FTAI Aviation (FTAI) 10-Q 17 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 14, 2022
Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	001-37386
Entity Registrant Name	FTAI AVIATION LTD.
Entity Central Index Key	0001590364
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1420784
Entity Address, Address Line One	1345 Avenue of the Americas
Entity Address, Address Line Two	45th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	798-6100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		99,664,223
Ordinary shares, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Ordinary shares, $0.01 par value per share
Trading Symbol	FTAI
Security Exchange Name	NASDAQ
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIP
Security Exchange Name	NASDAQ
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIO
Security Exchange Name	NASDAQ
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIN
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 15,597	$ 2,158
Accounts receivable, net	82,877	121,257
Leasing equipment, net	1,559,575	1,714,136
Finance leases, net	7,094	7,583
Investments	22,280	22,917
Intangible assets, net	29,416	30,962
Inventory, net	160,019	100,308
Other assets	141,294	97,531
Total assets	2,018,152	2,096,852
Liabilities
Accounts payable and accrued liabilities	26,982	32,058
Management fees payable to affiliate	46,095	43,477
Loans payable to affiliate	27,090	25,181
Maintenance deposits	51,430	106,164
Security deposits	25,905	38,639
Other liabilities	47,383	31,274
Total liabilities	224,885	276,793
Commitments and contingencies
Equity
Ordinary shares ($1.00 par value per share; 50,000 shares authorized; 105.2 and 100.0 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)	0	0
Additional paid in capital	1,087,534	1,139,628
Retained earnings	705,733	680,431
Total equity	1,793,267	1,820,059
Total liabilities and equity	$ 2,018,152	$ 2,096,852

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS [Abstract]
Ordinary shares, par value (in dollars per share)	$ 1	$ 1
Ordinary shares, shares authorized (in shares)	50,000	50,000
Ordinary shares, shares issued (in shares)	105.2	100
Ordinary shares, shares outstanding (in shares)	105.2	100

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Revenues	$ 218,249	$ 93,938	$ 412,205	$ 228,482
Expenses
Operating expenses	14,612	10,130	83,651	20,641
Cost of sales	95,948	5,367	120,139	8,577
General and administrative	3,354	2,862	9,125	7,166
Acquisition and transaction expenses	2,848	1,132	5,449	3,710
Management fees and incentive allocation to affiliate	539	2,116	4,692	7,027
Depreciation and amortization	32,877	34,825	106,567	102,194
Asset impairment	4,495	859	128,171	3,048
Interest expense	644	584	1,910	1,734
Total expenses	155,317	57,875	459,704	154,097
Other income (expense)
Equity in losses of unconsolidated entities	(358)	(369)	(125)	(1,050)
Gain on sale of assets, net	0	12,685	79,933	17,467
Other income (expense)	42	(1,341)	245	(717)
Total other income (expense)	(316)	10,975	80,053	15,700
Income before income taxes	62,616	47,038	32,554	90,085
Provision for income taxes	3,818	500	7,252	1,037
Net income attributable to shareholders	$ 58,798	$ 46,538	$ 25,302	$ 89,048
Earnings per share:
Basic (in dollars per share)	$ 558.92	$ 465.38	$ 244.46	$ 890.48
Diluted (in dollars per share)	$ 558.92	$ 465.38	$ 244.46	$ 890.48
Weighted average shares outstanding:
Basic (in shares)	105.2	100	103.5	100
Diluted (in shares)	105.2	100	103.5	100

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) - USD ($) $ in Thousands	Additional Paid In Capital	Retained Earnings	Total
Beginning balance at Dec. 31, 2020	$ 897,089	$ 550,560	$ 1,447,649
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	0	42,510	42,510
Capital contributions	140,273	0	140,273
Capital distributions	(88,159)	0	(88,159)
Ending balance at Jun. 30, 2021	949,203	593,070	1,542,273
Beginning balance at Dec. 31, 2020	897,089	550,560	1,447,649
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)			89,048
Ending balance at Sep. 30, 2021	1,001,591	639,608	1,641,199
Beginning balance at Jun. 30, 2021	949,203	593,070	1,542,273
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	0	46,538	46,538
Capital contributions	109,191	0	109,191
Capital distributions	(56,803)	0	(56,803)
Ending balance at Sep. 30, 2021	1,001,591	639,608	1,641,199
Beginning balance at Dec. 31, 2021	1,139,628	680,431	1,820,059
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	0	(33,496)	(33,496)
Capital contributions	230,766	0	230,766
Capital distributions	(104,821)	0	(104,821)
Ending balance at Jun. 30, 2022	1,265,573	646,935	1,912,508
Beginning balance at Dec. 31, 2021	1,139,628	680,431	1,820,059
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)			25,302
Ending balance at Sep. 30, 2022	1,087,534	705,733	1,793,267
Beginning balance at Jun. 30, 2022	1,265,573	646,935	1,912,508
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income (loss)	0	58,798	58,798
Capital contributions	11,365	0	11,365
Capital distributions	(189,404)	0	(189,404)
Ending balance at Sep. 30, 2022	$ 1,087,534	$ 705,733	$ 1,793,267

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 58,798	$ 46,538	$ (33,496)	$ 42,510	$ 25,302	$ 89,048
Adjustments to reconcile net income to cash provided by operating activities:
Equity in losses of unconsolidated entities					125	1,050
Gain on sale of assets, net					(106,169)	(17,467)
Security deposits and maintenance claims included in earnings					(31,558)	(30,866)
Depreciation and amortization	32,877	34,825			106,567	102,194
Payment-in-kind interest					1,910	1,734
Asset impairment	4,495	859			128,171	3,048
Change in deferred income taxes					6,614	(23)
Amortization of lease intangibles and incentives					30,315	21,348
Provision for credit losses					47,128	821
Change in:
Accounts receivable, net					(25,933)	(38,575)
Inventory, net					(11,041)	(11,918)
Other assets					(1,211)	972
Accounts payable and accrued liabilities					(19,659)	(3,677)
Management fees payable to affiliate					2,618	15,692
Other liabilities					(1,875)	(1,553)
Net cash provided by operating activities					151,304	131,828
Cash flows from investing activities:
Distribution from unconsolidated entities					512	0
Principal collections on finance leases					2,165	1,707
Acquisition of leasing equipment					(360,642)	(298,912)
Acquisition of property, plant and equipment					(949)	(1,121)
Acquisition of lease intangibles					(6,542)	(7,403)
Purchase deposits for aircraft and engines					(28,621)	(13,790)
Proceeds from sale of leasing equipment					262,096	78,463
Proceeds from deposit of sale of aircraft and engines					7,801	600
Return of purchase deposits					0	1,010
Net cash used in investing activities					(124,180)	(239,446)
Cash flows from financing activities:
Receipt of security deposits					2,636	1,390
Return of security deposits					(935)	(1,034)
Receipt of maintenance deposits					37,586	23,075
Release of maintenance deposits					(878)	(19,615)
Capital contributions from Parent					242,131	249,464
Capital distributions to Parent					(294,225)	(144,962)
Net cash (used in) provided by financing activities					(13,685)	108,318
Net increase in cash and cash equivalents					13,439	700
Cash and cash equivalents, beginning of period			$ 2,158	$ 1,388	2,158	1,388	$ 1,388
Cash and cash equivalents, end of period	$ 15,597	$ 2,088			15,597	2,088	$ 2,158
Supplemental disclosure of non-cash investing and financing activities:
Acquisition and transfers of leasing equipment					124,932	66,988
Assumed and settled security deposits					(12,161)	(1,909)
Assumed and settled maintenance deposits					$ (73,136)	$ (30,302)

BACKGROUND AND BASIS OF PRESENT

BACKGROUND AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2022
BACKGROUND AND BASIS OF PRESENTATION [Abstract]
BACKGROUND AND BASIS OF PRESENTATION	1. BACKGROUND AND BASIS OF PRESENTATION Background FTAI Aviation Ltd. (“we”, “us”, “our” or the “Company and formerly FTAI Finance Holdco Ltd.”) is a Cayman Islands exempted company which, through its subsidiaries, owns and leases aviation equipment. The Company was incorporated on December 8, 2017 and as of September 30, 2022, was wholly owned by Fortress Transportation and Infrastructure Investors LLC (the “Parent”). On November 10, 2022, pursuant to the Agreement and Plan of Merger dated August 12, 2022, by and among the Company, the Parent, and FTAI Aviation Merger Sub LLC, the Parent became a wholly-owned subsidiary of the Company. In connection with the consummation of the merger, the Company’s corporate name was changed to FTAI Aviation Ltd., and the Company replaced the Parent as the publicly traded company. We consist of an equipment leasing business that owns and leases aviation equipment and also develops, manufactures, repairs and sells aftermarket components for aircraft engines. We have two reportable segments, (i) Aviation Leasing and (ii) Aerospace Products (see Note 12). During the third quarter of 2021, the Parent announced its plan to spin off its infrastructure business and separate into two distinct, publicly traded companies (the ‘‘Separation’’) comprising the infrastructure business and the equipment leasing business. As part of a restructuring for the Separation, the Company, the Parent and its subsidiaries completed a series of transactions which included the contribution of remaining interests in aviation legal entities to the Company. As a result, on March 31, 2022 the Company acquired a 100% interest in FTAI CHR JV Holdings LLC, a subsidiary that owns a 25% ownership interest in the Advanced Engine Repair JV, and a 100% interest in WWTAI Aviation LLC, a subsidiary that owns aviation assets. The Parent completed the spin-off of its infrastructure business into an independent publicly traded company on August 1, 2022. Basis of Presentation The accompanying consolidated financial statements were prepared on a standalone legal entity basis. These financial statements reflect the consolidated historical results of operations, financial position and cash flows of FTAI Aviation Ltd. in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The transfer of a business between entities under common control that result in a change in reporting entity require retrospective combination of the entities for all periods presented as if the combination had been in effect since the inception of common control. The transfer of remaining aviation legal entities, as described above, represents a transfer of a business under a common control transaction which has been recorded at carrying value and accounted for retrospectively for all periods presented. Historically, separate financial statements have not been prepared for the Company and it has not operated as a standalone business separate from the Parent. The accompanying consolidated financial statements have been prepared from Parent’s historical accounting records and are presented on a standalone basis as if the operations had been conducted independently from Parent. The historical results of operations, financial position, and cash flows of FTAI Aviation Ltd. represented in the consolidated financial statements may not be indicative of what they would have been had the Company actually been a separate standalone entity during such periods, nor are they necessarily indicative of our future results of operations, financial position, and cash flows. The assets and liabilities in the consolidated financial statements have been reflected on a historical cost basis. Corporate Function The consolidated financial statements include all revenues and costs directly attributable to FTAI Aviation Ltd. and an allocation of certain expenses. The Parent is externally managed by Fortress Investment Group LLC (the ‘‘Manager’’), which performs the Parent’s corporate function (‘‘Corporate’’), and incurs a variety of expenses including, but not limited to, information technology, accounting, treasury, tax, legal, corporate finance and communications. For purposes of the Consolidated Statements of Operations, an allocation of these expenses is included to reflect our portion of such corporate overhead from the Parent. The charges reflected have either been specifically identified or allocated based on an estimate of time spent on the Company. These allocated costs are recorded in General and administrative, and Acquisition and transaction expenses in the Consolidated Statements of Operations. We believe the assumptions regarding allocations of the Parent’s corporate expenses are reasonable. Nevertheless, the allocations may not be indicative of the actual expense that would have been incurred had FTAI Aviation Ltd. operated as an independent, standalone public entity, nor are they indicative of FTAI Aviation Ltd.’s future expenses. Actual costs that may have been incurred if we had been a standalone company would depend on a number of factors, including the organizational structure, what functions were outsourced or performed by employees and strategic decisions made in areas such as information technology and infrastructure. The Parent funded our operating and investing activities as needed. Cash transfers to and from the Parent are reflected in the Consolidated Statements of Cash Flows as ‘‘Capital contributions from Parent” and “Capital distributions to Parent”. Refer to Note 11 Unaudited interim financial information The

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting —The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles and include both our accounts and those of our subsidiaries. Principles of Consolidation —We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions. All intercompany transactions and balances have been eliminated. We use the equity method of accounting for investments in entities in which we exercise significant influence, but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities. Use of Estimates —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period, including allocations from the Parent. Actual results could differ from those estimates. Risks and Uncertainties —In the normal course of business, we encounter several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee or customer to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry in which we operate, which could adversely impact the pricing of the services offered by us or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of our leasing equipment or operating assets. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business. We, through our subsidiaries, also conduct operations outside of the United States; such international operations are subject to the same risks as those associated with our United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. We do not have significant exposure to foreign currency risk as all of our leasing and customer arrangements are denominated in U.S. dollars. Cash and Cash Equivalents —We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. Inventory, net —We hold aircraft engine modules, spare parts and used material inventory for trading and to support operations. Inventory, net is carried at the lower of cost or net realizable value on our Consolidated Balance Sheets. Property, Plant and Equipment, Leasing Equipment and Depreciation — Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows: Asset Range of Estimated Useful Lives Residual Value Estimates Aircraft 25 years from date of manufacture Generally not to exceed 15% of manufacturer’s list price when new Aircraft engines 2 - 6 years, based on maintenance adjusted service life Sum of engine core salvage value plus the estimated fair value of life limited parts Aviation tooling and equipment 3 - 6 years from date of purchase Scrap value at end of useful life Furniture and fixtures 3 - 6 years from date of purchase None Major improvements and modifications incurred in connection with the acquisition of property, plant and equipment and leasing equipment that are required to get the asset ready for initial service are capitalized and depreciated over the remaining life of the asset. Property, plant and equipment is included in Other Assets in the Consolidated Balance Sheets. We review our depreciation policies on a regular basis to determine whether changes have taken place that would suggest that a change in our depreciation policies, useful lives of our equipment or the assigned residual values is warranted. For planned major maintenance or component overhaul activities for aviation equipment off lease, the cost of such major maintenance or component overhaul event is capitalized and depreciated on a straight-line basis over the period until the next maintenance or component overhaul event is required. In accounting for leasing equipment, we make estimates about the expected useful lives, residual values and the fair value of acquired in-place leases and acquired maintenance liabilities. In making these estimates, we rely upon observable market data for the same or similar types of equipment and our own estimates with respect to a lessee’s anticipated utilization of the aircraft or engine. When we acquire leasing equipment subject to an in-place lease, determining the fair value of the in-place lease requires us to make assumptions regarding the current fair values of leases for identical or similar equipment, in order to determine if the in-place lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into lease income over the remaining term of the lease. Impairment of Long-Lived Assets —We perform a recoverability assessment of each of our long-lived assets whenever events or changes in circumstances, or indicators, indicate that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant lease restructuring or early lease termination; a significant change in market conditions; or the introduction of newer technology aircraft or engines. When performing a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its net book value. The undiscounted cash flows consist of cash flows from currently contracted leases, future projected leases, transition costs, estimated down time and estimated residual or scrap values. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge. Management develops the assumptions used in the recoverability analysis based on its knowledge of active contracts, current and future expectations of the global demand for a particular asset and historical experience in the leasing markets, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in contracted lease rates, residual values, economic conditions, technology, demand for a particular asset type and other factors. Security Deposits —Our operating leases generally require the lessee to pay a security deposit or provide a letter of credit. Security deposits are held until specified return dates stipulated in the lease or lease expiration. Maintenance Payments —Typically, under an operating lease of aircraft, the lessee is responsible for performing all maintenance and is generally required to make maintenance payments to us for heavy maintenance, overhaul or replacement of certain high-value components of the aircraft or engine. These maintenance payments are based on hours or cycles of utilization or on calendar time, depending on the component, and are generally required to be made monthly in arrears. If a lessee is making monthly maintenance payments, we would typically be obligated to reimburse the lessee for costs they incur for heavy maintenance, overhaul or replacement of certain high-value components to the extent of maintenance payments received in respect of the specific maintenance event, usually shortly following the completion of the relevant work. We record the portion of maintenance payments paid by the lessee that are expected to be reimbursed as maintenance deposit liabilities in the Consolidated Balance Sheets. Reimbursements made to the lessee upon the receipt of evidence of qualifying maintenance work are recorded against the maintenance deposit liability. In certain acquired leases, we or the lessee may be obligated to make a payment to the other party at lease termination based on redelivery conditions stipulated at the inception of the lease. When the lessee is required to return the aircraft in an improved maintenance condition, we record a maintenance right asset, as a component of other assets, for the estimated value of the end-of-life maintenance payment at acquisition. We recognize payments received as end-of-lease compensation adjustments, within lease revenue or as a reduction to the maintenance right asset, when payment is received or collectability is assured. In the event we are required to make payments at the end of the lease for redelivery conditions, amounts are accrued as additional maintenance liability and expensed when we are obligated and can reasonably estimate such payment. Lease Incentives and Amortization —Lease incentives, which include lease acquisition costs related to reconfiguration of the aircraft cabin, other lessee specific modifications and other direct costs, are capitalized and amortized as a reduction of lease income over the primary term of the lease, assuming no lease renewals. Intangibles and Amortization —Intangibles include the value of acquired favorable and unfavorable leases. In accounting for acquired leasing equipment, we make estimates about the fair value of the acquired leases. In determining the fair value of these leases, we make assumptions regarding the current fair values of leases for identical or similar equipment in order to determine if the acquired lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into lease income over the remaining term of the lease. Revenues Operating Leases— We lease equipment pursuant to op Generally, under our aircraft lease and engine agreements, the lessee is required to make periodic maintenance payments calculated based on the lessee’s utilization of the leased asset or at the end of the lease. Typically, under our aircraft lease agreements, the lessee is responsible for maintenance, repairs and other operating expenses throughout the term of the lease. These periodic maintenance payments accumulate over the term of the lease to fund major maintenance events, and we are contractually obligated to return maintenance payments to the lessee up to the cost of maintenance events paid by the lessee. In the event the total cost of maintenance events over the term of a lease is less than the cumulative maintenance payments, we are not required to return any unused or excess maintenance payments to the lessee. Maintenance payments received for which we expect to repay to the lessee are presented as Maintenance Deposits in our Consolidated Balance Sheets. All excess maintenance payments received that we do not expect to repay to the lessee are recorded as Maintenance revenues. Estimates in recognizing revenue include mean time between removal, projected costs for engine maintenance and forecasted utilization of aircraft which are affected by historical usage patterns and overall industry, market and economic conditions. Significant changes to these estimates could have a material effect on the amount of revenue recognized in the period. For purchase and lease back transactions, we account for the transaction as a single arrangement. We allocate the consideration paid based on the relative fair value of the aircraft and lease. The fair value of the lease may include a lease premium or discount which is recorded as a favorable or unfavorable lease intangible. Finance Leases —From time to time we enter into finance lease arrangements that include a lessee obligation to purchase the leased equipment at the end of the lease term, a bargain purchase option, or provides for minimum lease payments with a present value that equals or exceeds substantially all of the fair value of the leased equipment at the date of lease inception. Net investment in finance leases represents the minimum lease payments due from lessee, net of unearned income. The lease payments are segregated into principal and interest components similar to a loan. Unearned income is recognized on an effective interest method over the lease term and is recorded as finance lease income. The principal component of the lease payment is reflected as a reduction to the net investment in finance leases. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received. Asset sales revenue —Asset sales revenue primarily consists of the transaction price related to the sale of aircraft and aircraft engines from our Aviation Leasing segment. From time to time, the Company may assign the related lease agreements to the customer as part of the sale of these assets. We routinely sell leasing equipment to customers and such transactions are considered recurring and ordinary in nature to our business. As such, these sales are accounted for within the scope of ASC 606. Revenue is recognized when a performance obligation is satisfied by transferring control over an asset to a customer. Revenue is recorded with corresponding costs of sales, presented on a gross basis in the Consolidated Statements of Operations. See Note 9 for additional information. Aerospace Products revenue —Aerospace Products revenue primarily consists of the transaction price related to the sale of repaired CFM56-7B and CFM56-5B engines, engine modules, spare parts and used material inventory, and are accounted for within the scope of ASC 606. Revenue is recognized when a performance obligation is satisfied by transferring control over the related asset to a customer. Revenue is recorded with corresponding costs of sales, presented on a gross basis in the Consolidated Statements of Operations. Leasing Arrangements —At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are included in Other assets and Other liabilities in our Consolidated Balance Sheets. All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. Operating lease ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability and is recorded in Operating expenses in the Consolidated Statements of Operations. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs. We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets, and lease liabilities and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred. Concentration of Credit Risk —We are subject to concentrations of credit risk with respect to amounts due from customers. We attempt to limit our credit risk by performing ongoing credit evaluations and, when deemed necessary, enter into collateral arrangements. During the three and nine months ended September 30, 2022, no customer accounted for more than 10% of total revenue. During the three and nine months ended September 30, 2021, one customer in the Aviation Leasing segment accounted for approximately 14% of total revenue in both periods. As of September 30, 2022, there were two customers that represented 32% and 14% of total Accounts receivable, net. As of December 31, 2021, there were two customers that represented 52% and 19% of total Accounts receivable, net. We maintain cash balances, which generally exceed federally insured limits, and subject us to credit risk, in high credit quality financial institutions. We monitor the financial condition of these institutions and have not experienced any losses associated with these accounts. Allowance for Doubtful Accounts —We determine the allowance for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis. The allowance for doubtful accounts was $54.7 million and $16.0 million as of September 30, 2022 and December 31, 2021, respectively. There was no provision for credit losses and $1.5 million of provision for credit losses for the three months ended September 30, 2022 and 2021, respectively. There were provisions for credit losses of $47.1 million and $0.8 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in Operating expenses in the Consolidated Statements of Operations. Economic sanctions and export controls against Russia and Russia’s aviation industry have been imposed due to its invasion of Ukraine during the first quarter of 2022. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines and recognized approximately $47.1 million in provision for credit losses during the nine months ended September 30, 2022. Our allowance for doubtful accounts as of September 30, 2022 includes all accounts receivable exposure to Russian and Ukrainian customers. Expense Recognition —Expenses are recognized on an accrual basis as incurred. Acquisition and Transaction Expenses —Acquisition and transaction expenses is comprised of indirect costs related to asset acquisitions, dispositions and terminated deal costs, including salaries, advisory, legal, accounting, valuation and other professional or consulting fees. Foreign Currency —Our functional and reporting currency is the U.S. dollar. Purchases and sales of assets and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. Income Taxes —The Company is an exempted entity domiciled in the Cayman Islands where income taxes are not imposed. The Company is considered a Passive Foreign Investment Company for U.S. income tax purposes and certain income taxes are imposed on our owners. Taxable income or loss generated by our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct bu We account for these taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. We file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and in certain foreign jurisdictions. The income tax returns filed by us and our subsidiaries are subject to examination by the U.S. federal, state and foreign tax authorities. We recognize tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the Consolidated Statements of Operations. Other Assets— Other assets is primarily comprised of lease incentives of $35.5 million and $46.2 million, purchase deposits of $28.6 million and $13.7 million, prepaid expenses of $0.7 million and $3.1 million, notes receivable of $56.0 million and $22.9 million, maintenance right assets of $12.4 million and $5.1 million, and operating lease right-of-use assets, net of $3.2 million and $2.3 million, as of September 30, 2022 and December 31, 2021, respectively. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines and recognized approximately $7.5 million in amortization for the remaining lease incentives during the nine months ended September 30, 2022. Accounts Payable and Accrued Liabilities— Accounts payable and accrued liabilities primarily include payables relating to aviation leasing equipment maintenance and aircraft engine modules, spare parts, used material inventory, accrued compensation and operating expenses. Recent Accounting Pronouncements —In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments

LEASING EQUIPMENT, NET

LEASING EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
LEASING EQUIPMENT, NET	3. LEASING EQUIPMENT, NET Leasing equipment, net is summarized as follows: September 30, December 31, 2022 2021 Leasing equipment 1,990,115 $ 2,122,428 Less: Accumulated depreciation (430,540 ) (408,292 ) Leasing equipment, net $ 1,559,575 $ 1,714,136 Economic sanctions and export controls against Russia and Russia’s aviation industry have been imposed due to its invasion of Ukraine during the nine months ended September 30, 2022. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines. As of September 30, 2022, four aircraft and two engines were still located in Ukraine and eight aircraft and seventeen engines were still located in Russia. We determined that it is unlikely that we will regain possession of the aircraft and engines that have not yet been recovered from Ukraine and Russia. As a result, we recognized an impairment charge totaling $120.0 million, net of maintenance deposits, to write-off the entire carrying value of leasing equipment assets that we do not expect to recover from Ukraine and Russia. Additionally, we identified certain assets in our leasing equipment portfolio with indicators of impairment. As a result, we adjusted the carrying value of these assets to fair value and recognized transaction impairment charges of $8.2 million, net of redelivery compensation during the nine months ended September 30, 2022. The following table presents information related to acquisitions and dispositions of aviation leasing equipment during the nine months ended September 30, 2022: Acquisitions: Aircraft 23 Engines 45 Dispositions: Aircraft 5 Engines 50 Depreciation expense for leasing equipment is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Depreciation expense for leasing equipment $ 32,728 $ 34,718 $ 106,180 $ 101,992

FINANCE LEASES, NET

FINANCE LEASES, NET	9 Months Ended
	Sep. 30, 2022
FINANCE LEASES, NET [Abstract]
FINANCE LEASES, NET	4. FINANCE LEASES, NET Finance leases, net are summarized as follows: September 30, December 31, 2022 2021 Finance leases $ 7,697 $ 8,358 Unearned revenue (603 ) (775 ) Finance leases, net $ 7,094 $ 7,583 During the three months ended September 30, 2022, we entered into a 36-month sales-type lease arrangement for two airframes.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS	5. INVESTMENTS The following table presents the ownership interests and carrying values of our investments: Carrying Value Investment Ownership Percentage September 30, 2022 December 31, 2021 Advanced Engine Repair JV Equity method 25% $ 20,439 $ 21,317 Falcon MSN 177 LLC Equity method 50% 1,841 1,600 $ 22,280 $ 22,917 We did not recognize any other-than-temporary impairments for the three and nine months ended September 30, 2022 and 2021. The following table presents our proportionate share of equity in losses: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Advanced Engine Repair JV $ (314 ) $ (369 ) $ (879 ) $ (1,050 ) Falcon MSN 177 LLC (44 ) — 754 — Total $ (358 ) $ (369 ) $ (125 ) $ (1,050 ) Advanced Engine Repair JV In December 2016, we invested $15.0 million for a 25% interest in an advanced engine repair joint venture. We focus on developing new costs savings programs for engine repairs. We exercise significant influence over this investment and account for this investment as an equity method investment. In August 2019, we expanded the scope of our joint venture and invested an additional $13.5 million and maintained a 25% interest. Falcon MSN 177 LLC In November 2021, we invested $1.6 million for a 50% interest in Falcon MSN 177 LLC, an entity that consists of one Dassault Falcon 2000 aircraft. Falcon MSN 177 LLC leases the aircraft to charter operators on aircraft, crew maintenance, and insurance contracts. We account for our investment in Falcon as an equity method investment as we have significant influence through our interest.

INTANGIBLE ASSETS AND LIABILITI

INTANGIBLE ASSETS AND LIABILITIES, NET	9 Months Ended
	Sep. 30, 2022
Intangible Assets and Liabilities Disclosure [Abstract]
INTANGIBLE ASSETS AND LIABILITIES, NET	6. INTANGIBLE ASSETS AND LIABILITIES, NET Our intangible assets and liabilities, net are summarized as follows: September 30, 2022 December 31, 2021 Intangible assets Acquired favorable lease intangibles $ 59,789 $ 67,013 Less: Accumulated amortization (30,373 ) (36,051 ) Total intangible assets, net $ 29,416 $ 30,962 Intangible liabilities Acquired unfavorable lease intangibles $ 13,114 $ 14,795 Less: Accumulated amortization (2,216 ) (6,068 ) Acquired unfavorable lease intangibles, net $ 10,898 $ 8,727 Intangible assets and liabilities are all held within the Aviation Leasing segment. Intangible liabilities relate to unfavorable lease intangibles and are included as a component of Other liabilities in the Consolidated Balance Sheets. Amortization of intangible assets and liabilities is as follows: Classification in Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Lease intangibles Revenues $ 3,291 $ 1,266 $ 10,259 $ 3,216 As of September 30, 2022, estimated net annual amortization of intangible assets and liabilities is as follows: Remainder of 2022 3,323 2023 8,398 2024 4,848 2025 1,962 2026 519 Thereafter (532 ) Total $ 18,518

LOANS PAYABLE TO AFFILIATE

LOANS PAYABLE TO AFFILIATE	9 Months Ended
	Sep. 30, 2022
LOANS PAYABLE TO AFFILIATE [Abstract]
LOANS PAYABLE TO AFFILIATE	7. LOANS PAYABLE TO AFFILIATE FTAI CHR JV Promissory Note — On December 28, 2016, the Company entered into a Loan Agreement (the “Loan”) with Fortress Worldwide Transportation and Infrastructure General Partnership, an affiliate, pursuant to which it borrowed an initial aggregate amount of $9.0 million in connection with its investment in the Advanced Engine Repair JV. In 2019, the Company made additional borrowings of $8.1 million. Borrowings under the Loan are unsecured and bear payment-in-kind accrued interest at a rate of 10% per year. The outstanding loan amount, including payment-in-kind accrued interest, was $27.1 million and $25.2 million as of September 30, 2022 and December 31, 2021, respectively. Interest expense on the Loan was $0.6 million, $0.6 million, $1.9 million, and $1.7 million for the three and nine months ended September 30, 2022 and 2021, respectively. The maturity date of the loan, including payment-in-kind accrued interest, is December 26, 2026.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	8. FAIR VALUE MEASUREMENTS Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. • Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: • Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts. • Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Our cash and cash equivalents consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy. The fair value of the loan payable to affiliate cannot be objectively determined due to the nature of the affiliate transaction. Except as discussed below, our financial instruments other than cash and cash equivalents consist principally of accounts receivable, note receivable, accounts payable and accrued liabilities, security deposits and maintenance deposits, whose fair value approximates their carrying value due to their short maturity profiles. We measure the fair value of certain assets and liabilities on a non-recurring basis when U.S. GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include intangible assets, property, plant and equipment and leasing equipment. We record such assets at fair value when it is determined the carrying value may not be recoverable. Fair value measurements for assets subject to impairment tests are based on an income approach which uses Level 3 inputs, which include our assumptions as to future cash flows from operation of the leasing and eventual sale of assets.

REVENUES

REVENUES	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUES	9. REVENUES We disaggregate our revenue from contracts with customers by products and services provided for each of our segments, as we believe it best depicts the nature, amount, timing and uncertainty of our revenue. Revenues are within the scope of ASC 842, Leases Revenue from contracts with customers During the three months ended September 30, 2022, we updated our corporate strategy based on the opportunities available in the market such that the sale of aircraft and engines is now an output of our recurring, ordinary activities. As a result of this update, the transaction price allocated to the sale of assets is included in Revenues in the Consolidated Statement of Operations for the three months ended September 30, 2022 and are accounted for in accordance with ASC 606. The corresponding net book values of the assets sold are recorded in Cost of sales in the Consolidated Statement of Operations for the three months ended September 30, 2022. Sales transactions of aircraft and engines prior to the three months ended September 30, 2022 were accounted for in accordance with ASC 610-20, Gains and losses from the derecognition of nonfinancial assets Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Total Revenues Lease income $ 40,273 $ — $ 40,273 Maintenance revenue 35,507 — 35,507 Finance lease income 119 — 119 Asset sales revenue 85,488 — 85,488 Aerospace products revenue — 53,401 53,401 Other revenue 3,461 — 3,461 Total revenues $ 164,848 $ 53,401 $ 218,249 Three Months Ended September 30, 2021 Aviation Leasing Aerospace Products Total Revenues Lease income $ 40,392 $ — $ 40,392 Maintenance revenue 40,252 — 40,252 Finance lease income 439 — 439 Aerospace products revenue — 7,730 7,730 Other revenue 5,125 — 5,125 Total revenues $ 86,208 $ 7,730 $ 93,938 Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Total Revenues Lease income $ 111,316 $ — $ 111,316 Maintenance revenue 112,171 — 112,171 Finance lease income 332 — 332 Asset sales revenue 85,488 — 85,488 Aerospace products revenue — 94,211 94,211 Other revenue 8,687 — 8,687 Total revenues $ 317,994 $ 94,211 $ 412,205 Nine Months Ended September 30, 2021 Aviation Leasing Aerospace Products Total Revenues Lease income $ 120,389 $ — $ 120,389 Maintenance revenue 87,763 — 87,763 Finance lease income 1,285 — 1,285 Aerospace products revenue — 13,284 13,284 Other revenue 5,761 — 5,761 Total revenues $ 215,198 $ 13,284 $ 228,482 Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases: September 30, 2022 Remainder of 2022 $ 32,414 2023 104,995 2024 70,428 2025 43,890 2026 24,835 Thereafter 65,820 Total $ 342,382

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES The current and deferred components of the income tax provision included in the Consolidated Statements of Operations are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Current: Cayman Islands $ — $ — $ — $ — United States: Federal 247 336 581 793 State and local (437 ) 54 69 218 Non-U.S. 3 32 (12 ) 49 Total current (benefit) provision (187 ) 422 638 1,060 Deferred: Cayman Islands $ — $ — $ — $ — United States: Federal 3,029 45 4,560 45 State and local 346 14 608 14 Non-U.S. 630 19 1,446 (82 ) Total deferred provision (benefit) 4,005 78 6,614 (23 ) Total $ 3,818 $ 500 $ 7,252 $ 1,037 The Company is an exempted entity domiciled in the Cayman Islands where income taxes are not imposed. The Company is considered a Passive Foreign Investment Company for U.S. income tax purposes and certain income taxes are imposed on our owners. Taxable income or loss generated by our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business. Our effective tax rate differs from the U.S. federal tax rate of 21% primarily due to a significant portion of our income not being subject to U.S. corporate tax rates, or being deemed to be foreign sourced and thus either not taxable or taxable at effectively lower tax rates. As of and for the nine months ended September 30, 2022, we had not established a liability for uncertain tax positions as no such positions existed. In general, our tax returns and the tax returns of our corporate subsidiaries are subject to U.S. federal, state, local and foreign income tax examinations by tax authorities. Generally, we are not subject to examination by taxing authorities for tax years prior to 2018. We do not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date.

MANAGEMENT AGREEMENT AND AFFILI

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS	11. MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS In connection with the Parent’s spin-off of its infrastructure business on August 1, 2022, the Parent assigned the then-existing management and advisory agreement, dated as of May 20, 2015, with its Manager to FTAI Infrastructure Inc. (the entity which holds the infrastructure business of the Parent). On July 31, 2022, the Parent entered into a new management and advisory agreement (the “Management Agreement”), by and among the Parent, and each of the subsidiaries that are party thereto and the Manager, with substantially similar terms and conditions as the existing management and advisory agreement between the Parent and the Manager. The Company, as part of the Parent, is externally managed by the Manager. The Manager is paid annual fees in exchange for advising us on various aspects of our business, formulating our investment strategies, arranging for the acquisition and disposition of assets, arranging for financing, monitoring performance, and managing our day-to-day operations, inclusive of all costs incidental thereto. In addition, the Manager may be reimbursed for various expenses incurred by the Manager on our behalf, including the costs of legal, accounting and other administrative activities. Additionally, we have entered into certain incentive allocation arrangements with Master GP, which owns approximately 0.05% of the Partnership and is the general partner of the Partnership. The Manager is entitled to a management fee, incentive allocations (comprised of Income Incentive Allocation and Capital Gains Incentive Allocation, defined below) and reimbursement of certain expenses. The management fee is determined by taking the average value of total equity (excluding non-controlling interests) determined on a consolidated basis in accordance with U.S. GAAP at the end of the two most recently completed months multiplied by an annual rate of 1.5% and is payable monthly in arrears in cash. The income incentive allocation is calculated and distributable quarterly in arrears based on the pre-incentive allocation net income for the immediately preceding calendar quarter (the “Income Incentive Allocation”). For this purpose, pre-incentive allocation net income means, with respect to a calendar quarter, net income attributable to shareholders during such quarter calculated in accordance with U.S. GAAP excluding the Parent’s pro rata share of (1) realized or unrealized gains and losses, and (2) certain non-cash or one-time items, and (3) any other adjustments as may be approved by the Parent’s independent directors. Pre-incentive allocation net income does not include any Income Incentive Allocation or Capital Gains Incentive Allocation (described below) paid to the Master GP during the relevant quarter. The Master GP is entitled to an Income Incentive Allocation with respect to its pre-incentive allocation net income in each calendar quarter as follows: (1) no Income Incentive Allocation in any calendar quarter in which pre-incentive allocation net income, expressed as a rate of return on the average value of our net equity capital (excluding non-controlling interests) at the end of the two most recently completed calendar quarters, does not exceed 2% for such quarter (8% annualized); (2) 100% of pre-incentive allocation net income with respect to that portion of such pre-incentive allocation net income, if any, that is equal to or exceeds 2% but does not exceed 2.2223% for such quarter; and (3) 10% of the amount of pre-incentive allocation net income, if any, that exceeds 2.2223% for such quarter. These calculations will be prorated for any period of less than three months. Capital Gains Incentive Allocation is calculated and distributable in arrears as of the end of each calendar year and is equal to 10% of the Parent’s pro rata share of cumulative realized gains from the date of the Parent’s IPO through the end of the applicable calendar year, net of the Parent’s pro rata share of cumulative realized or unrealized losses, the cumulative non-cash portion of equity-based compensation expenses and all realized gains upon which prior performance-based Capital Gains Incentive Allocation payments were made to the Master GP. A portion of the management fee, income incentive allocation, and capital gains incentive allocation that are attributable to the operations of FTAI Aviation Ltd. is recorded in the Management fees and incentive allocation to affiliate on the Consolidated Statement of Operations. These amounts are allocated on the following basis: Management fee—Management fee is allocated to FTAI Aviation Ltd. from the Parent by applying the calculation methodology described above to the equity of FTAI Aviation Ltd. included in these consolidated financial statements. Income Incentive Allocation and Capital Gains Incentive Allocation—The Income Incentive Allocation and Capital Gains Incentive Allocation are allocated to FTAI Aviation Ltd., from the Parent, by applying the calculation methodology described above to FTAI Aviation Ltd.’s financial results in each respective period. The following table summarizes the management fees and incentive allocations included in these consolidated financial statements: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Management fees $ 539 2,116 $ 4,692 7,027 Income incentive allocation — — — — Capital gains incentive allocation — — — — Total $ 539 $ 2,116 $ 4,692 $ 7,027 The Parent pays all of its operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The expenses required to be paid by the Parent include, but are not limited to, issuance and transaction costs incident to the acquisition, disposition and financing of its assets, legal and auditing fees and expenses, the compensation and expenses of the Parent’s independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness of the Parent (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings of the Parent, costs and expenses incurred in contracting with third parties (including affiliates of the Manager), the costs of printing and mailing proxies and reports to the Parent’s shareholders, costs incurred by the Manager or its affiliates for travel on the Parent’s behalf, costs associated with any computer software or hardware that is used by the Parent, costs to obtain liability insurance to indemnify the Parent’s directors and officers and the compensation and expenses of the Parent’s transfer agent. The Parent will pay or reimburse the Manager and its affiliates for performing certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements are no greater than those which would be paid to outside professionals or consultants. The Manager is responsible for all of its other costs incident to the performance of its duties under the Management Agreement, including compensation of the Manager’s employees, rent for facilities and other “overhead” expenses. A portion of the Parent’s reimbursement to the Manager is allocated to FTAI Aviation Ltd. based on an estimate of time incurred by the Manager’s employees on activities related to our operations. A portion of these reimbursable expenses that the Parent paid to the Manager and are attributable to FTAI Aviation Ltd. are included in the consolidated financial statements as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Classification in the Consolidated Statements of Operations: General and administrative expenses $ 1,466 $ 1,195 $ 4,160 $ 3,584 Acquisition and transaction expenses 1,025 273 1,677 820 Total $ 2,491 $ 1,468 $ 5,837 $ 4,404 In addition to the above, the following corporate expenses, which were allocated from the Parent, are also included in the consolidated financial statements: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Classification in the Consolidated Statements of Operations: General and administrative expenses $ 1,888 $ 1,667 $ 4,965 $ 3,582 The following table summarizes amounts due to the Parent, which are included within Management fees payable to affiliate in the Consolidated Balance Sheets: September 30, 2022 December 31, 2021 Management fees payable to affiliate $ 46,095 $ 43,477

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	12. SEGMENT INFORMATION During the third quarter of 2022, as a result of the Parent’s spin-off of its infrastructure business effective on August 1, 2022 and its reevaluation of segments, the Company reevaluated its operating segments. The key factors used to identify the reportable segments are the organization and alignment of our internal operations and the nature of our products and services. Our two reportable segments are (i) Aviation Leasing and (ii) Aerospace Products. The Aviation Leasing segment owns and manages aviation assets, including aircraft and aircraft engines, which it leases and sells to customers. The Aerospace Products segment develops, manufactures, repairs, and sells aircraft engines and aftermarket components for aircraft engines. The interim periods disclose the reportable segments under this basis with prior periods restated to reflect the change in accordance with the requirements of ASC 280. Corporate and Other primarily consists of debt, allocated corporate general and administrative expenses, shared services costs, and management fees. The accounting policies of the segments are the same as those described in the summary of significant accounting policies; however, financial information presented by segment includes the impact of intercompany eliminations. Our Chief Executive Officer is our Chief Operating Decision Maker (“CODM”). Segment information is presented in the same manner that our CODM reviews the operating results in assessing performance and allocating resources. The CODM evaluates performance for each reportable segment primarily based on Adjusted EBITDA. Historically, the CODM’s assessment of segment performance included asset information. During the third quarter of 2022, the CODM determined that segment asset information is not a key factor in measuring performance or allocating resources. Therefore, segment asset information is not included in the tables below as it is not provided to or reviewed by our CODM. Adjusted EBITDA is defined as net income (loss) attributable to shareholders, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA. We believe that net income attributable to shareholders, as defined by GAAP, is the most appropriate earnings measurement with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income attributable to shareholders as determined in accordance with GAAP. The following tables set forth certain information for each reportable segment: I. For the Three Months Ended September 30, 2022 Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 164,848 $ 53,401 $ — $ 218,249 Expenses Operating expenses 10,533 3,491 588 14,612 Cost of sales 64,855 31,093 — 95,948 General and administrative — — 3,354 3,354 Acquisition and transaction expenses 247 15 2,586 2,848 Management fees and incentive allocation to affiliate — — 539 539 Depreciation and amortization 32,728 77 72 32,877 Asset impairment 4,495 — — 4,495 Interest expense — — 644 644 Total expenses 112,858 34,676 7,783 155,317 Other expense Equity in losses of unconsolidated entities (45 ) (313 ) — (358 ) Other income 42 — — 42 Total other expense (3 ) (313 ) — (316 ) Income (loss) before income taxes 51,987 18,412 (7,783 ) 62,616 Provision for income taxes 1,232 2,586 — 3,818 Net income (loss) attributable to shareholders $ 50,755 $ 15,826 $ (7,783 ) $ 58,798 The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders: Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 95,994 $ 18,560 $ (4,481 ) $ 110,073 Add: Equity in losses of unconsolidated entities (358 ) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 241 Less: Interest expense (644 ) Less: Depreciation and amortization expense (39,353 ) Less: Asset impairment charges (4,495 ) Less: Acquisition and transaction expenses (2,848 ) Less: Provision for income taxes (3,818 ) Net income attributable to shareholders $ 58,798 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 250 $ — $ — $ 250 Asia 23,496 1,200 24,696 Europe 41,869 15,511 — 57,380 North America 90,183 36,690 126,873 South America 9,050 — — 9,050 Total revenues $ 164,848 $ 53,401 $ — $ 218,249 II. For the Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 317,994 $ 94,211 $ — $ 412,205 Expenses Operating expenses 72,135 8,094 3,422 83,651 Cost of sales 64,855 55,284 — 120,139 General and administrative — — 9,125 9,125 Acquisition and transaction expenses 624 15 4,810 5,449 Management fees and incentive allocation to affiliate — — 4,692 4,692 Depreciation and amortization 106,180 178 209 106,567 Asset impairment 128,171 — — 128,171 Interest expense — — 1,910 1,910 Total expenses 371,965 63,571 24,168 459,704 Other expense Equity in earnings (losses) of unconsolidated entities 753 (878 ) — (125 ) Gain on sale of assets, net 61,371 18,562 — 79,933 Other income 245 — — 245 Total other income 62,369 17,684 — 80,053 Income (loss) before income taxes 8,398 48,324 (24,168 ) 32,554 Provision for income taxes 2,197 5,055 — 7,252 Net income (loss) attributable to shareholders $ 6,201 $ 43,269 $ (24,168 ) $ 25,302 The Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 273,788 $ 48,685 $ (17,239 ) $ 305,234 Add: Equity in losses of unconsolidated entities (125 ) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (165 ) Less: Interest expense (1,910 ) Less: Depreciation and amortization expense (136,860 ) Less: Asset impairment charges (128,171 ) Less: Acquisition and transaction expenses (5,449 ) Less: Provision for income taxes (7,252 ) Net income attributable to shareholders $ 25,302 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 250 $ 850 $ — $ 1,100 Asia 60,111 2,601 — 62,712 Europe 94,751 26,410 — 121,161 North America 130,362 64,350 — 194,712 South America 32,520 — — 32,520 Total revenues $ 317,994 $ 94,211 $ — $ 412,205 III. For the Three Months Ended September 30, 2021 Three Months Ended September 30, 2021 Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 86,208 $ 7,730 $ — $ 93,938 Expenses Operating expenses 7,282 1,774 1,074 10,130 Cost of sales — 5,367 — 5,367 General and administrative — — 2,862 2,862 Acquisition and transaction expenses 234 — 898 1,132 Management fees and incentive allocation to affiliate — — 2,116 2,116 Depreciation and amortization 34,718 40 67 34,825 Asset impairment 859 — — 859 Interest expense — — 584 584 Total expenses 43,093 7,181 7,601 57,875 Other income (expense) Equity in losses of unconsolidated entities — (369 ) — (369 ) Gain on sale of assets, net 10,961 1,724 — 12,685 Other expense (1,341 ) — — (1,341 ) Total other income 9,620 1,355 — 10,975 Income (loss) before income taxes 52,735 1,904 (7,601 ) 47,038 Provision for (benefit from) income taxes 610 (110 ) — 500 Net income (loss) $ 52,125 $ 2,014 $ (7,601 ) $ 46,538 The Three Months Ended September 30, 2021 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 94,990 $ 2,001 $ (6,052 ) $ 90,939 Add: Equity in losses of unconsolidated entities (369 ) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 312 Less: Interest expense (584 ) Less: Depreciation and amortization expense (41,269 ) Less: Asset impairment charges (859 ) Less: Acquisition and transaction expenses (1,132 ) Less: Provision for income taxes (500 ) Net income attributable to shareholders $ 46,538 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended September 30, 2021 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Asia $ 36,420 $ — $ — $ 36,420 Europe 35,709 — — 35,709 North America 10,422 7,730 — 18,152 South America 3,657 — — 3,657 Total revenues $ 86,208 $ 7,730 $ — $ 93,938 IV. For the Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 215,198 $ 13,284 $ — $ 228,482 Expenses Operating expenses 14,177 3,519 2,945 20,641 Cost of sales — 8,577 — 8,577 General and administrative — — 7,166 7,166 Acquisition and transaction expenses 804 — 2,906 3,710 Management fees and incentive allocation to affiliate — — 7,027 7,027 Depreciation and amortization 101,992 40 162 102,194 Asset impairment 3,048 — — 3,048 Interest expense — — 1,734 1,734 Total expenses 120,021 12,136 21,940 154,097 Other (expense) income Equity in losses of unconsolidated entities — (1,050 ) — (1,050 ) Gain on sale of assets, net 15,751 1,716 — 17,467 Other expense (717 ) — — (717 ) Total other income 15,034 666 — 15,700 Income (loss) before income taxes 110,211 1,814 (21,940 ) 90,085 Provision (benefit from) for income taxes 1,048 (11 ) — 1,037 Net income (loss) attributable to shareholders $ 109,163 $ 1,825 $ (21,940 ) $ 89,048 The Nine Months Ended September 30, 2021 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 237,404 $ 1,998 $ (17,138 ) $ 222,264 Add: Equity in losses of unconsolidated entities (1,050 ) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 906 Less: Interest expense (1,734 ) Less: Depreciation and amortization expense (123,543 ) Less: Asset impairment charges (3,048 ) Less: Acquisition and transaction expenses (3,710 ) Less: Provision for income taxes (1,037 ) Net income attributable to shareholders $ 89,048 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Nine Months Ended September 30, 2021 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 235 $ — $ — $ 235 Asia 93,925 — — 93,925 Europe 88,296 812 — 89,108 North America 26,630 12,472 — 39,102 South America 6,112 — — 6,112 Total revenues $ 215,198 $ 13,284 $ — $ 228,482 V. Location of Long-Lived Assets The following tables set forth summarized geographic location of leasing equipment, net: September 30, 2022 Total Leasing equipment, net Africa $ 17,776 Asia 222,830 Europe 602,833 North America 391,219 South America 324,917 Total leasing equipment, net $ 1,559,575 December 31, 2021 Total Leasing equipment, net Asia $ 365,331 Europe 839,555 North America 263,718 South America 245,532 Total leasing equipment, net $ 1,714,136

EARNINGS PER SHARE AND EQUITY

EARNINGS PER SHARE AND EQUITY	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND EQUITY	13. EARNINGS PER SHARE AND EQUITY Basic earnings per common share (“EPS”) is calculated by dividing net income attributable to shareholders by the weighted average number of common shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of common shares outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method. The calculation of basic and diluted EPS is presented below. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share data) 2022 2021 2022 2021 Net income attributable to shareholders $ 58,798 $ 46,538 $ 25,302 $ 89,048 Weighted average shares outstanding: Basic 105.2 100.0 103.5 100.0 Diluted 105.2 100.0 103.5 100.0 Basic and Diluted Net earnings per share $ 558.92 $ 465.38 $ 244.46 $ 890.48

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of business. As of September 30, 2022 and December 31, 2021, the Company was not subject to any material litigation and the Company was not aware of any material litigation. Rent expense, primarily for the corporate office facilities, was $0.3 million and $0.8 million for the three and nine September 30, 2022 $0.2 million and $0.8 million three and nine As of September 30, 2022 September 30, 2022 2022 $ 203 2023 831 2024 858 2025 864 2026 321 Thereafter — Total $ 3,077

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS Merger Transaction On November 10, 2022, pursuant to the Agreement and Plan of Merger dated August 12, 2022, by and among the Company, the Parent, and FTAI Aviation Merger Sub LLC, the Parent became a wholly-owned subsidiary of the Company.

BACKGROUND AND BASIS OF PRESE_2

BACKGROUND AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 30, 2022
BACKGROUND AND BASIS OF PRESENTATION [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements were prepared on a standalone legal entity basis. These financial statements reflect the consolidated historical results of operations, financial position and cash flows of FTAI Aviation Ltd. in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The transfer of a business between entities under common control that result in a change in reporting entity require retrospective combination of the entities for all periods presented as if the combination had been in effect since the inception of common control. The transfer of remaining aviation legal entities, as described above, represents a transfer of a business under a common control transaction which has been recorded at carrying value and accounted for retrospectively for all periods presented. Historically, separate financial statements have not been prepared for the Company and it has not operated as a standalone business separate from the Parent. The accompanying consolidated financial statements have been prepared from Parent’s historical accounting records and are presented on a standalone basis as if the operations had been conducted independently from Parent. The historical results of operations, financial position, and cash flows of FTAI Aviation Ltd. represented in the consolidated financial statements may not be indicative of what they would have been had the Company actually been a separate standalone entity during such periods, nor are they necessarily indicative of our future results of operations, financial position, and cash flows. The assets and liabilities in the consolidated financial statements have been reflected on a historical cost basis.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting —The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles and include both our accounts and those of our subsidiaries.
Principles of Consolidation	Principles of Consolidation —We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions. All intercompany transactions and balances have been eliminated. We use the equity method of accounting for investments in entities in which we exercise significant influence, but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities.
Use of Estimates	Use of Estimates —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period, including allocations from the Parent. Actual results could differ from those estimates.
Risks and Uncertainties	Risks and Uncertainties —In the normal course of business, we encounter several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee or customer to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry in which we operate, which could adversely impact the pricing of the services offered by us or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of our leasing equipment or operating assets. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business. We, through our subsidiaries, also conduct operations outside of the United States; such international operations are subject to the same risks as those associated with our United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. We do not have significant exposure to foreign currency risk as all of our leasing and customer arrangements are denominated in U.S. dollars.
Cash and Cash Equivalents	Cash and Cash Equivalents —We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.
Inventory, net	Inventory, net —We hold aircraft engine modules, spare parts and used material inventory for trading and to support operations. Inventory, net is carried at the lower of cost or net realizable value on our Consolidated Balance Sheets.
Property, Plant and Equipment, Leasing Equipment and Depreciation	Property, Plant and Equipment, Leasing Equipment and Depreciation — Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows: Asset Range of Estimated Useful Lives Residual Value Estimates Aircraft 25 years from date of manufacture Generally not to exceed 15% of manufacturer’s list price when new Aircraft engines 2 - 6 years, based on maintenance adjusted service life Sum of engine core salvage value plus the estimated fair value of life limited parts Aviation tooling and equipment 3 - 6 years from date of purchase Scrap value at end of useful life Furniture and fixtures 3 - 6 years from date of purchase None Major improvements and modifications incurred in connection with the acquisition of property, plant and equipment and leasing equipment that are required to get the asset ready for initial service are capitalized and depreciated over the remaining life of the asset. Property, plant and equipment is included in Other Assets in the Consolidated Balance Sheets. We review our depreciation policies on a regular basis to determine whether changes have taken place that would suggest that a change in our depreciation policies, useful lives of our equipment or the assigned residual values is warranted. For planned major maintenance or component overhaul activities for aviation equipment off lease, the cost of such major maintenance or component overhaul event is capitalized and depreciated on a straight-line basis over the period until the next maintenance or component overhaul event is required. In accounting for leasing equipment, we make estimates about the expected useful lives, residual values and the fair value of acquired in-place leases and acquired maintenance liabilities. In making these estimates, we rely upon observable market data for the same or similar types of equipment and our own estimates with respect to a lessee’s anticipated utilization of the aircraft or engine. When we acquire leasing equipment subject to an in-place lease, determining the fair value of the in-place lease requires us to make assumptions regarding the current fair values of leases for identical or similar equipment, in order to determine if the in-place lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into lease income over the remaining term of the lease.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets —We perform a recoverability assessment of each of our long-lived assets whenever events or changes in circumstances, or indicators, indicate that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant lease restructuring or early lease termination; a significant change in market conditions; or the introduction of newer technology aircraft or engines. When performing a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its net book value. The undiscounted cash flows consist of cash flows from currently contracted leases, future projected leases, transition costs, estimated down time and estimated residual or scrap values. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge. Management develops the assumptions used in the recoverability analysis based on its knowledge of active contracts, current and future expectations of the global demand for a particular asset and historical experience in the leasing markets, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in contracted lease rates, residual values, economic conditions, technology, demand for a particular asset type and other factors.
Security Deposits	Security Deposits —Our operating leases generally require the lessee to pay a security deposit or provide a letter of credit. Security deposits are held until specified return dates stipulated in the lease or lease expiration.
Maintenance Payments	Maintenance Payments —Typically, under an operating lease of aircraft, the lessee is responsible for performing all maintenance and is generally required to make maintenance payments to us for heavy maintenance, overhaul or replacement of certain high-value components of the aircraft or engine. These maintenance payments are based on hours or cycles of utilization or on calendar time, depending on the component, and are generally required to be made monthly in arrears. If a lessee is making monthly maintenance payments, we would typically be obligated to reimburse the lessee for costs they incur for heavy maintenance, overhaul or replacement of certain high-value components to the extent of maintenance payments received in respect of the specific maintenance event, usually shortly following the completion of the relevant work. We record the portion of maintenance payments paid by the lessee that are expected to be reimbursed as maintenance deposit liabilities in the Consolidated Balance Sheets. Reimbursements made to the lessee upon the receipt of evidence of qualifying maintenance work are recorded against the maintenance deposit liability. In certain acquired leases, we or the lessee may be obligated to make a payment to the other party at lease termination based on redelivery conditions stipulated at the inception of the lease. When the lessee is required to return the aircraft in an improved maintenance condition, we record a maintenance right asset, as a component of other assets, for the estimated value of the end-of-life maintenance payment at acquisition. We recognize payments received as end-of-lease compensation adjustments, within lease revenue or as a reduction to the maintenance right asset, when payment is received or collectability is assured. In the event we are required to make payments at the end of the lease for redelivery conditions, amounts are accrued as additional maintenance liability and expensed when we are obligated and can reasonably estimate such payment.
Lease Incentives and Amortization	Lease Incentives and Amortization —Lease incentives, which include lease acquisition costs related to reconfiguration of the aircraft cabin, other lessee specific modifications and other direct costs, are capitalized and amortized as a reduction of lease income over the primary term of the lease, assuming no lease renewals.
Intangibles and Amortization	Intangibles and Amortization —Intangibles include the value of acquired favorable and unfavorable leases. In accounting for acquired leasing equipment, we make estimates about the fair value of the acquired leases. In determining the fair value of these leases, we make assumptions regarding the current fair values of leases for identical or similar equipment in order to determine if the acquired lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into lease income over the remaining term of the lease.
Revenues	Revenues Operating Leases— We lease equipment pursuant to op Generally, under our aircraft lease and engine agreements, the lessee is required to make periodic maintenance payments calculated based on the lessee’s utilization of the leased asset or at the end of the lease. Typically, under our aircraft lease agreements, the lessee is responsible for maintenance, repairs and other operating expenses throughout the term of the lease. These periodic maintenance payments accumulate over the term of the lease to fund major maintenance events, and we are contractually obligated to return maintenance payments to the lessee up to the cost of maintenance events paid by the lessee. In the event the total cost of maintenance events over the term of a lease is less than the cumulative maintenance payments, we are not required to return any unused or excess maintenance payments to the lessee. Maintenance payments received for which we expect to repay to the lessee are presented as Maintenance Deposits in our Consolidated Balance Sheets. All excess maintenance payments received that we do not expect to repay to the lessee are recorded as Maintenance revenues. Estimates in recognizing revenue include mean time between removal, projected costs for engine maintenance and forecasted utilization of aircraft which are affected by historical usage patterns and overall industry, market and economic conditions. Significant changes to these estimates could have a material effect on the amount of revenue recognized in the period. For purchase and lease back transactions, we account for the transaction as a single arrangement. We allocate the consideration paid based on the relative fair value of the aircraft and lease. The fair value of the lease may include a lease premium or discount which is recorded as a favorable or unfavorable lease intangible. Finance Leases —From time to time we enter into finance lease arrangements that include a lessee obligation to purchase the leased equipment at the end of the lease term, a bargain purchase option, or provides for minimum lease payments with a present value that equals or exceeds substantially all of the fair value of the leased equipment at the date of lease inception. Net investment in finance leases represents the minimum lease payments due from lessee, net of unearned income. The lease payments are segregated into principal and interest components similar to a loan. Unearned income is recognized on an effective interest method over the lease term and is recorded as finance lease income. The principal component of the lease payment is reflected as a reduction to the net investment in finance leases. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the customer is placed on non-accrual status and revenue is recognized when cash payments are received. Asset sales revenue —Asset sales revenue primarily consists of the transaction price related to the sale of aircraft and aircraft engines from our Aviation Leasing segment. From time to time, the Company may assign the related lease agreements to the customer as part of the sale of these assets. We routinely sell leasing equipment to customers and such transactions are considered recurring and ordinary in nature to our business. As such, these sales are accounted for within the scope of ASC 606. Revenue is recognized when a performance obligation is satisfied by transferring control over an asset to a customer. Revenue is recorded with corresponding costs of sales, presented on a gross basis in the Consolidated Statements of Operations. See Note 9 for additional information. Aerospace Products revenue —Aerospace Products revenue primarily consists of the transaction price related to the sale of repaired CFM56-7B and CFM56-5B engines, engine modules, spare parts and used material inventory, and are accounted for within the scope of ASC 606. Revenue is recognized when a performance obligation is satisfied by transferring control over the related asset to a customer. Revenue is recorded with corresponding costs of sales, presented on a gross basis in the Consolidated Statements of Operations.
Leasing Arrangements	Leasing Arrangements —At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are included in Other assets and Other liabilities in our Consolidated Balance Sheets. All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. Operating lease ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability and is recorded in Operating expenses in the Consolidated Statements of Operations. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs. We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets, and lease liabilities and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred.
Concentration of Credit Risk	Concentration of Credit Risk —We are subject to concentrations of credit risk with respect to amounts due from customers. We attempt to limit our credit risk by performing ongoing credit evaluations and, when deemed necessary, enter into collateral arrangements. During the three and nine months ended September 30, 2022, no customer accounted for more than 10% of total revenue. During the three and nine months ended September 30, 2021, one customer in the Aviation Leasing segment accounted for approximately 14% of total revenue in both periods. As of September 30, 2022, there were two customers that represented 32% and 14% of total Accounts receivable, net. As of December 31, 2021, there were two customers that represented 52% and 19% of total Accounts receivable, net. We maintain cash balances, which generally exceed federally insured limits, and subject us to credit risk, in high credit quality financial institutions. We monitor the financial condition of these institutions and have not experienced any losses associated with these accounts.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts —We determine the allowance for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis. The allowance for doubtful accounts was $54.7 million and $16.0 million as of September 30, 2022 and December 31, 2021, respectively. There was no provision for credit losses and $1.5 million of provision for credit losses for the three months ended September 30, 2022 and 2021, respectively. There were provisions for credit losses of $47.1 million and $0.8 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in Operating expenses in the Consolidated Statements of Operations. Economic sanctions and export controls against Russia and Russia’s aviation industry have been imposed due to its invasion of Ukraine during the first quarter of 2022. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines and recognized approximately $47.1 million in provision for credit losses during the nine months ended September 30, 2022. Our allowance for doubtful accounts as of September 30, 2022 includes all accounts receivable exposure to Russian and Ukrainian customers.
Expense Recognition	Expense Recognition —Expenses are recognized on an accrual basis as incurred.
Acquisition and Transaction Expenses	Acquisition and Transaction Expenses —Acquisition and transaction expenses is comprised of indirect costs related to asset acquisitions, dispositions and terminated deal costs, including salaries, advisory, legal, accounting, valuation and other professional or consulting fees.
Foreign Currency	Foreign Currency —Our functional and reporting currency is the U.S. dollar. Purchases and sales of assets and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.
Income Taxes	Income Taxes —The Company is an exempted entity domiciled in the Cayman Islands where income taxes are not imposed. The Company is considered a Passive Foreign Investment Company for U.S. income tax purposes and certain income taxes are imposed on our owners. Taxable income or loss generated by our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct bu We account for these taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. A valuation allowance is established when management believes it is more likely than not that a deferred tax asset will not be realized. We file income tax returns in the U.S. federal jurisdiction, various state jurisdictions and in certain foreign jurisdictions. The income tax returns filed by us and our subsidiaries are subject to examination by the U.S. federal, state and foreign tax authorities. We recognize tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the Consolidated Statements of Operations.
Other Assets	Other Assets— Other assets is primarily comprised of lease incentives of $35.5 million and $46.2 million, purchase deposits of $28.6 million and $13.7 million, prepaid expenses of $0.7 million and $3.1 million, notes receivable of $56.0 million and $22.9 million, maintenance right assets of $12.4 million and $5.1 million, and operating lease right-of-use assets, net of $3.2 million and $2.3 million, as of September 30, 2022 and December 31, 2021, respectively. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines and recognized approximately $7.5 million in amortization for the remaining lease incentives during the nine months ended September 30, 2022.
Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities— Accounts payable and accrued liabilities primarily include payables relating to aviation leasing equipment maintenance and aircraft engine modules, spare parts, used material inventory, accrued compensation and operating expenses.
Recent Accounting Pronouncements	Recent Accounting Pronouncements —In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Property, Plant and Equipment	Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows: Asset Range of Estimated Useful Lives Residual Value Estimates Aircraft 25 years from date of manufacture Generally not to exceed 15% of manufacturer’s list price when new Aircraft engines 2 - 6 years, based on maintenance adjusted service life Sum of engine core salvage value plus the estimated fair value of life limited parts Aviation tooling and equipment 3 - 6 years from date of purchase Scrap value at end of useful life Furniture and fixtures 3 - 6 years from date of purchase None

LEASING EQUIPMENT, NET (Tables)

LEASING EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Schedule of Lessor, Operating Leases	Leasing equipment, net is summarized as follows: September 30, December 31, 2022 2021 Leasing equipment 1,990,115 $ 2,122,428 Less: Accumulated depreciation (430,540 ) (408,292 ) Leasing equipment, net $ 1,559,575 $ 1,714,136
Lessor, Acquisition and Disposition of Leasing Equipment	The following table presents information related to acquisitions and dispositions of aviation leasing equipment during the nine months ended September 30, 2022: Acquisitions: Aircraft 23 Engines 45 Dispositions: Aircraft 5 Engines 50
Operating Lease, Lease Income	Depreciation expense for leasing equipment is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Depreciation expense for leasing equipment $ 32,728 $ 34,718 $ 106,180 $ 101,992

FINANCE LEASES, NET (Tables)

FINANCE LEASES, NET (Tables)	9 Months Ended
	Sep. 30, 2022
FINANCE LEASES, NET [Abstract]
Finance leases	Finance leases, net are summarized as follows: September 30, December 31, 2022 2021 Finance leases $ 7,697 $ 8,358 Unearned revenue (603 ) (775 ) Finance leases, net $ 7,094 $ 7,583

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table presents the ownership interests and carrying values of our investments: Carrying Value Investment Ownership Percentage September 30, 2022 December 31, 2021 Advanced Engine Repair JV Equity method 25% $ 20,439 $ 21,317 Falcon MSN 177 LLC Equity method 50% 1,841 1,600 $ 22,280 $ 22,917 The following table presents our proportionate share of equity in losses: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Advanced Engine Repair JV $ (314 ) $ (369 ) $ (879 ) $ (1,050 ) Falcon MSN 177 LLC (44 ) — 754 — Total $ (358 ) $ (369 ) $ (125 ) $ (1,050 )

INTANGIBLE ASSETS AND LIABILI_2

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)	9 Months Ended
	Sep. 30, 2022
Intangible Assets and Liabilities Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets and Liabilities	Our intangible assets and liabilities, net are summarized as follows: September 30, 2022 December 31, 2021 Intangible assets Acquired favorable lease intangibles $ 59,789 $ 67,013 Less: Accumulated amortization (30,373 ) (36,051 ) Total intangible assets, net $ 29,416 $ 30,962 Intangible liabilities Acquired unfavorable lease intangibles $ 13,114 $ 14,795 Less: Accumulated amortization (2,216 ) (6,068 ) Acquired unfavorable lease intangibles, net $ 10,898 $ 8,727
Schedule of Intangible Assets and Liabilities	Amortization of intangible assets and liabilities is as follows: Classification in Consolidated Statements of Operations Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Lease intangibles Revenues $ 3,291 $ 1,266 $ 10,259 $ 3,216
Schedule of Net Annual Amortization of Intangibles	As of September 30, 2022, estimated net annual amortization of intangible assets and liabilities is as follows: Remainder of 2022 3,323 2023 8,398 2024 4,848 2025 1,962 2026 519 Thereafter (532 ) Total $ 18,518

REVENUES (Tables)

REVENUES (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	We disaggregate our revenue from contracts with customers by products and services provided for each of our segments, as we believe it best depicts the nature, amount, timing and uncertainty of our revenue. Revenues are within the scope of ASC 842, Leases Revenue from contracts with customers During the three months ended September 30, 2022, we updated our corporate strategy based on the opportunities available in the market such that the sale of aircraft and engines is now an output of our recurring, ordinary activities. As a result of this update, the transaction price allocated to the sale of assets is included in Revenues in the Consolidated Statement of Operations for the three months ended September 30, 2022 and are accounted for in accordance with ASC 606. The corresponding net book values of the assets sold are recorded in Cost of sales in the Consolidated Statement of Operations for the three months ended September 30, 2022. Sales transactions of aircraft and engines prior to the three months ended September 30, 2022 were accounted for in accordance with ASC 610-20, Gains and losses from the derecognition of nonfinancial assets Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Total Revenues Lease income $ 40,273 $ — $ 40,273 Maintenance revenue 35,507 — 35,507 Finance lease income 119 — 119 Asset sales revenue 85,488 — 85,488 Aerospace products revenue — 53,401 53,401 Other revenue 3,461 — 3,461 Total revenues $ 164,848 $ 53,401 $ 218,249 Three Months Ended September 30, 2021 Aviation Leasing Aerospace Products Total Revenues Lease income $ 40,392 $ — $ 40,392 Maintenance revenue 40,252 — 40,252 Finance lease income 439 — 439 Aerospace products revenue — 7,730 7,730 Other revenue 5,125 — 5,125 Total revenues $ 86,208 $ 7,730 $ 93,938 Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Total Revenues Lease income $ 111,316 $ — $ 111,316 Maintenance revenue 112,171 — 112,171 Finance lease income 332 — 332 Asset sales revenue 85,488 — 85,488 Aerospace products revenue — 94,211 94,211 Other revenue 8,687 — 8,687 Total revenues $ 317,994 $ 94,211 $ 412,205 Nine Months Ended September 30, 2021 Aviation Leasing Aerospace Products Total Revenues Lease income $ 120,389 $ — $ 120,389 Maintenance revenue 87,763 — 87,763 Finance lease income 1,285 — 1,285 Aerospace products revenue — 13,284 13,284 Other revenue 5,761 — 5,761 Total revenues $ 215,198 $ 13,284 $ 228,482
Finance Lease, Lease Income	Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases: September 30, 2022 Remainder of 2022 $ 32,414 2023 104,995 2024 70,428 2025 43,890 2026 24,835 Thereafter 65,820 Total $ 342,382
Operating Lease, Lease Income	Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases: September 30, 2022 Remainder of 2022 $ 32,414 2023 104,995 2024 70,428 2025 43,890 2026 24,835 Thereafter 65,820 Total $ 342,382

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The current and deferred components of the income tax provision included in the Consolidated Statements of Operations are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Current: Cayman Islands $ — $ — $ — $ — United States: Federal 247 336 581 793 State and local (437 ) 54 69 218 Non-U.S. 3 32 (12 ) 49 Total current (benefit) provision (187 ) 422 638 1,060 Deferred: Cayman Islands $ — $ — $ — $ — United States: Federal 3,029 45 4,560 45 State and local 346 14 608 14 Non-U.S. 630 19 1,446 (82 ) Total deferred provision (benefit) 4,005 78 6,614 (23 ) Total $ 3,818 $ 500 $ 7,252 $ 1,037

MANAGEMENT AGREEMENT AND AFFI_2

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the management fees and incentive allocations included in these consolidated financial statements: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Management fees $ 539 2,116 $ 4,692 7,027 Income incentive allocation — — — — Capital gains incentive allocation — — — — Total $ 539 $ 2,116 $ 4,692 $ 7,027 A portion of these reimbursable expenses that the Parent paid to the Manager and are attributable to FTAI Aviation Ltd. are included in the consolidated financial statements as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Classification in the Consolidated Statements of Operations: General and administrative expenses $ 1,466 $ 1,195 $ 4,160 $ 3,584 Acquisition and transaction expenses 1,025 273 1,677 820 Total $ 2,491 $ 1,468 $ 5,837 $ 4,404 In addition to the above, the following corporate expenses, which were allocated from the Parent, are also included in the consolidated financial statements: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Classification in the Consolidated Statements of Operations: General and administrative expenses $ 1,888 $ 1,667 $ 4,965 $ 3,582 The following table summarizes amounts due to the Parent, which are included within Management fees payable to affiliate in the Consolidated Balance Sheets: September 30, 2022 December 31, 2021 Management fees payable to affiliate $ 46,095 $ 43,477

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables set forth certain information for each reportable segment: I. For the Three Months Ended September 30, 2022 Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 164,848 $ 53,401 $ — $ 218,249 Expenses Operating expenses 10,533 3,491 588 14,612 Cost of sales 64,855 31,093 — 95,948 General and administrative — — 3,354 3,354 Acquisition and transaction expenses 247 15 2,586 2,848 Management fees and incentive allocation to affiliate — — 539 539 Depreciation and amortization 32,728 77 72 32,877 Asset impairment 4,495 — — 4,495 Interest expense — — 644 644 Total expenses 112,858 34,676 7,783 155,317 Other expense Equity in losses of unconsolidated entities (45 ) (313 ) — (358 ) Other income 42 — — 42 Total other expense (3 ) (313 ) — (316 ) Income (loss) before income taxes 51,987 18,412 (7,783 ) 62,616 Provision for income taxes 1,232 2,586 — 3,818 Net income (loss) attributable to shareholders $ 50,755 $ 15,826 $ (7,783 ) $ 58,798 II. For the Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 317,994 $ 94,211 $ — $ 412,205 Expenses Operating expenses 72,135 8,094 3,422 83,651 Cost of sales 64,855 55,284 — 120,139 General and administrative — — 9,125 9,125 Acquisition and transaction expenses 624 15 4,810 5,449 Management fees and incentive allocation to affiliate — — 4,692 4,692 Depreciation and amortization 106,180 178 209 106,567 Asset impairment 128,171 — — 128,171 Interest expense — — 1,910 1,910 Total expenses 371,965 63,571 24,168 459,704 Other expense Equity in earnings (losses) of unconsolidated entities 753 (878 ) — (125 ) Gain on sale of assets, net 61,371 18,562 — 79,933 Other income 245 — — 245 Total other income 62,369 17,684 — 80,053 Income (loss) before income taxes 8,398 48,324 (24,168 ) 32,554 Provision for income taxes 2,197 5,055 — 7,252 Net income (loss) attributable to shareholders $ 6,201 $ 43,269 $ (24,168 ) $ 25,302 III. For the Three Months Ended September 30, 2021 Three Months Ended September 30, 2021 Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 86,208 $ 7,730 $ — $ 93,938 Expenses Operating expenses 7,282 1,774 1,074 10,130 Cost of sales — 5,367 — 5,367 General and administrative — — 2,862 2,862 Acquisition and transaction expenses 234 — 898 1,132 Management fees and incentive allocation to affiliate — — 2,116 2,116 Depreciation and amortization 34,718 40 67 34,825 Asset impairment 859 — — 859 Interest expense — — 584 584 Total expenses 43,093 7,181 7,601 57,875 Other income (expense) Equity in losses of unconsolidated entities — (369 ) — (369 ) Gain on sale of assets, net 10,961 1,724 — 12,685 Other expense (1,341 ) — — (1,341 ) Total other income 9,620 1,355 — 10,975 Income (loss) before income taxes 52,735 1,904 (7,601 ) 47,038 Provision for (benefit from) income taxes 610 (110 ) — 500 Net income (loss) $ 52,125 $ 2,014 $ (7,601 ) $ 46,538 IV. For the Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Aviation Leasing Aerospace Products Corporate and Other Total Revenues $ 215,198 $ 13,284 $ — $ 228,482 Expenses Operating expenses 14,177 3,519 2,945 20,641 Cost of sales — 8,577 — 8,577 General and administrative — — 7,166 7,166 Acquisition and transaction expenses 804 — 2,906 3,710 Management fees and incentive allocation to affiliate — — 7,027 7,027 Depreciation and amortization 101,992 40 162 102,194 Asset impairment 3,048 — — 3,048 Interest expense — — 1,734 1,734 Total expenses 120,021 12,136 21,940 154,097 Other (expense) income Equity in losses of unconsolidated entities — (1,050 ) — (1,050 ) Gain on sale of assets, net 15,751 1,716 — 17,467 Other expense (717 ) — — (717 ) Total other income 15,034 666 — 15,700 Income (loss) before income taxes 110,211 1,814 (21,940 ) 90,085 Provision (benefit from) for income taxes 1,048 (11 ) — 1,037 Net income (loss) attributable to shareholders $ 109,163 $ 1,825 $ (21,940 ) $ 89,048
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders: Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 95,994 $ 18,560 $ (4,481 ) $ 110,073 Add: Equity in losses of unconsolidated entities (358 ) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 241 Less: Interest expense (644 ) Less: Depreciation and amortization expense (39,353 ) Less: Asset impairment charges (4,495 ) Less: Acquisition and transaction expenses (2,848 ) Less: Provision for income taxes (3,818 ) Net income attributable to shareholders $ 58,798 The Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 273,788 $ 48,685 $ (17,239 ) $ 305,234 Add: Equity in losses of unconsolidated entities (125 ) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (165 ) Less: Interest expense (1,910 ) Less: Depreciation and amortization expense (136,860 ) Less: Asset impairment charges (128,171 ) Less: Acquisition and transaction expenses (5,449 ) Less: Provision for income taxes (7,252 ) Net income attributable to shareholders $ 25,302 The Three Months Ended September 30, 2021 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 94,990 $ 2,001 $ (6,052 ) $ 90,939 Add: Equity in losses of unconsolidated entities (369 ) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 312 Less: Interest expense (584 ) Less: Depreciation and amortization expense (41,269 ) Less: Asset impairment charges (859 ) Less: Acquisition and transaction expenses (1,132 ) Less: Provision for income taxes (500 ) Net income attributable to shareholders $ 46,538 The Nine Months Ended September 30, 2021 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 237,404 $ 1,998 $ (17,138 ) $ 222,264 Add: Equity in losses of unconsolidated entities (1,050 ) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 906 Less: Interest expense (1,734 ) Less: Depreciation and amortization expense (123,543 ) Less: Asset impairment charges (3,048 ) Less: Acquisition and transaction expenses (3,710 ) Less: Provision for income taxes (1,037 ) Net income attributable to shareholders $ 89,048
Revenue from External Customers by Geographic Areas	Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 250 $ — $ — $ 250 Asia 23,496 1,200 24,696 Europe 41,869 15,511 — 57,380 North America 90,183 36,690 126,873 South America 9,050 — — 9,050 Total revenues $ 164,848 $ 53,401 $ — $ 218,249 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 250 $ 850 $ — $ 1,100 Asia 60,111 2,601 — 62,712 Europe 94,751 26,410 — 121,161 North America 130,362 64,350 — 194,712 South America 32,520 — — 32,520 Total revenues $ 317,994 $ 94,211 $ — $ 412,205 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended September 30, 2021 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Asia $ 36,420 $ — $ — $ 36,420 Europe 35,709 — — 35,709 North America 10,422 7,730 — 18,152 South America 3,657 — — 3,657 Total revenues $ 86,208 $ 7,730 $ — $ 93,938 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Nine Months Ended September 30, 2021 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 235 $ — $ — $ 235 Asia 93,925 — — 93,925 Europe 88,296 812 — 89,108 North America 26,630 12,472 — 39,102 South America 6,112 — — 6,112 Total revenues $ 215,198 $ 13,284 $ — $ 228,482
Long-lived Assets by Geographic Areas	The following tables set forth summarized geographic location of leasing equipment, net: September 30, 2022 Total Leasing equipment, net Africa $ 17,776 Asia 222,830 Europe 602,833 North America 391,219 South America 324,917 Total leasing equipment, net $ 1,559,575 December 31, 2021 Total Leasing equipment, net Asia $ 365,331 Europe 839,555 North America 263,718 South America 245,532 Total leasing equipment, net $ 1,714,136

EARNINGS PER SHARE AND EQUITY (

EARNINGS PER SHARE AND EQUITY (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted EPS is presented below. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share data) 2022 2021 2022 2021 Net income attributable to shareholders $ 58,798 $ 46,538 $ 25,302 $ 89,048 Weighted average shares outstanding: Basic 105.2 100.0 103.5 100.0 Diluted 105.2 100.0 103.5 100.0 Basic and Diluted Net earnings per share $ 558.92 $ 465.38 $ 244.46 $ 890.48

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Payments	As of September 30, 2022 September 30, 2022 2022 $ 203 2023 831 2024 858 2025 864 2026 321 Thereafter — Total $ 3,077

BACKGROUND AND BASIS OF PRESE_3

BACKGROUND AND BASIS OF PRESENTATION (Details) - Segment	9 Months Ended
	Sep. 30, 2022	Mar. 31, 2022
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of reportable segments	2
FTAI CHR JV Holdings LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Acquired interest		100%
Advanced Engine Repair JV
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Subsidiary ownership		25%
WWTAI Aviation LLC
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Subsidiary ownership		100%

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accounting Policies [Line Items]
Provision for doubtful accounts	$ 54,700		$ 54,700		$ 16,000
Bad debt expense	0	$ 1,500	47,100	$ 800
Purchase deposits			28,621	$ 13,790
Operating lease, ROU asset	3,200		3,200		2,300
Amortization of lease incentives			$ 7,500
Aircraft
Accounting Policies [Line Items]
Property, plant and equipment, useful life			25 years
Maximum percentage of manufacturer's list price			15%
Aircraft Engines | Minimum
Accounting Policies [Line Items]
Property, plant and equipment, useful life			2 years
Aircraft Engines | Maximum
Accounting Policies [Line Items]
Property, plant and equipment, useful life			6 years
Aviation Tooling and Equipment | Minimum
Accounting Policies [Line Items]
Property, plant and equipment, useful life			3 years
Aviation Tooling and Equipment | Maximum
Accounting Policies [Line Items]
Property, plant and equipment, useful life			6 years
Furniture and fixtures | Minimum
Accounting Policies [Line Items]
Property, plant and equipment, useful life			3 years
Furniture and fixtures | Maximum
Accounting Policies [Line Items]
Property, plant and equipment, useful life			6 years
Other Assets
Accounting Policies [Line Items]
Capitalized costs, potential asset acquisitions	35,500		$ 35,500		46,200
Purchase deposits			28,600		13,700
Prepaid expense	700		700		3,100
Notes receivable	56,000		56,000		22,900
Maintenance right assets	$ 12,400		$ 12,400		$ 5,100
Customer One | Customer Concentration Risk | Sales Revenue, Segment
Accounting Policies [Line Items]
Concentration risk		14%		14%
Customer One | Customer Concentration Risk | Accounts Receivable
Accounting Policies [Line Items]
Concentration risk			32%		52%
Customer Two | Customer Concentration Risk | Accounts Receivable
Accounting Policies [Line Items]
Concentration risk			14%		19%

LEASING EQUIPMENT, NET - Schedu

LEASING EQUIPMENT, NET - Schedule of Lessor, Operating Leases (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Property, plant and equipment, net	$ 1,559,575,000	$ 1,714,136,000
Leasing Equipment
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Leasing equipment	1,990,115	2,122,428
Less: Accumulated depreciation	(430,540)	(408,292)
Property, plant and equipment, net	$ 1,559,575	$ 1,714,136

LEASING EQUIPMENT, NET (Details

LEASING EQUIPMENT, NET (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) Aircraft Engines
Leases [Line Items]
Impairment of long lived assets | $	$ 8.2
Ukraine and Russia
Leases [Line Items]
Impairment of long lived assets | $	$ 120
Ukraine
Leases [Line Items]
Number of aircraft located | Aircraft	4
Number of engines located | Engines	2
Russia
Leases [Line Items]
Number of aircraft located | Aircraft	8
Number of engines located | Engines	17

LEASING EQUIPMENT, NET - Lessor

LEASING EQUIPMENT, NET - Lessor, Acquisition and Disposition of Leasing Equipment (Details)	9 Months Ended
	Sep. 30, 2022 Aircraft Engines
Leases [Abstract]
Aircraft | Aircraft	23
Engines | Engines	45
Aircraft | Aircraft	5
Engines | Engines	50

LEASING EQUIPMENT, NET - Operat

LEASING EQUIPMENT, NET - Operating Lease, Lease Income (Details) - Leasing Equipment - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Depreciation expense for leasing equipment	$ 32,728	$ 34,718	$ 106,180	$ 101,992
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Depreciation expense for leasing equipment	$ 32,728	$ 34,718	$ 106,180	$ 101,992

FINANCE LEASES, NET (Details)

FINANCE LEASES, NET (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2022 USD ($) Airframe	Dec. 31, 2021 USD ($)
FINANCE LEASES, NET [Abstract]
Finance leases	$ 7,697	$ 8,358
Unearned revenue	(603)	(775)
Finance leases, net	$ 7,094	$ 7,583
Sales-type lease, term of contract	36 months
Number of airframes | Airframe	2

INVESTMENTS - Ownership Carryin

INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Nov. 30, 2021	Aug. 31, 2019	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 22,280		$ 22,280		$ 22,917
Other-than-temporary impairments	$ 0	$ 0	$ 0	$ 0
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	25%		25%				25%	25%
Carrying Value	$ 20,439		$ 20,439		21,317			$ 15,000
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%		50%			50%
Carrying Value	$ 1,841		$ 1,841		$ 1,600	$ 1,600

INVESTMENTS - Share of Equity o

INVESTMENTS - Share of Equity of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ (358)	$ (369)	$ (125)	$ (1,050)
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Income (loss)	(314)	(369)	(879)	(1,050)
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ (44)	$ 0	$ 754	$ 0

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2019	Sep. 30, 2022	Dec. 31, 2021	Nov. 30, 2021	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 22,280	$ 22,917
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 20,439	21,317		$ 15,000
Ownership percentage	25%	25%			25%
Equity method investment contribution amount	$ 13,500
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 1,841	$ 1,600	$ 1,600
Ownership percentage		50%		50%

INTANGIBLE ASSETS AND LIABILI_3

INTANGIBLE ASSETS AND LIABILITIES, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Intangible assets
Acquired favorable lease intangibles	$ 59,789	$ 67,013
Less: Accumulated amortization	(30,373)	(36,051)
Total intangible assets, net	29,416	30,962
Intangible liabilities
Acquired unfavorable lease intangibles	13,114	14,795
Less: Accumulated amortization	(2,216)	(6,068)
Acquired unfavorable lease intangibles, net	$ 10,898	$ 8,727

INTANGIBLE ASSETS AND LIABILI_4

INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues | Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Revenues	$ 3,291	$ 1,266	$ 10,259	$ 3,216

INTANGIBLE ASSETS AND LIABILI_5

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 3,323
2023	8,398
2024	4,848
2025	1,962
2026	519
Thereafter	(532)
Total	$ 18,518

LOANS PAYABLE TO AFFILIATE (Det

LOANS PAYABLE TO AFFILIATE (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Dec. 18, 2016	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2019	Dec. 31, 2021
Debt Instrument [Line Items]
Outstanding loan amount		$ 27,090		$ 27,090			$ 25,181
Interest expense on loan		$ 644	$ 584	$ 1,910	$ 1,734
Promissory Note [Member]
Debt Instrument [Line Items]
Borrowed initial aggregate amount	$ 9,000					$ 8,100
Paid-in-kind accrued interest		10%		10%
Outstanding loan amount		$ 27,100		$ 27,100			$ 25,200
Interest expense on loan		$ 600	$ 600	$ 1,900	$ 1,700
Maturity date				Dec. 26, 2026

REVENUES - Components of Revenu

REVENUES - Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 218,249	$ 93,938	$ 412,205	$ 228,482
Lease income
Disaggregation of Revenue [Line Items]
Total revenues	40,273	40,392	111,316	120,389
Maintenance revenue
Disaggregation of Revenue [Line Items]
Total revenues	35,507	40,252	112,171	87,763
Finance lease income
Disaggregation of Revenue [Line Items]
Total revenues	119	439	332	1,285
Asset sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	85,488		85,488
Aerospace products revenue
Disaggregation of Revenue [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	3,461	5,125	8,687	5,761
Aviation Leasing
Disaggregation of Revenue [Line Items]
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing | Lease income
Disaggregation of Revenue [Line Items]
Total revenues	40,273	40,392	111,316	120,389
Aviation Leasing | Maintenance revenue
Disaggregation of Revenue [Line Items]
Total revenues	35,507	40,252	112,171	87,763
Aviation Leasing | Finance lease income
Disaggregation of Revenue [Line Items]
Total revenues	119	439	332	1,285
Aviation Leasing | Asset sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	85,488		85,488
Aviation Leasing | Aerospace products revenue
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Aviation Leasing | Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	3,461	5,125	8,687	5,761
Aerospace Products
Disaggregation of Revenue [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products | Lease income
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Aerospace Products | Maintenance revenue
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Aerospace Products | Finance lease income
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Aerospace Products | Asset sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	0		0
Aerospace Products | Aerospace products revenue
Disaggregation of Revenue [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products | Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0

REVENUES - Minimum Future Annua

REVENUES - Minimum Future Annual Revenues (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 32,414
2023	104,995
2024	70,428
2025	43,890
2026	24,835
Thereafter	65,820
Total	$ 342,382

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
United States:
Federal	$ 247	$ 336	$ 581	$ 793
State and local	(437)	54	69	218
Non-U.S.	3	32	(12)	49
Total current (benefit) provision	(187)	422	638	1,060
United States:
Federal	3,029	45	4,560	45
State and local	346	14	608	14
Non-U.S.	630	19	1,446	(82)
Total deferred provision (benefit)	4,005	78	6,614	(23)
Total	3,818	500	7,252	1,037
Cayman Islands
United States:
Total current (benefit) provision	0	0	0	0
United States:
Total deferred provision (benefit)	$ 0	$ 0	$ 0	$ 0

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details)	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
U.S. federal tax at statutory rate	21%

MANAGEMENT AGREEMENT AND AFFI_3

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Ownership percentage by manager			0.05%
Management fees and incentive allocation to affiliate	$ 539	$ 2,116	$ 4,692	$ 7,027
Management fees payable to affiliate	46,095		46,095		$ 43,477
Management fees
Related Party Transaction [Line Items]
Management fees payable to affiliate	46,095		46,095		$ 43,477
General and administrative
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	1,888	1,667	$ 4,965	3,582
Manager | Management fees
Related Party Transaction [Line Items]
Management fee percentage rate			1.50%
General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	539	2,116	$ 4,692	7,027
Management fees and incentive allocation to affiliate	2,491	1,468	5,837	4,404
General Partner | Management fees
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	539	2,116	4,692	7,027
General Partner | Income incentive allocation
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	0	0	0	0
General Partner | Capital gains incentive allocation
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	0	0	0	0
General Partner | General and administrative
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	1,466	1,195	4,160	3,584
General Partner | Acquisition and transaction expenses
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	$ 1,025	$ 273	$ 1,677	$ 820
Threshold 1 | Fortress Worldwide Transportation and Infrastructure Master GP LLP | Income incentive allocation
Related Party Transaction [Line Items]
Pre-incentive income allocation			0%
Quarterly percent threshold of pre-incentive allocation net income			2%
Annual percent threshold of pre-incentive allocation net income			8%
Threshold 2 | Fortress Worldwide Transportation and Infrastructure Master GP LLP | Income incentive allocation
Related Party Transaction [Line Items]
Pre-incentive income allocation			100%
Threshold 2 | Fortress Worldwide Transportation and Infrastructure Master GP LLP | Income incentive allocation | Minimum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income			2%
Threshold 2 | Fortress Worldwide Transportation and Infrastructure Master GP LLP | Income incentive allocation | Maximum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income			2.2223%
Threshold 3 | Fortress Worldwide Transportation and Infrastructure Master GP LLP | Income incentive allocation
Related Party Transaction [Line Items]
Pre-incentive income allocation			10%

SEGMENT INFORMATION - Statement

SEGMENT INFORMATION - Statement of Income by Segment (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) Segment	Sep. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			2
Revenues
Total revenues	$ 218,249	$ 93,938	$ 412,205	$ 228,482
Expenses
Operating expenses	14,612	10,130	83,651	20,641
Cost of sales	95,948	5,367	120,139	8,577
General and administrative	3,354	2,862	9,125	7,166
Acquisition and transaction expenses	2,848	1,132	5,449	3,710
Management fees and incentive allocation to affiliate	539	2,116	4,692	7,027
Depreciation and amortization	32,877	34,825	106,567	102,194
Asset impairment	4,495	859	128,171	3,048
Interest expense	644	584	1,910	1,734
Total expenses	155,317	57,875	459,704	154,097
Other income (expense)
Equity in earnings (losses) of unconsolidated entities	(358)	(369)	(125)	(1,050)
Gain on sale of assets, net	0	12,685	79,933	17,467
Other (expense) income	42	(1,341)	245	(717)
Total other income (expense)	(316)	10,975	80,053	15,700
Income before income taxes	62,616	47,038	32,554	90,085
Provision for (benefit from) income taxes	3,818	500	7,252	1,037
Net income (loss) attributable to shareholders	58,798	46,538	25,302	89,048
Corporate and Other
Revenues
Total revenues	0	0	0	0
Expenses
Operating expenses	588	1,074	3,422	2,945
Cost of sales	0	0	0	0
General and administrative	3,354	2,862	9,125	7,166
Acquisition and transaction expenses	2,586	898	4,810	2,906
Management fees and incentive allocation to affiliate	539	2,116	4,692	7,027
Depreciation and amortization	72	67	209	162
Asset impairment	0	0	0	0
Interest expense	644	584	1,910	1,734
Total expenses	7,783	7,601	24,168	21,940
Other income (expense)
Equity in earnings (losses) of unconsolidated entities	0	0	0	0
Gain on sale of assets, net		0	0	0
Other (expense) income	0	0	0	0
Total other income (expense)	0	0	0	0
Income before income taxes	(7,783)	(7,601)	(24,168)	(21,940)
Provision for (benefit from) income taxes	0	0	0	0
Net income (loss) attributable to shareholders	(7,783)	(7,601)	(24,168)	(21,940)
Aviation Leasing
Revenues
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing | Operating Segments
Revenues
Total revenues	164,848	86,208	317,994	215,198
Expenses
Operating expenses	10,533	7,282	72,135	14,177
Cost of sales	64,855	0	64,855	0
General and administrative	0	0	0	0
Acquisition and transaction expenses	247	234	624	804
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	32,728	34,718	106,180	101,992
Asset impairment	4,495	859	128,171	3,048
Interest expense	0	0	0	0
Total expenses	112,858	43,093	371,965	120,021
Other income (expense)
Equity in earnings (losses) of unconsolidated entities	(45)	0	753	0
Gain on sale of assets, net		10,961	61,371	15,751
Other (expense) income	42	(1,341)	245	(717)
Total other income (expense)	(3)	9,620	62,369	15,034
Income before income taxes	51,987	52,735	8,398	110,211
Provision for (benefit from) income taxes	1,232	610	2,197	1,048
Net income (loss) attributable to shareholders	50,755	52,125	6,201	109,163
Aerospace Products
Revenues
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products | Operating Segments
Revenues
Total revenues	53,401	7,730	94,211	13,284
Expenses
Operating expenses	3,491	1,774	8,094	3,519
Cost of sales	31,093	5,367	55,284	8,577
General and administrative	0	0	0	0
Acquisition and transaction expenses	15	0	15	0
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	77	40	178	40
Asset impairment	0	0	0	0
Interest expense	0	0	0	0
Total expenses	34,676	7,181	63,571	12,136
Other income (expense)
Equity in earnings (losses) of unconsolidated entities	(313)	(369)	(878)	(1,050)
Gain on sale of assets, net		1,724	18,562	1,716
Other (expense) income	0	0	0	0
Total other income (expense)	(313)	1,355	17,684	666
Income before income taxes	18,412	1,904	48,324	1,814
Provision for (benefit from) income taxes	2,586	(110)	5,055	(11)
Net income (loss) attributable to shareholders	$ 15,826	$ 2,014	$ 43,269	$ 1,825

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Adjusted Net Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 110,073	$ 90,939	$ 305,234	$ 222,264
Equity in losses of unconsolidated entities	(358)	(369)	(125)	(1,050)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	241	312	(165)	906
Less: Interest expense	(644)	(584)	(1,910)	(1,734)
Less: Depreciation and amortization expense	(39,353)	(41,269)	(136,860)	(123,543)
Less: Asset impairment charges	(4,495)	(859)	(128,171)	(3,048)
Less: Acquisition and transaction expenses	(2,848)	(1,132)	(5,449)	(3,710)
Less: Provision for income taxes	(3,818)	(500)	(7,252)	(1,037)
Net income (loss) attributable to shareholders	58,798	46,538	25,302	89,048
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(4,481)	(6,052)	(17,239)	(17,138)
Equity in losses of unconsolidated entities	0	0	0	0
Less: Asset impairment charges	0	0	0	0
Less: Acquisition and transaction expenses	(2,586)	(898)	(4,810)	(2,906)
Less: Provision for income taxes	0	0	0	0
Net income (loss) attributable to shareholders	(7,783)	(7,601)	(24,168)	(21,940)
Aviation Leasing | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	95,994	94,990	273,788	237,404
Equity in losses of unconsolidated entities	(45)	0	753	0
Less: Asset impairment charges	(4,495)	(859)	(128,171)	(3,048)
Less: Acquisition and transaction expenses	(247)	(234)	(624)	(804)
Less: Provision for income taxes	(1,232)	(610)	(2,197)	(1,048)
Net income (loss) attributable to shareholders	50,755	52,125	6,201	109,163
Aerospace Products | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	18,560	2,001	48,685	1,998
Equity in losses of unconsolidated entities	(313)	(369)	(878)	(1,050)
Less: Asset impairment charges	0	0	0	0
Less: Acquisition and transaction expenses	(15)	0	(15)	0
Less: Provision for income taxes	(2,586)	110	(5,055)	11
Net income (loss) attributable to shareholders	$ 15,826	$ 2,014	$ 43,269	$ 1,825

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Geographic Sources of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 218,249	$ 93,938	$ 412,205	$ 228,482
Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Africa
Segment Reporting Information [Line Items]
Total revenues	250		1,100	235
Africa | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0		0	0
Asia
Segment Reporting Information [Line Items]
Total revenues	24,696	36,420	62,712	93,925
Asia | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues		0	0	0
Europe
Segment Reporting Information [Line Items]
Total revenues	57,380	35,709	121,161	89,108
Europe | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
North America
Segment Reporting Information [Line Items]
Total revenues	126,873	18,152	194,712	39,102
North America | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues		0	0	0
South America
Segment Reporting Information [Line Items]
Total revenues	9,050	3,657	32,520	6,112
South America | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing | Africa | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	250		250	235
Aviation Leasing | Asia | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	23,496	36,420	60,111	93,925
Aviation Leasing | Europe | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	41,869	35,709	94,751	88,296
Aviation Leasing | North America | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	90,183	10,422	130,362	26,630
Aviation Leasing | South America | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	9,050	3,657	32,520	6,112
Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products | Africa | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	0		850	0
Aerospace Products | Asia | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,200	0	2,601	0
Aerospace Products | Europe | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	15,511	0	26,410	812
Aerospace Products | North America | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	36,690	7,730	64,350	12,472
Aerospace Products | South America | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0

SEGMENT INFORMATION - Location

SEGMENT INFORMATION - Location of Long-Lived Assets (Details) - Property, plant and equipment and leasing equipment, net - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	$ 1,559,575	$ 1,714,136
Africa
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	17,776
Asia
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	222,830	365,331
Europe
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	602,833	839,555
North America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	391,219	263,718
South America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	$ 324,917	$ 245,532

EARNINGS PER SHARE AND EQUITY_2

EARNINGS PER SHARE AND EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net income attributable to shareholders	$ 58,798	$ 46,538	$ 25,302	$ 89,048
Weighted average shares outstanding:
Basic (in shares)	105.2	100	103.5	100
Diluted (in shares)	105.2	100	103.5	100
Basic, net earnings per share (in dollars per share)	$ 558.92	$ 465.38	$ 244.46	$ 890.48
Diluted, net earnings per share (in dollars per share)	$ 558.92	$ 465.38	$ 244.46	$ 890.48

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Rent expense, primarily for corporate office facilities	$ 0.3	$ 0.2	$ 0.8	$ 0.8

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2022	$ 203
2023	831
2024	858
2025	864
2026	321
Thereafter	0
Total	$ 3,077