Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents		$ 5,044	$ 7,071
Restricted cash		142,869	160,958
Equipment held for operating lease, less accumulated depreciation of $604,522 and $594,293 at June 30, 2024 and December 31, 2023, respectively		2,317,903	2,112,837
Maintenance rights		25,469	9,180
Equipment held for sale		8,058	805
Receivables, net of allowances of $2,210 and $2,311 at June 30, 2024 and December 31, 2023, respectively		54,095	58,485
Spare parts inventory		81,913	40,954
Investments		63,765	58,044
Intangible assets, net		5,428	1,040
Notes receivable, net of allowances of $128 and $69 at June 30, 2024 and December 31, 2023, respectively		115,488	92,621
Investments in sales-type leases, net of allowances of $6 and $9 at June 30, 2024 and December 31, 2023, respectively		6,179	8,759
Other assets		59,477	64,430
Total assets	[1]	2,921,656	2,652,344
Liabilities:
Accounts payable and accrued expenses		89,161	52,937
Deferred income taxes		169,933	147,779
Debt obligations		1,946,761	1,802,881
Maintenance reserves		104,724	92,497
Security deposits		28,936	23,790
Unearned revenue		39,735	43,533
Total liabilities	[2]	2,379,250	2,163,417
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at June 30, 2024 and December 31, 2023, respectively)		49,988	49,964
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 7,139 and 6,849 shares issued at June 30, 2024 and December 31, 2023, respectively)		71	68
Paid-in capital in excess of par		31,683	29,667
Retained earnings		452,263	397,781
Accumulated other comprehensive income, net of income tax expense of $2,394 and $3,276 at June 30, 2024 and December 31, 2023, respectively		8,401	11,447
Total shareholders’ equity		492,418	438,963
Total liabilities, redeemable preferred stock and shareholders’ equity		2,921,656	2,652,344
Property, Equipment, and Furnishings
ASSETS
Property, equipment & furnishings, less accumulated depreciation of $20,755 and $19,374 at June 30, 2024 and December 31, 2023, respectively		$ 35,968	$ 37,160

[1] Total assets at June 30, 2024 and December 31, 2023, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Restricted cash $142,869 and $160,958; Equipment $1,663,580 and $1,518,050; Maintenance Rights $6,814 and $7,806; Notes receivable $89,307 and $91,960; Investments in sales-type leases $1,641 and $3,564; and Other assets $11,339 and $13,339 (each respectively).

[2] Total liabilities at June 30, 2024 and December 31, 2023, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,475,971 and $1,411,680, respectively.