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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | The following tables set forth certain information, which include all significant expenses reviewed by the CODM, for each reportable segment (unaudited): I. For the Three Months Ended June 30, 2025
| Three Months Ended June 30, 2025
| Aviation Leasing |  | Aerospace Products |  | Corporate and Other |  | Eliminations |  | Total
Revenues |  |  |  |  |  |  |  |  |
Aerospace products revenue | $ | — |  |  | $ | 420,686 |  |  | $ | — |  |  | $ | — |  |  | 420,686 |
MRE Contract revenue | — |  |  | 69,585 |  |  | — |  |  | — |  |  | 69,585 |
Lease income | 62,439 |  |  | — |  |  | — |  |  | — |  |  | 62,439 |
Maintenance revenue | 73,104 |  |  | — |  |  | — |  |  | — |  |  | 73,104 |
Asset sales revenue | 47,915 |  |  | — |  |  | — |  |  | — |  |  | 47,915 |
Other revenue (1) | 2,508 |  |  | — |  |  | — |  |  | — |  |  | 2,508 |
Total revenues | $ | 185,966 |  |  | $ | 490,271 |  |  | $ | — |  |  | $ | — |  |  | $ | 676,237 |
Expenses |  |  |  |  |  |  |  |  |
Cost of sales | 51,789 |  |  | 317,469 |  |  | — |  |  | — |  |  | 369,258 |
Operating expenses | 11,089 |  |  | 8,989 |  |  | 14,250 |  |  | — |  |  | 34,328 |
General and administrative | — |  |  | — |  |  | 2,442 |  |  | — |  |  | 2,442 |
Acquisition and transaction expenses | 577 |  |  | 1,414 |  |  | 2,498 |  |  | — |  |  | 4,489 |
Depreciation and amortization | 50,423 |  |  | 3,704 |  |  | 1,109 |  |  | — |  |  | 55,236 |
Total expenses | 113,878 |  |  | 331,576 |  |  | 20,299 |  |  | — |  |  | 465,753 |
Other income (expense) |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | (63,965) |  |  | — |  |  | (63,965) |
Equity in (losses) earnings of unconsolidated entities (2) | (782) |  |  | 714 |  |  | — |  |  | (4,935) |  |  | (5,003) |
Gain on sale to the 2025 Partnership | 34,604 |  |  | — |  |  | — |  |  | — |  |  | 34,604 |
Other income | 26,974 |  |  | — |  |  | 182 |  |  | — |  |  | 27,156 |
Total other income (expense) | 60,796 |  |  | 714 |  |  | (63,783) |  |  | (4,935) |  |  | (7,208) |
Income (loss) before income taxes | 132,884 |  |  | 159,409 |  |  | (84,082) |  |  | (4,935) |  |  | 203,276 |
Provision for (benefit from) income taxes | 26,453 |  |  | 25,827 |  |  | (14,402) |  |  | — |  |  | 37,878 |
Net income (loss) | 106,431 |  |  | 133,582 |  |  | (69,680) |  |  | (4,935) |  |  | 165,398 |
Less: Dividends on preferred shares | — |  |  | — |  |  | 3,709 |  |  | — |  |  | 3,709 |
Net income (loss) attributable to shareholders | $ | 106,431 |  |  | $ | 133,582 |  |  | $ | (73,389) |  |  | $ | (4,935) |  |  | $ | 161,689 |
______________________________________________________ (1) Includes servicing fees of $2,052 for the three months ended June 30, 2025 from the 2025 Partnership. (2) Includes the profit elimination of $(4,935) for the three months ended June 30, 2025 for sales to the 2025 Partnership within the Aerospace Products segment. II. For the Six Months Ended June 30, 2025
| Six Months Ended June 30, 2025
| Aviation Leasing |  | Aerospace Products |  | Corporate and Other |  | Eliminations |  | Total
Revenues |  |  |  |  |  |  |  |  |
Aerospace products revenue | $ | — |  |  | $ | 685,111 |  |  | $ | — |  |  | $ | — |  |  | $ | 685,111 |
MRE Contract revenue | — |  |  | 170,223 |  |  | — |  |  | — |  |  | 170,223 |
Lease income | 130,879 |  |  | — |  |  | — |  |  | — |  |  | 130,879 |
Maintenance revenue | 122,711 |  |  | — |  |  | — |  |  | — |  |  | 122,711 |
Asset sales revenue | 66,854 |  |  | — |  |  | — |  |  | — |  |  | 66,854 |
Other revenue (1) | 2,535 |  |  | — |  |  | 4 |  |  | — |  |  | 2,539 |
Total revenues | $ | 322,979 |  |  | $ | 855,334 |  |  | $ | 4 |  |  | $ | — |  |  | $ | 1,178,317 |
Expenses |  |  |  |  |  |  |  |  |
Cost of sales | 71,748 |  |  | 546,224 |  |  | — |  |  | — |  |  | 617,972 |
Operating expenses | 18,515 |  |  | 14,676 |  |  | 33,575 |  |  | — |  |  | 66,766 |
General and administrative | — |  |  | — |  |  | 5,558 |  |  | — |  |  | 5,558 |
Acquisition and transaction expenses | 3,482 |  |  | 2,546 |  |  | 5,753 |  |  | — |  |  | 11,781 |
Depreciation and amortization | 105,484 |  |  | 7,288 |  |  | 2,026 |  |  | — |  |  | 114,798 |
Total expenses | 199,229 |  |  | 570,734 |  |  | 46,912 |  |  | — |  |  | 816,875 |
Other income (expense) |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | (126,005) |  |  | — |  |  | (126,005) |
Equity in (losses) earnings of unconsolidated entities (2) | (1,559) |  |  | 827 |  |  | — |  |  | (11,885) |  |  | (12,617) |
Gain on sale to the 2025 Partnership | 45,474 |  |  | — |  |  | — |  |  | — |  |  | 45,474 |
Other income | 59,593 |  |  | — |  |  | 634 |  |  | — |  |  | 60,227 |
Total other income (expense) | 103,508 |  |  | 827 |  |  | (125,371) |  |  | (11,885) |  |  | (32,921) |
Income (loss) before income taxes | 227,258 |  |  | 285,427 |  |  | (172,279) |  |  | (11,885) |  |  | 328,521 |
Provision for (benefit from) income taxes | 43,801 |  |  | 45,202 |  |  | (28,266) |  |  | — |  |  | 60,737 |
Net income (loss) | 183,457 |  |  | 240,225 |  |  | (144,013) |  |  | (11,885) |  |  | 267,784 |
Less: Dividends on preferred shares | — |  |  | — |  |  | 9,824 |  |  | — |  |  | 9,824 |
Less: Loss on redemption of preferred shares | — |  |  | — |  |  | 6,327 |  |  | — |  |  | 6,327 |
Net income (loss) attributable to shareholders | $ | 183,457 |  |  | $ | 240,225 |  |  | $ | (160,164) |  |  | $ | (11,885) |  |  | $ | 251,633 |
______________________________________________________ (1) Includes servicing fees of $2,600 for the six months ended June 30, 2025 from the 2025 Partnership. (2) Includes the profit elimination of $(11,885) for the six months ended June 30, 2025 for sales to the 2025 Partnership within the Aerospace Products segment. III. For the Three Months Ended June 30, 2024
| Three Months Ended June 30, 2024
| Aviation Leasing |  | Aerospace Products |  | Corporate and Other |  | Total
Revenues |  |  |  |  |  |  |
Aerospace products revenue | — |  |  | 245,200 |  |  | — |  |  | 245,200 |
Lease income | $ | 60,759 |  |  | $ | — |  |  | $ | 9,995 |  |  | $ | 70,754 |
Maintenance revenue | 51,187 |  |  | — |  |  | — |  |  | 51,187 |
Asset sales revenue | 72,433 |  |  | — |  |  | — |  |  | 72,433 |
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 |
Total expenses | 122,392 |  |  | 154,774 |  |  | 329,023 |  |  | 606,189 |
Other expense |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | (55,196) |  |  | (55,196) |
Loss on extinguishment of debt | — |  |  | — |  |  | (13,920) |  |  | (13,920) |
Equity in losses of unconsolidated entities | (61) |  |  | (633) |  |  | — |  |  | (694) |
Other (expense) income | (911) |  |  | — |  |  | 413 |  |  | (498) |
Total other expense | (972) |  |  | (633) |  |  | (68,703) |  |  | (70,308) |
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) |
Summary information with respect to our geographic sources of revenue, based on location of customer and lessee, 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 (1) | $ | 184,437 |  |  | $ | 245,200 |  |  | $ | 13,957 |  |  | $ | 443,594 |
______________________________________________________ (1) The United States, included in North America, and Ireland, included in Europe, represent 29% and 25% of total revenues, respectively, based on the location of our lessees. No other country represents more than 10% of total revenues. IV. For the Six Months Ended June 30, 2024
| Six Months Ended June 30, 2024 |  |  |  |
| Aviation Leasing |  | Aerospace Products |  | Corporate and Other |  | Total |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |
Aerospace products revenue | $ | — |  |  | $ | 434,257 |  |  | $ | — |  |  | $ | 434,257 |  |  |  |  |
Lease income | 111,605 |  |  | — |  |  | 12,310 |  |  | 123,915 |  |  |  |  |
Maintenance revenue | 96,977 |  |  | — |  |  | — |  |  | 96,977 |  |  |  |  |
Asset sales revenue | 111,040 |  |  | — |  |  | — |  |  | 111,040 |  |  |  |  |
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 |  |  |  |  |
Total expenses | 212,295 |  |  | 274,338 |  |  | 353,316 |  |  | 839,949 |  |  |  |  |
Other expense |  |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | (102,903) |  |  | (102,903) |  |  |  |  |
Loss on extinguishment of debt | — |  |  | — |  |  | (13,920) |  |  | (13,920) |  |  |  |  |
Equity in losses of unconsolidated entities | (207) |  |  | (1,154) |  |  | — |  |  | (1,361) |  |  |  |  |
Other (expense) income | (542) |  |  | — |  |  | 678 |  |  | 136 |  |  |  |  |
Total other expense | (749) |  |  | (1,154) |  |  | (116,145) |  |  | (118,048) |  |  |  |  |
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) |  |  |  |  |
Schedule Revenue from External Customers by Geographic Areas | Summary information with respect to our geographic sources of revenue, based on location of customer and lessee, is as follows:
| Three Months Ended June 30, 2025
| Aviation Leasing |  | Aerospace Products |  |  |  |  |  | Corporate and Other |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |
Africa | $ | 8,595 |  |  | $ | 17,000 |  |  |  |  |  |  | $ | — |  |  | $ | 25,595 |
Asia | 54,211 |  |  | 39,327 |  |  |  |  |  |  | — |  |  | $ | 93,538 |
Europe | 83,257 |  |  | 126,444 |  |  |  |  |  |  | — |  |  | $ | 209,701 |
North America | 31,602 |  |  | 298,039 |  |  |  |  |  |  | — |  |  | $ | 329,641 |
South America | 8,301 |  |  | 9,461 |  |  |  |  |  |  | — |  |  | $ | 17,762 |
Total revenues (1) | $ | 185,966 |  |  | $ | 490,271 |  |  |  |  |  |  | $ | — |  |  | $ | 676,237 |
______________________________________________________ (1) The United States, included in North America, and Ireland, included in Europe, represent 38% and 14% of total revenues, respectively, based on the location of our lessees. No other country represents more than 10% of total revenues. Summary information with respect to our geographic sources of revenue, based on location of customer and lessee, is as follows:
| Six Months Ended June 30, 2025
| Aviation Leasing |  | Aerospace Products |  |  |  |  |  | Corporate and Other |  | Total
Revenues |  |  |  |  |  |  |  |  |  |  |
Africa | $ | 10,794 |  |  | $ | 26,482 |  |  |  |  |  |  | $ | — |  |  | $ | 37,276 |
Asia | 86,352 |  |  | 82,286 |  |  |  |  |  |  | 4 |  |  | $ | 168,642 |
Europe | 157,301 |  |  | 223,316 |  |  |  |  |  |  | — |  |  | $ | 380,617 |
North America | 49,865 |  |  | 505,471 |  |  |  |  |  |  | — |  |  | $ | 555,336 |
South America | 18,667 |  |  | 17,779 |  |  |  |  |  |  | — |  |  | $ | 36,446 |
Total revenues (1) | $ | 322,979 |  |  | $ | 855,334 |  |  |  |  |  |  | $ | 4 |  |  | $ | 1,178,317 |
______________________________________________________ (1) The United States, included in North America, and Ireland, included in Europe, represent 33% and 16% of total revenues, respectively, based on the location of our lessees. No other country represents more than 10% of total revenues. Summary information with respect to our geographic sources of revenue, based on location of customer and lessee, 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 (1) | $ | 319,747 |  |  | $ | 434,257 |  |  | $ | 16,284 |  |  | $ | 770,288 |  |  |  |  |
______________________________________________________ (1) The United States, included in North America, and Ireland, included in Europe, represent 29% and 20% of total revenues, respectively, based on the location of our lessees. No other country represents more than 10% of total revenues.
Schedule 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, 2025:
| Operating Leases |  |
Remainder of 2025 | $ | 91,960 |  |  |
2026 | 135,206 |  |  |
2027 | 114,153 |  |  |
2028 | 95,939 |  |  |
2029 | 66,769 |  |  |
Thereafter | 91,318 |  |  |
Total | $ | 595,345 |  |  |
Schedule of 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, 2025 (unaudited) |  | December 31, 2024
Property, plant and equipment and leasing equipment, net |  |  |  |  |  |  |
Africa |  |  |  |  |  |  | $ | 22,881 |  |  | $ | 37,369 |
Asia |  |  |  |  |  |  | 419,001 |  |  | 596,547 |
Europe |  |  |  |  |  |  | 756,237 |  |  | 1,038,176 |
North America |  |  |  |  |  |  | 540,084 |  |  | 592,675 |
South America |  |  |  |  |  |  | 221,397 |  |  | 216,414 |
Total property, plant and equipment and leasing equipment, net (1) |  |  |  |  |  |  | $ | 1,959,600 |  |  | $ | 2,481,181 |
________________________________________________________ (1) The United States, included in North America, represents 21% of property, plant and equipment and leasing equipment, net as of June 30, 2025. The United States, included in North America, and Italy, included in Europe, represent 17% and 12% of property, plant and equipment and leasing equipment, net as of December 31, 2024, respectively. No other country represents more than 10% of property, plant and equipment and leasing equipment, net.

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