Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents		$ 9,821	$ 12,146
Restricted cash		54,684	76,870
Equipment held for operating lease, less accumulated depreciation of $559,588 and $543,183 at March 31, 2023 and December 31, 2022, respectively		2,141,839	2,111,935
Maintenance rights		14,598	17,708
Equipment held for sale		1,411	3,275
Receivables, net of allowances of $1,688 and $1,511 at March 31, 2023 and December 31, 2022, respectively		48,463	46,954
Spare parts inventory		37,161	38,577
Investments		54,896	56,189
Intangible assets, net		1,114	1,129
Notes receivable, net of allowances of $73 and $0 at March 31, 2023 and December 31, 2022, respectively		95,971	81,439
Investments in sales-type leases , net of allowances of $6 and $0 at March 31, 2023 and December 31, 2022, respectively		6,133	6,440
Other assets		85,069	87,205
Total assets	[1]	2,587,334	2,575,217
Liabilities:
Accounts payable and accrued expenses		42,077	43,040
Deferred income taxes		133,103	132,516
Debt obligations		1,836,888	1,847,278
Maintenance reserves		69,544	59,453
Security deposits		21,639	20,490
Unearned revenue		28,184	17,863
Total liabilities	[2]	2,131,435	2,120,640
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at March 31, 2023 and December 31, 2022, respectively)		49,910	49,889
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,619 and 6,615 shares issued at March 31, 2023 and December 31, 2022, respectively)		66	66
Paid-in capital in excess of par		23,500	20,386
Retained earnings		360,981	357,493
Accumulated other comprehensive income, net of income tax expense of $6,093 and $7,587 at March 31, 2023 and December 31, 2022, respectively		21,442	26,743
Total shareholders’ equity		405,989	404,688
Total liabilities, redeemable preferred stock and shareholders’ equity		2,587,334	2,575,217
Property, Equipment, and Furnishings
ASSETS
Property, equipment & furnishings, less accumulated depreciation of $16,810 and $16,060 at March 31, 2023 and December 31, 2022, respectively		$ 36,174	$ 35,350

[1] Total assets at March 31, 2023 and December 31, 2022, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Restricted cash $54,684 and $76,870; Equipment $1,183,337 and $1,167,970; Maintenance Rights $6,822 and $5,433; Notes receivable $79,502 and $80,220; and Other assets $6,543 and $6,470 (each respectively).

[2] Total liabilities at March 31, 2023 and December 31, 2022, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,093,537 and $1,118,721, respectively.