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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Total revenues $ 2,507,409 $ 1,734,901 $ 1,170,896
Expenses      
Cost of sales 1,349,719 825,884 502,132
Operating expenses 152,541 115,861 110,163
General and administrative 9,478 14,263 13,700
Acquisition and transaction expenses 28,587 32,296 15,194
Management fees and incentive allocation to affiliate 0 8,449 18,037
Internalization fee to affiliate 0 300,000 0
Depreciation and amortization 225,797 218,064 169,877
Asset impairment 0 962 2,121
Gain on sale of assets, net 0 (18,705) 0
Total expenses 1,766,122 1,497,074 831,224
Other (expense)      
Interest expense (247,751) (221,721) (161,639)
Loss on extinguishment of debt 0 (17,101) 0
Equity in losses of unconsolidated entities [1] (6,818) (2,200) (1,606)
Gain on sale to the 2025 Partnership 46,380 0 0
Other income 73,586 17,364 7,590
Total other (expense) (134,603) (223,658) (155,655)
Income before income taxes 606,684 14,169 184,017
Provision for (benefit from) income taxes 105,620 5,487 (59,800)
Net income 501,064 8,682 243,817
Less: Dividends on preferred shares 17,243 32,763 31,795
Less: Loss on redemption of preferred shares 6,327 7,998 0
Net (loss) income attributable to shareholders $ 477,494 $ (32,079) $ 212,022
Earnings (loss) per share:      
Basic (in dollars per share) $ 4.66 $ (0.32) $ 2.12
Diluted (in dollars per share) $ 4.60 $ (0.32) $ 2.11
Weighted average shares outstanding:      
Basic (in shares) 102,563,486 101,538,835 99,908,214
Diluted (in shares) 103,846,914 101,538,835 100,425,777
Aerospace products revenue      
Revenues      
Total revenues $ 1,600,456 $ 1,079,821 $ 454,970
MRE Contract revenue      
Revenues      
Total revenues 335,788 0 0
Lease income      
Revenues      
Total revenues 235,210 255,338 207,936
Maintenance revenue      
Revenues      
Total revenues 218,499 200,809 191,347
Asset sales revenue      
Revenues      
Total revenues 106,945 192,176 303,141
Other revenue      
Revenues      
Total revenues $ 10,511 $ 6,757 $ 13,502
[1] Includes the profit elimination of $(22,829) for the year ended December 31, 2025, for sales to the 2025 Partnership within the Aerospace Products segment.