0001628280-26-068648 | 10-Q | XBRL Viewer

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Intangible Assets and Liabilities Disclosure [Abstract]
Lease income	$ (242)	$ 534	$ 6	$ 5,893
Depreciation and amortization	373	95	1,130	314
Amortization of intangible assets and liabilities	$ 131	$ 629	$ 1,136	$ 6,207

- Definition

Amount of amortization expense for finite-lived intangible asset. Excludes goodwill and capitalized cost for software to be sold, leased, or marketed.

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+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 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:


	September 30, 2026 (unaudited)		December 31, 2025
Senior Notes due 2028	$	988,980	$	1,001,880
Senior Notes due 2030	509,100		531,735
Senior Notes due 2031	698,159		737,618
Senior Notes due 2032	792,136		842,240
Senior Notes due 2033	471,990		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 $13.3 million as of September 30, 2026 (December 31, 2025 - $12.0 million), 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 and nine months ended September 30, 2026, the Company recorded a $0.4 million and $1.3 million increase, respectively (2025 - $0.4 million and $2.5 million increase, respectively) related to the change in fair value, which is recorded in Asset sales revenue.

Given variability in the condition of the engines at the end of the lease terms, which range from 2 to 6 years, the maximum potential amount of undiscounted future payments that could be required under the guarantees at September 30, 2026 was $43.0 million, which is not reasonably expected.

During the three and nine months ended September 30, 2026 and 2025, there were no significant transfers into or out of Level 3.

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, as well as for noncash consideration on sales, 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.

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+ Details

ORGANIZATION	9 Months Ended
ORGANIZATION	Sep. 30, 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, Bristol and Indianapolis. 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.

INCOME TAXES

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Current:
Ireland	$	16,393	$	2,867	$	42,589	$	6,300
Cayman Islands	—		—		—		—
Bermuda	5,232		—		12,497		—
United States:
Federal	(529)		(7,859)		1,879		—
State and local	(159)		1,518		565		3,063
Other Non-Ireland including Pillar Two top-up tax	3,353		44		8,640		145
Total current provision	24,290		(3,430)		66,170		9,508
Deferred:
Ireland	(2,047)		17,045		12,111		47,957
Cayman Islands	—		—		—		—
Bermuda	839		8,052		2,518		18,689
United States:
Federal	(2,013)		7,092		91		12,524
State and local	(159)		(1,496)		565		950
Other Non-Ireland	1,329		(933)		(2,137)		(2,561)
Total deferred provision	(2,051)		29,760		13,148		77,559

Total provision for income taxes	$	22,239	$	26,330	$	79,318	$	87,067

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 nine months ended September 30, 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 - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Property, Plant, and Equipment [Abstract]
Asset impairment	$ 0	$ 0	$ 0	$ 0

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

3 Months Ended

9 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Sep. 30, 2026

Sep. 30, 2025

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

^[1]

$ 16,933

$ (4,224)

$ 24,540

^[2]

$ (16,841)

^[2]

Operating Segments

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

16,933

(4,224)

24,540

(16,841)

Operating Segments | Advanced Engine Repair JV

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

2,498

668

2,281

1,576

Operating Segments | 2025 Partnership

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

23,334

(4,992)

31,164

(18,436)

Operating Segments | 2026 Partnership

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

(7,068)

Operating Segments | QuickTurn Europe

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

100

Operating Segments | Other

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

(1,902)

Eliminations

Schedule of Equity Method Investments [Line Items]

Equity in (losses) earnings

$ (5,055)

$ (3,908)

$ (21,652)

$ (15,793)

[1]	Includes the profit elimination of $(5,055) and $(21,652) for the three and nine months ended September 30, 2026, respectively (2025 - $(3,908) and $(15,793), respectively), for sales to the SCI Partnerships.
[2]	Includes the profit elimination of $(21,652) for the nine months ended September 30, 2026 (2025 - $(15,793)) for sales to the SCI Partnerships 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.

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-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

+ Details

SEGMENT INFORMATION - Schedule of Location of Long-Lived Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Segment Reporting [Line Items]
Total property, plant and equipment and leasing equipment, net	$ 1,215,810	$ 1,665,872
Africa
Segment Reporting [Line Items]
Total property, plant and equipment and leasing equipment, net	23,731	17,174
Asia
Segment Reporting [Line Items]
Total property, plant and equipment and leasing equipment, net	265,007	323,542
Europe
Segment Reporting [Line Items]
Total property, plant and equipment and leasing equipment, net	427,055	587,359
North America
Segment Reporting [Line Items]
Total property, plant and equipment and leasing equipment, net	$ 273,309	$ 480,977
United States \| Property, plant and equipment and leasing equipment, net \| Geographic Concentration Risk
Segment Reporting [Line Items]
Concentration risk (as a percent)	13.00%	22.00%
South America
Segment Reporting [Line Items]
Total property, plant and equipment and leasing equipment, net	$ 226,708	$ 256,820
Chile \| Property, plant and equipment and leasing equipment, net \| Geographic Concentration Risk
Segment Reporting [Line Items]
Concentration risk (as a percent)	14.00%

INCOME TAXES - Narrative (Details)	9 Months Ended
INCOME TAXES - Narrative (Details)	Sep. 30, 2026
Ireland
Income Tax Contingency [Line Items]
Federal tax rate (as a percent)	12.50%

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

3 Months Ended

6 Months Ended

9 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Sep. 30, 2026

Sep. 30, 2025

Revenues

Total revenues

$ 977,657

$ 667,064

$ 2,761,439

$ 1,845,381

Expenses

Cost of sales

623,821

362,922

1,783,871

980,894

Operating expenses

62,327

39,092

175,434

105,858

Research and development

22,014

41,461

General and administrative

2,305

1,829

6,963

7,387

Acquisition and transaction expenses

5,030

7,066

27,090

18,847

Depreciation and amortization

43,295

55,278

142,570

170,076

Total expenses

758,792

466,187

2,177,389

1,283,062

Other income (expense)

Interest expense

(65,119)

(60,784)

(190,628)

(186,789)

Equity in earnings (losses) of unconsolidated entities

^[1]

16,933

(4,224)

24,540

^[2]

(16,841)

^[2]

Other (expense) income

2,168

3,570

57,324

63,797

Total other expense

(46,018)

(56,829)

(91,131)

(89,750)

Income before income taxes

172,847

144,048

492,919

472,569

Provision for (benefit from) income taxes

22,239

26,330

79,318

87,067

Net income

150,608

117,718

$ 262,993

$ 267,784

413,601

385,502

Less: Dividends on preferred shares

1,544

3,709

8,962

13,533

Less: Loss on redemption of preferred shares

3,800

6,327

Net income attributable to shareholders

149,064

114,009

400,839

365,642

Equity Method Investee

Other income (expense)

Gain on sale to the 2025 Partnership - affiliate

4,609

17,633

50,083

Aerospace products revenue

Revenues

Total revenues

780,598

459,206

1,995,412

1,144,317

MRE Contract revenue

Revenues

Total revenues

129,408

58,663

533,437

228,886

Lease income

Revenues

Total revenues

25,281

55,072

92,938

185,951

Maintenance revenue

Revenues

Total revenues

27,292

52,370

83,684

175,081

Asset sales revenue

Revenues

Total revenues

5,886

38,461

32,995

105,315

Other revenue

Revenues

Total revenues

^[3]

9,192

3,292

22,973

5,831

Servicing Fees | Equity Method Investee

Revenues

Total revenues

4,704

3,035

17,553

5,635

Operating Segments

Other income (expense)

Equity in earnings (losses) of unconsolidated entities

16,933

(4,224)

24,540

(16,841)

Operating Segments | Aerospace Products

Revenues

Total revenues

910,006

517,869

2,528,849

1,373,203

Expenses

Cost of sales

618,007

328,153

1,743,548

874,377

Operating expenses

11,913

10,545

33,749

25,221

Research and development

General and administrative

Acquisition and transaction expenses

124

599

253

3,145

Depreciation and amortization

4,942

3,930

14,523

11,218

Total expenses

634,986

343,227

1,792,073

913,961

Other income (expense)

Interest expense

Equity in earnings (losses) of unconsolidated entities

1,431

767

1,209

1,594

Other (expense) income

(54)

Total other expense

1,377

767

1,267

1,594

Income before income taxes

276,397

175,409

738,043

460,836

Provision for (benefit from) income taxes

50,883

26,815

134,550

72,017

Net income

225,514

148,594

603,493

388,819

Less: Dividends on preferred shares

Less: Loss on redemption of preferred shares

Net income attributable to shareholders

225,514

148,594

603,493

388,819

Operating Segments | Aerospace Products | Equity Method Investee

Other income (expense)

Gain on sale to the 2025 Partnership - affiliate

Operating Segments | Aerospace Products | Aerospace products revenue

Revenues

Total revenues

780,598

459,206

1,995,412

1,144,317

Operating Segments | Aerospace Products | MRE Contract revenue

Revenues

Total revenues

129,408

58,663

533,437

228,886

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

67,651

149,195

232,590

472,174

Expenses

Cost of sales

5,814

34,769

40,323

106,517

Operating expenses

12,479

10,146

34,539

28,661

Research and development

General and administrative

Acquisition and transaction expenses

1,374

3,571

7,408

7,053

Depreciation and amortization

37,242

50,226

124,712

155,710

Total expenses

56,909

98,712

206,982

297,941

Other income (expense)

Interest expense

Equity in earnings (losses) of unconsolidated entities

20,557

(1,083)

44,983

(2,642)

Other (expense) income

2,222

2,103

56,698

61,696

Total other expense

22,779

5,629

119,314

109,137

Income before income taxes

33,521

56,112

144,922

283,370

Provision for (benefit from) income taxes

8,373

14,500

34,470

58,301

Net income

25,148

41,612

110,452

225,069

Less: Dividends on preferred shares

Less: Loss on redemption of preferred shares

Net income attributable to shareholders

25,148

41,612

110,452

225,069

Operating Segments | Aviation Leasing | Equity Method Investee

Other income (expense)

Gain on sale to the 2025 Partnership - affiliate

4,609

17,633

50,083

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

25,281

55,072

92,938

185,951

Operating Segments | Aviation Leasing | Maintenance revenue

Revenues

Total revenues

27,292

52,370

83,684

175,081

Operating Segments | Aviation Leasing | Asset sales revenue

Revenues

Total revenues

5,886

38,461

32,995

105,315

Operating Segments | Aviation Leasing | Other revenue

Revenues

Total revenues

9,192

3,292

22,973

5,827

Revenues

Expenses

37,935

18,401

107,146

51,976

Research and development

22,014

41,461

General and administrative

2,305

1,829

6,963

7,387

Acquisition and transaction expenses

3,532

2,896

19,429

8,649

Depreciation and amortization

1,111

1,122

3,335

3,148

Total expenses

66,897

24,248

178,334

71,160

Other income (expense)

Interest expense

(65,119)

(60,784)

(190,628)

(186,789)

Equity in earnings (losses) of unconsolidated entities

Other (expense) income

1,467

568

2,101

Total other expense

(65,119)

(59,317)

(190,060)

(184,688)

Income before income taxes

(132,016)

(83,565)

(368,394)

(255,844)

Provision for (benefit from) income taxes

(37,017)

(14,985)

(89,702)

(43,251)

Net income

(94,999)

(68,580)

(278,692)

(212,593)

Less: Dividends on preferred shares

1,544

3,709

8,962

13,533

Less: Loss on redemption of preferred shares

3,800

6,327

Net income attributable to shareholders

(96,543)

(72,289)

(291,454)

(232,453)

Corporate and Other | Equity Method Investee

Other income (expense)

Gain on sale to the 2025 Partnership - affiliate

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

Research and development

General and administrative

Acquisition and transaction expenses

Depreciation and amortization

Total expenses

Other income (expense)

Interest expense

Equity in earnings (losses) of unconsolidated entities

(5,055)

(3,908)

(21,652)

(15,793)

Other (expense) income

Total other expense

(5,055)

(3,908)

(21,652)

(15,793)

Income before income taxes

(5,055)

(3,908)

(21,652)

(15,793)

Provision for (benefit from) income taxes

Net income

(5,055)

(3,908)

(21,652)

(15,793)

Less: Dividends on preferred shares

Less: Loss on redemption of preferred shares

Net income attributable to shareholders

(5,055)

(3,908)

(21,652)

(15,793)

Eliminations | Equity Method Investee

Other income (expense)

Gain on sale to the 2025 Partnership - affiliate

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 $(5,055) and $(21,652) for the three and nine months ended September 30, 2026, respectively (2025 - $(3,908) and $(15,793), respectively), for sales to the SCI Partnerships.
[2]	Includes the profit elimination of $(21,652) for the nine months ended September 30, 2026 (2025 - $(15,793)) for sales to the SCI Partnerships within the Aerospace Products segment.
[3]	Includes servicing fees of $4,704 and $17,553 for the three and nine months ended September 30, 2026, respectively (2025 - $3,035 and $5,635, respectively), from the SCI Partnerships.

AFFILIATE TRANSACTIONS AND FORMER MANAGEMENT AGREEMENT

9 Months Ended

Sep. 30, 2026

AFFILIATE TRANSACTIONS AND FORMER MANAGEMENT AGREEMENT

10. AFFILIATE TRANSACTIONS AND FORMER MANAGEMENT AGREEMENT

Strategic Capital Initiative

As of September 30, 2026, two partnerships have been formed under the Strategic Capital Initiative: the 2025 Partnership and the 2026 Partnership (collectively, the “SCI Partnerships”).

During the three and nine months ended September 30, 2026, the Company recorded $129.4 million and $533.4 million of MRE Contract revenue - affiliate, respectively (2025 - $58.7 million and $228.9 million, respectively), for the sale and purchase of engines and related modules to and from the SCI Partnerships. Refer to Note 2 “Summary of Significant Accounting Policies” for additional information on MRE Contract revenue - affiliate.

During the nine months ended September 30, 2026, on behalf of the SCI Partnerships, the Company paid refundable deposits of $2.9 million (2025 - $23.5 million) to unrelated, third-parties on future purchases of aircraft.

During the nine months ended September 30, 2026, the SCI Partnerships reimbursed the Company $2.9 million (2025 - $42.8 million) in refundable deposits.

The Company provides aircraft management services to the SCI Partnerships, and receives customary, market-based compensation for providing such services, which is included in Other revenue on the Company’s Consolidated Statement of Operations. The Company received servicing fees of $4,704 and $17,553 for the three and nine months ended September 30, 2026, respectively (2025 - $3,035 and $5,635, respectively), from the SCI Partnerships.

2025 Partnership

On June 29, 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 would acquire 15 on-lease 737NG and A320ceo aircraft in addition to the originally committed 45 on-lease 737NG and A320ceo aircraft.

As of September 30, 2026, the Company sold all committed aircraft to the 2025 Partnership. In aggregate, the net purchase price for the committed on-lease 737NG and A320ceo aircraft was approximately $700.0 million. The purchase price of the seed assets were contractual and the Company received customary, market-based compensation for the sale of the seed assets to the 2025 Partnership.

2026 Partnership

During 2026, the Company launched the 2026 Partnership, the second partnership under the Strategic Capital Initiative. Through SPVs, the 2026 partnership will focus on acquiring 737NG and A320ceo aircraft. The SPVs have entered into agreements with third-party institutional investors for the private placement of limited partner interest in the SPVs. The Company also made a minority limited partner investment and will make future investments in the 2026 Partnership in the same proportion relative to third party limited partner investments.

J&F Power Systems LLC

During the three months ended September 30, 2026, the Company invested $2.5 million for a 49% interest in J&F Power Systems LLC ("J&F"), the Company's joint venture with Jereh Group. J&F was established to package, test and distribute modular power generation solutions. The Company exercises significant influence, but not control, over the operating and financial policies of J&F and accounts for it as an equity method investment.

During the three months ended September 30, 2026, the Company received an advanced disbursement of $234.0 million from J&F. The cash received is accounted for as a contract liability on the Company’s Consolidated Balance Sheets. Refer to Note 2 “Summary of Significant Accounting Policies” for additional information on contract liabilities.

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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Classification in the Consolidated Statements of Operations:
General and administrative	$	—	$	(82)	$	—	$	247
Acquisition and transaction expenses	—		(53)		—		122
Total	$	—	$	(135)	$	—	$	369

- 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

+ Details

INCOME TAXES - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Current:
Total current provision	$ 24,290	$ (3,430)	$ 66,170	$ 9,508
Deferred:
Total deferred provision	(2,051)	29,760	13,148	77,559
Total provision for income taxes	22,239	26,330	79,318	87,067
Ireland
Current:
Federal	16,393	2,867	42,589	6,300
Deferred:
Federal	(2,047)	17,045	12,111	47,957
Cayman Islands
Current:
Foreign	0	0	0	0
Deferred:
Foreign	0	0	0	0
Bermuda
Current:
Foreign	5,232	0	12,497	0
Deferred:
Foreign	839	8,052	2,518	18,689
United States, Federal
Current:
Foreign	(529)	(7,859)	1,879	0
Deferred:
Foreign	(2,013)	7,092	91	12,524
United States, State and Local
Current:
Foreign	(159)	1,518	565	3,063
Deferred:
Foreign	(159)	(1,496)	565	950
Other Non-Ireland
Current:
Foreign	3,353	44	8,640	145
Deferred:
Foreign	$ 1,329	$ (933)	$ (2,137)	$ (2,561)

AFFILIATE TRANSACTIONS AND FORMER MANAGEMENT AGREEMENT (Tables)

9 Months Ended

Sep. 30, 2026

Schedule of Related Party Transactions

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Classification in the Consolidated Statements of Operations:
General and administrative	$	—	$	(82)	$	—	$	247
Acquisition and transaction expenses	—		(53)		—		122
Total	$	—	$	(135)	$	—	$	369

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2026

Accounting Policies [Abstract]

Schedule of Other Current Assets

Other current assets are summarized as follows:


	September 30, 2026 (unaudited)		December 31, 2025
Notes receivable	$	214,981	$	216,298
Prepaid expenses including prepayments for maintenance that has not yet been incurred	175,799		79,806





Other	79,350		112,260
Other current assets	$	470,130	$	408,364

Schedule of Other Current Liabilities

Other current liabilities are summarized as follows:


	September 30, 2026 (unaudited)		December 31, 2025
Customer deposits and advanced payments	28,466		33,755
Tax liabilities	59,002		15,264
Other	15,963		13,183
Other current liabilities	$	103,431	$	62,202

Schedule of Cash and Noncash Related Activities

The cash and noncash related activities described above during the nine months ended September 30, 2026 and 2025 are detailed below (unaudited):


	Nine Months Ended September 30,
(in thousands)	2026		2025

Cost of modules and parts sold sourced from engines originally within leasing equipment	$	11,262	$	22,429
Transfers of engines from leasing equipment to inventory for manufacturing and sale	107,658		219,732
Transfers of inventory to leasing equipment for rebuilding and sale of engines	(235,244)		(228,691)
Total outflows related to manufacturing modules and parts - included in net cash used in operating activities	(964,904)		(478,642)
Cash received for assets sold sourced from leasing equipment - inflow included in net cash used in operating activities	23,619		54,853
Cash received for sales of leasing equipment that include components sourced from inventory - inflow included in net cash provided by investing activities	795,322		635,865
Cash paid for engine and aircraft inventory - outflow included in net cash used in operating activities	(728,205)		(127,260)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 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 based on either the variable interest entity (“VIE”) model or voting interest entity (“VOE”) model. All intercompany balances and transactions have been eliminated in consolidation. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

When assessing an entity for consolidation, the Company first evaluates whether it has a variable interest in the entity. The Company does not consolidate any entity for which it does not have a variable interest.

The Company next determines whether the entity is a VIE. Under ASC 810-10-15-14, an entity is a VIE if, by design, (i) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (ii) the holders of the equity investment at risk as a group lack the power to direct the activities that most significantly affect the entity’s economic performance, the obligation to absorb its expected losses, or the right to receive its expected residual returns; or (iii) the voting rights of some investors are not proportionate to their obligations to absorb the entity’s expected losses or rights to receive its expected residual returns, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. For limited partnerships and similar entities, the holders of the equity investment at risk lack the power described in (ii) unless a simple majority or lower threshold of the limited partners (excluding the general partner, entities under common control with the general partner, and other parties acting on behalf of the general partner) hold substantive kick-out rights or participating rights. For this purpose, kick-out rights include the ability to dissolve (liquidate) the partnership without cause.

The Company consolidates a VIE when it concludes it is the primary beneficiary. The primary beneficiary is defined as the variable interest holder with (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company does not consolidate an entity if it is not deemed to be its primary beneficiary.

Entities that do not qualify as VIEs are assessed for consolidation as VOEs. The Company consolidates a VOE when the Company owns the majority of an entity’s voting interests or otherwise has the ability to control the entity. For limited partnerships in which the Company is the general partner, the Company is presumed to control the partnership unless the limited partners hold substantive kick-out or participating rights.

The Company applies the equity method of accounting for investments in entities that it does not control but over which it exercises significant influence. 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 and sale 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 CFM56-5B, CFM56-7B 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. In certain transactions, the Company may receive noncash consideration from a customer in the form of engines or modules. Such noncash consideration is measured at fair value at the time of the sale and is included in the transaction price used to recognize revenue. Aerospace products revenue also consists of engine management service contracts, where the Company has a stand-ready obligation to provide replacement CFM56-5B and CFM56-7B 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 - affiliate—MRE Contract revenue - affiliate 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 and second partnership of the Strategic Capital Initiative (the “2025 Partnership” and “2026 Partnership”, respectively; collectively the “SCI Partnerships”). The net cash purchase price received by the Company is contractual and customary market-based compensation for fulfilling such performance obligations. MRE Contract revenue - affiliate 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 SCI Partnerships, along with corresponding costs of sales. Refer to Note 10 “Affiliate Transactions and Former Management Agreement” for additional information on the SCI Partnerships 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.

Servicing Fees—The Company provides services to the SCI Partnerships related to acquiring, leasing, remarketing and selling aircraft, administering leases and collections, overseeing lessee maintenance and insurance, and obtaining valuations. The Company receives customary, market-based servicing fees in exchange for the services rendered. Servicing fees are recognized over time as the services are performed and are included in Other revenue on the Company’s Consolidated Statements of Operations.

Expenses

Research and Development— Research and development (“R&D”) consists of costs incurred for design and testing related to the development of aeroderivative turbines for FTAI Power. R&D costs that have no alternative use are expensed as incurred in accordance with ASC 730.

R&D expense was $22.0 million and $41.5 million for the three and nine months ended September 30, 2026, respectively (2025 - $0.0 million and $0.0 million, respectively).

Other (Expense) Income

Gain on Sale to the 2025 Partnership - affiliate—The 2025 Partnership acquired 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 and nine months ended September 30, 2026, 0 and 15 aircraft were sold to the 2025 Partnership for a gain of $0.0 million and $17.6 million, respectively (2025 - 8 and 45 aircraft sold for a gain of $4.6 million and $50.1 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 and nine months ended September 30, 2026, the Company recognized $0.0 million and $49.5 million, respectively (2025 - $0.0 million and $54.3 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 37%, 14% and 14% of its revenue from three customers in the Aerospace Products segment during the three months ended September 30, 2026, and 27% and 20% of its revenue from two customers in the Aerospace Products segment during the nine months ended September 30, 2026. The Company earned 16% and 11% of its revenue from two customers in the Aerospace Products segment during the three months ended September 30, 2025, and 12% of its revenue from one customer in the Aerospace Products segment during the nine months ended September 30, 2025.

As of September 30, 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 as of September 30, 2026 (December 31, 2025 - $28.4 million). There was no provision for credit losses for the three and nine months ended September 30, 2026, respectively (2025 - $0.1 million and $0.3 million, 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. For the three and nine months ended September 30, 2026, the Company recorded no write-offs and recoveries, net of its allowance for doubtful accounts (2025 - $0.1 million and $46.8 million, respectively).

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


	September 30, 2026 (unaudited)		December 31, 2025
Notes receivable	$	214,981	$	216,298
Prepaid expenses including prepayments for maintenance that has not yet been incurred	175,799		79,806





Other	79,350		112,260
Other current assets	$	470,130	$	408,364

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


	September 30, 2026 (unaudited)		December 31, 2025
Customer deposits and advanced payments	28,466		33,755
Tax liabilities	59,002		15,264
Other	15,963		13,183
Other current liabilities	$	103,431	$	62,202

Contract Liabilities - affiliate—Contract liabilities - affiliate represent cash received from J&F Power Systems LLC ("J&F") in advance of delivery of equipment orders. There was no contract liability balance as of December 31, 2025 and as a result, no revenue was recognized during the nine months ended September 30, 2026 related to the contract liability balance as of December 31, 2025.

Contract liabilities - affiliate increased by $234.0 million during the nine months ended September 30, 2026, due to an increase in cash consideration received from J&F, which preceded the Company's satisfaction of the associated performance obligations (i.e. delivery of equipment orders) relating to equipment sales expected to be fulfilled in the next 12 months. Refer to Note 10 “Affiliate Transactions and Former Management Agreement” for additional information on J&F.

Dividends—Dividends are recorded if and when declared by the Board of Directors. For the three and nine months ended September 30, 2026, the Board of Directors declared cash dividends of $0.50 and $1.45 per ordinary share, respectively (2025 - $0.35 and $0.95, respectively).

Additionally, for the three months ended September 30, 2026, the Board of Directors declared cash dividends on the Series D Preferred Shares of $0.59 per share (2025 - Series C Preferred Shares of $0.52 and Series D Preferred Shares of $0.59).

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 nine months ended September 30, 2026 and 2025 are detailed below (unaudited):


	Nine Months Ended September 30,
(in thousands)	2026		2025

Cost of modules and parts sold sourced from engines originally within leasing equipment	$	11,262	$	22,429
Transfers of engines from leasing equipment to inventory for manufacturing and sale	107,658		219,732
Transfers of inventory to leasing equipment for rebuilding and sale of engines	(235,244)		(228,691)
Total outflows related to manufacturing modules and parts - included in net cash used in operating activities	(964,904)		(478,642)
Cash received for assets sold sourced from leasing equipment - inflow included in net cash used in operating activities	23,619		54,853
Cash received for sales of leasing equipment that include components sourced from inventory - inflow included in net cash provided by investing activities	795,322		635,865
Cash paid for engine and aircraft inventory - outflow included in net cash used in operating activities	(728,205)		(127,260)

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 a part 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 did not elect the practical expedient or make the accounting policy election provided by the ASU and, accordingly, the amendments did not 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.

EQUITY-BASED COMPENSATION

9 Months Ended

Sep. 30, 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 September 30, 2026, the Incentive Plan provides for the issuance of up to 5.6 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 September 30,				Nine Months Ended September 30,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met		Weighted Average Remaining Contractual Term (in years)
	2026		2025		2026		2025
Stock Options	$	127	$	127	$	381	$	381	$	889	6.9
Performance shares	4,520		3,502		12,882		10,265		36,043		2.1
Restricted Shares	3,120		2,026		8,183		5,413		21,922		1.1
Total	$	7,767	$	5,655	$	21,446	$	16,059	$	58,854

Options

During the nine months ended September 30, 2026 and 2025, the Company did not issue any options to employees.

Performance Shares

During the nine months ended September 30, 2026, the Company issued performance shares to select officers and employees of the Company with a grant date fair value of $12.2 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 nine months ended September 30, 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 nine months ended September 30, 2026, the Company issued restricted shares to select officers and employees of the Company with a grant date fair value of $15.2 million, vesting over 3 years.

Additionally, the Company issued restricted shares to the directors of the Company with a grant date fair value of $0.9 million. These awards vest on the earlier of (i) the one-year anniversary of the grant date (May 28, 2027) or (ii) the date of the Company’s next annual general meeting of shareholders occurring after the grant date.

During the nine months ended September 30, 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.

Additionally, the Company issued restricted shares to the directors of the Company with a grant date fair value of $0.8 million. These awards vest on the earlier of (i) the one-year anniversary of the grant date (May 29, 2026) or (ii) the date of the Company’s next annual general meeting of shareholders occurring after the grant date.

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.

LEASING EQUIPMENT, NET - Schedule of Leasing equipment, net (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Leasing equipment, net	$ 1,035,039	$ 1,545,804
Leasing Equipment
Property, Plant, and Equipment [Line Items]
Leasing equipment	1,389,689	2,057,624
Less: Accumulated depreciation	(354,650)	(511,820)
Leasing equipment, net	$ 1,035,039	$ 1,545,804

- 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/2009/role/commonPracticeRef
-Topic 905
-SubTopic 360
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482558/350-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 7A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A

+ Details

INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2026 (unaudited)		December 31, 2025
Advanced Engine Repair JV	Equity method	25%	$	24,710	$	22,429
2025 Partnership	Equity method	19%	341,248		281,740
2026 Partnership	Equity method	21%	12,932		—
QuickTurn Europe	Equity method	50%	10,052		9,987

Other	Various	Various	11,941		—

			$	400,883	$	314,156

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Advanced Engine Repair JV	$	2,498	$	668	$	2,281	$	1,576
2025 Partnership (1)	23,334		(4,992)		31,164		(18,436)
2026 Partnership (1)	(7,068)		—		(7,068)		—
QuickTurn Europe	71		100		65		19
Other	(1,902)		—		(1,902)		—

Total	$	16,933	$	(4,224)	$	24,540	$	(16,841)

(1)Includes the profit elimination of $(5,055) and $(21,652) for the three and nine months ended September 30, 2026, respectively (2025 - $(3,908) and $(15,793), respectively), for sales to the SCI Partnerships.

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

3 Months Ended

9 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Sep. 30, 2026

Sep. 30, 2025

Statement [Line Items]

Total revenues

$ 977,657

$ 667,064

$ 2,761,439

$ 1,845,381

Equity in earnings (losses) of unconsolidated entities

^[1]

16,933

(4,224)

24,540

^[2]

(16,841)

^[2]

Eliminations

Statement [Line Items]

Total revenues

Equity in earnings (losses) of unconsolidated entities

(5,055)

(3,908)

(21,652)

(15,793)

Equity Method Investee | Servicing Fees

Statement [Line Items]

Total revenues

$ 4,704

$ 3,035

$ 17,553

$ 5,635

[1]	Includes the profit elimination of $(5,055) and $(21,652) for the three and nine months ended September 30, 2026, respectively (2025 - $(3,908) and $(15,793), respectively), for sales to the SCI Partnerships.
[2]	Includes the profit elimination of $(21,652) for the nine months ended September 30, 2026 (2025 - $(15,793)) for sales to the SCI Partnerships 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 6
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+ Details

SEGMENT INFORMATION - Schedule of Geographic Sources of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Segment Reporting [Line Items]
Total revenues	$ 977,657	$ 667,064	$ 2,761,439	$ 1,845,381
Africa
Segment Reporting [Line Items]
Total revenues	10,747	33,639	25,466	70,915
Asia
Segment Reporting [Line Items]
Total revenues	41,296	142,302	196,767	310,944
Europe
Segment Reporting [Line Items]
Total revenues	101,130	$ 145,597	$ 633,688	$ 526,214
Ireland \| Revenue Benchmark \| Geographic Concentration Risk
Segment Reporting [Line Items]
Concentration risk (as a percent)		14.00%	17.00%	16.00%
North America
Segment Reporting [Line Items]
Total revenues	$ 801,728	$ 327,809	$ 1,837,031	$ 883,145
United States \| Revenue Benchmark \| Geographic Concentration Risk
Segment Reporting [Line Items]
Concentration risk (as a percent)	72.00%	38.00%	51.00%	33.00%
Bermuda \| Revenue Benchmark \| Geographic Concentration Risk
Segment Reporting [Line Items]
Concentration risk (as a percent)			12.00%
South America
Segment Reporting [Line Items]
Total revenues	$ 22,756	$ 17,717	$ 68,487	$ 54,163
Operating Segments \| Aerospace Products
Segment Reporting [Line Items]
Total revenues	910,006	517,869	2,528,849	1,373,203
Operating Segments \| Aerospace Products \| Africa
Segment Reporting [Line Items]
Total revenues	10,500	25,720	20,000	52,202
Operating Segments \| Aerospace Products \| Asia
Segment Reporting [Line Items]
Total revenues	15,105	98,644	134,517	180,930
Operating Segments \| Aerospace Products \| Europe
Segment Reporting [Line Items]
Total revenues	78,486	97,302	552,353	320,618
Operating Segments \| Aerospace Products \| North America
Segment Reporting [Line Items]
Total revenues	787,055	286,006	1,773,031	791,477
Operating Segments \| Aerospace Products \| South America
Segment Reporting [Line Items]
Total revenues	18,860	10,197	48,948	27,976
Operating Segments \| Aviation Leasing
Segment Reporting [Line Items]
Total revenues	67,651	149,195	232,590	472,174
Operating Segments \| Aviation Leasing \| Africa
Segment Reporting [Line Items]
Total revenues	247	7,919	5,466	18,713
Operating Segments \| Aviation Leasing \| Asia
Segment Reporting [Line Items]
Total revenues	26,191	43,658	62,250	130,010
Operating Segments \| Aviation Leasing \| Europe
Segment Reporting [Line Items]
Total revenues	22,644	48,295	81,335	205,596
Operating Segments \| Aviation Leasing \| North America
Segment Reporting [Line Items]
Total revenues	14,673	41,803	64,000	91,668
Operating Segments \| Aviation Leasing \| South America
Segment Reporting [Line Items]
Total revenues	3,896	7,520	19,539	26,187
Corporate and Other
Segment Reporting [Line Items]
Total revenues	0	0	0	4
Corporate and Other \| Africa
Segment Reporting [Line Items]
Total revenues	0	0	0	0
Corporate and Other \| Asia
Segment Reporting [Line Items]
Total revenues	0	0	0	4
Corporate and Other \| Europe
Segment Reporting [Line Items]
Total revenues	0	0	0	0
Corporate and Other \| North America
Segment Reporting [Line Items]
Total revenues	0	0	0	0
Corporate and Other \| South America
Segment Reporting [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 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 CFM56-5B, CFM56-7B 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 September 30, 2026


	Three Months Ended September 30, 2026
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	780,598	$	—	$	—	$	—	$	780,598
MRE Contract revenue - affiliate	129,408		—		—		—		129,408
Lease income	—		25,281		—		—		25,281
Maintenance revenue	—		27,292		—		—		27,292
Asset sales revenue	—		5,886		—		—		5,886
Other revenue (1)	—		9,192		—		—		9,192
Total revenues	910,006		67,651		—		—		977,657

Expenses
Cost of sales	618,007		5,814		—		—		623,821
Operating expenses	11,913		12,479		37,935		—		62,327
Research and development	—		—		22,014		—		22,014
General and administrative	—		—		2,305		—		2,305
Acquisition and transaction expenses	124		1,374		3,532		—		5,030
Depreciation and amortization	4,942		37,242		1,111		—		43,295
Total expenses	634,986		56,909		66,897		—		758,792

Other income (expense)
Interest expense	—		—		(65,119)		—		(65,119)
Equity in earnings (losses) of unconsolidated entities (2)	1,431		20,557		—		(5,055)		16,933
Gain on sale to the 2025 Partnership - affiliate	—		—		—		—		—
Other (expense) income	(54)		2,222		—		—		2,168
Total other income (expense)	1,377		22,779		(65,119)		(5,055)		(46,018)
Income (loss) before income taxes	276,397		33,521		(132,016)		(5,055)		172,847
Provision for (benefit from) income taxes	50,883		8,373		(37,017)		—		22,239
Net income (loss)	225,514		25,148		(94,999)		(5,055)		150,608
Less: Dividends on preferred shares	—		—		1,544		—		1,544

Net income (loss) attributable to shareholders	$	225,514	$	25,148	$	(96,543)	$	(5,055)	$	149,064

(1)Includes servicing fees of 4,704 for the three months ended September 30, 2026 from the SCI Partnerships.

(2)Includes the profit elimination of $(5,055) for the three months ended September 30, 2026 for sales to the SCI Partnerships 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 September 30, 2026
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	10,500	$	247	$	—	$	10,747
Asia	15,105		26,191		—		41,296
Europe	78,486		22,644		—		101,130
North America	787,055		14,673		—		801,728
South America	18,860		3,896		—		22,756
Total revenues (1)	$	910,006	$	67,651	$	—	$	977,657

(1)The United States, included in North America, represents 72% of total revenues based on the location of the Company’s customers and lessees. No other country represents more than 10% of total revenues.

II. For the Nine Months Ended September 30, 2026


	Nine Months Ended September 30, 2026
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	1,995,412	$	—	$	—	$	—	$	1,995,412
MRE Contract revenue - affiliate	533,437		—		—		—		533,437
Lease income	—		92,938		—		—		92,938
Maintenance revenue	—		83,684		—		—		83,684
Asset sales revenue	—		32,995		—		—		32,995
Other revenue (1)	—		22,973		—		—		22,973
Total revenues	2,528,849		232,590		—		—		2,761,439

Expenses
Cost of sales	1,743,548		40,323		—		—		1,783,871
Operating expenses	33,749		34,539		107,146		—		175,434
Research and development	—		—		41,461		—		41,461
General and administrative	—		—		6,963		—		6,963
Acquisition and transaction expenses	253		7,408		19,429		—		27,090
Depreciation and amortization	14,523		124,712		3,335		—		142,570
Total expenses	1,792,073		206,982		178,334		—		2,177,389

Other income (expense)
Interest expense	—		—		(190,628)		—		(190,628)
Equity in earnings (losses) of unconsolidated entities (2)	1,209		44,983		—		(21,652)		24,540
Gain on sale to the 2025 Partnership - affiliate	—		17,633		—		—		17,633
Other income	58		56,698		568		—		57,324
Total other income (expense)	1,267		119,314		(190,060)		(21,652)		(91,131)
Income (loss) before income taxes	738,043		144,922		(368,394)		(21,652)		492,919
Provision for (benefit from) income taxes	134,550		34,470		(89,702)		—		79,318
Net income (loss)	603,493		110,452		(278,692)		(21,652)		413,601
Less: Dividends on preferred shares	—		—		8,962		—		8,962
Less: Loss on redemption of preferred shares	—		—		3,800		—		3,800
Net income (loss) attributable to shareholders	$	603,493	$	110,452	$	(291,454)	$	(21,652)	$	400,839

(1)Includes servicing fees of $17,553 for the nine months ended September 30, 2026 from the SCI Partnerships.

(2)Includes the profit elimination of $(21,652) for the nine months ended September 30, 2026 for sales to the SCI Partnerships 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:


	Nine Months Ended September 30, 2026
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	20,000	$	5,466	$	—	$	25,466
Asia	134,517		62,250		—		196,767
Europe	552,353		81,335		—		633,688
North America	1,773,031		64,000		—		1,837,031
South America	48,948		19,539		—		68,487
Total revenues (1)	$	2,528,849	$	232,590	$	—	$	2,761,439

(1)The United States, included in North America, Bermuda, included in North America, and Ireland, included in Europe, represent 51%, 12% and 17% of total revenues, respectively, based on the location of our 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 September 30, 2026:


	September 30, 2026
Remainder of 2026	$	18,004
2027	53,134
2028	35,927
2029	17,972
2030	8,512
Thereafter	5,545
Total	$	139,094

III. For the Three Months Ended September 30, 2025


	Three Months Ended September 30, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	459,206	$	—	$	—	$	—	$	459,206
MRE contract revenue - affiliate	58,663		—		—		—		58,663
Lease income	—		55,072		—		—		55,072
Maintenance revenue	—		52,370		—		—		52,370
Asset sales revenue	—		38,461		—		—		38,461
Other revenue (1)	—		3,292		—		—		3,292
Total revenues	517,869		149,195		—		—		667,064

Expenses
Cost of sales	328,153		34,769		—		—		362,922
Operating expenses	10,545		10,146		18,401		—		39,092
General and administrative	—		—		1,829		—		1,829
Acquisition and transaction expenses	599		3,571		2,896		—		7,066
Depreciation and amortization	3,930		50,226		1,122		—		55,278
Total expenses	343,227		98,712		24,248		—		466,187

Other income (expense)
Interest expense	—		—		(60,784)		—		(60,784)
Equity in earnings (losses) of unconsolidated entities (2)	767		(1,083)		—		(3,908)		(4,224)
Gain on sale to the 2025 Partnership - affiliate	—		4,609		—		—		4,609
Other income	—		2,103		1,467		—		3,570
Total other income (expense)	767		5,629		(59,317)		(3,908)		(56,829)
Income (loss) before income taxes	175,409		56,112		(83,565)		(3,908)		144,048
Provision for (benefit from) income taxes	26,815		14,500		(14,985)		—		26,330
Net income (loss)	148,594		41,612		(68,580)		(3,908)		117,718
Less: Dividends on preferred shares	—		—		3,709		—		3,709

Net income (loss) attributable to shareholders	$	148,594	$	41,612	$	(72,289)	$	(3,908)	$	114,009

(1)Includes servicing fees of $3,035 for the three months ended September 30, 2025 from the 2025 Partnership.

(2)Includes the profit elimination of $(3,908) for the three months ended September 30, 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 September 30, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	25,720	$	7,919	$	—	$	33,639
Asia	98,644		43,658		—		142,302
Europe	97,302		48,295		—		145,597
North America	286,006		41,803		—		327,809
South America	10,197		7,520		—		17,717
Total revenues (1)	$	517,869	$	149,195	$	—	$	667,064

(1)The United States, included in North America, and Ireland, included in Europe, represent 38% and 14% 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.

IV. For the Nine Months Ended September 30, 2025


	Nine Months Ended September 30, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	1,144,317	$	—	$	—	$	—	$	1,144,317
MRE Contract revenue - affiliate	228,886		—		—		—		228,886
Lease income	—		185,951		—		—		185,951
Maintenance revenue	—		175,081		—		—		175,081
Asset sales revenue	—		105,315		—		—		105,315
Other revenue (1)	—		5,827		4		—		5,831
Total revenues	1,373,203		472,174		4		—		1,845,381

Expenses
Cost of sales	874,377		106,517		—		—		980,894
Operating expenses	25,221		28,661		51,976		—		105,858
General and administrative	—		—		7,387		—		7,387
Acquisition and transaction expenses	3,145		7,053		8,649		—		18,847
Depreciation and amortization	11,218		155,710		3,148		—		170,076

Total expenses	913,961		297,941		71,160		—		1,283,062

Other income (expense)
Interest expense	—		—		(186,789)		—		(186,789)

Equity in earnings (losses) of unconsolidated entities (2)	1,594		(2,642)		—		(15,793)		(16,841)
Gain on sale to the 2025 Partnership - affiliate	—		50,083		—		—		50,083
Other income	—		61,696		2,101		—		63,797
Total other income (expense)	1,594		109,137		(184,688)		(15,793)		(89,750)
Income (loss) before income taxes	460,836		283,370		(255,844)		(15,793)		472,569
Provision for (benefit from) income taxes	72,017		58,301		(43,251)		—		87,067
Net income (loss)	388,819		225,069		(212,593)		(15,793)		385,502
Less: Dividends on preferred shares	—		—		13,533		—		13,533
Less: Loss on redemption of preferred shares	—		—		6,327		—		6,327
Net income (loss) attributable to shareholders	$	388,819	$	225,069	$	(232,453)	$	(15,793)	$	365,642

(1)Includes servicing fees of $5,635 for the nine months ended September 30, 2025 from the 2025 Partnership.

(2)Includes the profit elimination of $(15,793) for the nine months ended September 30, 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:


	Nine Months Ended September 30, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	52,202	$	18,713	$	—	$	70,915
Asia	180,930		130,010		4		310,944
Europe	320,618		205,596		—		526,214
North America	791,477		91,668		—		883,145
South America	27,976		26,187		—		54,163
Total revenues (1)	$	1,373,203	$	472,174	$	4	$	1,845,381

(1)The United States, included in North America, and Ireland, included in Europe, represent 33% and 16% 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.

V. Location of Long-Lived Assets

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


	September 30, 2026 (unaudited)		December 31, 2025
Property, plant and equipment and leasing equipment, net
Africa	$	23,731	$	17,174
Asia	265,007		323,542
Europe	427,055		587,359
North America	273,309		480,977
South America	226,708		256,820
Total property, plant and equipment and leasing equipment, net (1)	$	1,215,810	$	1,665,872

(1)The United States, included in North America, and Chile, included in South America, represents 13% and 14% of property, plant and equipment and leasing equipment, net, respectively, as of September 30, 2026. The United States, included in North America, represented 22% of property, plant and equipment and leasing equipment, net as of December 31, 2025. No other country represents more than 10% of property, plant and equipment and leasing equipment, net.

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Sep. 30, 2026

Dec. 31, 2025

Current Assets

Cash and cash equivalents

$ 385,624

$ 300,476

Accounts receivable, net

^[1]

155,638

209,907

Inventory, net

1,932,298

1,193,773

Other current assets

^[2]

470,130

408,364

Total current assets

2,943,690

2,112,520

Leasing equipment, net

1,035,039

1,545,804

Property, plant, and equipment, net

180,771

120,068

Investments

400,883

314,156

Intangible assets, net

12,478

19,929

Goodwill

94,221

Other non-current assets

139,249

167,060

Total assets

4,806,331

4,373,758

Current Liabilities

Accounts payable

179,867

208,224

Accrued liabilities

225,379

90,009

Current maintenance deposits

18,254

25,439

Current security deposits

10,094

14,001

Contract liabilities - affiliate

234,000

Other current liabilities

103,431

62,202

Total current liabilities

771,025

399,875

Long-term debt, net

3,455,515

3,448,891

Non-current maintenance deposits

16,777

46,237

Non-current security deposits

6,989

15,211

Other non-current liabilities

122,669

129,370

Total liabilities

4,372,975

4,039,584

Commitments and contingencies

Equity

Ordinary shares: $0.01 par value per share; 2,000,000,000 shares authorized; 102,448,764 shares issued and outstanding as of September 30, 2026 (December 31, 2025 - 102,573,283)

1,024

1,026

Preferred shares: $0.01 par value per share; 200,000,000 shares authorized; 2,600,000 shares issued and outstanding as of September 30, 2026 (December 31, 2025 - 6,800,000)

Additional paid in capital

50,567

Retained earnings

432,306

282,513

Shareholders' equity

433,356

334,174

Total liabilities and equity

$ 4,806,331

$ 4,373,758

[1]	Includes accounts receivable from the SCI Partnerships of $10,951 as of September 30, 2026 (December 31, 2025 - $47,294).
[2]	Includes receivables from the SCI Partnerships of $3,086 as of September 30, 2026 (December 31, 2025 - $20,681).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Accounting Policies [Abstract]
Customer deposits and advanced payments	$ 28,466	$ 33,755
Tax liabilities	59,002	15,264
Other	15,963	13,183
Other current liabilities	$ 103,431	$ 62,202

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 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

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Sep. 30, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

AFFILIATE TRANSACTIONS AND FORMER MANAGEMENT AGREEMENT - Schedule of Reimbursement to Manager and Amounts Due to Manager (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Related Party Transaction [Line Items]
General and administrative	$ 2,305	$ 1,829	$ 6,963	$ 7,387
Acquisition and transaction expenses	5,030	7,066	27,090	18,847
Total expenses	758,792	466,187	2,177,389	1,283,062
Former Manager
Related Party Transaction [Line Items]
General and administrative	0		0	247
General and administrative		(82)
Acquisition and transaction expenses	0		0	122
Acquisition and transaction expenses		(53)
Total expenses	$ 0		$ 0	$ 369
Total expenses		$ (135)

- 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 (Details) ft² in Millions	9 Months Ended
ORGANIZATION (Details) ft² in Millions	Sep. 30, 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%
Prime Engine Accessories LLC
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership percentage	50.00%

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 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:


	September 30, 2026 (unaudited)		December 31, 2025
Senior Notes due 2028	$	988,980	$	1,001,880
Senior Notes due 2030	509,100		531,735
Senior Notes due 2031	698,159		737,618
Senior Notes due 2032	792,136		842,240
Senior Notes due 2033	471,990		508,525

EARNINGS PER SHARE AND EQUITY - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Earnings Per Share [Abstract]
Net income	$ 150,608	$ 117,718	$ 262,993	$ 267,784	$ 413,601	$ 385,502
Less: Dividends on preferred shares	1,544	3,709			8,962	13,533
Less: Loss on redemption of preferred shares	0	0			3,800	6,327
Net income attributable to shareholders	$ 149,064	$ 114,009			$ 400,839	$ 365,642
Weighted Average Ordinary Shares Outstanding - Basic (in shares)	102,667,105	102,569,415			102,613,229	102,560,285
Weighted Average Ordinary Shares Outstanding - Diluted (in shares)	104,106,460	103,966,650			104,059,963	103,951,713
Earnings per share:
Basic (in dollars per share)	$ 1.45	$ 1.11			$ 3.91	$ 3.57
Diluted (in dollars per share)	$ 1.43	$ 1.10			$ 3.85	$ 3.52

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Intangible assets:
Total	$ 12,478	$ 19,929
Intangible liabilities
Acquired unfavorable lease intangibles	5,970	7,688
Less: Accumulated amortization	(2,926)	(2,132)
Acquired unfavorable lease intangibles, net	3,044	5,556
Acquired favorable lease intangibles
Intangible assets:
Acquired intangible assets	3,489	17,245
Less: Accumulated amortization	(1,496)	(8,935)
Total	1,993	8,310
Acquired customer relationships
Intangible assets:
Acquired intangible assets	12,607	12,607
Less: Accumulated amortization	(2,122)	(988)
Total	$ 10,485	$ 11,619

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting

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 September 30, 2026


	Three Months Ended September 30, 2026
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	780,598	$	—	$	—	$	—	$	780,598
MRE Contract revenue - affiliate	129,408		—		—		—		129,408
Lease income	—		25,281		—		—		25,281
Maintenance revenue	—		27,292		—		—		27,292
Asset sales revenue	—		5,886		—		—		5,886
Other revenue (1)	—		9,192		—		—		9,192
Total revenues	910,006		67,651		—		—		977,657

Expenses
Cost of sales	618,007		5,814		—		—		623,821
Operating expenses	11,913		12,479		37,935		—		62,327
Research and development	—		—		22,014		—		22,014
General and administrative	—		—		2,305		—		2,305
Acquisition and transaction expenses	124		1,374		3,532		—		5,030
Depreciation and amortization	4,942		37,242		1,111		—		43,295
Total expenses	634,986		56,909		66,897		—		758,792

Other income (expense)
Interest expense	—		—		(65,119)		—		(65,119)
Equity in earnings (losses) of unconsolidated entities (2)	1,431		20,557		—		(5,055)		16,933
Gain on sale to the 2025 Partnership - affiliate	—		—		—		—		—
Other (expense) income	(54)		2,222		—		—		2,168
Total other income (expense)	1,377		22,779		(65,119)		(5,055)		(46,018)
Income (loss) before income taxes	276,397		33,521		(132,016)		(5,055)		172,847
Provision for (benefit from) income taxes	50,883		8,373		(37,017)		—		22,239
Net income (loss)	225,514		25,148		(94,999)		(5,055)		150,608
Less: Dividends on preferred shares	—		—		1,544		—		1,544

Net income (loss) attributable to shareholders	$	225,514	$	25,148	$	(96,543)	$	(5,055)	$	149,064

(1)Includes servicing fees of 4,704 for the three months ended September 30, 2026 from the SCI Partnerships.

(2)Includes the profit elimination of $(5,055) for the three months ended September 30, 2026 for sales to the SCI Partnerships within the Aerospace Products segment.

II. For the Nine Months Ended September 30, 2026


	Nine Months Ended September 30, 2026
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	1,995,412	$	—	$	—	$	—	$	1,995,412
MRE Contract revenue - affiliate	533,437		—		—		—		533,437
Lease income	—		92,938		—		—		92,938
Maintenance revenue	—		83,684		—		—		83,684
Asset sales revenue	—		32,995		—		—		32,995
Other revenue (1)	—		22,973		—		—		22,973
Total revenues	2,528,849		232,590		—		—		2,761,439

Expenses
Cost of sales	1,743,548		40,323		—		—		1,783,871
Operating expenses	33,749		34,539		107,146		—		175,434
Research and development	—		—		41,461		—		41,461
General and administrative	—		—		6,963		—		6,963
Acquisition and transaction expenses	253		7,408		19,429		—		27,090
Depreciation and amortization	14,523		124,712		3,335		—		142,570
Total expenses	1,792,073		206,982		178,334		—		2,177,389

Other income (expense)
Interest expense	—		—		(190,628)		—		(190,628)
Equity in earnings (losses) of unconsolidated entities (2)	1,209		44,983		—		(21,652)		24,540
Gain on sale to the 2025 Partnership - affiliate	—		17,633		—		—		17,633
Other income	58		56,698		568		—		57,324
Total other income (expense)	1,267		119,314		(190,060)		(21,652)		(91,131)
Income (loss) before income taxes	738,043		144,922		(368,394)		(21,652)		492,919
Provision for (benefit from) income taxes	134,550		34,470		(89,702)		—		79,318
Net income (loss)	603,493		110,452		(278,692)		(21,652)		413,601
Less: Dividends on preferred shares	—		—		8,962		—		8,962
Less: Loss on redemption of preferred shares	—		—		3,800		—		3,800
Net income (loss) attributable to shareholders	$	603,493	$	110,452	$	(291,454)	$	(21,652)	$	400,839

(1)Includes servicing fees of $17,553 for the nine months ended September 30, 2026 from the SCI Partnerships.

(2)Includes the profit elimination of $(21,652) for the nine months ended September 30, 2026 for sales to the SCI Partnerships within the Aerospace Products segment.

III. For the Three Months Ended September 30, 2025


	Three Months Ended September 30, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	459,206	$	—	$	—	$	—	$	459,206
MRE contract revenue - affiliate	58,663		—		—		—		58,663
Lease income	—		55,072		—		—		55,072
Maintenance revenue	—		52,370		—		—		52,370
Asset sales revenue	—		38,461		—		—		38,461
Other revenue (1)	—		3,292		—		—		3,292
Total revenues	517,869		149,195		—		—		667,064

Expenses
Cost of sales	328,153		34,769		—		—		362,922
Operating expenses	10,545		10,146		18,401		—		39,092
General and administrative	—		—		1,829		—		1,829
Acquisition and transaction expenses	599		3,571		2,896		—		7,066
Depreciation and amortization	3,930		50,226		1,122		—		55,278
Total expenses	343,227		98,712		24,248		—		466,187

Other income (expense)
Interest expense	—		—		(60,784)		—		(60,784)
Equity in earnings (losses) of unconsolidated entities (2)	767		(1,083)		—		(3,908)		(4,224)
Gain on sale to the 2025 Partnership - affiliate	—		4,609		—		—		4,609
Other income	—		2,103		1,467		—		3,570
Total other income (expense)	767		5,629		(59,317)		(3,908)		(56,829)
Income (loss) before income taxes	175,409		56,112		(83,565)		(3,908)		144,048
Provision for (benefit from) income taxes	26,815		14,500		(14,985)		—		26,330
Net income (loss)	148,594		41,612		(68,580)		(3,908)		117,718
Less: Dividends on preferred shares	—		—		3,709		—		3,709

Net income (loss) attributable to shareholders	$	148,594	$	41,612	$	(72,289)	$	(3,908)	$	114,009

(1)Includes servicing fees of $3,035 for the three months ended September 30, 2025 from the 2025 Partnership.

(2)Includes the profit elimination of $(3,908) for the three months ended September 30, 2025 for sales to the 2025 Partnership within the Aerospace Products segment.

IV. For the Nine Months Ended September 30, 2025


	Nine Months Ended September 30, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	1,144,317	$	—	$	—	$	—	$	1,144,317
MRE Contract revenue - affiliate	228,886		—		—		—		228,886
Lease income	—		185,951		—		—		185,951
Maintenance revenue	—		175,081		—		—		175,081
Asset sales revenue	—		105,315		—		—		105,315
Other revenue (1)	—		5,827		4		—		5,831
Total revenues	1,373,203		472,174		4		—		1,845,381

Expenses
Cost of sales	874,377		106,517		—		—		980,894
Operating expenses	25,221		28,661		51,976		—		105,858
General and administrative	—		—		7,387		—		7,387
Acquisition and transaction expenses	3,145		7,053		8,649		—		18,847
Depreciation and amortization	11,218		155,710		3,148		—		170,076

Total expenses	913,961		297,941		71,160		—		1,283,062

Other income (expense)
Interest expense	—		—		(186,789)		—		(186,789)

Equity in earnings (losses) of unconsolidated entities (2)	1,594		(2,642)		—		(15,793)		(16,841)
Gain on sale to the 2025 Partnership - affiliate	—		50,083		—		—		50,083
Other income	—		61,696		2,101		—		63,797
Total other income (expense)	1,594		109,137		(184,688)		(15,793)		(89,750)
Income (loss) before income taxes	460,836		283,370		(255,844)		(15,793)		472,569
Provision for (benefit from) income taxes	72,017		58,301		(43,251)		—		87,067
Net income (loss)	388,819		225,069		(212,593)		(15,793)		385,502
Less: Dividends on preferred shares	—		—		13,533		—		13,533
Less: Loss on redemption of preferred shares	—		—		6,327		—		6,327
Net income (loss) attributable to shareholders	$	388,819	$	225,069	$	(232,453)	$	(15,793)	$	365,642

(1)Includes servicing fees of $5,635 for the nine months ended September 30, 2025 from the 2025 Partnership.

(2)Includes the profit elimination of $(15,793) for the nine months ended September 30, 2025 for sales to the 2025 Partnership within the Aerospace Products segment.

Schedule of 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 September 30, 2026
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	10,500	$	247	$	—	$	10,747
Asia	15,105		26,191		—		41,296
Europe	78,486		22,644		—		101,130
North America	787,055		14,673		—		801,728
South America	18,860		3,896		—		22,756
Total revenues (1)	$	910,006	$	67,651	$	—	$	977,657

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


	Nine Months Ended September 30, 2026
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	20,000	$	5,466	$	—	$	25,466
Asia	134,517		62,250		—		196,767
Europe	552,353		81,335		—		633,688
North America	1,773,031		64,000		—		1,837,031
South America	48,948		19,539		—		68,487
Total revenues (1)	$	2,528,849	$	232,590	$	—	$	2,761,439

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 September 30, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	25,720	$	7,919	$	—	$	33,639
Asia	98,644		43,658		—		142,302
Europe	97,302		48,295		—		145,597
North America	286,006		41,803		—		327,809
South America	10,197		7,520		—		17,717
Total revenues (1)	$	517,869	$	149,195	$	—	$	667,064

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


	Nine Months Ended September 30, 2025
	Aerospace Products		Aviation Leasing		Corporate and Other		Total
Revenues
Africa	$	52,202	$	18,713	$	—	$	70,915
Asia	180,930		130,010		4		310,944
Europe	320,618		205,596		—		526,214
North America	791,477		91,668		—		883,145
South America	27,976		26,187		—		54,163
Total revenues (1)	$	1,373,203	$	472,174	$	4	$	1,845,381

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 September 30, 2026:


	September 30, 2026
Remainder of 2026	$	18,004
2027	53,134
2028	35,927
2029	17,972
2030	8,512
Thereafter	5,545
Total	$	139,094

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:


	September 30, 2026 (unaudited)		December 31, 2025
Property, plant and equipment and leasing equipment, net
Africa	$	23,731	$	17,174
Asia	265,007		323,542
Europe	427,055		587,359
North America	273,309		480,977
South America	226,708		256,820
Total property, plant and equipment and leasing equipment, net (1)	$	1,215,810	$	1,665,872

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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+ Details

EQUITY-BASED COMPENSATION - Schedule of Expenses Related to Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation	$ 7,767	$ 5,655	$ 21,446	$ 16,059
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	58,854		58,854
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation	127	127	381	381
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	889		$ 889
Weighted Average Remaining Contractual Term (in years)			6 years 10 months 24 days
Performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation	4,520	3,502	$ 12,882	10,265
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	36,043		$ 36,043
Weighted Average Remaining Contractual Term (in years)			2 years 1 month 6 days
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity-Based Compensation	3,120	$ 2,026	$ 8,183	$ 5,413
Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	$ 21,922		$ 21,922
Weighted Average Remaining Contractual Term (in years)			1 year 1 month 6 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.

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-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

INVESTMENTS - Schedule of Ownership Carrying Values (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025	Jun. 05, 2025	Aug. 31, 2019	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying value, various	$ 11,941	$ 0
Carrying Value	$ 400,883	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	$ 24,710	22,429
2025 Partnership
Schedule of Equity Method Investments [Line Items]
Ownership percentage, equity method	19.00%
Carrying value, equity method	$ 341,248	281,740
2026 Partnership
Schedule of Equity Method Investments [Line Items]
Ownership percentage, equity method	21.00%
Carrying value, equity method	$ 12,932	0
QuickTurn Europe
Schedule of Equity Method Investments [Line Items]
Ownership percentage, equity method	50.00%		50.00%
Carrying value, equity method	$ 10,052	$ 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

EQUITY-BASED COMPENSATION - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2026 USD ($) shares	Sep. 30, 2025 USD ($) 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	$ 12.2	$ 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	$ 15.2	$ 5.5
Vesting period	3 years	3 years
Restricted Shares \| Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of restricted shares	$ 0.9	$ 0.8
Vesting period	1 year	1 year
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares) \| shares	5,600,000

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2026 USD ($) aircraft $ / shares	Sep. 30, 2025 USD ($) aircraft $ / shares	Sep. 30, 2026 USD ($) aircraft $ / shares	Sep. 30, 2025 USD ($) aircraft $ / shares	Dec. 31, 2025 USD ($)
Accounting Policies [Line Items]
Research and development	$ 22,014	$ 0	$ 41,461	$ 0
Insurance recoveries	0	0	49,545	54,325
Allowance for doubtful accounts	28,400		28,400		$ 28,400
Provision for credit losses	0	100	0	276
Writeoff and recovery, net	$ 0	$ 100	0	46,800
Contract liabilities, affiliate					$ 0
Revenue recognized from contract liabilities			0
Advanced disbursement from affiliates			$ 234,000	$ 0
Common stock dividends declared (in dollars per share) \| $ / shares	$ 0.50	$ 0.35	$ 1.45	$ 0.95
Series D Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share) \| $ / shares	$ 0.59	0.59
Series C Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share) \| $ / shares		$ 0.52
Customer Concentration Risk \| Sales Revenue \| Customer One \| Aerospace Products
Accounting Policies [Line Items]
Concentration risk (as a percent)	37.00%	16.00%	27.00%	12.00%
Customer Concentration Risk \| Sales Revenue \| Customer Two \| Aerospace Products
Accounting Policies [Line Items]
Concentration risk (as a percent)	14.00%	11.00%	20.00%
Customer Concentration Risk \| Sales Revenue \| Customer Three \| Aerospace Products
Accounting Policies [Line Items]
Concentration risk (as a percent)	14.00%
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	0	8	15	45
Gain on sale of assets	$ 0	$ 4,609	$ 17,633	$ 50,083

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

9 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Cash flows from operating activities:

Net income

$ 413,601

$ 385,502

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

Equity in (earnings) losses of unconsolidated entities

^[1],[2]

(24,540)

16,841

Gain on insurance recoveries

(49,545)

(54,325)

Security deposits and maintenance claims included in earnings

(6,763)

(24,919)

Equity-based compensation

21,446

16,059

Depreciation and amortization

142,570

170,076

Deferred income taxes

13,148

77,559

Change in fair value of guarantees

1,255

2,460

Amortization of lease intangibles and incentives

18,243

31,843

Amortization of deferred financing costs

9,026

8,772

Provision for credit losses

276

Other

4,807

710

Change in:

Accounts receivable

52,927

(38,968)

Contract liabilities - affiliate

234,000

Inventory

(885,934)

(391,908)

Other assets

(112,055)

(64,011)

Accounts payable and accrued liabilities

105,209

100,739

Management fees payable to affiliate

(960)

Other liabilities

32,289

(22,568)

Net cash used in operating activities

(333,017)

(131,666)

Cash flows from investing activities:

Investment in unconsolidated entities

(129,540)

(188,698)

Return of capital from unconsolidated entities

67,352

27,113

Principal collections on finance leases

1,580

Principal collections on notes receivable

2,823

4,328

Acquisition of business, net of cash acquired

(37,133)

Acquisition of leasing equipment

(298,126)

(489,781)

Investments in financing receivables

(2,764)

Investment in promissory notes

(4,754)

Acquisition of property, plant and equipment

(66,373)

(17,511)

Acquisition of lease intangibles

(1,034)

2,757

Deposits for acquisition of leasing equipment

^[3]

(34,446)

(58,646)

Proceeds from settlement of insurance claims

49,533

54,325

Proceeds from deposits on sale of leasing equipment

6,405

Return of deposits for acquisition of leasing equipment

^[3]

8,362

45,151

Net cash provided by investing activities

757,672

722,668

Cash flows from financing activities:

Proceeds from debt

1,225,000

430,000

Repayment of debt

(1,225,000)

(430,000)

Payment of deferred financing costs

(12,123)

(524)

Receipt of security deposits under operating lease agreements

1,005

4,490

Return of security deposits under operating lease agreements

(1,514)

(3,469)

Receipt of maintenance deposits under operating lease agreements

15,420

40,284

Release of maintenance deposits under operating lease agreements

(5,720)

(5,452)

Share repurchases

(49,955)

Settlement of equity-based compensation

(33,611)

(1,497)

Redemption of preferred shares

(105,493)

(124,167)

Cash dividends - ordinary shares

(138,554)

(92,305)

Cash dividends - preferred shares

(8,962)

(13,533)

Net cash used in financing activities

(339,507)

(196,173)

Net increase in cash and cash equivalents and restricted cash

85,148

394,829

Cash and cash equivalents and restricted cash, beginning of period

300,626

115,266

Cash and cash equivalents and restricted cash, end of period

385,774

510,095

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

47,181

32,996

Acquisition of leasing equipment in accrued liabilities

(2,303)

(22,634)

Purchase deposits reclassified to leasing equipment from other assets upon acquisition

(52,817)

Accounts receivable settled with maintenance deposits

(10,427)

(23,883)

Nonrelated Party

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

Gain on sale of assets

(285,068)

(294,761)

Cash flows from investing activities:

Proceeds from sale of assets

988,218

890,434

Equity Method Investee

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

Gain on sale of assets

(17,633)

(50,083)

Cash flows from investing activities:

Deposits for acquisition of leasing equipment

(2,932)

(23,473)

Proceeds from sale of assets

175,657

485,108

Return of deposits for acquisition of leasing equipment

$ 2,932

$ 42,813

[1]	Includes the profit elimination of $(21,652) for the nine months ended September 30, 2026 (2025 - $(15,793)) for sales to the SCI Partnerships within the Aerospace Products segment.
[2]	Includes the profit elimination of $(5,055) and $(21,652) for the three and nine months ended September 30, 2026, respectively (2025 - $(3,908) and $(15,793), respectively), for sales to the SCI Partnerships.
[3]	Includes deposits for acquisition of leasing equipment paid on behalf of the SCI Partnerships of $2,932 for the nine months ended September 30, 2026 (2025 - $23,473), and return of deposits for the acquisition of leasing equipment reimbursed from the SCI Partnerships of $2,932 for the nine months ended September 30, 2026 (2025 - $42,813).

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 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 based on either the variable interest entity (“VIE”) model or voting interest entity (“VOE”) model. All intercompany balances and transactions have been eliminated in consolidation. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. When assessing an entity for consolidation, the Company first evaluates whether it has a variable interest in the entity. The Company does not consolidate any entity for which it does not have a variable interest. The Company next determines whether the entity is a VIE. Under ASC 810-10-15-14, an entity is a VIE if, by design, (i) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (ii) the holders of the equity investment at risk as a group lack the power to direct the activities that most significantly affect the entity’s economic performance, the obligation to absorb its expected losses, or the right to receive its expected residual returns; or (iii) the voting rights of some investors are not proportionate to their obligations to absorb the entity’s expected losses or rights to receive its expected residual returns, and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. For limited partnerships and similar entities, the holders of the equity investment at risk lack the power described in (ii) unless a simple majority or lower threshold of the limited partners (excluding the general partner, entities under common control with the general partner, and other parties acting on behalf of the general partner) hold substantive kick-out rights or participating rights. For this purpose, kick-out rights include the ability to dissolve (liquidate) the partnership without cause. The Company consolidates a VIE when it concludes it is the primary beneficiary. The primary beneficiary is defined as the variable interest holder with (a) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company does not consolidate an entity if it is not deemed to be its primary beneficiary. Entities that do not qualify as VIEs are assessed for consolidation as VOEs. The Company consolidates a VOE when the Company owns the majority of an entity’s voting interests or otherwise has the ability to control the entity. For limited partnerships in which the Company is the general partner, the Company is presumed to control the partnership unless the limited partners hold substantive kick-out or participating rights. The Company applies the equity method of accounting for investments in entities that it does not control but over which it exercises significant influence. 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 and sale 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 CFM56-5B, CFM56-7B 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. In certain transactions, the Company may receive noncash consideration from a customer in the form of engines or modules. Such noncash consideration is measured at fair value at the time of the sale and is included in the transaction price used to recognize revenue. Aerospace products revenue also consists of engine management service contracts, where the Company has a stand-ready obligation to provide replacement CFM56-5B and CFM56-7B 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 - affiliate—MRE Contract revenue - affiliate 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 and second partnership of the Strategic Capital Initiative (the “2025 Partnership” and “2026 Partnership”, respectively; collectively the “SCI Partnerships”). The net cash purchase price received by the Company is contractual and customary market-based compensation for fulfilling such performance obligations. MRE Contract revenue - affiliate 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 SCI Partnerships, along with corresponding costs of sales. Refer to Note 10 “Affiliate Transactions and Former Management Agreement” for additional information on the SCI Partnerships 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. Servicing Fees—The Company provides services to the SCI Partnerships related to acquiring, leasing, remarketing and selling aircraft, administering leases and collections, overseeing lessee maintenance and insurance, and obtaining valuations. The Company receives customary, market-based servicing fees in exchange for the services rendered. Servicing fees are recognized over time as the services are performed and are included in Other revenue on the Company’s Consolidated Statements of Operations.
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 37%, 14% and 14% of its revenue from three customers in the Aerospace Products segment during the three months ended September 30, 2026, and 27% and 20% of its revenue from two customers in the Aerospace Products segment during the nine months ended September 30, 2026. The Company earned 16% and 11% of its revenue from two customers in the Aerospace Products segment during the three months ended September 30, 2025, and 12% of its revenue from one customer in the Aerospace Products segment during the nine months ended September 30, 2025. As of September 30, 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.
Contract Liabilities - Affiliate	Contract Liabilities - affiliate—Contract liabilities - affiliate represent cash received from J&F Power Systems LLC ("J&F") in advance of delivery of equipment orders.
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 a part 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 did not elect the practical expedient or make the accounting policy election provided by the ASU and, accordingly, the amendments did not 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.

EARNINGS PER SHARE AND EQUITY

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(in thousands, except share and per share data)	2026		2025		2026		2025
Net income	$	150,608	$	117,718	$	413,601	$	385,502
Less: Dividends on preferred shares	1,544		3,709		8,962		13,533
Less: Loss on redemption of preferred shares	—		—		3,800		6,327
Net income attributable to shareholders	$	149,064	$	114,009	$	400,839	$	365,642
Weighted Average Ordinary Shares Outstanding - Basic	102,667,105		102,569,415		102,613,229		102,560,285
Weighted Average Ordinary Shares Outstanding - Diluted	104,106,460		103,966,650		104,059,963		103,951,713

Earnings per share:
Basic	$	1.45	$	1.11	$	3.91	$	3.57
Diluted	$	1.43	$	1.10	$	3.85	$	3.52

For the three and nine months ended September 30, 2026, 52,791 shares were excluded from the calculation of Diluted EPS (2025 - none).

During the three and nine months ended September 30, 2026, the Company issued 578 and 1,493 ordinary shares, respectively, to certain directors as compensation (2025 - 835 and 1,511, respectively).

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.

In June 2026, the Company redeemed in full the outstanding 4,200,000 8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares at a redemption price equal to $25.00 per share in cash.

Share Repurchases

On September 15, 2026, the Company’s Board of Directors authorized and approved a share repurchase program (the “Share Repurchase Program”) under which the Company may repurchase up to $500 million of its outstanding ordinary shares. The Company’s repurchases under the Share Repurchase Program may be made from time to time at management’s discretion on the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations.

During the three months ended September 30, 2026, the Company repurchased and cancelled 260.2 thousand ordinary shares at an aggregate cost of $49.95 million and an average price of $192.00 per ordinary share. At September 30, 2026, $450.05 million remained available for repurchase under the share repurchase program.

Refer to Note 14 “Subsequent Events” for additional information related to the share repurchase program subsequent to September 30, 2026.

EQUITY-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met		Weighted Average Remaining Contractual Term (in years)
	2026		2025		2026		2025
Stock Options	$	127	$	127	$	381	$	381	$	889	6.9
Performance shares	4,520		3,502		12,882		10,265		36,043		2.1
Restricted Shares	3,120		2,026		8,183		5,413		21,922		1.1
Total	$	7,767	$	5,655	$	21,446	$	16,059	$	58,854

INVESTMENTS

9 Months Ended

Sep. 30, 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	September 30, 2026 (unaudited)		December 31, 2025
Advanced Engine Repair JV	Equity method	25%	$	24,710	$	22,429
2025 Partnership	Equity method	19%	341,248		281,740
2026 Partnership	Equity method	21%	12,932		—
QuickTurn Europe	Equity method	50%	10,052		9,987

Other	Various	Various	11,941		—

			$	400,883	$	314,156

The Company did not recognize any other-than-temporary impairments for the three and nine months ended September 30, 2026 and 2025.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Advanced Engine Repair JV	$	2,498	$	668	$	2,281	$	1,576
2025 Partnership (1)	23,334		(4,992)		31,164		(18,436)
2026 Partnership (1)	(7,068)		—		(7,068)		—
QuickTurn Europe	71		100		65		19
Other	(1,902)		—		(1,902)		—

Total	$	16,933	$	(4,224)	$	24,540	$	(16,841)

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 nine months ended September 30, 2026, the Company invested $95.1 million in the 2025 Partnership, and received $66.8 million in distributions from 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 unaffiliated limited partners hold substantive kick-out rights over the Company as general partner. 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 - affiliate is eliminated through equity method earnings and will be recognized over time as the 2025 Partnership generates income from leasing and sales activities.

2026 Partnership

During the three months ended September 30, 2026, the Company invested $20.0 million in the 2026 Partnership. The 2026 Partnership is an investment focused on acquiring 737NG and A320ceo on-lease narrowbody aircraft, for which the Company is the Servicer and holds a 21% limited partner ownership. The unaffiliated limited partners hold substantive kick-out rights over the Company as general partner. The Company exercises significant influence over this investment and accounts for this as an equity method investment. 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 2026 Partnership under ASC 606. The profit from the MRE Contract revenue - affiliate is eliminated through equity method earnings and will be recognized over time as the 2026 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.

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

3 Months Ended

9 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Sep. 30, 2026

Sep. 30, 2025

Revenues

Total revenues

$ 977,657

$ 667,064

$ 2,761,439

$ 1,845,381

Expenses

Cost of sales

623,821

362,922

1,783,871

980,894

Operating expenses

62,327

39,092

175,434

105,858

Research and development

22,014

41,461

General and administrative

2,305

1,829

6,963

7,387

Acquisition and transaction expenses

5,030

7,066

27,090

18,847

Depreciation and amortization

43,295

55,278

142,570

170,076

Total expenses

758,792

466,187

2,177,389

1,283,062

Other (expense) income

Interest expense

(65,119)

(60,784)

(190,628)

(186,789)

Equity in earnings (losses) of unconsolidated entities

^[1]

16,933

(4,224)

24,540

^[2]

(16,841)

^[2]

Other income

2,168

3,570

57,324

63,797

Total other expense

(46,018)

(56,829)

(91,131)

(89,750)

Income before income taxes

172,847

144,048

492,919

472,569

Provision for income taxes

22,239

26,330

79,318

87,067

Net income

150,608

117,718

413,601

385,502

Less: Dividends on preferred shares

1,544

3,709

8,962

13,533

Less: Loss on redemption of preferred shares

3,800

6,327

Net income attributable to shareholders

$ 149,064

$ 114,009

$ 400,839

$ 365,642

Earnings per share:

Basic (in dollars per share)

$ 1.45

$ 1.11

$ 3.91

$ 3.57

Diluted (in dollars per share)

$ 1.43

$ 1.10

$ 3.85

$ 3.52

Weighted average shares outstanding:

Basic (in shares)

102,667,105

102,569,415

102,613,229

102,560,285

Diluted (in shares)

104,106,460

103,966,650

104,059,963

103,951,713

Equity Method Investee

Other (expense) income

Gain on sale to the 2025 Partnership - affiliate

$ 0

$ 4,609

$ 17,633

$ 50,083

Aerospace products revenue

Revenues

Total revenues

780,598

459,206

1,995,412

1,144,317

MRE Contract revenue

Revenues

Total revenues

129,408

58,663

533,437

228,886

Lease income

Revenues

Total revenues

25,281

55,072

92,938

185,951

Maintenance revenue

Revenues

Total revenues

27,292

52,370

83,684

175,081

Asset sales revenue

Revenues

Total revenues

5,886

38,461

32,995

105,315

Other revenue

Revenues

Total revenues

^[3]

$ 9,192

$ 3,292

$ 22,973

$ 5,831

[1]	Includes the profit elimination of $(5,055) and $(21,652) for the three and nine months ended September 30, 2026, respectively (2025 - $(3,908) and $(15,793), respectively), for sales to the SCI Partnerships.
[2]	Includes the profit elimination of $(21,652) for the nine months ended September 30, 2026 (2025 - $(15,793)) for sales to the SCI Partnerships within the Aerospace Products segment.
[3]	Includes servicing fees of $4,704 and $17,553 for the three and nine months ended September 30, 2026, respectively (2025 - $3,035 and $5,635, respectively), from the SCI Partnerships.

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions		1 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Jun. 05, 2025	Aug. 31, 2019	Dec. 31, 2016	Sep. 30, 2026	Sep. 30, 2026	Dec. 31, 2025
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments		$ 13.5	$ 15.0
Ownership percentage		25.00%	25.00%	25.00%	25.00%
2025 Partnership
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments					$ 95.1	$ 291.5
Ownership percentage				19.00%	19.00%
Distributions received					$ 66.8
2026 Partnership
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments				$ 20.0
Ownership percentage				21.00%	21.00%
QuickTurn Europe
Schedule of Equity Method Investments [Line Items]
Payments to acquire equity method investments	$ 10.5
Ownership percentage	50.00%			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

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

Sep. 30, 2026

Dec. 31, 2025

Accounting Policies [Abstract]

Notes receivable

$ 214,981

$ 216,298

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

175,799

79,806

Other

79,350

112,260

Other current assets

^[1]

$ 470,130

$ 408,364

[1]	Includes receivables from the SCI Partnerships of $3,086 as of September 30, 2026 (December 31, 2025 - $20,681).

Cover page - shares	9 Months Ended
Cover page - shares	Sep. 30, 2026	Oct. 30, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		102,261,586
Entity Central Index Key	0001590364
Document Fiscal Year Focus	2026
Amendment Flag	false
Document Fiscal Period Focus	Q3
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
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

LEASING EQUIPMENT, NET

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

LEASING EQUIPMENT, NET

3. LEASING EQUIPMENT, NET

Leasing equipment, net is summarized as follows:




	September 30, 2026 (unaudited)		December 31, 2025
Leasing equipment	$	1,389,689	$	2,057,624
Less: Accumulated depreciation	(354,650)		(511,820)
Leasing equipment, net	$	1,035,039	$	1,545,804

The Company identified certain assets in its leasing equipment portfolio with indicators of impairment. During the three and nine months ended September 30, 2026 and 2025, these indicators of impairment did not result in the Company recording any transactional impairment charges.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Depreciation expense for leasing equipment	$	38,067	$	51,050	$	127,187	$	158,185

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482645/405-30-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Reflects the estimated amount of loss from the specified contingency as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASING EQUIPMENT, NET - Schedule of Depreciation Expense for Leasing Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025
Property, Plant, and Equipment [Abstract]
Depreciation expense for leasing equipment	$ 38,067	$ 51,050	$ 127,187	$ 158,185

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

3 Months Ended

9 Months Ended

Jun. 29, 2026

aircraft

Dec. 30, 2024

aircraft

May 28, 2024

USD ($)

May 27, 2024

Sep. 30, 2026

USD ($)

Sep. 30, 2025

USD ($)

Sep. 30, 2026

USD ($)

Sep. 30, 2025

USD ($)

Total revenues

$ 977,657

$ 667,064

$ 2,761,439

$ 1,845,381

Purchase deposits

^[1]

34,446

58,646

Return of deposits for acquisition of leasing equipment

^[1]

8,362

45,151

Advanced disbursement from affiliates

234,000

Payment to purchase partnership interest

$ 30

Service fee markup percent

10.00%

MRE Contract revenue

Total revenues

129,408

58,663

533,437

228,886

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

Purchase deposits

2,932

23,473

Return of deposits for acquisition of leasing equipment

2,932

42,813

Number of aircrafts committed to be sold | aircraft

Net purchase price

700,000

Equity Method Investee | Servicing Fees

Total revenues

4,704

3,035

17,553

5,635

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

Total revenues

129,400

$ 58,700

$ 533,400

$ 228,900

Equity Method Investee | J&F Power Systems LLC

Payments to acquire equity method investments

$ 2,500

Ownership percentage, equity method

49.00%

Advanced disbursement from affiliates

$ 234,000

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 SCI Partnerships of $2,932 for the nine months ended September 30, 2026 (2025 - $23,473), and return of deposits for the acquisition of leasing equipment reimbursed from the SCI Partnerships of $2,932 for the nine months ended September 30, 2026 (2025 - $42,813).

LEASING EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of Leasing Equipment, Net and Depreciation Expense

Leasing equipment, net is summarized as follows:




	September 30, 2026 (unaudited)		December 31, 2025
Leasing equipment	$	1,389,689	$	2,057,624
Less: Accumulated depreciation	(354,650)		(511,820)
Leasing equipment, net	$	1,035,039	$	1,545,804

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Depreciation expense for leasing equipment	$	38,067	$	51,050	$	127,187	$	158,185

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Current:
Ireland	$	16,393	$	2,867	$	42,589	$	6,300
Cayman Islands	—		—		—		—
Bermuda	5,232		—		12,497		—
United States:
Federal	(529)		(7,859)		1,879		—
State and local	(159)		1,518		565		3,063
Other Non-Ireland including Pillar Two top-up tax	3,353		44		8,640		145
Total current provision	24,290		(3,430)		66,170		9,508
Deferred:
Ireland	(2,047)		17,045		12,111		47,957
Cayman Islands	—		—		—		—
Bermuda	839		8,052		2,518		18,689
United States:
Federal	(2,013)		7,092		91		12,524
State and local	(159)		(1,496)		565		950
Other Non-Ireland	1,329		(933)		(2,137)		(2,561)
Total deferred provision	(2,051)		29,760		13,148		77,559

Total provision for income taxes	$	22,239	$	26,330	$	79,318	$	87,067

DEBT, NET (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt, Net

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


	September 30, 2026 (unaudited)				December 31, 2025
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable
Revolving Credit Facility (1)	$	—	(i) Base Rate + 0.25% - 1.00%; or (ii) Adjusted Term SOFR Rate + 1.25% - 2.00%	4/24/31	$	—
Total loans payable	—				—
Bonds payable
Senior Notes due 2028 (2)	1,000,690		5.50%	5/1/28	1,000,995
Senior Notes due 2030 (3)	497,792		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)	497,968		5.88%	4/15/33	497,784
Total bonds payable	3,496,450				3,496,249
Debt	3,496,450				3,496,249
Less: Debt issuance costs	(40,935)				(47,358)
Total debt, net	$	3,455,515			$	3,448,891

Total debt due within one year	$	—			$	—

(1)Requires a quarterly commitment fee at a rate of 0.15% - 0.30% on the average daily unused portion, as well as customary letter of credit fees and agency fees. Both the quarterly commitment fee and the margin for the Base Rate and Adjusted Term SOFR Rate are based upon the debt to EBITDA ratio as of the end of the most recent fiscal quarter.

(2)Includes an unamortized premium of $690 at September 30, 2026 (December 31, 2025 - $995).

(3)Includes an unamortized discount of $2,208 at September 30, 2026 (December 31, 2025 - $2,530).

(4)Includes an unamortized discount of $2,032 at September 30, 2026 (December 31, 2025 - $2,216).

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.9-06)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480657/210-10-S50-9

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a))
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Section 55
-Paragraph 69B
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
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+ Details

SEGMENT INFORMATION - Schedule of Contracted Minimum Future Annual Revenues (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Segment Reporting [Abstract]
Remainder of 2026	$ 18,004
2027	53,134
2028	35,927
2029	17,972
2030	8,512
Thereafter	5,545
Total	$ 139,094

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

3 Months Ended

9 Months Ended

Sep. 30, 2026

Sep. 30, 2025

Sep. 30, 2026

Sep. 30, 2025

Statement [Line Items]

Equity in earnings (losses) of unconsolidated entities

^[1]

$ 16,933

$ (4,224)

$ 24,540

^[2]

$ (16,841)

^[2]

Purchase deposits

^[3]

34,446

58,646

Return of deposits for acquisition of leasing equipment

^[3]

8,362

45,151

Equity Method Investee

Statement [Line Items]

Purchase deposits

2,932

23,473

Return of deposits for acquisition of leasing equipment

2,932

42,813

Eliminations

Statement [Line Items]

Equity in earnings (losses) of unconsolidated entities

$ (5,055)

$ (3,908)

$ (21,652)

$ (15,793)

[1]	Includes the profit elimination of $(5,055) and $(21,652) for the three and nine months ended September 30, 2026, respectively (2025 - $(3,908) and $(15,793), respectively), for sales to the SCI Partnerships.
[2]	Includes the profit elimination of $(21,652) for the nine months ended September 30, 2026 (2025 - $(15,793)) for sales to the SCI Partnerships within the Aerospace Products segment.
[3]	Includes deposits for acquisition of leasing equipment paid on behalf of the SCI Partnerships of $2,932 for the nine months ended September 30, 2026 (2025 - $23,473), and return of deposits for the acquisition of leasing equipment reimbursed from the SCI Partnerships of $2,932 for the nine months ended September 30, 2026 (2025 - $42,813).

- 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of of Cash and Noncash Related Activities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025
Accounting Policies [Abstract]
Cost of modules and parts sold sourced from engines originally within leasing equipment	$ 11,262	$ 22,429
Transfers of engines from leasing equipment to inventory for manufacturing and sale	107,658	219,732
Transfers of inventory to leasing equipment for rebuilding and sale of engines	(235,244)	(228,691)
Total outflows related to manufacturing modules and parts - included in net cash used in operating activities	(964,904)	(478,642)
Cash received for assets sold sourced from leasing equipment - inflow included in net cash used in operating activities	23,619	54,853
Cash received for sales of leasing equipment that include components sourced from inventory - inflow included in net cash provided by investing activities	795,322	635,865
Cash paid for engine and aircraft inventory - outflow included in net cash used in operating activities	$ (728,205)	$ (127,260)

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	14. SUBSEQUENT EVENTS Dividends On October 27, 2026, the Company’s Board of Directors declared a cash dividend on its ordinary shares and eligible participating securities of $0.50 per share for the three months ended September 30, 2026, payable on November 23, 2026 to the holders of record on November 10, 2026. Additionally, on October 27, 2026, the Company’s Board of Directors also declared cash dividends on the Series D Preferred Shares of $0.59 per share, payable on December 15, 2026 to the holders of record on December 1, 2026. Share repurchases Subsequent to September 30, 2026 and through the period ended October 30, 2026, the Company repurchased and retired 187.18 thousand ordinary shares at an aggregate cost of $30.00 million and an average price of $160.27 per ordinary share. Accelerated Share Repurchase On October 27, 2026, the Company’s Board of Directors approved a $500.0 million increase to the Company’s share repurchase program, bringing the total authorization to $1.0 billion. In connection with the increased authorization, the Company has entered into an accelerated share repurchase agreement with Royal Bank of Canada to repurchase $500.0 million of its ordinary shares. The Company expects to complete the transaction during the fourth quarter of 2026. Following completion of the ASR, approximately $420.0 million will remain available under the share repurchase program which will expire in 2027.

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	267,784								267,784
Total comprehensive income	267,784								267,784
Redemption of preferred shares	(117,840)				(49)	(117,791)
Loss on redemption of preferred shares	(6,327)					(6,327)
Issuance of ordinary shares	913					913
Dividends declared - ordinary and preferred shares		$ (61,534)	$ (9,824)				$ (61,534)	$ (9,824)
Equity-based compensation	10,404					10,404
Ending balance at Jun. 30, 2025	164,944			1,026	68	(30,831)			194,681
Beginning balance at Dec. 31, 2024	81,368			1,026	117	153,328			(73,103)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	385,502
Ending balance at Sep. 30, 2025	252,464			1,026	68	(26,549)			277,919
Beginning balance at Jun. 30, 2025	164,944			1,026	68	(30,831)			194,681
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	117,718								117,718
Total comprehensive income	117,718								117,718
Issuance of ordinary shares	124					124
Dividends declared - ordinary and preferred shares		(30,771)	(3,709)							$ (30,771)	$ (3,709)
Equity-based compensation	5,655					5,655
Net settlement on vesting of equity awards	(1,497)					(1,497)
Ending balance at Sep. 30, 2025	252,464			1,026	68	(26,549)			277,919
Beginning balance at Dec. 31, 2025	334,174			1,026	68	50,567			282,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	262,993								262,993
Total comprehensive income	262,993								262,993
Redemption of preferred shares	(101,693)				(42)	(57,492)			(44,159)
Loss on redemption of preferred shares	(3,800)								(3,800)
Issuance of ordinary shares	710					710
Dividends declared - ordinary and preferred shares		(87,194)	(7,418)							(87,194)	(7,418)
Equity-based compensation	13,679					13,679
Net settlement on vesting of equity awards	(7,464)					(7,464)
Ending balance at Jun. 30, 2026	403,987			1,026	26	0			402,935
Beginning balance at Dec. 31, 2025	334,174			1,026	68	50,567			282,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	413,601
Ending balance at Sep. 30, 2026	433,356			1,024	26	0			432,306
Beginning balance at Jun. 30, 2026	403,987			1,026	26	0			402,935
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	150,608								150,608
Total comprehensive income	150,608								150,608
Share repurchases	(49,955)			(2)					(49,953)
Dividends declared - ordinary and preferred shares		$ (51,360)	$ (1,544)							$ (51,360)	$ (1,544)
Equity-based compensation	7,767					7,767
Net settlement on vesting of equity awards	(26,147)					(7,767)			(18,380)
Ending balance at Sep. 30, 2026	$ 433,356			$ 1,024	$ 26	$ 0			$ 432,306

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 3,496,450	$ 3,496,249
Less: Debt issuance costs	(40,935)	(47,358)
Total debt, net	3,455,515	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
Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Quarterly commitment fee rate	0.15%
Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Quarterly commitment fee rate	0.30%
Line of Credit \| Revolving Credit Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread (as a percent)	0.25%
Line of Credit \| Revolving Credit Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread (as a percent)	1.00%
Line of Credit \| Revolving Credit Facility \| Adjusted Term SOFR Rate \| Minimum
Debt Instrument [Line Items]
Basis spread (as a percent)	1.25%
Line of Credit \| Revolving Credit Facility \| Adjusted Term SOFR Rate \| Maximum
Debt Instrument [Line Items]
Basis spread (as a percent)	2.00%
Senior Notes
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 3,496,450	3,496,249
Senior Notes \| Senior Notes due 2028
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 1,000,690	1,000,995
Stated percentage	5.50%
Unamortized premium	$ 690	995
Senior Notes \| Senior Notes due 2030
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 497,792	497,470
Stated percentage	7.88%
Unamortized discount	$ 2,208	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	$ 497,968	497,784
Stated percentage	5.88%
Unamortized discount	$ 2,032	$ 2,216

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2026	Feb. 28, 2025	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Sep. 15, 2026
Class of Stock [Line Items]
Antidilutive shares (in shares)			52,791	0	52,791	0
Stocks issued during period for services (in shares)			578	835	1,493	1,511
Stock repurchase program, authorized amount							$ 500,000
Stock repurchased and cancelled (in shares)			260,200
Share repurchases aggregate cost			$ 49,955
Average price (in dollars per share)			$ 192.00
Share repurchase program, remaining available amount			$ 450,050		$ 450,050
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares
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		$ 2,400
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Class of Stock [Line Items]
Preferred shares redeemed (in shares)	4,200,000
Preferred stock, dividend rate percentage	8.25%
Redemption price per share (in dollars per share)	$ 25.00

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

Sep. 30, 2026

Dec. 31, 2025

Statement [Line Items]

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)

102,448,764

102,573,283

Common stock, shares outstanding (in shares)

102,448,764

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)

2,600,000

6,800,000

Preferred stock, shares outstanding (in shares)

2,600,000

6,800,000

Accounts receivable, net

^[1]

$ 155,638

$ 209,907

Other current assets

^[2]

470,130

408,364

Equity Method Investee

Statement [Line Items]

Accounts receivable, net

10,951

47,294

Other current assets

$ 3,086

$ 20,681

[1]	Includes accounts receivable from the SCI Partnerships of $10,951 as of September 30, 2026 (December 31, 2025 - $47,294).
[2]	Includes receivables from the SCI Partnerships of $3,086 as of September 30, 2026 (December 31, 2025 - $20,681).

EARNINGS PER SHARE AND EQUITY (Tables)

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(in thousands, except share and per share data)	2026		2025		2026		2025
Net income	$	150,608	$	117,718	$	413,601	$	385,502
Less: Dividends on preferred shares	1,544		3,709		8,962		13,533
Less: Loss on redemption of preferred shares	—		—		3,800		6,327
Net income attributable to shareholders	$	149,064	$	114,009	$	400,839	$	365,642
Weighted Average Ordinary Shares Outstanding - Basic	102,667,105		102,569,415		102,613,229		102,560,285
Weighted Average Ordinary Shares Outstanding - Diluted	104,106,460		103,966,650		104,059,963		103,951,713

Earnings per share:
Basic	$	1.45	$	1.11	$	3.91	$	3.57
Diluted	$	1.43	$	1.10	$	3.85	$	3.52

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)

9 Months Ended

Sep. 30, 2026

Intangible Assets and Liabilities Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets and Liabilities

Intangible assets and liabilities, net are summarized as follows:


	September 30, 2026 (unaudited)		December 31, 2025
Intangible assets
Acquired favorable lease intangibles	$	3,489	$	17,245
Less: Accumulated amortization	(1,496)		(8,935)
Acquired favorable lease intangibles, net	1,993		8,310
Acquired customer relationships	12,607		12,607
Less: Accumulated amortization	(2,122)		(988)
Acquired customer relationships, net	10,485		11,619
Total intangible assets, net	$	12,478	$	19,929

Intangible liabilities
Acquired unfavorable lease intangibles	$	5,970	$	7,688
Less: Accumulated amortization	(2,926)		(2,132)
Acquired unfavorable lease intangibles, net	$	3,044	$	5,556

Schedule of Weighted Average Amortization Period of Intangible Assets

The weighted average amortization period of acquired intangible assets during the nine months ended September 30, 2026 is as follows:


			Weighted Average Amortization Period
Lease intangibles			1.2 years
Customer relationships			10.1 years
Total intangible assets			7.3 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 September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Lease intangibles	Lease income	$	(242)	$	534	$	6	$	5,893
Customer relationships	Depreciation and amortization	373		95		1,130		314
Total		$	131	629		$	1,136	6,207

Schedule of Net Annual Amortization of Intangibles

As of September 30, 2026, estimated net annual amortization of intangibles is as follows (unaudited):


Remainder of 2026	$	150
2027	657
2028	1,290
2029	1,273
2030	1,193
Thereafter	4,871
Total	$	9,434

DEBT, NET - Narrative (Details)	Apr. 24, 2026 USD ($)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 2,025,000,000.000
Letter of Credit
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 50,000,000.0

- 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

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2026 USD ($)
Intangible Asset, Finite-Lived, after Accumulated Amortization, Estimated Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2026	$ 150
2027	657
2028	1,290
2029	1,273
2030	1,193
Thereafter	4,871
Total	$ 9,434

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 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.

INTANGIBLE ASSETS AND LIABILITIES, NET

9 Months Ended

Sep. 30, 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:


	September 30, 2026 (unaudited)		December 31, 2025
Intangible assets
Acquired favorable lease intangibles	$	3,489	$	17,245
Less: Accumulated amortization	(1,496)		(8,935)
Acquired favorable lease intangibles, net	1,993		8,310
Acquired customer relationships	12,607		12,607
Less: Accumulated amortization	(2,122)		(988)
Acquired customer relationships, net	10,485		11,619
Total intangible assets, net	$	12,478	$	19,929

Intangible liabilities
Acquired unfavorable lease intangibles	$	5,970	$	7,688
Less: Accumulated amortization	(2,926)		(2,132)
Acquired unfavorable lease intangibles, net	$	3,044	$	5,556

The weighted average amortization period of acquired intangible assets during the nine months ended September 30, 2026 is as follows:


			Weighted Average Amortization Period
Lease intangibles			1.2 years
Customer relationships			10.1 years
Total intangible assets			7.3 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 September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Lease intangibles	Lease income	$	(242)	$	534	$	6	$	5,893
Customer relationships	Depreciation and amortization	373		95		1,130		314
Total		$	131	629		$	1,136	6,207

As of September 30, 2026, estimated net annual amortization of intangibles is as follows (unaudited):


Remainder of 2026	$	150
2027	657
2028	1,290
2029	1,273
2030	1,193
Thereafter	4,871
Total	$	9,434

FAIR VALUE MEASUREMENTS - Schedule of Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Sep. 30, 2026	Dec. 31, 2025
Senior Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 988,980	$ 1,001,880
Senior Notes due 2030
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	509,100	531,735
Senior Notes due 2031
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	698,159	737,618
Senior Notes due 2032
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	792,136	842,240
Senior Notes due 2033
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 471,990	$ 508,525

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 27, 2026	Oct. 30, 2026	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2026	Sep. 15, 2026
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)			$ 0.50	$ 0.35	$ 1.45	$ 0.95
Stock repurchased and cancelled (in shares)			260,200
Share repurchases aggregate cost			$ 49,955
Average price (in dollars per share)			$ 192.00
Stock repurchase program, authorized amount								$ 500,000
Share repurchase program, remaining available amount			$ 450,050		$ 450,050
Series D Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)			$ 0.59	$ 0.59
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.50
Stock repurchased and cancelled (in shares)		187,180
Share repurchases aggregate cost		$ 30,000
Average price (in dollars per share)		$ 160.27
Stock repurchase program, additional authorized amount	$ 500,000
Stock repurchase program, authorized amount	1,000,000
Subsequent Event \| Forecast
Subsequent Event [Line Items]
Share repurchase program, remaining available amount							$ 420,000
Subsequent Event \| Accelerated Share Repurchase Agreement with Royal Bank of Canada
Subsequent Event [Line Items]
Stock repurchase program, authorized amount	$ 500,000
Subsequent Event \| Series D Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.59

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Weighted Average Amortization Period of Intangible Assets (Details)	9 Months Ended
	Sep. 30, 2026
Intangible Asset, Finite-Lived [Line Items]
Weighted Average Amortization Period	7 years 3 months 18 days
Lease intangibles
Intangible Asset, Finite-Lived [Line Items]
Weighted Average Amortization Period	1 year 2 months 12 days
Customer relationships
Intangible Asset, Finite-Lived [Line Items]
Weighted Average Amortization Period	10 years 1 month 6 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

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+ Details

FAIR VALUE MEASUREMENTS - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2026	Sep. 30, 2025	Sep. 30, 2026	Sep. 30, 2025	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantees	$ 13.3		$ 13.3		$ 12.0
Undiscounted future payments, potential pay out	43.0		$ 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			6 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	$ 0.4	$ 1.3	$ 2.5

- 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

DEBT, NET

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

DEBT, NET

6. DEBT, NET

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


	September 30, 2026 (unaudited)				December 31, 2025
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable
Revolving Credit Facility (1)	$	—	(i) Base Rate + 0.25% - 1.00%; or (ii) Adjusted Term SOFR Rate + 1.25% - 2.00%	4/24/31	$	—
Total loans payable	—				—
Bonds payable
Senior Notes due 2028 (2)	1,000,690		5.50%	5/1/28	1,000,995
Senior Notes due 2030 (3)	497,792		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)	497,968		5.88%	4/15/33	497,784
Total bonds payable	3,496,450				3,496,249
Debt	3,496,450				3,496,249
Less: Debt issuance costs	(40,935)				(47,358)
Total debt, net	$	3,455,515			$	3,448,891

Total debt due within one year	$	—			$	—

(2)Includes an unamortized premium of $690 at September 30, 2026 (December 31, 2025 - $995).

(3)Includes an unamortized discount of $2,208 at September 30, 2026 (December 31, 2025 - $2,530).

(4)Includes an unamortized discount of $2,032 at September 30, 2026 (December 31, 2025 - $2,216).

The Company was in compliance with all debt covenants as of September 30, 2026.

Revolving Credit Facility

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.

- 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.

+ References

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