events
Preferred stock, cash dividends declared per share (in dollars per share)	11.625
Series C Preferred Stock | Subsequent Event
Subsequent Events
Preferred stock, cash dividends declared per share (in dollars per share)	$ 10.3125