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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:              
Net income (loss) $ 165,398 $ 102,386 $ (219,870) $ 39,622 $ 267,784 $ (180,248)  
Adjustments to reconcile net income to net cash used in operating activities:              
Equity in losses of unconsolidated entities [1] 5,003   694   12,617 [2] 1,361 [2]  
Gain on insurance recoveries (24,200)       (54,325) 0  
Security deposits and maintenance claims included in earnings         (31,167) (5,298)  
Loss on extinguishment of debt 0   13,920   0 13,920  
Equity-based compensation         10,404 1,148  
Non-cash termination fee to affiliate         0 150,000  
Depreciation and amortization 55,236   56,691   114,798 106,611  
Asset impairment 0   0   0 962  
Deferred income taxes         47,799 (9,724)  
Change in fair value of guarantees         2,071 (1,041)  
Amortization of lease intangibles and incentives         19,266 18,320  
Amortization of deferred financing costs         5,749 5,107  
Other         275 (37)  
Change in:              
Accounts receivable         (18,459) (44,105)  
Inventory         (268,771) (58,997)  
Other assets         13,922 (10,426)  
Accounts payable and accrued liabilities         17,618 (19,659)  
Management fees payable to affiliate         (760) (6,217)  
Other liabilities         (3,515) (3,229)  
Net cash used in operating activities         (136,284) (187,636)  
Cash flows from investing activities:              
Investment in unconsolidated entities         (118,727) 0  
Principal collections on finance leases         950 866  
Principal collections on notes receivable         2,010 2,862  
Acquisition of leasing equipment         (412,136) (436,180)  
Investments in financing receivables         (2,764) (19,750)  
Acquisition of property, plant and equipment         (11,085) (2,471)  
Acquisition of lease intangibles         2,757 1,174  
Deposits for acquisition of leasing equipment [3]         (50,221) (104,654)  
Proceeds from settlement of insurance claims         54,325 0  
Proceeds from deposits on sale of leasing equipment         251 4,580  
Return of deposits for acquisition of leasing equipment [3]         44,303 530  
Net cash provided by (used in) investing activities         496,148 (219,383)  
Cash flows from financing activities:              
Proceeds from debt         430,000 1,839,250  
Repayment of debt         (430,000) (1,287,373)  
Payment of deferred financing costs         (517) (10,245)  
Receipt of security deposits under operating lease agreements         2,606 3,976  
Return of security deposits under operating lease agreements         (2,434) 0  
Receipt of maintenance deposits under operating lease agreements         28,162 21,429  
Release of maintenance deposits under operating lease agreements         (5,361) (3,938)  
Capital contributions from non-controlling interests         0 (534)  
Redemption of preferred shares         (124,167) 0  
Cash dividends - ordinary shares         (61,534) (60,148)  
Cash dividends - preferred shares         (9,824) (16,669)  
Net cash (used in) provided by financing activities         (173,069) 485,748  
Net increase in cash and cash equivalents and restricted cash         186,795 78,729  
Cash and cash equivalents and restricted cash, beginning of period   $ 115,266   $ 90,906 115,266 90,906 $ 90,906
Cash and cash equivalents and restricted cash, end of period 302,061   169,635   302,061 169,635 115,266
Supplemental disclosure of non-cash investing and financing activities (see Note 2 for additional non-cash information):              
Receipt of notes receivable in connection with the sale of leasing equipment         12,102 37,367  
Acquisition of leasing equipment in accrued liabilities         (18,587) (17,975)  
Receipt of leasing equipment in settlement of accounts receivable         (3,357) (330)  
Purchase deposits reclassified to leasing equipment from other assets upon acquisition         (47,017) (12,108)  
Decrease in leasing equipment for engines provided to aircraft lessees in lieu of cash reimbursements of maintenance deposits         3,846 6,794  
Accounts receivable settled with security deposits         (1,715) (4,077)  
Accounts receivable settled with maintenance deposits         (9,248) (24,536)  
Nonrelated Party              
Adjustments to reconcile net income to net cash used in operating activities:              
Gain on sale of assets         (226,116) (146,084)  
Cash flows from investing activities:              
Proceeds from sale of assets         589,337 333,660  
Equity Method Investee              
Adjustments to reconcile net income to net cash used in operating activities:              
Gain on sale of assets $ (34,604)   $ 0   (45,474) 0  
Cash flows from investing activities:              
Deposits for acquisition of leasing equipment         (23,473) 0 $ (19,300)
Proceeds from sale of assets         397,148 0  
Return of deposits for acquisition of leasing equipment         $ 42,813 $ 0  
[1] Includes the profit elimination of $(4,935) and $(11,885) for the three and six months ended June 30, 2025, respectively, and $0 and $0 for the three and six months ended June 30, 2024, respectively, for sales to the 2025 Partnership.
[2] Includes the profit elimination of $(11,885) and $0 for the six months ended June 30, 2025 and 2024, respectively, for sales to the 2025 Partnership within the Aerospace Products segment.
[3] Includes deposits for acquisition of leasing equipment paid on behalf of the 2025 Partnership of $23,473 and $0 for the six months ended June 30, 2025 and 2024, respectively, and return of deposits for the acquisition of leasing equipment reimbursed from the 2025 Partnership of $42,813 and $0 for the six months ended June 30, 2025 and 2024, respectively.