0001628280-26-029335 | 10-Q | XBRL Viewer

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INVESTMENTS - Narrative (Details) - USD ($) $ in Millions		1 Months Ended		3 Months Ended	12 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Jun. 05, 2025	Aug. 31, 2019	Dec. 31, 2016	Mar. 31, 2026	Dec. 31, 2025
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments			$ 15.0
Ownership percentage		25.00%	25.00%	25.00%
Equity method investment contribution amount		$ 13.5
2025 Partnership
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments				$ 0.0	$ 291.5
Ownership percentage				19.00%
QuickTurn Europe
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 10.5
Ownership percentage	50.00%			50.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

ORGANIZATION	3 Months Ended
ORGANIZATION	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION This report on Form 10-Q should be read in conjunction with the FTAI Aviation Ltd. (“FTAI”, “FTAI Aviation” or “the Company”) Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“Form 10-K”). FTAI Aviation is a Cayman Islands exempted company, which through its subsidiaries, is a leading independent engine maintenance platform focused on the CFM56-5B, CFM56-7B and V2500 aircraft engines which power the 737NG and A320ceo aircraft. The Company repairs and rebuilds engines and aftermarket components of engines as well as develops and manufactures Parts Manufacturer Approval (“PMA”) parts through a joint venture. Additionally, the Company owns and manages leased aircraft and engines to airlines and asset owners globally. On December 30, 2025, the Company announced the launch of FTAI Power, a platform focused on converting CFM56 aircraft engines to aeroderivative power turbines. The Company has two reportable segments, (i) Aerospace Products and (ii) Aviation Leasing (see Note 11). The Company conducts engine maintenance at its 100% owned facilities in Montréal, Miami, Lisbon, and Orange, as well as through its 50% equity ownership in QuickTurn Europe, located in Rome, and 50% equity ownership in Prime Engine Accessories, located in Bristol. Collectively, these facilities span over one million square feet and are equipped with advanced tooling, engine test cells, and engineering capabilities to support a wide range of component repairs and service requirements. In addition, the Company also supports global operations through exclusive arrangements and strategic partnerships at key locations worldwide. The Company’s principal corporate location is in New York City, and has a global presence through offices in Cardiff, Dubai, Dublin and Singapore, in addition to Montréal, Miami, Orange, Lisbon, Rome and Bristol. The majority of FTAI’s target customers are small and medium sized airlines which have narrowbody fleets powered by CFM56-5B, CFM56-7B and V2500 engines. There are hundreds of these operators worldwide, which creates a large addressable market in which FTAI focuses and can provide significant value versus competitors.

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Equity in losses of unconsolidated entities

^[1],[2]

$ (2,363)

$ (7,614)

Purchase deposits

^[3]

37,121

46,344

Return of deposits for acquisition of leasing equipment

^[3]

5,430

44,303

Equity Method Investee

Purchase deposits

25,400

Return of deposits for acquisition of leasing equipment

42,813

Eliminations

Equity in losses of unconsolidated entities

$ (10,000)

$ (6,950)

[1]	Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership.
[2]	Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership within the Aerospace Products segment.
[3]	Includes deposits for acquisition of leasing equipment paid on behalf of the 2025 Partnership of $0 and $25,400 for the three months ended March 31, 2026 and 2025, respectively, and return of deposits for the acquisition of leasing equipment reimbursed from the 2025 Partnership of $0 and $42,813 for the three months ended March 31, 2026 and 2025, respectively.

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

SEGMENT INFORMATION - Summary of Contracted Minimum Future Annual Revenues (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Segment Reporting [Abstract]
Remainder of 2026	$ 86,638
2027	94,043
2028	75,910
2029	51,088
2030	38,972
Thereafter	49,452
Total	$ 396,103

INTANGIBLE ASSETS AND LIABILITIES, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Intangible assets:
Total	$ 12,872	$ 19,929
Intangible liabilities
Acquired unfavorable lease intangibles	5,970	7,688
Less: Accumulated amortization	(2,106)	(2,132)
Acquired unfavorable lease intangibles, net	3,864	5,556
Acquired favorable lease intangibles
Intangible assets:
Acquired intangible assets	4,322	17,245
Less: Accumulated amortization	(2,689)	(8,935)
Total	1,633	8,310
Acquired customer relationships
Intangible assets:
Acquired intangible assets	12,607	12,607
Less: Accumulated amortization	(1,368)	(988)
Total	$ 11,239	$ 11,619

DEBT, NET

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT, NET

6. DEBT, NET

The Company’s debt, net is summarized as follows:


	March 31, 2026 (unaudited)				December 31, 2025
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable
Revolving Credit Facility (1)	$	—	(i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75%	5/22/27	$	—
Total loans payable	—				—
Bonds payable
Senior Notes due 2028 (2)	1,000,895		5.50%	5/1/28	1,000,995
Senior Notes due 2030 (3)	497,575		7.88%	12/1/30	497,470
Senior Notes due 2031	700,000		7.00%	5/1/31	700,000
Senior Notes due 2032	800,000		7.00%	6/15/32	800,000
Senior Notes due 2033 (4)	497,844		5.88%	4/15/33	497,784
Total bonds payable	3,496,314				3,496,249
Debt	3,496,314				3,496,249
Less: Debt issuance costs	(45,227)				(47,358)
Total debt, net	$	3,451,087			$	3,448,891

Total debt due within one year	$	—			$	—

(1)Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

(2)Includes an unamortized premium of $895 and $995 at March 31, 2026 and December 31, 2025, respectively.

(3)Includes an unamortized discount of $2,425 and $2,530 at March 31, 2026 and December 31, 2025, respectively.

(4)Includes an unamortized discount of $2,156 and $2,216 at March 31, 2026 and December 31, 2025, respectively.

We were in compliance with all debt covenants as of March 31, 2026.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Other Current Assets

Other current assets are summarized as follows:


	March 31, 2026 (unaudited)		December 31, 2025
Notes receivable	$	259,652	$	216,298
Prepaid expenses including prepayments for maintenance that has not yet been incurred	187,240		79,806
Financing receivable resulting from failed sale-leaseback transactions	32,815		37,740




Other	81,495		74,520
Other current assets	$	561,202	$	408,364

Schedule of Other Current Liabilities

Other current liabilities are summarized as follows:


	March 31, 2026 (unaudited)		December 31, 2025
Customer deposits and advanced payments	47,871		$	33,755
Tax liabilities	34,224		15,264
Other	14,679		13,183
Other current liabilities	$	96,774	$	62,202

Schedule of Assets and Liabilities Held for Sale

Assets and liabilities held for sale are summarized as follows:


	March 31, 2026 (unaudited)
Leasing equipment, net	$	75,683

Other non-current assets	20
Assets held for sale	$	75,703

Current maintenance deposits	$	5,349

Non-current maintenance deposits	10,479
Non-current security deposits	1,364
Other non-current liabilities	6,228
Liabilities held for sale	$	23,420

Schedule of Cash and Noncash Related Activities

The cash and noncash related activities described above during the three months ended March 31, 2026 and 2025 are detailed below (unaudited):


	Three Months Ended March 31,
(in thousands)	2026		2025

Cost of modules and parts sold sourced from engines originally within leasing equipment	$	1,686	$	10,130
Transfers of engines from leasing equipment to inventory for manufacturing and sale	89,629		67,815
Transfers of inventory to leasing equipment for rebuilding and sale of engines	(102,932)		(85,928)
Total outflows related to manufacturing modules and parts - included in net cash used in operating activities	(215,888)		(159,607)
Cash received for assets sold sourced from leasing equipment - inflow included in net cash used in operating activities	11,217		21,182
Cash received for sales of leasing equipment that include components sourced from inventory - inflow included in net cash provided by investing activities	280,667		145,450
Cash paid for engine and aircraft inventory - outflow included in net cash used in operating activities	(156,339)		(15,835)

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Bond Payable Reported as Debt

The fair values of the Company’s bonds payable are presented in the table below and classified as Level 2 within the fair value hierarchy:


	March 31, 2026 (unaudited)		December 31, 2025
Senior Notes due 2028	$	1,000,520	$	1,001,880
Senior Notes due 2030	522,765		531,735
Senior Notes due 2031	717,752		737,618
Senior Notes due 2032	823,184		842,240
Senior Notes due 2033	491,755		508,525

LEASING EQUIPMENT, NET - Additional Details (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Lessor Disclosure [Abstract]
Asset impairment	$ 0.0	$ 0.0

EARNINGS PER SHARE AND EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted EPS is presented below (unaudited):


	Three Months Ended March 31,
(in thousands, except share and per share data)	2026		2025
Net income	$	137,899	$	102,386
Less: Dividends on preferred shares	3,709		6,115
Less: Loss on redemption of preferred shares	—		6,327
Net income attributable to shareholders	$	134,190	$	89,944
Weighted Average Ordinary Shares Outstanding - Basic	102,575,500		102,552,436
Weighted Average Ordinary Shares Outstanding - Diluted	104,255,902		103,159,051

Earnings per share:
Basic	$	1.31	$	0.88
Diluted	$	1.29	$	0.87

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Assets and Liabilities Held for Sale (Details) - Held for sale $ in Thousands	Mar. 31, 2026 USD ($)
Accounting Policies [Line Items]
Leasing equipment, net	$ 75,683
Other non-current assets	20
Assets held for sale	75,703
Current maintenance deposits	5,349
Non-current maintenance deposits	10,479
Non-current security deposits	1,364
Other non-current liabilities	6,228
Liabilities held for sale	$ 23,420

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended	15 Months Ended
	Mar. 31, 2026 USD ($) aircraft $ / shares	Mar. 31, 2025 USD ($) aircraft $ / shares	Dec. 31, 2025 USD ($)	Mar. 31, 2026 USD ($) aircraft
Accounting Policies [Line Items]
Insurance recoveries	$ 44,595	$ 30,125
Allowance for doubtful accounts	28,400		$ 28,400	$ 28,400
Provision for credit losses	$ 0	$ 200
Common stock dividends declared (in dollars per share) \| $ / shares	$ 0.45	$ 0.30
Series C Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share) \| $ / shares	0.52
Series D Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share) \| $ / shares	$ 0.59
Customer Concentration Risk \| Sales Revenue, Segment \| Customer One \| Aerospace Products
Accounting Policies [Line Items]
Concentration risk (as a percent)	28.00%	19.00%
Customer Concentration Risk \| Sales Revenue, Segment \| Customer Two \| Aerospace Products
Accounting Policies [Line Items]
Concentration risk (as a percent)	17.00%
Customer Concentration Risk \| Sales Revenue, Segment \| Customer Three \| Aerospace Products
Accounting Policies [Line Items]
Concentration risk (as a percent)	10.00%
Customer Concentration Risk \| Accounts Receivable \| Customer One \| Aerospace Products
Accounting Policies [Line Items]
Concentration risk (as a percent)	21.00%		23.00%
Equity Method Investee
Accounting Policies [Line Items]
Number of aircrafts sold \| aircraft	9	4		55
Gain on sale to the 2025 Partnership	$ 15,168	$ 10,870
Equity Method Investee \| Held for sale
Accounting Policies [Line Items]
Number of aircrafts \| aircraft	5			5

ORGANIZATION (Details) ft² in Millions	3 Months Ended
ORGANIZATION (Details) ft² in Millions	Mar. 31, 2026 ft² segment	Jun. 05, 2025
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of reportable segments \| segment	2
Size of owned engine maintenance facility (in sq ft) \| ft²	1
QuickTurn Europe
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage	50.00%	50.00%
Other
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage	50.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Accounting—The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of the Company and its subsidiaries.

Principles of Consolidation—The Company consolidates all entities in which it has a controlling financial interest and control over significant operating decisions. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

The Company uses the equity method of accounting for investments in entities in which it exercises significant influence, but which does not meet the requirements for consolidation. Under the equity method, the Company records its proportionate share of the underlying net income (loss) of these entities.

Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Reclassifications—Certain amounts from prior periods in the Company’s consolidated financial statements have been reclassified to align with the presentation in the current period.

Risks and Uncertainties—In the normal course of business, the Company encounters several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee or customer to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which the Company operates, which could adversely impact the pricing of the services offered by the Company or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company’s leasing equipment or operating assets. Capital market risk is the risk that the Company is unable to obtain capital at reasonable rates to fund the growth of its business or to refinance existing debt facilities. The Company, through its subsidiaries, also conducts operations outside of the United States; such international operations are subject to the same risks as those associated with the Company’s United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. The Company does not have significant exposure to foreign currency risk as all of its leasing arrangements are denominated in U.S. dollars.

Cash and Cash Equivalents—The Company considers all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.

Inventory, net—The Company holds aircraft engines, engine modules, spare parts and used material inventory for sale. At times, inventory is transferred to leasing equipment in connection with a rebuilt engine or engine repair. Inventory is carried at the lower of cost or net realizable value on the Company’s Consolidated Balance Sheets.

Revenues—Revenues are within the scope of ASC 606, Revenue from contracts with customers and ASC 842, Leases, unless otherwise noted. The Company has elected to exclude sales tax and other similar taxes from revenues.

Aerospace Products Revenue—Aerospace products revenue primarily consists of the transaction price related to the sale of CFM56-7B, CFM56-5B and V2500 engines, engine modules, spare parts and used material inventory, and are accounted for within the scope of ASC 606. Revenue is recognized at the point in time when a performance obligation is satisfied by transferring control over the related asset to a customer along with corresponding costs of sales. Aerospace products revenue also consists of engine management service contracts, where the Company has a stand-ready obligation to provide replacement CFM56-7B and CFM56-5B engines to customers as they become unserviceable during the contract term. The Company recognizes revenue related to these engine management service contracts over time using a straight-line attribution method and the costs related to fulfilling the performance obligation are expensed as incurred.

Maintenance, Repair and Exchange (“MRE”) Contract revenue—MRE Contract revenue consists of the transaction price related to the sale of CFM56-5B, CFM56-7B and V2500 commercial aircraft engines and related modules to, and subsequent exchange of unserviceable engines and modules from, the special purpose entities (the “SPVs”) of the first partnership of the Strategic Capital Initiative (the “2025 Partnership”). The net cash purchase price received by the Company is contractual and customary market-based compensation for fulfilling such performance obligations. MRE Contract revenue is recognized under ASC 606 at the point in time when a performance obligation is satisfied by transferring control of the serviceable engine or module to the 2025 Partnership, along with corresponding costs of sales. Refer to Note 10 “Affiliate Transactions and Former Management Agreement” for additional information on the 2025 Partnership and the Strategic Capital Initiative.

Operating Leases—The Company leases equipment pursuant to operating leases. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the lease, assuming no renewals. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the lessee is placed on non-accrual status and revenue is recognized when cash payments are received.

Generally, under the Company’s aircraft lease and engine agreements, the lessee is required to make periodic maintenance payments calculated based on the lessee’s utilization of the leased asset or at the end of the lease. Typically, under the Company’s aircraft lease agreements, the lessee is responsible for maintenance, repairs and other operating expenses throughout the term of the lease. These periodic maintenance payments accumulate over the term of the lease to fund major maintenance events, and the Company is contractually obligated to return maintenance payments to the lessee up to the cost of maintenance events paid by the lessee. In the event the total cost of maintenance events over the term of a lease is less than the cumulative maintenance payments, the Company is not required to return any unused maintenance payments to the lessee.

Maintenance payments received for which the Company expects to repay to the lessee are presented as current and non-current Maintenance deposits in its Consolidated Balance Sheets. Excess maintenance payments received that the Company does not expect to repay to the lessee are recorded as Maintenance revenue on its Consolidated Statements of Operations. Estimates in recognizing revenue include mean time between removal for engines on leased aircraft, projected costs for engine maintenance, and forecasted utilization, which are affected by historical usage patterns and overall industry, market and economic conditions. Significant changes to these estimates could have a material effect on the amount of revenue recognized in the period.

For purchase and lease back transactions, we account for the transaction as a single arrangement. We allocate the consideration paid based on the relative fair value of the aircraft and lease. The fair value of the lease may include a lease premium or discount, which is recorded as a favorable or unfavorable lease intangible.

Finance Leases—From time to time the Company enters into finance lease arrangements that include a lessee obligation to purchase the leased equipment at the end of the lease term, a bargain purchase option, or provides for minimum lease payments with a present value that equals or exceeds substantially all of the fair value of the leased equipment at the date of lease inception. Net investment in finance leases represents the minimum lease payments due from lessee, net of unearned income. The lease payments are segregated into principal and interest components similar to a loan. Unearned income is recognized on an effective interest method over the lease term and is recorded as lease income. The principal component of the lease payment is reflected as a reduction to the net investment in finance leases. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the lessee is placed on non-accrual status and revenue is recognized when cash payments are received.

Asset Sales Revenue—Asset sales revenue primarily consists of the transaction price related to the sale of aircraft and aircraft engines from the Company’s Aviation Leasing segment. From time to time, the Company may also assign the related lease agreements to the customer as part of the sale of these assets. The Company routinely sells leasing equipment to customers and such transactions are considered recurring and ordinary in nature to its business. As such, these sales are accounted for within the scope of ASC 606. Revenue is recognized when a performance obligation is satisfied by transferring control of an asset to the customer along with corresponding costs of sales.

Other (Expense) Income

Gain on Sale to the 2025 Partnership—The 2025 Partnership acquires on-lease narrowbody aircraft from the Company (the “Seed Assets”) and receives replacement aircraft engines and modules through the Company’s MRE business. During the three months ended March 31, 2026 and 2025, 9 and 4 aircraft were sold to the 2025 Partnership for a gain of $15.2 million and $10.9 million, respectively. The aircraft sales were accounted for under ASC 610-20, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets, as they were non-recurring in nature and not considered part of the Company’s ordinary activities. Refer to Note 10 “Affiliate Transactions and Former Management Agreement” for additional information on the 2025 Partnership and the Strategic Capital Initiative.

Other Income—During the three months ended March 31, 2026 and 2025, the Company recognized $44.6 million and $30.1 million, respectively, in insurance recoveries in connection with the settlement of claims related to the aircraft and engines located in Russia and recorded the gain within other income.

Concentration of Credit Risk—The Company is subject to concentrations of credit risk with respect to amounts due from customers and lessees. The Company attempts to limit its credit risk by performing ongoing credit evaluations. The Company earned 28%, 17%, and 10% of its revenue from three customers in the Aerospace Products segment during the three months ended March 31, 2026. The Company earned 19% of its revenue from one customer in the Aerospace products segment during the three months ended March 31, 2025.

As of March 31, 2026, there was one customer in the Aerospace Products segment that represented 21% of total accounts receivable, net. As of December 31, 2025, there was one customer in the Aerospace Products segment that represented 23% of total accounts receivable, net.

The Company maintains cash and restricted cash balances, which generally exceed federally insured limits, and subject the Company to credit risk, in high credit quality financial institutions. The Company monitors the financial condition of these institutions and has not experienced any losses associated with these accounts.

Allowance for Doubtful Accounts—The Company determines the allowance for doubtful accounts based on its assessment of the collectability of its leasing receivables, notes receivables and inventory sales. In assessing the allowance, the Company considers past collection history and specific risks identified among uncollected accounts. The assessment of collectability of its leasing receivables, notes receivables and inventory sales is done quarterly, on a customer-by-customer basis. The allowance for doubtful accounts was $28.4 million and $28.4 million as of March 31, 2026 and December 31, 2025, respectively. There was a provision for credit losses of $0.0 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively. The provision for credit losses is included in the Company's operating expenses. Receivables are written off after all reasonable means to collect the full amount have been exhausted.

Other Current Assets—Other current assets are summarized as follows:


	March 31, 2026 (unaudited)		December 31, 2025
Notes receivable	$	259,652	$	216,298
Prepaid expenses including prepayments for maintenance that has not yet been incurred	187,240		79,806
Financing receivable resulting from failed sale-leaseback transactions	32,815		37,740




Other	81,495		74,520
Other current assets	$	561,202	$	408,364

Other Current Liabilities—Other current liabilities are summarized as follows:


	March 31, 2026 (unaudited)		December 31, 2025
Customer deposits and advanced payments	47,871		$	33,755
Tax liabilities	34,224		15,264
Other	14,679		13,183
Other current liabilities	$	96,774	$	62,202

Assets Held for Sale—The Company classifies assets as held for sale when the Company commits to a plan to sell and it is probable that the sale will be completed within one year. These assets are recorded at the lower of their carrying value or fair market value, less costs to sell, starting from the period in which they meet the criteria for this classification.

The Company expects to sell the remaining five Seed Assets to the 2025 Partnership and has classified them as held for sale. Upon reclassification, depreciation of the long-lived assets within the disposal group ceased, and the related assets and liabilities were transferred to assets held for sale and liabilities held for sale, respectively. The sales are expected to be completed in the

second quarter of 2026. Refer to Note 10 “Affiliate Transactions and Former Management Agreement” for additional information on the 2025 Partnership.

The assets and liabilities include the aircraft previously classified as leasing equipment, as well as related intangible assets and liabilities, and maintenance and security deposit liabilities. The sale of the Seed Assets is treated as a single transaction and one disposal group under ASC 360, Property, plant and equipment, with the aggregate purchase price for Seed Assets, less costs to sell, exceeding the disposal group’s net book value.

Assets and liabilities held for sale are summarized as follows:


	March 31, 2026 (unaudited)
Leasing equipment, net	$	75,683

Other non-current assets	20
Assets held for sale	$	75,703

Current maintenance deposits	$	5,349

Non-current maintenance deposits	10,479
Non-current security deposits	1,364
Other non-current liabilities	6,228
Liabilities held for sale	$	23,420

Dividends—Dividends are recorded if and when declared by the Board of Directors. For the three months ended March 31, 2026, the Board of Directors declared cash dividends of $0.45 per ordinary share. For the three months ended March 31, 2025, the Board of Directors declared cash dividends of $0.30 per ordinary share.

Additionally, in the three months ended March 31, 2026, the Board of Directors declared cash dividends on the Series C Preferred Shares and Series D Preferred Shares of $0.52 and $0.59 per share, respectively.

Cash Flow Presentation—Included in net cash (used in) provided by operating activities are inflows from the sale of engine modules and parts that were on engines originally purchased and reported as leasing equipment, net. The purchase of the original engine was reported as an outflow in net cash used in investing activities at the time of purchase through the acquisition of leasing equipment line item. As part of the aerospace products business, the Company breaks down generally unserviceable engines with the intent to manufacture modules and parts for creation and sale of new assets. To manufacture the modules and parts and bring them into a salable condition, the Company spends significant costs, often over multiple reporting periods, for new inventory and capitalizable labor (e.g., engineering) that are included in net cash (used in) provided by operating activities as components of the changes in the related working capital accounts.

Therefore, when the costs to manufacture the assets are greater than (predominant to) the estimated value transferred from leasing equipment into inventory, the related cash receipt has been reported as an inflow in net cash (used in) provided by operating activities.

Additionally, the Company buys inventory from third parties with the intent to use the parts in the manufacturing of the items discussed above, which is reported as an outflow in net cash (used in) provided by operating activities. When rebuilding whole engines for resale, for which the cash inflow upon sale is reported as a cash inflow from investing activities, the Company will transfer modules and parts needed (those purchased from third parties as well as parts from engines previously transferred to inventory from leasing equipment and rebuilt as discussed above) in the rebuild from inventory to leasing equipment.

With respect to purchases of aircraft and engines, when the expected predominant source of cash inflows from the acquired leasing equipment at the time of acquisition is from leasing activities, the related cash outflow is reported as an outflow in net cash used in investing activities. When the expected predominant source of cash inflows is from sales transactions, the related cash outflow is reported as an outflow in net cash (used in) provided by operating activities.

The cash and noncash related activities described above during the three months ended March 31, 2026 and 2025 are detailed below (unaudited):


	Three Months Ended March 31,
(in thousands)	2026		2025

Cost of modules and parts sold sourced from engines originally within leasing equipment	$	1,686	$	10,130
Transfers of engines from leasing equipment to inventory for manufacturing and sale	89,629		67,815
Transfers of inventory to leasing equipment for rebuilding and sale of engines	(102,932)		(85,928)
Total outflows related to manufacturing modules and parts - included in net cash used in operating activities	(215,888)		(159,607)
Cash received for assets sold sourced from leasing equipment - inflow included in net cash used in operating activities	11,217		21,182
Cash received for sales of leasing equipment that include components sourced from inventory - inflow included in net cash provided by investing activities	280,667		145,450
Cash paid for engine and aircraft inventory - outflow included in net cash used in operating activities	(156,339)		(15,835)

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements— In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient in developing reasonable and supportable forecasts as apart of estimating expected credit losses, allowing entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments in ASU 2025-05 are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company adopted this guidance in the first quarter of 2026. However, the Company does not expect to elect the practical expedient or make the accounting policy election provided by the ASU and, accordingly, does not expect the amendments to have an impact on its consolidated financial statements.

Accounting Pronouncements Not Yet Adopted—There have been no other changes to the discussion of recently issued accounting standards included in our Annual Report on Form 10‑K for the year ended December 31, 2025. Specifically, the Company continues to monitor the future adoption of ASU 2024‑03, Income Statement—Reporting Comprehensive Income (Topic 220): Improvements to Reportable Segment Expense Disclosures, which has a future effective date. The Company is currently evaluating the impact this standard may have on its consolidated financial statements and related disclosures.

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The current and deferred components of the provision for income taxes are as follows (unaudited):


	Three Months Ended March 31,
	2026		2025
Current:
Ireland	$	16,791	$	1,489
Cayman Islands	—		—
Bermuda	1,713		—
United States:
Federal	—		244
State and local	714		390
Other Non-Ireland including Pillar Two top-up tax	34		53
Total current provision	19,252		2,176
Deferred:
Ireland	7,279		13,700
Cayman Islands	—		—
Bermuda	5,138		4,441
United States:
Federal	2,965		1,226
State and local	238		378
Other Non-Ireland	(3,412)		938
Total deferred provision	12,208		20,683

Total provision for income taxes	$	31,460	$	22,859

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of of Cash and Noncash Related Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Accounting Policies [Abstract]
Cost of modules and parts sold sourced from engines originally within leasing equipment	$ 1,686	$ 10,130
Transfers of engines from leasing equipment to inventory for manufacturing and sale	89,629	67,815
Transfers of inventory to leasing equipment for rebuilding and sale of engines	(102,932)	(85,928)
Total outflows related to manufacturing modules and parts - included in net cash used in operating activities	(215,888)	(159,607)
Cash received for assets sold sourced from leasing equipment - inflow included in net cash used in operating activities	11,217	21,182
Cash received for sales of leasing equipment that include components sourced from inventory - inflow included in net cash provided by investing activities	280,667	145,450
Cash paid for engine and aircraft inventory - outflow included in net cash used in operating activities	$ (156,339)	$ (15,835)

INVESTMENTS - Share of Equity of Income (Loss) (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

^[1],[2]

$ (2,363)

$ (7,614)

Operating Segments

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

(2,363)

(7,614)

Eliminations

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

(10,000)

(6,950)

Advanced Engine Repair JV | Operating Segments

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

(61)

113

2025 Partnership | Operating Segments

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

(2,323)

(7,727)

QuickTurn Europe | Operating Segments

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

$ 21

$ 0

[1]	Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership.
[2]	Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership within the Aerospace Products segment.

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

DEBT, NET (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Debt, Net

The Company’s debt, net is summarized as follows:


	March 31, 2026 (unaudited)				December 31, 2025
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable
Revolving Credit Facility (1)	$	—	(i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75%	5/22/27	$	—
Total loans payable	—				—
Bonds payable
Senior Notes due 2028 (2)	1,000,895		5.50%	5/1/28	1,000,995
Senior Notes due 2030 (3)	497,575		7.88%	12/1/30	497,470
Senior Notes due 2031	700,000		7.00%	5/1/31	700,000
Senior Notes due 2032	800,000		7.00%	6/15/32	800,000
Senior Notes due 2033 (4)	497,844		5.88%	4/15/33	497,784
Total bonds payable	3,496,314				3,496,249
Debt	3,496,314				3,496,249
Less: Debt issuance costs	(45,227)				(47,358)
Total debt, net	$	3,451,087			$	3,448,891

Total debt due within one year	$	—			$	—

(1)Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

(2)Includes an unamortized premium of $895 and $995 at March 31, 2026 and December 31, 2025, respectively.

(3)Includes an unamortized discount of $2,425 and $2,530 at March 31, 2026 and December 31, 2025, respectively.

(4)Includes an unamortized discount of $2,156 and $2,216 at March 31, 2026 and December 31, 2025, respectively.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

SEGMENT INFORMATION - Summary of Geographic Sources of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total revenues	$ 830,697	$ 502,080
Africa
Segment Reporting Information [Line Items]
Total revenues	2,542	11,681
Asia
Segment Reporting Information [Line Items]
Total revenues	47,514	75,104
Europe
Segment Reporting Information [Line Items]
Total revenues	$ 248,310	$ 170,916
Ireland \| Revenue Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk (as a percent)	21.00%	19.00%
North America
Segment Reporting Information [Line Items]
Total revenues	$ 510,670	$ 225,695
United States \| Revenue Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk (as a percent)	31.00%	26.00%
Bermuda \| Revenue Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk (as a percent)	24.00%	11.00%
South America
Segment Reporting Information [Line Items]
Total revenues	$ 21,661	$ 18,684
Operating Segments \| Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	743,815	365,063
Operating Segments \| Aerospace Products \| Africa
Segment Reporting Information [Line Items]
Total revenues	0	9,482
Operating Segments \| Aerospace Products \| Asia
Segment Reporting Information [Line Items]
Total revenues	27,852	42,959
Operating Segments \| Aerospace Products \| Europe
Segment Reporting Information [Line Items]
Total revenues	218,029	96,872
Operating Segments \| Aerospace Products \| North America
Segment Reporting Information [Line Items]
Total revenues	482,997	207,432
Operating Segments \| Aerospace Products \| South America
Segment Reporting Information [Line Items]
Total revenues	14,937	8,318
Operating Segments \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	86,882	137,013
Operating Segments \| Aviation Leasing \| Africa
Segment Reporting Information [Line Items]
Total revenues	2,542	2,199
Operating Segments \| Aviation Leasing \| Asia
Segment Reporting Information [Line Items]
Total revenues	19,662	32,141
Operating Segments \| Aviation Leasing \| Europe
Segment Reporting Information [Line Items]
Total revenues	30,281	74,044
Operating Segments \| Aviation Leasing \| North America
Segment Reporting Information [Line Items]
Total revenues	27,673	18,263
Operating Segments \| Aviation Leasing \| South America
Segment Reporting Information [Line Items]
Total revenues	6,724	10,366
Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	4
Corporate and Other \| Africa
Segment Reporting Information [Line Items]
Total revenues	0	0
Corporate and Other \| Asia
Segment Reporting Information [Line Items]
Total revenues	0	4
Corporate and Other \| Europe
Segment Reporting Information [Line Items]
Total revenues	0	0
Corporate and Other \| North America
Segment Reporting Information [Line Items]
Total revenues	0	0
Corporate and Other \| South America
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 0

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2025	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Antidilutive shares (in shares)		52,791	0
Stocks issued during period for services (in shares)		586
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable
Class of Stock [Line Items]
Preferred shares redeemed (in shares)	4,940,000
Preferred stock, dividend rate percentage	8.00%
Redemption price per share (in dollars per share)	$ 25.00
Accumulated and unpaid distributions	$ 2.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting—The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of the Company and its subsidiaries.
Principles of Consolidation	Principles of Consolidation—The Company consolidates all entities in which it has a controlling financial interest and control over significant operating decisions. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company uses the equity method of accounting for investments in entities in which it exercises significant influence, but which does not meet the requirements for consolidation. Under the equity method, the Company records its proportionate share of the underlying net income (loss) of these entities.
Use of Estimates	Use of Estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Reclassifications	Reclassifications—Certain amounts from prior periods in the Company’s consolidated financial statements have been reclassified to align with the presentation in the current period.
Risks and Uncertainties	Risks and Uncertainties—In the normal course of business, the Company encounters several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee or customer to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which the Company operates, which could adversely impact the pricing of the services offered by the Company or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company’s leasing equipment or operating assets. Capital market risk is the risk that the Company is unable to obtain capital at reasonable rates to fund the growth of its business or to refinance existing debt facilities. The Company, through its subsidiaries, also conducts operations outside of the United States; such international operations are subject to the same risks as those associated with the Company’s United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. The Company does not have significant exposure to foreign currency risk as all of its leasing arrangements are denominated in U.S. dollars.
Cash and Cash Equivalents	Cash and Cash Equivalents—The Company considers all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents.
Inventory, net	Inventory, net—The Company holds aircraft engines, engine modules, spare parts and used material inventory for sale. At times, inventory is transferred to leasing equipment in connection with a rebuilt engine or engine repair. Inventory is carried at the lower of cost or net realizable value on the Company’s Consolidated Balance Sheets.
Revenues	Revenues—Revenues are within the scope of ASC 606, Revenue from contracts with customers and ASC 842, Leases, unless otherwise noted. The Company has elected to exclude sales tax and other similar taxes from revenues. Aerospace Products Revenue—Aerospace products revenue primarily consists of the transaction price related to the sale of CFM56-7B, CFM56-5B and V2500 engines, engine modules, spare parts and used material inventory, and are accounted for within the scope of ASC 606. Revenue is recognized at the point in time when a performance obligation is satisfied by transferring control over the related asset to a customer along with corresponding costs of sales. Aerospace products revenue also consists of engine management service contracts, where the Company has a stand-ready obligation to provide replacement CFM56-7B and CFM56-5B engines to customers as they become unserviceable during the contract term. The Company recognizes revenue related to these engine management service contracts over time using a straight-line attribution method and the costs related to fulfilling the performance obligation are expensed as incurred. Maintenance, Repair and Exchange (“MRE”) Contract revenue—MRE Contract revenue consists of the transaction price related to the sale of CFM56-5B, CFM56-7B and V2500 commercial aircraft engines and related modules to, and subsequent exchange of unserviceable engines and modules from, the special purpose entities (the “SPVs”) of the first partnership of the Strategic Capital Initiative (the “2025 Partnership”). The net cash purchase price received by the Company is contractual and customary market-based compensation for fulfilling such performance obligations. MRE Contract revenue is recognized under ASC 606 at the point in time when a performance obligation is satisfied by transferring control of the serviceable engine or module to the 2025 Partnership, along with corresponding costs of sales. Refer to Note 10 “Affiliate Transactions and Former Management Agreement” for additional information on the 2025 Partnership and the Strategic Capital Initiative. Asset Sales Revenue—Asset sales revenue primarily consists of the transaction price related to the sale of aircraft and aircraft engines from the Company’s Aviation Leasing segment. From time to time, the Company may also assign the related lease agreements to the customer as part of the sale of these assets. The Company routinely sells leasing equipment to customers and such transactions are considered recurring and ordinary in nature to its business. As such, these sales are accounted for within the scope of ASC 606. Revenue is recognized when a performance obligation is satisfied by transferring control of an asset to the customer along with corresponding costs of sales.
Operating Leases and Finance Leases	Operating Leases—The Company leases equipment pursuant to operating leases. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the lease, assuming no renewals. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the lessee is placed on non-accrual status and revenue is recognized when cash payments are received. Generally, under the Company’s aircraft lease and engine agreements, the lessee is required to make periodic maintenance payments calculated based on the lessee’s utilization of the leased asset or at the end of the lease. Typically, under the Company’s aircraft lease agreements, the lessee is responsible for maintenance, repairs and other operating expenses throughout the term of the lease. These periodic maintenance payments accumulate over the term of the lease to fund major maintenance events, and the Company is contractually obligated to return maintenance payments to the lessee up to the cost of maintenance events paid by the lessee. In the event the total cost of maintenance events over the term of a lease is less than the cumulative maintenance payments, the Company is not required to return any unused maintenance payments to the lessee. Maintenance payments received for which the Company expects to repay to the lessee are presented as current and non-current Maintenance deposits in its Consolidated Balance Sheets. Excess maintenance payments received that the Company does not expect to repay to the lessee are recorded as Maintenance revenue on its Consolidated Statements of Operations. Estimates in recognizing revenue include mean time between removal for engines on leased aircraft, projected costs for engine maintenance, and forecasted utilization, which are affected by historical usage patterns and overall industry, market and economic conditions. Significant changes to these estimates could have a material effect on the amount of revenue recognized in the period. For purchase and lease back transactions, we account for the transaction as a single arrangement. We allocate the consideration paid based on the relative fair value of the aircraft and lease. The fair value of the lease may include a lease premium or discount, which is recorded as a favorable or unfavorable lease intangible. Finance Leases—From time to time the Company enters into finance lease arrangements that include a lessee obligation to purchase the leased equipment at the end of the lease term, a bargain purchase option, or provides for minimum lease payments with a present value that equals or exceeds substantially all of the fair value of the leased equipment at the date of lease inception. Net investment in finance leases represents the minimum lease payments due from lessee, net of unearned income. The lease payments are segregated into principal and interest components similar to a loan. Unearned income is recognized on an effective interest method over the lease term and is recorded as lease income. The principal component of the lease payment is reflected as a reduction to the net investment in finance leases. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the lessee is placed on non-accrual status and revenue is recognized when cash payments are received.
Concentration of Credit Risk	Concentration of Credit Risk—The Company is subject to concentrations of credit risk with respect to amounts due from customers and lessees. The Company attempts to limit its credit risk by performing ongoing credit evaluations. The Company earned 28%, 17%, and 10% of its revenue from three customers in the Aerospace Products segment during the three months ended March 31, 2026. The Company earned 19% of its revenue from one customer in the Aerospace products segment during the three months ended March 31, 2025. As of March 31, 2026, there was one customer in the Aerospace Products segment that represented 21% of total accounts receivable, net. As of December 31, 2025, there was one customer in the Aerospace Products segment that represented 23% of total accounts receivable, net. The Company maintains cash and restricted cash balances, which generally exceed federally insured limits, and subject the Company to credit risk, in high credit quality financial institutions. The Company monitors the financial condition of these institutions and has not experienced any losses associated with these accounts.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts—The Company determines the allowance for doubtful accounts based on its assessment of the collectability of its leasing receivables, notes receivables and inventory sales. In assessing the allowance, the Company considers past collection history and specific risks identified among uncollected accounts. The assessment of collectability of its leasing receivables, notes receivables and inventory sales is done quarterly, on a customer-by-customer basis.
Assets Held for Sale	Assets Held for Sale—The Company classifies assets as held for sale when the Company commits to a plan to sell and it is probable that the sale will be completed within one year. These assets are recorded at the lower of their carrying value or fair market value, less costs to sell, starting from the period in which they meet the criteria for this classification. The Company expects to sell the remaining five Seed Assets to the 2025 Partnership and has classified them as held for sale. Upon reclassification, depreciation of the long-lived assets within the disposal group ceased, and the related assets and liabilities were transferred to assets held for sale and liabilities held for sale, respectively. The sales are expected to be completed in the second quarter of 2026. Refer to Note 10 “Affiliate Transactions and Former Management Agreement” for additional information on the 2025 Partnership. The assets and liabilities include the aircraft previously classified as leasing equipment, as well as related intangible assets and liabilities, and maintenance and security deposit liabilities. The sale of the Seed Assets is treated as a single transaction and one disposal group under ASC 360, Property, plant and equipment, with the aggregate purchase price for Seed Assets, less costs to sell, exceeding the disposal group’s net book value.
Cash Flow Presentation	Cash Flow Presentation—Included in net cash (used in) provided by operating activities are inflows from the sale of engine modules and parts that were on engines originally purchased and reported as leasing equipment, net. The purchase of the original engine was reported as an outflow in net cash used in investing activities at the time of purchase through the acquisition of leasing equipment line item. As part of the aerospace products business, the Company breaks down generally unserviceable engines with the intent to manufacture modules and parts for creation and sale of new assets. To manufacture the modules and parts and bring them into a salable condition, the Company spends significant costs, often over multiple reporting periods, for new inventory and capitalizable labor (e.g., engineering) that are included in net cash (used in) provided by operating activities as components of the changes in the related working capital accounts. Therefore, when the costs to manufacture the assets are greater than (predominant to) the estimated value transferred from leasing equipment into inventory, the related cash receipt has been reported as an inflow in net cash (used in) provided by operating activities. Additionally, the Company buys inventory from third parties with the intent to use the parts in the manufacturing of the items discussed above, which is reported as an outflow in net cash (used in) provided by operating activities. When rebuilding whole engines for resale, for which the cash inflow upon sale is reported as a cash inflow from investing activities, the Company will transfer modules and parts needed (those purchased from third parties as well as parts from engines previously transferred to inventory from leasing equipment and rebuilt as discussed above) in the rebuild from inventory to leasing equipment. With respect to purchases of aircraft and engines, when the expected predominant source of cash inflows from the acquired leasing equipment at the time of acquisition is from leasing activities, the related cash outflow is reported as an outflow in net cash used in investing activities. When the expected predominant source of cash inflows is from sales transactions, the related cash outflow is reported as an outflow in net cash (used in) provided by operating activities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements— In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient in developing reasonable and supportable forecasts as apart of estimating expected credit losses, allowing entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments in ASU 2025-05 are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company adopted this guidance in the first quarter of 2026. However, the Company does not expect to elect the practical expedient or make the accounting policy election provided by the ASU and, accordingly, does not expect the amendments to have an impact on its consolidated financial statements. Accounting Pronouncements Not Yet Adopted—There have been no other changes to the discussion of recently issued accounting standards included in our Annual Report on Form 10‑K for the year ended December 31, 2025. Specifically, the Company continues to monitor the future adoption of ASU 2024‑03, Income Statement—Reporting Comprehensive Income (Topic 220): Improvements to Reportable Segment Expense Disclosures, which has a future effective date. The Company is currently evaluating the impact this standard may have on its consolidated financial statements and related disclosures.
Fair Value Measurements	Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: •Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. •Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. •Level 3: Unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: •Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. •Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts. •Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). The Company’s cash and cash equivalents and restricted cash consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy. Except as discussed below, the Company’s financial instruments other than cash and cash equivalents and restricted cash consist principally of accounts receivable, notes receivable, accounts payable and accrued liabilities, security deposits, maintenance deposits and management fees payable, whose fair values approximate their carrying values based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Customer deposits and advanced payments	$ 47,871	$ 33,755
Tax liabilities	34,224	15,264
Other	14,679	13,183
Other current liabilities	$ 96,774	$ 62,202

SEGMENT INFORMATION - Location of Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Total property, plant and equipment and leasing equipment, net	$ 1,370,929	$ 1,665,872
Africa
Segment Reporting Information [Line Items]
Total property, plant and equipment and leasing equipment, net	16,067	17,174
Asia
Segment Reporting Information [Line Items]
Total property, plant and equipment and leasing equipment, net	264,808	323,542
Europe
Segment Reporting Information [Line Items]
Total property, plant and equipment and leasing equipment, net	436,767	587,359
North America
Segment Reporting Information [Line Items]
Total property, plant and equipment and leasing equipment, net	$ 414,617	$ 480,977
United States \| Property, plant and equipment and leasing equipment, net \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk (as a percent)	23.00%	22.00%
South America
Segment Reporting Information [Line Items]
Total property, plant and equipment and leasing equipment, net	$ 238,670	$ 256,820
Chile \| Property, plant and equipment and leasing equipment, net \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk (as a percent)	12.00%

INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]
Lease intangibles	$ 337	$ 3,206
Total	715	3,301
Acquired customer relationships
Finite-Lived Intangible Assets [Line Items]
Customer relationships	$ 378	$ 95

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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- Definition

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+ Details

INCOME TAXES

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

9. INCOME TAXES

The current and deferred components of the provision for income taxes are as follows (unaudited):


	Three Months Ended March 31,
	2026		2025
Current:
Ireland	$	16,791	$	1,489
Cayman Islands	—		—
Bermuda	1,713		—
United States:
Federal	—		244
State and local	714		390
Other Non-Ireland including Pillar Two top-up tax	34		53
Total current provision	19,252		2,176
Deferred:
Ireland	7,279		13,700
Cayman Islands	—		—
Bermuda	5,138		4,441
United States:
Federal	2,965		1,226
State and local	238		378
Other Non-Ireland	(3,412)		938
Total deferred provision	12,208		20,683

Total provision for income taxes	$	31,460	$	22,859

The Company is incorporated in the Cayman Islands where income taxes are not imposed. Taxable income or loss generated by the Company’s corporate subsidiaries is subject to Irish, U.S. federal, state and foreign corporate income tax in locations where they conduct business.

The Company’s effective tax rate differs from the Irish statutory rate of 12.5% primarily due to the impact of Pillar II and the portion of its income that is subject to taxation in jurisdictions other than Ireland.

As of and for the three months ended March 31, 2026, the Company had not established a liability for uncertain tax positions as no such positions existed. In general, the Company’s tax returns and the tax returns of its corporate subsidiaries are subject to U.S. federal, state, local and foreign income tax examinations by tax authorities. Generally, the Company is not subject to examination by taxing authorities for tax years prior to 2022. The Company does not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date.

- Definition

The entire disclosure for income tax.

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+ Details

LEASING EQUIPMENT, NET - Depreciation Expense for Leasing Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Lessor Disclosure [Abstract]
Depreciation expense for leasing equipment	$ 47,310	$ 55,886

AFFILIATE TRANSACTIONS AND FORMER MANAGEMENT AGREEMENT - Reimbursement to Manager and Amounts Due to Manager (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
General and administrative	$ 2,413	$ 3,116
Acquisition and transaction expenses	16,361	7,292
Total expenses	660,318	351,122
Former Manager
Related Party Transaction [Line Items]
General and administrative	0	196
Acquisition and transaction expenses	0	104
Total expenses	$ 0	$ 300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantees	$ 12.4		$ 12.0
Undiscounted future payments, potential pay out	$ 43.0
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor obligations, term	2 years
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor obligations, term	7 years
Guarantees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase related to the change in fair value	$ 0.4	$ 0.3

- Definition

Fair value portion of guarantee, including, but not limited to, financial standby letter of credit, fair value guarantee, guarantee of collection of scheduled contractual cash flows from financial assets, and contracts that contingently require the guarantor to make payments or perform services.

+ References + Details

INCOME TAXES - Narrative (Details)	3 Months Ended
INCOME TAXES - Narrative (Details)	Mar. 31, 2026
Ireland
Income Tax Contingency [Line Items]
Federal tax rate (as a percent)	12.50%

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 3,496,314	$ 3,496,249
Less: Debt issuance costs	(45,227)	(47,358)
Total debt, net	3,451,087	3,448,891
Total debt due within one year	0	0
Line of Credit
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	0	0
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 0	0
Quarterly commitment fee rate	0.50%
Line of Credit \| Revolving Credit Facility \| Base Rate
Debt Instrument [Line Items]
Basis spread (as a percent)	1.75%
Line of Credit \| Revolving Credit Facility \| Adjusted Term SOFR Rate
Debt Instrument [Line Items]
Basis spread (as a percent)	2.75%
Senior Notes
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 3,496,314	3,496,249
Senior Notes \| Senior Notes due 2028
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 1,000,895	1,000,995
Stated percentage	5.50%
Unamortized premium	$ 895	995
Senior Notes \| Senior Notes due 2030
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 497,575	497,470
Stated percentage	7.88%
Unamortized discount	$ 2,425	2,530
Senior Notes \| Senior Notes due 2031
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 700,000	700,000
Stated percentage	7.00%
Senior Notes \| Senior Notes due 2032
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 800,000	800,000
Stated percentage	7.00%
Senior Notes \| Senior Notes due 2033
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 497,844	497,784
Stated percentage	5.88%
Unamortized discount	$ 2,156	$ 2,216

EQUITY-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

8. EQUITY-BASED COMPENSATION

The Company has a FTAI Aviation Ltd. 2025 Omnibus Incentive Plan (the “Incentive Plan”) which provides for the ability to award equity compensation awards in the form of stock options to eligible employees, consultants, directors, and other individuals who provide services to the Company, each as determined by the Compensation Committee of the Board of Directors.

As of March 31, 2026, the Incentive Plan provides for the issuance of up to 5.7 million shares. Equity-based compensation expense is reported within cost of sales and operating expenses.

Unvested equity-based awards are subject to forfeiture. The Company’s accounting policy is to record the impact of forfeitures when they occur.

Equity-based compensation for each type of award was as follows (unaudited):


	Three Months Ended March 31,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	Weighted Average Remaining Contractual Term (in years)
	2026		2025
Stock Options	$	127	$	127			$	1,143	7.4 years
Performance shares	3,810		3,262				43,924		2.6 years
Restricted Shares	2,410		1,500				24,786		1.5 years
Total	$	6,347	$	4,889			$	69,853

Options

During the three months ended March 31, 2026 and 2025, the Company did not issue any options to employees.

Performance Shares

During the three months ended March 31, 2026, the Company issued performance shares to select officers and employees of the Company with a grant date fair value of $11.0 million, vesting over a 3 year performance period based on the achievement of relative total shareholder return (50%) and cumulative diluted EPS (50%).

During the three months ended March 31, 2025, the Company issued performance shares to select officers and employees of the Company with a grant date fair value of $4.4 million, vesting over a 3 year performance period based on the achievement of relative total shareholder return (50%) and cumulative diluted EPS (50%).

Restricted Shares

During the three months ended March 31, 2026, the Company issued restricted shares to select officers and employees of the Company with a grant date fair value of $13.2 million, vesting over 3 years.

During the three months ended March 31, 2025, the Company issued restricted shares to select officers and employees of the Company with a grant date fair value of $5.5 million, vesting over 3 years.

All awards are subject to continued employment, with compensation expense recognized ratably over the vesting periods. The fair values of the cumulative diluted EPS performance shares and restricted shares were based on the closing price of the Company’s ordinary shares on the respective grant dates, and the fair value of the total shareholder return performance shares was determined using the Monte Carlo simulation.

Cover page - shares	3 Months Ended
Cover page - shares	Mar. 31, 2026	Apr. 29, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-37386
Entity Registrant Name	FTAI AVIATION LTD.
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1420784
Entity Address, Address Line One	405 West 13th Street, 3rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10014
City Area Code	332
Local Phone Number	239-7600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		102,582,972
Entity Central Index Key	0001590364
Document Fiscal Year Focus	2026
Amendment Flag	false
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Ordinary shares, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Ordinary shares, $0.01 par value per share
Trading Symbol	FTAI
Security Exchange Name	NASDAQ
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIN
Security Exchange Name	NASDAQ
9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIM
Security Exchange Name	NASDAQ

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Weighted Average Amortization Period of Intangible Assets (Details)	3 Months Ended
	Mar. 31, 2026
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period	7 years 10 months 24 days
Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period	2 years 7 months 6 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Amortization Period	10 years 4 months 24 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

11. SEGMENT INFORMATION

The key factors used to identify the reportable segments are the organization and alignment of the Company’s internal operations and the nature of its products and services. The Company’s two reportable segments are (i) Aerospace Products and (ii) Aviation Leasing. The Aerospace Products segment, through the Company’s maintenance facilities and joint ventures, among other investments, develops and manufactures, repairs/refurbishes and sells aircraft engines and aftermarket components for the CFM56-7B, CFM56-5B and V2500 commercial aircraft engines. The Aviation Leasing segment owns and manages aviation assets, including aircraft and aircraft engines, which it leases to lessees directly and through the Company’s equity method investment formed as part of the Company’s Strategic Capital Initiative.

Corporate and Other primarily consists of debt, unallocated corporate general and administrative expenses, internalization fee and management fees and incentive compensation pursuant to the Management Agreement prior to the Internalization effective May 28, 2024. Additionally, Corporate and Other also includes results from an offshore energy business, which consists of equipment that support offshore oil and gas activities and production, and expenses relating to FTAI Power.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies; however, financial information presented by segment includes the impact of intercompany eliminations. The Company’s Chief Executive Officer is its Chief Operating Decision Maker (“CODM”). Segment information is presented in the same manner that the CODM reviews the operating results in assessing performance and allocating resources. The CODM evaluates performance for each reportable segment based on net income (loss) attributable to shareholders and is used to monitor budget vs. actual results.

The CODM determined that segment asset information is not a key factor in measuring performance or allocating resources. Therefore, segment asset information is not included in the tables below as it is not provided to or reviewed by the CODM.

The following tables set forth certain information, which include all significant expenses reviewed by the CODM, for each reportable segment (unaudited):

I. For the Three Months Ended March 31, 2026


	Three Months Ended March 31, 2026
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	522,585	$	—	$	—	$	—	$	522,585
MRE Contract revenue	221,230		—		—		—		221,230
Lease income	—		39,892		—		—		39,892
Maintenance revenue	—		30,599		—		—		30,599
Asset sales revenue	—		10,184		—		—		10,184
Other revenue (1)	—		6,207		—		—		6,207
Total revenues	743,815		86,882		—		—		830,697

Expenses
Cost of sales	511,012		13,256		—		—		524,268
Operating expenses	10,839		10,275		43,873		—		64,987
General and administrative	—		—		2,413		—		2,413
Acquisition and transaction expenses	(15)		4,186		12,190		—		16,361
Depreciation and amortization	4,678		46,485		1,126		—		52,289
Total expenses	526,514		74,202		59,602		—		660,318

Other income (expense)
Interest expense	—		—		(61,407)		—		(61,407)
Equity in (losses) earnings of unconsolidated entities (2)	(40)		7,677		—		(10,000)		(2,363)
Gain on sale to the 2025 Partnership	—		15,168		—		—		15,168
Other income	171		47,239		172		—		47,582
Total other income (expense)	131		70,084		(61,235)		(10,000)		(1,020)
Income (loss) before income taxes	217,432		82,764		(120,837)		(10,000)		169,359
Provision for (benefit from) income taxes	33,697		18,326		(20,563)		—		31,460
Net income (loss)	183,735		64,438		(100,274)		(10,000)		137,899
Less: Dividends on preferred shares	—		—		3,709		—		3,709

Net income (loss) attributable to shareholders	$	183,735	$	64,438	$	(103,983)	$	(10,000)	$	134,190

(1)Includes servicing fees of $5,861 for the three months ended March 31, 2026 from the 2025 Partnership.

(2)Includes the profit elimination of $(10,000) for the three months ended March 31, 2026 for sales to the 2025 Partnership within the Aerospace Products segment.

Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows:


	Three Months Ended March 31, 2026
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	—	$	2,542	$	—	$	2,542
Asia	27,852		19,662		—		47,514
Europe	218,029		30,281		—		248,310
North America	482,997		27,673		—		510,670
South America	14,937		6,724		—		21,661
Total revenues (1)	$	743,815	$	86,882	$	—	$	830,697

(1)The United States, included in North America, Bermuda, included in North America, and Ireland, included in Europe, represent 31%, 24%, and 21% of total revenues, respectively, based on the location of the Company’s customers and lessees. No other country represents more than 10% of total revenues.

Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of March 31, 2026:


	March 31, 2026
Remainder of 2026	$	86,638
2027	94,043
2028	75,910
2029	51,088
2030	38,972
Thereafter	49,452
Total	$	396,103

II. For the Three Months Ended March 31, 2025


	Three Months Ended March 31, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	264,425	$	—	$	—	$	—	$	264,425
MRE contract revenue	100,638		—		—		—		100,638
Lease income	—		68,440		—		—		68,440
Maintenance revenue	—		49,607		—		—		49,607
Asset sales revenue	—		18,939		—		—		18,939
Other revenue	—		27		4		—		31
Total revenues	365,063		137,013		4		—		502,080

Expenses
Cost of sales	228,755		19,959		—		—		248,714
Operating expenses	5,687		7,426		19,325		—		32,438
General and administrative	—		—		3,116		—		3,116
Acquisition and transaction expenses	1,132		2,905		3,255		—		7,292


Depreciation and amortization	3,584		55,061		917		—		59,562
Total expenses	239,158		85,351		26,613		—		351,122

Other expense
Interest expense	—		—		(62,040)		—		(62,040)
Equity in earnings (losses) of unconsolidated entities (1)	113		(777)		—		(6,950)		(7,614)
Gain on sale to the 2025 Partnership	—		10,870		—		—		10,870
Other income	—		32,619		452		—		33,071
Total other expense	113		42,712		(61,588)		(6,950)		(25,713)
Income (loss) before income taxes	126,018		94,374		(88,197)		(6,950)		125,245
Provision for (benefit from) income taxes	19,375		17,348		(13,864)		—		22,859
Net income (loss)	106,643		77,026		(74,333)		(6,950)		102,386
Less: Dividends on preferred shares	—		—		6,115		—		6,115
Less: Loss on redemption of preferred shares	—		—		6,327		—		6,327
Net income (loss) attributable to shareholders	$	106,643	$	77,026	$	(86,775)	$	(6,950)	$	89,944

(1)Includes the profit elimination of $(6,950) for the three months ended March 31, 2025 for sales to the 2025 Partnership within the Aerospace Products segment.

Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows:


	Three Months Ended March 31, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	9,482	$	2,199	$	—	$	11,681
Asia	42,959		32,141		4		75,104
Europe	96,872		74,044		—		170,916
North America	207,432		18,263		—		225,695
South America	8,318		10,366		—		18,684
Total revenues (1)	$	365,063	$	137,013	$	4	$	502,080

(1)The United States, included in North America, and Ireland, included in Europe, and Bermuda, included in North America, represent 26%, 19% and 11% of total revenues, respectively, based on the location of the Company’s customers and lessees. No other country represents more than 10% of total revenues.

III. Location of Long-Lived Assets

The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net:


	March 31, 2026 (unaudited)		December 31, 2025
Property, plant and equipment and leasing equipment, net
Africa	$	16,067	$	17,174
Asia	264,808		323,542
Europe	436,767		587,359
North America	414,617		480,977
South America	238,670		256,820
Total property, plant and equipment and leasing equipment, net (1)	$	1,370,929	$	1,665,872

(1)The United States, included in North America, and Chile, included in South America, represents 23% and 12% of property, plant and equipment and leasing equipment, net, respectively, as of March 31, 2026. The United States, included in North America, represented 22% of property, plant and equipment and leasing equipment, net as of December 31, 2025, respectively. No other country represents more than 10% of property, plant and equipment and leasing equipment, net.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2026	$ 561
2027	356
2028	989
2029	1,161
2030	1,097
Thereafter	4,844
Total	$ 9,008

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LEASING EQUIPMENT, NET - Schedule of Leasing Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Leases [Line Items]
Leasing equipment, net	$ 1,248,793	$ 1,545,804
Leasing Equipment
Leases [Line Items]
Leasing equipment	1,638,528	2,057,624
Less: Accumulated depreciation	(389,735)	(511,820)
Leasing equipment, net	$ 1,248,793	$ 1,545,804

INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Jun. 05, 2025	Aug. 31, 2019	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying Value, Various	$ 1,246	$ 0
Carrying Value	$ 313,039	314,156
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Ownership Percentage, Equity method	25.00%			25.00%	25.00%
Carrying Value, Equity method	$ 22,368	22,429
2025 Partnership
Schedule of Equity Method Investments [Line Items]
Ownership Percentage, Equity method	19.00%
Carrying Value, Equity method	$ 279,417	281,740
QuickTurn Europe
Schedule of Equity Method Investments [Line Items]
Ownership Percentage, Equity method	50.00%		50.00%
Carrying Value, Equity method	$ 10,008	$ 9,987

- Definition

This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

EARNINGS PER SHARE AND EQUITY

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND EQUITY

12. EARNINGS PER SHARE AND EQUITY

Basic earnings per ordinary share (“EPS”) is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.

The calculation of basic and diluted EPS is presented below (unaudited):


	Three Months Ended March 31,
(in thousands, except share and per share data)	2026		2025
Net income	$	137,899	$	102,386
Less: Dividends on preferred shares	3,709		6,115
Less: Loss on redemption of preferred shares	—		6,327
Net income attributable to shareholders	$	134,190	$	89,944
Weighted Average Ordinary Shares Outstanding - Basic	102,575,500		102,552,436
Weighted Average Ordinary Shares Outstanding - Diluted	104,255,902		103,159,051

Earnings per share:
Basic	$	1.31	$	0.88
Diluted	$	1.29	$	0.87

For the three months ended March 31, 2026, 52,791 shares were excluded from the calculation of Diluted EPS. For the three months ended 2025, no shares were excluded from the calculation of Diluted EPS.

During the three months ended March 31, 2026, the Company issued 586 ordinary shares to certain directors as compensation.

Preferred Shares

In February 2025, the Company redeemed in full the outstanding 4,940,000 8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares at a redemption price equal to $25.00 per share in cash, plus $2.4 million of accumulated and unpaid distributions thereon to, but not including, the redemption date of February 16, 2025.

EQUITY-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Arrangements

Equity-based compensation for each type of award was as follows (unaudited):


	Three Months Ended March 31,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	Weighted Average Remaining Contractual Term (in years)
	2026		2025
Stock Options	$	127	$	127			$	1,143	7.4 years
Performance shares	3,810		3,262				43,924		2.6 years
Restricted Shares	2,410		1,500				24,786		1.5 years
Total	$	6,347	$	4,889			$	69,853

INVESTMENTS

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

4. INVESTMENTS

The following table presents the ownership interests and carrying values of the Company’s investments:


			Carrying Value
	Investment	Ownership Percentage	March 31, 2026 (unaudited)		December 31, 2025
Advanced Engine Repair JV	Equity method	25%	$	22,368	$	22,429
2025 Partnership	Equity method	19%	279,417		281,740
QuickTurn Europe	Equity method	50%	10,008		9,987
Other	Various	Various	1,246		—

			$	313,039	$	314,156

The Company did not recognize any other-than-temporary impairments for the three months ended March 31, 2026 and 2025.

The following table presents the Company’s proportionate share of equity in (losses) earnings (unaudited):


	Three Months Ended March 31,
	2026		2025
Advanced Engine Repair JV	$	(61)	$	113
2025 Partnership (1)	(2,323)		(7,727)
QuickTurn Europe	21		—


Total	$	(2,363)	$	(7,614)

(1)Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership.

Equity Method Investments

Advanced Engine Repair JV

In December 2016, the Company invested $15.0 million for a 25% interest in an advanced engine repair joint venture. This joint venture is focused on developing new cost savings programs for engine repairs.

In August 2019, the Company expanded the scope of our joint venture and invested an additional $13.5 million and maintained a 25% interest. The Company exercises significant influence over this investment and accounts for this investment as an equity method investment.

2025 Partnership

As of December 31, 2025, the Company invested $291.5 million in the 2025 Partnership. During the three months ended March 31, 2026, the Company made no investments in the 2025 Partnership. The 2025 Partnership is an investment focused on acquiring 737NG and A320ceo on-lease narrowbody aircraft, for which the Company is the Servicer and holds a 19% limited partner ownership. The Company exercises significant influence over this investment and accounts for it using the equity method. As the Servicer, the Company is responsible for lessee invoicing and collections, airline relationship management, contracts management including lease extension and aircraft deliveries and redeliveries. The Company's proportionate share of equity in earnings related to this investment is based on the contractual profit-sharing arrangement and the elimination of profit on sales of engine and modules to the 2025 Partnership under ASC 606. The profit from the MRE Contract revenue is eliminated through equity method earnings and will be recognized over time as the 2025 Partnership generates income from leasing and sales activities.

QuickTurn Europe

On June 5, 2025, the Company invested $10.5 million for a 50% interest in Quick Turn Engine Center Europe S.r.l. (previously IAG Engine Center Europe S.r.l.) or “QuickTurn Europe”, a 200,000 square-foot CFM56 engine maintenance repair and overhaul facility located at the Rome Fiumicino Airport. The joint venture was established to expand the Company’s global engine maintenance capabilities and meet increasing demand for MRE services. The Company accounts for its investment in QuickTurn Europe as an equity method investment as it has significant influence through its interest.

EARNINGS PER SHARE AND EQUITY - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net income	$ 137,899	$ 102,386
Less: Dividends on preferred shares	3,709	6,115
Less: Loss on redemption of preferred shares	0	6,327
Net income attributable to shareholders	$ 134,190	$ 89,944
Weighted Average Ordinary Shares Outstanding - Basic (in shares)	102,575,500	102,552,436
Weighted Average Ordinary Shares Outstanding - Diluted (in shares)	104,255,902	103,159,051
Earnings per share:
Basic (in dollars per share)	$ 1.31	$ 0.88
Diluted (in dollars per share)	$ 1.29	$ 0.87

FAIR VALUE MEASUREMENTS - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Senior Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 1,000,520	$ 1,001,880
Senior Notes due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	522,765	531,735
Senior Notes due 2031
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	717,752	737,618
Senior Notes due 2032
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	823,184	842,240
Senior Notes due 2033
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 491,755	$ 508,525

- Definition

Fair value portion of notes payable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 31, 2026 USD ($)
Minimum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 0.0
Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 3.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

EQUITY-BASED COMPENSATION - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares) \| shares	0	0
Total shareholder return percentage	0.50	0.50
Dilutive EPS percentage	0.50	0.50
Performance Shares \| Officers and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of restricted shares \| $	$ 11.0	$ 4.4
Vesting period	3 years	3 years
Restricted Shares \| Officers and Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of restricted shares \| $	$ 13.2	$ 5.5
Vesting period	3 years	3 years
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares) \| shares	5,700,000

EQUITY-BASED COMPENSATION - Expenses Related to Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation	$ 6,347	$ 4,889
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	69,853
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation	127	127
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 1,143
Weighted Average Remaining Contractual Term (in years)	7 years 4 months 24 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation	$ 3,810	3,262
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 43,924
Weighted Average Remaining Contractual Term (in years)	2 years 7 months 6 days
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation	$ 2,410	$ 1,500
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 24,786
Weighted Average Remaining Contractual Term (in years)	1 year 6 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Current Assets

Cash and cash equivalents

$ 412,240

$ 300,476

Accounts receivable, net

^[1]

176,873

209,907

Inventory, net

1,364,256

1,193,773

Assets held for sale

75,703

Other current assets

^[2]

561,202

408,364

Total current assets

2,590,274

2,112,520

Leasing equipment, net

1,248,793

1,545,804

Property, plant, and equipment, net

122,136

120,068

Investments

313,039

314,156

Intangible assets, net

12,872

19,929

Goodwill

94,221

Other non-current assets

147,576

167,060

Total assets

4,528,911

4,373,758

Current Liabilities

Accounts payable

203,751

208,224

Accrued liabilities

136,503

90,009

Current maintenance deposits

21,546

25,439

Current security deposits

12,354

14,001

Liabilities held for sale

23,420

Other current liabilities

96,774

62,202

Total current liabilities

494,348

399,875

Long-term debt, net

3,451,087

3,448,891

Non-current maintenance deposits

21,764

46,237

Non-current security deposits

9,003

15,211

Other non-current liabilities

121,033

129,370

Total liabilities

4,097,235

4,039,584

Commitments and contingencies

Equity

Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 102,580,660 and 102,573,283 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)

1,026

Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 6,800,000 and 6,800,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)

Additional paid in capital

54,911

50,567

Retained earnings

375,671

282,513

Shareholders' equity

431,676

334,174

Total liabilities and equity

$ 4,528,911

$ 4,373,758

[1]	Includes accounts receivable from the 2025 Partnership of $35,422 and $47,294 as of March 31, 2026 and December 31, 2025, respectively.
[2]	Includes receivables from the 2025 Partnership of $18,908 and $20,681 as of March 31, 2026 and December 31, 2025, respectively.

AFFILIATE TRANSACTIONS AND FORMER MANAGEMENT AGREEMENT - Narrative (Details)
$ in Thousands

1 Months Ended

3 Months Ended

15 Months Ended

Feb. 10, 2026

aircraft

Dec. 30, 2024

aircraft

May 28, 2024

USD ($)

May 31, 2015

Mar. 31, 2026

USD ($)

aircraft

Mar. 31, 2025

USD ($)

aircraft

Mar. 31, 2026

USD ($)

aircraft

Purchase deposits

^[1]

$ 37,121

$ 46,344

Return of deposits for acquisition of leasing equipment

^[1]

5,430

44,303

Total revenues

830,697

502,080

Payment to purchase partnership interest

$ 30

Service fee markup percent

10.00%

MRE Contract revenue

Total revenues

221,230

$ 100,638

Income Incentive Allocation | Threshold 1

Percent of pre-incentive allocation net income

0.00%

Quarterly percent of pre-incentive allocation net income

2.00%

Annual percent of pre-incentive allocation net income

8.00%

Income Incentive Allocation | Threshold 2

Percent of pre-incentive allocation net income

100.00%

Income Incentive Allocation | Threshold 2 | Minimum

Quarterly percent of pre-incentive allocation net income

2.00%

Income Incentive Allocation | Threshold 2 | Maximum

Quarterly percent of pre-incentive allocation net income

2.2223%

Income Incentive Allocation | Threshold 3

Percent of pre-incentive allocation net income

10.00%

Quarterly percent of pre-incentive allocation net income

2.2223%

Equity Method Investee

Number of aircrafts committed to be sold | aircraft

Net purchase price

$ 700,000

Number of aircrafts sold | aircraft

Purchase deposits

$ 0

$ 25,400

Return of deposits for acquisition of leasing equipment

42,813

Equity Method Investee | Aircraft Sale and Purchase Agreements | MRE Contract revenue

Total revenues

$ 221,200

$ 100,600

General Partner

Ownership percentage by manager

0.01%

Incentive distribution percentage

10.00%

Former Manager

Management fee percentage rate

1.50%

[1]

Includes deposits for acquisition of leasing equipment paid on behalf of the 2025 Partnership of $0 and $25,400 for the three months ended March 31, 2026 and 2025, respectively, and return of deposits for the acquisition of leasing equipment reimbursed from the 2025 Partnership of $0 and $42,813 for the three months ended March 31, 2026 and 2025, respectively.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenues

Total revenues

$ 830,697

$ 502,080

Expenses

Cost of sales

524,268

248,714

Operating expenses

64,987

32,438

General and administrative

2,413

3,116

Acquisition and transaction expenses

16,361

7,292

Depreciation and amortization

52,289

59,562

Total expenses

660,318

351,122

Other (expense) income

Interest expense

(61,407)

(62,040)

Equity in losses of unconsolidated entities

^[1],[2]

(2,363)

(7,614)

Other income

47,582

33,071

Total other income (expense)

(1,020)

(25,713)

Income before income taxes

169,359

125,245

Provision for income taxes

31,460

22,859

Net income

137,899

102,386

Less: Dividends on preferred shares

3,709

6,115

Less: Loss on redemption of preferred shares

6,327

Net income attributable to shareholders

$ 134,190

$ 89,944

Earnings per share:

Basic (in dollars per share)

$ 1.31

$ 0.88

Diluted (in dollars per share)

$ 1.29

$ 0.87

Weighted average shares outstanding:

Basic (in shares)

102,575,500

102,552,436

Diluted (in shares)

104,255,902

103,159,051

Equity Method Investee

Other (expense) income

Gain on sale to the 2025 Partnership

$ 15,168

$ 10,870

Aerospace products revenue

Revenues

Total revenues

522,585

264,425

MRE Contract revenue

Revenues

Total revenues

221,230

100,638

Lease income

Revenues

Total revenues

39,892

68,440

Maintenance revenue

Revenues

Total revenues

30,599

49,607

Asset sales revenue

Revenues

Total revenues

10,184

18,939

Other revenue

Revenues

Total revenues

^[3]

$ 6,207

$ 31

[1]	Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership.
[2]	Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership within the Aerospace Products segment.
[3]	Includes servicing fees of $5,861 and $0 for the three months ended March 31, 2026 and 2025, respectively, from the 2025 Partnership.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

7. FAIR VALUE MEASUREMENTS

Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows:

•Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs.

•Level 3: Unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants price the asset or liability.

The valuation techniques that may be used to measure fair value are as follows:

•Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

•Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts.

•Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost).

The Company’s cash and cash equivalents and restricted cash consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy.

Except as discussed below, the Company’s financial instruments other than cash and cash equivalents and restricted cash consist principally of accounts receivable, notes receivable, accounts payable and accrued liabilities, security deposits, maintenance deposits and management fees payable, whose fair values approximate their carrying values based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles.

The fair values of the Company’s bonds payable are presented in the table below and classified as Level 2 within the fair value hierarchy:


	March 31, 2026 (unaudited)		December 31, 2025
Senior Notes due 2028	$	1,000,520	$	1,001,880
Senior Notes due 2030	522,765		531,735
Senior Notes due 2031	717,752		737,618
Senior Notes due 2032	823,184		842,240
Senior Notes due 2033	491,755		508,525

The Company has contingent obligations under ASC 460, Guarantees, in connection with certain sales of aircraft on lease, which are measured at fair value. The guarantees are valued at $12.4 million and $12.0 million as of March 31, 2026 and December 31, 2025, respectively, and are reflected as a component of other non-current liabilities. The fair values of the guarantees are determined based on the estimated condition of the engines at the end of each lease term and the estimated cost of replacement and applicable discount rates and are classified as Level 3. During the three months ended March 31, 2026 and 2025, the Company recorded a $0.4 million and $0.3 million increase, respectively, related to the change in fair value, which is recorded in Asset sales revenue. During the three months ended March 31, 2026 and 2025, there were no significant transfers into or out of Level 3.

Given variability in the condition of the engines at the end of the lease terms, which range from 2 to 7 years, the maximum potential amount of undiscounted future payments that could be required under the guarantees at March 31, 2026 was $43.0 million, which is not reasonably expected.

The Company measures the fair value of certain assets on a non-recurring basis when U.S. GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include intangible assets, property, plant and equipment and leasing equipment. The Company records such assets at fair value when it is determined the carrying value may not be recoverable. Fair value measurements for assets subject to impairment tests are based on an income approach which uses Level 3 inputs, which include the Company’s assumptions as to future cash flows from operation of the leasing and sale of assets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

INTANGIBLE ASSETS AND LIABILITIES, NET

3 Months Ended

Mar. 31, 2026

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES, NET

5. INTANGIBLE ASSETS AND LIABILITIES, NET

Intangible assets and liabilities, net are summarized as follows:


	March 31, 2026 (unaudited)		December 31, 2025
Intangible assets
Acquired favorable lease intangibles	$	4,322	$	17,245
Less: Accumulated amortization	(2,689)		(8,935)
Acquired favorable lease intangibles, net	1,633		8,310
Acquired customer relationships	12,607		12,607
Less: Accumulated amortization	(1,368)		(988)
Acquired customer relationships, net	11,239		11,619
Total intangible assets, net	$	12,872	$	19,929

Intangible liabilities
Acquired unfavorable lease intangibles	$	5,970	$	7,688
Less: Accumulated amortization	(2,106)		(2,132)
Acquired unfavorable lease intangibles, net	$	3,864	$	5,556

The weighted average amortization period of intangible assets acquired during the three months ended March 31, 2026 is as follows:


			Weighted Average Amortization Period
Lease intangibles			2.6 years
Customer relationships			10.4 years
Total intangible assets			7.9 years

Intangible liabilities relate to unfavorable lease intangibles and are included as a component of other non-current liabilities.

Amortization of intangible assets and liabilities is recorded as follows (unaudited):


	Classification in Consolidated Statements of Operations	Three Months Ended March 31,
		2026		2025
Lease intangibles	Lease income	$	337	$	3,206
Customer relationships	Depreciation and amortization	378		95
Total		$	715	3,301

As of March 31, 2026, estimated net annual amortization of intangibles is as follows (unaudited):


Remainder of 2026	$	561
2027	356
2028	989
2029	1,161
2030	1,097
Thereafter	4,844
Total	$	9,008

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS Dividends On April 28, 2026, the Company’s Board of Directors declared a cash dividend on its ordinary shares and eligible participating securities of 0.45 per share for the three months ended March 31, 2026, payable on May 26, 2026 to the holders of record on May 13, 2026. Additionally, on April 28, 2026, the Company’s Board of Directors also declared cash dividends on the Series C Preferred Shares and Series D Preferred Shares of $0.52 and $0.59 per share, respectively, payable on June 15, 2026 to the holders of record on June 1, 2026. On April 24, 2026, the Company amended and restated its Revolving Credit Facility by executing a Fourth Amended and Restated Credit Agreement (the “Revolver Amendment”). The Revolver Amendment provides for revolving loans to be made available to the Company in an aggregate principal amount of up to $2.025 billion, of which up to $50.0 million may be utilized for the issuance of letters of credit.

SEGMENT INFORMATION - Statement of Income by Segment (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Revenues

Total revenues

$ 830,697

$ 502,080

Expenses

Cost of sales

524,268

248,714

Operating expenses

64,987

32,438

General and administrative

2,413

3,116

Acquisition and transaction expenses

16,361

7,292

Depreciation and amortization

52,289

59,562

Total expenses

660,318

351,122

Other income (expense)

Interest expense

(61,407)

(62,040)

Equity in (losses) earnings of unconsolidated entities

^[1],[2]

(2,363)

(7,614)

Other income

47,582

33,071

Total other income (expense)

(1,020)

(25,713)

Income before income taxes

169,359

125,245

Provision for (benefit from) income taxes

31,460

22,859

Net income

137,899

102,386

Less: Dividends on preferred shares

3,709

6,115

Less: Loss on redemption of preferred shares

6,327

Net income attributable to shareholders

134,190

89,944

Equity Method Investee

Other income (expense)

Gain on sale to the 2025 Partnership

15,168

10,870

Aerospace products revenue

Revenues

Total revenues

522,585

264,425

MRE Contract revenue

Revenues

Total revenues

221,230

100,638

Lease income

Revenues

Total revenues

39,892

68,440

Maintenance revenue

Revenues

Total revenues

30,599

49,607

Asset sales revenue

Revenues

Total revenues

10,184

18,939

Other revenue

Revenues

Total revenues

^[3]

6,207

Servicing Fees | Equity Method Investee

Revenues

Total revenues

5,861

Operating Segments

Other income (expense)

Equity in (losses) earnings of unconsolidated entities

(2,363)

(7,614)

Operating Segments | Aerospace Products

Revenues

Total revenues

743,815

365,063

Expenses

Cost of sales

511,012

228,755

Operating expenses

10,839

5,687

General and administrative

Acquisition and transaction expenses

(15)

1,132

Depreciation and amortization

4,678

3,584

Total expenses

526,514

239,158

Other income (expense)

Interest expense

Equity in (losses) earnings of unconsolidated entities

(40)

113

Other income

171

Total other income (expense)

131

113

Income before income taxes

217,432

126,018

Provision for (benefit from) income taxes

33,697

19,375

Net income

183,735

106,643

Less: Dividends on preferred shares

Less: Loss on redemption of preferred shares

Net income attributable to shareholders

183,735

106,643

Operating Segments | Aerospace Products | Equity Method Investee

Other income (expense)

Gain on sale to the 2025 Partnership

Operating Segments | Aerospace Products | Aerospace products revenue

Revenues

Total revenues

522,585

264,425

Operating Segments | Aerospace Products | MRE Contract revenue

Revenues

Total revenues

221,230

100,638

Operating Segments | Aerospace Products | Lease income

Revenues

Total revenues

Operating Segments | Aerospace Products | Maintenance revenue

Revenues

Total revenues

Operating Segments | Aerospace Products | Asset sales revenue

Revenues

Total revenues

Operating Segments | Aerospace Products | Other revenue

Revenues

Total revenues

Operating Segments | Aviation Leasing

Revenues

Total revenues

86,882

137,013

Expenses

Cost of sales

13,256

19,959

Operating expenses

10,275

7,426

General and administrative

Acquisition and transaction expenses

4,186

2,905

Depreciation and amortization

46,485

55,061

Total expenses

74,202

85,351

Other income (expense)

Interest expense

Equity in (losses) earnings of unconsolidated entities

7,677

(777)

Other income

47,239

32,619

Total other income (expense)

70,084

42,712

Income before income taxes

82,764

94,374

Provision for (benefit from) income taxes

18,326

17,348

Net income

64,438

77,026

Less: Dividends on preferred shares

Less: Loss on redemption of preferred shares

Net income attributable to shareholders

64,438

77,026

Operating Segments | Aviation Leasing | Equity Method Investee

Other income (expense)

Gain on sale to the 2025 Partnership

15,168

10,870

Operating Segments | Aviation Leasing | Aerospace products revenue

Revenues

Total revenues

Operating Segments | Aviation Leasing | MRE Contract revenue

Revenues

Total revenues

Operating Segments | Aviation Leasing | Lease income

Revenues

Total revenues

39,892

68,440

Operating Segments | Aviation Leasing | Maintenance revenue

Revenues

Total revenues

30,599

49,607

Operating Segments | Aviation Leasing | Asset sales revenue

Revenues

Total revenues

10,184

18,939

Operating Segments | Aviation Leasing | Other revenue

Revenues

6,207

Revenues

Expenses

43,873

19,325

General and administrative

2,413

3,116

Acquisition and transaction expenses

12,190

3,255

Depreciation and amortization

1,126

917

Total expenses

59,602

26,613

Other income (expense)

Interest expense

(61,407)

(62,040)

Equity in (losses) earnings of unconsolidated entities

Other income

172

452

Total other income (expense)

(61,235)

(61,588)

Income before income taxes

(120,837)

(88,197)

Provision for (benefit from) income taxes

(20,563)

(13,864)

Net income

(100,274)

(74,333)

Less: Dividends on preferred shares

3,709

6,115

Less: Loss on redemption of preferred shares

6,327

Net income attributable to shareholders

(103,983)

(86,775)

Corporate and Other | Equity Method Investee

Other income (expense)

Gain on sale to the 2025 Partnership

Corporate and Other | Aerospace products revenue

Revenues

Total revenues

Corporate and Other | MRE Contract revenue

Revenues

Total revenues

Corporate and Other | Lease income

Revenues

Total revenues

Corporate and Other | Maintenance revenue

Revenues

Total revenues

Corporate and Other | Asset sales revenue

Revenues

Total revenues

Corporate and Other | Other revenue

Revenues

Revenues

Expenses

General and administrative

Acquisition and transaction expenses

Depreciation and amortization

Total expenses

Other income (expense)

Interest expense

Equity in (losses) earnings of unconsolidated entities

(10,000)

(6,950)

Other income

Total other income (expense)

(10,000)

(6,950)

Income before income taxes

(10,000)

(6,950)

Provision for (benefit from) income taxes

Net income

(10,000)

(6,950)

Less: Dividends on preferred shares

Less: Loss on redemption of preferred shares

Net income attributable to shareholders

(10,000)

(6,950)

Eliminations | Equity Method Investee

Other income (expense)

Gain on sale to the 2025 Partnership

Eliminations | Aerospace products revenue

Revenues

Total revenues

Eliminations | MRE Contract revenue

Revenues

Total revenues

Eliminations | Lease income

Revenues

Total revenues

Eliminations | Maintenance revenue

Revenues

Total revenues

Eliminations | Asset sales revenue

Revenues

Total revenues

Eliminations | Other revenue

Revenues

Total revenues

$ 0

[1]	Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership.
[2]	Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership within the Aerospace Products segment.
[3]	Includes servicing fees of $5,861 and $0 for the three months ended March 31, 2026 and 2025, respectively, from the 2025 Partnership.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Current Assets (Details) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Accounting Policies [Abstract]

Notes receivable

$ 259,652

$ 216,298

Prepaid expenses including prepayments for maintenance that has not yet been incurred

187,240

79,806

Financing receivable resulting from failed sale-leaseback transactions

32,815

37,740

Other

81,495

74,520

Other current assets

^[1]

$ 561,202

$ 408,364

[1]	Includes receivables from the 2025 Partnership of $18,908 and $20,681 as of March 31, 2026 and December 31, 2025, respectively.

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information, which include all significant expenses reviewed by the CODM, for each reportable segment (unaudited):

I. For the Three Months Ended March 31, 2026


	Three Months Ended March 31, 2026
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	522,585	$	—	$	—	$	—	$	522,585
MRE Contract revenue	221,230		—		—		—		221,230
Lease income	—		39,892		—		—		39,892
Maintenance revenue	—		30,599		—		—		30,599
Asset sales revenue	—		10,184		—		—		10,184
Other revenue (1)	—		6,207		—		—		6,207
Total revenues	743,815		86,882		—		—		830,697

Expenses
Cost of sales	511,012		13,256		—		—		524,268
Operating expenses	10,839		10,275		43,873		—		64,987
General and administrative	—		—		2,413		—		2,413
Acquisition and transaction expenses	(15)		4,186		12,190		—		16,361
Depreciation and amortization	4,678		46,485		1,126		—		52,289
Total expenses	526,514		74,202		59,602		—		660,318

Other income (expense)
Interest expense	—		—		(61,407)		—		(61,407)
Equity in (losses) earnings of unconsolidated entities (2)	(40)		7,677		—		(10,000)		(2,363)
Gain on sale to the 2025 Partnership	—		15,168		—		—		15,168
Other income	171		47,239		172		—		47,582
Total other income (expense)	131		70,084		(61,235)		(10,000)		(1,020)
Income (loss) before income taxes	217,432		82,764		(120,837)		(10,000)		169,359
Provision for (benefit from) income taxes	33,697		18,326		(20,563)		—		31,460
Net income (loss)	183,735		64,438		(100,274)		(10,000)		137,899
Less: Dividends on preferred shares	—		—		3,709		—		3,709

Net income (loss) attributable to shareholders	$	183,735	$	64,438	$	(103,983)	$	(10,000)	$	134,190

(1)Includes servicing fees of $5,861 for the three months ended March 31, 2026 from the 2025 Partnership.

(2)Includes the profit elimination of $(10,000) for the three months ended March 31, 2026 for sales to the 2025 Partnership within the Aerospace Products segment.

II. For the Three Months Ended March 31, 2025


	Three Months Ended March 31, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	264,425	$	—	$	—	$	—	$	264,425
MRE contract revenue	100,638		—		—		—		100,638
Lease income	—		68,440		—		—		68,440
Maintenance revenue	—		49,607		—		—		49,607
Asset sales revenue	—		18,939		—		—		18,939
Other revenue	—		27		4		—		31
Total revenues	365,063		137,013		4		—		502,080

Expenses
Cost of sales	228,755		19,959		—		—		248,714
Operating expenses	5,687		7,426		19,325		—		32,438
General and administrative	—		—		3,116		—		3,116
Acquisition and transaction expenses	1,132		2,905		3,255		—		7,292


Depreciation and amortization	3,584		55,061		917		—		59,562
Total expenses	239,158		85,351		26,613		—		351,122

Other expense
Interest expense	—		—		(62,040)		—		(62,040)
Equity in earnings (losses) of unconsolidated entities (1)	113		(777)		—		(6,950)		(7,614)
Gain on sale to the 2025 Partnership	—		10,870		—		—		10,870
Other income	—		32,619		452		—		33,071
Total other expense	113		42,712		(61,588)		(6,950)		(25,713)
Income (loss) before income taxes	126,018		94,374		(88,197)		(6,950)		125,245
Provision for (benefit from) income taxes	19,375		17,348		(13,864)		—		22,859
Net income (loss)	106,643		77,026		(74,333)		(6,950)		102,386
Less: Dividends on preferred shares	—		—		6,115		—		6,115
Less: Loss on redemption of preferred shares	—		—		6,327		—		6,327
Net income (loss) attributable to shareholders	$	106,643	$	77,026	$	(86,775)	$	(6,950)	$	89,944

(1)Includes the profit elimination of $(6,950) for the three months ended March 31, 2025 for sales to the 2025 Partnership within the Aerospace Products segment.

Schedule Revenue from External Customers by Geographic Areas

Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows:


	Three Months Ended March 31, 2026
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	—	$	2,542	$	—	$	2,542
Asia	27,852		19,662		—		47,514
Europe	218,029		30,281		—		248,310
North America	482,997		27,673		—		510,670
South America	14,937		6,724		—		21,661
Total revenues (1)	$	743,815	$	86,882	$	—	$	830,697

Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows:


	Three Months Ended March 31, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	9,482	$	2,199	$	—	$	11,681
Asia	42,959		32,141		4		75,104
Europe	96,872		74,044		—		170,916
North America	207,432		18,263		—		225,695
South America	8,318		10,366		—		18,684
Total revenues (1)	$	365,063	$	137,013	$	4	$	502,080

Schedule of Contracted Minimum Future Annual Revenues

Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of March 31, 2026:


	March 31, 2026
Remainder of 2026	$	86,638
2027	94,043
2028	75,910
2029	51,088
2030	38,972
Thereafter	49,452
Total	$	396,103

Schedule of Long-lived Assets by Geographic Areas

The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net:


	March 31, 2026 (unaudited)		December 31, 2025
Property, plant and equipment and leasing equipment, net
Africa	$	16,067	$	17,174
Asia	264,808		323,542
Europe	436,767		587,359
North America	414,617		480,977
South America	238,670		256,820
Total property, plant and equipment and leasing equipment, net (1)	$	1,370,929	$	1,665,872

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

LEASING EQUIPMENT, NET

3 Months Ended

Mar. 31, 2026

Lessor Disclosure [Abstract]

LEASING EQUIPMENT, NET

3. LEASING EQUIPMENT, NET

Leasing equipment, net is summarized as follows:




	March 31, 2026 (unaudited)		December 31, 2025
Leasing equipment	$	1,638,528	$	2,057,624
Less: Accumulated depreciation	(389,735)		(511,820)
Leasing equipment, net	$	1,248,793	$	1,545,804

The Company identified certain assets in its leasing equipment portfolio with indicators of impairment. During the three months ended March 31, 2026 and 2025, the Company did not record any transactional impairment charges.

Depreciation expense for leasing equipment is summarized as follows (unaudited):


	Three Months Ended March 31,
	2026		2025
Depreciation expense for leasing equipment	$	47,310	$	55,886

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Cash flows from operating activities:

Net income

$ 137,899

$ 102,386

Adjustments to reconcile net income to net cash used in operating activities:

Equity in losses of unconsolidated entities

^[1],[2]

2,363

7,614

Gain on insurance recoveries

(44,595)

(30,125)

Security deposits and maintenance claims included in earnings

(1,783)

(3,559)

Equity-based compensation

6,347

4,889

Depreciation and amortization

52,289

59,562

Deferred income taxes

12,208

20,683

Change in fair value of guarantees

411

316

Amortization of lease intangibles and incentives

7,224

8,825

Amortization of deferred financing costs

3,054

2,830

Other

1,649

210

Change in:

Accounts receivable

28,787

(73,088)

Inventory

(186,896)

(127,211)

Other assets

(121,135)

(41,410)

Accounts payable and accrued liabilities

26,267

65,251

Management fees payable to affiliate

(260)

Other liabilities

23,536

(3,460)

Net cash used in operating activities

(160,076)

(25,966)

Cash flows from investing activities:

Investment in unconsolidated entities

(1,246)

(19,967)

Principal collections on notes receivable

1,565

989

Acquisition of leasing equipment

(87,793)

(267,417)

Investments in financing receivables

(2,764)

Investment in promissory notes

(801)

Acquisition of property, plant and equipment

(6,641)

(4,156)

Acquisition of lease intangibles

1,282

Deposits for acquisition of leasing equipment

^[3]

(37,121)

(46,344)

Proceeds from settlement of insurance claims

27,040

30,125

Proceeds from deposits on sale of leasing equipment

6,959

3,376

Return of deposits for acquisition of leasing equipment

^[3]

5,430

44,303

Net cash provided by (used in) investing activities

317,018

(27,627)

Cash flows from financing activities:

Proceeds from debt

125,000

290,000

Repayment of debt

(125,000)

(90,000)

Payment of deferred financing costs

(39)

Receipt of security deposits under operating lease agreements

100

1,233

Return of security deposits under operating lease agreements

(558)

(300)

Receipt of maintenance deposits under operating lease agreements

7,487

15,011

Release of maintenance deposits under operating lease agreements

(5,323)

(4,246)

Settlement of equity-based compensation

(2,143)

Redemption of preferred shares

(124,167)

Cash dividends - ordinary shares

(41,032)

(30,767)

Cash dividends - preferred shares

(3,709)

(6,115)

Net cash (used in) provided by financing activities

(45,178)

50,610

Net increase in cash and cash equivalents and restricted cash

111,764

(2,983)

Cash and cash equivalents and restricted cash, beginning of period

300,626

115,266

Cash and cash equivalents and restricted cash, end of period

412,390

112,283

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

59,317

34,602

Acquisition of leasing equipment in accrued liabilities

(15,895)

(8,341)

Purchase deposits reclassified to leasing equipment from other assets upon acquisition

(17,027)

Accounts receivable settled with maintenance deposits

(1,484)

(5,787)

Nonrelated Party

Adjustments to reconcile net income to net cash used in operating activities:

Gain on sale of assets

(92,533)

(8,549)

Cash flows from investing activities:

Proceeds from sale of assets

292,281

174,054

Equity Method Investee

Adjustments to reconcile net income to net cash used in operating activities:

Gain on sale of assets

(15,168)

(10,870)

Cash flows from investing activities:

Deposits for acquisition of leasing equipment

(25,400)

Proceeds from sale of assets

117,345

58,892

Return of deposits for acquisition of leasing equipment

$ 0

$ 42,813

[1]	Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership.
[2]	Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership within the Aerospace Products segment.
[3]	Includes deposits for acquisition of leasing equipment paid on behalf of the 2025 Partnership of $0 and $25,400 for the three months ended March 31, 2026 and 2025, respectively, and return of deposits for the acquisition of leasing equipment reimbursed from the 2025 Partnership of $0 and $42,813 for the three months ended March 31, 2026 and 2025, respectively.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) - USD ($) $ in Thousands	Total	Ordinary Shares	Preferred Shares	Ordinary Shares	Preferred Shares	Additional Paid In Capital	Additional Paid In Capital Ordinary Shares	Additional Paid In Capital Preferred Shares	(Accumulated Deficit) Retained Earnings	(Accumulated Deficit) Retained Earnings Ordinary Shares	(Accumulated Deficit) Retained Earnings Preferred Shares
Beginning balance at Dec. 31, 2024	$ 81,368			$ 1,026	$ 117	$ 153,328			$ (73,103)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	102,386								102,386
Total comprehensive income	102,386								102,386
Redemption of preferred shares	(117,840)				(49)	(117,791)
Loss on redemption of preferred shares	(6,327)					(6,327)
Issuance of ordinary shares	739					739
Dividends declared - ordinary and preferred shares		$ (30,767)	$ (6,115)				$ (30,767)	$ (6,115)
Equity-based compensation	4,889					4,889
Ending balance at Mar. 31, 2025	28,333			1,026	68	(2,044)			29,283
Beginning balance at Dec. 31, 2025	334,174			1,026	68	50,567			282,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	137,899								137,899
Total comprehensive income	137,899								137,899
Issuance of ordinary shares	140					140
Dividends declared - ordinary and preferred shares		$ (41,032)	$ (3,709)							$ (41,032)	$ (3,709)
Equity-based compensation	6,347					6,347
Net settlement on vesting of equity awards	(2,143)					(2,143)
Ending balance at Mar. 31, 2026	$ 431,676			$ 1,026	$ 68	$ 54,911			$ 375,671

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

2,000,000,000

Common stock, shares issued (in shares)

102,580,660

102,573,283

Common stock, shares outstanding (in shares)

102,580,660

102,573,283

Preferred stock, par value (in dollars per share)

$ 0.01

Preferred stock, shares authorized (in shares)

200,000,000

Preferred stock, shares issued (in shares)

6,800,000

Preferred stock, shares outstanding (in shares)

6,800,000

Accounts receivable, net

^[1]

$ 176,873

$ 209,907

Other current assets

^[2]

561,202

408,364

Equity Method Investee

Accounts receivable, net

35,422

47,294

Other current assets

$ 18,908

$ 20,681

[1]	Includes accounts receivable from the 2025 Partnership of $35,422 and $47,294 as of March 31, 2026 and December 31, 2025, respectively.
[2]	Includes receivables from the 2025 Partnership of $18,908 and $20,681 as of March 31, 2026 and December 31, 2025, respectively.

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)

3 Months Ended

Mar. 31, 2026

Intangible Assets and Liabilities Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets and Liabilities

Intangible assets and liabilities, net are summarized as follows:


	March 31, 2026 (unaudited)		December 31, 2025
Intangible assets
Acquired favorable lease intangibles	$	4,322	$	17,245
Less: Accumulated amortization	(2,689)		(8,935)
Acquired favorable lease intangibles, net	1,633		8,310
Acquired customer relationships	12,607		12,607
Less: Accumulated amortization	(1,368)		(988)
Acquired customer relationships, net	11,239		11,619
Total intangible assets, net	$	12,872	$	19,929

Intangible liabilities
Acquired unfavorable lease intangibles	$	5,970	$	7,688
Less: Accumulated amortization	(2,106)		(2,132)
Acquired unfavorable lease intangibles, net	$	3,864	$	5,556

Schedule of Weighted Average Amortization Period of Intangible Assets

The weighted average amortization period of intangible assets acquired during the three months ended March 31, 2026 is as follows:


			Weighted Average Amortization Period
Lease intangibles			2.6 years
Customer relationships			10.4 years
Total intangible assets			7.9 years

Schedule of Amortization of Intangible Assets and Liabilities

Amortization of intangible assets and liabilities is recorded as follows (unaudited):


	Classification in Consolidated Statements of Operations	Three Months Ended March 31,
		2026		2025
Lease intangibles	Lease income	$	337	$	3,206
Customer relationships	Depreciation and amortization	378		95
Total		$	715	3,301

Schedule of Net Annual Amortization of Intangibles

As of March 31, 2026, estimated net annual amortization of intangibles is as follows (unaudited):


Remainder of 2026	$	561
2027	356
2028	989
2029	1,161
2030	1,097
Thereafter	4,844
Total	$	9,008

LEASING EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2026

Lessor Disclosure [Abstract]

Schedule of Leasing Equipment, Net and Depreciation Expense

Leasing equipment, net is summarized as follows:




	March 31, 2026 (unaudited)		December 31, 2025
Leasing equipment	$	1,638,528	$	2,057,624
Less: Accumulated depreciation	(389,735)		(511,820)
Leasing equipment, net	$	1,248,793	$	1,545,804

Depreciation expense for leasing equipment is summarized as follows (unaudited):


	Three Months Ended March 31,
	2026		2025
Depreciation expense for leasing equipment	$	47,310	$	55,886

AFFILIATE TRANSACTIONS AND FORMER MANAGEMENT AGREEMENT

3 Months Ended

Mar. 31, 2026

AFFILIATE TRANSACTIONS AND FORMER MANAGEMENT AGREEMENT

10. AFFILIATE TRANSACTIONS AND FORMER MANAGEMENT AGREEMENT

Strategic Capital Initiative – 2025 Partnership

On February 10, 2026, the Company amended and restated the Aircraft Sale and Purchase agreement, originally entered into as of December 30, 2024, pursuant to which the SPVs of the 2025 Partnership will acquire 14 on-lease 737NG and A320ceo aircraft in addition to the originally committed 45 on-lease 737NG and A320ceo aircraft. In aggregate, the net purchase price for the 60 on-lease 737NG and A320ceo aircraft is approximately $700.0 million, subject to certain customary closing conditions. The purchase price of the seed assets are contractual and the Company receives customary, market-based compensation for the sale of the seed assets to the 2025 Partnership.

As of March 31, 2026, the Company sold 55 of the 60 committed aircraft to the 2025 Partnership.

During the three months ended March 31, 2026 and 2025, on behalf of the 2025 Partnership, the Company paid refundable deposits of $0.0 million and $25.4 million to unrelated, third-parties on future purchases of aircraft, respectively. During the three months ended March 31, 2026 and 2025, the 2025 Partnership reimbursed the Company $0.0 million and $42.8 million, in refundable deposits, respectively.

During the three months ended March 31, 2026 and 2025, the Company recorded $221.2 million and $100.6 million of MRE Contract revenue, respectively, for the sale and purchase of such engines to and from the 2025 Partnership. Refer to Note 2 “Summary of Significant Accounting Policies” for additional information on MRE Contract revenue.

The Company provides aircraft management services to the 2025 Partnership, and receives customary, market-based compensation for providing such services, which is included in Other revenue on the Company’s Consolidated Statement of Operations.

Former Management Agreement

On May 28, 2024, the Company entered into definitive agreements with FIG LLC (the “Former manager”) and Master GP to internalize the Company’s management function (the “Internalization”). As part of the termination of the Management Agreement, the Company (i) paid the Former Manager (for itself and on behalf of the Master GP, as applicable) the Cash Consideration, the compensation accrued and payable, but not yet paid, under the Management Agreement and the expenses that were reimbursable, but not yet reimbursed, under the Management Agreement; (ii) issued to the Former Manager (for itself and on behalf of the Master GP, as applicable) the Share Consideration; and (iii) purchased from Master GP all of its partnership interests in FTAI Aviation Holdco Ltd., a subsidiary of the Company, in exchange for $30 thousand. Following the Internalization, the Company no longer pays management fees or incentive distributions to the Former Manager and Master GP.

In connection with the termination of the Management Agreement, the Company also entered into a Transition Services Agreement with the Former Manager. Under the Transition Services Agreement, the Former Manager was required to continue to provide the Company and its affiliates with all of the Services for a transition period through October 31, 2024, during which the Company procured replacements for the Services. In addition, the Former Manager was required to continue to provide the services that were reasonably required by the Company to prepare its quarterly and annual financial statements through May 31, 2025. The Services were provided to the Company for a fee equal to the Former Manager’s cost of providing the Services, plus a mark-up of ten percent (10%).

Prior to the Internalization, the Former Manager was paid annual fees in exchange for advising the Company on various aspects of its business, formulating its investment strategies, arranging for the acquisition and disposition of assets, arranging for financing, monitoring performance, and managing its day-to-day operations, inclusive of all costs incidental thereto. In addition, the Former Manager was reimbursed for various expenses incurred by the Former Manager on the Company’s behalf, including the costs of legal, accounting and other administrative activities. Additionally, the Company entered into certain incentive allocation arrangements with Master GP, which owned approximately 0.01% of FTAI Aviation Holdco Ltd. (a wholly owned subsidiary of the Company).

The Former Manager was entitled to a management fee and reimbursement of certain expenses. The management fee was determined by taking the average value of total equity (excluding non-controlling interests) determined on a consolidated basis in accordance with U.S. GAAP at the end of the two most recently completed months multiplied by an annual rate of 1.50%, which was payable monthly in arrears in cash.

Prior to the Internalization and the termination of the Management Agreement on May 28, 2024, Master GP was entitled to incentive allocations (comprised of income incentive allocation and capital gains incentive allocation, defined below). The income incentive allocation was calculated and distributable quarterly in arrears based on the pre-incentive allocation net income for the immediately preceding calendar quarter (the “Income Incentive Allocation”). For this purpose, pre-incentive allocation net income means, with respect to a calendar quarter, net income attributable to shareholders during such quarter calculated in accordance with U.S. GAAP excluding the Company’s pro rata share of (1) realized or unrealized gains and losses, and (2) certain non-cash or one-time items, and (3) any other adjustments as may be approved by the Company’s independent directors. Pre-incentive allocation net income did not include any Income Incentive Allocation or Capital Gains Incentive Allocation (described below) paid to Master GP during the relevant quarter.

Prior to the Internalization, one of our subsidiaries allocated and distributed to Master GP an Income Incentive Allocation with respect to its pre-incentive allocation net income in each calendar quarter as follows: (1) no Income Incentive Allocation in any calendar quarter in which pre-incentive allocation net income, expressed as a rate of return on the average value of our net equity capital (excluding non-controlling interests) at the end of the two most recently completed calendar quarters, does not exceed 2% for such quarter (8% annualized); (2) 100% of pre-incentive allocation net income with respect to that portion of such pre-incentive allocation net income, if any, that is equal to or exceeds 2% but does not exceed 2.2223% for such quarter; and (3) 10% of the amount of pre-incentive allocation net income, if any, that exceeds 2.2223% for such quarter. These calculations were prorated for any period of less than three months.

Prior to the Internalization, Capital Gains Incentive Allocation was calculated and distributable in arrears as of the end of each calendar year and was equal to 10% of the Company’s pro rata share of cumulative realized gains from the date of the IPO through the end of the applicable calendar year, net of the Company’s pro rata share of cumulative realized or unrealized losses, the cumulative non-cash portion of equity-based compensation expenses and all realized gains upon which prior performance-based Capital Gains Incentive Allocation payments were made to Master GP.

The Company paid all of its operating expenses, except those specifically required to be borne by the Former Manager under the Management Agreement. The expenses required to be paid by the Company included, but were not limited to, issuance and transaction costs incident to the acquisition, disposition and financing of its assets, legal and auditing fees and expenses, the compensation and expenses of its independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness of the Company (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings of the Company, costs and expenses incurred in contracting with third parties (including affiliates of the Former Manager), the costs of printing and mailing proxies and reports to its shareholders, costs incurred by the Former Manager or its affiliates for travel on the Company’s behalf, costs associated with any computer software or hardware that was used by the Company, costs to obtain liability insurance to indemnify the Company’s directors and officers and the compensation and expenses of the Company’s transfer agent.

The Company paid or reimbursed the Former Manager and its affiliates for performing certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements were no greater than those which would be paid to outside professionals or consultants. The Former Manager was responsible for all of its other costs incident to the performance of its duties under the Management Agreement, including compensation of the Former Manager’s employees, rent for facilities and other “overhead” expenses; the Company did not reimburse the Former Manager for these expenses.

The following table summarizes the Company’s reimbursements to the Former Manager (unaudited):


	Three Months Ended March 31,
	2026		2025
Classification in the Consolidated Statements of Operations:
General and administrative	$	—	$	196
Acquisition and transaction expenses	—		104
Total	$	—	$	300

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The following table presents the ownership interests and carrying values of the Company’s investments:


			Carrying Value
	Investment	Ownership Percentage	March 31, 2026 (unaudited)		December 31, 2025
Advanced Engine Repair JV	Equity method	25%	$	22,368	$	22,429
2025 Partnership	Equity method	19%	279,417		281,740
QuickTurn Europe	Equity method	50%	10,008		9,987
Other	Various	Various	1,246		—

			$	313,039	$	314,156

The following table presents the Company’s proportionate share of equity in (losses) earnings (unaudited):


	Three Months Ended March 31,
	2026		2025
Advanced Engine Repair JV	$	(61)	$	113
2025 Partnership (1)	(2,323)		(7,727)
QuickTurn Europe	21		—


Total	$	(2,363)	$	(7,614)

(1)Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (Parenthetical) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2026

Mar. 31, 2025

Total revenues

$ 830,697

$ 502,080

Equity in losses of unconsolidated entities

^[1],[2]

(2,363)

(7,614)

Eliminations

Total revenues

Equity in losses of unconsolidated entities

(10,000)

(6,950)

Equity Method Investee | Servicing Fees

Total revenues

$ 5,861

$ 0

[1]	Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership.
[2]	Includes the profit elimination of $(10,000) and $(6,950) for the three months ended March 31, 2026 and 2025, respectively, for sales to the 2025 Partnership within the Aerospace Products segment.

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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+ Details

AFFILIATE TRANSACTIONS AND FORMER MANAGEMENT AGREEMENT (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Related Party Transactions

The following table summarizes the Company’s reimbursements to the Former Manager (unaudited):


	Three Months Ended March 31,
	2026		2025
Classification in the Consolidated Statements of Operations:
General and administrative	$	—	$	196
Acquisition and transaction expenses	—		104
Total	$	—	$	300

INCOME TAXES - Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Current:
Total current provision	$ 19,252	$ 2,176
Deferred:
Total deferred provision	12,208	20,683
Total provision for income taxes	31,460	22,859
Ireland
Current:
Federal	16,791	1,489
Deferred:
Federal	7,279	13,700
Cayman Islands
Current:
Foreign	0	0
Deferred:
Foreign	0	0
Bermuda
Current:
Foreign	1,713	0
Deferred:
Foreign	5,138	4,441
United States, Federal
Current:
Foreign	0	244
Deferred:
Foreign	2,965	1,226
United States, State and Local
Current:
Foreign	714	390
Deferred:
Foreign	238	378
Other Non-Ireland
Current:
Foreign	34	53
Deferred:
Foreign	$ (3,412)	$ 938

SUBSEQUENT EVENTS (Details) - USD ($)		3 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Apr. 28, 2026	Mar. 31, 2026	Mar. 31, 2025	Apr. 24, 2026
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)		$ 0.45	$ 0.30
Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		0.52
Series D Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		$ 0.59
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.45
Subsequent Event \| Revolving Credit Facility
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity				$ 2,025,000,000.000
Subsequent Event \| Letter of Credit
Subsequent Event [Line Items]
Line of credit, maximum borrowing capacity				$ 50,000,000.0
Subsequent Event \| Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.52
Subsequent Event \| Series D Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.59

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company and its subsidiaries may be involved in various claims, legal proceedings, or may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. Within the Company’s offshore energy business, a lessee did not fulfill its obligation under its charter arrangement, therefore the Company is pursuing rights afforded to it under the charter and the range of potential losses against the obligation is $0.0 million to $3.3 million. The Company believes the risk of loss in connection with such arrangements is remote.