Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents		$ 37,267	$ 9,110
Restricted cash		745,268	123,392
Equipment held for operating lease, less accumulated depreciation of $630,897 and $613,118 at June 30, 2025 and December 31, 2024, respectively		2,606,593	2,635,910
Maintenance rights		34,734	31,134
Equipment held for sale		13,191	12,269
Receivables, net of allowances of $1,170 and $1,316 at June 30, 2025 and December 31, 2024, respectively		37,644	38,291
Spare parts inventory		63,609	72,150
Investments		91,123	62,670
Intangible assets, net		271	2,929
Notes receivable, net of allowances of $213 and $247 at June 30, 2025 and December 31, 2024, respectively		171,846	183,629
Investments in sales-type leases, net of allowances of $17 and $22 at June 30, 2025 and December 31, 2024, respectively		16,779	21,606
Other assets		65,467	56,045
Total assets	[1]	3,946,445	3,297,196
Liabilities:
Accounts payable and accrued expenses		86,720	75,983
Deferred income taxes		203,726	185,049
Debt obligations		2,800,643	2,264,552
Maintenance reserves		113,121	97,817
Security deposits		24,204	23,424
Unearned revenue		36,833	37,911
Total liabilities	[2]	3,265,247	2,684,736
Redeemable preferred stock ($0.01 par value, 5,000 shares authorized; 3,250 shares issued at June 30, 2025 and December 31, 2024, respectively)		63,261	63,122
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 7,645 and 7,173 shares issued at June 30, 2025 and December 31, 2024, respectively)		76	72
Paid-in capital in excess of par		56,000	50,928
Retained earnings		562,121	491,439
Accumulated other comprehensive (loss) income, net of income tax (benefit) expense of $(75) and $1,981 at June 30, 2025 and December 31, 2024, respectively		(260)	6,899
Total shareholders’ equity		617,937	549,338
Total liabilities, redeemable preferred stock and equity		3,946,445	3,297,196
Property, Equipment, and Furnishings
ASSETS
Property, equipment & furnishings, less accumulated depreciation of $25,086 and $22,784 at June 30, 2025 and December 31, 2024, respectively		$ 62,653	$ 48,061

[1] Total assets at June 30, 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 $745,268 and $123,392; Equipment $1,798,280 and $1,681,197; Maintenance rights $21,873 and $12,708; Notes receivable $133,550 and $139,853; Investments in sales-type leases $16,780 and $17,752; and Other assets $11,702 and $11,973 (each respectively).

[2] Total liabilities at June 30, 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 $2,060,155 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.