Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents		$ 32,356	$ 9,110
Restricted cash		116,737	123,392
Equipment held for operating lease, less accumulated depreciation of $623,799 and $613,118 at March 31, 2025 and December 31, 2024, respectively		2,597,792	2,635,910
Maintenance rights		25,167	31,134
Equipment held for sale		19,125	12,269
Receivables, net of allowances of $1,314 and $1,316 at March 31, 2025 and December 31, 2024, respectively		41,504	38,291
Spare parts inventory		67,318	72,150
Investments		65,210	62,670
Intangible assets, net		1,601	2,929
Notes receivable, net of allowances of $240 and $247 at March 31, 2025 and December 31, 2024, respectively		179,283	183,629
Investments in sales-type leases, net of allowances of $17 and $22 at March 31, 2025 and December 31, 2024, respectively		17,271	21,606
Other assets		56,927	56,045
Total assets	[1]	3,274,633	3,297,196
Liabilities:
Accounts payable and accrued expenses		56,855	75,983
Deferred income taxes		191,297	185,049
Debt obligations		2,231,593	2,264,552
Maintenance reserves		104,452	97,817
Security deposits		24,090	23,424
Unearned revenue		37,666	37,911
Liabilities, Total	[2]	2,645,953	2,684,736
Redeemable preferred stock ($0.01 par value, 5,000 shares authorized; 3,250 shares issued at March 31, 2025 and December 31, 2024, respectively)		63,192	63,122
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 7,373 and 7,173 shares issued at March 31, 2025 and December 31, 2024, respectively)		74	72
Paid-in capital in excess of par		57,967	50,928
Retained earnings		505,083	491,439
Accumulated other comprehensive income, net of income tax expense of $679 and $1,981 at March 31, 2025 and December 31, 2024, respectively		2,364	6,899
Total shareholders’ equity		565,488	549,338
Total liabilities, redeemable preferred stock and equity		3,274,633	3,297,196
Property, Equipment, and Furnishings
ASSETS
Property, equipment & furnishings, less accumulated depreciation of $23,980 and $22,784 at March 31, 2025 and December 31, 2024, respectively		$ 54,342	$ 48,061

[1] Total assets at March 31, 2025 and December 31, 2024, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Restricted cash $116,737 and $123,392; Equipment $1,671,420 and $1,681,197; Maintenance rights $11,941 and $12,708; Notes receivable $136,922 and $139,853; Investments in sales-type leases $17,271 and $17,752; and Other assets $11,929 and $11,973 (each respectively).

[2] Total liabilities at March 31, 2025 and December 31, 2024, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,489,572 and $1,518,391, respectively. Further, refer to Note 6 of the Condensed Consolidated Financial Statements for details of the Company’s commitments and contingencies.