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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:    
Net income $ 108,612 $ 43,781
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 92,460 90,925
Gain on sale of leased equipment (45,063) (10,581)
Payments received on sales-type leases 30,510 4,570
Stock-based compensation expense 29,247 14,802
Accretion of deferred costs and note discounts 10,293 6,150
Income from joint ventures (8,247) (2,908)
Write-down of equipment 11,228 4,398
Allowances and provisions (716) 838
Amortization of contract-based intangible asset 2,749 0
Gain on insurance proceeds (73) (761)
Gain on derivative instruments 0 (247)
Loss on disposal of property, equipment and furnishings 0 9
Deferred income taxes 38,581 19,652
Changes in assets and liabilities:    
Receivables 21,100 (17,375)
Inventory (31,189) (1,710)
Other assets 676 3,247
Distributions received from joint ventures 3,002 0
Accounts payable and accrued expenses 20,698 17,154
Maintenance reserves 5,592 32,159
Security deposits (366) 3,300
Unearned revenue (4,688) 22,334
Net cash provided by operating activities 284,406 229,737
Cash flows from investing activities:    
Purchase of equipment held for operating lease and for sale (830,479) (163,640)
Proceeds from sale of equipment (net of selling expenses) 171,153 85,061
Issuance of notes receivable (101,768) (15,397)
Purchase of property, equipment and furnishings (15,631) (5,140)
Payments received on notes receivable 10,582 4,147
Insurance proceeds received on property, equipment and furnishings 1,235 0
Insurance proceeds received on equipment 0 2,189
Net cash used in investing activities (764,908) (92,780)
Cash flows from financing activities:    
Proceeds from issuance of debt obligations 1,305,705 625,727
Principal payments on debt obligations (840,038) (665,480)
Proceeds from issuance of preferred stock, net 13,050 0
Debt issuance costs (11,580) (9,431)
Common stock cash dividends paid (10,720) 0
Cancellation of restricted stock units in satisfaction of withholding tax (8,244) (5,793)
Preferred stock dividends (3,460) (3,241)
Proceeds from shares issued under stock compensation plans 262 274
Net cash provided by (used in) financing activities 444,975 (57,944)
(Decrease) increase in cash, cash equivalents and restricted cash (35,527) 79,013
Cash, cash equivalents and restricted cash at beginning of period 168,029 89,016
Cash, cash equivalents and restricted cash at end of period 132,502 168,029
Net cash paid for:    
Interest 100,680 76,913
Income Taxes 7,091 505
Supplemental disclosures of non-cash activities:    
Transfers from Equipment held for operating lease to Investments in sales-type leases 43,370 6,898
Transfers from Equipment held for operating lease to Equipment held for sale 25,907 1,901
Transfers from Equipment held for operating lease to Spare parts inventory 4,521 667
Transfers from Spare parts inventory to Equipment held for operating lease 4,514 0
Non-cash additions to Equipment held for operating lease [1] 8,939 2,817
Accretion of preferred stock issuance costs $ 108 $ 75
[1] During 2024, the Company engaged in exchange transactions involving monetary consideration with third parties in which the Company sold aircraft engine(s) in exchange for the purchase of aircraft engine(s). These transactions were accounted for under ASC 805 and ASC 845 and resulted in a total of $7.7 million in non-cash additions to equipment held for operating lease for the associated total gain. In addition, the Company had $1.2 million in non-cash additions to equipment held for operating lease related to purchases included in accrued expenses. During 2023, the Company engaged in exchange transactions involving monetary consideration with third parties in which the Company sold aircraft engine(s) in exchange for the purchase of aircraft engine(s). These transactions were accounted for under ASC 805 and ASC 845 and resulted in a total of $2.8 million in non-cash additions to equipment held for operating lease for the associated total gain, $0.4 million of which was deferred.