Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents		$ 5,791	$ 7,071
Restricted cash		99,333	160,958
Equipment held for operating lease, less accumulated depreciation of $603,667 and $594,293 at September 30, 2024 and December 31, 2023, respectively		2,435,583	2,112,837
Maintenance rights		31,506	9,180
Equipment held for sale		4,286	805
Receivables, net of allowances of $1,424 and $2,311 at September 30, 2024 and December 31, 2023, respectively		37,069	58,485
Spare parts inventory		74,089	40,954
Investments		61,891	58,044
Intangible assets, net		4,177	1,040
Notes receivable, net of allowances of $187 and $69 at September 30, 2024 and December 31, 2023, respectively		175,358	92,621
Investments in sales-type leases, net of allowances of $23 and $9 at September 30, 2024 and December 31, 2023, respectively		23,204	8,759
Other assets		55,187	64,430
Total assets	[1]	3,043,593	2,652,344
Liabilities:
Accounts payable and accrued expenses		119,560	52,937
Deferred income taxes		178,177	147,779
Debt obligations		1,990,455	1,802,881
Maintenance reserves		108,090	92,497
Security deposits		27,203	23,790
Unearned revenue		39,294	43,533
Total liabilities	[2]	2,462,779	2,163,417
Redeemable preferred stock ($0.01 par value, 5,000 shares authorized; 3,250 and 2,500 shares issued at September 30, 2024 and December 31, 2023, respectively)		63,053	49,964
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 7,170 and 6,849 shares issued at September 30, 2024 and December 31, 2023, respectively)		72	68
Paid-in capital in excess of par		41,035	29,667
Retained earnings		473,609	397,781
Accumulated other comprehensive income, net of income tax expense of $846 and $3,276 at September 30, 2024 and December 31, 2023, respectively		3,045	11,447
Total shareholders’ equity		517,761	438,963
Total liabilities, redeemable preferred stock and shareholders’ equity		3,043,593	2,652,344
Property, Equipment, and Furnishings
ASSETS
Property, equipment & furnishings, less accumulated depreciation of $21,649 and $19,374 at September 30, 2024 and December 31, 2023, respectively		$ 36,119	$ 37,160

[1] Total assets at September 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 $99,333 and $160,958; Equipment $1,721,262 and $1,518,050; Maintenance Rights $13,080 and $7,806; Notes receivable $130,356 and $91,960; Investments in sales-type leases $19,004 and $3,564; and Other assets $15,335 and $13,339 (each respectively).

[2] Total liabilities at September 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 $1,528,696 and $1,411,680, respectively.