Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2025	Dec. 31, 2024
ASSETS
Cash and cash equivalents		$ 12,885	$ 9,110
Restricted cash		158,082	123,392
Equipment held for operating lease, less accumulated depreciation of $617,435 and $613,118 at September 30, 2025 and December 31, 2024, respectively		2,700,373	2,635,910
Maintenance rights		27,044	31,134
Equipment held for sale		23,329	12,269
Receivables, net of allowances of $1,615 and $1,316 at September 30, 2025 and December 31, 2024, respectively		42,289	38,291
Spare parts inventory		53,712	72,150
Investments		98,115	62,670
Intangible assets, net		271	2,929
Notes receivable, net of allowances of $184 and $247 at September 30, 2025 and December 31, 2024, respectively		144,842	183,629
Investments in sales-type leases, net of allowances of $16 and $22 at September 30, 2025 and December 31, 2024, respectively		16,281	21,606
Other assets		76,731	56,045
Total assets	[1]	3,421,347	3,297,196
Liabilities:
Accounts payable and accrued expenses		79,648	75,983
Deferred income taxes		223,734	185,049
Debt obligations		2,239,451	2,264,552
Maintenance reserves		102,897	97,817
Security deposits		25,703	23,424
Unearned revenue		36,379	37,911
Total liabilities	[2]	2,707,812	2,684,736
Redeemable preferred stock ($0.01 par value, 5,000 shares authorized; 3,250 shares issued at September 30, 2025 and December 31, 2024, respectively)		63,331	63,122
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 7,646 and 7,173 shares issued at September 30, 2025 and December 31, 2024, respectively)		76	72
Paid-in capital in excess of par		67,379	50,928
Retained earnings		583,094	491,439
Accumulated other comprehensive (loss) income, net of income tax (benefit) expense of $(99) and $1,981 at September 30, 2025 and December 31, 2024, respectively		(345)	6,899
Total shareholders’ equity		650,204	549,338
Total liabilities, redeemable preferred stock and equity		3,421,347	3,297,196
Property, Equipment, and Furnishings
ASSETS
Property, equipment & furnishings, less accumulated depreciation of $26,394 and $22,784 at September 30, 2025 and December 31, 2024, respectively		$ 67,393	$ 48,061

[1] Total assets at September 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 $158,082 and $123,392; Equipment $1,794,606 and $1,681,197; Maintenance rights $19,874 and $12,708; Notes receivable $107,683 and $139,853; Investments in sales-type leases $16,281 and $17,752; and Other assets $11,630 and $11,973 (each respectively).

[2] Total liabilities at September 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 $1,625,094 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.