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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:        
Net income $ 501,064 $ 8,682 $ 243,817  
Adjustments to reconcile net income to net cash (used in) provided by operating activities:        
Equity in losses of unconsolidated entities [1] 6,818 2,200 1,606  
Gain on sale of assets (377,540) (377,909) (160,742)  
Gain on sale of assets to the 2025 Partnership (46,380) 0 0  
Gain on insurance recoveries (54,325) 0 0  
Security deposits and maintenance claims included in earnings (20,881) (16,783) (40,535)  
Loss on extinguishment of debt 0 17,101 0  
Equity-based compensation 21,733 6,006 1,638  
Non-cash termination fee to affiliate (issuance of ordinary shares) 0 150,000 0  
Depreciation and amortization 225,797 218,064 169,877  
Asset impairment 0 962 2,121  
Deferred income taxes 73,956 (1,878) (63,626)  
Change in fair value of guarantees 3,114 2,086 (1,807)  
Amortization of lease intangibles and incentives 41,842 43,967 43,764  
Amortization of deferred financing costs 11,811 11,458 8,860  
Provision for credit losses 574 2,784 6,583 $ 6,583
Other 4,170 (273) (6,646)  
Change in:        
Accounts receivable (42,425) (41,196) (40,357)  
Inventory (645,464) (206,880) (31,884)  
Other assets (136,784) (14,372) (5,627)  
Accounts payable and accrued liabilities 122,779 15,886 1,254  
Management fees payable to affiliate (960) (5,507) 1,683  
Other liabilities 356 (2,354) (997)  
Net cash (used in) provided by operating activities (310,745) (187,956) 128,982  
Cash flows from investing activities:        
Investment in unconsolidated entities (328,546) 0 (19,500)  
Return of capital from unconsolidated entities 27,113 0 0  
Principal collections on finance leases 1,580 2,157 3,638  
Principal collections on notes receivable 6,680 4,930 4,875  
Acquisition of business, net of cash acquired (49,085) (147,624) (29,632)  
Acquisition of leasing equipment (658,799) (1,147,341) (749,780)  
Investments in financing receivables (2,764) (66,858) 0  
Acquisition of property, plant and equipment (27,712) (9,220) (6,148)  
Acquisition of lease intangibles 2,509 3,168 (20,964)  
Investment in promissory notes (4,714) 0 (11,500)  
Deposits for acquisitions of leasing equipment [2] (65,926) (158,297) (23,937)  
Proceeds from settlement of insurance claims 54,325 0 0  
Proceeds from deposits on sale of leasing equipment 7,285 79,777 1,413  
Return of deposits for acquisition of leasing equipment [2] 48,903 530 300  
Net cash provided by (used in) investing activities 723,314 (469,498) (373,349)  
Cash flows from financing activities:        
Proceeds from debt 480,000 2,581,819 951,665  
Repayment of debt (480,000) (1,672,304) (605,000)  
Payment of deferred financing costs (524) (17,356) (12,180)  
Receipt of security deposits under operating lease agreements 5,154 8,104 9,927  
Return of security deposits under operating lease agreements (4,265) (421) (2,385)  
Receipt of maintenance deposits under operating lease agreements 49,075 49,333 30,354  
Release of maintenance deposits under operating lease agreements (5,537) (7,134) (275)  
Proceeds from issuance of ordinary shares, net of underwriter's discount 0 0 5  
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs 0 0 61,729  
Capital contributions from non-controlling interests 0 0 10  
Settlement of equity-based compensation (1,497) 0 0  
Purchase of non-controlling interest shares 0 (534) 0  
Redemption of preferred shares (124,167) (105,353) 0  
Cash dividends - ordinary shares (128,205) (121,577) (119,847)  
Cash dividends - preferred shares (17,243) (32,763) (31,795)  
Net cash (used in) provided by financing activities (227,209) 681,814 282,208  
Net increase (decrease) in cash and cash equivalents and restricted cash 185,360 24,360 37,841  
Cash and cash equivalents and restricted cash, beginning of period 115,266 90,906 53,065  
Cash and cash equivalents and restricted cash, end of period 300,626 115,266 90,906 $ 53,065
Supplemental disclosure of cash flow information:        
Cash paid for interest, net of capitalized interest 235,160 222,122 150,622  
Cash paid for taxes 15,661 5,655 1,393  
Supplemental disclosure of non-cash investing and financing activities (see Note 2 for additional non-cash information):        
Receipt of notes receivable in connection with the sale of leasing equipment 88,004 88,271 46,654  
Acquisition of leasing equipment in accrued liabilities (22,521) (22,119) (8,962)  
Receipt of leasing equipment in settlement of accounts receivable (5,075) 0 (14,250)  
Purchase deposits reclassified to leasing equipment from other assets upon acquisition (52,817) (19,608) (6,371)  
Decrease in leasing equipment for engines provided to aircraft lessees in lieu of cash reimbursements of maintenance deposits 5,127 0 10,970  
Accounts receivable settled with security deposits (3,067) (4,808) (6,050)  
Accounts receivable settled with maintenance deposits (27,014) (45,719) (1,856)  
Nonrelated Party        
Cash flows from investing activities:        
Proceeds from sale of assets 1,182,495 969,280 477,886  
Equity Method Investee        
Cash flows from investing activities:        
Deposits for acquisitions of leasing equipment (26,370) (19,300)    
Proceeds from sale of assets 529,970 $ 0 $ 0  
Return of deposits for acquisition of leasing equipment $ 45,710      
[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.
[2] Includes deposits for acquisition of leasing equipment paid on behalf of the 2025 Partnership of $26,370 for the year ended December 31, 2025, and return of deposits for the acquisition of leasing equipment reimbursed from the 2025 Partnership of $45,710 for the year ended December 31, 2025.