FTAI Aviation (FTAI) 10-Q 26 Oct 23 2023 Q3 Quarterly report Financial data

Cover page

Cover page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 23, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		100,238,075
Entity Central Index Key	0001590364
Document Fiscal Year Focus	2023
Amendment Flag	false
Document Fiscal Period Focus	Q3
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	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 52,879	$ 33,565
Restricted cash	0	19,500
Accounts receivable, net	107,825	99,443
Leasing equipment, net	1,924,198	1,913,553
Property, plant, and equipment, net	13,454	10,014
Investments	39,868	22,037
Intangible assets, net	41,471	41,955
Inventory, net	274,832	163,676
Other assets	179,259	125,834
Total assets	2,633,786	2,429,577
Liabilities
Accounts payable and accrued liabilities	108,579	86,452
Debt, net	2,279,330	2,175,727
Maintenance deposits	61,497	78,686
Security deposits	39,901	32,842
Other liabilities	49,417	36,468
Total liabilities	2,538,724	2,410,175
Commitments and contingencies
Equity
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 100,238,075 and 99,716,621 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)	1,002	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 September 30, 2023 and December 31, 2022, respectively)	159	133
Additional paid in capital	293,512	343,350
Accumulated deficit	(200,145)	(325,602)
Shareholders' equity	94,528	18,878
Non-controlling interest in equity of consolidated subsidiaries	534	524
Total equity	95,062	19,402
Total liabilities and equity	$ 2,633,786	$ 2,429,577

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 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)	100,238,075	99,716,621
Common stock, shares outstanding (in shares)	100,238,075	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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Total revenues	$ 291,096	$ 230,365	$ 858,159	$ 434,120
Expenses
Cost of sales	116,707	95,948	366,909	120,139
Operating expenses	33,887	27,393	81,218	108,197
General and administrative	3,015	3,354	10,270	11,821
Acquisition and transaction expenses	4,261	2,848	10,195	8,340
Management fees and incentive allocation to affiliate	4,577	4	13,137	4
Depreciation and amortization	43,959	34,853	123,399	115,461
Asset impairment	0	4,495	1,220	128,171
Interest expense	40,185	40,171	117,976	132,197
Total expenses	246,591	209,066	724,324	624,330
Other income (expense)
Equity in earnings (losses) of unconsolidated entities	46	(358)	(1,669)	(125)
Gain on sale of assets, net	0	0	0	79,933
Loss on extinguishment of debt	0	(19,861)	0	(19,861)
Other income (expense)	461	(1,038)	877	208
Total other income (expense)	507	(21,257)	(792)	60,155
Income (loss) from continuing operations before income taxes	45,012	42	133,043	(130,055)
Provision for income taxes	3,705	4,189	7,586	7,357
Net income (loss) from continuing operations	41,307	(4,147)	125,457	(137,412)
Net loss from discontinued operations, net of income taxes	0	(14,782)	0	(101,416)
Net income (loss)	41,307	(18,929)	125,457	(238,828)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	0	0	0	0
Discontinued operations	0	(2,871)	0	(18,817)
Less: Dividends on preferred shares	8,334	6,791	23,460	20,373
Net income (loss) attributable to shareholders	$ 32,973	$ (22,849)	$ 101,997	$ (240,384)
Basic
Continuing operations, basic (in dollars per share)	$ 0.33	$ (0.11)	$ 1.02	$ (1.59)
Discontinued operations, basic (in dollars per share)	0	(0.12)	0	(0.83)
Diluted
Continuing operations, diluted (in dollars per share)	0.33	(0.11)	1.02	(1.59)
Discontinued operations, diluted (in dollars per share)	$ 0	$ (0.12)	$ 0	$ (0.83)
Weighted average shares outstanding:
Basic (in shares)	99,927,594	99,378,771	99,796,736	99,372,016
Diluted (in shares)	100,482,309	99,378,771	100,269,203	99,372,016
Lease income
Revenues
Total revenues	$ 45,622	$ 50,198	$ 161,141	$ 129,163
Maintenance revenue
Revenues
Total revenues	63,925	35,507	141,131	112,171
Asset sales revenue
Revenues
Total revenues	72,990	85,488	283,167	85,488
Aerospace products revenue
Revenues
Total revenues	107,085	53,401	260,273	94,211
Other revenue
Revenues
Total revenues	$ 1,474	$ 5,771	$ 12,447	$ 13,087

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 41,307	$ (18,929)	$ 125,457	$ (238,828)
Other comprehensive loss:
Other comprehensive loss related to equity method investees, net in discontinued operations	0	(40,470)	0	(182,963)
Comprehensive income (loss)	41,307	(59,399)	125,457	(421,791)
Comprehensive loss attributable to non-controlling interest:
Continuing operations	0	0	0	0
Discontinued operations	0	(2,871)	0	(18,817)
Comprehensive income (loss) attributable to shareholders	$ 41,307	$ (56,528)	$ 125,457	$ (402,974)

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands		Total	Ordinary Shares		Preferred Shares	[1]	Additional Paid In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Non-Controlling Interest in Equity of Consolidated Subsidiaries
Beginning balance at Dec. 31, 2021		$ 1,124,100	$ 992	[1]	$ 133		$ 1,411,940	$ (132,392)	$ (156,381)	$ (192)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		(219,899)						(203,953)		(15,946)
Other comprehensive income		(142,493)							(142,493)	0
Comprehensive income (loss)		(362,392)						(203,953)	(142,493)	(15,946)
Acquisition of consolidated subsidiary		3,054								3,054
Contributions from non-controlling interest		1,187								1,187
Issuance of ordinary shares		399					399
Dividends declared - ordinary shares		(65,789)					(65,789)
Dividends declared - preferred shares		(13,582)					(13,582)
Equity-based compensation		2,294								2,294
Ending balance at Jun. 30, 2022		689,271	992	[1]	133		1,332,968	(336,345)	(298,874)	(9,603)
Beginning balance at Dec. 31, 2021		1,124,100	992	[1]	133		1,411,940	(132,392)	(156,381)	(192)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		(238,828)
Comprehensive income (loss)		(421,791)
Ending balance at Sep. 30, 2022		26,048	994	[1]	133		376,800	(352,403)	0	524
Beginning balance at Jun. 30, 2022		689,271	$ 992	[1]	133		1,332,968	(336,345)	(298,874)	(9,603)
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		(18,929)						(16,058)		(2,871)
Other comprehensive income		(40,470)							(40,470)
Comprehensive income (loss)		(59,399)						(16,058)	(40,470)	(2,871)
Issuance of ordinary shares		2
Dividends declared - ordinary shares		(32,795)					(32,795)
Dividends declared - preferred shares		(6,791)					(6,791)
Equity-based compensation		329								329
Spin-off of FTAI Infrastructure, Inc., net of distributions		(564,421)					(916,582)		339,344	12,817
Settlement of equity-based compensation		(148)								(148)
Issuance of ordinary shares (in shares)	[1]		2
Ending balance at Sep. 30, 2022		26,048	$ 994	[1]	133		376,800	(352,403)	$ 0	524
Beginning balance at Dec. 31, 2022		19,402	997	[1]	133		343,350	(325,602)		524
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		84,150						84,150		0
Comprehensive income (loss)		84,150						84,150		0
Contributions from non-controlling interest		10								10
Issuance of ordinary shares		389					389
Dividends declared - ordinary shares		(59,854)					(59,854)
Issuance of preferred shares		61,729			26		61,703
Dividends declared - preferred shares		(15,126)					(15,126)
Equity-based compensation		618					618
Ending balance at Jun. 30, 2023		91,318	997	[1]	159		331,080	(241,452)		534
Beginning balance at Dec. 31, 2022		19,402	997	[1]	133		343,350	(325,602)		524
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		125,457
Comprehensive income (loss)		125,457
Ending balance at Sep. 30, 2023		95,062	1,002	[1]	159		293,512	(200,145)		534
Beginning balance at Jun. 30, 2023		91,318	$ 997	[1]	159		331,080	(241,452)		534
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income		41,307						41,307		0
Comprehensive income (loss)		41,307						41,307		0
Issuance of ordinary shares		183					178
Dividends declared - ordinary shares		(29,922)					(29,922)
Dividends declared - preferred shares		(8,334)					(8,334)
Equity-based compensation		510					510
Issuance of ordinary shares (in shares)	[1]		5
Ending balance at Sep. 30, 2023		$ 95,062	$ 1,002	[1]	$ 159		$ 293,512	$ (200,145)		$ 534
[1] (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 - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 125,457	$ (238,828)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in losses of unconsolidated entities	1,669	46,727
Gain on sale of assets, net	(110,511)	(106,427)
Security deposits and maintenance claims included in earnings	(34,458)	(31,558)
Loss on extinguishment of debt	0	19,861
Equity-based compensation	1,128	2,623
Depreciation and amortization	123,399	155,780
Asset impairment	1,220	128,171
Change in deferred income taxes	5,974	14,923
Change in fair value of non-hedge derivative	0	(1,567)
Change in fair value of guarantees	(1,677)	0
Amortization of lease intangibles and incentives	33,685	30,315
Amortization of deferred financing costs	6,429	17,142
Provision for credit losses	6,583	47,226
Other	(995)	(693)
Change in:
Accounts receivable	(34,358)	(61,892)
Inventory	(4,845)	(13,370)
Other assets	(3,727)	(23,576)
Accounts payable and accrued liabilities	321	4,329
Management fees payable to affiliate	824	(2,530)
Other liabilities	648	(7,955)
Net cash provided by (used in) operating activities	116,766	(21,299)
Cash flows from investing activities:
Investment in unconsolidated entities	(19,500)	(7,344)
Principal collections on notes receivable	2,438	0
Principal collections on finance leases	3,624	2,165
Acquisition of business, net of cash acquired	0	(3,819)
Acquisition of leasing equipment	(506,923)	(360,642)
Acquisition of property, plant and equipment	(3,906)	(138,750)
Acquisition of lease intangibles	(10,474)	(6,542)
Investment in promissory notes	(11,500)	0
Purchase deposits for acquisitions	(10,533)	(28,621)
Proceeds from sale of leasing equipment	366,065	262,096
Proceeds from sale of property, plant and equipment	0	5,289
(Refunds) proceeds for deposit on sale of aircraft and engine	(683)	7,801
Return of purchase deposits	300	0
Net cash used in investing activities	(191,092)	(268,367)
Cash flows from financing activities:
Proceeds from debt	430,000	503,980
Repayment of debt	(330,000)	(984,529)
Payment of deferred financing costs	(1,805)	(18,151)
Receipt of security deposits	7,355	2,636
Return of security deposits	(2,385)	(941)
Receipt of maintenance deposits	22,747	37,586
Release of maintenance deposits	(275)	(878)
Capital contributions from non-controlling interests	10	1,187
Settlement of equity-based compensation	0	(148)
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs	61,729	0
Dividend from spin-off of FTAI Infrastructure, net of cash transferred	0	500,562
Cash dividends - ordinary shares	(89,776)	(98,584)
Cash dividends - preferred shares	(23,460)	(20,373)
Net cash provided by (used in) financing activities	74,140	(77,653)
Net decrease in cash and cash equivalents and restricted cash	(186)	(367,319)
Cash and cash equivalents and restricted cash, beginning of period	53,065	440,061
Cash and cash equivalents and restricted cash, end of period	52,879	72,742
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of leasing equipment	96,510	124,932
Acquisition of property, plant and equipment	(199)	(762)
Security deposits, maintenance deposits, other assets and other liabilities settled in the sale of leasing equipment	20,127	0
Settled and assumed security deposits	2,270	(12,161)
Billed, assumed and settled maintenance deposits	(15,854)	(73,808)
Non-cash change in equity method investment	0	(182,963)
Conversion of interests in unconsolidated entities	0	(21,302)
Issuance of ordinary shares	$ 567	$ 399

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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. 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 September 30, 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 revenue on our Consolidated Statements of Operations. 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 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. No single customer accounted for gre ater than 10% of total revenue during the three and nine months ended September 30, 2023 and September 30, 2022. As of September 30, 2023, there was one customer in the Aviation Leasing segment that represented 17% 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 $ 72.2 million and $65.6 million as of September 30, 2023 and December 31, 2022, respectively. There was provision for credit losses of $ 5.6 million and a bad debt reversal of $0.7 million for the three months ended September 30, 2023 and 2022, respectively. There was a provision for credit losses of $6.6 million and a provision for credit losses of $47.1 million for the nine months ended September 30, 2023 and 2022, respectively, and is included in Operating expenses in the Consolidated Statements of Operations. Economic sanctions and export controls against Russia and Russia’s aviation industry 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 September 30, 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 $47.9 million and $37.9 million, purchase deposits of $10.5 million and $6.7 million, notes receivable of $85.7 million and $49.2 million, operating lease right-of-use assets, net of $2.4 million and $3.0 million, finance leases, net of $3.6 million and $6.4 million, maintenance right assets of $12.5 million and $6.8 million and prepaid expenses of $2.9 million and $1.9 million, as of September 30, 2023 and December 31, 2022, respectively. Dividends— Dividends are recorded if and when declared by the Board of Directors. For both the three months ended September 30, 2023 and 2022, the Board of Directors declared cash dividends of $0.30 per ordinary share. For the nine months ended September 30, 2023 and 2022, the Board of Directors declared cash dividends of $0.90 and $0.96 per ordinary share, respectively. Additionally, in the quarter ended September 30, 2023, the Board of Directors 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. 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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 Nine Months Ended September 30, 2022 September 30, 2022 Revenues Total revenues $ 27,993 $ 140,009 Expenses Cost of sales 4,920 12,732 Operating expenses 12,365 92,478 General and administrative expenses 466 2,694 Acquisition and transaction expenses 3,813 13,971 Management fees and incentive allocation to affiliate 908 8,134 Depreciation and amortization 6,004 40,319 Interest expense 2,160 15,105 Other expense 7,641 47,765 Total expenses 38,277 233,198 Loss before income taxes (10,284) (93,189) Provision for income taxes 4,498 8,227 Net loss from discontinued operations, net of income taxes (14,782) (101,416) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (2,871) (18,817) Net loss attributable to shareholders $ (11,911) $ (82,599) The cash flows related to discontinued operations have not been segregated, and are included in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2022. The following table summarizes depreciation and amortization, capital expenditures, and other significant operating and investing noncash items from discontinued operations: Nine Months Ended September 30, 2022 Operating activities: Equity in losses of unconsolidated entities $ 46,601 Depreciation and amortization 40,319 Equity-based compensation 2,623 Investing activities: Acquisition of property, plant and equipment $ (129,920) Acquisition of business, net of cash acquired (3,819) Investment in unconsolidated entities (7,954) Proceeds from sale of property, plant and equipment 5,289 Non-cash change in equity method investment (182,963) Non-cash conversion of interest in unconsolidated entities (21,302) The Company accounted for Long Ridge Terminal LLC, included in discontinued operations for the three and nine months ended September 30, 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 Nine Months Ended Income Statement September 30, 2022 September 30, 2022 Total revenues $ 156 $ 15,199 Expenses Operating expenses 4,337 36,693 Depreciation and amortization 4,383 29,381 Interest expense 4,580 30,622 Total expenses 13,300 96,696 Other expense (21) (234) Net loss $ (13,165) $ (81,731)

LEASING EQUIPMENT, NET

LEASING EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
LEASING EQUIPMENT, NET	4. LEASING EQUIPMENT, NET Leasing equipment, net is summarized as follows: September 30, 2023 December 31, 2022 Leasing equipment $ 2,448,274 $ 2,413,230 Less: Accumulated depreciation (524,076) (499,677) Leasing equipment, net $ 1,924,198 $ 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 aircrafts and engines that had not yet been recovered from Ukraine and Russia. As a result, we recognized an impairment charge totaling $120.0 million, net of maintenance deposits, to write-off the entire carrying value of leasing equipment assets that we did not expect to recover from Ukraine and Russia. As of September 30, 2023, four aircraft 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, w e 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 nine months ended September 30, 2023. Depreciation expense for leasing equipment is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Depreciation expense for leasing equipment $ 43,765 $ 34,704 $ 122,867 $ 115,074

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2023 December 31, 2022 Advanced Engine Repair JV Equity method 25% $ 21,543 $ 20,207 Falcon MSN 177 LLC Equity method 50% 1,588 1,830 Quick Turn Engine Center LLC Equity method 50% 16,737 — $ 39,868 $ 22,037 We did not recognize any other-than-temporary impairments for the three and nine months ended September 30, 2023 and 2022. The following table presents our proportionate share of equity in (losses) income: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Advanced Engine Repair JV $ 1,063 $ (314) $ 1,336 $ (879) Falcon MSN 177 LLC (108) (44) (242) 754 Quick Turn Engine Center LLC (909) — (2,763) — Total $ 46 $ (358) $ (1,669) $ (125) 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. This joint venture is focused 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	9 Months Ended
	Sep. 30, 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: September 30, 2023 December 31, 2022 Intangible assets Acquired favorable lease intangibles $ 60,963 $ 64,202 Less: Accumulated amortization (19,492) (22,247) Acquired favorable lease intangibles, net $ 41,471 $ 41,955 Intangible liabilities Acquired unfavorable lease intangibles $ 2,918 $ 13,152 Less: Accumulated amortization (1,232) (2,607) Acquired unfavorable lease intangibles, net $ 1,686 $ 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Lease intangibles Lease income $ 3,726 $ 3,291 $ 11,325 $ 10,259 As of September 30, 2023, estimated net annual amortization of intangibles is as follows: Remainder of 2023 3,189 2024 12,583 2025 9,049 2026 6,504 2027 3,388 2028 3,132 Thereafter 1,940 Total $ 39,785

DEBT, NET

DEBT, NET	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT, NET	7. DEBT, NET Our debt, net is summarized as follows: September 30, 2023 December 31, 2022 Outstanding Borrowings Stated Interest Rate Maturity Date Outstanding Borrowings Loans payable Revolving Credit Facility (1) $ 250,000 (i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75% 9/20/25 $ 150,000 Total loans payable 250,000 150,000 Bonds payable Senior Notes due 2025 (2) 652,297 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) 1,001,834 5.50% 5/1/28 1,002,091 Total bonds payable 2,054,131 2,055,127 Debt 2,304,131 2,205,127 Less: Debt issuance costs (24,801) (29,400) Total debt, net $ 2,279,330 $ 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) Include s an unamortized discount of $ 982 and $1,318 at September 30, 2023 and December 31, 2022, respectively, and an unamortized premium of $ 3,279 and $4,354 at September 30, 2023 and December 31, 2022, respectively. (3) Includes an unamortized premium of $ 1,834 and $2,091 at September 30, 2023 and December 31, 2022, respectively. We were in compliance with all debt covenants as of September 30, 2023.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 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 value 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: September 30, 2023 December 31, 2022 Senior Notes due 2025 639,633 613,152 Senior Notes due 2027 413,836 402,032 Senior Notes due 2028 907,380 853,490 The fair value 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 a t $7.0 million and $3.8 million as of September 30, 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 e ngines at the end of each lease term, the estimated cost of replacement and applicable discount rates, and are classified as Level 3. During the nine months ended September 30, 2023, the Company recorded a $4.9 million increase in guarantees related to the sale of seven a ircraft and a $1.7 million de crease 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 U.S. GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include intangible assets, property, plant and equipment and leasing equipment. We record such assets at fair value when it is determined the carrying value may not be recoverable. Fair value measurements for assets subject to impairment tests are based on an income approach which uses Level 3 inputs, which include our assumptions as to future cash flows from operation of the l easing and eventual sale of assets.

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, Nine Months Ended September 30, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2023 2022 2023 2022 Restricted Shares $ 510 $ — $ 1,128 $ — $ 7,643 3.3 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-year term. During the nine months ended September 30, 2023, the Manager did not transfer any options to employees. Restricted Shares During the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Current: Cayman Islands $ — $ — $ — — United States: — — — — Federal (32) 247 (77) 582 State and local 39 (442) 20 69 Non-U.S. 851 106 1,669 174 Total current provision (benefit) 858 (89) 1,612 825 Deferred: Cayman Islands — — — — United States: — — — — Federal 1,521 2,915 2,344 4,517 State and local (430) 304 68 610 Non-U.S. 1,756 1,059 3,562 1,405 Total deferred provision 2,847 4,278 5,974 6,532 Provision for income taxes: Continuing operations 3,705 4,189 7,586 7,357 Discontinued operations — — — — Total $ 3,705 $ 4,189 $ 7,586 $ 7,357 The Company is an exempted entity domiciled in the Cayman Islands where income taxes are not imposed. The Company is considered a Passive Foreign Investment Company for U.S. income tax purposes and certain income taxes are imposed on our owners. Taxable income or loss generated by our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business. Our effective tax rate differs from the U.S. federal tax rate of 21% primarily due to a significant portion of our income not being subject to U.S. corporate tax rates, or being deemed to be foreign sourced and thus either not taxable or taxable at effectively lower tax rates. As of and for the nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Management fees $ 303 $ 4 $ 597 $ 4 Income incentive allocation 4,274 — 12,540 — Capital gains incentive allocation — — — — Total $ 4,577 $ 4 $ 13,137 $ 4 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Classification in the Consolidated Statements of Operations: General and administrative $ 1,592 $ 1,466 $ 5,096 $ 4,933 Acquisition and transaction expenses 172 154 381 883 Total $ 1,764 $ 1,620 $ 5,477 $ 5,816 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 an 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 an 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: September 30, 2023 December 31, 2022 Accrued management fees $ 210 $ 53 Other payables 5,354 4,688

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
SEGMENT INFORMATION	12. SEGMENT INFORMATION 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. 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. The CODM determined that segment asset information is not a key factor in measuring performance or allocating resources. Therefore, segment asset information is not included in the tables below as it is not provided to or reviewed by our CODM. Adjusted EBITDA is defined as net income (loss) attributable to shareholders 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 September 30, 2023 Three Months Ended September 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 35,981 $ — $ 9,641 $ 45,622 Maintenance revenue 63,925 — — 63,925 Asset sales revenue 72,990 — — 72,990 Aerospace products revenue — 107,085 — 107,085 Other revenue 82 — 1,392 1,474 Total revenues 172,978 107,085 11,033 291,096 Expenses Cost of sales 55,398 61,309 — 116,707 Operating expenses 13,944 5,947 13,996 33,887 General and administrative — — 3,015 3,015 Acquisition and transaction expenses 2,329 110 1,822 4,261 Management fees and incentive allocation to affiliate — — 4,577 4,577 Depreciation and amortization 41,141 115 2,703 43,959 Interest expense — — 40,185 40,185 Total expenses 112,812 67,481 66,298 246,591 Other income Equity in (losses) income of unconsolidated entities (108) 154 — 46 Other income 444 — 17 461 Total other income 336 154 17 507 Income (loss) from continuing operations before income taxes 60,502 39,758 (55,248) 45,012 Provision for income taxes 2,332 1,131 242 3,705 Net income (loss) from continuing operations 58,170 38,627 (55,490) 41,307 Less: Net income (loss) from continuing operations attributable to non-controlling interests in consolidated subsidiaries — — — — Less: Dividends on preferred shares — — 8,334 8,334 Net income (loss) attributable to shareholders from continuing operations $ 58,170 $ 38,627 $ (63,824) $ 32,973 The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders from continuing operations: Three Months Ended September 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 119,561 $ 40,586 $ (5,929) $ 154,218 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in earnings of unconsolidated entities 46 Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (642) Less: Interest expense and dividends on preferred shares (48,519) Less: Depreciation and amortization expense (59,380) Less: Incentive allocations (4,274) Less: Asset impairment charges — 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 (4,261) Less: Equity-based compensation expense (510) Less: Provision for income taxes (3,705) Net income attributable to shareholders from continuing operations $ 32,973 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended September 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 154 $ — $ — $ 154 Asia 48,267 952 11,033 60,252 Europe 56,679 34,961 — 91,640 North America 55,959 65,623 — 121,582 South America 11,919 5,549 — 17,468 Total $ 172,978 $ 107,085 $ 11,033 $ 291,096 II. For the Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 132,978 $ — $ 28,163 $ 161,141 Maintenance revenue 141,131 — — 141,131 Asset sales revenue 283,167 — — 283,167 Aerospace products revenue — 260,273 — 260,273 Other revenue 6,773 — 5,674 12,447 Total revenues 564,049 260,273 33,837 858,159 Expenses Cost of sales 217,190 149,719 — 366,909 Operating expenses 28,610 12,838 39,770 81,218 General and administrative — — 10,270 10,270 Acquisition and transaction expenses 4,960 1,137 4,098 10,195 Management fees and incentive allocation to affiliate — — 13,137 13,137 Depreciation and amortization 114,994 298 8,107 123,399 Asset impairment 1,220 — — 1,220 Interest expense — — 117,976 117,976 Total expenses 366,974 163,992 193,358 724,324 Other income (expense) Equity in losses of unconsolidated entities (242) (1,427) — (1,669) Other income 860 — 17 877 Total other income (expense) 618 (1,427) 17 (792) Income (loss) before income taxes 197,693 94,854 (159,504) 133,043 Provision for income taxes 4,414 2,631 541 7,586 Net income (loss) 193,279 92,223 (160,045) 125,457 Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries — — — — Less: Dividends on preferred shares — — 23,460 23,460 Net income (loss) attributable to shareholders from continuing operations $ 193,279 $ 92,223 $ (183,505) $ 101,997 The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations: Nine Months Ended September 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 352,973 $ 98,020 $ (16,042) $ 434,951 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (1,669) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (96) Less: Interest expense and dividends on preferred shares (141,436) Less: Depreciation and amortization expense (157,084) Less: Incentive allocations (12,540) 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 (10,195) Less: Equity-based compensation expense (1,128) Less: Provision for income taxes (7,586) Net loss attributable to shareholders from continuing operations $ 101,997 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Nine Months Ended September 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 154 $ 875 $ — $ 1,029 Asia 81,285 2,737 33,837 117,859 Europe 192,498 80,847 — 273,345 North America 258,009 165,819 — 423,828 South America 32,103 9,995 — 42,098 Total $ 564,049 $ 260,273 $ 33,837 $ 858,159 Presented below are the contracted minimum future annual revenues to be received under existing operating leases across as of September 30, 2023: Operating Leases Remainder of 2023 $ 45,510 2024 143,742 2025 103,809 2026 76,541 2027 59,066 Thereafter 83,674 Total $ 512,342 III. For the Three Months Ended September 30, 2022 Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 40,392 $ — $ 9,806 $ 50,198 Maintenance revenue 35,507 — — 35,507 Asset sales revenue 85,488 — — 85,488 Aerospace products revenue — 53,401 — 53,401 Other revenue 3,461 — 2,310 5,771 Total revenues 164,848 53,401 12,116 230,365 Expenses Cost of sales 64,855 31,093 — 95,948 Operating expenses 10,533 3,491 13,369 27,393 General and administrative — — 3,354 3,354 Acquisition and transaction expenses 247 15 2,586 2,848 Management fees and incentive allocation to affiliate — — 4 4 Depreciation and amortization 32,728 77 2,048 34,853 Asset impairment 4,495 — — 4,495 Interest expense — — 40,171 40,171 Total expenses 112,858 34,676 61,532 209,066 Other expense Equity in losses of unconsolidated entities (45) (313) — (358) Loss on extinguishment of debt — — (19,861) (19,861) Other income (expense) 42 — (1,080) (1,038) Total other expenses (3) (313) (20,941) (21,257) Income (loss) from continuing operations before income taxes 51,987 18,412 (70,357) 42 Provision for income taxes 926 2,586 677 4,189 Net income (loss) from continuing operations 51,061 15,826 (71,034) (4,147) Less: Net income (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 $ 51,061 $ 15,826 $ (77,825) $ (10,938) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations: Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 95,994 $ 18,560 $ (5,691) $ 108,863 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (358) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 241 Less: Interest expense and dividends on preferred shares (46,962) Less: Depreciation and amortization expense (41,329) Less: Incentive allocations — Less: Asset impairment charges (4,495) Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations (19,861) Less: Acquisition and transaction expenses (2,848) Less: Equity-based compensation expense — Less: Provision for income taxes (4,189) Net loss attributable to shareholders from continuing operations $ (10,938) Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 250 $ — $ — $ 250 Asia 23,496 1,200 12,116 36,812 Europe 41,869 15,511 — 57,380 North America 90,183 36,690 — 126,873 South America 9,050 — — 9,050 Total $ 164,848 $ 53,401 $ 12,116 $ 230,365 IV. For the Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 111,648 $ — $ 17,515 $ 129,163 Maintenance revenue 112,171 — — 112,171 Asset sales revenue 85,488 — — 85,488 Aerospace products revenue — 94,211 — 94,211 Other revenue 8,687 — 4,400 13,087 Total revenues 317,994 94,211 21,915 434,120 Expenses Cost of sales 64,855 55,284 — 120,139 Operating expenses 72,135 8,094 27,968 108,197 General and administrative — — 11,821 11,821 Acquisition and transaction expenses 624 15 7,701 8,340 Management fees and incentive allocation to affiliate — — 4 4 Depreciation and amortization 109,147 178 6,136 115,461 Asset impairment 128,171 — — 128,171 Interest expense — — 132,197 132,197 Total expenses 374,932 63,571 185,827 624,330 Other income (expense) Equity in income (losses) of unconsolidated entities 753 (878) — (125) Gain on sale of assets, net 61,371 18,562 — 79,933 Loss on extinguishment of debt — — (19,861) (19,861) Other income (expense) 245 — (37) 208 Total other income (expense) 62,369 17,684 (19,898) 60,155 Income (loss) before income taxes 5,431 48,324 (183,810) (130,055) Provision for income taxes 2,116 5,055 186 7,357 Net income (loss) 3,315 43,269 (183,996) (137,412) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries — — — — Less: Dividends on preferred shares — — 20,373 20,373 Net income (loss) attributable to shareholders from continuing operations $ 3,315 $ 43,269 $ (204,369) $ (157,785) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations: Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 273,788 $ 48,685 $ (17,915) $ 304,558 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (125) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (165) Less: Interest expense and dividends on preferred shares (152,570) Less: Depreciation and amortization expense (145,754) Less: Incentive allocations — Less: Asset impairment charges (128,171) Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations (19,861) Less: Acquisition and transaction expenses (8,340) Less: Equity-based compensation expense — Less: Provision for income taxes (7,357) Net loss attributable to shareholders from continuing operations $ (157,785) Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 250 $ 850 $ — $ 1,100 Asia 60,111 2,601 21,915 84,627 Europe 94,751 26,410 — 121,161 North America 130,362 64,350 — 194,712 South America 32,520 — — 32,520 Total $ 317,994 $ 94,211 $ 21,915 $ 434,120 V. Location of Long-Lived Assets The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net: September 30, 2023 December 31, 2022 Property, plant and equipment and leasing equipment, net Africa $ 12,565 $ 7,952 Asia 441,186 383,378 Europe 844,603 821,840 North America 418,268 424,617 South America 221,030 285,780 Total $ 1,937,652 $ 1,923,567

EARNINGS PER SHARE AND EQUITY

EARNINGS PER SHARE AND EQUITY	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2023 2022 2023 2022 Net income (loss) from continuing operations $ 41,307 $ (4,147) $ 125,457 $ (137,412) Net loss from discontinued operations, net of income taxes — (14,782) — (101,416) Net income (loss) $ 41,307 $ (18,929) 125,457 (238,828) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries: Continuing operations — — — — Discontinued operations — (2,871) — (18,817) Less: Dividends on preferred shares 8,334 6,791 23,460 20,373 Net income (loss) attributable to shareholders $ 32,973 $ (22,849) $ 101,997 $ (240,384) Weighted Average Common Shares Outstanding - Basic (1) 99,927,594 99,378,771 99,796,736 99,372,016 Weighted Average Common Shares Outstanding - Diluted (1) 100,482,309 99,378,771 100,269,203 99,372,016 Earnings (loss) per share: Basic Continuing operations $ 0.33 $ (0.11) $ 1.02 $ (1.59) Discontinued operations $ — $ (0.12) $ — $ (0.83) Diluted Continuing operations $ 0.33 $ (0.11) $ 1.02 $ (1.59) Discontinued operations $ — $ (0.12) $ — $ (0.83) ________________________________________________________ (1) Three and nine months ended September 30, 2022 include participating securities which can be converted into a fixed amount of our shares. For the three months ended September 30, 2023 and 2022, 0 a nd 326,747 shares, respectively, and for the nine months ended September 30, 2023 and 2022 , 0 and 654,693 shares, respectively, have been excluded from the calculation of Diluted EPS because the impact would be anti-dilutive. During the nine months ended September 30, 2023 and 2022, we issued 18,457 and 19,811 common shares to certain directors as compensation.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES In the normal course of business, the Co mpany 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 $7.0 million and $3.8 million as of September 30, 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 9 years, the maximum potential amount of undiscounted future payments that could be required under the guarantees at September 30, 2023 was $34.7 million, which is not reasonably expected.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS Dividends On October 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 September 30, 2023, payable on November 28, 2023 to the holders of record on November 14, 2023.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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. 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 as of December 31, 2022. The Company had no restricted cash as of September 30, 2023.
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 revenue on our Consolidated Statements of Operations. 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 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. No single customer accounted for gre ater than 10% of total revenue during the three and nine months ended September 30, 2023 and September 30, 2022. As of September 30, 2023, there was one customer in the Aviation Leasing segment that represented 17% 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.

DISCONTINUED OPERATIONS - (Tabl

DISCONTINUED OPERATIONS - (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended September 30, 2022 September 30, 2022 Revenues Total revenues $ 27,993 $ 140,009 Expenses Cost of sales 4,920 12,732 Operating expenses 12,365 92,478 General and administrative expenses 466 2,694 Acquisition and transaction expenses 3,813 13,971 Management fees and incentive allocation to affiliate 908 8,134 Depreciation and amortization 6,004 40,319 Interest expense 2,160 15,105 Other expense 7,641 47,765 Total expenses 38,277 233,198 Loss before income taxes (10,284) (93,189) Provision for income taxes 4,498 8,227 Net loss from discontinued operations, net of income taxes (14,782) (101,416) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries (2,871) (18,817) Net loss attributable to shareholders $ (11,911) $ (82,599) The cash flows related to discontinued operations have not been segregated, and are included in the Consolidated Statements of Cash Flows for the nine months ended September 30, 2022. The following table summarizes depreciation and amortization, capital expenditures, and other significant operating and investing noncash items from discontinued operations: Nine Months Ended September 30, 2022 Operating activities: Equity in losses of unconsolidated entities $ 46,601 Depreciation and amortization 40,319 Equity-based compensation 2,623 Investing activities: Acquisition of property, plant and equipment $ (129,920) Acquisition of business, net of cash acquired (3,819) Investment in unconsolidated entities (7,954) Proceeds from sale of property, plant and equipment 5,289 Non-cash change in equity method investment (182,963) Non-cash conversion of interest in unconsolidated entities (21,302) Three Months Ended Nine Months Ended Income Statement September 30, 2022 September 30, 2022 Total revenues $ 156 $ 15,199 Expenses Operating expenses 4,337 36,693 Depreciation and amortization 4,383 29,381 Interest expense 4,580 30,622 Total expenses 13,300 96,696 Other expense (21) (234) Net loss $ (13,165) $ (81,731)

LEASING EQUIPMENT, NET (Tables)

LEASING EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Schedule of Lessor, Operating Leases	Leasing equipment, net is summarized as follows: September 30, 2023 December 31, 2022 Leasing equipment $ 2,448,274 $ 2,413,230 Less: Accumulated depreciation (524,076) (499,677) Leasing equipment, net $ 1,924,198 $ 1,913,553
Operating Lease, Lease Income	Depreciation expense for leasing equipment is summarized as follows: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Depreciation expense for leasing equipment $ 43,765 $ 34,704 $ 122,867 $ 115,074

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 December 31, 2022 Advanced Engine Repair JV Equity method 25% $ 21,543 $ 20,207 Falcon MSN 177 LLC Equity method 50% 1,588 1,830 Quick Turn Engine Center LLC Equity method 50% 16,737 — $ 39,868 $ 22,037 The following table presents our proportionate share of equity in (losses) income: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Advanced Engine Repair JV $ 1,063 $ (314) $ 1,336 $ (879) Falcon MSN 177 LLC (108) (44) (242) 754 Quick Turn Engine Center LLC (909) — (2,763) — Total $ 46 $ (358) $ (1,669) $ (125)

INTANGIBLE ASSETS AND LIABILI_2

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)	9 Months Ended
	Sep. 30, 2023
Intangible Assets and Liabilities Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets and Liabilities	Intangible assets and liabilities, net are summarized as follows: September 30, 2023 December 31, 2022 Intangible assets Acquired favorable lease intangibles $ 60,963 $ 64,202 Less: Accumulated amortization (19,492) (22,247) Acquired favorable lease intangibles, net $ 41,471 $ 41,955 Intangible liabilities Acquired unfavorable lease intangibles $ 2,918 $ 13,152 Less: Accumulated amortization (1,232) (2,607) Acquired unfavorable lease intangibles, net $ 1,686 $ 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Lease intangibles Lease income $ 3,726 $ 3,291 $ 11,325 $ 10,259
Schedule of Net Annual Amortization of Intangibles	As of September 30, 2023, estimated net annual amortization of intangibles is as follows: Remainder of 2023 3,189 2024 12,583 2025 9,049 2026 6,504 2027 3,388 2028 3,132 Thereafter 1,940 Total $ 39,785

DEBT, NET (Tables)

DEBT, NET (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Our debt, net is summarized as follows: September 30, 2023 December 31, 2022 Outstanding Borrowings Stated Interest Rate Maturity Date Outstanding Borrowings Loans payable Revolving Credit Facility (1) $ 250,000 (i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75% 9/20/25 $ 150,000 Total loans payable 250,000 150,000 Bonds payable Senior Notes due 2025 (2) 652,297 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) 1,001,834 5.50% 5/1/28 1,002,091 Total bonds payable 2,054,131 2,055,127 Debt 2,304,131 2,205,127 Less: Debt issuance costs (24,801) (29,400) Total debt, net $ 2,279,330 $ 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) Include s an unamortized discount of $ 982 and $1,318 at September 30, 2023 and December 31, 2022, respectively, and an unamortized premium of $ 3,279 and $4,354 at September 30, 2023 and December 31, 2022, respectively. (3) Includes an unamortized premium of $ 1,834 and $2,091 at September 30, 2023 and December 31, 2022, respectively.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The fair value 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: September 30, 2023 December 31, 2022 Senior Notes due 2025 639,633 613,152 Senior Notes due 2027 413,836 402,032 Senior Notes due 2028 907,380 853,490

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2023 2022 2023 2022 Restricted Shares $ 510 $ — $ 1,128 $ — $ 7,643 3.3 years

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Current: Cayman Islands $ — $ — $ — — United States: — — — — Federal (32) 247 (77) 582 State and local 39 (442) 20 69 Non-U.S. 851 106 1,669 174 Total current provision (benefit) 858 (89) 1,612 825 Deferred: Cayman Islands — — — — United States: — — — — Federal 1,521 2,915 2,344 4,517 State and local (430) 304 68 610 Non-U.S. 1,756 1,059 3,562 1,405 Total deferred provision 2,847 4,278 5,974 6,532 Provision for income taxes: Continuing operations 3,705 4,189 7,586 7,357 Discontinued operations — — — — Total $ 3,705 $ 4,189 $ 7,586 $ 7,357

MANAGEMENT AGREEMENT AND AFFI_2

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Management fees $ 303 $ 4 $ 597 $ 4 Income incentive allocation 4,274 — 12,540 — Capital gains incentive allocation — — — — Total $ 4,577 $ 4 $ 13,137 $ 4 The following table summarizes our reimbursements to the Manager from continuing operations: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Classification in the Consolidated Statements of Operations: General and administrative $ 1,592 $ 1,466 $ 5,096 $ 4,933 Acquisition and transaction expenses 172 154 381 883 Total $ 1,764 $ 1,620 $ 5,477 $ 5,816 The following table summarizes amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets: September 30, 2023 December 31, 2022 Accrued management fees $ 210 $ 53 Other payables 5,354 4,688

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 Three Months Ended September 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 35,981 $ — $ 9,641 $ 45,622 Maintenance revenue 63,925 — — 63,925 Asset sales revenue 72,990 — — 72,990 Aerospace products revenue — 107,085 — 107,085 Other revenue 82 — 1,392 1,474 Total revenues 172,978 107,085 11,033 291,096 Expenses Cost of sales 55,398 61,309 — 116,707 Operating expenses 13,944 5,947 13,996 33,887 General and administrative — — 3,015 3,015 Acquisition and transaction expenses 2,329 110 1,822 4,261 Management fees and incentive allocation to affiliate — — 4,577 4,577 Depreciation and amortization 41,141 115 2,703 43,959 Interest expense — — 40,185 40,185 Total expenses 112,812 67,481 66,298 246,591 Other income Equity in (losses) income of unconsolidated entities (108) 154 — 46 Other income 444 — 17 461 Total other income 336 154 17 507 Income (loss) from continuing operations before income taxes 60,502 39,758 (55,248) 45,012 Provision for income taxes 2,332 1,131 242 3,705 Net income (loss) from continuing operations 58,170 38,627 (55,490) 41,307 Less: Net income (loss) from continuing operations attributable to non-controlling interests in consolidated subsidiaries — — — — Less: Dividends on preferred shares — — 8,334 8,334 Net income (loss) attributable to shareholders from continuing operations $ 58,170 $ 38,627 $ (63,824) $ 32,973 II. For the Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 132,978 $ — $ 28,163 $ 161,141 Maintenance revenue 141,131 — — 141,131 Asset sales revenue 283,167 — — 283,167 Aerospace products revenue — 260,273 — 260,273 Other revenue 6,773 — 5,674 12,447 Total revenues 564,049 260,273 33,837 858,159 Expenses Cost of sales 217,190 149,719 — 366,909 Operating expenses 28,610 12,838 39,770 81,218 General and administrative — — 10,270 10,270 Acquisition and transaction expenses 4,960 1,137 4,098 10,195 Management fees and incentive allocation to affiliate — — 13,137 13,137 Depreciation and amortization 114,994 298 8,107 123,399 Asset impairment 1,220 — — 1,220 Interest expense — — 117,976 117,976 Total expenses 366,974 163,992 193,358 724,324 Other income (expense) Equity in losses of unconsolidated entities (242) (1,427) — (1,669) Other income 860 — 17 877 Total other income (expense) 618 (1,427) 17 (792) Income (loss) before income taxes 197,693 94,854 (159,504) 133,043 Provision for income taxes 4,414 2,631 541 7,586 Net income (loss) 193,279 92,223 (160,045) 125,457 Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries — — — — Less: Dividends on preferred shares — — 23,460 23,460 Net income (loss) attributable to shareholders from continuing operations $ 193,279 $ 92,223 $ (183,505) $ 101,997 III. For the Three Months Ended September 30, 2022 Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 40,392 $ — $ 9,806 $ 50,198 Maintenance revenue 35,507 — — 35,507 Asset sales revenue 85,488 — — 85,488 Aerospace products revenue — 53,401 — 53,401 Other revenue 3,461 — 2,310 5,771 Total revenues 164,848 53,401 12,116 230,365 Expenses Cost of sales 64,855 31,093 — 95,948 Operating expenses 10,533 3,491 13,369 27,393 General and administrative — — 3,354 3,354 Acquisition and transaction expenses 247 15 2,586 2,848 Management fees and incentive allocation to affiliate — — 4 4 Depreciation and amortization 32,728 77 2,048 34,853 Asset impairment 4,495 — — 4,495 Interest expense — — 40,171 40,171 Total expenses 112,858 34,676 61,532 209,066 Other expense Equity in losses of unconsolidated entities (45) (313) — (358) Loss on extinguishment of debt — — (19,861) (19,861) Other income (expense) 42 — (1,080) (1,038) Total other expenses (3) (313) (20,941) (21,257) Income (loss) from continuing operations before income taxes 51,987 18,412 (70,357) 42 Provision for income taxes 926 2,586 677 4,189 Net income (loss) from continuing operations 51,061 15,826 (71,034) (4,147) Less: Net income (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 $ 51,061 $ 15,826 $ (77,825) $ (10,938) IV. For the Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 111,648 $ — $ 17,515 $ 129,163 Maintenance revenue 112,171 — — 112,171 Asset sales revenue 85,488 — — 85,488 Aerospace products revenue — 94,211 — 94,211 Other revenue 8,687 — 4,400 13,087 Total revenues 317,994 94,211 21,915 434,120 Expenses Cost of sales 64,855 55,284 — 120,139 Operating expenses 72,135 8,094 27,968 108,197 General and administrative — — 11,821 11,821 Acquisition and transaction expenses 624 15 7,701 8,340 Management fees and incentive allocation to affiliate — — 4 4 Depreciation and amortization 109,147 178 6,136 115,461 Asset impairment 128,171 — — 128,171 Interest expense — — 132,197 132,197 Total expenses 374,932 63,571 185,827 624,330 Other income (expense) Equity in income (losses) of unconsolidated entities 753 (878) — (125) Gain on sale of assets, net 61,371 18,562 — 79,933 Loss on extinguishment of debt — — (19,861) (19,861) Other income (expense) 245 — (37) 208 Total other income (expense) 62,369 17,684 (19,898) 60,155 Income (loss) before income taxes 5,431 48,324 (183,810) (130,055) Provision for income taxes 2,116 5,055 186 7,357 Net income (loss) 3,315 43,269 (183,996) (137,412) Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries — — — — Less: Dividends on preferred shares — — 20,373 20,373 Net income (loss) attributable to shareholders from continuing operations $ 3,315 $ 43,269 $ (204,369) $ (157,785)
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 from continuing operations: Three Months Ended September 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 119,561 $ 40,586 $ (5,929) $ 154,218 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in earnings of unconsolidated entities 46 Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (642) Less: Interest expense and dividends on preferred shares (48,519) Less: Depreciation and amortization expense (59,380) Less: Incentive allocations (4,274) Less: Asset impairment charges — 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 (4,261) Less: Equity-based compensation expense (510) Less: Provision for income taxes (3,705) Net income attributable to shareholders from continuing operations $ 32,973 The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations: Nine Months Ended September 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 352,973 $ 98,020 $ (16,042) $ 434,951 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (1,669) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (96) Less: Interest expense and dividends on preferred shares (141,436) Less: Depreciation and amortization expense (157,084) Less: Incentive allocations (12,540) 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 (10,195) Less: Equity-based compensation expense (1,128) Less: Provision for income taxes (7,586) Net loss attributable to shareholders from continuing operations $ 101,997 The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations: Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 95,994 $ 18,560 $ (5,691) $ 108,863 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (358) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 241 Less: Interest expense and dividends on preferred shares (46,962) Less: Depreciation and amortization expense (41,329) Less: Incentive allocations — Less: Asset impairment charges (4,495) Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations (19,861) Less: Acquisition and transaction expenses (2,848) Less: Equity-based compensation expense — Less: Provision for income taxes (4,189) Net loss attributable to shareholders from continuing operations $ (10,938) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations: Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 273,788 $ 48,685 $ (17,915) $ 304,558 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (125) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (165) Less: Interest expense and dividends on preferred shares (152,570) Less: Depreciation and amortization expense (145,754) Less: Incentive allocations — Less: Asset impairment charges (128,171) Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations (19,861) Less: Acquisition and transaction expenses (8,340) Less: Equity-based compensation expense — Less: Provision for income taxes (7,357) Net loss attributable to shareholders from continuing operations $ (157,785)
Revenue from External Customers by Geographic Areas	Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended September 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 154 $ — $ — $ 154 Asia 48,267 952 11,033 60,252 Europe 56,679 34,961 — 91,640 North America 55,959 65,623 — 121,582 South America 11,919 5,549 — 17,468 Total $ 172,978 $ 107,085 $ 11,033 $ 291,096 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Nine Months Ended September 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 154 $ 875 $ — $ 1,029 Asia 81,285 2,737 33,837 117,859 Europe 192,498 80,847 — 273,345 North America 258,009 165,819 — 423,828 South America 32,103 9,995 — 42,098 Total $ 564,049 $ 260,273 $ 33,837 $ 858,159 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 250 $ — $ — $ 250 Asia 23,496 1,200 12,116 36,812 Europe 41,869 15,511 — 57,380 North America 90,183 36,690 — 126,873 South America 9,050 — — 9,050 Total $ 164,848 $ 53,401 $ 12,116 $ 230,365 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Nine Months Ended September 30, 2022 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 250 $ 850 $ — $ 1,100 Asia 60,111 2,601 21,915 84,627 Europe 94,751 26,410 — 121,161 North America 130,362 64,350 — 194,712 South America 32,520 — — 32,520 Total $ 317,994 $ 94,211 $ 21,915 $ 434,120
Summary of Contracted Minimum Future Annual Revenues	Presented below are the contracted minimum future annual revenues to be received under existing operating leases across as of September 30, 2023: Operating Leases Remainder of 2023 $ 45,510 2024 143,742 2025 103,809 2026 76,541 2027 59,066 Thereafter 83,674 Total $ 512,342
Long-lived Assets by Geographic Areas	The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net: September 30, 2023 December 31, 2022 Property, plant and equipment and leasing equipment, net Africa $ 12,565 $ 7,952 Asia 441,186 383,378 Europe 844,603 821,840 North America 418,268 424,617 South America 221,030 285,780 Total $ 1,937,652 $ 1,923,567

EARNINGS PER SHARE AND EQUITY (

EARNINGS PER SHARE AND EQUITY (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2023 2022 2023 2022 Net income (loss) from continuing operations $ 41,307 $ (4,147) $ 125,457 $ (137,412) Net loss from discontinued operations, net of income taxes — (14,782) — (101,416) Net income (loss) $ 41,307 $ (18,929) 125,457 (238,828) Less: Net loss attributable to non-controlling interests in consolidated subsidiaries: Continuing operations — — — — Discontinued operations — (2,871) — (18,817) Less: Dividends on preferred shares 8,334 6,791 23,460 20,373 Net income (loss) attributable to shareholders $ 32,973 $ (22,849) $ 101,997 $ (240,384) Weighted Average Common Shares Outstanding - Basic (1) 99,927,594 99,378,771 99,796,736 99,372,016 Weighted Average Common Shares Outstanding - Diluted (1) 100,482,309 99,378,771 100,269,203 99,372,016 Earnings (loss) per share: Basic Continuing operations $ 0.33 $ (0.11) $ 1.02 $ (1.59) Discontinued operations $ — $ (0.12) $ — $ (0.83) Diluted Continuing operations $ 0.33 $ (0.11) $ 1.02 $ (1.59) Discontinued operations $ — $ (0.12) $ — $ (0.83) ________________________________________________________ (1) Three and nine months ended September 30, 2022 include participating securities which can be converted into a fixed amount of our shares.

ORGANIZATION (Details)

ORGANIZATION (Details)	9 Months Ended
	Sep. 30, 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		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Accounting Policies [Line Items]
Restricted Cash	$ 0		$ 0		$ 19,500,000
Provision for doubtful accounts	72,200,000		72,200,000		65,600,000
Bad debt expense	5,600,000	$ (700,000)	6,600,000	$ 47,100,000
Operating lease, right-of-use assets	2,400,000		2,400,000		3,000,000
Finance leases, net			3,600,000		6,400,000
Prepaid expense	$ 2,900,000		$ 2,900,000		1,900,000
Common stock dividends declared (in dollars per share)	$ 0.30	$ 0.30	$ 0.90	$ 0.96
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
Series D Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.59
Other Assets
Accounting Policies [Line Items]
Lease Incentives	$ 47,900,000		$ 47,900,000		37,900,000
Purchase deposits	10,500,000		10,500,000		6,700,000
Notes receivable	85,700,000		85,700,000		49,200,000
Maintenance right assets	$ 12,500,000		$ 12,500,000		$ 6,800,000
Customer One | Customer Concentration Risk | Accounts Receivable | Aviation Leasing
Accounting Policies [Line Items]
Concentration risk			17%		20%
Customer Two | Customer Concentration Risk | Accounts Receivable | Aviation Leasing
Accounting Policies [Line Items]
Concentration risk					12%

DISCONTINUED OPERATIONS - Narra

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Sep. 30, 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
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
Stated percentage	6.50%	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			$ 730.3

DISCONTINUED OPERATIONS - Compo

DISCONTINUED OPERATIONS - Components of Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Expenses
Discontinued operations	$ 0	$ 0	$ 0	$ 0
Net loss from discontinued operations, net of income taxes	0	(14,782)	0	(101,416)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	$ 0	(2,871)	$ 0	(18,817)
Discontinued Operations, Disposed of by Sale
Revenues
Total revenues		27,993		140,009
Expenses
Cost of sales		4,920		12,732
Operating expenses		12,365		92,478
General and administrative expenses		466		2,694
Acquisition and transaction expenses		3,813		13,971
Management fees and incentive allocation to affiliate		908		8,134
Depreciation and amortization		6,004		40,319
Interest expense		2,160		15,105
Other expense		7,641		47,765
Total expenses		38,277		233,198
Loss before income taxes		(10,284)		(93,189)
Discontinued operations		4,498		8,227
Net loss from discontinued operations, net of income taxes		(14,782)		(101,416)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries		(2,871)		(18,817)
Net loss attributable to shareholders		$ (11,911)		$ (82,599)

DISCONTINUED OPERATIONS - Com_2

DISCONTINUED OPERATIONS - Components of Cash Flows (Details) - Discontinued Operations, Disposed of by Sale $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Operating activities:
Equity in losses of unconsolidated entities	$ 46,601
Depreciation and amortization	40,319
Equity-based compensation	2,623
Investing activities:
Acquisition of property, plant and equipment	(129,920)
Acquisition of business, net of cash acquired	(3,819)
Investment in unconsolidated entities	(7,954)
Proceeds from sale of property, plant and equipment	5,289
Non-cash change in equity method investment	(182,963)
Non-cash conversion of interest in unconsolidated entities	$ (21,302)

DISCONTINUED OPERATIONS - Incom

DISCONTINUED OPERATIONS - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues	$ 291,096	$ 230,365	$ 858,159	$ 434,120
Expenses
Operating expenses	33,887	27,393	81,218	108,197
Depreciation and amortization	43,959	34,853	123,399	115,461
Total expenses	246,591	209,066	724,324	624,330
Other expense	$ 507	(21,257)	$ (792)	60,155
Long Ridge Terminal LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total revenues		156		15,199
Expenses
Operating expenses		4,337		36,693
Depreciation and amortization		4,383		29,381
Interest expense		4,580		30,622
Total expenses		13,300		96,696
Other expense		(21)		(234)
Net loss		$ (13,165)		$ (81,731)

LEASING EQUIPMENT, NET- Schedul

LEASING EQUIPMENT, NET- Schedule of Lessor, Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Line Items]
Property, plant and equipment, net	$ 1,924,198	$ 1,913,553
Leasing Equipment
Leases [Line Items]
Leasing equipment	2,448,274	2,413,230
Less: Accumulated depreciation	(524,076)	(499,677)
Property, plant and equipment, net	$ 1,924,198	$ 1,913,553

LEASING EQUIPMENT, NET - Additi

LEASING EQUIPMENT, NET - Additional Details (Details) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($) aircraft engine
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Impairment of long lived assets | $	$ 120	$ 1.2
UKRAINE
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of aircraft		4
RUSSIAN FEDERATION
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of aircraft		8
Number of engines | engine		17

LEASING EQUIPMENT, NET- Operati

LEASING EQUIPMENT, NET- Operating Lease, Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leasing Equipment
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Depreciation expense for leasing equipment	$ 43,765	$ 34,704	$ 122,867	$ 115,074

INVESTMENTS - Ownership Carryin

INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jan. 04, 2023	Dec. 31, 2022	Nov. 30, 2021	Aug. 31, 2019	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 39,868		$ 22,037
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	25%				25%	25%
Carrying Value	$ 21,543		20,207			$ 15,000
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%			50%
Carrying Value	$ 1,588		1,830	$ 1,600
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%	50%
Carrying Value	$ 16,737	$ 19,500	$ 0

INVESTMENTS - Share of Equity o

INVESTMENTS - Share of Equity of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ 46	$ (358)	$ (1,669)	$ (125)
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Income (loss)	1,063	(314)	1,336	(879)
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Income (loss)	(108)	(44)	(242)	754
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ (909)	$ 0	$ (2,763)	$ 0

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Aug. 31, 2019	Sep. 30, 2023	Jan. 04, 2023	Dec. 31, 2022	Nov. 30, 2021	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 39,868		$ 22,037
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 21,543		20,207		$ 15,000
Ownership percentage	25%	25%				25%
Equity method investment contribution amount	$ 13,500
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 1,588		1,830	$ 1,600
Ownership percentage		50%			50%
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 16,737	$ 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	Sep. 30, 2023	Dec. 31, 2022
Intangible assets:
Acquired favorable lease intangibles	$ 60,963	$ 64,202
Less: Accumulated amortization	(19,492)	(22,247)
Acquired favorable lease intangibles, net	41,471	41,955
Intangible liabilities
Acquired unfavorable lease intangibles	2,918	13,152
Less: Accumulated amortization	(1,232)	(2,607)
Acquired unfavorable lease intangibles, net	$ 1,686	$ 10,545

INTANGIBLE ASSETS AND LIABILI_4

INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lease income | Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Lease income	$ 3,726	$ 3,291	$ 11,325	$ 10,259

INTANGIBLE ASSETS AND LIABILI_5

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 3,189
2024	12,583
2025	9,049
2026	6,504
2027	3,388
2028	3,132
Thereafter	1,940
Total	$ 39,785

DEBT, NET - Schedule of Debt (D

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt	$ 2,304,131	$ 2,205,127
Less: Debt issuance costs	(24,801)	(29,400)
Total debt, net	2,279,330	2,175,727
Total debt due within one year	0	0
Loans payable
Debt Instrument [Line Items]
Debt	250,000	150,000
Bonds payable
Debt Instrument [Line Items]
Debt	2,054,131	2,055,127
Bonds payable | Senior Notes Due 2025
Debt Instrument [Line Items]
Total debt, net	$ 652,297	$ 653,036
Stated percentage	6.50%	6.50%
Unamortized discount	$ 982	$ 1,318
Unamortized premium	3,279	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	$ 1,001,834	1,002,091
Stated percentage	5.50%
Unamortized premium	$ 1,834	2,091
Revolving Credit Facility | Loans payable
Debt Instrument [Line Items]
Total debt, net	$ 250,000	$ 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 V

FAIR VALUE MEASUREMENTS- Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Senior Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 639,633	$ 613,152
Senior Notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	413,836	402,032
Senior Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 907,380	$ 853,490

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantees	$ 7	$ 3.8
Number of aircrafts sold | aircraft	7
Guarantees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase in guarantees	$ 4.9
Decrease related to the change in fair value	$ 1.7

EQUITY-BASED COMPENSATION - Nar

EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	248,947
Granted (in dollars per share)	$ 26.11
Gran date fair value	$ 2.1
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of share issued		$ 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)		29,800,000

EQUITY-BASED COMPENSATION - Exp

EQUITY-BASED COMPENSATION - Expenses Related to Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 510	$ 0	$ 1,128	$ 0
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	510	$ 0	1,128	$ 0
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 7,643		$ 7,643
Weighted Average Remaining Contractual Term (in years)			3 years 3 months 18 days

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Current:
Cayman Islands	$ 0	$ 0	$ 0	$ 0
United States:
Federal	(32)	247	(77)	582
State and local	39	(442)	20	69
Non-U.S.	851	106	1,669	174
Total current provision (benefit)	858	(89)	1,612	825
Deferred:
Cayman Islands	0	0	0	0
United States:
Federal	1,521	2,915	2,344	4,517
State and local	(430)	304	68	610
Non-U.S.	1,756	1,059	3,562	1,405
Total deferred provision	2,847	4,278	5,974	6,532
Provision for income taxes:
Continuing operations	3,705	4,189	7,586	7,357
Discontinued operations	0	0	0	0
Total	$ 3,705	$ 4,189	$ 7,586	$ 7,357

MANAGEMENT AGREEMENT AND AFFI_3

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2015	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate		$ 4,577	$ 4	$ 13,137	$ 4
General and administrative		3,015	3,354	10,270	11,821
Acquisition and transaction expenses		4,261	2,848	10,195	8,340
Management reimbursements		246,591	209,066	724,324	624,330
Accounts payable and accrued liabilities		108,579		108,579		$ 86,452
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 3
Related Party Transaction [Line Items]
Pre-incentive income allocation	10%
Quarterly percent threshold of pre-incentive allocation net income	2.2223%
General Partner
Related Party Transaction [Line Items]
Ownership percentage by manager	0.01%
Management fees and incentive allocation to affiliate		4,577	4	13,137	4
General Partner | Management fees
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate		303	4	597	4
General Partner | Income incentive allocation
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate		4,274	0	12,540	0
General Partner | Capital gains incentive allocation
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate		0	0	0	0
Manager
Related Party Transaction [Line Items]
Management fee percentage rate	1.50%
General and administrative		1,592	1,466	5,096	4,933
Acquisition and transaction expenses		172	154	381	883
Management reimbursements		1,764	$ 1,620	5,477	$ 5,816
Receivables from manager		0		0		0
Manager | Accrued management fees
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities		210		210		53
Manager | Other payables
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities		$ 5,354		$ 5,354		$ 4,688
Fortress Worldwide Transportation and Infrastructure Master GP LLP
Related Party Transaction [Line Items]
Incentive distribution percentage	0.10
Income incentive allocation | Threshold 2 | Maximum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income	2.2223%

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Total revenues	$ 291,096	$ 230,365	$ 858,159	$ 434,120
Expenses
Cost of sales	116,707	95,948	366,909	120,139
Operating expenses	33,887	27,393	81,218	108,197
General and administrative	3,015	3,354	10,270	11,821
Acquisition and transaction expenses	4,261	2,848	10,195	8,340
Management fees and incentive allocation to affiliate	4,577	4	13,137	4
Depreciation and amortization	43,959	34,853	123,399	115,461
Asset impairment	0	4,495	1,220	128,171
Interest expense	40,185	40,171	117,976	132,197
Total expenses	246,591	209,066	724,324	624,330
Other income
Equity in earnings (losses) of unconsolidated entities	46	(358)	(1,669)	(125)
Gain on sale of assets, net	0	0	0	79,933
Loss on extinguishment of debt	0	(19,861)	0	(19,861)
Other income (expense)	461	(1,038)	877	208
Total other income (expense)	507	(21,257)	(792)	60,155
Income (loss) from continuing operations before income taxes	45,012	42	133,043	(130,055)
Provision for income taxes	3,705	4,189	7,586	7,357
Net income (loss) from continuing operations	41,307	(4,147)	125,457	(137,412)
Less: Net income (loss) from continuing operations attributable to non-controlling interests in consolidated subsidiaries	0	0	0	0
Less: Dividends on preferred shares	8,334	6,791	23,460	20,373
Net income attributable to shareholders from continuing operations	32,973	(10,938)	101,997	(157,785)
Lease income
Revenues
Total revenues	45,622	50,198	161,141	129,163
Maintenance revenue
Revenues
Total revenues	63,925	35,507	141,131	112,171
Asset sales revenue
Revenues
Total revenues	72,990	85,488	283,167	85,488
Aerospace products revenue
Revenues
Total revenues	107,085	53,401	260,273	94,211
Other revenue
Revenues
Total revenues	1,474	5,771	12,447	13,087
Operating Segments
Other income
Income (loss) from continuing operations before income taxes
Corporate and Other
Revenues
Total revenues	11,033	12,116	33,837	21,915
Expenses
Cost of sales	0	0	0	0
Operating expenses	13,996	13,369	39,770	27,968
General and administrative	3,015	3,354	10,270	11,821
Acquisition and transaction expenses	1,822	2,586	4,098	7,701
Management fees and incentive allocation to affiliate	4,577	4	13,137	4
Depreciation and amortization	2,703	2,048	8,107	6,136
Asset impairment		0	0	0
Interest expense	40,185	40,171	117,976	132,197
Total expenses	66,298	61,532	193,358	185,827
Other income
Equity in earnings (losses) of unconsolidated entities	0	0	0	0
Gain on sale of assets, net				0
Loss on extinguishment of debt		(19,861)		(19,861)
Other income (expense)	17	(1,080)	17	(37)
Total other income (expense)	17	(20,941)	17	(19,898)
Income (loss) from continuing operations before income taxes	(55,248)	(70,357)	(159,504)	(183,810)
Provision for income taxes	242	677	541	186
Net income (loss) from continuing operations	(55,490)	(71,034)	(160,045)	(183,996)
Less: Net income (loss) from continuing operations attributable to non-controlling interests in consolidated subsidiaries	0	0	0	0
Less: Dividends on preferred shares	8,334	6,791	23,460	20,373
Net income attributable to shareholders from continuing operations	(63,824)	(77,825)	(183,505)	(204,369)
Corporate and Other | Lease income
Revenues
Total revenues	9,641	9,806	28,163	17,515
Corporate and Other | Maintenance revenue
Revenues
Total revenues	0	0	0	0
Corporate and Other | Asset sales revenue
Revenues
Total revenues	0	0	0	0
Corporate and Other | Aerospace products revenue
Revenues
Total revenues	0	0	0	0
Corporate and Other | Other revenue
Revenues
Total revenues	1,392	2,310	5,674	4,400
Aviation Leasing | Operating Segments
Revenues
Total revenues	172,978	164,848	564,049	317,994
Expenses
Cost of sales	55,398	64,855	217,190	64,855
Operating expenses	13,944	10,533	28,610	72,135
General and administrative	0	0	0	0
Acquisition and transaction expenses	2,329	247	4,960	624
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	41,141	32,728	114,994	109,147
Asset impairment		4,495	1,220	128,171
Interest expense	0	0	0	0
Total expenses	112,812	112,858	366,974	374,932
Other income
Equity in earnings (losses) of unconsolidated entities	(108)	(45)	(242)	753
Gain on sale of assets, net				61,371
Loss on extinguishment of debt		0		0
Other income (expense)	444	42	860	245
Total other income (expense)	336	(3)	618	62,369
Income (loss) from continuing operations before income taxes	60,502	51,987	197,693	5,431
Provision for income taxes	2,332	926	4,414	2,116
Net income (loss) from continuing operations	58,170	51,061	193,279	3,315
Less: Net income (loss) from continuing operations attributable to non-controlling interests in consolidated subsidiaries	0	0	0	0
Less: Dividends on preferred shares	0	0	0	0
Net income attributable to shareholders from continuing operations	58,170	51,061	193,279	3,315
Aviation Leasing | Operating Segments | Lease income
Revenues
Total revenues	35,981	40,392	132,978	111,648
Aviation Leasing | Operating Segments | Maintenance revenue
Revenues
Total revenues	63,925	35,507	141,131	112,171
Aviation Leasing | Operating Segments | Asset sales revenue
Revenues
Total revenues	72,990	85,488	283,167	85,488
Aviation Leasing | Operating Segments | Aerospace products revenue
Revenues
Total revenues	0	0	0	0
Aviation Leasing | Operating Segments | Other revenue
Revenues
Total revenues	82	3,461	6,773	8,687
Aerospace Products | Operating Segments
Revenues
Total revenues	107,085	53,401	260,273	94,211
Expenses
Cost of sales	61,309	31,093	149,719	55,284
Operating expenses	5,947	3,491	12,838	8,094
General and administrative	0	0	0	0
Acquisition and transaction expenses	110	15	1,137	15
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	115	77	298	178
Asset impairment		0	0	0
Interest expense	0	0	0	0
Total expenses	67,481	34,676	163,992	63,571
Other income
Equity in earnings (losses) of unconsolidated entities	154	(313)	(1,427)	(878)
Gain on sale of assets, net				18,562
Loss on extinguishment of debt		0		0
Other income (expense)	0	0	0	0
Total other income (expense)	154	(313)	(1,427)	17,684
Income (loss) from continuing operations before income taxes	39,758	18,412	94,854	48,324
Provision for income taxes	1,131	2,586	2,631	5,055
Net income (loss) from continuing operations	38,627	15,826	92,223	43,269
Less: Net income (loss) from continuing operations attributable to non-controlling interests in consolidated subsidiaries	0	0	0	0
Less: Dividends on preferred shares	0	0	0	0
Net income attributable to shareholders from continuing operations	38,627	15,826	92,223	43,269
Aerospace Products | Operating Segments | Lease income
Revenues
Total revenues	0	0	0	0
Aerospace Products | Operating Segments | Maintenance revenue
Revenues
Total revenues	0	0	0	0
Aerospace Products | Operating Segments | Asset sales revenue
Revenues
Total revenues	0	0	0	0
Aerospace Products | Operating Segments | Aerospace products revenue
Revenues
Total revenues	107,085	53,401	260,273	94,211
Aerospace Products | Operating Segments | Other revenue
Revenues
Total revenues	$ 0	$ 0	$ 0	$ 0

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Adjusted Net Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 154,218	$ 108,863	$ 434,951	$ 304,558
Add: Non-controlling share of Adjusted EBITDA	0	0	0	0
Equity in earnings (losses) of unconsolidated entities	46	(358)	(1,669)	(125)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	(642)	241	(96)	(165)
Less: Interest expense and dividends on preferred shares	(48,519)	(46,962)	(141,436)	(152,570)
Less: Depreciation and amortization expense	(59,380)	(41,329)	(157,084)	(145,754)
Less: Incentive allocations	(4,274)	0	(12,540)	0
Less: Asset impairment charges	0	(4,495)	(1,220)	(128,171)
Less: Changes in fair value of non-hedge derivative instruments	0	0	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	(19,861)	0	(19,861)
Less: Acquisition and transaction expenses	(4,261)	(2,848)	(10,195)	(8,340)
Less: Equity-based compensation expense	(510)	0	(1,128)	0
Less: Provision for income taxes	(3,705)	(4,189)	(7,586)	(7,357)
Net income attributable to shareholders from continuing operations	32,973	(10,938)	101,997	(157,785)
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(5,929)	(5,691)	(16,042)	(17,915)
Equity in earnings (losses) of unconsolidated entities	0	0	0	0
Less: Asset impairment charges		0	0	0
Less: Acquisition and transaction expenses	(1,822)	(2,586)	(4,098)	(7,701)
Less: Provision for income taxes	(242)	(677)	(541)	(186)
Net income attributable to shareholders from continuing operations	(63,824)	(77,825)	(183,505)	(204,369)
Aviation Leasing | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	119,561	95,994	352,973	273,788
Equity in earnings (losses) of unconsolidated entities	(108)	(45)	(242)	753
Less: Asset impairment charges		(4,495)	(1,220)	(128,171)
Less: Acquisition and transaction expenses	(2,329)	(247)	(4,960)	(624)
Less: Provision for income taxes	(2,332)	(926)	(4,414)	(2,116)
Net income attributable to shareholders from continuing operations	58,170	51,061	193,279	3,315
Aerospace Products | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	40,586	18,560	98,020	48,685
Equity in earnings (losses) of unconsolidated entities	154	(313)	(1,427)	(878)
Less: Asset impairment charges		0	0	0
Less: Acquisition and transaction expenses	(110)	(15)	(1,137)	(15)
Less: Provision for income taxes	(1,131)	(2,586)	(2,631)	(5,055)
Net income attributable to shareholders from continuing operations	$ 38,627	$ 15,826	$ 92,223	$ 43,269

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Geographic Sources of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 291,096	$ 230,365	$ 858,159	$ 434,120
Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	11,033	12,116	33,837	21,915
Africa
Segment Reporting Information [Line Items]
Total revenues	154	250	1,029	1,100
Africa | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Asia
Segment Reporting Information [Line Items]
Total revenues	60,252	36,812	117,859	84,627
Asia | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	11,033	12,116	33,837	21,915
Europe
Segment Reporting Information [Line Items]
Total revenues	91,640	57,380	273,345	121,161
Europe | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
North America
Segment Reporting Information [Line Items]
Total revenues	121,582	126,873	423,828	194,712
North America | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
South America
Segment Reporting Information [Line Items]
Total revenues	17,468	9,050	42,098	32,520
South America | Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Aviation Leasing | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	172,978	164,848	564,049	317,994
Aviation Leasing | Africa | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	154	250	154	250
Aviation Leasing | Asia | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	48,267	23,496	81,285	60,111
Aviation Leasing | Europe | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	56,679	41,869	192,498	94,751
Aviation Leasing | North America | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	55,959	90,183	258,009	130,362
Aviation Leasing | South America | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	11,919	9,050	32,103	32,520
Aerospace Products | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	107,085	53,401	260,273	94,211
Aerospace Products | Africa | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	0	0	875	850
Aerospace Products | Asia | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	952	1,200	2,737	2,601
Aerospace Products | Europe | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	34,961	15,511	80,847	26,410
Aerospace Products | North America | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	65,623	36,690	165,819	64,350
Aerospace Products | South America | Operating Segments
Segment Reporting Information [Line Items]
Total revenues	$ 5,549	$ 0	$ 9,995	$ 0

SEGMENT INFORMATION - Summary_2

SEGMENT INFORMATION - Summary of Contracted Minimum Future Annual Revenues (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Segment Reporting [Abstract]
Remainder of 2023	$ 45,510
2024	143,742
2025	103,809
2026	76,541
2027	59,066
Thereafter	83,674
Total	$ 512,342

SEGMENT INFORMATION - Location

SEGMENT INFORMATION - Location of Long-Lived Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	$ 1,937,652	$ 1,923,567
Africa
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	12,565	7,952
Asia
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	441,186	383,378
Europe
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	844,603	821,840
North America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	418,268	424,617
South America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	$ 221,030	$ 285,780

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		6 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 41,307	$ (4,147)			$ 125,457	$ (137,412)
Net loss from discontinued operations, net of income taxes	0	(14,782)			0	(101,416)
Net income (loss)	41,307	(18,929)	$ 84,150	$ (219,899)	125,457	(238,828)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	0	0			0	0
Discontinued operations	0	(2,871)			0	(18,817)
Less: Dividends on preferred shares	8,334	6,791			23,460	20,373
Net income (loss) attributable to shareholders	$ 32,973	$ (22,849)			$ 101,997	$ (240,384)
Weighted Average Common Shares Outstanding - Basic (in shares)	99,927,594	99,378,771			99,796,736	99,372,016
Weighted Average Common Shares Outstanding - Diluted (in shares)	100,482,309	99,378,771			100,269,203	99,372,016
Basic
Continuing operations, basic (in dollars per share)	$ 0.33	$ (0.11)			$ 1.02	$ (1.59)
Discontinued operations, basic (in dollars per share)	0	(0.12)			0	(0.83)
Diluted
Continuing operations, diluted (in dollars per share)	0.33	(0.11)			1.02	(1.59)
Discontinued operations, diluted (in dollars per share)	$ 0	$ (0.12)			$ 0	$ (0.83)

EARNINGS PER SHARE AND EQUITY_2

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Antidilutive shares (in shares)	0	326,747	0	654,693
Stocks issued during period for services (in shares)			18,457	19,811

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Guarantees	$ 7	$ 3.8
Undiscounted future payments, potential pay out	34.7
Minimum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 0
Guarantor obligations, lease term	4 years
Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 3.3

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares		3 Months Ended		9 Months Ended
	Oct. 25, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)		$ 0.30	$ 0.30	$ 0.90	$ 0.96
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
Series D Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		$ 0.59
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.30
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