FTAI Aviation (FTAI) 10-Q 26 Apr 24 2024 Q1 Quarterly report Financial data

Cover page

Cover page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 24, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		100,245,905
Entity Central Index Key	0001590364
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Ordinary shares, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Ordinary shares, $0.01 par value per share
Trading Symbol	FTAI
Security Exchange Name	NASDAQ
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIP
Security Exchange Name	NASDAQ
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIO
Security Exchange Name	NASDAQ
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIN
Security Exchange Name	NASDAQ
9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIM
Security Exchange Name	NASDAQ

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 65,224	$ 90,756
Restricted cash	150	150
Accounts receivable, net	137,399	115,156
Leasing equipment, net	2,187,716	2,032,413
Property, plant, and equipment, net	44,114	45,175
Investments	22,055	22,722
Intangible assets, net	46,583	50,590
Goodwill	4,630	4,630
Inventory, net	345,470	316,637
Other assets	322,565	286,456
Total assets	3,175,906	2,964,685
Liabilities
Accounts payable and accrued liabilities	139,250	112,907
Total debt, net	2,693,754	2,517,343
Maintenance deposits	62,722	65,387
Security deposits	42,431	41,065
Other liabilities	60,143	52,100
Total liabilities	2,998,300	2,788,802
Commitments and contingencies
Equity
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 100,245,905 and 100,245,905 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)	1,002	1,002
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 15,920,000 and 15,920,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively)	159	159
Additional paid in capital	218,074	255,973
Accumulated deficit	(42,163)	(81,785)
Shareholders' equity	177,072	175,349
Non-controlling interest in equity of consolidated subsidiaries	534	534
Total equity	177,606	175,883
Total liabilities and equity	$ 3,175,906	$ 2,964,685

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	100,245,905	100,245,905
Common stock, shares outstanding (in shares)	100,245,905	100,245,905
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	15,920,000
Preferred stock, shares outstanding (in shares)	15,920,000	15,920,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 326,694	$ 292,718
Expenses
Cost of sales	142,804	145,670
Operating expenses	25,317	22,534
General and administrative	3,683	4,067
Acquisition and transaction expenses	6,179	3,262
Management fees and incentive allocation to affiliate	4,895	2,997
Depreciation and amortization	49,920	40,926
Asset impairment	962	1,220
Interest expense	47,707	39,292
Total expenses	281,467	259,968
Other (expense) income
Equity in losses of unconsolidated entities	(667)	(1,335)
Other income	634	8
Total other expense	(33)	(1,327)
Income before income taxes	45,194	31,423
Provision for income taxes	5,572	2,026
Net income	39,622	29,397
Less: Dividends on preferred shares	8,335	6,791
Net income attributable to shareholders	$ 31,287	$ 22,606
Earnings per share:
Basic (in dollars per share)	$ 0.31	$ 0.23
Diluted (in dollars per share)	$ 0.31	$ 0.22
Weighted average shares outstanding:
Basic (in shares)	100,245,905	99,728,245
Diluted (in shares)	100,960,065	100,974,100
Lease income
Revenues
Total revenues	$ 53,161	$ 55,978
Maintenance revenue
Revenues
Total revenues	45,790	35,141
Asset sales revenue
Revenues
Total revenues	38,607	108,691
Aerospace products revenue
Revenues
Total revenues	189,057	85,113
Other revenue
Revenues
Total revenues	$ 79	$ 7,795

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Ordinary Shares	Preferred Shares	Additional Paid In Capital	Accumulated Deficit	Non-Controlling Interest in Equity of Consolidated Subsidiaries
Beginning balance at Dec. 31, 2022	$ 19,402	$ 997	$ 133	$ 343,350	$ (325,602)	$ 524
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,397				29,397
Total comprehensive income	29,397				29,397
Issuance of ordinary shares	230			230
Dividends declared - ordinary shares	(29,919)			(29,919)
Issuance of preferred shares	61,729		26	61,703
Dividends declared - preferred shares	(6,791)			(6,791)
Equity-based compensation	108			108
Ending balance at Mar. 31, 2023	74,156	997	159	368,681	(296,205)	524
Beginning balance at Dec. 31, 2023	175,883	1,002	159	255,973	(81,785)	534
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	39,622				39,622
Total comprehensive income	39,622				39,622
Dividends declared - ordinary shares	(30,074)			(30,074)
Dividends declared - preferred shares	(8,335)			(8,335)
Equity-based compensation	510			510
Ending balance at Mar. 31, 2024	$ 177,606	$ 1,002	$ 159	$ 218,074	$ (42,163)	$ 534

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 39,622	$ 29,397
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in losses of unconsolidated entities	667	1,335
Gain on sale of leasing equipment, net	(58,061)	(31,657)
Security deposits and maintenance claims included in earnings	(2,437)	(9,842)
Equity-based compensation	510	108
Depreciation and amortization	49,920	40,926
Asset impairment	962	1,220
Change in deferred income taxes	4,548	1,692
Change in fair value of guarantees	(259)	(1,769)
Amortization of lease intangibles and incentives	9,202	7,844
Amortization of deferred financing costs	2,638	2,017
Provision for credit losses	0	475
Other	(259)	(326)
Change in:
Accounts receivable	(27,945)	(14,840)
Inventory	(6,877)	6,984
Other assets	(1,845)	(2,013)
Accounts payable and accrued liabilities	(10,252)	6,088
Management fees payable to affiliate	238	(386)
Other liabilities	(717)	1,444
Net cash (used in) provided by operating activities	(345)	38,697
Cash flows from investing activities:
Investment in unconsolidated entities	0	(19,500)
Principal collections on finance leases	786	0
Principal collections on notes receivable	1,964	0
Acquisition of leasing equipment	(276,990)	(127,513)
Acquisition of property, plant and equipment	(1,312)	(1,451)
Acquisition of lease intangibles	862	(8,640)
Purchase deposits for acquisitions	(25,535)	(9,940)
Proceeds from sale of leasing equipment	128,384	153,679
Proceeds for deposit on sale of aircraft and engine	2,098	1,042
Return of purchase deposits	530	0
Net cash used in investing activities	(169,213)	(12,323)
Cash flows from financing activities:
Proceeds from debt	210,000	145,000
Repayment of debt	(35,000)	(220,000)
Payment of deferred financing costs	(292)	0
Receipt of security deposits	1,856	1,459
Return of security deposits	0	(65)
Receipt of maintenance deposits	8,927	10,142
Release of maintenance deposits	(3,056)	0
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs	0	61,729
Cash dividends - ordinary shares	(30,074)	(29,919)
Cash dividends - preferred shares	(8,335)	(6,791)
Net cash provided by (used in) financing activities	144,026	(38,445)
Net decrease in cash and cash equivalents and restricted cash	(25,532)	(12,071)
Cash and cash equivalents and restricted cash, beginning of period	90,906	53,065
Cash and cash equivalents and restricted cash, end of period	65,374	40,994
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of and transfers to leasing equipment	(59,850)	(18,539)
Transfers from leasing equipment	73,297	51,607
Settled security deposits	(1,442)	(1,160)
Settled maintenance deposits	(18,964)	(8,809)
Issuance of ordinary shares	$ 0	$ 230

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
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, 2023. 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. 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. Inventory, net — We hold aircraft engine modules, spare parts and used material inventory for trading, repairs and to support operations. Inventory is carried at the lower of cost or net realizable value. Revenues — We disaggregate our revenue 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. 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. All excess maintenance payments received that we do not expect to repay to the lessee are recorded as Maintenance revenue. 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 and other related assets/liabilities acquired. 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. Aerospace products revenue —Aerospace products revenue primarily consists of the transaction price related to the sale of repaired CFM56-7B, CFM56-5B and V2500 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. 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. 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 greater than 10% of total revenue during the three months ended March 31, 2024. We earn ed 18% and 10% o f our revenue from two customers in the Aviation Leasing segment during the three months ended March 31, 2023. As of March 31, 2024, there was one customer in the Aviation Leasing segment that represented 11% of total accounts receivable, net. As of December 31, 2023, no single customer accounted for greater than 10% of total accounts receivable, net. We maintain cash and restricted 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 Ac counts and Credit Losses — 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 as of March 31, 2024 and December 31, 2023. We determine the credit loss reserve for note receivables, receivables related to finance leases and inventory sales. There was no provision for credit losses for the three months ended March 31, 2024 and $0.5 million for the three months ended March 31, 2023, which is included in Operating expenses in the Consolidated Statements of Operations. Comprehensive Income — Comprehensive income 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 income represents net income, as presented in the Consolidated Statements of Operations. Other Assets— Other assets is primarily comprised of lease incentives of $45.9 million and $43.5 million, purchase deposits of $37.1 million and $23.9 million, notes receivable of $130.5 million and $102.3 million, operating lease right-of-use assets, net of $3.4 million and $3.4 million, finance leases, net of $2.4 million and $3.0 million, maintenance right assets of $15.0 million and $16.3 million and prepaid expenses of $5.1 million and $7.8 million as of March 31, 2024 and December 31, 2023, respectively. Dividends— Dividends are recorded if and when declared by the Board of Directors. For the three months ended March 31, 2024 and 2023, the Board of Directors declared cash dividends of $0.30 per ordinary share. Additionally, in the quarter ended March 31, 2024, 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 — In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures . This ASU modifies the disclosure and presentation requirements of reportable segments. The new guidance requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. In addition, the new guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. This standard is effective retrospectively for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact this guidance will have on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures . This ASU enhances the transparency and decision usefulness of income tax disclosures by expanding the disclosures of an entity’s income tax rate reconciliation and disaggregation of income taxes paid and income tax expense. Under the new guidance, public business entities must annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate. This standard is effective prospectively for all public entities for annual periods beginning after December 15, 2024, with early adoption and retrospective application permitted. We are currently assessing the impact this guidance will have on our consolidated financial statements and related disclosures. In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concept Statements. This ASU amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective January 1, 2025 and we are currently assessing the impact this guidance will have on our consolidated financial statements and related disclosures.

ACQUISITION OF QUICKTURN

ACQUISITION OF QUICKTURN	3 Months Ended
	Mar. 31, 2024
Business Combinations [Abstract]
Acquisition of QuickTurn	3. ACQUISITION OF QUICKTURN On December 1, 2023, we completed the acquisition of the remaining equity interest of Quick Turn Engine Center LLC (“QuickTurn”) from Unical Aviation Inc. (“Unical”) for total cash consideration of $30.3 million to obtain full ownership. We acquired QuickTurn to better position the Company to have tighter integration over the development and delivery of aerospace products. QuickTurn is a hospital maintenance and testing facility dedicated to the CFM56 engine located in Miami, Florida that operates within our Aerospace Products segment. The results of operations at QuickTurn have been included in the Consolidated Statements of Operations beginning on the acquisition date. In accordance with ASC 805, Business Combinations . The following fair values were assigned to assets acquired and liabilities assumed based on management’s estimates and assumptions and are preliminary. The significant assumptions used to estimate the fair value of the property, plant, and equipment included replacement cost estimates and market data for similar assets where available. The significant assumptions used to estimate the value of the customer relationship intangible assets included discount rate and future revenues and operating expenses. The final valuation and related allocation of the purchase price is subject to change as additional information is received and will be completed no later than 12 months after the closing date. The final acquisition accounting adjustments may be materially different and may include (i) changes in fair values of Property, plant and equipment and associated salvage values; (ii) changes in fair values of Inventory; (iii) changes in allocations to Intangible assets, as well as goodwill; and, (iv) other changes to assets and liabilities, including working capital accounts. The following table summarizes the preliminary allocation of the Net assets acquired as presented in our Consolidated Balance Sheets: December 1, 2023 Fair value of assets acquired: Cash and cash equivalents $ 518 Restricted cash 150 Accounts receivable, net 5,133 Property, plant, and equipment, net 30,559 Intangible assets 2,377 Inventory, net 9,332 Other assets 4,301 Total assets 52,370 Fair value of liabilities assumed: Accounts payable and accrued liabilities 3,994 Other liabilities 2,410 Total liabilities 6,404 Goodwill (1) 4,630 Net assets acquired $ 50,596 ________________________________________________________ (1) Goodwill is primarily attributable to the assembled workforce of QuickTurn and the synergies expected to be achieved. This goodwill is assigned to the Aerospace Products segment and is deductible for income tax purposes. The following table presents the identifiable intangible assets and their estimated useful lives: Estimated useful life in years Estimated Fair value Above market leases 4 $ 470 Customer relationships 5 $ 1,907 Total $ 2,377 The following table presents the property, plant and equipment and their estimated useful lives: Estimated useful life in years Estimated Fair value Land N/A $ 2,840 Buildings and improvements 49 13,790 Machinery and equipment 6 - 23 13,631 Other 5 - 7 298 Total $ 30,559 The financial information in the table below summarizes the combined results of operations of FTAI and QuickTurn on a pro forma basis. These pro forma results were based on estimates and assumptions which we believe are reasonable. The pro forma adjustments are primarily comprised of the following: • The allocation of the purchase price and related adjustments, including adjustments to depreciation and amortization expense related to the fair value of property, plant and equipment and intangible assets acquired; • Associated tax-related impacts of adjustments. The following pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2023. March 31, 2023 Total revenue $ 297,041 Net income attributable to shareholders $ 21,085

LEASING EQUIPMENT, NET

LEASING EQUIPMENT, NET	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
LEASING EQUIPMENT, NET	4. LEASING EQUIPMENT, NET Leasing equipment, net is summarized as follows: March 31, 2024 December 31, 2023 Leasing equipment $ 2,758,346 $ 2,574,394 Less: Accumulated depreciation (570,630) (541,981) Leasing equipment, net $ 2,187,716 $ 2,032,413 We identified certain assets in our leasing equipment portfolio with indicators of impairment. As a result, we adjusted the carrying value of these assets to fair value and recognized transactional impairment charges of $1.0 million and $1.2 million, net of redelivery compensation during the three months ended March 31, 2024 and March 31, 2023, respectively. Depreciation expense for leasing equipment is summarized as follows: Three Months Ended March 31, 2024 2023 Depreciation expense for leasing equipment $ 48,902 $ 40,766

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS	5. INVESTMENTS The following table presents the ownership interests and carrying values of our investments: Carrying Value Investment Ownership Percentage March 31, 2024 December 31, 2023 Advanced Engine Repair JV Equity method 25% $ 20,519 $ 21,040 Falcon MSN 177 LLC Equity method 50% 1,536 1,682 Quick Turn Engine Center LLC Equity method 50%* — — $ 22,055 $ 22,722 ____________________________________ * 45% pro rata distribution of income until return of JV partner's initial investment We did not recognize any other-than-temporary impairments for the three months ended March 31, 2024 and 2023. The following table presents our proportionate share of equity in losses: Three Months Ended March 31, 2024 2023 Advanced Engine Repair JV $ (521) $ (408) Falcon MSN 177 LLC (146) (99) Quick Turn Engine Center LLC — (828) Total $ (667) $ (1,335) 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 (45% pro rata distribution of income until return of the JV partner’s initial investment) in Quick Turn Engine Center LLC or “QuickTurn” (previously iAero Thrust LLC), a hospital maintenance and testing facility dedicated to the CFM56 engine. We account for our investment in QuickTurn as an equity method investment as we have significant influence through our interest. On December 1, 2023, we purchased the remaining interest in QuickTurn from the joint venture partner for total cash consideration of $30.3 million to obtain full ownership with a 100% equity interest. On the acquisition date, the Company accounted for QuickTurn on a consolidated basis and derecognized it as an equity method investment. See Note 3 for additional information.

INTANGIBLE ASSETS AND LIABILITI

INTANGIBLE ASSETS AND LIABILITIES, NET	3 Months Ended
	Mar. 31, 2024
Intangible Assets and Liabilities Disclosure [Abstract]
INTANGIBLE ASSETS AND LIABILITIES, NET	6. INTANGIBLE ASSETS AND LIABILITIES, NET Intangible assets and liabilities, net are summarized as follows: March 31, 2024 December 31, 2023 Intangible assets Acquired favorable lease intangibles $ 68,358 $ 68,041 Less: Accumulated amortization (23,555) (19,347) Acquired favorable lease intangibles, net 44,803 48,694 Acquired customer relationships 1,907 1,907 Less: Accumulated amortization (127) (11) Acquired customer relationships, net 1,780 1,896 Total intangible assets, net $ 46,583 $ 50,590 Intangible liabilities Acquired unfavorable lease intangibles $ 4,331 $ 3,151 Less: Accumulated amortization (1,594) (1,389) Acquired unfavorable lease intangibles, net $ 2,737 $ 1,762 Intangible assets and liabilities are all held within the Aviation Leasing and Aerospace Products segments. Intangible liabilities relate to unfavorable lease intangibles and are included as a component of Other liabilities. Amortization of intangible assets and liabilities is recorded as follows: Classification in Consolidated Statements of Operations Three Months Ended March 31, 2024 2023 Lease intangibles Lease income $ 3,976 $ 3,983 Customer relationships Depreciation and amortization 117 — Total $ 4,093 3,983 As of March 31, 2024, estimated net annual amortization of intangibles is as follows: Remainder of 2024 $ 11,751 2025 12,812 2026 8,596 2027 3,963 2028 3,413 Thereafter 3,311 Total $ 43,846

DEBT, NET

DEBT, NET	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT, NET	7. DEBT, NET Our debt, net is summarized as follows: March 31, 2024 December 31, 2023 Outstanding Borrowings Stated Interest Rate Maturity Date Outstanding Borrowings Loans payable Revolving Credit Facility (1) $ 175,000 (i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75% 9/20/25 $ — Total loans payable 175,000 — Bonds payable Senior Notes due 2025 (2) 651,784 6.50% 10/1/25 652,043 Senior Notes due 2027 400,000 9.75% 8/1/27 400,000 Senior Notes due 2028 (3) 1,001,657 5.50% 5/1/28 1,001,746 Senior Notes due 2030 (4) 496,793 7.88% 12/1/30 496,704 Total bonds payable 2,550,234 2,550,493 Debt 2,725,234 2,550,493 Less: Debt issuance costs (31,480) (33,150) Total debt, net $ 2,693,754 $ 2,517,343 Total debt due within one year $ — $ — ________________________________________________________ (1) Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (2) Includes an unamortized discount of $748 and $866 at March 31, 2024 and December 31, 2023, respectively, and an unamortized premium of $2,532 and $2,908 at March 31, 2024 and December 31, 2023, respectively. (3) Includes an unamortized premium of $1,657 and $1,746 at March 31, 2024 and December 31, 2023, respectively. (4) Includes unamortized discount of $3,207 and $3,296 at March 31, 2024 and December 31, 2023, respectively. We were in compliance with all debt covenants as of March 31, 2024.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	8. FAIR VALUE MEASUREMENTS Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. • Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: • Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts. • Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Our cash and cash equivalents and restricted cash consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy. Except as discussed below, our financial instruments other than cash and cash equivalents and restricted cash consist principally of accounts receivable, notes receivable, accounts payable and accrued liabilities, loans payable, security deposits, maintenance deposits and management fees payable, whose fair values approximate their carrying values based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles. The fair values of our bonds payable are presented in the table below and classified as Level 2 within the fair value hierarchy: March 31, 2024 December 31, 2023 Senior Notes due 2025 650,026 649,383 Senior Notes due 2027 415,264 416,432 Senior Notes due 2028 970,410 963,630 Senior Notes due 2030 526,500 521,440 The fair value of all other items reported as Debt, net approximate their carrying values due to their bearing market rates of interest and are classified as Level 2 within the fair value hierarchy. The Company has contingent obligations under ASC 460, Guarantees , in connection with certain sales of aircraft on lease, which are measured at fair value. The guarantees are valued at $7.1 million and $6.8 million as of March 31, 2024 and December 31, 2023, respectively, and are reflected as a component of Other liabilities. The fair values of the guarantees are determined based on the estim ated condition of the engines at the end of each lease term and the estimated cost of replacement and applicable discount rates and are classified as Level 3. During the three months ended March 31, 2024, the Company recorded a $0.3 million increase related to the change in fair value, which is recorded as Asset sales revenue. During the three months ended March 31, 2023, the Company recorded a $4.3 million increase in guarantees related to the sale of six aircraft and a $1.8 million decrease related to the change in fair value, which is recorded as Asset sales revenue. During the three months ended March 31, 2024 and 2023, there were no significant transfers into or out of Level 3. 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	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED COMPENSATION	9. EQUITY-BASED COMPENSATION We have a Nonqualified Stock Option and Incentive Award Plan (“Incentive Plan”) which provides for the ability to award equity compensation awards in the form of stock options to eligible employees, consultants, directors, and other individuals who provide services to us, each as determined by the Compensation Committee of the Board of Directors. As of March 31, 2024, 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. The Consolidated Statements of Operations includes the following expense related to our stock-based compensation arrangements: Three Months Ended March 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2024 2023 Restricted Shares $ 510 $ 108 $ 6,623 3.2 years Options During the three months ended March 31, 2024, FIG LLC (the “Manager”), an affiliate of Fortress Investment Group LLC, transferred 49,790 of its options to certain of the Manager’s employees.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES The current and deferred components of the income tax provision included in the Consolidated Statements of Operations are as follows: Three Months Ended March 31, 2024 2023 Current: Cayman Islands $ — $ — Bermuda — — United States: — — Federal 300 47 State and local 578 13 Non-U.S. 146 274 Total current provision 1,024 334 Deferred: Cayman Islands — — Bermuda 3,439 — United States: — — Federal 768 233 State and local (358) 444 Non-U.S. 699 1,015 Total deferred provision 4,548 1,692 Total provision for income taxes $ 5,572 $ 2,026 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. Historically, the Company’s Bermuda operations have not been subject to Bermuda income tax. However, on December 27, 2023, the Government of Bermuda enacted a 15 percent corporate income tax regime (the “Bermuda CIT”) that applies to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750 million or more and is effective for tax years beginning on or after January 1, 2025. As a result of the Bermuda CIT, the exemption of certain of the Company’s Bermuda subsidiaries from Bermuda corporate income taxes will cease in 2025. For the year ended December 31, 2023, we recorded a deferred tax asset of $72.2 million in connection with the Bermuda law change. A portion of the deferred tax asset will not be available to offset future taxable income due to reductions in the tax bases of the underlying assets and liabilities. As such, for the three months ended March 31, 2024, the Company recorded a tax provision of $3.4 million to reduce its Bermuda deferred tax asset. Our effective tax rate differs from the U.S. federal tax rate of 21% primarily due to a significant portion of our income not being subject to U.S. corporate tax rates, or being deemed to be foreign sourced and thus either not taxable or taxable at effectively lower tax rates. As of and for the three months ended March 31, 2024, 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 2020. We do not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date.

MANAGEMENT AGREEMENT AND AFFILI

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
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, FTAI Finance Holdco Ltd. (a wholly owned subsidiary of the Company), 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 (a wholly owned subsidiary of the Company). 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. Fortress Worldwide Transportation and Infrastructure Master GP LLC (“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: Three Months Ended March 31, 2024 2023 Management fees $ 587 $ 55 Income incentive allocation 4,308 2,942 Capital gains incentive allocation — — Total $ 4,895 $ 2,997 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: Three Months Ended March 31, 2024 2023 Classification in the Consolidated Statements of Operations: General and administrative $ 1,950 $ 1,905 Acquisition and transaction expenses 317 100 Total $ 2,267 $ 2,005 If we terminate the Management Agreement, we will generally be required to pay the Manager a termination fee. Pursuant to the terms of the Management Agreement, the termination fee is equal to the amount of the management fee during the 12 months immediately preceding the date of the termination. In addition, an Incentive Allocation Fair Value Amount will be distributable to Master GP if Master GP is removed due to the termination of the Management Agreement in certain specified circumstances. The Incentive Allocation Fair Value Amount is an amount equal to the Income Incentive Allocation and the Capital Gains Incentive Allocation that would be paid to Master GP if our assets were sold for cash at their then current fair market value (as determined by an appraisal, taking into account, among other things, the expected future value of the underlying investments). Upon the successful completion of an offering of our ordinary shares or other equity securities (including securities issued as consideration in an acquisition), we grant the Manager options to purchase ordinary shares in an amount equal to 10% of the number of ordinary shares being sold in the offering (or if the issuance relates to equity securities other than our ordinary shares, options to purchase a number of ordinary shares equal to 10% of the gross capital raised in the equity issuance divided by the fair market value of a ordinary share as of the date of issuance), with an exercise price equal to the offering price per share paid by the public or other ultimate purchaser or attributed to such securities in connection with an acquisition (or the fair market value of a ordinary share as of the date of the equity issuance if it relates to equity securities other than our ordinary shares). Any ultimate purchaser of ordinary shares for which such options are granted may be an affiliate of the Manager. The following table summarizes amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets: March 31, 2024 December 31, 2023 Accrued management fees $ 811 $ 224 Other payables 5,895 6,200

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2024
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 our maintenance facility and exclusivity arrangements, aftermarket components for aircraft engines. During the fourth quarter of 2023, the Company changed the composition of its operating segments to include V2500 engines within the Aerospace Products segment. Prior periods have been restated to reflect the change in accordance with the requirements ASC 280, Segment Reporting . See Note 2 for additional information. 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, 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, as defined by U.S. GAAP, is the most appropriate earnings measurement with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to shareholders as determined in accordance with U.S. GAAP. The following tables set forth certain information for each reportable segment: I. For the Three Months Ended March 31, 2024 Three Months Ended March 31, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 50,846 $ — $ 2,315 $ 53,161 Maintenance revenue 45,790 — — 45,790 Asset sales revenue 38,607 — — 38,607 Aerospace products revenue — 189,057 — 189,057 Other revenue 67 — 12 79 Total revenues $ 135,310 $ 189,057 $ 2,327 $ 326,694 Expenses Cost of sales 31,889 110,915 — 142,804 Operating expenses 8,207 7,470 9,640 25,317 General and administrative — — 3,683 3,683 Acquisition and transaction expenses 2,761 246 3,172 6,179 Management fees and incentive allocation to affiliate — — 4,895 4,895 Depreciation and amortization 46,084 933 2,903 49,920 Asset impairment 962 — — 962 Interest expense — — 47,707 47,707 Total expenses 89,903 119,564 72,000 281,467 Other income (expense) Equity in losses of unconsolidated entities (146) (521) — (667) Other income 369 — 265 634 Total other income (expense) 223 (521) 265 (33) Income (loss) before income taxes 45,630 68,972 (69,408) 45,194 Provision for income taxes 3,033 2,539 — 5,572 Net income (loss) 42,597 66,433 (69,408) 39,622 Less: Dividends on preferred shares — — 8,335 8,335 Net income (loss) attributable to shareholders $ 42,597 $ 66,433 $ (77,743) $ 31,287 The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders: Three Months Ended March 31, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 104,807 $ 70,277 $ (10,983) $ 164,101 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (667) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 548 Less: Interest expense and dividends on preferred shares (56,042) Less: Depreciation and amortization expense (59,122) Less: Incentive allocations (4,308) Less: Asset impairment charges (962) 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 (6,179) Less: Equity-based compensation expense (510) Less: Provision for income taxes (5,572) Net income attributable to shareholders $ 31,287 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended March 31, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 868 $ 5,686 $ — $ 6,554 Asia 25,119 28,500 2,327 55,946 Europe 71,044 67,716 — 138,760 North America 20,847 81,372 — 102,219 South America 17,432 5,783 — 23,215 Total revenues $ 135,310 $ 189,057 $ 2,327 $ 326,694 Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of March 31, 2024: Operating Leases Remainder of 2024 $ 166,744 2025 159,168 2026 116,318 2027 83,743 2028 75,298 Thereafter 65,948 Total $ 667,219 II. For the Three Months Ended March 31, 2023 Three Months Ended March 31, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 48,830 $ — $ 7,148 $ 55,978 Maintenance revenue 35,141 — — 35,141 Asset sales revenue 108,691 — — 108,691 Aerospace products revenue — 85,113 — 85,113 Other revenue 6,378 — 1,417 7,795 Total revenues $ 199,040 $ 85,113 $ 8,565 $ 292,718 Expenses Cost of sales 92,234 53,436 — 145,670 Operating expenses 7,088 3,655 11,791 22,534 General and administrative — — 4,067 4,067 Acquisition and transaction expenses 1,462 755 1,045 3,262 Management fees and incentive allocation to affiliate — — 2,997 2,997 Depreciation and amortization 38,140 86 2,700 40,926 Asset impairment 1,220 — — 1,220 Interest expense — — 39,292 39,292 Total expenses 140,144 57,932 61,892 259,968 Other income (expense) Equity in losses of unconsolidated entities (99) (1,236) — (1,335) Other income 8 — — 8 Total other expense (91) (1,236) — (1,327) Income (loss) before income taxes 58,805 25,945 (53,327) 31,423 Provision for income taxes 995 916 115 2,026 Net income (loss) 57,810 25,029 (53,442) 29,397 Less: Dividends on preferred shares — — 6,791 6,791 Net income (loss) attributable to shareholders $ 57,810 $ 25,029 $ (60,233) $ 22,606 The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders: Three Months Ended March 31, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 107,556 $ 27,377 $ (7,277) $ 127,656 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (1,335) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 696 Less: Interest expense and dividends on preferred shares (46,083) Less: Depreciation and amortization expense (48,770) Less: Incentive allocations (2,942) Less: Asset impairment charges (1,220) Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (3,262) Less: Equity-based compensation expense (108) Less: Provision for income taxes (2,026) Net income attributable to shareholders $ 22,606 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended March 31, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ — $ 875 $ — $ 875 Asia 17,766 — 8,565 26,331 Europe 52,365 25,966 — 78,331 North America 115,665 56,996 — 172,661 South America 13,244 1,276 — 14,520 Total $ 199,040 $ 85,113 $ 8,565 $ 292,718 III. Location of Long-Lived Assets The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net: March 31, 2024 December 31, 2023 Property, plant and equipment and leasing equipment, net Africa $ 17,975 $ 18,380 Asia 500,841 478,120 Europe 1,063,424 934,817 North America 435,248 416,811 South America 214,342 229,460 Total property, plant and equipment and leasing equipment, net $ 2,231,830 $ 2,077,588

EARNINGS PER SHARE AND EQUITY

EARNINGS PER SHARE AND EQUITY	3 Months Ended
	Mar. 31, 2024
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 attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method. The calculation of basic and diluted EPS is presented below: Three Months Ended March 31, (in thousands, except share and per share data) 2024 2023 Net income $ 39,622 $ 29,397 Less: Net income attributable to non-controlling interests in consolidated subsidiaries — — Less: Dividends on preferred shares 8,335 6,791 Net income attributable to shareholders $ 31,287 $ 22,606 Weighted Average Ordinary Shares Outstanding - Basic 100,245,905 99,728,245 Weighted Average Ordinary Shares Outstanding - Diluted 100,960,065 100,974,100 Earnings per share: Basic $ 0.31 $ 0.23 Diluted $ 0.31 $ 0.22 For the three months ended March 31, 2024 and 2023, 0 and 57,175 shares, respectively, have been excluded from the calculation of Diluted EPS because the impact would be anti-dilutive. During the three months ended March 31, 2024 and 2023, we issued 0 and 12,165 ordinary shares to certain directors as compensation. Preferred Shares In March 2023, in a public offering, we issued 2,600,000 shares of 9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares (“Series D Preferred Shares”), par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds before expenses of approximate ly $63.0 million

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company and its subsidiaries may be involved in various claims, legal proceedings, or may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. Within our offshore energy business, a lessee did not fulfill its obligation under its charter arrangement, therefore we are pursuing rights afforded to us under the charter and the range of potential losses against the obligation is $0.0 million to $3.3 million. Our maximum exposure under other arrangements is unknown as no additional claims have been made. We believe the risk of loss in connection with such arrangements is remote. The Company has contingent obligations under ASC 460, Guarantees , in connection with certain sales of aircraft on lease. Under the agreements, we provide certain guarantees at the end of the lease term for the condition of the aircraft engines that were sold to the buyer. The guarantees are valued at $7.1 million and $6.8 million as of March 31, 2024 and December 31, 2023, respectively, and are reflected as a component of Other liabilities. 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 March 31, 2024 was $34.7 million, which is not reasonably expected.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS Senior Notes due 2031 On April 11, 2024, we issued $700 million aggregate principal amount of senior unsecured notes due 2031 (the “Senior Notes due 2031”). The Senior Notes due 2031 bear interest at a rate of 7.00% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, commencing on November 1, 2024. Using a portion of the net proceeds, the Company completed a cash tender offer for $324.6 million aggregate principal amount of 2025 Notes validly tendered on April 11, 2024. Holders whose notes were accepted for purchase received equal consideration per $1,000 principal amount of 2025 Notes, plus accrued and unpaid interest to, but not including, April 11, 2024. The Company used the remaining net proceeds to redeem the remaining $325.4 million aggregate principal amount of 2025 Notes, plus accrued and unpaid interest, and for general corporate purposes. Dividends On April 25, 2024, our Board of Directors declared a cash dividend on our ordinary shares and eligible participating securities of $0.30 per share for the quarter ended March 31, 2024, payable on May 21, 2024 to the holders of record on May 10, 2024. Additionally, on April 25, 2024, our Board of Directors also declared cash dividends on the Series A Preferred Shares, Series B Preferred Shares, Series C Preferred Shares and Series D Preferred Shares of $0.52, $0.50, $0.52 and $0.59 per share, respectively, pa yable on June 14, 2024 to the holders of record on June 3, 2024 .

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
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, 2023.
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.
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	Cash and Cash Equivalents — We consider all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.
Inventory, net	Inventory, net — We hold aircraft engine modules, spare parts and used material inventory for trading, repairs and to support operations. Inventory is carried at the lower of cost or net realizable value.
Revenues	Revenues — We disaggregate our revenue 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. 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. All excess maintenance payments received that we do not expect to repay to the lessee are recorded as Maintenance revenue. 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 and other related assets/liabilities acquired. 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. Aerospace products revenue —Aerospace products revenue primarily consists of the transaction price related to the sale of repaired CFM56-7B, CFM56-5B and V2500 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. 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.
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 greater than 10% of total revenue during the three months ended March 31, 2024. We earn ed 18% and 10% o f our revenue from two customers in the Aviation Leasing segment during the three months ended March 31, 2023. As of March 31, 2024, there was one customer in the Aviation Leasing segment that represented 11% of total accounts receivable, net. As of December 31, 2023, no single customer accounted for greater than 10% of total accounts receivable, net. We maintain cash and restricted 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 Ac counts and Credit Losses —
Comprehensive Income (Loss)	Comprehensive Income — Comprehensive income 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 income represents net income, as presented in the Consolidated Statements of Operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements — In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures . This ASU modifies the disclosure and presentation requirements of reportable segments. The new guidance requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. In addition, the new guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. This standard is effective retrospectively for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact this guidance will have on our consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures . This ASU enhances the transparency and decision usefulness of income tax disclosures by expanding the disclosures of an entity’s income tax rate reconciliation and disaggregation of income taxes paid and income tax expense. Under the new guidance, public business entities must annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate. This standard is effective prospectively for all public entities for annual periods beginning after December 15, 2024, with early adoption and retrospective application permitted. We are currently assessing the impact this guidance will have on our consolidated financial statements and related disclosures. In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concept Statements. This ASU amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective January 1, 2025 and we are currently assessing the impact this guidance will have on our consolidated financial statements and related disclosures.
Fair Value Measurement	Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. • Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: • Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts. • Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). Our cash and cash equivalents and restricted cash consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy. Except as discussed below, our financial instruments other than cash and cash equivalents and restricted cash consist principally of accounts receivable, notes receivable, accounts payable and accrued liabilities, loans payable, security deposits, maintenance deposits and management fees payable, whose fair values approximate their carrying values based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles. The fair value of all other items reported as Debt, net approximate their carrying values due to their bearing market rates of interest and are classified as Level 2 within the fair value hierarchy. The Company has contingent obligations under ASC 460, Guarantees , in connection with certain sales of aircraft on lease, which are measured at fair value. The guarantees are valued at $7.1 million and $6.8 million as of March 31, 2024 and December 31, 2023, respectively, and are reflected as a component of Other liabilities. The fair values of the guarantees are determined based on the estim ated condition of the engines at the end of each lease term and the estimated cost of replacement and applicable discount rates and are classified as Level 3. During the three months ended March 31, 2024, the Company recorded a $0.3 million increase related to the change in fair value, which is recorded as Asset sales revenue. During the three months ended March 31, 2023, the Company recorded a $4.3 million increase in guarantees related to the sale of six aircraft and a $1.8 million decrease related to the change in fair value, which is recorded as Asset sales revenue. During the three months ended March 31, 2024 and 2023, there were no significant transfers into or out of Level 3. 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.

ACQUISITION OF QUICKTURN (Table

ACQUISITION OF QUICKTURN (Tables)	3 Months Ended
	Mar. 31, 2024
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the preliminary allocation of the Net assets acquired as presented in our Consolidated Balance Sheets: December 1, 2023 Fair value of assets acquired: Cash and cash equivalents $ 518 Restricted cash 150 Accounts receivable, net 5,133 Property, plant, and equipment, net 30,559 Intangible assets 2,377 Inventory, net 9,332 Other assets 4,301 Total assets 52,370 Fair value of liabilities assumed: Accounts payable and accrued liabilities 3,994 Other liabilities 2,410 Total liabilities 6,404 Goodwill (1) 4,630 Net assets acquired $ 50,596 ________________________________________________________ (1)
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination	The following table presents the identifiable intangible assets and their estimated useful lives: Estimated useful life in years Estimated Fair value Above market leases 4 $ 470 Customer relationships 5 $ 1,907 Total $ 2,377
Schedule of Property Plant And Equipment Acquired as Part of Business Combination	The following table presents the property, plant and equipment and their estimated useful lives: Estimated useful life in years Estimated Fair value Land N/A $ 2,840 Buildings and improvements 49 13,790 Machinery and equipment 6 - 23 13,631 Other 5 - 7 298 Total $ 30,559
Business Acquisition, Pro Forma Information	The following pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2023. March 31, 2023 Total revenue $ 297,041 Net income attributable to shareholders $ 21,085

LEASING EQUIPMENT, NET (Tables)

LEASING EQUIPMENT, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Lessor, Operating Leases	Leasing equipment, net is summarized as follows: March 31, 2024 December 31, 2023 Leasing equipment $ 2,758,346 $ 2,574,394 Less: Accumulated depreciation (570,630) (541,981) Leasing equipment, net $ 2,187,716 $ 2,032,413
Operating Lease, Lease Income	Depreciation expense for leasing equipment is summarized as follows: Three Months Ended March 31, 2024 2023 Depreciation expense for leasing equipment $ 48,902 $ 40,766

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table presents the ownership interests and carrying values of our investments: Carrying Value Investment Ownership Percentage March 31, 2024 December 31, 2023 Advanced Engine Repair JV Equity method 25% $ 20,519 $ 21,040 Falcon MSN 177 LLC Equity method 50% 1,536 1,682 Quick Turn Engine Center LLC Equity method 50%* — — $ 22,055 $ 22,722 ____________________________________ * 45% pro rata distribution of income until return of JV partner's initial investment The following table presents our proportionate share of equity in losses: Three Months Ended March 31, 2024 2023 Advanced Engine Repair JV $ (521) $ (408) Falcon MSN 177 LLC (146) (99) Quick Turn Engine Center LLC — (828) Total $ (667) $ (1,335)

INTANGIBLE ASSETS AND LIABILI_2

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Intangible Assets and Liabilities Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets and Liabilities	Intangible assets and liabilities, net are summarized as follows: March 31, 2024 December 31, 2023 Intangible assets Acquired favorable lease intangibles $ 68,358 $ 68,041 Less: Accumulated amortization (23,555) (19,347) Acquired favorable lease intangibles, net 44,803 48,694 Acquired customer relationships 1,907 1,907 Less: Accumulated amortization (127) (11) Acquired customer relationships, net 1,780 1,896 Total intangible assets, net $ 46,583 $ 50,590 Intangible liabilities Acquired unfavorable lease intangibles $ 4,331 $ 3,151 Less: Accumulated amortization (1,594) (1,389) Acquired unfavorable lease intangibles, net $ 2,737 $ 1,762
Schedule of Intangible Assets and Liabilities	Amortization of intangible assets and liabilities is recorded as follows: Classification in Consolidated Statements of Operations Three Months Ended March 31, 2024 2023 Lease intangibles Lease income $ 3,976 $ 3,983 Customer relationships Depreciation and amortization 117 — Total $ 4,093 3,983
Schedule of Net Annual Amortization of Intangibles	As of March 31, 2024, estimated net annual amortization of intangibles is as follows: Remainder of 2024 $ 11,751 2025 12,812 2026 8,596 2027 3,963 2028 3,413 Thereafter 3,311 Total $ 43,846

DEBT, NET (Tables)

DEBT, NET (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Our debt, net is summarized as follows: March 31, 2024 December 31, 2023 Outstanding Borrowings Stated Interest Rate Maturity Date Outstanding Borrowings Loans payable Revolving Credit Facility (1) $ 175,000 (i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75% 9/20/25 $ — Total loans payable 175,000 — Bonds payable Senior Notes due 2025 (2) 651,784 6.50% 10/1/25 652,043 Senior Notes due 2027 400,000 9.75% 8/1/27 400,000 Senior Notes due 2028 (3) 1,001,657 5.50% 5/1/28 1,001,746 Senior Notes due 2030 (4) 496,793 7.88% 12/1/30 496,704 Total bonds payable 2,550,234 2,550,493 Debt 2,725,234 2,550,493 Less: Debt issuance costs (31,480) (33,150) Total debt, net $ 2,693,754 $ 2,517,343 Total debt due within one year $ — $ — ________________________________________________________ (1) Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees. (2) Includes an unamortized discount of $748 and $866 at March 31, 2024 and December 31, 2023, respectively, and an unamortized premium of $2,532 and $2,908 at March 31, 2024 and December 31, 2023, respectively. (3) Includes an unamortized premium of $1,657 and $1,746 at March 31, 2024 and December 31, 2023, respectively. (4) Includes unamortized discount of $3,207 and $3,296 at March 31, 2024 and December 31, 2023, respectively.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping	The fair values of our bonds payable are presented in the table below and classified as Level 2 within the fair value hierarchy: March 31, 2024 December 31, 2023 Senior Notes due 2025 650,026 649,383 Senior Notes due 2027 415,264 416,432 Senior Notes due 2028 970,410 963,630 Senior Notes due 2030 526,500 521,440

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Arrangements	The Consolidated Statements of Operations includes the following expense related to our stock-based compensation arrangements: Three Months Ended March 31, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2024 2023 Restricted Shares $ 510 $ 108 $ 6,623 3.2 years

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The current and deferred components of the income tax provision included in the Consolidated Statements of Operations are as follows: Three Months Ended March 31, 2024 2023 Current: Cayman Islands $ — $ — Bermuda — — United States: — — Federal 300 47 State and local 578 13 Non-U.S. 146 274 Total current provision 1,024 334 Deferred: Cayman Islands — — Bermuda 3,439 — United States: — — Federal 768 233 State and local (358) 444 Non-U.S. 699 1,015 Total deferred provision 4,548 1,692 Total provision for income taxes $ 5,572 $ 2,026

MANAGEMENT AGREEMENT AND AFFI_2

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation: Three Months Ended March 31, 2024 2023 Management fees $ 587 $ 55 Income incentive allocation 4,308 2,942 Capital gains incentive allocation — — Total $ 4,895 $ 2,997 The following table summarizes our reimbursements to the Manager: Three Months Ended March 31, 2024 2023 Classification in the Consolidated Statements of Operations: General and administrative $ 1,950 $ 1,905 Acquisition and transaction expenses 317 100 Total $ 2,267 $ 2,005 The following table summarizes amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets: March 31, 2024 December 31, 2023 Accrued management fees $ 811 $ 224 Other payables 5,895 6,200

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following tables set forth certain information for each reportable segment: I. For the Three Months Ended March 31, 2024 Three Months Ended March 31, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 50,846 $ — $ 2,315 $ 53,161 Maintenance revenue 45,790 — — 45,790 Asset sales revenue 38,607 — — 38,607 Aerospace products revenue — 189,057 — 189,057 Other revenue 67 — 12 79 Total revenues $ 135,310 $ 189,057 $ 2,327 $ 326,694 Expenses Cost of sales 31,889 110,915 — 142,804 Operating expenses 8,207 7,470 9,640 25,317 General and administrative — — 3,683 3,683 Acquisition and transaction expenses 2,761 246 3,172 6,179 Management fees and incentive allocation to affiliate — — 4,895 4,895 Depreciation and amortization 46,084 933 2,903 49,920 Asset impairment 962 — — 962 Interest expense — — 47,707 47,707 Total expenses 89,903 119,564 72,000 281,467 Other income (expense) Equity in losses of unconsolidated entities (146) (521) — (667) Other income 369 — 265 634 Total other income (expense) 223 (521) 265 (33) Income (loss) before income taxes 45,630 68,972 (69,408) 45,194 Provision for income taxes 3,033 2,539 — 5,572 Net income (loss) 42,597 66,433 (69,408) 39,622 Less: Dividends on preferred shares — — 8,335 8,335 Net income (loss) attributable to shareholders $ 42,597 $ 66,433 $ (77,743) $ 31,287 II. For the Three Months Ended March 31, 2023 Three Months Ended March 31, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 48,830 $ — $ 7,148 $ 55,978 Maintenance revenue 35,141 — — 35,141 Asset sales revenue 108,691 — — 108,691 Aerospace products revenue — 85,113 — 85,113 Other revenue 6,378 — 1,417 7,795 Total revenues $ 199,040 $ 85,113 $ 8,565 $ 292,718 Expenses Cost of sales 92,234 53,436 — 145,670 Operating expenses 7,088 3,655 11,791 22,534 General and administrative — — 4,067 4,067 Acquisition and transaction expenses 1,462 755 1,045 3,262 Management fees and incentive allocation to affiliate — — 2,997 2,997 Depreciation and amortization 38,140 86 2,700 40,926 Asset impairment 1,220 — — 1,220 Interest expense — — 39,292 39,292 Total expenses 140,144 57,932 61,892 259,968 Other income (expense) Equity in losses of unconsolidated entities (99) (1,236) — (1,335) Other income 8 — — 8 Total other expense (91) (1,236) — (1,327) Income (loss) before income taxes 58,805 25,945 (53,327) 31,423 Provision for income taxes 995 916 115 2,026 Net income (loss) 57,810 25,029 (53,442) 29,397 Less: Dividends on preferred shares — — 6,791 6,791 Net income (loss) attributable to shareholders $ 57,810 $ 25,029 $ (60,233) $ 22,606
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders: Three Months Ended March 31, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 104,807 $ 70,277 $ (10,983) $ 164,101 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (667) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 548 Less: Interest expense and dividends on preferred shares (56,042) Less: Depreciation and amortization expense (59,122) Less: Incentive allocations (4,308) Less: Asset impairment charges (962) 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 (6,179) Less: Equity-based compensation expense (510) Less: Provision for income taxes (5,572) Net income attributable to shareholders $ 31,287 The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders: Three Months Ended March 31, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 107,556 $ 27,377 $ (7,277) $ 127,656 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (1,335) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 696 Less: Interest expense and dividends on preferred shares (46,083) Less: Depreciation and amortization expense (48,770) Less: Incentive allocations (2,942) Less: Asset impairment charges (1,220) Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (3,262) Less: Equity-based compensation expense (108) Less: Provision for income taxes (2,026) Net income attributable to shareholders $ 22,606
Revenue from External Customers by Geographic Areas	Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended March 31, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 868 $ 5,686 $ — $ 6,554 Asia 25,119 28,500 2,327 55,946 Europe 71,044 67,716 — 138,760 North America 20,847 81,372 — 102,219 South America 17,432 5,783 — 23,215 Total revenues $ 135,310 $ 189,057 $ 2,327 $ 326,694 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended March 31, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ — $ 875 $ — $ 875 Asia 17,766 — 8,565 26,331 Europe 52,365 25,966 — 78,331 North America 115,665 56,996 — 172,661 South America 13,244 1,276 — 14,520 Total $ 199,040 $ 85,113 $ 8,565 $ 292,718
Long-lived Assets by Geographic Areas	The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net: March 31, 2024 December 31, 2023 Property, plant and equipment and leasing equipment, net Africa $ 17,975 $ 18,380 Asia 500,841 478,120 Europe 1,063,424 934,817 North America 435,248 416,811 South America 214,342 229,460 Total property, plant and equipment and leasing equipment, net $ 2,231,830 $ 2,077,588
Summary of Contracted Minimum Future Annual Revenues	Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of March 31, 2024: Operating Leases Remainder of 2024 $ 166,744 2025 159,168 2026 116,318 2027 83,743 2028 75,298 Thereafter 65,948 Total $ 667,219

EARNINGS PER SHARE AND EQUITY (

EARNINGS PER SHARE AND EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The calculation of basic and diluted EPS is presented below: Three Months Ended March 31, (in thousands, except share and per share data) 2024 2023 Net income $ 39,622 $ 29,397 Less: Net income attributable to non-controlling interests in consolidated subsidiaries — — Less: Dividends on preferred shares 8,335 6,791 Net income attributable to shareholders $ 31,287 $ 22,606 Weighted Average Ordinary Shares Outstanding - Basic 100,245,905 99,728,245 Weighted Average Ordinary Shares Outstanding - Diluted 100,960,065 100,974,100 Earnings per share: Basic $ 0.31 $ 0.23 Diluted $ 0.31 $ 0.22

ORGANIZATION (Details)

ORGANIZATION (Details)	3 Months Ended
	Mar. 31, 2024 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 ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Accounting Policies [Line Items]
Provision for doubtful accounts	$ 72,200		$ 72,200
Bad debt expense	0	$ 475
Operating lease, right-of-use asset	3,400		3,400
Finance leases, net	$ 2,400		3,000
Common stock dividends declared (in dollars per share)	$ 0.30	$ 0.30
Prepaid expense	$ 5,100		7,800
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	$ 45,900		43,500
Purchase deposits	37,100		23,900
Notes receivable	130,500		102,300
Maintenance right assets	$ 15,000		$ 16,300
Customer One | Customer Concentration Risk | Sales Revenue, Segment | Aviation Leasing
Accounting Policies [Line Items]
Concentration risk		18%
Customer One | Customer Concentration Risk | Accounts Receivable
Accounting Policies [Line Items]
Concentration risk	11%
Customer Two | Customer Concentration Risk | Sales Revenue, Segment | Aviation Leasing
Accounting Policies [Line Items]
Concentration risk		10%

ACQUISITION OF QUICKTURN - Narr

ACQUISITION OF QUICKTURN - Narrative (Details) $ in Millions	Dec. 01, 2023 USD ($)
Quick Turn Engine Center LLC
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 30.3

ACQUISITION OF QUICKTURN - Sche

ACQUISITION OF QUICKTURN - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 01, 2023
Fair value of liabilities assumed:
Goodwill	$ 4,630	$ 4,630
Quick Turn Engine Center LLC
Fair value of assets acquired:
Cash and cash equivalents			$ 518
Restricted cash			150
Accounts receivable, net			5,133
Property, plant, and equipment, net			30,559
Intangible assets			2,377
Inventory, net			9,332
Other assets			4,301
Total assets			52,370
Fair value of liabilities assumed:
Accounts payable and accrued liabilities			3,994
Other liabilities			2,410
Total liabilities			6,404
Goodwill			4,630
Net assets acquired			$ 50,596

ACQUISITION OF QUICKTURN - Inta

ACQUISITION OF QUICKTURN - Intangible Assets Acquired (Details) - Quick Turn Engine Center LLC $ in Thousands	Dec. 01, 2023 USD ($)
Business Acquisition [Line Items]
Estimated Fair value	$ 2,377
Above market leases
Business Acquisition [Line Items]
Estimated useful life in years	4 years
Estimated Fair value	$ 470
Acquired customer relationships
Business Acquisition [Line Items]
Estimated useful life in years	5 years
Estimated Fair value	$ 1,907

ACQUISITION OF QUICKTURN - Prop

ACQUISITION OF QUICKTURN - Property, Plant, and Equipment Acquired (Details) - Quick Turn Engine Center LLC $ in Thousands	Dec. 01, 2023 USD ($)
Business Acquisition [Line Items]
Property, plant, and equipment, net	$ 30,559
Land
Business Acquisition [Line Items]
Property, plant, and equipment, net	$ 2,840
Buildings and improvements
Business Acquisition [Line Items]
Useful life	49 years
Property, plant, and equipment, net	$ 13,790
Machinery and equipment
Business Acquisition [Line Items]
Property, plant, and equipment, net	13,631
Other
Business Acquisition [Line Items]
Property, plant, and equipment, net	$ 298
Minimum | Machinery and equipment
Business Acquisition [Line Items]
Useful life	6 years
Minimum | Other
Business Acquisition [Line Items]
Useful life	5 years
Maximum | Machinery and equipment
Business Acquisition [Line Items]
Useful life	23 years
Maximum | Other
Business Acquisition [Line Items]
Useful life	7 years

ACQUISITION OF QUICKTURN - Pro

ACQUISITION OF QUICKTURN - Pro Forma Information (Details) - Quick Turn Engine Center LLC $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Business Acquisition [Line Items]
Total revenue	$ 297,041
Net income attributable to shareholders	$ 21,085

LEASING EQUIPMENT, NET - Schedu

LEASING EQUIPMENT, NET - Schedule of Lessor, Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Line Items]
Property, plant and equipment, net	$ 2,187,716	$ 2,032,413
Leasing Equipment
Leases [Line Items]
Leasing equipment	2,758,346	2,574,394
Less: Accumulated depreciation	(570,630)	(541,981)
Property, plant and equipment, net	$ 2,187,716	$ 2,032,413

LEASING EQUIPMENT, NET - Additi

LEASING EQUIPMENT, NET - Additional Details (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Impairment of long lived assets	$ 1	$ 1.2

LEASING EQUIPMENT, NET - Operat

LEASING EQUIPMENT, NET - Operating Lease, Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leasing Equipment
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Depreciation expense for leasing equipment	$ 48,902	$ 40,766

INVESTMENTS - Ownership Carryin

INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Jan. 04, 2023	Nov. 30, 2021	Aug. 31, 2019	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 22,055	$ 22,722
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	25%				25%	25%
Carrying Value	$ 20,519	21,040				$ 15,000
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%			50%
Carrying Value	$ 1,536	1,682		$ 1,600
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%		50%
Carrying Value	$ 0	$ 0
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Pro rata distribution of income	45%

INVESTMENTS - Share of Equity o

INVESTMENTS - Share of Equity of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ (667)	$ (1,335)
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Income (loss)	(521)	(408)
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Income (loss)	(146)	(99)
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ 0	$ (828)

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended
	Dec. 01, 2023	Jan. 04, 2023	Aug. 31, 2019	Mar. 31, 2024	Dec. 31, 2023	Nov. 30, 2021	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Investments				$ 22,055	$ 22,722
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Payments to acquire businesses, gross	$ 30,300
Percent interest acquired	100%
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Investments				$ 20,519	21,040		$ 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]
Investments				$ 1,536	1,682	$ 1,600
Ownership percentage				50%		50%
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Investments				$ 0	$ 0
Ownership percentage		50%		50%
Payments to acquire equity method investments		$ 19,500
Pro rata distribution of income, percentage		45%

INTANGIBLE ASSETS AND LIABILI_3

INTANGIBLE ASSETS AND LIABILITIES, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Intangible assets:
Acquired customer relationships, net	$ 43,846
Total intangible assets, net	46,583	$ 50,590
Intangible liabilities
Acquired unfavorable lease intangibles	4,331	3,151
Less: Accumulated amortization	(1,594)	(1,389)
Acquired unfavorable lease intangibles, net	2,737	1,762
Acquired favorable lease intangibles
Intangible assets:
Acquired intangible assets	68,358	68,041
Less: Accumulated amortization	(23,555)	(19,347)
Total intangible assets, net	44,803	48,694
Acquired customer relationships
Intangible assets:
Acquired intangible assets	1,907	1,907
Less: Accumulated amortization	(127)	(11)
Acquired customer relationships, net	$ 1,780	$ 1,896

INTANGIBLE ASSETS AND LIABILI_4

INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total	$ 4,093	$ 3,983
Lease income | Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Lease income	3,976	3,983
Depreciation and amortization | Acquired customer relationships
Finite-Lived Intangible Assets [Line Items]
Customer relationships	$ 117	$ 0

INTANGIBLE ASSETS AND LIABILI_5

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 11,751
2025	12,812
2026	8,596
2027	3,963
2028	3,413
Thereafter	3,311
Acquired customer relationships, net	$ 43,846

DEBT, NET - Schedule of Debt (D

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 2,725,234	$ 2,550,493
Less: Debt issuance costs	(31,480)	(33,150)
Total debt, net	2,693,754	2,517,343
Total debt due within one year	0	0
Loans payable
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	175,000	0
Bonds payable
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	2,550,234	2,550,493
Bonds payable | Senior Notes Due 2025
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 651,784	652,043
Stated percentage	6.50%
Unamortized discount	$ 748	866
Unamortized premium	2,532	2,908
Bonds payable | Senior Notes due 2027
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 400,000	400,000
Stated percentage	9.75%
Bonds payable | Senior Notes due 2028
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 1,001,657	1,001,746
Stated percentage	5.50%
Unamortized premium	$ 1,657	1,746
Bonds payable | Senior Notes due 2030
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 496,793	496,704
Stated percentage	7.88%
Unamortized discount	$ 3,207	3,296
Revolving Credit Facility | Loans payable
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 175,000	$ 0
Quarterly commitment fee rate	0.50%
Base Rate | Revolving Credit Facility | Loans payable
Debt Instrument [Line Items]
Basis spread	1.75%
Adjusted Term SOFR Rate | Revolving Credit Facility | Loans payable
Debt Instrument [Line Items]
Basis spread	2.75%

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Senior Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 650,026	$ 649,383
Senior Notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	415,264	416,432
Senior Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	970,410	963,630
Senior Notes due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 526,500	$ 521,440

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($) aircraft	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantees	$ 7.1		$ 6.8
Number of aircrafts sold | aircraft		6
Guarantees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
(Increase) decrease related to the change in fair value	$ 0.3	$ (1.8)
Increase in guarantees		$ 4.3

EQUITY-BASED COMPENSATION (Narr

EQUITY-BASED COMPENSATION (Narrative) (Details)	3 Months Ended
	Mar. 31, 2024 shares
Manager
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options transferred (in shares)	49,790
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
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 510	$ 108
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	510	$ 108
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 6,623
Weighted Average Remaining Contractual Term (in years)	3 years 2 months 12 days

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
United States:
Federal	$ 300	$ 47
State and local	578	13
Total current provision	1,024	334
United States:
Federal	768	233
State and local	(358)	444
Total deferred provision	4,548	1,692
Total provision for income taxes	5,572	2,026
Cayman Islands
Current:
Foreign	0	0
United States:
Non-U.S.	0	0
Deferred:
Foreign	0	0
United States:
Non-U.S.	0	0
Bermuda
Current:
Foreign	0	0
United States:
Non-U.S.	0	0
Deferred:
Foreign	3,439	0	$ (72,200)
United States:
Non-U.S.	3,439	0	$ (72,200)
Non-U.S.
Current:
Foreign	146	274
United States:
Non-U.S.	146	274
Deferred:
Foreign	699	1,015
United States:
Non-U.S.	$ 699	$ 1,015

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Bermuda
Income Tax Contingency [Line Items]
Deferred tax asset (liability)	$ (3,439)	$ 0	$ 72,200

MANAGEMENT AGREEMENT AND AFFI_3

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2015	Mar. 31, 2024	Dec. 31, 2023
Threshold 1 | Income incentive allocation
Related Party Transaction [Line Items]
Percent of pre-incentive allocation net income	0%
Quarterly percent of pre-incentive allocation net income	2%
Annual percent of pre-incentive allocation net income	8%
Threshold 2 | Income incentive allocation
Related Party Transaction [Line Items]
Percent of pre-incentive allocation net income	100%
Threshold 2 | Income incentive allocation | Minimum
Related Party Transaction [Line Items]
Quarterly percent of pre-incentive allocation net income	2%
Threshold 2 | Income incentive allocation | Maximum
Related Party Transaction [Line Items]
Quarterly percent of pre-incentive allocation net income	2.2223%
Threshold 3 | Income incentive allocation
Related Party Transaction [Line Items]
Percent of pre-incentive allocation net income	10%
Quarterly percent of pre-incentive allocation net income	2.2223%
General Partner
Related Party Transaction [Line Items]
Ownership percentage by manager	0.01%
Manager
Related Party Transaction [Line Items]
Management fee percentage rate	1.50%
Fortress Worldwide Transportation and Infrastructure Master GP LLP
Related Party Transaction [Line Items]
Incentive distribution percentage	10%	10%
Cumulative preferred return		10%
Manager
Related Party Transaction [Line Items]
Notes receivable		$ 0	$ 0

MANAGEMENT AGREEMENT AND AFFI_4

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS - Management fees, incentive allocation and capital gains (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	$ 4,895	$ 2,997
General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	4,895	2,997
Management fees | General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	587	55
Income incentive allocation | General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	4,308	2,942
Capital gains incentive allocation | General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	$ 0	$ 0

MANAGEMENT AGREEMENT AND AFFI_5

MANAGEMENT AGREEMENT AND AFFILIATE TRANSATIONS - Reimbursement to Manager (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
General and administrative	$ 3,683	$ 4,067
Acquisition and transaction expenses	6,179	3,262
Total expenses	281,467	259,968
Manager
Related Party Transaction [Line Items]
General and administrative	1,950	1,905
Acquisition and transaction expenses	317	100
Total expenses	$ 2,267	$ 2,005

MANAGEMENT AGREEMENT AND AFFI_6

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS - Amounts due to Manager (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities	$ 139,250	$ 112,907
Accrued management fees | Manager
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities	811	224
Other payables | Manager
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities	$ 5,895	$ 6,200

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT INFORMATION - Statement

SEGMENT INFORMATION - Statement of Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues
Total revenues	$ 326,694	$ 292,718
Expenses
Cost of sales	142,804	145,670
Operating expenses	25,317	22,534
General and administrative	3,683	4,067
Acquisition and transaction expenses	6,179	3,262
Management fees and incentive allocation to affiliate	4,895	2,997
Depreciation and amortization	49,920	40,926
Asset impairment	962	1,220
Interest expense	47,707	39,292
Total expenses	281,467	259,968
Other income (expense)
Equity in losses of unconsolidated entities	(667)	(1,335)
Other income	634	8
Total other expense	(33)	(1,327)
Income before income taxes	45,194	31,423
Provision for income taxes	5,572	2,026
Net income	39,622	29,397
Less: Dividends on preferred shares	8,335	6,791
Net income attributable to shareholders	31,287	22,606
Lease income
Revenues
Total revenues	53,161	55,978
Maintenance revenue
Revenues
Total revenues	45,790	35,141
Asset sales revenue
Revenues
Total revenues	38,607	108,691
Aerospace products revenue
Revenues
Total revenues	189,057	85,113
Other revenue
Revenues
Total revenues	79	7,795
Asset sales revenue
Revenues
Total revenues		108,691
Operating Segments
Other income (expense)
Income before income taxes
Corporate and Other
Revenues
Total revenues	2,327	8,565
Expenses
Cost of sales	0	0
Operating expenses	9,640	11,791
General and administrative	3,683	4,067
Acquisition and transaction expenses	3,172	1,045
Management fees and incentive allocation to affiliate	4,895	2,997
Depreciation and amortization	2,903	2,700
Asset impairment	0	0
Interest expense	47,707	39,292
Total expenses	72,000	61,892
Other income (expense)
Equity in losses of unconsolidated entities	0	0
Other income	265	0
Total other expense	265	0
Income before income taxes	(69,408)	(53,327)
Provision for income taxes	0	115
Net income	(69,408)	(53,442)
Less: Dividends on preferred shares	8,335	6,791
Net income attributable to shareholders	(77,743)	(60,233)
Corporate and Other | Lease income
Revenues
Total revenues	2,315	7,148
Corporate and Other | Maintenance revenue
Revenues
Total revenues	0	0
Corporate and Other | Asset sales revenue
Revenues
Total revenues	0
Corporate and Other | Aerospace products revenue
Revenues
Total revenues	0	0
Corporate and Other | Other revenue
Revenues
Total revenues	12	1,417
Corporate and Other | Asset sales revenue
Revenues
Total revenues		0
Aviation Leasing | Operating Segments
Revenues
Total revenues	135,310	199,040
Expenses
Cost of sales	31,889	92,234
Operating expenses	8,207	7,088
General and administrative	0	0
Acquisition and transaction expenses	2,761	1,462
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	46,084	38,140
Asset impairment	962	1,220
Interest expense	0	0
Total expenses	89,903	140,144
Other income (expense)
Equity in losses of unconsolidated entities	(146)	(99)
Other income	369	8
Total other expense	223	(91)
Income before income taxes	45,630	58,805
Provision for income taxes	3,033	995
Net income	42,597	57,810
Less: Dividends on preferred shares	0	0
Net income attributable to shareholders	42,597	57,810
Aviation Leasing | Operating Segments | Lease income
Revenues
Total revenues	50,846	48,830
Aviation Leasing | Operating Segments | Maintenance revenue
Revenues
Total revenues	45,790	35,141
Aviation Leasing | Operating Segments | Asset sales revenue
Revenues
Total revenues	38,607
Aviation Leasing | Operating Segments | Aerospace products revenue
Revenues
Total revenues	0	0
Aviation Leasing | Operating Segments | Other revenue
Revenues
Total revenues	67	6,378
Aviation Leasing | Operating Segments | Asset sales revenue
Revenues
Total revenues		108,691
Aerospace Products | Operating Segments
Revenues
Total revenues	189,057	85,113
Expenses
Cost of sales	110,915	53,436
Operating expenses	7,470	3,655
General and administrative	0	0
Acquisition and transaction expenses	246	755
Management fees and incentive allocation to affiliate	0	0
Depreciation and amortization	933	86
Asset impairment	0	0
Interest expense	0	0
Total expenses	119,564	57,932
Other income (expense)
Equity in losses of unconsolidated entities	(521)	(1,236)
Other income	0	0
Total other expense	(521)	(1,236)
Income before income taxes	68,972	25,945
Provision for income taxes	2,539	916
Net income	66,433	25,029
Less: Dividends on preferred shares	0	0
Net income attributable to shareholders	66,433	25,029
Aerospace Products | Operating Segments | Lease income
Revenues
Total revenues	0	0
Aerospace Products | Operating Segments | Maintenance revenue
Revenues
Total revenues	0	0
Aerospace Products | Operating Segments | Asset sales revenue
Revenues
Total revenues	0
Aerospace Products | Operating Segments | Aerospace products revenue
Revenues
Total revenues	189,057	85,113
Aerospace Products | Operating Segments | Other revenue
Revenues
Total revenues	$ 0	0
Aerospace Products | Operating Segments | Asset sales revenue
Revenues
Total revenues		$ 0

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Adjusted Net Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 164,101	$ 127,656
Add: Non-controlling share of Adjusted EBITDA	0	0
Equity in losses of unconsolidated entities	(667)	(1,335)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	548	696
Less: Interest expense and dividends on preferred shares	(56,042)	(46,083)
Less: Depreciation and amortization expense	(59,122)	(48,770)
Less: Incentive allocations	(4,308)	(2,942)
Less: Asset impairment charges	(962)	(1,220)
Less: Changes in fair value of non-hedge derivative instruments	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	0
Less: Acquisition and transaction expenses	(6,179)	(3,262)
Less: Equity-based compensation expense	(510)	(108)
Less: Provision for income taxes	(5,572)	(2,026)
Net income attributable to shareholders	31,287	22,606
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(10,983)	(7,277)
Equity in losses of unconsolidated entities	0	0
Less: Asset impairment charges	0	0
Less: Acquisition and transaction expenses	(3,172)	(1,045)
Less: Provision for income taxes	0	(115)
Net income attributable to shareholders	(77,743)	(60,233)
Aviation Leasing | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	104,807	107,556
Equity in losses of unconsolidated entities	(146)	(99)
Less: Asset impairment charges	(962)	(1,220)
Less: Acquisition and transaction expenses	(2,761)	(1,462)
Less: Provision for income taxes	(3,033)	(995)
Net income attributable to shareholders	42,597	57,810
Aerospace Products | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	70,277	27,377
Equity in losses of unconsolidated entities	(521)	(1,236)
Less: Asset impairment charges	0	0
Less: Acquisition and transaction expenses	(246)	(755)
Less: Provision for income taxes	(2,539)	(916)
Net income attributable to shareholders	$ 66,433	$ 25,029

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Geographic Sources of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 326,694	$ 292,718
Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	2,327	8,565
Africa
Segment Reporting Information [Line Items]
Total revenue	6,554	875
Africa | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0	0
Asia
Segment Reporting Information [Line Items]
Total revenue	55,946	26,331
Asia | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	2,327	8,565
Europe
Segment Reporting Information [Line Items]
Total revenue	138,760	78,331
Europe | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0	0
North America
Segment Reporting Information [Line Items]
Total revenue	102,219	172,661
North America | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0	0
South America
Segment Reporting Information [Line Items]
Total revenue	23,215	14,520
South America | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0	0
Aviation Leasing | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	135,310	199,040
Aviation Leasing | Africa | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	868	0
Aviation Leasing | Asia | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	25,119	17,766
Aviation Leasing | Europe | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	71,044	52,365
Aviation Leasing | North America | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	20,847	115,665
Aviation Leasing | South America | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	17,432	13,244
Aerospace Products | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	189,057	85,113
Aerospace Products | Africa | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	5,686	875
Aerospace Products | Asia | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	28,500	0
Aerospace Products | Europe | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	67,716	25,966
Aerospace Products | North America | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	81,372	56,996
Aerospace Products | South America | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	$ 5,783	$ 1,276

SEGMENT INFORMATION - Summary_2

SEGMENT INFORMATION - Summary of Contracted Minimum Future Annual Revenues (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Segment Reporting [Abstract]
Remainder of 2024	$ 166,744
2025	159,168
2026	116,318
2027	83,743
2028	75,298
Thereafter	65,948
Total	$ 667,219

SEGMENT INFORMATION - Location

SEGMENT INFORMATION - Location of Long-Lived Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Leasing equipment, net	$ 2,231,830	$ 2,077,588
Africa
Segment Reporting Information [Line Items]
Leasing equipment, net	17,975	18,380
Asia
Segment Reporting Information [Line Items]
Leasing equipment, net	500,841	478,120
Europe
Segment Reporting Information [Line Items]
Leasing equipment, net	1,063,424	934,817
North America
Segment Reporting Information [Line Items]
Leasing equipment, net	435,248	416,811
South America
Segment Reporting Information [Line Items]
Leasing equipment, net	$ 214,342	$ 229,460

EARNINGS PER SHARE AND EQUITY -

EARNINGS PER SHARE AND EQUITY - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 39,622	$ 29,397
Less: Net income attributable to non-controlling interests in consolidated subsidiaries	0	0
Less: Dividends on preferred shares	8,335	6,791
Net income attributable to shareholders	$ 31,287	$ 22,606
Weighted Average Common Shares Outstanding - Basic (in shares)	100,245,905	99,728,245
Weighted Average Common Shares Outstanding - Diluted (in shares)	100,960,065	100,974,100
Earnings per share:
Basic (in dollars per share)	$ 0.31	$ 0.23
Diluted (in dollars per share)	$ 0.31	$ 0.22

EARNINGS PER SHARE AND EQUITY_2

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Antidilutive shares (in shares)		0	57,175
Stocks issued during period for services (in shares)		0	12,165
Preferred stock, shares issued (in shares)		15,920,000		15,920,000
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs		$ 0	$ 61,729
9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred stock, shares issued (in shares)	2,600,000		2,600,000
Stated percentage	9.50%		9.50%
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, liquidation preference per share (in dollars per share)	$ 25		$ 25
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs	$ 63,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Guarantees	$ 7.1	$ 6.8
Undiscounted future payments, potential pay out	34.7
Minimum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 0
Guarantor obligations, term	9 years
Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 3.3
Guarantor obligations, term	4 years

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Apr. 25, 2024	Apr. 11, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)			$ 0.30	$ 0.30
Senior Notes Due 2025 | Bonds payable
Subsequent Event [Line Items]
Stated percentage			6.50%
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)	$ 0.3
Subsequent Event | Senior Notes Due 2031 | Bonds payable
Subsequent Event [Line Items]
Debt instrument face amount		$ 700
Stated percentage		7%
Subsequent Event | Senior Notes Due 2025 | Bonds payable
Subsequent Event [Line Items]
Conversion of debt		$ 324.6
Repurchase of notes		$ 325.4
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