FTAI Aviation (FTAI) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Cover page

Cover page - shares	3 Months Ended
	Mar. 31, 2023	Apr. 25, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-37386
Entity Registrant Name	FTAI AVIATION LTD.
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1420784
Entity Address, Address Line One	1345 Avenue of the Americas, 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		99,728,786
Entity Central Index Key	0001590364
Document Fiscal Year Focus	2023
Amendment Flag	false
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
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
9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIM
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 40,994	$ 33,565
Restricted cash	0	19,500
Accounts receivable, net	113,547	99,443
Leasing equipment, net	1,849,662	1,913,553
Property, plant, and equipment, net	11,438	10,014
Investments	40,202	22,037
Intangible assets, net	45,729	41,955
Inventory, net	192,790	163,676
Other assets	147,082	125,834
Total assets	2,441,444	2,429,577
Liabilities
Accounts payable and accrued liabilities	105,066	86,452
Debt, net	2,101,907	2,175,727
Maintenance deposits	93,703	78,686
Security deposits	33,768	32,842
Other liabilities	32,844	36,468
Total liabilities	2,367,288	2,410,175
Commitments and contingencies
Equity
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 99,728,786 and 99,716,621 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)	997	997
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 15,920,000 and 13,320,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)	159	133
Additional paid in capital	368,681	343,350
Accumulated deficit	(296,205)	(325,602)
Shareholders' equity	73,632	18,878
Non-controlling interest in equity of consolidated subsidiaries	524	524
Total equity	74,156	19,402
Total liabilities and equity	$ 2,441,444	$ 2,429,577

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	99,728,786	99,716,621
Common stock, shares outstanding (in shares)	99,728,786	99,716,621
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	15,920,000	13,320,000
Preferred stock, shares outstanding (in shares)	15,920,000	13,320,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues	$ 292,718	$ 91,691
Expenses
Cost of sales	145,670	9,050
Operating expenses	22,534	61,799
General and administrative	4,067	4,561
Acquisition and transaction expenses	3,262	2,273
Management fees and incentive allocation to affiliate	2,997	3
Depreciation and amortization	40,926	41,305
Asset impairment	1,220	122,790
Interest expense	39,292	44,139
Total expenses	259,968	285,920
Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(1,335)	198
Gain on sale of assets, net	0	16,288
Other income	8	128
Total other (expense) income	(1,327)	16,614
Income (loss) from continuing operations before income taxes	31,423	(177,615)
Provision for income taxes	2,026	1,339
Net income (loss) from continuing operations	29,397	(178,954)
Net loss from discontinued operations, net of income taxes	0	(50,705)
Net income (loss)	29,397	(229,659)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	0	0
Discontinued operations	0	(7,466)
Less: Dividends on preferred shares	6,791	6,791
Net income (loss) attributable to shareholders	$ 22,606	$ (228,984)
Basic
Continuing operations, basic (in dollars per share)	$ 0.23	$ (1.87)
Discontinued operations, basic (in dollars per share)	0	(0.43)
Diluted
Discontinued operations, diluted (in dollars per share)	0	(0.43)
Continuing operations, basic, (in dollar per share)	$ 0.22	$ (1.87)
Weighted average shares outstanding:
Basic (in shares)	99,728,245	99,366,877
Diluted (in shares)	100,974,100	99,366,877
Lease income
Revenues
Total revenues	$ 55,978	$ 39,325
Maintenance revenue
Revenues
Total revenues	35,141	36,732
Asset Sales revenue
Revenues
Total revenues	108,691	0
Aerospace products revenue
Revenues
Total revenues	85,113	14,313
Other revenue
Revenues
Total revenues	$ 7,795	$ 1,321

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)		$ 29,397	$ (229,659)
Other comprehensive income (loss):
Other comprehensive loss related to equity method investees, net in discontinued operations	[1]	0	(94,779)
Comprehensive income (loss)		29,397	(324,438)
Comprehensive loss attributable to non-controlling interest:
Continuing operations		0	0
Discontinued operations		0	(7,466)
Comprehensive income (loss) attributable to shareholders		$ 29,397	$ (316,972)
[1]Net of deferred tax expense of $0 for the three months ended March 31, 2022.

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (unaudited) (Parentheticals)	3 Months Ended
	Mar. 31, 2022 USD ($)
Statement of Comprehensive Income [Abstract]
Tax expense, cash flow hedge	$ 0

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Ordinary Shares	Ordinary Shares	[1]	Preferred Shares		Additional Paid In Capital	Additional Paid In Capital Ordinary Shares	Accumulated Deficit	Accumulated Other Comprehensive Loss	Non-Controlling Interest in Equity of Consolidated Subsidiaries
Beginning balance at Dec. 31, 2021	$ 1,124,100		$ 992		$ 133	[1]	$ 1,411,940		$ (132,392)	$ (156,381)	$ (192)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	(229,659)								(222,193)		(7,466)
Other comprehensive loss	(94,779)									(94,779)
Comprehensive income (loss)	(324,438)								(222,193)	(94,779)	(7,466)
Issuance of ordinary shares		$ 164						$ 164
Dividends declared - common shares	(32,749)						(32,749)
Dividends declared - preferred shares	(6,791)						(6,791)
Equity-based compensation	709										709
Ending balance at Mar. 31, 2022	760,995		992		133	[1]	1,372,564		(354,585)	(251,160)	(6,949)
Beginning balance at Dec. 31, 2021	1,124,100		992		133	[1]	1,411,940		(132,392)	$ (156,381)	(192)
Increase (Decrease) in Partners' Capital [Roll Forward]
Issuance of preferred shares	61,729				26		61,703
Ending balance at Dec. 31, 2022	19,402		997		133	[1]	343,350		(325,602)		524
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income	29,397								29,397		0
Other comprehensive loss	0
Comprehensive income (loss)	29,397								29,397		0
Issuance of ordinary shares		$ 230						$ 230
Dividends declared - common shares	(29,919)						(29,919)
Dividends declared - preferred shares	(6,791)						(6,791)
Equity-based compensation	108						108
Ending balance at Mar. 31, 2023	$ 74,156		$ 997		$ 159	[1]	$ 368,681		$ (296,205)		$ 524
[1]Common and Preferred Shares of Fortress Transportation and Infrastructure Investors LLC were exchanged for Ordinary and Preferred Shares of FTAI Aviation Ltd. when the Merger, as detailed in Note 1, was completed on November 10, 2022.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 29,397	$ (229,659)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in losses of unconsolidated entities	1,335	24,013
Gain on sale of assets, net	(31,657)	(16,288)
Security deposits and maintenance claims included in earnings	(9,842)	(11,592)
Equity-based compensation	108	709
Depreciation and amortization	40,926	58,301
Asset impairment	1,220	122,790
Change in deferred income taxes	1,692	2,388
Change in fair value of non-hedge derivative	0	766
Change in fair value of guarantees	(1,769)	0
Amortization of lease intangibles and incentives	7,844	12,013
Amortization of deferred financing costs	2,017	5,771
Provision for credit losses	475	47,914
Other	(326)	(208)
Change in:
Accounts receivable	(14,840)	8,619
Inventory	6,984	(6,044)
Other assets	(2,013)	(4,221)
Accounts payable and accrued liabilities	6,088	(16,597)
Management fees payable to affiliate	(386)	(158)
Other liabilities	1,444	3,406
Net cash provided by operating activities	38,697	1,923
Cash flows from investing activities:
Investment in unconsolidated entities	(19,500)	(1,637)
Principal collections on finance leases	0	67
Acquisition of leasing equipment	(127,513)	(219,440)
Acquisition of property, plant and equipment	(1,451)	(54,661)
Acquisition of lease intangibles	(8,640)	(5,282)
Purchase deposits for acquisitions	(9,940)	(3,350)
Proceeds from sale of leasing equipment	153,679	51,491
Proceeds from sale of property, plant and equipment	0	2,910
Proceeds for deposit on sale of aircraft and engine	1,042	1,775
Net cash used in investing activities	(12,323)	(228,127)
Cash flows from financing activities:
Proceeds from debt	145,000	408,980
Repayment of debt	(220,000)	(224,473)
Payment of deferred financing costs	0	(10,818)
Receipt of security deposits	1,459	1,075
Return of security deposits	(65)	0
Receipt of maintenance deposits	10,142	10,836
Release of maintenance deposits	0	(250)
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs	61,729	0
Cash dividends - ordinary shares	(29,919)	(32,749)
Cash dividends - preferred shares	(6,791)	(6,791)
Net cash (used in) provided by financing activities	(38,445)	145,810
Net decrease in cash and cash equivalents and restricted cash	(12,071)	(80,394)
Cash and cash equivalents and restricted cash, beginning of period	53,065	440,061
Cash and cash equivalents and restricted cash, end of period	40,994	359,667
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of leasing equipment	17,104	9,658
Security deposits, maintenance deposits, other assets and other liabilities settled in the sale of leasing equipment	10,293	0
Settled and assumed security deposits	(468)	(10,198)
Billed, assumed and settled maintenance deposits	6,774	(31,594)
Non-cash change in equity method investment	0	(94,779)
Issuance of ordinary shares	$ 230	$ 164

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION FTAI Aviation Ltd. (“we”, “us”, “our” or the “Company” and formerly “Fortress Transportation and Infrastructure Investors LLC”) is a Cayman Islands exempted company which through its subsidiaries owns, leases, and sells aviation equipment and also develops and manufactures, through a joint venture, and repairs and sells, through exclusivity arrangements, aftermarket components for aircraft engines. Additionally, we own and lease offshore energy equipment. We have two reportable segments, (i) Aviation Leasing and (ii) Aerospace Products (see Note 12). On August 1, 2022, the Company completed the spin-off of its infrastructure business into an independent publicly traded company. Accordingly, the operating results of, and costs to separate, the infrastructure business are reported in Net loss from discontinued operations, net of income taxes in the Consolidated Statements of Operations for all periods presented. All amounts and disclosures included in the Notes to Consolidated Financial Statements reflect only the Company's continuing operations unless otherwise noted. For additional information, see Note 3, "Discontinued Operations."

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
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 (“U.S. GAAP”) and include the accounts of us and our subsidiaries. These financial statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Principles of Consolidation — We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. 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 as well as the proportionate interest in adjustments to other comprehensive loss. 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. 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 segments 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 or to refinance existing debt facilities. 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 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. Restricted Cash —Restricted cash consists of funds required for the Company’s investment in Quick Turn, as described in Note 5, of $19.5 million as of December 31, 2022. The Company had no restricted cash as of March 31, 2023. Inventory — We hold aircraft engine modules, spare parts and used material inventory for trading and to support operations. Inventory is carried at the lower of cost or net realizable value on our consolidated balance sheets. Revenues — We disaggregate our revenue from contracts with customers by products and services. Revenues are within the scope of ASC 842, Leases, and ASC 606, Revenue from contracts with customers , unless otherwise noted. We have elected to exclude sales and other similar taxes from revenues. During the third quarter of 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 Asset sales revenue in the Consolidated Statement of Operations beginning in the third quarter of 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 beginning in the third quarter of 2022. Sales transactions of aircraft and engines prior to the third quarter of 2022 were accounted for in accordance with ASC 610-20, Gains and losses from the derecognition of nonfinancial assets and were included in Gain on sale of assets, net on the Consolidated Statement of Operations, as we were previously only occasionally selling these assets. Generally, assets sold were under leasing arrangements with customers prior to sales and were included in Leasing equipment, net, on the Consolidated Balance Sheets. Operating Leases —We lease equipment pursuant to operating leases. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the lease, assuming no renewals. 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. 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 also 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. 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. Aerospace products revenue also consists of engine management service contracts, where the Company has a stand-ready obligation to provide replacement CFM56-7B and CFM56-5B engines to customers as they become unserviceable during the contract term. The Company recognizes revenue over time using a straight-line attribution method and the costs related to fulfilling the performance obligation are expensed as incurred. 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, respectively. Finance lease ROU assets are recognized in Other assets and lease liabilities are recognized in 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. The finance lease ROU assets are subsequently amortized using the straight-line method. 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. We earned 18% and 10% of our revenue from two customers in the Aviation Leasing segment during the three months ended March 31, 2023. No single customer accounted for greater than 10% of total revenue during the three months ended March 31, 2022. As of March 31, 2023, there was one customer in the Aviation Leasing segment that represented 15% of total accounts receivable, net. As of December 31, 2022, there were two customers in the Aviation Leasing segment that represented 20% and 12% 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 $66.1 million and $65.6 million as of March 31, 2023 and December 31, 2022, respectively. There was provision for credit losses of $0.5 million and $47.9 million for the three months ended March 31, 2023 and 2022, respectively, which is included in Operating expenses in the Consolidated Statements of Operations. Economic sanctions and export controls against Russia and Russia’s aviation industry were 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 our allowance for doubtful accounts at March 31, 2023 includes all accounts receivable exposure to Russian and Ukrainian customers. Comprehensive Loss — Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. Our comprehensive loss represents net income (loss), as presented in the Consolidated Statements of Operations, adjusted for comprehensive loss related to cash flow hedges of our equity method investees of discontinued operations. The cash flow impact of commodity derivatives held by our consolidated subsidiaries is recognized in Change in fair value of non-hedge derivatives in our Consolidated Statements of Cash Flows. Other Assets— Other assets is primarily comprised of lease incentives of $43.0 million and $37.9 million, purchase deposits of $10.2 million and $6.7 million, notes receivable of $53.2 million and $49.2 million, operating lease right-of-use assets, net of $2.8 million and $3.0 million, finance leases, net of $5.9 million and $6.4 million, maintenance right assets of $8.8 million and $6.8 million and prepaid expenses of $1.5 million and $1.9 million as of March 31, 2023 and December 31, 2022, respectively. Dividends— Dividends are recorded if and when declared by the Board of Directors. For the three months ended March 31, 2023 and 2022, the Board of Directors declared cash dividends of $0.30 and $0.33, per ordinary share, respectively. Additionally, in the quarter ended March 31, 2023, the Board of Directors declared cash dividends on the Series A Preferred Shares, Series B Preferred Shares, and Series C Preferred Shares of $0.52, $0.50 and $0.52 per share, respectively. Recent Accounting Pronouncements — The Company has evaluated all recent accounting pronouncements and none are expected to have a material impact on the Company’s consolidated financial statements.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	3. DISCONTINUED OPERATIONS FTAI Infrastructure Inc. (“FTAI Infrastructure”) Spin-Off On April 28, 2022, the Board of Directors of the Company unanimously approved the previously announced spin-off of the Company’s infrastructure business held by FTAI Infrastructure (a wholly owned subsidiary of the Company). The spin-off was effected as a distribution of all of the shares owned by the Company of common stock of FTAI Infrastructure to the holders of the Company’s ordinary shares as of July 21, 2022. The distribution was completed on August 1, 2022. Under ASC 205-20, Presentation of Financial Statements – Discontinued Operations , the spin-off met the criteria to be reported as a discontinued operation. Therefore, FTAI Infrastructure is presented as a discontinued operation within the Company’s financial statements for the three months ended March 31, 2022. FTAI Infrastructure is a corporation for U.S. federal income tax purposes and holds, among other things, the Company’s previously held interests in the (i) Jefferson Terminal business, (ii) Repauno business, (iii) Long Ridge investment, and (iv) Transtar business. FTAI Infrastructure retained all related project-level debt of those businesses. In connection with the spin-off, FTAI Infrastructure paid a dividend of $730.3 million to the Company. The Company used these proceeds to repay all outstanding borrowings under its 2021 bridge loans, $200.0 million of its 6.50% senior unsecured notes due 2025, and approximately $175.0 million of the outstanding borrowings under its revolving credit facility. FTAI LLC retained the aviation business and certain other assets, and FTAI LLC’s remaining outstanding corporate indebtedness. In connection with the spin-off, the Company and the Manager assigned the Company’s then-existing management agreement to FTAI Infrastructure, and FTAI Infrastructure and the Manager executed an amended and restated agreement. The Company and certain of its subsidiaries executed a new management agreement with the Manager. The new management agreement has an initial term of six years. The Manager is entitled to a management fee and reimbursement of certain expenses on substantially similar terms as the previous arrangements with the Manager, which were assigned to FTAI Infrastructure. Prior to the Merger described below, our Manager remained entitled to incentive allocations (comprised of income incentive allocation and capital gains incentive allocation) on the same terms as they existed prior to spin-off. Following the Merger, the Company entered into a Services and Profit Sharing Agreement (the “Services and Profit Sharing Agreement”), with a subsidiary of the Company and Fortress Worldwide Transportation and Infrastructure Master GP LLC (“Master GP”), pursuant to which Master GP is entitled to incentive payments on substantially similar terms as the previous arrangements. Financial Information of Discontinued Operations The following table presents the significant components of net loss from discontinued operations: Three Months Ended March 31, 2022 Revenues Total revenues $ 46,148 Expenses Operating expenses 38,067 General and administrative expenses 1,130 Acquisition and transaction expenses 3,751 Management fees and incentive allocation to affiliate 4,161 Depreciation and amortization 16,996 Interest expense 6,459 Total expenses 70,564 Equity in losses of unconsolidated entities (24,211) Other income 69 Total other expense (24,142) Loss before income taxes (48,558) Provision for income taxes 2,147 Net loss from discontinued operations, net of income taxes (50,705) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (7,466) Net loss attributable to shareholders (43,239) The cash flows related to discontinued operations have not been segregated, and are included in the Consolidated Statements of Cash Flows for the three months ended March 31, 2022. The following table summarizes depreciation and amortization, capital expenditures, and other significant operating and investing noncash items from discontinued operations: Three Months Ended March 31, 2022 Operating activities: Equity in losses of unconsolidated entities $ 24,211 Depreciation and amortization 16,996 Equity-based compensation 709 Investing activities: Acquisition of property, plant and equipment $ (52,546) Investment in unconsolidated entities (1,637) Proceeds from sale of property, plant and equipment 2,910 Non-cash change in equity method investment (94,779) The Company accounted for Long Ridge Terminal LLC, included in discontinued operations for the three months ended March 31, 2022 included above, using the equity method of accounting. Summarized financial data for Long Ridge Terminal LLC are shown in the following table. Three Months Ended Income Statement March 31, 2022 Total revenue $ 24,411 Expenses Operating expenses 12,447 Depreciation and amortization 12,544 Interest expense 12,861 Total expenses 37,852 Other expense (29,234) Net loss $ (42,675)

LEASING EQUIPMENT, NET

LEASING EQUIPMENT, NET	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
LEASING EQUIPMENT, NET	4. LEASING EQUIPMENT, NET Leasing equipment, net is summarized as follows: March 31, 2023 December 31, 2022 Leasing equipment $ 2,346,078 $ 2,413,230 Less: Accumulated depreciation (496,416) (499,677) Leasing equipment, net $ 1,849,662 $ 1,913,553 Economic sanctions and export controls against Russia and Russia’s aviation industry were imposed due to its invasion of Ukraine during the three months ended March 31, 2022. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines. We determined that it is unlikely that we will regain possession of the aircraft and engines that had not yet been recovered from Ukraine and Russia. As a result, during the three months ended March 31, 2022, we recognized an impairment charge totaling $122.8 million, net of maintenance deposits, to write-off the entire carrying value of leasing equipment assets that we did not expect to recover from Ukraine and Russia. As of March 31, 2023, four aircraft and one engine were still located in Ukraine and eight aircraft and seventeen engines were still located in 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 transactional impairment charges of $1.2 million, net of redelivery compensation during the three months ended March 31, 2023. The following table presents information related to our acquisitions and dispositions of aviation leasing equipment during the three months ended March 31, 2023: Acquisitions: Aircraft 5 Engines 22 Dispositions: Aircraft 8 Engines 13 Depreciation expense for leasing equipment is summarized as follows: Three Months Ended March 31, 2023 2022 Depreciation expense for leasing equipment $ 40,766 $ 41,203

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 Advanced Engine Repair JV Equity method 25% $ 19,799 $ 20,207 Falcon MSN 177 LLC Equity method 50% 1,731 1,830 Quick Turn Engine Center LLC Equity method 50% 18,672 — $ 40,202 $ 22,037 We did not recognize any other-than-temporary impairments for the three months ended March 31, 2023 and 2022. The following table presents our proportionate share of equity in (losses) income: Three Months Ended March 31, 2023 2022 Advanced Engine Repair JV $ (408) $ (354) Falcon MSN 177 LLC (99) 552 Quick Turn Engine Center LLC (828) — Total $ (1,335) $ 198 Equity Method Investments Advanced Engine Repair JV In December 2016, we invested $15 million for a 25% interest in an advanced engine repair joint venture. We focus on developing new cost 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. Quick Turn Engine Center LLC On January 4, 2023, we invested $19.5 million for a 50% interest in Quick Turn Engine Center LLC or “Quick Turn” (previously iAero Thrust LLC), a hospital maintenance and testing facility dedicated to the CFM56 engine. We account for our investment in Quick Turn as an equity method investment as we have significant influence through our interest.

INTANGIBLE ASSETS AND LIABILITI

INTANGIBLE ASSETS AND LIABILITIES, NET	3 Months Ended
	Mar. 31, 2023
Intangible Assets and Liabilities Disclosure [Abstract]
INTANGIBLE ASSETS AND LIABILITIES, NET	6. INTANGIBLE ASSETS AND LIABILITIES, NET Intangible assets and liabilities, net are summarized as follows: March 31, 2023 December 31, 2022 Intangible assets Acquired favorable lease intangibles $ 60,514 $ 64,202 Less: Accumulated amortization (14,785) (22,247) Acquired favorable lease intangibles, net $ 45,729 $ 41,955 Intangible liabilities Acquired unfavorable lease intangibles $ 3,771 $ 13,152 Less: Accumulated amortization (1,796) (2,607) Acquired unfavorable lease intangibles, net $ 1,975 $ 10,545 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 March 31, 2023 2022 Lease intangibles Lease income $ 3,983 $ 3,658 As of March 31, 2023, estimated net annual amortization of intangibles is as follows: Remainder of 2023 $ 14,150 2024 10,083 2025 8,678 2026 3,695 2027 4,392 Thereafter 2,756 Total $ 43,754

DEBT, NET

DEBT, NET	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT, NET	7. DEBT, NET Our debt, net is summarized as follows: March 31, 2023 December 31, 2022 Outstanding Borrowings Stated Interest Rate Maturity Date Outstanding Borrowings Loans payable Revolving Credit Facility (1) $ 75,000 (i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75% 9/20/25 $ 150,000 Total loans payable 75,000 150,000 Bonds payable Senior Notes due 2025 (2) 652,794 6.50% 10/1/25 653,036 Senior Notes due 2027 400,000 9.75% 8/1/27 400,000 Senior Notes due 2028 (3) 1,002,006 5.50% 5/1/28 1,002,091 Total bonds payable 2,054,800 2,055,127 Debt 2,129,800 2,205,127 Less: Debt issuance costs (27,893) (29,400) Total debt, net $ 2,101,907 $ 2,175,727 Total debt due within one year $ — $ — ________________________________________________________ (1) Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (2) Includes an unamortized discount of $1,207 and $1,318 at March 31, 2023 and December 31, 2022, respectively, and an unamortized premium of $4,001 and $4,354 at March 31, 2023 and December 31, 2022, respectively. (3) Includes an unamortized premium of $2,006 and $2,091 at March 31, 2023 and December 31, 2022, respectively. We were in compliance with all debt covenants as of March 31, 2023.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
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 and restricted cash 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. Except as discussed below, our financial instruments other than cash and cash equivalents and restricted cash consist principally of accounts receivable, notes receivable, accounts payable and accrued liabilities, loans payable, security deposits, maintenance deposits and management fees payable, whose fair values approximate their carrying values based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles. The fair values of our bonds payable reported as Debt, net in the Consolidated Balance Sheets are presented in the table below and classified as Level 2 within the fair value hierarchy: March 31, 2023 December 31, 2022 Senior Notes due 2025 651,541 613,152 Senior Notes due 2027 421,516 402,032 Senior Notes due 2028 917,230 853,490 The fair values of all other items reported as Debt, net in the Consolidated Balance Sheets approximate their carrying values due to their bearing market rates of interest and are classified as Level 2 within the fair value hierarchy. The Company has contingent obligations under ASC 460, Guarantees , in connection with certain sales of aircraft on lease, which are measured at fair value. The guarantees are valued at $6.3 million and $3.8 million as of March 31, 2023 and December 31, 2022, respectively, and are reflected as a component of Other liabilities on the Consolidated Balance Sheets. The fair values of the guarantees are determined based on the estimated condition of the engines at the end of each lease term, the estimated cost of replacement and applicable discount rates, and are classified as Level 3. During the three months ended March 31, 2023, the Company recorded a $4.3 million increase in guarantees related to the sale of six aircraft and a $1.8 million decrease related to the change in fair value, which is recorded as Asset sales revenue in the Consolidated Statements of Operations. We measure the fair value of certain assets on a non-recurring basis when 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, leasing equipment and inventory. 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 l easing and eventual sale of assets.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
Share-based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	9. EQUITY-BASED COMPENSATION In 2015, we established a Nonqualified Stock Option and Incentive Award Plan (“Incentive Plan”) which provides for the ability to grant equity compensation awards in the form of stock options, stock appreciation rights, restricted stock, and performance awards to eligible employees, consultants, directors, and other individuals who provide services to us, each as determined by the Compensation Committee of the Board of Directors. As of March 31, 2023, the Incentive Plan provides for the issuance of up to 29.8 million shares. We account for equity-based compensation expense in accordance with ASC 718 Compensation-Stock Compensation and is reported within operating expenses and general and administrative in the Consolidated Statements of Operations. The Consolidated Statements of Operations includes the following expense related to our stock-based compensation arrangements: Three Months Ended March 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2023 2022 Restricted Shares $ 108 $ — $ 8,663 3.8 years Options In connection with our March 2023 offering of preferred shares (see Note 13), we granted options to the Manager related to 248,947 ordinary shares at an exercise price of $26.11, which had a grant date fair value of $2.1 million. The assumptions used in valuing the options were: a 3.471% risk-free rate, a 6.263% dividend yield, a 37.879% volatility and a ten During the three months ended March 31, 2023, the Manager did not transfer any options to employees. Restricted Shares During the three months ended March 31, 2023, we issued restricted shares of the Company to select employees of FTAI Aviation LLC (a wholly owned subsidiary of the Company) that had a grant date fair value of $8.8 million and vest over 4.3 years. These awards are subject to continued employment, and the compensation expense is recognized ratably over the vesting periods, with 50% of the units vesting on June 30, 2026 and the remaining units vesting on June 30, 2027. The fair value of these awards were calculated based on the closing price of FTAI Aviation Ltd.’s ordinary shares on grant date of March 13, 2023.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Current: Cayman Islands $ — $ — United States: — — Federal 47 377 State and local 13 357 Non-U.S. 274 293 Total current provision 334 1,027 Deferred: Cayman Islands — — United States: — — Federal 233 — State and local 444 — Non-U.S. 1,015 312 Total deferred provision 1,692 312 Provision for income taxes: Continuing Operations 2,026 1,339 Discontinued operations — 2,147 Total $ 2,026 $ 3,486 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 three months ended March 31, 2023, 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 2019. 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	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS	11. MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS In connection with the spin-off of FTAI Infrastructure on August 1, 2022, we assigned our then-existing management and advisory agreement, dated as of May 20, 2015, with our Manager to FTAI Infrastructure. On July 31, 2022, we entered into a new management and advisory agreement (the “Management Agreement”), by and among FTAI LLC, FTAI Aviation Ltd., 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. 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 0.01% of FTAI Aviation Holdco Ltd. The Manager is entitled to a management fee 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 1.50%, and is payable monthly in arrears in cash. Master GP is entitled to incentive allocations (comprised of income incentive allocation and capital gains incentive allocation, defined below). 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 our 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 our independent directors. Pre-incentive allocation net income does not include any Income Incentive Allocation or Capital Gains Incentive Allocation (described below) paid to Master GP during the relevant quarter. One of our subsidiaries allocates and distributes to Master GP 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 our pro rata share of cumulative realized gains from the date of the IPO through the end of the applicable calendar year, net of our 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 Master GP. The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation from continuing operations: Three Months Ended March 31, 2023 2022 Management fees $ 55 $ 3 Income incentive allocation 2,942 — Capital gains incentive allocation — — Total $ 2,997 $ 3 We pay all of our operating expenses, except those specifically required to be borne by the Manager under the Management Agreement. The expenses required to be paid by us include, but are not limited to, issuance and transaction costs incident to the acquisition, disposition and financing of our assets, legal and auditing fees and expenses, the compensation and expenses of our independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness of ours (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings of ours, costs and expenses incurred in contracting with third parties (including affiliates of the Manager), the costs of printing and mailing proxies and reports to our shareholders, costs incurred by the Manager or its affiliates for travel on our behalf, costs associated with any computer software or hardware that is used by us, costs to obtain liability insurance to indemnify our directors and officers and the compensation and expenses of our transfer agent. We 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; we will not reimburse the Manager for these expenses. The following table summarizes our reimbursements to the Manager from continuing operations: Three Months Ended March 31, 2023 2022 Classification in the Consolidated Statements of Operations: General and administrative $ 1,905 $ 1,748 Acquisition and transaction expenses 100 348 Total $ 2,005 $ 2,096 If we terminate the Management Agreement, we will generally be required to pay the Manager a termination fee. The termination fee is equal to the amount of the management fee during the 12 months immediately preceding the date of the termination. In addition, an Incentive Allocation Fair Value Amount will be distributable to Master GP if Master GP is removed due to the termination of the Management Agreement in certain specified circumstances. The Incentive Allocation Fair Value Amount is an amount equal to the Income Incentive Allocation and the Capital Gains Incentive Allocation that would be paid to Master GP if our assets were sold for cash at their then current fair market value (as determined by an appraisal, taking into account, among other things, the expected future value of the underlying investments). Upon the successful completion of an offering of our ordinary shares or other equity securities (including securities issued as consideration in an acquisition), we grant the Manager options to purchase ordinary shares in an amount equal to 10% of the number of ordinary shares being sold in the offering (or if the issuance relates to equity securities other than our ordinary shares, options to purchase a number of ordinary shares equal to 10% of the gross capital raised in the equity issuance divided by the fair market value of a ordinary share as of the date of issuance), with an exercise price equal to the offering price per share paid by the public or other ultimate purchaser or attributed to such securities in connection with an acquisition (or the fair market value of a ordinary share as of the date of the equity issuance if it relates to equity securities other than our ordinary shares). Any ultimate purchaser of ordinary shares for which such options are granted may be an affiliate of the Manager. The following table summarizes amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets: March 31, 2023 December 31, 2022 Accrued management fees $ 23 $ 53 Other payables 4,332 4,688

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	12. SEGMENT INFORMATION As a result of the spin-off of FTAI Infrastructure effective on August 1, 2022, 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 and manufactures through a joint venture, and repairs and sells, through exclusivity arrangements, aftermarket components for aircraft engines. The interim period discloses the reportable segments on this basis, and prior periods have been restated to reflect the change in accordance with the requirements of ASC 280, Segment Reporting . Corporate and Other primarily consists of debt, unallocated corporate general and administrative expenses, shared services costs, and management fees. Additionally, Corporate and Other also includes offshore energy related assets, which consist of vessels and equipment that support offshore oil and gas activities and production which are typically subject to operating leases. 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. During the third quarter of 2022, the Company changed its measure of segment profit to include the add back of dividends on preferred shares in Adjusted EBITDA. Prior period Adjusted EBITDA amounts and the reconciliation to net income (loss) attributable to shareholders from continuing operations have been recast to reflect this change in the measure of segment profit. Adjusted EBITDA is defined as net income (loss) attributable to shareholders from continuing operations, 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, dividends on preferred shares and interest 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 (loss) attributable to shareholders from continuing operations, as defined by U.S. 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 (loss) attributable to shareholders as determined in accordance with U.S. GAAP. The following tables set forth certain information for each reportable segment: I. For the Three Months Ended March 31, 2023 Three Months Ended March 31, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 48,830 $ — $ 7,148 $ 55,978 Maintenance revenue 35,141 — — 35,141 Asset sales revenue 108,691 — — 108,691 Aerospace products revenue — 85,113 — 85,113 Other revenue 6,378 — 1,417 7,795 Total revenues $ 199,040 $ 85,113 $ 8,565 $ 292,718 Expenses Cost of sales 92,234 53,436 — 145,670 Operating expenses 7,088 3,655 11,791 22,534 General and administrative — — 4,067 4,067 Acquisition and transaction expenses 1,462 755 1,045 3,262 Management fees and incentive allocation to affiliate — — 2,997 2,997 Depreciation and amortization 38,140 86 2,700 40,926 Asset impairment 1,220 — — 1,220 Interest expense — — 39,292 39,292 Total expenses 140,144 57,932 61,892 259,968 Other income (expense) Equity in losses of unconsolidated entities (99) (1,236) — (1,335) Other income 8 — — 8 Total other expense (91) (1,236) — (1,327) Income (loss) from continuing operations before income taxes 58,805 25,945 (53,327) 31,423 Provision for income taxes 995 916 115 2,026 Net income (loss) from continuing operations 57,810 25,029 (53,442) 29,397 Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries — — — — Less: Dividends on preferred shares — — 6,791 6,791 Net income (loss) attributable to shareholders from continuing operations $ 57,810 $ 25,029 $ (60,233) $ 22,606 The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders: Three Months Ended March 31, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 107,556 $ 27,377 $ (7,277) $ 127,656 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (1,335) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 696 Less: Interest expense and dividends on preferred shares (46,083) Less: Depreciation and amortization expense (48,770) Less: Incentive allocations (2,942) Less: Asset impairment charges (1,220) Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (3,262) Less: Equity-based compensation expense (108) Less: Provision for income taxes (2,026) Net income attributable to shareholders from continuing operations $ 22,606 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended March 31, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ — $ 875 $ — $ 875 Asia 17,766 — 8,565 26,331 Europe 52,365 25,966 — 78,331 North America 115,665 56,996 — 172,661 South America 13,244 1,276 — 14,520 Total revenues $ 199,040 $ 85,113 $ 8,565 $ 292,718 Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of March 31, 2023: Operating Leases Remainder of 2023 $ 120,738 2024 96,559 2025 70,796 2026 50,093 2027 35,022 Thereafter 59,959 Total $ 433,167 II. For the Three Months Ended March 31, 2022 Three Months Ended March 31, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 33,958 $ — $ 5,367 $ 39,325 Maintenance revenue 36,732 — — 36,732 Aerospace products revenue — 14,313 — 14,313 Other revenue 22 — 1,299 1,321 Total revenues $ 70,712 $ 14,313 $ 6,666 $ 91,691 Expenses Cost of sales — 9,050 — 9,050 Operating expenses 54,472 1,623 5,704 61,799 General and administrative — — 4,561 4,561 Acquisition and transaction expenses 209 — 2,064 2,273 Management fees and incentive allocation to affiliate — — 3 3 Depreciation and amortization 39,228 34 2,043 41,305 Asset impairment 122,790 — — 122,790 Interest expense — — 44,139 44,139 Total expenses 216,699 10,707 58,514 285,920 Other income (expense) Equity in earnings (losses) of unconsolidated entities 552 (354) — 198 Gain on sale of assets, net 6,587 9,701 — 16,288 Other income (expense) 165 — (37) 128 Total other income (expense) 7,304 9,347 (37) 16,614 (Loss) income from continuing operations before income taxes (138,683) 12,953 (51,885) (177,615) Provision for income taxes 986 71 282 1,339 Net (loss) income from continuing operations (139,669) 12,882 (52,167) (178,954) Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries — — — — Less: Dividends on preferred shares — — 6,791 6,791 Net (loss) income attributable to shareholders from continuing operations $ (139,669) $ 12,882 $ (58,958) $ (185,745) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders: Three Months Ended March 31, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 35,556 $ 13,043 $ (3,639) $ 44,960 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in earnings of unconsolidated entities 198 Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (254) Less: Interest expense and dividends on preferred shares (50,930) Less: Depreciation and amortization expense (53,317) Less: Incentive allocations — Less: Asset impairment charges (122,790) Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (2,273) Less: Equity-based compensation expense — Less: Provision for income taxes (1,339) Net loss attributable to shareholders from continuing operations $ (185,745) Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended March 31, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ — $ 850 $ — $ 850 Asia 15,662 1,401 6,666 23,729 Europe 27,402 4,574 — 31,976 North America 18,284 7,488 — 25,772 South America 9,364 — — 9,364 Total $ 70,712 $ 14,313 $ 6,666 $ 91,691 III. Location of Long-Lived Assets The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net: March 31, 2023 December 31, 2022 Property, plant and equipment and leasing equipment, net Africa $ — $ 7,952 Asia 375,595 383,378 Europe 871,581 821,840 North America 427,391 424,617 South America 186,533 285,780 Total property, plant and equipment and leasing equipment, net $ 1,861,100 $ 1,923,567

EARNINGS PER SHARE AND EQUITY

EARNINGS PER SHARE AND EQUITY	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE AND EQUITY	13. EARNINGS PER SHARE AND EQUITY Basic earnings per ordinary share (“EPS”) is calculated by dividing net income (loss) attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary 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 March 31, (in thousands, except share and per share data) 2023 2022 Net income (loss) from continuing operations $ 29,397 $ (178,954) Net loss from discontinued operations, net of income taxes — (50,705) Net income (loss) $ 29,397 $ (229,659) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries: Continuing operations — — Discontinued operations — (7,466) Less: Dividends on preferred shares 6,791 6,791 Net income (loss) attributable to shareholders $ 22,606 $ (228,984) Weighted Average Ordinary Shares Outstanding - Basic (1) 99,728,245 99,366,877 Weighted Average Ordinary Shares Outstanding - Diluted (1) 100,974,100 99,366,877 Earnings (loss) per share: Basic Continuing operations $ 0.23 $ (1.87) Discontinued operations $ — $ (0.43) Diluted Continuing operations $ 0.22 $ (1.87) Discontinued operations $ — $ (0.43) ________________________________________________________ (1) Three months ended March 31, 2022 include participating securities which can be converted into a fixed amount of our shares. For the three months ended March 31, 2023 and 2022, 57,175 and 771,689 shares, respectively, have been excluded from the calculation of Diluted EPS because the impact would be anti-dilutive. During the three months ended March 31, 2023 and 2022, we issued 12,165 and 8,311 ordinary shares to certain directors as compensation. Preferred Shares In March 2023, in a public offering, we issued 2,600,000 shares of 9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares (“Series D Preferred Shares”), par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds before expenses of approximate ly $63.0 million . See Note 9 for information related to options issued to the Manager in connection with such offering.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company and its subsidiaries may be involved in various claims, legal proceedings, or may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. Within our offshore energy business, a lessee did not fulfill its obligation under its charter arrangement, therefore we are pursuing rights afforded to us under the charter and the range of potential losses against the obligation is $0.0 million to $3.3 million. Our maximum exposure under other arrangements is unknown as no additional claims have been made. We believe the risk of loss in connection with such arrangements is remote. The Company has contingent obligations under ASC 460, Guarantees , in connection with certain sales of aircraft on lease. Under the agreements, we provide certain guarantees at the end of the lease term for the condition of the aircraft engines that were sold to the buyer. The guarantees are valued at $6.3 million and $3.8 million as of March 31, 2023 and December 31, 2022, respectively, and are reflected as a component of Other liabilities on the Consolidated Balance Sheets. Given variability in the condition of the engines at the end of the lease terms, which range from 4 to 10 years, the maximum potential amount of undiscounted future payments that could be required under the guarantees at March 31, 2023 was $33.5 million, which is not reasonably expected.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS Dividends On April 25, 2023, our Board of Directors declared a cash dividend on our ordinary shares and eligible participating securities of $0.30 per share for the quarter ended March 31, 2023, payable on May 23, 2023 to the holders of record on May 12, 2023 . Additionally, on April 25, 2023, our Board of Directors also declared cash dividends on the Series A Preferred Shares, Series B Preferred Shares, Series C Preferred Shares and Series D Preferred Shares of $ 0.52 , $0.50 , $0.52 and $0.59 per share, respectively, payable on June 15, 2023 to the holders of record on June 1, 2023 .

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
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 (“U.S. GAAP”) and include the accounts of us and our subsidiaries. These financial statements and related notes should be read in conjunction with the Consolidated Financial Statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Principles of Consolidation	Principles of Consolidation — We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest. 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 as well as the proportionate interest in adjustments to other comprehensive loss.
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. 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 segments 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 or to refinance existing debt facilities. 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 arrangements are denominated in U.S. dollars.
Cash and Cash Equivalents and Restricted Cash	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. Restricted Cash —Restricted cash consists of funds required for the Company’s investment in Quick Turn, as described in Note 5, of $19.5 million
Inventory	Inventory — We hold aircraft engine modules, spare parts and used material inventory for trading and to support operations. Inventory is carried at the lower of cost or net realizable value on our consolidated balance sheets.
Revenues	Revenues — We disaggregate our revenue from contracts with customers by products and services. Revenues are within the scope of ASC 842, Leases, and ASC 606, Revenue from contracts with customers , unless otherwise noted. We have elected to exclude sales and other similar taxes from revenues. During the third quarter of 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 Asset sales revenue in the Consolidated Statement of Operations beginning in the third quarter of 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 beginning in the third quarter of 2022. Sales transactions of aircraft and engines prior to the third quarter of 2022 were accounted for in accordance with ASC 610-20, Gains and losses from the derecognition of nonfinancial assets and were included in Gain on sale of assets, net on the Consolidated Statement of Operations, as we were previously only occasionally selling these assets. Generally, assets sold were under leasing arrangements with customers prior to sales and were included in Leasing equipment, net, on the Consolidated Balance Sheets. Operating Leases —We lease equipment pursuant to operating leases. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the lease, assuming no renewals. 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. 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 also 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. 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. Aerospace products revenue also consists of engine management service contracts, where the Company has a stand-ready obligation to provide replacement CFM56-7B and CFM56-5B engines to customers as they become unserviceable during the contract term. The Company recognizes revenue over time using a straight-line attribution method and the costs related to fulfilling the performance obligation are expensed as incurred.
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, respectively. Finance lease ROU assets are recognized in Other assets and lease liabilities are recognized in 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. The finance lease ROU assets are subsequently amortized using the straight-line method. 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. We earned 18% and 10% of our revenue from two customers in the Aviation Leasing segment during the three months ended March 31, 2023. No single customer accounted for greater than 10% of total revenue during the three months ended March 31, 2022. As of March 31, 2023, there was one customer in the Aviation Leasing segment that represented 15% of total accounts receivable, net. As of December 31, 2022, there were two customers in the Aviation Leasing segment that represented 20% and 12% 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 —
Comprehensive Loss	Comprehensive Loss — Comprehensive loss is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. Our comprehensive loss represents net income (loss), as presented in the Consolidated Statements of Operations, adjusted for comprehensive loss related to cash flow hedges of our equity method investees of discontinued operations. The cash flow impact of commodity derivatives held by our consolidated subsidiaries is recognized in Change in fair value of non-hedge derivatives in our Consolidated Statements of Cash Flows.
Recent Accounting Pronouncements	Recent Accounting Pronouncements — The Company has evaluated all recent accounting pronouncements and none are expected to have a material impact on the Company’s consolidated financial statements.
Fair Value Measurement	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 and restricted cash 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. Except as discussed below, our financial instruments other than cash and cash equivalents and restricted cash consist principally of accounts receivable, notes receivable, accounts payable and accrued liabilities, loans payable, security deposits, maintenance deposits and management fees payable, whose fair values approximate their carrying values based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles. The fair values of all other items reported as Debt, net in the Consolidated Balance Sheets approximate their carrying values due to their bearing market rates of interest and are classified as Level 2 within the fair value hierarchy. The Company has contingent obligations under ASC 460, Guarantees , in connection with certain sales of aircraft on lease, which are measured at fair value. The guarantees are valued at $6.3 million and $3.8 million as of March 31, 2023 and December 31, 2022, respectively, and are reflected as a component of Other liabilities on the Consolidated Balance Sheets. The fair values of the guarantees are determined based on the estimated condition of the engines at the end of each lease term, the estimated cost of replacement and applicable discount rates, and are classified as Level 3. During the three months ended March 31, 2023, the Company recorded a $4.3 million increase in guarantees related to the sale of six aircraft and a $1.8 million decrease related to the change in fair value, which is recorded as Asset sales revenue in the Consolidated Statements of Operations. We measure the fair value of certain assets on a non-recurring basis when 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, leasing equipment and inventory. 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 l easing and eventual sale of assets.

DISCONTINUED OPERATIONS - (Tabl

DISCONTINUED OPERATIONS - (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	The following table presents the significant components of net loss from discontinued operations: Three Months Ended March 31, 2022 Revenues Total revenues $ 46,148 Expenses Operating expenses 38,067 General and administrative expenses 1,130 Acquisition and transaction expenses 3,751 Management fees and incentive allocation to affiliate 4,161 Depreciation and amortization 16,996 Interest expense 6,459 Total expenses 70,564 Equity in losses of unconsolidated entities (24,211) Other income 69 Total other expense (24,142) Loss before income taxes (48,558) Provision for income taxes 2,147 Net loss from discontinued operations, net of income taxes (50,705) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (7,466) Net loss attributable to shareholders (43,239) Three Months Ended March 31, 2022 Operating activities: Equity in losses of unconsolidated entities $ 24,211 Depreciation and amortization 16,996 Equity-based compensation 709 Investing activities: Acquisition of property, plant and equipment $ (52,546) Investment in unconsolidated entities (1,637) Proceeds from sale of property, plant and equipment 2,910 Non-cash change in equity method investment (94,779) The Company accounted for Long Ridge Terminal LLC, included in discontinued operations for the three months ended March 31, 2022 included above, using the equity method of accounting. Summarized financial data for Long Ridge Terminal LLC are shown in the following table. Three Months Ended Income Statement March 31, 2022 Total revenue $ 24,411 Expenses Operating expenses 12,447 Depreciation and amortization 12,544 Interest expense 12,861 Total expenses 37,852 Other expense (29,234) Net loss $ (42,675)

LEASING EQUIPMENT, NET (Tables)

LEASING EQUIPMENT, NET (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Lessor, Operating Leases	Leasing equipment, net is summarized as follows: March 31, 2023 December 31, 2022 Leasing equipment $ 2,346,078 $ 2,413,230 Less: Accumulated depreciation (496,416) (499,677) Leasing equipment, net $ 1,849,662 $ 1,913,553
Lessor, Acquisition and Disposition of Leasing Equipment	The following table presents information related to our acquisitions and dispositions of aviation leasing equipment during the three months ended March 31, 2023: Acquisitions: Aircraft 5 Engines 22 Dispositions: Aircraft 8 Engines 13
Operating Lease, Lease Income	Depreciation expense for leasing equipment is summarized as follows: Three Months Ended March 31, 2023 2022 Depreciation expense for leasing equipment $ 40,766 $ 41,203

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 Advanced Engine Repair JV Equity method 25% $ 19,799 $ 20,207 Falcon MSN 177 LLC Equity method 50% 1,731 1,830 Quick Turn Engine Center LLC Equity method 50% 18,672 — $ 40,202 $ 22,037 The following table presents our proportionate share of equity in (losses) income: Three Months Ended March 31, 2023 2022 Advanced Engine Repair JV $ (408) $ (354) Falcon MSN 177 LLC (99) 552 Quick Turn Engine Center LLC (828) — Total $ (1,335) $ 198

INTANGIBLE ASSETS AND LIABILI_2

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)	3 Months Ended
	Mar. 31, 2023
Intangible Assets and Liabilities Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets and Liabilities	Intangible assets and liabilities, net are summarized as follows: March 31, 2023 December 31, 2022 Intangible assets Acquired favorable lease intangibles $ 60,514 $ 64,202 Less: Accumulated amortization (14,785) (22,247) Acquired favorable lease intangibles, net $ 45,729 $ 41,955 Intangible liabilities Acquired unfavorable lease intangibles $ 3,771 $ 13,152 Less: Accumulated amortization (1,796) (2,607) Acquired unfavorable lease intangibles, net $ 1,975 $ 10,545
Schedule of Intangible Assets and Liabilities	Amortization of intangible assets and liabilities is as follows: Classification in Consolidated Statements of Operations Three Months Ended March 31, 2023 2022 Lease intangibles Lease income $ 3,983 $ 3,658
Schedule of Net Annual Amortization of Intangibles	As of March 31, 2023, estimated net annual amortization of intangibles is as follows: Remainder of 2023 $ 14,150 2024 10,083 2025 8,678 2026 3,695 2027 4,392 Thereafter 2,756 Total $ 43,754

DEBT, NET (Tables)

DEBT, NET (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Our debt, net is summarized as follows: March 31, 2023 December 31, 2022 Outstanding Borrowings Stated Interest Rate Maturity Date Outstanding Borrowings Loans payable Revolving Credit Facility (1) $ 75,000 (i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75% 9/20/25 $ 150,000 Total loans payable 75,000 150,000 Bonds payable Senior Notes due 2025 (2) 652,794 6.50% 10/1/25 653,036 Senior Notes due 2027 400,000 9.75% 8/1/27 400,000 Senior Notes due 2028 (3) 1,002,006 5.50% 5/1/28 1,002,091 Total bonds payable 2,054,800 2,055,127 Debt 2,129,800 2,205,127 Less: Debt issuance costs (27,893) (29,400) Total debt, net $ 2,101,907 $ 2,175,727 Total debt due within one year $ — $ — ________________________________________________________ (1) Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (2) Includes an unamortized discount of $1,207 and $1,318 at March 31, 2023 and December 31, 2022, respectively, and an unamortized premium of $4,001 and $4,354 at March 31, 2023 and December 31, 2022, respectively. (3) Includes an unamortized premium of $2,006 and $2,091 at March 31, 2023 and December 31, 2022, respectively.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The fair values of our bonds payable reported as Debt, net in the Consolidated Balance Sheets are presented in the table below and classified as Level 2 within the fair value hierarchy: March 31, 2023 December 31, 2022 Senior Notes due 2025 651,541 613,152 Senior Notes due 2027 421,516 402,032 Senior Notes due 2028 917,230 853,490

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
Share-based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Arrangements	The Consolidated Statements of Operations includes the following expense related to our stock-based compensation arrangements: Three Months Ended March 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2023 2022 Restricted Shares $ 108 $ — $ 8,663 3.8 years

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 2022 Current: Cayman Islands $ — $ — United States: — — Federal 47 377 State and local 13 357 Non-U.S. 274 293 Total current provision 334 1,027 Deferred: Cayman Islands — — United States: — — Federal 233 — State and local 444 — Non-U.S. 1,015 312 Total deferred provision 1,692 312 Provision for income taxes: Continuing Operations 2,026 1,339 Discontinued operations — 2,147 Total $ 2,026 $ 3,486

MANAGEMENT AGREEMENT AND AFFI_2

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation from continuing operations: Three Months Ended March 31, 2023 2022 Management fees $ 55 $ 3 Income incentive allocation 2,942 — Capital gains incentive allocation — — Total $ 2,997 $ 3 Three Months Ended March 31, 2023 2022 Classification in the Consolidated Statements of Operations: General and administrative $ 1,905 $ 1,748 Acquisition and transaction expenses 100 348 Total $ 2,005 $ 2,096 The following table summarizes amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets: March 31, 2023 December 31, 2022 Accrued management fees $ 23 $ 53 Other payables 4,332 4,688

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 Three Months Ended March 31, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 48,830 $ — $ 7,148 $ 55,978 Maintenance revenue 35,141 — — 35,141 Asset sales revenue 108,691 — — 108,691 Aerospace products revenue — 85,113 — 85,113 Other revenue 6,378 — 1,417 7,795 Total revenues $ 199,040 $ 85,113 $ 8,565 $ 292,718 Expenses Cost of sales 92,234 53,436 — 145,670 Operating expenses 7,088 3,655 11,791 22,534 General and administrative — — 4,067 4,067 Acquisition and transaction expenses 1,462 755 1,045 3,262 Management fees and incentive allocation to affiliate — — 2,997 2,997 Depreciation and amortization 38,140 86 2,700 40,926 Asset impairment 1,220 — — 1,220 Interest expense — — 39,292 39,292 Total expenses 140,144 57,932 61,892 259,968 Other income (expense) Equity in losses of unconsolidated entities (99) (1,236) — (1,335) Other income 8 — — 8 Total other expense (91) (1,236) — (1,327) Income (loss) from continuing operations before income taxes 58,805 25,945 (53,327) 31,423 Provision for income taxes 995 916 115 2,026 Net income (loss) from continuing operations 57,810 25,029 (53,442) 29,397 Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries — — — — Less: Dividends on preferred shares — — 6,791 6,791 Net income (loss) attributable to shareholders from continuing operations $ 57,810 $ 25,029 $ (60,233) $ 22,606 II. For the Three Months Ended March 31, 2022 Three Months Ended March 31, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 33,958 $ — $ 5,367 $ 39,325 Maintenance revenue 36,732 — — 36,732 Aerospace products revenue — 14,313 — 14,313 Other revenue 22 — 1,299 1,321 Total revenues $ 70,712 $ 14,313 $ 6,666 $ 91,691 Expenses Cost of sales — 9,050 — 9,050 Operating expenses 54,472 1,623 5,704 61,799 General and administrative — — 4,561 4,561 Acquisition and transaction expenses 209 — 2,064 2,273 Management fees and incentive allocation to affiliate — — 3 3 Depreciation and amortization 39,228 34 2,043 41,305 Asset impairment 122,790 — — 122,790 Interest expense — — 44,139 44,139 Total expenses 216,699 10,707 58,514 285,920 Other income (expense) Equity in earnings (losses) of unconsolidated entities 552 (354) — 198 Gain on sale of assets, net 6,587 9,701 — 16,288 Other income (expense) 165 — (37) 128 Total other income (expense) 7,304 9,347 (37) 16,614 (Loss) income from continuing operations before income taxes (138,683) 12,953 (51,885) (177,615) Provision for income taxes 986 71 282 1,339 Net (loss) income from continuing operations (139,669) 12,882 (52,167) (178,954) Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries — — — — Less: Dividends on preferred shares — — 6,791 6,791 Net (loss) income attributable to shareholders from continuing operations $ (139,669) $ 12,882 $ (58,958) $ (185,745)
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 March 31, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 107,556 $ 27,377 $ (7,277) $ 127,656 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (1,335) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 696 Less: Interest expense and dividends on preferred shares (46,083) Less: Depreciation and amortization expense (48,770) Less: Incentive allocations (2,942) Less: Asset impairment charges (1,220) Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (3,262) Less: Equity-based compensation expense (108) Less: Provision for income taxes (2,026) Net income attributable to shareholders from continuing operations $ 22,606 The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders: Three Months Ended March 31, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 35,556 $ 13,043 $ (3,639) $ 44,960 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in earnings of unconsolidated entities 198 Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (254) Less: Interest expense and dividends on preferred shares (50,930) Less: Depreciation and amortization expense (53,317) Less: Incentive allocations — Less: Asset impairment charges (122,790) Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (2,273) Less: Equity-based compensation expense — Less: Provision for income taxes (1,339) Net loss attributable to shareholders from continuing operations $ (185,745)
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 March 31, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ — $ 875 $ — $ 875 Asia 17,766 — 8,565 26,331 Europe 52,365 25,966 — 78,331 North America 115,665 56,996 — 172,661 South America 13,244 1,276 — 14,520 Total revenues $ 199,040 $ 85,113 $ 8,565 $ 292,718 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended March 31, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ — $ 850 $ — $ 850 Asia 15,662 1,401 6,666 23,729 Europe 27,402 4,574 — 31,976 North America 18,284 7,488 — 25,772 South America 9,364 — — 9,364 Total $ 70,712 $ 14,313 $ 6,666 $ 91,691
Long-lived Assets by Geographic Areas	The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net: March 31, 2023 December 31, 2022 Property, plant and equipment and leasing equipment, net Africa $ — $ 7,952 Asia 375,595 383,378 Europe 871,581 821,840 North America 427,391 424,617 South America 186,533 285,780 Total property, plant and equipment and leasing equipment, net $ 1,861,100 $ 1,923,567
Summary of Contracted Minimum Future Annual Revenues	Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of March 31, 2023: Operating Leases Remainder of 2023 $ 120,738 2024 96,559 2025 70,796 2026 50,093 2027 35,022 Thereafter 59,959 Total $ 433,167

EARNINGS PER SHARE AND EQUITY (

EARNINGS PER SHARE AND EQUITY (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, (in thousands, except share and per share data) 2023 2022 Net income (loss) from continuing operations $ 29,397 $ (178,954) Net loss from discontinued operations, net of income taxes — (50,705) Net income (loss) $ 29,397 $ (229,659) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries: Continuing operations — — Discontinued operations — (7,466) Less: Dividends on preferred shares 6,791 6,791 Net income (loss) attributable to shareholders $ 22,606 $ (228,984) Weighted Average Ordinary Shares Outstanding - Basic (1) 99,728,245 99,366,877 Weighted Average Ordinary Shares Outstanding - Diluted (1) 100,974,100 99,366,877 Earnings (loss) per share: Basic Continuing operations $ 0.23 $ (1.87) Discontinued operations $ — $ (0.43) Diluted Continuing operations $ 0.22 $ (1.87) Discontinued operations $ — $ (0.43) ________________________________________________________ (1) Three months ended March 31, 2022 include participating securities which can be converted into a fixed amount of our shares.

ORGANIZATION (Details)

ORGANIZATION (Details)	3 Months Ended
	Mar. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Accounting Policies [Line Items]
Restricted cash	$ 0		$ 19,500,000
Provision for doubtful accounts	66,100,000		65,600,000
Bad debt expense	500,000	$ 47,900,000
Operating lease, right-of-use asset	2,800,000		3,000,000
Finance leases, net	$ 5,900,000		6,400,000
Common stock dividends declared (in dollars per share)	$ 0.30	$ 0.33
Prepaid expense	$ 1,500,000		1,900,000
Series A Preferred Shares
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.52
Series B Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	0.50
Series C Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.52
Other Assets
Accounting Policies [Line Items]
Lease incentives	$ 43,000,000		37,900,000
Purchase deposits	10,200,000		6,700,000
Notes receivable	53,200,000		49,200,000
Maintenance right assets	$ 8,800,000		$ 6,800,000
Major Accounts Receivable Customer, Customer One | Customer Concentration Risk | Accounts Receivable
Accounting Policies [Line Items]
Concentration risk	15%		20%
Major Accounts Receivable Customer, Customer Two | Customer Concentration Risk | Accounts Receivable
Accounting Policies [Line Items]
Concentration risk			12%
Customer One | Customer Concentration Risk | Sales Revenue, Segment | Aviation Leasing
Accounting Policies [Line Items]
Concentration risk	18%
Customer Two | Customer Concentration Risk | Sales Revenue, Segment | Aviation Leasing
Accounting Policies [Line Items]
Concentration risk	10%

DISCONTINUED OPERATIONS - Narra

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Aug. 01, 2022
Loans payable | Revolving Credit Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt	$ 175,000
Senior Notes Due 2025 | Bonds payable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt	$ 200,000
Stated percentage	6.50%
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received		$ 730,300

DISCONTINUED OPERATIONS - Compo

DISCONTINUED OPERATIONS - Components of Net Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Expenses
Provision for income taxes	$ 0	$ 2,147,000
Net loss from discontinued operations, net of income taxes	0	(50,705,000)
Discontinued operations	0	$ (7,466,000)
Discontinued Operations, Disposed of by Sale
Revenues
Total revenues	46,148,000
Expenses
Operating expenses	38,067,000
General and administrative expenses	1,130,000
Acquisition and transaction expenses	3,751,000
Management fees and incentive allocation to affiliate	4,161,000
Depreciation and amortization	16,996,000
Interest expense	6,459,000
Total expenses	70,564,000
Equity in losses of unconsolidated entities	(24,211,000)
Other income	69,000
Total other expense	(24,142,000)
Loss before income taxes	(48,558,000)
Provision for income taxes	2,147,000
Net loss from discontinued operations, net of income taxes	(50,705,000)
Discontinued operations	(7,466,000)
Net loss attributable to shareholders	$ (43,239,000)

DISCONTINUED OPERATIONS - Com_2

DISCONTINUED OPERATIONS - Components of Cash Flows (Details) - Discontinued Operations, Disposed of by Sale $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Operating activities:
Equity in losses of unconsolidated entities	$ 24,211
Depreciation and amortization	16,996
Equity-based compensation	709
Investing activities:
Acquisition of property, plant and equipment	(52,546)
Investment in unconsolidated entities	(1,637)
Proceeds from sale of property, plant and equipment	2,910
Non-cash change in equity method investment	$ (94,779)

DISCONTINUED OPERATIONS - Incom

DISCONTINUED OPERATIONS - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	$ 292,718	$ 91,691
Expenses
Operating expenses	22,534	61,799
Depreciation and amortization	40,926	41,305
Total expenses	259,968	285,920
Other expense	(1,327)	$ 16,614
Long Ridge Terminal LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	24,411
Expenses
Operating expenses	12,447
Depreciation and amortization	12,544
Interest expense	12,861
Total expenses	37,852
Other expense	(29,234)
Net loss	$ (42,675)

LEASING EQUIPMENT, NET - Schedu

LEASING EQUIPMENT, NET - Schedule of Lessor, Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Line Items]
Property, plant and equipment, net	$ 1,849,662	$ 1,913,553
Leasing Equipment
Leases [Line Items]
Leasing equipment	2,346,078	2,413,230
Less: Accumulated depreciation	(496,416)	(499,677)
Property, plant and equipment, net	$ 1,849,662	$ 1,913,553

LEASING EQUIPMENT, NET - Additi

LEASING EQUIPMENT, NET - Additional Details (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) airCraft engine	Mar. 31, 2022 USD ($)
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Impairment of long lived assets | $	$ 1.2	$ 122.8
UKRAINE
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of aircrafts | airCraft	4
Number of engines | engine	1
RUSSIAN FEDERATION
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of aircrafts | airCraft	8
Number of engines | engine	17

LEASING EQUIPMENT, NET - Lessor

LEASING EQUIPMENT, NET - Lessor, Acquisition and Disposition of Leasing Equipment (Details)	3 Months Ended
	Mar. 31, 2023 aircraft commercial_jet_engine
Acquisitions:
Aircraft | aircraft	5
Engines | commercial_jet_engine	22
Dispositions:
Aircraft | aircraft	8
Engines | commercial_jet_engine	13

LEASING EQUIPMENT, NET - Operat

LEASING EQUIPMENT, NET - Operating Lease, Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leasing Equipment
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Depreciation expense for leasing equipment	$ 40,766	$ 41,203

INVESTMENTS - Ownership Carryin

INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Jan. 04, 2023	Dec. 31, 2022	Nov. 30, 2021	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 40,202		$ 22,037
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	25%				25%
Carrying Value	$ 19,799		20,207		$ 15,000
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%			50%
Carrying Value	$ 1,731		1,830	$ 1,600
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%	50%
Carrying Value	$ 18,672	$ 19,500	$ 0

INVESTMENTS - Share of Equity o

INVESTMENTS - Share of Equity of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ (1,335)	$ 198
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Income (loss)	(408)	(354)
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Income (loss)	(99)	552
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ (828)	$ 0

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2019	Mar. 31, 2023	Jan. 04, 2023	Dec. 31, 2022	Nov. 30, 2021	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 40,202		$ 22,037
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 19,799		20,207		$ 15,000
Ownership percentage		25%				25%
Equity method investment contribution amount	$ 13,500
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 1,731		1,830	$ 1,600
Ownership percentage		50%			50%
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 18,672	$ 19,500	$ 0
Ownership percentage		50%	50%

INTANGIBLE ASSETS AND LIABILI_3

INTANGIBLE ASSETS AND LIABILITIES, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Intangible assets:
Acquired favorable lease intangibles	$ 60,514	$ 64,202
Less: Accumulated amortization	(14,785)	(22,247)
Acquired favorable lease intangibles, net	45,729	41,955
Intangible liabilities
Acquired unfavorable lease intangibles	3,771	13,152
Less: Accumulated amortization	(1,796)	(2,607)
Acquired unfavorable lease intangibles, net	$ 1,975	$ 10,545

INTANGIBLE ASSETS AND LIABILI_4

INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease income | Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Lease income	$ 3,983	$ 3,658

INTANGIBLE ASSETS AND LIABILI_5

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 14,150
2024	10,083
2025	8,678
2026	3,695
2027	4,392
Thereafter	2,756
Total	$ 43,754

DEBT, NET - Schedule of Debt (D

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt	$ 2,129,800	$ 2,205,127
Less: Debt issuance costs	(27,893)	(29,400)
Total debt, net	2,101,907	2,175,727
Total debt due within one year	0	0
Loans payable
Debt Instrument [Line Items]
Debt	75,000	150,000
Bonds payable
Debt Instrument [Line Items]
Debt	2,054,800	2,055,127
Bonds payable | Senior Notes Due 2025
Debt Instrument [Line Items]
Total debt, net	$ 652,794	653,036
Stated percentage	6.50%
Unamortized discount	$ 1,207	1,318
Unamortized premium	4,001	4,354
Bonds payable | Senior Notes due 2027
Debt Instrument [Line Items]
Total debt, net	$ 400,000	400,000
Stated percentage	9.75%
Bonds payable | Senior Notes due 2028
Debt Instrument [Line Items]
Total debt, net	$ 1,002,006	1,002,091
Stated percentage	5.50%
Unamortized premium	$ 2,006	2,091
Revolving Credit Facility | Loans payable
Debt Instrument [Line Items]
Total debt, net	$ 75,000	$ 150,000
Quarterly commitment fee rate	0.50%
Base Rate | Revolving Credit Facility | Loans payable
Debt Instrument [Line Items]
Basis spread	1.75%
Adjusted Term SOFR Rate | Revolving Credit Facility | Loans payable
Debt Instrument [Line Items]
Basis spread	2.75%

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Senior Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 651,541	$ 613,152
Senior Notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	421,516	402,032
Senior Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 917,230	$ 853,490

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) airCraft	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gurantees	$ 6.3	$ 3.8
Number of aircrafts sold | airCraft	6
Guarantees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase in guarantees	$ 4.3
Decrease related to the change in fair value	$ 1.8

EQUITY-BASED COMPENSATION (Narr

EQUITY-BASED COMPENSATION (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	248,947
Granted (in dollars per share) | $ / shares	$ 26.11
Grant date fair value | $	$ 2.1	$ 2.1
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of restricted shares | $		$ 8.8
Vesting period		4 years 3 months 18 days
Awards vesting rights		50%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	3.471%
Dividend yield	6.263%
Expected volatility	37.879%
Expected term	10 years
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares) | shares	29,800,000	29,800,000

EQUITY-BASED COMPENSATION - Exp

EQUITY-BASED COMPENSATION - Expenses Related to Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 108	$ 0
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	108	$ 0
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 8,663
Weighted Average Remaining Contractual Term (in years)	3 years 9 months 18 days

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Current:
Cayman Islands	$ 0	$ 0
United States:
Federal	47	377
State and local	13	357
Non-U.S.	274	293
Total current provision	334	1,027
Deferred:
Cayman Islands	0	0
United States:
Federal	233	0
State and local	444	0
Non-U.S.	1,015	312
Total deferred provision	1,692	312
Provision for income taxes:
Continuing Operations	2,026	1,339
Discontinued operations	0	2,147
Total	$ 2,026	$ 3,486

MANAGEMENT AGREEMENT AND AFFI_3

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Details) - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2015	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Management reimbursements		$ 2,997,000	$ 3,000
Income incentive allocation | Threshold 1
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%
Income incentive allocation | Threshold 2
Related Party Transaction [Line Items]
Pre-incentive income allocation	100%
Income incentive allocation | Threshold 2 | Minimum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income	2%
Income incentive allocation | Threshold 2 | Maximum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income	2.2223%
Income incentive allocation | Threshold 3
Related Party Transaction [Line Items]
Pre-incentive income allocation	10%
Quarterly percent threshold of pre-incentive allocation net income	2.2223%
Manager
Related Party Transaction [Line Items]
Management fee percentage rate	1.50%
Manager | Management fees
Related Party Transaction [Line Items]
Due from related party		$ 0		$ 0
General Partner
Related Party Transaction [Line Items]
Ownership percentage by manager	0.01%
Management fees and incentive allocation to affiliate		2,997,000	3,000
Management reimbursements		2,005,000	2,096,000
General Partner | Management fees
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate		55,000	3,000
General Partner | Income incentive allocation
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate		2,942,000	0
General Partner | Capital gains incentive allocation
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate		0	0
General Partner | General and administrative
Related Party Transaction [Line Items]
Management reimbursements		1,905,000	1,748,000
General Partner | Acquisition and transaction expenses
Related Party Transaction [Line Items]
Management reimbursements		100,000	$ 348,000
Fortress Worldwide Transportation and Infrastructure Master GP LLP
Related Party Transaction [Line Items]
Incentive distribution percentage	10%
Accounts Payable and Accrued Liabilities | Manager
Related Party Transaction [Line Items]
Accrued management fees		23,000		53,000
Other payables		$ 4,332,000		$ 4,688,000

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT INFORMATION - Statement

SEGMENT INFORMATION - Statement of Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues	$ 292,718	$ 91,691
Expenses
Cost of sales	145,670	9,050
Operating expenses	22,534	61,799
General and administrative	4,067	4,561
Acquisition and transaction expenses	3,262	2,273
Management fees and incentive allocation to affiliate	2,997	3
Depreciation and amortization	40,926	41,305
Interest expense	39,292	44,139
Total expenses	259,968	285,920
Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(1,335)	198
Gain on sale of assets, net	0	16,288
Other income	8	128
Total other (expense) income	(1,327)	16,614
Income (loss) from continuing operations before income taxes	31,423	(177,615)
Provision for income taxes	2,026	1,339
Net income (loss) from continuing operations	29,397	(178,954)
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	0	0
Less: Dividends on preferred shares	6,791	6,791
Net income attributable to shareholders from continuing operations	22,606	(185,745)
Asset impairment	1,220	122,790
Lease income
Revenues
Total revenues	55,978	39,325
Maintenance revenue
Revenues
Total revenues	35,141	36,732
Asset Sales revenue
Revenues
Total revenues	108,691	0
Aerospace products revenue
Revenues
Total revenues	85,113	14,313
Other revenue
Revenues
Total revenues	7,795	1,321
Operating Segments
Other income (expense)
Income (loss) from continuing operations before income taxes
Corporate and Other
Revenues
Total revenues	8,565	6,666
Expenses
Cost of sales	0	0
Operating expenses	11,791	5,704
General and administrative	4,067	4,561
Acquisition and transaction expenses	1,045	2,064
Management fees and incentive allocation to affiliate	2,997	3
Depreciation and amortization	2,700	2,043
Interest expense	39,292	44,139
Total expenses	61,892	58,514
Other income (expense)
Equity in (losses) earnings of unconsolidated entities	0	0
Gain on sale of assets, net		0
Other income	0	(37)
Total other (expense) income	0	(37)
Income (loss) from continuing operations before income taxes	(53,327)	(51,885)
Provision for income taxes	115	282
Net income (loss) from continuing operations	(53,442)	(52,167)
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	0	0
Less: Dividends on preferred shares	6,791	6,791
Net income attributable to shareholders from continuing operations	(60,233)	(58,958)
Asset impairment	0	0
Corporate and Other | Lease income
Revenues
Total revenues	7,148	5,367
Corporate and Other | Maintenance revenue
Revenues
Total revenues	0	0
Corporate and Other | Asset Sales revenue
Revenues
Total revenues	0
Corporate and Other | Aerospace products revenue
Revenues
Total revenues	0	0
Corporate and Other | Other revenue
Revenues
Total revenues	1,417	1,299
Aviation Leasing | Operating Segments
Revenues
Total revenues	199,040	70,712
Expenses
Cost of sales	92,234	0
Operating expenses	7,088	54,472
General and administrative	0	0
Acquisition and transaction expenses	1,462	209
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	38,140	39,228
Interest expense	0	0
Total expenses	140,144	216,699
Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(99)	552
Gain on sale of assets, net		6,587
Other income	8	165
Total other (expense) income	(91)	7,304
Income (loss) from continuing operations before income taxes	58,805	(138,683)
Provision for income taxes	995	986
Net income (loss) from continuing operations	57,810	(139,669)
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	0	0
Less: Dividends on preferred shares	0	0
Net income attributable to shareholders from continuing operations	57,810	(139,669)
Asset impairment	1,220	122,790
Aviation Leasing | Operating Segments | Lease income
Revenues
Total revenues	48,830	33,958
Aviation Leasing | Operating Segments | Maintenance revenue
Revenues
Total revenues	35,141	36,732
Aviation Leasing | Operating Segments | Asset Sales revenue
Revenues
Total revenues	108,691
Aviation Leasing | Operating Segments | Aerospace products revenue
Revenues
Total revenues	0	0
Aviation Leasing | Operating Segments | Other revenue
Revenues
Total revenues	6,378	22
Aerospace Products | Operating Segments
Revenues
Total revenues	85,113	14,313
Expenses
Cost of sales	53,436	9,050
Operating expenses	3,655	1,623
General and administrative	0	0
Acquisition and transaction expenses	755	0
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	86	34
Interest expense	0	0
Total expenses	57,932	10,707
Other income (expense)
Equity in (losses) earnings of unconsolidated entities	(1,236)	(354)
Gain on sale of assets, net		9,701
Other income	0	0
Total other (expense) income	(1,236)	9,347
Income (loss) from continuing operations before income taxes	25,945	12,953
Provision for income taxes	916	71
Net income (loss) from continuing operations	25,029	12,882
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	0	0
Less: Dividends on preferred shares	0	0
Net income attributable to shareholders from continuing operations	25,029	12,882
Asset impairment	0	0
Aerospace Products | Operating Segments | Lease income
Revenues
Total revenues	0	0
Aerospace Products | Operating Segments | Maintenance revenue
Revenues
Total revenues	0	0
Aerospace Products | Operating Segments | Asset Sales revenue
Revenues
Total revenues	0
Aerospace Products | Operating Segments | Aerospace products revenue
Revenues
Total revenues	85,113	14,313
Aerospace Products | Operating Segments | Other revenue
Revenues
Total revenues	$ 0	$ 0

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Adjusted Net Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 127,656	$ 44,960
Add: Non-controlling share of Adjusted EBITDA	0	0
Equity in (losses) earnings of unconsolidated entities	(1,335)	198
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	696	(254)
Less: Interest expense and dividends on preferred shares	(46,083)	(50,930)
Less: Depreciation and amortization expense	(48,770)	(53,317)
Less: Incentive allocations	(2,942)	0
Less: Asset impairment charges	(1,220)	(122,790)
Less: Changes in fair value of non-hedge derivative instruments	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	0
Less: Acquisition and transaction expenses	(3,262)	(2,273)
Less: Equity-based compensation expense	(108)	0
Less: Provision for income taxes	(2,026)	(1,339)
Net income attributable to shareholders from continuing operations	22,606	(185,745)
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(7,277)	(3,639)
Equity in (losses) earnings of unconsolidated entities	0	0
Less: Asset impairment charges	0	0
Less: Acquisition and transaction expenses	(1,045)	(2,064)
Less: Provision for income taxes	(115)	(282)
Net income attributable to shareholders from continuing operations	(60,233)	(58,958)
Aviation Leasing | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	107,556	35,556
Equity in (losses) earnings of unconsolidated entities	(99)	552
Less: Asset impairment charges	(1,220)	(122,790)
Less: Acquisition and transaction expenses	(1,462)	(209)
Less: Provision for income taxes	(995)	(986)
Net income attributable to shareholders from continuing operations	57,810	(139,669)
Aerospace Products | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	27,377	13,043
Equity in (losses) earnings of unconsolidated entities	(1,236)	(354)
Less: Asset impairment charges	0	0
Less: Acquisition and transaction expenses	(755)	0
Less: Provision for income taxes	(916)	(71)
Net income attributable to shareholders from continuing operations	$ 25,029	$ 12,882

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Geographic Sources of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total revenue	$ 292,718	$ 91,691
Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	8,565	6,666
Africa
Segment Reporting Information [Line Items]
Total revenue	875	850
Africa | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0	0
Asia
Segment Reporting Information [Line Items]
Total revenue	26,331	23,729
Asia | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	8,565	6,666
Europe
Segment Reporting Information [Line Items]
Total revenue	78,331	31,976
Europe | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0	0
North America
Segment Reporting Information [Line Items]
Total revenue	172,661	25,772
North America | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0	0
South America
Segment Reporting Information [Line Items]
Total revenue	14,520	9,364
South America | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0	0
Aviation Leasing | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	199,040	70,712
Aviation Leasing | Africa | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	0	0
Aviation Leasing | Asia | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	17,766	15,662
Aviation Leasing | Europe | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	52,365	27,402
Aviation Leasing | North America | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	115,665	18,284
Aviation Leasing | South America | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	13,244	9,364
Aerospace Products | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	85,113	14,313
Aerospace Products | Africa | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	875	850
Aerospace Products | Asia | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	0	1,401
Aerospace Products | Europe | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	25,966	4,574
Aerospace Products | North America | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	56,996	7,488
Aerospace Products | South America | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	$ 1,276	$ 0

SEGMENT INFORMATION - Location

SEGMENT INFORMATION - Location of Long-Lived Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Leasing equipment, net	$ 1,861,100	$ 1,923,567
Africa
Segment Reporting Information [Line Items]
Leasing equipment, net	0	7,952
Asia
Segment Reporting Information [Line Items]
Leasing equipment, net	375,595	383,378
Europe
Segment Reporting Information [Line Items]
Leasing equipment, net	871,581	821,840
North America
Segment Reporting Information [Line Items]
Leasing equipment, net	427,391	424,617
South America
Segment Reporting Information [Line Items]
Leasing equipment, net	$ 186,533	$ 285,780

SEGMENT INFORMATION - Summary_2

SEGMENT INFORMATION - Summary of Contracted Minimum Future Annual Revenues (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Segment Reporting [Abstract]
Remainder of 2023	$ 120,738
2024	96,559
2025	70,796
2026	50,093
2027	35,022
Thereafter	59,959
Total	$ 433,167

EARNINGS PER SHARE AND EQUITY -

EARNINGS PER SHARE AND EQUITY - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 29,397	$ (178,954)
Net loss from discontinued operations, net of income taxes	0	(50,705)
Net income (loss)	29,397	(229,659)
Net income (loss)
Continuing operations	0	0
Discontinued operations	0	(7,466)
Less: Dividends on preferred shares	6,791	6,791
Net income (loss) attributable to shareholders	$ 22,606	$ (228,984)
Weighted Average Common Shares Outstanding - Basic (in shares)	99,728,245	99,366,877
Weighted Average Common Shares Outstanding - Diluted (in shares)	100,974,100	99,366,877
Basic
Continuing operations, basic (in dollars per share)	$ 0.23	$ (1.87)
Discontinued operations, basic (in dollars per share)	0	(0.43)
Diluted
Continuing operations, basic, (in dollar per share)	0.22	(1.87)
Discontinued operations, diluted (in dollars per share)	$ 0	$ (0.43)

EARNINGS PER SHARE AND EQUITY_2

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Antidilutive shares (in shares)	57,175	771,689
Stocks issued during period for services (in shares)	12,165	8,311
Preferred stock, shares issued (in shares)	15,920,000		13,320,000
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs	$ 61,729	$ 0
9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	2,600,000
Stated percentage	9.50%
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, liquidation preference per share (in dollars per share)	$ 25
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs	$ 63,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Gurantees	$ 6.3	$ 3.8
Undiscounted future payments, potential pay out	33.5
Minimum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 0
Guarantor obligations, term	10 years
Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 3.3
Guarantor obligations, term	4 years

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares		3 Months Ended
	Apr. 25, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)		$ 0.30	$ 0.33
Series A Preferred Shares
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		0.52
Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		0.50
Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		$ 0.52
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.3
Subsequent Event | Series A Preferred Shares
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.52
Subsequent Event | Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.50
Subsequent Event | Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.52
Subsequent Event | Series D Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.59