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LEASING EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASING EQUIPMENT, NET
5. LEASING EQUIPMENT, NET
Leasing equipment, net is summarized as follows:
December 31,
20252024
Leasing equipment$2,057,624 $2,963,452 
Less: Accumulated depreciation(511,820)(589,722)
Leasing equipment, net$1,545,804 $2,373,730 
The Company identified certain assets in its leasing equipment portfolio with indicators of impairment. During the year ended December 31, 2025, the Company did not record any transactional impairment charges. In comparison, for the year ended December 31, 2024, the Company recorded transaction impairment charges of $1.0 million, net of redelivery compensation.
In the fourth quarter of 2024, the Company completed the sale of the two vessels included within Corporate and Other. The Company sold the two offshore vessels for total proceeds of $142.6 million and the book value was $123.9 million. This transaction resulted in a gain of $18.7 million and is reflected in the Gain on sale of assets, net, for the year ended December 31, 2024.
Depreciation expense for leasing equipment is summarized as follows:
Year Ended December 31,
202520242023
Depreciation expense for leasing equipment$208,987 $211,047 $168,901