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LEASING EQUIPMENT, NET
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
LEASING EQUIPMENT, NET
5. LEASING EQUIPMENT, NET
Leasing equipment, net is summarized as follows:
September 30, 2024December 31, 2023
Leasing equipment$2,621,016 $2,574,394 
Less: Accumulated depreciation(554,679)(541,981)
Leasing equipment, net$2,066,337 $2,032,413 
Due to specific transactions, we identified certain assets in our leasing equipment portfolio with indicators of impairment. As a result, we adjusted the carrying value of these assets to fair value and recognized transactional impairment charges of $1.0 million and $1.2 million, net of redelivery compensation, for the nine months ended September 30, 2024 and 2023, respectively. For the three months ended September 30, 2024 and 2023, no transactional impairment charges were recorded.
Depreciation expense for leasing equipment is summarized as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Depreciation expense for leasing equipment$55,376 $43,765 159,936 122,867