CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 554,062	$ 466,410
Restricted cash	502	3,540
Flight equipment subject to operating leases	35,732,476	35,880,458
Less accumulated depreciation	(6,857,633)	(6,826,828)
Flight equipment subject to operating leases, net	28,874,843	29,053,630
Net investment in sales-type leases	462,797	460,806
Deposits on flight equipment purchases	1,081,857	1,052,141
Flight equipment held for sale	940,330	529,016
Other assets	1,253,889	1,318,150
Total assets	33,168,280	32,883,693
Liabilities and Stockholders’ Equity
Accrued interest and other payables	1,063,515	1,012,345
Debt financing, net of discounts and issuance costs	19,819,195	19,730,129
Security deposits on flight equipment leases	618,667	622,556
Maintenance reserves on flight equipment leases	1,542,339	1,477,046
Rentals received in advance	127,109	143,631
Deferred tax liability	1,448,357	1,425,230
Total liabilities	24,619,182	24,410,937
Stockholders’ Equity
Preferred Stock, $0.01 par value; 50,000,000 shares authorized; 900,000 (aggregate liquidation preference of $900,000) shares issued and outstanding at March 31, 2026 and December 31, 2025	9	9
Paid-in capital	3,372,554	3,383,414
Retained earnings	5,183,013	5,092,929
Accumulated other comprehensive (loss)	(7,602)	(4,716)
Total stockholders’ equity	8,549,098	8,472,756
Total liabilities and stockholders’ equity	33,168,280	32,883,693
Class A Common Stock
Stockholders’ Equity
Common stock	1,124	1,120
Class B Non‑Voting Common Stock
Stockholders’ Equity
Common stock	$ 0	$ 0