FTAI Aviation (FTAI) 10-Q 9 Aug 24 2024 Q2 Quarterly report Financial data

Cover page

Cover page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 07, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-37386
Entity Registrant Name	FTAI AVIATION LTD.
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1420784
Entity Address, Address Line One	415 West 13th Street, 7th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10014
City Area Code	332
Local Phone Number	239-7600
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		102,211,402
Entity Central Index Key	0001590364
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	Q2
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	Jun. 30, 2024	Dec. 31, 2023
Assets
Cash and cash equivalents	$ 169,485	$ 90,756
Restricted cash	150	150
Accounts receivable, net	154,051	115,156
Leasing equipment, net	2,202,866	2,032,413
Property, plant, and equipment, net	33,078	45,175
Investments	19,886	22,722
Intangible assets, net	42,138	50,590
Goodwill	4,630	4,630
Inventory, net	373,282	316,637
Other assets	449,686	286,456
Total assets	3,449,252	2,964,685
Liabilities
Accounts payable and accrued liabilities	128,708	112,907
Debt, net	3,077,596	2,517,343
Maintenance deposits	75,939	65,387
Security deposits	41,536	41,065
Other liabilities	55,906	52,100
Total liabilities	3,379,685	2,788,802
Commitments and contingencies
Equity
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 102,211,402 and 100,245,905 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)	1,022	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 June 30, 2024 and December 31, 2023, respectively)	159	159
Additional paid in capital	330,419	255,973
Accumulated deficit	(262,033)	(81,785)
Shareholders' equity	69,567	175,349
Non-controlling interest in equity of consolidated subsidiaries	0	534
Total equity	69,567	175,883
Total liabilities and equity	$ 3,449,252	$ 2,964,685

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 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)	102,211,402	100,245,905
Common stock, shares outstanding (in shares)	102,211,402	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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues	$ 443,594	$ 274,345	$ 770,288	$ 567,063
Expenses
Cost of sales	205,857	104,532	348,661	250,202
Operating expenses	29,099	24,797	54,416	47,331
General and administrative	2,969	3,188	6,652	7,255
Acquisition and transaction expenses	8,019	2,672	14,198	5,934
Management fees and incentive allocation to affiliate	3,554	5,563	8,449	8,560
Internalization fee to affiliate	300,000	0	300,000	0
Depreciation and amortization	56,691	38,514	106,611	79,440
Asset impairment	0	0	962	1,220
Interest expense	55,196	38,499	102,903	77,791
Total expenses	661,385	217,765	942,852	477,733
Other (expense) income
Add: Equity in losses of unconsolidated entities	(694)	(380)	(1,361)	(1,715)
Loss on extinguishment of debt	(13,920)	0	(13,920)	0
Other (expense) income	(498)	408	136	416
Total other expense	(15,112)	28	(15,145)	(1,299)
(Loss) income before income taxes	(232,903)	56,608	(187,709)	88,031
(Benefit from) provision for income taxes	(13,033)	1,855	(7,461)	3,881
Net income (loss)	(219,870)	54,753	(180,248)	84,150
Less: Dividends on preferred shares	8,335	8,335	16,670	15,126
Net (loss) income attributable to shareholders	$ (228,205)	$ 46,418	$ (196,918)	$ 69,024
(Loss) Earnings per share:
Basic (in dollars per share)	$ (2.26)	$ 0.47	$ (1.96)	$ 0.69
Diluted (in dollars per share)	$ (2.26)	$ 0.46	$ (1.96)	$ 0.69
Weighted average shares outstanding:
Basic (in shares)	100,958,524	99,732,179	100,602,214	99,730,223
Diluted (in shares)	100,958,524	100,462,277	100,602,214	100,314,508
Lease income
Revenues
Total revenues	$ 70,754	$ 59,541	$ 123,915	$ 115,519
Maintenance revenue
Revenues
Total revenues	51,187	42,065	96,977	77,206
Other (expense) income
Net (loss) income attributable to shareholders			(196,918)
Asset sales revenue
Revenues
Total revenues	72,433	76,836	111,040	185,527
Aerospace products revenue
Revenues
Total revenues	245,200	92,725	434,257	177,838
Other revenue
Revenues
Total revenues	$ 4,020	$ 3,178	$ 4,099	$ 10,973

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 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 (loss)	29,397				29,397
Total comprehensive income (loss)	29,397				29,397
Dividends declared - ordinary shares	(29,919)			(29,919)
Dividends declared - preferred shares	(6,791)			(6,791)
Issuance of ordinary shares	230			230
Issuance of preferred shares	61,729		26	61,703
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, 2022	19,402	997	133	343,350	(325,602)	524
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	84,150
Ending balance at Jun. 30, 2023	91,318	997	159	331,080	(241,452)	534
Beginning balance at Mar. 31, 2023	74,156	997	159	368,681	(296,205)	524
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	54,753				54,753
Total comprehensive income (loss)	54,753				54,753
Dividends declared - ordinary shares	(29,935)			(29,935)
Dividends declared - preferred shares	(8,335)			(8,335)
Issuance of ordinary shares	159			159
Contributions from non-controlling interest	10					10
Equity-based compensation	510			510
Ending balance at Jun. 30, 2023	91,318	997	159	331,080	(241,452)	534
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 (loss)	39,622				39,622
Total comprehensive income (loss)	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
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 (loss)	(180,248)
Ending balance at Jun. 30, 2024	69,567	1,022	159	330,419	(262,033)	0
Beginning balance at Mar. 31, 2024	177,606	1,002	159	218,074	(42,163)	534
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(219,870)				(219,870)
Total comprehensive income (loss)	(219,870)				(219,870)
Purchase of non-controlling interest	(534)					(534)
Dividends declared - ordinary shares	(30,074)			(30,074)
Dividends declared - preferred shares	(8,335)			(8,335)
Issuance of ordinary shares	150,136	20		150,116
Equity-based compensation	638			638
Ending balance at Jun. 30, 2024	$ 69,567	$ 1,022	$ 159	$ 330,419	$ (262,033)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net (loss) income	$ (180,248)	$ 84,150
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Equity in losses of unconsolidated entities	1,361	1,715
Gain on sale of net assets	(146,084)	(75,960)
Security deposits and maintenance claims included in earnings	(5,298)	(12,215)
Loss on extinguishment of debt	13,920	0
Equity-based compensation	1,148	618
Non-cash termination fee to affiliate	150,000	0
Depreciation and amortization	106,611	79,440
Asset impairment	962	1,220
Change in deferred income taxes	(9,724)	3,127
Change in fair value of guarantees	(1,041)	(1,902)
Amortization of lease intangibles and incentives	18,320	18,264
Amortization of deferred financing costs	5,107	4,190
Provision for credit losses	120	1,032
Other	(157)	(658)
Change in:
Accounts receivable	(44,105)	(21,918)
Inventory	(58,997)	11
Other assets	(10,426)	(2,583)
Accounts payable and accrued liabilities	(19,659)	(15,350)
Management fees payable to affiliate	(6,217)	1,892
Other liabilities	(3,229)	2,168
Net cash (used in) provided by operating activities	(187,636)	67,241
Cash flows from investing activities:
Investment in unconsolidated entities	0	(19,500)
Principal collections on finance leases	866	1,939
Principal collections on notes receivable	2,862	1,624
Acquisition of leasing equipment	(436,180)	(325,462)
Investments in notes and financing receivable	(19,750)	0
Acquisition of property, plant and equipment	(2,471)	(2,298)
Acquisition of lease intangibles	1,174	(10,795)
Investment in promissory notes	0	(11,500)
Purchase deposits for acquisitions	(104,654)	(11,200)
Proceeds from sale of net assets	333,660	273,229
Proceeds for deposit on sale of aircraft and engine	4,580	1,817
Receipt of deposits for sale of aircraft and engine	0	300
Return of purchase deposits	530	0
Net cash used in investing activities	(219,383)	(101,846)
Cash flows from financing activities:
Proceeds from debt	1,839,250	325,000
Repayment of debt	(1,287,373)	(330,000)
Payment of deferred financing costs	(10,245)	(1,437)
Receipt of security deposits	3,976	5,577
Return of security deposits	0	(1,295)
Receipt of maintenance deposits	21,429	18,070
Release of maintenance deposits	(3,938)	0
Capital contributions from non-controlling interests	(534)	10
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs	0	61,729
Cash dividends - ordinary shares	(60,148)	(59,854)
Cash dividends - preferred shares	(16,669)	(15,126)
Net cash provided by financing activities	485,748	2,674
Net increase (decrease) in cash and cash equivalents and restricted cash	78,729	(31,931)
Cash and cash equivalents and restricted cash, beginning of period	90,906	53,065
Cash and cash equivalents and restricted cash, end of period	169,635	21,134
Supplemental disclosure of non-cash investing and financing activities:
Transfers from leasing equipment to inventory	70,897	(8,421)
Transfers from inventory to leasing equipment	(98,192)	73,329
Sale on and issuance of promissory notes	37,367	12,538
Acquisition of leasing equipment in accrued expenses	(17,975)	(3,100)
Purchase deposits reclassified to leasing equipment	(12,108)	(6,371)
Settled security deposits	(4,077)	(2,406)
Settled maintenance deposits	$ (24,536)	$ (11,532)

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION FTAI Aviation Ltd. (“we”, “us”, “our” or the “Company” and formerly “Fortress Transportation and Infrastructure Investors LLC”) is a Cayman Islands exempted company which through its subsidiaries owns, leases, and sells aviation equipment and also develops and manufactures, through a joint venture, and repairs and sells, through our maintenance facility and exclusivity arrangements, aftermarket components for aircraft engines. Additionally, we own and lease offshore energy equipment. We have two reportable segments, (i) Aviation Leasing and (ii) Aerospace Products (see Note 12). Prior to May 28, 2024, FTAI Aviation Ltd. operated under a management agreement (the “Management Agreement”) with FIG LLC (the “Former Manager”), and Fortress Worldwide Transportation and Infrastructure Master GP LLC (the “Master GP”), each an affiliate of Fortress Investment Group LLC (“Fortress”). For their services, the Former Manager was entitled to management fees and the Master GP was entitled to certain incentive allocations, both defined in, and in accordance with the terms of, the Management Agreement. On May 28, 2024, the Company entered into an Internalization Agreement with the Former Manager and the Master GP (the “Internalization Agreement”), pursuant to which the Management Agreement was terminated effective May 28, 2024 (the “Effective Date”), except that certain indemnification and other obligations survive, and the Company internalized its management functions (such transactions, the “Internalization”). As a result of the Internalization, the Company ceased to be externally managed and operates as an internally managed company. In connection with the termination of the Management Agreement, the Company (i) agreed to pay the Former Manager (for itself and on behalf of the Master GP, as applicable) $150.0 million (the “Cash Consideration”), the compensation accrued and payable, but not yet paid, under the Management Agreement, and the expenses that were reimbursable, but not yet reimbursed, under the Management Agreement; (ii) issued to the Former Manager (for itself and on behalf of the Master GP, as applicable) 1,866,949 ordinary shares of the Company (the “Share Consideration”); and (iii) purchased from Master GP all of its partnership interests in FTAI Aviation Holdco Ltd., a subsidiary of the Company, in exchange for $30. In addition, the Former Manager will repay to the Company certain annual bonus payments due to certain employees of the Former Manager or its affiliates who provide services to the Company with respect to the 2024 calendar year on a pro rata basis. The Company financed the cash payments through one or more debt financings, along with cash on hand. On May 28, 2024, the Company also entered into a Transition Services Agreement (the “Transition Services Agreement”) with the Former Manager. Under the Transition Services Agreement, the Former Manager is required to continue to provide the Company and its affiliates with all of the services provided by the Former Manager to the Company and its affiliates immediately prior to May 28, 2024 (the “Services”) for a transition period during which the Company will procure replacements for the Services. The Services will be provided to the Company for a fee equal to the Former Manager’s cost of providing the Services, plus a mark-up of ten percent (10%). Unless the Transition Services Agreement is terminated earlier or the Company elects to terminate a Service by providing written notice to the Former Manager, the Former Manager is required to provide certain Services to the Company until October 31, 2024. In addition, the Former Manager is required to continue to provide the services that are reasonably required by the Company to prepare its quarterly and annual financial statements until May 31, 2025. The Transition Services Agreement may be terminated earlier (x) by mutual agreement of the parties, (y) by either the Former Manager or the Company in the event of a material breach by the non-terminating party that is not cured within thirty (30) days following written notification thereof, or (z) by the Former Manager if the Company fails to pay any undisputed sum overdue and payable for a period of at least thirty (30) days.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 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. Restructuring Charges — The termination of the Management Agreement was a material change in the management structure of the business and is accounted for under ASC 420, Exit or Disposal Cost Obligations . The termination fee payment to the Former Manager under the Internalization Agreement is recorded within Internalization Fee to Affiliate in the Consolidated Statements of Operations. See Note 15 for additional discussion of the restructuring charges related to the Internalization. Reclassifications — Certain amounts from prior periods in the Company’s consolidated financial statements have been reclassified to align with the presentation in the current period. 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. We earned 19% and 13% of our revenue from one customer in the Aerospace Products segment during the three and six months ended June 30, 2024. We earn ed 10% and 11% o f our revenue from one customer in the Aviation Leasing segment during the three and six months ended June 30, 2023, respectively. As of June 30, 2024, there was one customer in the Aerospace Products 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 June 30, 2024 and December 31, 2023, respectively . We determine the credit loss reserve for note receivables, receivables related to finance leases and inventory sales. There was $0.1 million provision for credit losses for the three and six months ended June 30, 2024. There was provision for credit losses of $0.6 million and $1.0 million for the three and six months ended June 30, 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 $57.7 million and $43.5 million, purchase deposits of $46.0 million and $23.9 million, notes receivable of $125.2 million and $102.3 million, operating lease right-of-use assets, net of $3.3 million and $3.4 million, finance leases, net of $1.4 million and $3.0 million, maintenance right assets of $14.0 million and $16.3 million and prepaid expenses of $77.4 million and $7.8 million as of June 30, 2024 and December 31, 2023, respectively. Dividends— Dividends are recorded if and when declared by the Board of Directors. For the three and six months ended June 30, 2024 and 2023, the Board of Directors declared cash dividends of $0.30 and $0.60 per ordinary share, respectively. Additionally, in the quarter ended June 30, 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	6 Months Ended
	Jun. 30, 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. Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Total revenue $ 281,545 $ 578,586 Net income attributable to shareholders $ 45,198 $ 66,283

LEASING EQUIPMENT, NET

LEASING EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
LEASING EQUIPMENT, NET	4. LEASING EQUIPMENT, NET Leasing equipment, net is summarized as follows: June 30, 2024 December 31, 2023 Leasing equipment $ 2,802,983 $ 2,574,394 Less: Accumulated depreciation (600,117) (541,981) Leasing equipment, net $ 2,202,866 $ 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 $0.0 million and $1.0 million, net of redelivery compensation, for the three and six months ended June 30, 2024, respectively. In comparison, for the three and six months ended June 30, 2023, respectively, the Company recognized transactional impairment charges of $0.0 million and $1.2 million, net of redelivery compensation. Depreciation expense for leasing equipment is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Depreciation expense for leasing equipment $ 55,658 $ 38,336 104,560 79,102

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 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 June 30, 2024 December 31, 2023 Advanced Engine Repair JV Equity method 25% $ 19,886 $ 21,040 Falcon MSN 177 LLC Equity method 50% — 1,682 Quick Turn Engine Center LLC Equity method 50%* — — $ 19,886 $ 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 and six months ended June 30, 2024 and 2023. The following table presents our proportionate share of equity in losses: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Advanced Engine Repair JV $ (633) $ 681 $ (1,154) $ 273 Falcon MSN 177 LLC (61) (35) (207) (134) Quick Turn Engine Center LLC — (1,026) — (1,854) Total $ (694) $ (380) $ (1,361) $ (1,715) 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. On May 3, 2024, we purchased the remaining interest from S7 Aerospace for total cash consideration of $0.8 million and obtained full ownership of the aircraft with a 100% equity interest. On the acquisition date, the Company accounted for the Falcon investment on a consolidated basis and derecognized it as an equity method investment. 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	6 Months Ended
	Jun. 30, 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: June 30, 2024 December 31, 2023 Intangible assets Acquired favorable lease intangibles $ 66,535 $ 68,041 Less: Accumulated amortization (26,082) (19,347) Acquired favorable lease intangibles, net 40,453 48,694 Acquired customer relationships 1,907 1,907 Less: Accumulated amortization (222) (11) Acquired customer relationships, net 1,685 1,896 Total intangible assets, net $ 42,138 $ 50,590 Intangible liabilities Acquired unfavorable lease intangibles $ 3,209 $ 3,151 Less: Accumulated amortization (871) (1,389) Acquired unfavorable lease intangibles, net $ 2,338 $ 1,762 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Lease intangibles Lease income $ 3,786 $ 3,616 $ 7,762 $ 7,599 Customer relationships Depreciation and amortization 95 — 212 — Total $ 3,881 3,616 $ 7,974 7,599 As of June 30, 2024, estimated net annual amortization of intangibles is as follows: Remainder of 2024 $ 7,603 2025 12,767 2026 9,331 2027 4,348 2028 3,759 Thereafter 1,992 Total $ 39,800

DEBT, NET

DEBT, NET	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT, NET	7. DEBT, NET Our debt, net is summarized as follows: June 30, 2024 December 31, 2023 Outstanding Borrowings Stated Interest Rate Maturity Date Outstanding Borrowings Loans payable Revolving Credit Facility (1) $ — (i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75% 5/22/27 $ — Total loans payable — — Bonds payable Senior Notes due 2025 (2) — 6.50% 10/1/25 652,043 Senior Notes due 2027 130,907 9.75% 8/1/27 400,000 Senior Notes due 2028 (3) 1,001,567 5.50% 5/1/28 1,001,746 Senior Notes due 2030 (4) 496,884 7.88% 12/1/30 496,704 Senior Notes due 2031 700,000 7.00% 5/1/31 — Senior Notes due 2032 800,000 7.00% 6/15/32 — Total bonds payable 3,129,358 2,550,493 Debt 3,129,358 2,550,493 Less: Debt issuance costs (51,762) (33,150) Total debt, net $ 3,077,596 $ 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 $866 at December 31, 2023 and an unamortized premium of $2,908 at December 31, 2023. (3) Includes an unamortized premium of $1,567 and $1,746 at June 30, 2024 and December 31, 2023, respectively. (4) Includes unamortized discount of $3,116 and $3,296 at June 30, 2024 and December 31, 2023, respectively. Revolving Credit Facility — On May 23, 2024, the Company amended and restated its Revolving Credit Facility by executing a Third Amended and Restated Credit Agreement (the “Amendment”) to the Second Amended and Restated Credit Agreement, dated as of September 20, 2022. The Amendment provides for revolving loans to be made available to the Company in an aggregate principal amount of up to $400.0 million, of which up to $25.0 million may be utilized for the issuance of letters of credit. Senior Notes due 2031 — On April 11, 2024, we issued $700.0 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 Senior Notes due 2025, plus accrued and unpaid interest, and recognized a loss on extinguishment of debt of $2.7 million . The remaining net proceeds were used for general corporate purposes, including the funding of acquisitions and investments. Senior Notes due 2032 — On June 17, 2024, we issued $800.0 million aggregate principal amount of senior unsecured notes due 2032 (the “Senior Notes due 2032”). These notes bear interest at a rate of 7.00% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2024. The Company utilized the net proceeds from the issuance for several purposes: (i) to fully repay outstanding amounts under our Revolving Credit Facility provided under the Third Amended and Restated Credit Agreement, dated as of May 23, 2024, without reduction in commitments, (ii) to fund the cash termination fee for the previously announced management Internalization described in Note 11, (iii) to complete a cash tender offer for up to $300.0 million in aggregate principal amount of 2027 Notes validly tendered on June 18, 2024, plus accrued and unpaid interest, and recognized a loss on extinguishment of debt of $11.2 million . Holders whose notes were accepted for purchase received $30.00 per $1,000 principal amount of 2027 Notes, plus accrued and unpaid interest to, but not including, June 21, 2024, (iv) to cover fees and expenses related to the aforementioned transactions, and (v) for general corporate purposes. We were in compliance with all debt covenants as of June 30, 2024.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 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: June 30, 2024 December 31, 2023 Senior Notes due 2025 $ — $ 649,383 Senior Notes due 2027 134,701 416,432 Senior Notes due 2028 972,100 963,630 Senior Notes due 2030 524,610 521,440 Senior Notes due 2031 715,582 — Senior Notes due 2032 812,664 — 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 $7.8 million and $6.8 million as of June 30, 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 and six months ended June 30, 2024, the Company recorded a $0.8 million and $1.0 million increase related to the change in fair value, which is recorded as Asset sales revenue. During the six months ended June 30, 2023, the Company recorded a $4.9 million increase in guarantees related to the sale of seven aircrafts and a $1.9 million decrease related to the change in fair value, which is recorded as Asset sales revenue. During the three and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, Six Months Ended June 30, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2024 2023 2024 2023 Stock Options $ 42 $ — $ 42 $ — $ 2,032 4.0 years Restricted Shares 596 510 1,106 618 17,013 3.1 years Total $ 638 $ 510 $ 1,148 $ 618 $ 19,045 Options During the six months ended June 30, 2024, the Former Manager transferred 37,343 of its options to certain of the Former Manager’s employees. Additionally, the Company granted options to select employees of FTAI Aviation LLC (a wholly owned subsidiary of the Company) related to 60,000 ordinary shares at an exercise price of $79.13, which had a grant date fair value of $2.1 million. The assumptions used in valuing the options were: a 4.52% risk-free rate, a 1.50% dividend yield, a 43.00% volatility and a 6.8 year term. Restricted Shares During the six months ended June 30, 2024, we issued restricted shares of the Company to select employees of FTAI Aviation LLC that had a grant date fair value of $5.7 million and vest over 4.0 years. These awards are subject to continued employment, and the compensation expense is recognized ratably over the vesting periods, with 50% of the units vesting on June 30, 2027 and the remaining units vesting on June 30, 2028. The fair value of these awards were calculated based on the closing price of FTAI Aviation Ltd.’s ordinary shares on grant date of May 30, 2024. Additionally, we issued restricted shares of the Company to select officers of FTAI Aviation LLC that had a grant date fair value of $5.5 million and vest over 3.0 years. These awards are subject to continued employment, and the compensation expense is recognized ratably over the three-year vesting period. The fair value of these awards were calculated based on the closing price of FTAI Aviation Ltd.’s ordinary shares on grant date of May 28, 2024.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Current: Cayman Islands $ — $ — $ — $ — Bermuda — — — — United States: — — — — Federal 884 (92) 1,184 (45) State and local (289) (32) 289 (19) Non-U.S. 643 544 789 818 Total current provision 1,238 420 2,262 754 Deferred: Cayman Islands — — — — Bermuda (11,265) — (7,826) — United States: — — — — Federal 543 590 1,311 823 State and local 625 54 267 498 Non-U.S. (4,174) 791 (3,475) 1,806 Total deferred provision (14,271) 1,435 (9,723) 3,127 Total (benefit from) provision for income taxes $ (13,033) $ 1,855 $ (7,461) $ 3,881 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 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. As of June 30, 2024, we project the Bermuda subsidiaries to generate a net operating loss for the year ended December 31, 2024. As such, the Company recorded a tax benefit of $7.8 million to increase 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 six months ended June 30, 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.

AFFILIATE TRANSACTIONS

AFFILIATE TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
AFFILIATE TRANSACTIONS	11. AFFILIATE TRANSACTIONS On May 28, 2024, the Company entered into definitive agreements with the Former Manager and Master GP to internalize the Company’s management function. As part of the termination of the Management Agreement, the Company (i) paid the Former Manager (for itself and on behalf of the Master GP, as applicable) the Cash Consideration, the compensation accrued and payable, but not yet paid, under the Management Agreement and the expenses that were reimbursable, but not yet reimbursed, under the Management Agreement; (ii) issued to the Former Manager (for itself and on behalf of the Master GP, as applicable) the Share Consideration; and (iii) purchased from Master GP all of its partnership interests in FTAI Aviation Holdco Ltd., a subsidiary of the Company, in exchange for $30. Following the Internalization, the Company no longer pays management fees or incentive distributions to the Former Manager and Master GP. In connection with the termination of the Management Agreement, the Company also entered into a Transition Services Agreement with the Former Manager. Under the Transition Services Agreement, the Former Manager is required to continue to provide the Company and its affiliates with all of the Services for a transition period during which the Company will procure replacements for the Services. The Services will be provided to the Company for a fee equal to the Former Manager’s cost of providing the Services, plus a mark-up of ten percent (10%). Unless the Transition Services Agreement is terminated earlier or the Company elects to terminate a Service by providing written notice to the Former Manager, the Former Manager is required to provide certain Services to the Company until October 31, 2024. In addition, the Former Manager is required to continue to provide the services that are reasonably required by the Company to prepare its quarterly and annual financial statements until May 31, 2025. The Transition Services Agreement may be terminated earlier (x) by mutual agreement of the parties, (y) by either the Former Manager or the Company in the event of a material breach by the non-terminating party that is not cured within thirty (30) days following written notification thereof, or (z) by the Former Manager if the Company fails to pay any undisputed sum overdue and payable for a period of at least thirty (30) days. The Company incurred $3.4 million in costs for Transition Services during the three and six months ended June 30, 2024, and these costs are reported in Acquisition and transaction expenses in the Consolidated Statements of Operations. Prior to the Internalization, the Former Manager was 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 Former Manager was reimbursed for various expenses incurred by the Former Manager on our behalf, including the costs of legal, accounting and other administrative activities. Additionally, we entered into certain incentive allocation arrangements with Master GP, which owned approximately 0.01% of FTAI Aviation Holdco Ltd. (a wholly owned subsidiary of the Company). The Former Manager was entitled to a management fee and reimbursement of certain expenses. The management fee was 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. Prior to the Internalization and the termination of the Management Agreement on May 28, 2024, Master GP, was entitled to incentive allocations (comprised of income incentive allocation and capital gains incentive allocation, defined below). The income incentive allocation was 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 did not include any Income Incentive Allocation or Capital Gains Incentive Allocation (described below) paid to Master GP during the relevant quarter. Prior to the Internalization, one of our subsidiaries allocated and distributed 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 were prorated for any period of less than three months. Prior to the Internalization, Capital Gains Incentive Allocation was calculated and distributable in arrears as of the end of each calendar year and was 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 prior to the Internalization on May 28, 2024: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Management fees $ 405 $ 239 $ 992 $ 294 Income incentive allocation 3,148 5,324 7,456 8,266 Total $ 3,553 $ 5,563 $ 8,448 $ 8,560 We pay all of our operating expenses, except those specifically required to be borne by the Former 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 Former Manager), the costs of printing and mailing proxies and reports to our shareholders, costs incurred by the Former 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 paid or reimbursed the Former 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 Former Manager was responsible for all of its other costs incident to the performance of its duties under the Management Agreement, including compensation of the Former Manager’s employees, rent for facilities and other “overhead” expenses; we did not reimburse the Former Manager for these expenses. The following table summarizes our reimbursements to the Former Manager: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Classification in the Consolidated Statements of Operations: General and administrative $ 1,608 $ 1,599 $ 3,558 $ 3,504 Acquisition and transaction expenses 370 109 687 209 Total $ 1,978 $ 1,708 $ 4,245 $ 3,713 Upon the successful completion of an offering of our ordinary shares or other equity securities (including securities issued as consideration in an acquisition), we granted the Former 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 have been an affiliate of the Former Manager. The following table summarizes amounts due to the Former Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets: June 30, 2024 December 31, 2023 Accrued management fees $ — $ 224 Other payables 250 6,200

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 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, internalization fee and management fees and incentive compensation pursuant to the Management Agreement prior to the Internalization effective May 28, 2024. 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, internalization fee to affiliate, (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 June 30, 2024 Three Months Ended June 30, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 60,759 $ — $ 9,995 $ 70,754 Maintenance revenue 51,187 — — 51,187 Asset sales revenue 72,433 — — 72,433 Aerospace products revenue — 245,200 — 245,200 Other revenue 58 — 3,962 4,020 Total revenues $ 184,437 $ 245,200 $ 13,957 $ 443,594 Expenses Cost of sales 58,969 146,888 — 205,857 Operating expenses 8,782 6,423 13,894 29,099 General and administrative — — 2,969 2,969 Acquisition and transaction expenses 1,969 525 5,525 8,019 Management fees and incentive allocation to affiliate — — 3,554 3,554 Internalization fee to affiliate — — 300,000 300,000 Depreciation and amortization 52,672 938 3,081 56,691 Asset impairment — — — — Interest expense — — 55,196 55,196 Total expenses 122,392 154,774 384,219 661,385 Other expense Equity in losses of unconsolidated entities (61) (633) — (694) Loss on extinguishment of debt — — (13,920) (13,920) Other (expense) income (911) — 413 (498) Total other expense (972) (633) (13,507) (15,112) Income (loss) before income taxes 61,073 89,793 (383,769) (232,903) Provision for (benefit from) income taxes 8,293 4,918 (26,244) (13,033) Net income (loss) 52,780 84,875 (357,525) (219,870) Less: Dividends on preferred shares — — 8,335 8,335 Net income (loss) attributable to shareholders $ 52,780 $ 84,875 $ (365,860) $ (228,205) The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders: Three Months Ended June 30, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 124,981 $ 91,240 $ (2,317) $ 213,904 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (694) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 617 Less: Internalization fee to affiliate (300,000) Less: Interest expense and dividends on preferred shares (63,531) Less: Depreciation and amortization expense (65,809) Less: Incentive allocations (3,148) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations (13,920) Less: Acquisition and transaction expenses (8,019) Less: Equity-based compensation expense (638) Less: Benefit from income taxes 13,033 Net loss attributable to shareholders $ (228,205) Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended June 30, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 1,255 $ 2,585 $ — $ 3,840 Asia 33,642 28,530 13,957 $ 76,129 Europe 107,573 104,900 — $ 212,473 North America 26,162 105,770 — $ 131,932 South America 15,805 3,415 — $ 19,220 Total revenues $ 184,437 $ 245,200 $ 13,957 $ 443,594 II. For the Six Months Ended June 30, 2024 Six Months Ended June 30, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 111,605 $ — $ 12,310 $ 123,915 Maintenance revenue 96,977 — — 96,977 Asset sales revenue 111,040 — — 111,040 Aerospace products revenue — 434,257 — 434,257 Other revenue 125 — 3,974 4,099 Total revenues $ 319,747 $ 434,257 $ 16,284 $ 770,288 Expenses Cost of sales 90,858 257,803 — 348,661 Operating expenses 16,989 13,893 23,534 54,416 General and administrative — — 6,652 6,652 Acquisition and transaction expenses 4,730 771 8,697 14,198 Management fees and incentive allocation to affiliate — — 8,449 8,449 Internalization fee to affiliate — — 300,000 300,000 Depreciation and amortization 98,756 1,871 5,984 106,611 Asset impairment 962 — — 962 Interest expense — — 102,903 102,903 Total expenses 212,295 274,338 456,219 942,852 Other expense Equity in losses of unconsolidated entities (207) (1,154) — (1,361) Loss on extinguishment of debt — — (13,920) (13,920) Other (expense) income (542) — 678 136 Total other expense (749) (1,154) (13,242) (15,145) Income (loss) before income taxes 106,703 158,765 (453,177) (187,709) Provision for (benefit from) income taxes 11,326 7,457 (26,244) (7,461) Net income (loss) 95,377 151,308 (426,933) (180,248) Less: Dividends on preferred shares — — 16,670 16,670 Net income (loss) attributable to shareholders $ 95,377 $ 151,308 $ (443,603) $ (196,918) The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders: Six Months Ended June 30, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 229,788 $ 161,517 $ (13,300) $ 378,005 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (1,361) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 1,165 Less: Internalization fee to affiliate (300,000) Less: Interest expense and dividends on preferred shares (119,573) Less: Depreciation and amortization expense (124,931) Less: Incentive allocations (7,456) 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 (13,920) Less: Acquisition and transaction expenses (14,198) Less: Equity-based compensation expense (1,148) Less: Benefit from income taxes 7,461 Net loss attributable to shareholders $ (196,918) Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Six Months Ended June 30, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 2,123 $ 8,271 $ — $ 10,394 Asia 58,761 57,030 16,284 $ 132,075 Europe 178,617 172,616 — $ 351,233 North America 47,009 187,142 — $ 234,151 South America 33,237 9,198 — $ 42,435 Total revenues $ 319,747 $ 434,257 $ 16,284 $ 770,288 Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of June 30, 2024: Operating Leases Remainder of 2024 $ 124,660 2025 177,465 2026 136,338 2027 102,716 2028 93,365 Thereafter 86,416 Total $ 720,960 III. For the Three Months Ended June 30, 2023 Three Months Ended June 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 48,167 $ — $ 11,374 $ 59,541 Maintenance revenue 42,065 — — 42,065 Asset sales revenue 76,836 — — 76,836 Aerospace products revenue — 92,725 — 92,725 Other revenue 313 — 2,865 3,178 Total revenues $ 167,381 $ 92,725 $ 14,239 $ 274,345 Expenses Cost of sales 49,598 54,934 — 104,532 Operating expenses 7,578 3,236 13,983 24,797 General and administrative — — 3,188 3,188 Acquisition and transaction expenses 1,169 272 1,231 2,672 Management fees and incentive allocation to affiliate — — 5,563 5,563 Depreciation and amortization 35,713 97 2,704 38,514 Interest expense — — 38,499 38,499 Total expenses 94,058 58,539 65,168 217,765 Other income (expense) Equity in losses of unconsolidated entities (35) (345) — (380) Other income 408 — — 408 Total other income (expense) 373 (345) — 28 Income (loss) before income taxes 73,696 33,841 (50,929) 56,608 Provision for income taxes 1,087 584 184 1,855 Net income (loss) 72,609 33,257 (51,113) 54,753 Less: Dividends on preferred shares — — 8,335 8,335 Net income (loss) attributable to shareholders $ 72,609 $ 33,257 $ (59,448) $ 46,418 The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders: Three Months Ended June 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 121,166 $ 34,747 $ (2,836) $ 153,077 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (380) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (150) Less: Internalization fee to affiliate — Less: Interest expense and dividends on preferred shares (46,834) Less: Depreciation and amortization expense (48,934) Less: Incentive allocations (5,324) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (2,672) Less: Equity-based compensation expense (510) Less: Provision for income taxes (1,855) Net income attributable to shareholders $ 46,418 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended June 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ — $ — $ — $ — Asia 15,252 1,785 14,239 31,276 Europe 79,454 23,620 — 103,074 North America 65,735 64,150 — 129,885 South America 6,940 3,170 — 10,110 Total $ 167,381 $ 92,725 $ 14,239 $ 274,345 III. For the Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 96,997 $ — $ 18,522 $ 115,519 Maintenance revenue 77,206 — — 77,206 Asset sales revenue 185,527 — — 185,527 Aerospace products revenue — 177,838 — 177,838 Other revenue 6,691 — 4,282 10,973 Total revenues $ 366,421 $ 177,838 $ 22,804 $ 567,063 Expenses Cost of sales 141,832 108,370 — 250,202 Operating expenses 14,666 6,891 25,774 47,331 General and administrative — — 7,255 7,255 Acquisition and transaction expenses 2,631 1,027 2,276 5,934 Management fees and incentive allocation to affiliate — — 8,560 8,560 Depreciation and amortization 73,853 183 5,404 79,440 Asset impairment 1,220 — — 1,220 Interest expense — — 77,791 77,791 Total expenses 234,202 116,471 127,060 477,733 Other income (expense) Equity in losses of unconsolidated entities (134) (1,581) — (1,715) Other income 416 — — 416 Total other income (expense) 282 (1,581) — (1,299) Income (loss) before income taxes 132,501 59,786 (104,256) 88,031 Provision for income taxes 2,082 1,500 299 3,881 Net income (loss) 130,419 58,286 (104,555) 84,150 Less: Net loss attributable to non-controlling interests in consolidated subsidiaries — — — — Less: Dividends on preferred shares — — 15,126 15,126 Net income (loss) attributable to shareholders $ 130,419 $ 58,286 $ (119,681) $ 69,024 The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders: Six Months Ended June 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 228,722 $ 62,124 $ (10,113) $ 280,733 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (1,715) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 546 Less: Internalization fee to affiliate — Less: Interest expense and dividends on preferred shares (92,917) Less: Depreciation and amortization expense (97,704) Less: Incentive allocations (8,266) 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 (5,934) Less: Equity-based compensation expense (618) Less: Provision for income taxes (3,881) Net income attributable to shareholders $ 69,024 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Six Months Ended June 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ — $ 875 $ — $ 875 Asia 33,018 1,785 22,804 57,607 Europe 131,819 49,586 — 181,405 North America 181,400 121,146 — 302,546 South America 20,184 4,446 — 24,630 Total $ 366,421 $ 177,838 $ 22,804 $ 567,063 V. Location of Long-Lived Assets The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net: June 30, 2024 December 31, 2023 Property, plant and equipment and leasing equipment, net Africa $ 33,376 $ 18,380 Asia 489,277 478,120 Europe 1,052,721 934,817 North America 451,420 416,811 South America 209,150 229,460 Total property, plant and equipment and leasing equipment, net $ 2,235,944 $ 2,077,588

EARNINGS PER SHARE AND EQUITY

EARNINGS PER SHARE AND EQUITY	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2024 2023 2024 2023 Net (loss) income $ (219,870) $ 54,753 $ (180,248) $ 84,150 Less: Dividends on preferred shares 8,335 8,335 16,670 15,126 Net (loss) income attributable to shareholders $ (228,205) $ 46,418 $ (196,918) $ 69,024 Weighted Average Ordinary Shares Outstanding - Basic 100,958,524 99,732,179 100,602,214 99,730,223 Weighted Average Ordinary Shares Outstanding - Diluted 100,958,524 100,462,277 100,602,214 100,314,508 (Loss) Earnings per share: Basic $ (2.26) $ 0.47 $ (1.96) $ 0.69 Diluted $ (2.26) $ 0.46 $ (1.96) $ 0.69 For both the three months ended June 30, 2024 and 2023, zero shares and for the six months ended June 30, 2024 and 2023, 0 and 1,245 shares, respectively, have been excluded from the calculation of Diluted EPS because the impact would be anti-dilutive. During the six months ended June 30, 2024 and 2023, we issued 4,370 and 18,457 ordinary shares to certain directors as compensation.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 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 $7.8 million and $6.8 million as of June 30, 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 June 30, 2024 was $37.2 million, which is not reasonably expected. Internalization — During the second quarter of 2024, the Company entered into the Internalization Agreement with the Former Manager and Master GP. Pursuant to the Internalization Agreement, the Management Agreement was terminated effective May 28, 2024, except that certain indemnification and other obligations survive, and the Company was no longer required to pay management fees or incentive distributions with respect to any period thereafter. As a result of the Internalization, the Company ceased to be externally managed and operates as an internally managed company. In connection with the termination of the Management Agreement, the Company (i) agreed to pay the Former Manager (for itself and on behalf of the Master GP, as applicable) the Cash Consideration, the compensation accrued and payable, but not yet paid, under the Management Agreement and the expenses that were reimbursable, but not yet reimbursed, under the Management Agreement; (ii) issued to the Former Manager (for itself and on behalf of the Master GP, as applicable) the Share Consideration; and (iii) purchased from Master GP all of its partnership interests in FTAI Aviation Holdco Ltd., a subsidiary of the Company, in exchange for $30. Letter Agreements — Prior to May 28, 2024, the Company’s Chief Executive Officer and Chief Financial Officer were provided by its Former Manager under the terms of the Management Agreement. In addition, the Company relied on employees of its Former Manager and affiliates to conduct the Company’s operations. Since May 28, 2024, the Company entered into letter agreements with the Chief Executive Officer and Chief Financial Officer and is hiring certain employees of the Former Manager that serve in key roles at the Company, including, but not limited to, those who support the Company’s investment, legal, accounting, tax and treasury operations.

RESTRUCTURING CHARGES

RESTRUCTURING CHARGES	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	15. RESTRUCTURING CHARGES In connection with the Internalization and termination of the Management Agreement, the Company agreed to pay a total of $300.0 million to its Former Manager (for itself and on behalf of the Master GP, as applicable). At closing, the Company issued 1,866,949 ordinary shares valued at $150.0 million. The remaining balance was paid in cash on June 17, 2024. The restructuring charge paid in connection with the Internalization and termination of the Management Agreement is reflected in Internalization Fee to Affiliate expense in the Consolidated Statements of Operations for the three and six months ended

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS Dividends On July 23, 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 June 30, 2024, payable on August 20, 2024 to the holders of record on August 12, 2024. Additionally, on July 23, 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, payable on September 16, 2024 to the holders of record on September 6, 2024.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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.
Restructuring Charges	Restructuring Charges — The termination of the Management Agreement was a material change in the management structure of the business and is accounted for under ASC 420, Exit or Disposal Cost Obligations . The termination fee payment to the
Reclassifications	Reclassifications — Certain amounts from prior periods in the Company’s consolidated financial statements have been reclassified to align with the presentation in the current period.
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. We earned 19% and 13% of our revenue from one customer in the Aerospace Products segment during the three and six months ended June 30, 2024. We earn ed 10% and 11% o f our revenue from one customer in the Aviation Leasing segment during the three and six months ended June 30, 2023, respectively. As of June 30, 2024, there was one customer in the Aerospace Products 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.

ACQUISITION OF QUICKTURN (Table

ACQUISITION OF QUICKTURN (Tables)	6 Months Ended
	Jun. 30, 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. Three Months Ended Six Months Ended June 30, 2023 June 30, 2023 Total revenue $ 281,545 $ 578,586 Net income attributable to shareholders $ 45,198 $ 66,283

LEASING EQUIPMENT, NET (Tables)

LEASING EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Lessor, Operating Leases	Leasing equipment, net is summarized as follows: June 30, 2024 December 31, 2023 Leasing equipment $ 2,802,983 $ 2,574,394 Less: Accumulated depreciation (600,117) (541,981) Leasing equipment, net $ 2,202,866 $ 2,032,413
Operating Lease, Lease Income	Depreciation expense for leasing equipment is summarized as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Depreciation expense for leasing equipment $ 55,658 $ 38,336 104,560 79,102

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 December 31, 2023 Advanced Engine Repair JV Equity method 25% $ 19,886 $ 21,040 Falcon MSN 177 LLC Equity method 50% — 1,682 Quick Turn Engine Center LLC Equity method 50%* — — $ 19,886 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Advanced Engine Repair JV $ (633) $ 681 $ (1,154) $ 273 Falcon MSN 177 LLC (61) (35) (207) (134) Quick Turn Engine Center LLC — (1,026) — (1,854) Total $ (694) $ (380) $ (1,361) $ (1,715)

INTANGIBLE ASSETS AND LIABILI_2

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)	6 Months Ended
	Jun. 30, 2024
Intangible Assets and Liabilities Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets and Liabilities	Intangible assets and liabilities, net are summarized as follows: June 30, 2024 December 31, 2023 Intangible assets Acquired favorable lease intangibles $ 66,535 $ 68,041 Less: Accumulated amortization (26,082) (19,347) Acquired favorable lease intangibles, net 40,453 48,694 Acquired customer relationships 1,907 1,907 Less: Accumulated amortization (222) (11) Acquired customer relationships, net 1,685 1,896 Total intangible assets, net $ 42,138 $ 50,590 Intangible liabilities Acquired unfavorable lease intangibles $ 3,209 $ 3,151 Less: Accumulated amortization (871) (1,389) Acquired unfavorable lease intangibles, net $ 2,338 $ 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Lease intangibles Lease income $ 3,786 $ 3,616 $ 7,762 $ 7,599 Customer relationships Depreciation and amortization 95 — 212 — Total $ 3,881 3,616 $ 7,974 7,599
Schedule of Net Annual Amortization of Intangibles	As of June 30, 2024, estimated net annual amortization of intangibles is as follows: Remainder of 2024 $ 7,603 2025 12,767 2026 9,331 2027 4,348 2028 3,759 Thereafter 1,992 Total $ 39,800

DEBT, NET (Tables)

DEBT, NET (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	Our debt, net is summarized as follows: June 30, 2024 December 31, 2023 Outstanding Borrowings Stated Interest Rate Maturity Date Outstanding Borrowings Loans payable Revolving Credit Facility (1) $ — (i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75% 5/22/27 $ — Total loans payable — — Bonds payable Senior Notes due 2025 (2) — 6.50% 10/1/25 652,043 Senior Notes due 2027 130,907 9.75% 8/1/27 400,000 Senior Notes due 2028 (3) 1,001,567 5.50% 5/1/28 1,001,746 Senior Notes due 2030 (4) 496,884 7.88% 12/1/30 496,704 Senior Notes due 2031 700,000 7.00% 5/1/31 — Senior Notes due 2032 800,000 7.00% 6/15/32 — Total bonds payable 3,129,358 2,550,493 Debt 3,129,358 2,550,493 Less: Debt issuance costs (51,762) (33,150) Total debt, net $ 3,077,596 $ 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 $866 at December 31, 2023 and an unamortized premium of $2,908 at December 31, 2023. (3) Includes an unamortized premium of $1,567 and $1,746 at June 30, 2024 and December 31, 2023, respectively. (4) Includes unamortized discount of $3,116 and $3,296 at June 30, 2024 and December 31, 2023, respectively.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 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: June 30, 2024 December 31, 2023 Senior Notes due 2025 $ — $ 649,383 Senior Notes due 2027 134,701 416,432 Senior Notes due 2028 972,100 963,630 Senior Notes due 2030 524,610 521,440 Senior Notes due 2031 715,582 — Senior Notes due 2032 812,664 —

EQUITY-BASED COMPENSATION (Tabl

EQUITY-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2024 2023 2024 2023 Stock Options $ 42 $ — $ 42 $ — $ 2,032 4.0 years Restricted Shares 596 510 1,106 618 17,013 3.1 years Total $ 638 $ 510 $ 1,148 $ 618 $ 19,045

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Current: Cayman Islands $ — $ — $ — $ — Bermuda — — — — United States: — — — — Federal 884 (92) 1,184 (45) State and local (289) (32) 289 (19) Non-U.S. 643 544 789 818 Total current provision 1,238 420 2,262 754 Deferred: Cayman Islands — — — — Bermuda (11,265) — (7,826) — United States: — — — — Federal 543 590 1,311 823 State and local 625 54 267 498 Non-U.S. (4,174) 791 (3,475) 1,806 Total deferred provision (14,271) 1,435 (9,723) 3,127 Total (benefit from) provision for income taxes $ (13,033) $ 1,855 $ (7,461) $ 3,881

AFFILIATE TRANSACTIONS (Tables)

AFFILIATE TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 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 prior to the Internalization on May 28, 2024: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Management fees $ 405 $ 239 $ 992 $ 294 Income incentive allocation 3,148 5,324 7,456 8,266 Total $ 3,553 $ 5,563 $ 8,448 $ 8,560 The following table summarizes our reimbursements to the Former Manager: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Classification in the Consolidated Statements of Operations: General and administrative $ 1,608 $ 1,599 $ 3,558 $ 3,504 Acquisition and transaction expenses 370 109 687 209 Total $ 1,978 $ 1,708 $ 4,245 $ 3,713 The following table summarizes amounts due to the Former Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets: June 30, 2024 December 31, 2023 Accrued management fees $ — $ 224 Other payables 250 6,200

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2024 Three Months Ended June 30, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 60,759 $ — $ 9,995 $ 70,754 Maintenance revenue 51,187 — — 51,187 Asset sales revenue 72,433 — — 72,433 Aerospace products revenue — 245,200 — 245,200 Other revenue 58 — 3,962 4,020 Total revenues $ 184,437 $ 245,200 $ 13,957 $ 443,594 Expenses Cost of sales 58,969 146,888 — 205,857 Operating expenses 8,782 6,423 13,894 29,099 General and administrative — — 2,969 2,969 Acquisition and transaction expenses 1,969 525 5,525 8,019 Management fees and incentive allocation to affiliate — — 3,554 3,554 Internalization fee to affiliate — — 300,000 300,000 Depreciation and amortization 52,672 938 3,081 56,691 Asset impairment — — — — Interest expense — — 55,196 55,196 Total expenses 122,392 154,774 384,219 661,385 Other expense Equity in losses of unconsolidated entities (61) (633) — (694) Loss on extinguishment of debt — — (13,920) (13,920) Other (expense) income (911) — 413 (498) Total other expense (972) (633) (13,507) (15,112) Income (loss) before income taxes 61,073 89,793 (383,769) (232,903) Provision for (benefit from) income taxes 8,293 4,918 (26,244) (13,033) Net income (loss) 52,780 84,875 (357,525) (219,870) Less: Dividends on preferred shares — — 8,335 8,335 Net income (loss) attributable to shareholders $ 52,780 $ 84,875 $ (365,860) $ (228,205) II. For the Six Months Ended June 30, 2024 Six Months Ended June 30, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 111,605 $ — $ 12,310 $ 123,915 Maintenance revenue 96,977 — — 96,977 Asset sales revenue 111,040 — — 111,040 Aerospace products revenue — 434,257 — 434,257 Other revenue 125 — 3,974 4,099 Total revenues $ 319,747 $ 434,257 $ 16,284 $ 770,288 Expenses Cost of sales 90,858 257,803 — 348,661 Operating expenses 16,989 13,893 23,534 54,416 General and administrative — — 6,652 6,652 Acquisition and transaction expenses 4,730 771 8,697 14,198 Management fees and incentive allocation to affiliate — — 8,449 8,449 Internalization fee to affiliate — — 300,000 300,000 Depreciation and amortization 98,756 1,871 5,984 106,611 Asset impairment 962 — — 962 Interest expense — — 102,903 102,903 Total expenses 212,295 274,338 456,219 942,852 Other expense Equity in losses of unconsolidated entities (207) (1,154) — (1,361) Loss on extinguishment of debt — — (13,920) (13,920) Other (expense) income (542) — 678 136 Total other expense (749) (1,154) (13,242) (15,145) Income (loss) before income taxes 106,703 158,765 (453,177) (187,709) Provision for (benefit from) income taxes 11,326 7,457 (26,244) (7,461) Net income (loss) 95,377 151,308 (426,933) (180,248) Less: Dividends on preferred shares — — 16,670 16,670 Net income (loss) attributable to shareholders $ 95,377 $ 151,308 $ (443,603) $ (196,918) III. For the Three Months Ended June 30, 2023 Three Months Ended June 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 48,167 $ — $ 11,374 $ 59,541 Maintenance revenue 42,065 — — 42,065 Asset sales revenue 76,836 — — 76,836 Aerospace products revenue — 92,725 — 92,725 Other revenue 313 — 2,865 3,178 Total revenues $ 167,381 $ 92,725 $ 14,239 $ 274,345 Expenses Cost of sales 49,598 54,934 — 104,532 Operating expenses 7,578 3,236 13,983 24,797 General and administrative — — 3,188 3,188 Acquisition and transaction expenses 1,169 272 1,231 2,672 Management fees and incentive allocation to affiliate — — 5,563 5,563 Depreciation and amortization 35,713 97 2,704 38,514 Interest expense — — 38,499 38,499 Total expenses 94,058 58,539 65,168 217,765 Other income (expense) Equity in losses of unconsolidated entities (35) (345) — (380) Other income 408 — — 408 Total other income (expense) 373 (345) — 28 Income (loss) before income taxes 73,696 33,841 (50,929) 56,608 Provision for income taxes 1,087 584 184 1,855 Net income (loss) 72,609 33,257 (51,113) 54,753 Less: Dividends on preferred shares — — 8,335 8,335 Net income (loss) attributable to shareholders $ 72,609 $ 33,257 $ (59,448) $ 46,418 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Three Months Ended June 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ — $ — $ — $ — Asia 15,252 1,785 14,239 31,276 Europe 79,454 23,620 — 103,074 North America 65,735 64,150 — 129,885 South America 6,940 3,170 — 10,110 Total $ 167,381 $ 92,725 $ 14,239 $ 274,345 III. For the Six Months Ended June 30, 2023 Six Months Ended June 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Lease income $ 96,997 $ — $ 18,522 $ 115,519 Maintenance revenue 77,206 — — 77,206 Asset sales revenue 185,527 — — 185,527 Aerospace products revenue — 177,838 — 177,838 Other revenue 6,691 — 4,282 10,973 Total revenues $ 366,421 $ 177,838 $ 22,804 $ 567,063 Expenses Cost of sales 141,832 108,370 — 250,202 Operating expenses 14,666 6,891 25,774 47,331 General and administrative — — 7,255 7,255 Acquisition and transaction expenses 2,631 1,027 2,276 5,934 Management fees and incentive allocation to affiliate — — 8,560 8,560 Depreciation and amortization 73,853 183 5,404 79,440 Asset impairment 1,220 — — 1,220 Interest expense — — 77,791 77,791 Total expenses 234,202 116,471 127,060 477,733 Other income (expense) Equity in losses of unconsolidated entities (134) (1,581) — (1,715) Other income 416 — — 416 Total other income (expense) 282 (1,581) — (1,299) Income (loss) before income taxes 132,501 59,786 (104,256) 88,031 Provision for income taxes 2,082 1,500 299 3,881 Net income (loss) 130,419 58,286 (104,555) 84,150 Less: Net loss attributable to non-controlling interests in consolidated subsidiaries — — — — Less: Dividends on preferred shares — — 15,126 15,126 Net income (loss) attributable to shareholders $ 130,419 $ 58,286 $ (119,681) $ 69,024
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 June 30, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 124,981 $ 91,240 $ (2,317) $ 213,904 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (694) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 617 Less: Internalization fee to affiliate (300,000) Less: Interest expense and dividends on preferred shares (63,531) Less: Depreciation and amortization expense (65,809) Less: Incentive allocations (3,148) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations (13,920) Less: Acquisition and transaction expenses (8,019) Less: Equity-based compensation expense (638) Less: Benefit from income taxes 13,033 Net loss attributable to shareholders $ (228,205) The following table sets forth a reconciliation of Adjusted EBITDA to net income attributable to shareholders: Six Months Ended June 30, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 229,788 $ 161,517 $ (13,300) $ 378,005 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (1,361) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 1,165 Less: Internalization fee to affiliate (300,000) Less: Interest expense and dividends on preferred shares (119,573) Less: Depreciation and amortization expense (124,931) Less: Incentive allocations (7,456) 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 (13,920) Less: Acquisition and transaction expenses (14,198) Less: Equity-based compensation expense (1,148) Less: Benefit from income taxes 7,461 Net loss attributable to shareholders $ (196,918) The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders: Three Months Ended June 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 121,166 $ 34,747 $ (2,836) $ 153,077 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (380) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities (150) Less: Internalization fee to affiliate — Less: Interest expense and dividends on preferred shares (46,834) Less: Depreciation and amortization expense (48,934) Less: Incentive allocations (5,324) Less: Asset impairment charges — Less: Changes in fair value of non-hedge derivative instruments — Less: Losses on the modification or extinguishment of debt and capital lease obligations — Less: Acquisition and transaction expenses (2,672) Less: Equity-based compensation expense (510) Less: Provision for income taxes (1,855) Net income attributable to shareholders $ 46,418 The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders: Six Months Ended June 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Adjusted EBITDA $ 228,722 $ 62,124 $ (10,113) $ 280,733 Add: Non-controlling share of Adjusted EBITDA — Add: Equity in losses of unconsolidated entities (1,715) Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities 546 Less: Internalization fee to affiliate — Less: Interest expense and dividends on preferred shares (92,917) Less: Depreciation and amortization expense (97,704) Less: Incentive allocations (8,266) 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 (5,934) Less: Equity-based compensation expense (618) Less: Provision for income taxes (3,881) Net income attributable to shareholders $ 69,024
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 June 30, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 1,255 $ 2,585 $ — $ 3,840 Asia 33,642 28,530 13,957 $ 76,129 Europe 107,573 104,900 — $ 212,473 North America 26,162 105,770 — $ 131,932 South America 15,805 3,415 — $ 19,220 Total revenues $ 184,437 $ 245,200 $ 13,957 $ 443,594 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Six Months Ended June 30, 2024 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ 2,123 $ 8,271 $ — $ 10,394 Asia 58,761 57,030 16,284 $ 132,075 Europe 178,617 172,616 — $ 351,233 North America 47,009 187,142 — $ 234,151 South America 33,237 9,198 — $ 42,435 Total revenues $ 319,747 $ 434,257 $ 16,284 $ 770,288 Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows: Six Months Ended June 30, 2023 Aviation Leasing Aerospace Products Corporate and Other Total Revenues Africa $ — $ 875 $ — $ 875 Asia 33,018 1,785 22,804 57,607 Europe 131,819 49,586 — 181,405 North America 181,400 121,146 — 302,546 South America 20,184 4,446 — 24,630 Total $ 366,421 $ 177,838 $ 22,804 $ 567,063
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 June 30, 2024: Operating Leases Remainder of 2024 $ 124,660 2025 177,465 2026 136,338 2027 102,716 2028 93,365 Thereafter 86,416 Total $ 720,960
Long-lived Assets by Geographic Areas	The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net: June 30, 2024 December 31, 2023 Property, plant and equipment and leasing equipment, net Africa $ 33,376 $ 18,380 Asia 489,277 478,120 Europe 1,052,721 934,817 North America 451,420 416,811 South America 209,150 229,460 Total property, plant and equipment and leasing equipment, net $ 2,235,944 $ 2,077,588

EARNINGS PER SHARE AND EQUITY (

EARNINGS PER SHARE AND EQUITY (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2024 2023 2024 2023 Net (loss) income $ (219,870) $ 54,753 $ (180,248) $ 84,150 Less: Dividends on preferred shares 8,335 8,335 16,670 15,126 Net (loss) income attributable to shareholders $ (228,205) $ 46,418 $ (196,918) $ 69,024 Weighted Average Ordinary Shares Outstanding - Basic 100,958,524 99,732,179 100,602,214 99,730,223 Weighted Average Ordinary Shares Outstanding - Diluted 100,958,524 100,462,277 100,602,214 100,314,508 (Loss) Earnings per share: Basic $ (2.26) $ 0.47 $ (1.96) $ 0.69 Diluted $ (2.26) $ 0.46 $ (1.96) $ 0.69

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Thousands		6 Months Ended
	May 28, 2024 USD ($) shares	Jun. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | segment		2
Internalization agreement, cash consideration	$ 150,000
Internalization agreement, share consideration (in shares) | shares	1,866,949
Payment to purchase partnership interest	$ 30
Service fee markup percent	10%
Maximum number of dates of material breach without a cure	30 days
Maximum number of days of outstanding payment	30 days

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Accounting Policies [Line Items]
Provision for doubtful accounts	$ 72,200		$ 72,200		$ 72,200
Bad debt expense	100	$ 600	120	$ 1,032
Operating lease, right-of-use asset	3,300		3,300		3,400
Finance leases, net	1,400		1,400		3,000
Prepaid expense	$ 77,400		$ 77,400		7,800
Common stock dividends declared (in dollars per share)	$ 0.30	$ 0.60	$ 0.30	$ 0.60
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	$ 57,700		$ 57,700		43,500
Purchase deposits	46,000		46,000		23,900
Notes receivable	125,200		125,200		102,300
Maintenance right assets	$ 14,000		$ 14,000		$ 16,300
Customer One | Customer Concentration Risk | Sales Revenue, Segment | Aerospace Products
Accounting Policies [Line Items]
Concentration risk	19%		13%
Customer One | Customer Concentration Risk | Sales Revenue, Segment | Aviation Leasing
Accounting Policies [Line Items]
Concentration risk		10%		11%
Customer One | Customer Concentration Risk | Accounts Receivable
Accounting Policies [Line Items]
Concentration risk			11%

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	Jun. 30, 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
Machinery and equipment | Minimum
Business Acquisition [Line Items]
Useful life	6 years
Machinery and equipment | Maximum
Business Acquisition [Line Items]
Useful life	23 years
Other
Business Acquisition [Line Items]
Property, plant, and equipment, net	$ 298
Other | Minimum
Business Acquisition [Line Items]
Useful life	5 years
Other | Maximum
Business Acquisition [Line Items]
Useful life	7 years

ACQUISITION OF QUICKTURN - Pro

ACQUISITION OF QUICKTURN - Pro Forma Information (Details) - Quick Turn Engine Center LLC - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Business Acquisition [Line Items]
Total revenue	$ 281,545	$ 578,586
Net income attributable to shareholders	$ 45,198	$ 66,283

LEASING EQUIPMENT, NET - Schedu

LEASING EQUIPMENT, NET - Schedule of Lessor, Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Line Items]
Leasing equipment, net	$ 2,202,866	$ 2,032,413
Leasing Equipment
Leases [Line Items]
Leasing equipment	2,802,983	2,574,394
Less: Accumulated depreciation	(600,117)	(541,981)
Leasing equipment, net	$ 2,202,866	$ 2,032,413

LEASING EQUIPMENT, NET - Additi

LEASING EQUIPMENT, NET - Additional Details (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Asset impairment	$ 0	$ 0	$ 962	$ 1,220

LEASING EQUIPMENT, NET - Operat

LEASING EQUIPMENT, NET - Operating Lease, Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leasing Equipment
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Depreciation expense for leasing equipment	$ 55,658	$ 38,336	$ 104,560	$ 79,102

INVESTMENTS - Ownership Carryin

INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands	Jun. 30, 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	$ 19,886	$ 22,722
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	25%				25%	25%
Carrying Value	$ 19,886	21,040				$ 15,000
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%			50%
Carrying Value	$ 0	1,682		$ 1,600
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50%		50%
Carrying Value	$ 0	$ 0
Pro rata distribution of income	45%	45%

INVESTMENTS - Share of Equity o

INVESTMENTS - Share of Equity of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ (694)	$ (380)	$ (1,361)	$ (1,715)
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Income (loss)	(633)	681	(1,154)	273
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Income (loss)	(61)	(35)	(207)	(134)
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ 0	$ (1,026)	$ 0	$ (1,854)

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) $ in Thousands				1 Months Ended
	May 03, 2024 USD ($)	Dec. 01, 2023 USD ($)	Jan. 04, 2023 USD ($)	Aug. 31, 2019 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2021 USD ($)	Dec. 31, 2016 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments					$ 19,886	$ 22,722
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Payments to acquire asset	$ 800
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					$ 19,886	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					$ 0	1,682	$ 1,600
Ownership percentage					50%		50%
Percentage of interest acquired	1
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	Jun. 30, 2024	Dec. 31, 2023
Intangible assets:
Total	$ 39,800
Total intangible assets, net	42,138	$ 50,590
Intangible liabilities
Acquired unfavorable lease intangibles	3,209	3,151
Less: Accumulated amortization	(871)	(1,389)
Acquired unfavorable lease intangibles, net	2,338	1,762
Acquired favorable lease intangibles
Intangible assets:
Acquired intangible assets	66,535	68,041
Less: Accumulated amortization	(26,082)	(19,347)
Total intangible assets, net	40,453	48,694
Acquired customer relationships
Intangible assets:
Acquired intangible assets	1,907	1,907
Less: Accumulated amortization	(222)	(11)
Total	$ 1,685	$ 1,896

INTANGIBLE ASSETS AND LIABILI_4

INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Total	$ 3,881	$ 3,616	$ 7,974	$ 7,599
Lease income | Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Lease income	3,786	3,616	7,762	7,599
Depreciation and amortization | Acquired customer relationships
Finite-Lived Intangible Assets [Line Items]
Customer relationships	$ 95	$ 0	$ 212	$ 0

INTANGIBLE ASSETS AND LIABILI_5

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 7,603
2025	12,767
2026	9,331
2027	4,348
2028	3,759
Thereafter	1,992
Total	$ 39,800

DEBT, NET - Schedule of Debt (D

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 17, 2024	Apr. 11, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 3,129,358			$ 2,550,493
Less: Debt issuance costs	(51,762)			(33,150)
Total debt, net	3,077,596			2,517,343
Total debt due within one year	0			0
Loans payable
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	0			0
Bonds payable
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	3,129,358			2,550,493
Bonds payable | Senior Notes Due 2025
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 0			652,043
Stated percentage	6.50%
Unamortized discount				866
Unamortized premium				2,908
Bonds payable | Senior Notes due 2027
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 130,907			400,000
Stated percentage	9.75%
Bonds payable | Senior Notes due 2028
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 1,001,567			1,001,746
Stated percentage	5.50%
Unamortized premium	$ 1,567			1,746
Bonds payable | Senior Notes due 2030
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 496,884			496,704
Stated percentage	7.88%
Unamortized discount	$ 3,116			3,296
Bonds payable | Senior Notes due 2031
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 700,000			0
Stated percentage	7%		7%
Bonds payable | Senior Notes due 2032
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 800,000			0
Stated percentage	7%	7%
Revolving Credit Facility | Loans payable
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 0			$ 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%

DEBT, NET - Narrative (Details)

DEBT, NET - Narrative (Details) $ in Thousands			3 Months Ended		6 Months Ended
	Jun. 18, 2024 USD ($)	Apr. 11, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 17, 2024 USD ($)	May 23, 2024 USD ($)
Debt Instrument [Line Items]
Repayments debt					$ 1,287,373	$ 330,000
Loss on extinguishment of debt			$ 13,920	$ 0	$ 13,920	$ 0
Bonds payable | Senior Notes due 2031
Debt Instrument [Line Items]
Debt instrument face amount		$ 700,000
Stated percentage		7%	7%		7%
Bonds payable | Senior Notes Due 2025
Debt Instrument [Line Items]
Stated percentage			6.50%		6.50%
Repurchase of notes		$ 324,600
Repayments debt		325,400
Loss on extinguishment of debt		$ 2,700
Bonds payable | Senior Notes due 2032
Debt Instrument [Line Items]
Debt instrument face amount							$ 800,000
Stated percentage			7%		7%		7%
Bonds payable | Senior Notes due 2027
Debt Instrument [Line Items]
Stated percentage			9.75%		9.75%
Repurchase of notes	$ 300,000
Loss on extinguishment of debt	$ 11,200
Conversion ratio	0.03
Revolving Credit Facility | Loans payable
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity								$ 400,000
Letter of Credit | Loans payable
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity								$ 25,000

FAIR VALUE MEASUREMENTS - Fair

FAIR VALUE MEASUREMENTS - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Senior Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 0	$ 649,383
Senior Notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	134,701	416,432
Senior Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	972,100	963,630
Senior Notes due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	524,610	521,440
Senior Notes due 2031
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	715,582	0
Senior Notes due 2032
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 812,664	$ 0

FAIR VALUE MEASUREMENTS - Addit

FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($) aircraft	Dec. 31, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantees	$ 7.8	$ 7.8		$ 6.8
Number of aircrafts sold | aircraft			7
Guarantees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
(Increase) decrease related to the change in fair value	$ 0.8	$ 1	$ (1.9)
Increase in guarantees			$ 4.9

EQUITY-BASED COMPENSATION (Narr

EQUITY-BASED COMPENSATION (Narrative) (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares Rate shares
Subsidiary Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares) | shares	60,000
Exercise price (in dollars per share) | $ / shares	$ 79.13
Grant date fair value of share issued | $	$ 2.1
Restricted Shares | Subsidiary Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of share issued | $	$ 5.7
Vesting period	4 years
Awards vesting rights	50%
Restricted Shares | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of share issued | $	$ 5.5
Vesting period	3 years
Stock Options | Subsidiary Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	4.52%
Dividend yield | Rate	1.50%
Expected volatility	43%
Expected term	6 years 9 months 18 days
Former Manager
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options transferred (in shares) | shares	37,343
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares) | 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	$ 638	$ 510	$ 1,148	$ 618
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	19,045		19,045
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	42	0	42	0
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	2,032		$ 2,032
Weighted Average Remaining Contractual Term (in years)			4 years
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-based compensation	596	$ 510	$ 1,106	$ 618
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 17,013		$ 17,013
Weighted Average Remaining Contractual Term (in years)			3 years 1 month 6 days

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
United States:
Federal	$ 884	$ (92)	$ 1,184	$ (45)
State and local	(289)	(32)	289	(19)
Total current provision	1,238	420	2,262	754
United States:
Federal	543	590	1,311	823
State and local	625	54	267	498
Total deferred provision	(14,271)	1,435	(9,723)	3,127
Total (benefit from) provision for income taxes	(13,033)	1,855	(7,461)	3,881
Cayman Islands
Current:
Foreign	0	0	0	0
United States:
Non-U.S.	0	0	0	0
Deferred:
Foreign	0	0	0	0
United States:
Non-U.S.	0	0	0	0
Bermuda
Current:
Foreign	0	0	0	0
United States:
Non-U.S.	0	0	0	0
Deferred:
Foreign	(11,265)	0	(7,826)	0	$ (72,200)
United States:
Non-U.S.	(11,265)	0	(7,826)	0	$ (72,200)
Non-U.S.
Current:
Foreign	643	544	789	818
United States:
Non-U.S.	643	544	789	818
Deferred:
Foreign	(4,174)	791	(3,475)	1,806
United States:
Non-U.S.	$ (4,174)	$ 791	$ (3,475)	$ 1,806

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Bermuda
Income Tax Contingency [Line Items]
Deferred tax asset (liability)	$ 11,265	$ 0	$ 7,826	$ 0	$ 72,200

AFFILIATE TRANSACTIONS (Details

AFFILIATE TRANSACTIONS (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	May 28, 2024	May 31, 2015	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Payment to purchase partnership interest	$ 30
Service fee markup percent	10%
Maximum number of dates of material breach without a cure	30 days
Maximum number of days of outstanding payment	30 days
Acquisition and transaction expenses			$ 8,019	$ 2,672	$ 14,198	$ 5,934
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%
Incentive distribution percentage		10%
Former Manager
Related Party Transaction [Line Items]
Acquisition and transaction expenses			370	$ 109	$ 687	$ 209
Management fee percentage rate		1.50%
Incentive distribution percentage					10%
Cumulative preferred return					10%
Notes receivable			0		$ 0		$ 0
Former Manager | Transaction Services
Related Party Transaction [Line Items]
Acquisition and transaction expenses			$ 3,400		$ 3,400

AFFILIATE TRANSACTIONS - Manage

AFFILIATE TRANSACTIONS - Management fees, incentive allocation and capital gains (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	$ 3,554	$ 5,563	$ 8,449	$ 8,560
General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	3,553	5,563	8,448	8,560
Management fees | General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	405	239	992	294
Income incentive allocation | General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	$ 3,148	$ 5,324	$ 7,456	$ 8,266

AFFILIATE TRANSACTIONS - Reimbu

AFFILIATE TRANSACTIONS - Reimbursement to Manager (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
General and administrative	$ 2,969	$ 3,188	$ 6,652	$ 7,255
Acquisition and transaction expenses	8,019	2,672	14,198	5,934
Total expenses	661,385	217,765	942,852	477,733
Former Manager
Related Party Transaction [Line Items]
General and administrative	1,608	1,599	3,558	3,504
Acquisition and transaction expenses	370	109	687	209
Total expenses	1,978	$ 1,708	4,245	$ 3,713
Former Manager | Transaction Services
Related Party Transaction [Line Items]
Acquisition and transaction expenses	$ 3,400		$ 3,400

AFFILIATE TRANSACTIONS - Amount

AFFILIATE TRANSACTIONS - Amounts due to Manager (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities	$ 128,708	$ 112,907
Accrued management fees | Former Manager
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities	0	224
Other payables | Former Manager
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities	$ 250	$ 6,200

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	6 Months Ended
	Jun. 30, 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				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues	$ 443,594		$ 274,345		$ 770,288	$ 567,063
Expenses
Cost of sales	205,857		104,532		348,661	250,202
Operating expenses	29,099		24,797		54,416	47,331
General and administrative	2,969		3,188		6,652	7,255
Acquisition and transaction expenses	8,019		2,672		14,198	5,934
Management fees and incentive allocation to affiliate	3,554		5,563		8,449	8,560
Internalization fee to affiliate	300,000		0		300,000	0
Depreciation and amortization	56,691		38,514		106,611	79,440
Asset impairment	0		0		962	1,220
Interest expense	55,196		38,499		102,903	77,791
Total expenses	661,385		217,765		942,852	477,733
Other expense
Add: Equity in losses of unconsolidated entities	(694)		(380)		(1,361)	(1,715)
Loss on extinguishment of debt	(13,920)		0		(13,920)	0
Other (expense) income	(498)		408		136	416
Total other expense	(15,112)		28		(15,145)	(1,299)
Income (loss) before income taxes	(232,903)		56,608		(187,709)	88,031
Provision (benefit) from income taxes	(13,033)		1,855		(7,461)	3,881
Net income (loss)	(219,870)	$ 39,622	54,753	$ 29,397	(180,248)	84,150
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries						0
Less: Dividends on preferred shares	8,335		8,335		16,670	15,126
Net (loss) income attributable to shareholders	(228,205)		46,418		(196,918)	69,024
Lease income
Revenues
Total revenues	70,754		59,541		123,915	115,519
Other expense
Less: Dividends on preferred shares					16,670
Maintenance revenue
Revenues
Total revenues	51,187		42,065		96,977	77,206
Other expense
Net (loss) income attributable to shareholders					(196,918)
Asset sales revenue
Revenues
Total revenues	72,433		76,836		111,040	185,527
Aerospace products revenue
Revenues
Total revenues	245,200		92,725		434,257	177,838
Other revenue
Revenues
Total revenues	4,020		3,178		4,099	10,973
Asset sales revenue
Revenues
Total revenues			76,836			185,527
Operating Segments
Other expense
Other (expense) income
Income (loss) before income taxes
Corporate and Other
Revenues
Total revenues	13,957		14,239		16,284	22,804
Expenses
Cost of sales	0		0		0	0
Operating expenses	13,894		13,983		23,534	25,774
General and administrative	2,969		3,188		6,652	7,255
Acquisition and transaction expenses	5,525		1,231		8,697	2,276
Management fees and incentive allocation to affiliate	3,554		5,563		8,449	8,560
Internalization fee to affiliate	300,000				300,000
Depreciation and amortization	3,081		2,704		5,984	5,404
Asset impairment	0				0	0
Interest expense	55,196		38,499		102,903	77,791
Total expenses	384,219		65,168		456,219	127,060
Other expense
Add: Equity in losses of unconsolidated entities	0		0		0
Loss on extinguishment of debt	(13,920)				(13,920)
Other (expense) income	413		0		678	0
Total other expense	(13,507)		0		(13,242)	0
Income (loss) before income taxes	(383,769)		(50,929)		(453,177)	(104,256)
Provision (benefit) from income taxes	(26,244)		184			299
Net income (loss)	(357,525)		(51,113)		(426,933)	(104,555)
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries						0
Less: Dividends on preferred shares	8,335		8,335			15,126
Net (loss) income attributable to shareholders	(365,860)		(59,448)			(119,681)
Corporate and Other | Lease income
Revenues
Total revenues	9,995		11,374		12,310	18,522
Other expense
Less: Dividends on preferred shares					16,670
Corporate and Other | Maintenance revenue
Revenues
Total revenues	0		0		0	0
Other expense
Net (loss) income attributable to shareholders					(443,603)
Corporate and Other | Asset sales revenue
Revenues
Total revenues	0				0
Corporate and Other | Aerospace products revenue
Revenues
Total revenues	0		0		0	0
Corporate and Other | Other revenue
Revenues
Total revenues	3,962		2,865		3,974	4,282
Corporate and Other | Asset sales revenue
Revenues
Total revenues			0			0
Aviation Leasing | Operating Segments
Revenues
Total revenues	184,437		167,381		319,747	366,421
Expenses
Cost of sales	58,969		49,598		90,858	141,832
Operating expenses	8,782		7,578		16,989	14,666
General and administrative	0		0		0	0
Acquisition and transaction expenses	1,969		1,169		4,730	2,631
Management fees and incentive allocation to affiliate	0		0		0	0
Internalization fee to affiliate	0				0
Depreciation and amortization	52,672		35,713		98,756	73,853
Asset impairment	0				962	1,220
Interest expense	0		0		0	0
Total expenses	122,392		94,058		212,295	234,202
Other expense
Add: Equity in losses of unconsolidated entities	(61)		(35)		(207)	(134)
Loss on extinguishment of debt	0				0
Other (expense) income	(911)		408		(542)	416
Total other expense	(972)		373		(749)	282
Income (loss) before income taxes	61,073		73,696		106,703	132,501
Provision (benefit) from income taxes	8,293		1,087		11,326	2,082
Net income (loss)	52,780		72,609		95,377	130,419
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries						0
Less: Dividends on preferred shares	0		0		0	0
Net (loss) income attributable to shareholders	52,780		72,609			130,419
Aviation Leasing | Operating Segments | Lease income
Revenues
Total revenues	60,759		48,167		111,605	96,997
Other expense
Provision (benefit) from income taxes					(26,244)
Aviation Leasing | Operating Segments | Maintenance revenue
Revenues
Total revenues	51,187		42,065		96,977	77,206
Other expense
Net (loss) income attributable to shareholders					95,377
Aviation Leasing | Operating Segments | Asset sales revenue
Revenues
Total revenues	72,433				111,040
Aviation Leasing | Operating Segments | Aerospace products revenue
Revenues
Total revenues	0		0		0	0
Aviation Leasing | Operating Segments | Other revenue
Revenues
Total revenues	58		313		125	6,691
Aviation Leasing | Operating Segments | Asset sales revenue
Revenues
Total revenues			76,836			185,527
Aerospace Products | Operating Segments
Revenues
Total revenues	245,200		92,725		434,257	177,838
Expenses
Cost of sales	146,888		54,934		257,803	108,370
Operating expenses	6,423		3,236		13,893	6,891
General and administrative	0		0		0	0
Acquisition and transaction expenses	525		272		771	1,027
Management fees and incentive allocation to affiliate	0		0		0	0
Internalization fee to affiliate	0				0
Depreciation and amortization	938		97		1,871	183
Asset impairment	0				0	0
Interest expense	0		0		0	0
Total expenses	154,774		58,539		274,338	116,471
Other expense
Add: Equity in losses of unconsolidated entities	(633)		(345)		(1,154)	(1,581)
Loss on extinguishment of debt	0				0
Other (expense) income	0		0		0	0
Total other expense	(633)		(345)		(1,154)	(1,581)
Income (loss) before income taxes	89,793		33,841		158,765	59,786
Provision (benefit) from income taxes	4,918		584		7,457	1,500
Net income (loss)	84,875		33,257		151,308	58,286
Less: Net income (loss) attributable to non-controlling interests in consolidated subsidiaries						0
Less: Dividends on preferred shares	0		0		0	0
Net (loss) income attributable to shareholders	84,875		33,257			58,286
Aerospace Products | Operating Segments | Lease income
Revenues
Total revenues	0		0		0	0
Aerospace Products | Operating Segments | Maintenance revenue
Revenues
Total revenues	0		0		0	0
Other expense
Net (loss) income attributable to shareholders					151,308
Aerospace Products | Operating Segments | Asset sales revenue
Revenues
Total revenues	0				0
Aerospace Products | Operating Segments | Aerospace products revenue
Revenues
Total revenues	245,200		92,725		434,257	177,838
Aerospace Products | Operating Segments | Other revenue
Revenues
Total revenues	$ 0		0		$ 0	0
Aerospace Products | Operating Segments | Asset sales revenue
Revenues
Total revenues			$ 0			$ 0

SEGMENT INFORMATION - Reconcili

SEGMENT INFORMATION - Reconciliation of Adjusted Net Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 213,904	$ 153,077	$ 378,005	$ 280,733
Add: Non-controlling share of Adjusted EBITDA	0	0	0	0
Add: Equity in losses of unconsolidated entities	(694)	(380)	(1,361)	(1,715)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	617	(150)	1,165	546
Less: Internalization fee to affiliate	(300,000)	0	(300,000)	0
Less: Interest expense and dividends on preferred shares	(63,531)	(46,834)	(119,573)	(92,917)
Less: Depreciation and amortization expense	(65,809)	(48,934)	(124,931)	(97,704)
Less: Incentive allocations	(3,148)	(5,324)	(7,456)	(8,266)
Less: Asset impairment charges	0	0	(962)	(1,220)
Less: Changes in fair value of non-hedge derivative instruments	0	0	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	(13,920)	0	(13,920)	0
Less: Acquisition and transaction expenses	(8,019)	(2,672)	(14,198)	(5,934)
Less: Equity-based compensation expense	(638)	(510)	(1,148)	(618)
Provision (benefit) from income taxes	13,033	(1,855)	7,461	(3,881)
Net (loss) income attributable to shareholders	(228,205)	46,418	(196,918)	69,024
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(2,317)	(2,836)	(13,300)	(10,113)
Add: Equity in losses of unconsolidated entities	0	0	0
Less: Internalization fee to affiliate	(300,000)		(300,000)
Less: Asset impairment charges	0		0	0
Less: Acquisition and transaction expenses	(5,525)	(1,231)	(8,697)	(2,276)
Provision (benefit) from income taxes	26,244	(184)		(299)
Net (loss) income attributable to shareholders	(365,860)	(59,448)		(119,681)
Aviation Leasing | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	124,981	121,166	229,788	228,722
Add: Equity in losses of unconsolidated entities	(61)	(35)	(207)	(134)
Less: Internalization fee to affiliate	0		0
Less: Asset impairment charges	0		(962)	(1,220)
Less: Acquisition and transaction expenses	(1,969)	(1,169)	(4,730)	(2,631)
Provision (benefit) from income taxes	(8,293)	(1,087)	(11,326)	(2,082)
Net (loss) income attributable to shareholders	52,780	72,609		130,419
Aerospace Products | Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	91,240	34,747	161,517	62,124
Add: Equity in losses of unconsolidated entities	(633)	(345)	(1,154)	(1,581)
Less: Internalization fee to affiliate	0		0
Less: Asset impairment charges	0		0	0
Less: Acquisition and transaction expenses	(525)	(272)	(771)	(1,027)
Provision (benefit) from income taxes	(4,918)	(584)	$ (7,457)	(1,500)
Net (loss) income attributable to shareholders	$ 84,875	$ 33,257		$ 58,286

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Geographic Sources of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 443,594	$ 274,345	$ 770,288	$ 567,063
Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	13,957	14,239	16,284	22,804
Africa
Segment Reporting Information [Line Items]
Total revenue	3,840	0	10,394	875
Africa | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Asia
Segment Reporting Information [Line Items]
Total revenue	76,129	31,276	132,075	57,607
Asia | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	13,957	14,239	16,284	22,804
Europe
Segment Reporting Information [Line Items]
Total revenue	212,473	103,074	351,233	181,405
Europe | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
North America
Segment Reporting Information [Line Items]
Total revenue	131,932	129,885	234,151	302,546
North America | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
South America
Segment Reporting Information [Line Items]
Total revenue	19,220	10,110	42,435	24,630
South America | Corporate and Other
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Aviation Leasing | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	184,437	167,381	319,747	366,421
Aviation Leasing | Africa | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	1,255	0	2,123	0
Aviation Leasing | Asia | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	33,642	15,252	58,761	33,018
Aviation Leasing | Europe | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	107,573	79,454	178,617	131,819
Aviation Leasing | North America | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	26,162	65,735	47,009	181,400
Aviation Leasing | South America | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	15,805	6,940	33,237	20,184
Aerospace Products | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	245,200	92,725	434,257	177,838
Aerospace Products | Africa | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	2,585	0	8,271	875
Aerospace Products | Asia | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	28,530	1,785	57,030	1,785
Aerospace Products | Europe | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	104,900	23,620	172,616	49,586
Aerospace Products | North America | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	105,770	64,150	187,142	121,146
Aerospace Products | South America | Operating Segments
Segment Reporting Information [Line Items]
Total revenue	$ 3,415	$ 3,170	$ 9,198	$ 4,446

SEGMENT INFORMATION - Summary_2

SEGMENT INFORMATION - Summary of Contracted Minimum Future Annual Revenues (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Segment Reporting [Abstract]
Remainder of 2024	$ 124,660
2025	177,465
2026	136,338
2027	102,716
2028	93,365
Thereafter	86,416
Total	$ 720,960

SEGMENT INFORMATION - Location

SEGMENT INFORMATION - Location of Long-Lived Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Leasing equipment, net	$ 2,235,944	$ 2,077,588
Africa
Segment Reporting Information [Line Items]
Leasing equipment, net	33,376	18,380
Asia
Segment Reporting Information [Line Items]
Leasing equipment, net	489,277	478,120
Europe
Segment Reporting Information [Line Items]
Leasing equipment, net	1,052,721	934,817
North America
Segment Reporting Information [Line Items]
Leasing equipment, net	451,420	416,811
South America
Segment Reporting Information [Line Items]
Leasing equipment, net	$ 209,150	$ 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				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net (loss) income	$ (219,870)	$ 39,622	$ 54,753	$ 29,397	$ (180,248)	$ 84,150
Less: Dividends on preferred shares	8,335		8,335		16,670	15,126
Net (loss) income attributable to shareholders	$ (228,205)		$ 46,418		$ (196,918)	$ 69,024
Weighted Average Common Shares Outstanding - Basic (in shares)	100,958,524		99,732,179		100,602,214	99,730,223
Weighted Average Common Shares Outstanding - Diluted (in shares)	100,958,524		100,462,277		100,602,214	100,314,508
(Loss) Earnings per share:
Basic (in dollars per share)	$ (2.26)		$ 0.47		$ (1.96)	$ 0.69
Diluted (in dollars per share)	$ (2.26)		$ 0.46		$ (1.96)	$ 0.69

EARNINGS PER SHARE AND EQUITY_2

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive shares (in shares)	0	0	0	1,245
Stocks issued during period for services (in shares)			4,370	18,457

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) - USD ($) $ in Thousands		6 Months Ended
	May 28, 2024	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Guarantees		$ 7,800	$ 6,800
Undiscounted future payments, potential pay out		37,200
Payment to purchase partnership interest	$ 30
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		$ 3,300
Guarantor obligations, term		4 years

RESTRUCTURING CHARGES (Details)

RESTRUCTURING CHARGES (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	May 28, 2024	Jun. 30, 2023	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Total payment due to Former Manager	$ 300,000
Internalization agreement, share consideration (in shares)	1,866,949
Internalization agreement, share consideration, value	$ 150,000
Restructuring charges		$ 0	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		6 Months Ended
	Jul. 23, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Apr. 11, 2024
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)		$ 0.30	$ 0.60	$ 0.30	$ 0.60
Senior Notes due 2031 | Bonds payable
Subsequent Event [Line Items]
Debt instrument face amount						$ 700
Stated percentage		7%		7%		7%
Senior Notes Due 2025 | Bonds payable
Subsequent Event [Line Items]
Stated percentage		6.50%		6.50%
Repurchase of notes						$ 324.6
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 | 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