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LEASING EQUIPMENT, NET | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
LEASING EQUIPMENT, NET | 4. LEASING EQUIPMENT, NET Leasing equipment, net is summarized as follows:
|  |  |  |  |  |  | March 31, 2025 (unaudited) |  |  |  |  |  |  |  | December 31, 2024
Leasing equipment |  |  |  |  |  |  | $ | 2,480,641 |  |  |  |  |  |  |  |  | $ | 2,963,452 |
Less: Accumulated depreciation |  |  |  |  |  |  | (491,274) |  |  |  |  |  |  |  |  | (589,722) |
Leasing equipment, net |  |  |  |  |  |  | $ | 1,989,367 |  |  |  |  |  |  |  |  | $ | 2,373,730 |
Due to specific transactions, 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, during the three months ended March 31, 2025 and 2024, respectively. Depreciation expense for leasing equipment is summarized as follows (unaudited):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Depreciation expense for leasing equipment | $ | 55,886 |  |  | $ | 48,902 |  |  |  |  |

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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-30/tableOfContent + Details
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