Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents		$ 100,096	$ 6,720
Restricted cash		71,312	56,948
Maintenance rights		767	3,133
Equipment held for sale		50	120
Receivables, net of allowances of $2,044 and $1,730 at June 30, 2020 and December 31, 2019, respectively		41,678	24,059
Spare parts inventory		50,670	41,759
Investments		58,865	57,936
Property, equipment & furnishings, less accumulated depreciation of $10,081 and $8,666 at June 30, 2020 and December 31, 2019, respectively		32,260	31,520
Intangible assets, net		1,282	1,312
Notes receivable		170,362	38,145
Other assets		28,534	28,038
Total assets	[1]	2,209,571	1,940,608
Liabilities:
Accounts payable and accrued expenses		32,359	45,648
Deferred income taxes		117,915	110,418
Debt obligations		1,520,240	1,251,006
Maintenance reserves		100,179	106,870
Security deposits		22,841	20,569
Unearned revenue		8,489	6,121
Total liabilities	[2]	1,802,023	1,540,632
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at June 30, 2020 and December 31, 2019, respectively)		49,680	49,638
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,552 and 6,356 shares issued at June 30, 2020 and December 31, 2019, respectively)		66	64
Paid-in capital in excess of par		7,203	4,557
Retained earnings		356,960	348,965
Accumulated other comprehensive loss, net of income tax benefit of $1,781 and $896 at June 30, 2020 and December 31, 2019, respectively		(6,361)	(3,248)
Total shareholders’ equity		357,868	350,338
Total liabilities, redeemable preferred stock and shareholders' equity		2,209,571	1,940,608
Assets Leased to Others
ASSETS
Property, equipment & furnishings, less accumulated depreciation of $10,081 and $8,666 at June 30, 2020 and December 31, 2019, respectively		$ 1,653,695	$ 1,650,918

[1] Total assets at June 30, 2020 and December 31, 2019, respectively, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Cash nil and $134; Restricted cash $71,251 and $56,523; Equipment $1,098,181 and $1,004,851; Maintenance Rights $767 and $3,133; Inventory $2,382 and $2,832; and Other assets $778  and $668, respectively.

[2] Total liabilities at June 30, 2020 and December 31, 2019, respectively, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $957,119 and $842,996, respectively.