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FAIR VALUE MEASUREMENTS - Components of Fair Value, Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Senior Notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt payable	$ 649,383	$ 613,152
Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt payable	416,432	402,032
Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt payable	963,630	853,490
Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of debt payable	$ 521,440	$ 0

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table presents the significant components of net loss from discontinued operations:


	Year Ended December 31,
	2022		2021
Revenues
Total revenues	$	140,009	$	120,219
Expenses
Cost of sales	12,732		—
Operating expense	92,478		98,541
General and administrative expenses	2,694		3,961
Acquisition and transaction expenses	13,971		4,030
Management fees and incentive allocation to affiliate	8,134		15,638
Depreciation and amortization	40,319		54,016
Interest expense	15,105		16,019
Total expenses	185,433		192,205
Equity in losses of unconsolidated entities	(46,600)		(11,331)
Gain on sale of assets, net	258		16

Other (expense) income	(1,423)		(8,727)
Total other expense	(47,765)		(20,042)
Loss before income taxes	(93,189)		(92,028)
Provision for (benefit from) income taxes	8,227		(4,183)
Net loss from discontinued operations, net of income taxes	(101,416)		(87,845)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(18,817)		(26,472)
Net loss attributable to shareholders	$	(82,599)	$	(61,373)

The following table summarizes depreciation and amortization, capital expenditures, and other significant operating and investing noncash items of discontinued operations for each period presented:


	Year Ended December 31,
	2022		2021
Operating activities:
Equity in losses of unconsolidated entities	$	46,601	$	11,331
Depreciation and amortization	40,319		54,016
Equity-based compensation	2,623		4,038
Investing activities:
Acquisition of property, plant and equipment	$	(129,920)	$	(140,896)
Acquisition of business, net of cash acquired	(3,819)		(627,090)
Investment in unconsolidated entities	(7,954)		53,055
Proceeds from sale of property, plant and equipment	5,289		4,494
Non-cash change in equity method investment	(182,963)		(129,907)
Conversion of interests in unconsolidated entities	(21,302)		—

Summarized financial data for Long Ridge Terminal LLC are shown in the following table.


Income Statement	2022		2021


Total revenues	$	15,199	$	85,638

Expenses
Operating expenses	36,693		28,310

Depreciation and amortization	29,381		24,836
Interest expense	30,622		11,005


Total expenses	96,696		64,151





Total other expense	(234)		(44,302)
Net loss	$	(81,731)	$	(22,815)

- Definition

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

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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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 us and our subsidiaries.

Principles of Consolidation—We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions. The ownership interest of other investors in consolidated subsidiaries is recorded as non-controlling interest.

We use the equity method of accounting for investments in entities in which we exercise significant influence, but which do not meet the requirements for consolidation. Under the equity method, we record our proportionate share of the underlying net income (loss) of these entities as well as the proportionate interest in adjustments to other comprehensive income (loss).

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.

Risks and Uncertainties—In the normal course of business, we encounter 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 we operate, which could adversely impact the pricing of the services offered by us 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 our leasing equipment or operating assets. Capital market risk is the risk that we are unable to obtain capital at reasonable rates to fund the growth of our business or to refinance existing debt facilities. We, through our subsidiaries, also conduct operations outside of the United States; such international operations are subject to the same risks as those associated with our 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. We do not have significant exposure to foreign currency risk as all of our leasing arrangements are denominated in U.S. dollars.

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

Restricted Cash—Restricted cash is $0.2 million and $19.5 million as of December 31, 2023 and 2022, respectively. The balance as of December 31, 2022 consisted of funds required for the Company’s investment in QuickTurn, as described in Note 4.

Inventory—We hold aircraft engine modules, spare parts and used material inventory for trading, repairs and to support operations. Inventory is carried at the lower of cost or net realizable value on our consolidated balance sheets.

Property, Plant and Equipment, Leasing Equipment and Depreciation—Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows:

Asset

Range of Estimated Useful Lives

Residual Value Estimates

Aircraft

25 years from date of manufacture

Generally not to exceed 15% of manufacturer’s list price when new

Aircraft engines

2 - 6 years, based on maintenance adjusted service life

Sum of engine core salvage value plus the estimated fair value of life limited parts

Aviation tooling and equipment

3 - 6 years from date of purchase

Scrap value at end of useful life

Offshore energy vessels

25 years from date of manufacture

10% of new build cost

Buildings and improvements

40 to 50 years

Scrap value at end of useful life

Machinery and equipment

6 - 23 years

Scrap value at end of useful life

Furniture and fixtures

3 - 6 years from date of purchase

None

Computer hardware and software

2 - 5 years from date of purchase

None

Land

N/A

Construction in progress

N/A

Other

5 - 7 years

N/A

Major improvements and modifications incurred in connection with the acquisition of property, plant and equipment and leasing equipment that are required to get the asset ready for initial service are capitalized and depreciated over the remaining life of the asset. Project costs of major additions and betterments, including capitalizable engineering costs and other costs directly related to the development or construction of project, are capitalized and depreciation commences once it is placed into service. Interest costs directly related to and incurred during the construction period of property, plant and equipment are capitalized.

We review our depreciation policies on a regular basis to determine whether changes have taken place that would suggest that a change in our depreciation policies, useful lives of our equipment or the assigned residual values is warranted.

For planned major maintenance or component overhaul activities for aviation equipment off lease, the cost of such major maintenance or component overhaul event is capitalized and depreciated on a straight-line basis over the period until the next maintenance or component overhaul event is required.

Our offshore energy vessels are required to be drydocked periodically for recertifications or major repairs and maintenance that cannot be performed while the vessels are operating. Normal repairs and maintenance are expensed as incurred. We capitalize the costs associated with the drydockings and amortize them on a straight-line basis over the period between drydockings, usually during a 60 month time span.

In accounting for leasing equipment, we make estimates about the expected useful lives, residual values and the fair value of acquired in-place leases and acquired maintenance liabilities (for aviation equipment). In making these estimates, we rely upon observable market data for the same or similar types of equipment and, in the case of aviation equipment, our own estimates with respect to a lessee’s anticipated utilization of the aircraft or engine. When we acquire leasing equipment subject to an in-place lease, determining the fair value of the in-place lease requires us to make assumptions regarding the current fair values of leases for identical or similar equipment, in order to determine if the in-place lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into lease income over the remaining term of the lease.

Capitalized Interest—The interest cost associated with major development and construction projects are capitalized and included in the cost of the project. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. We capitalized interest of $0.7 million, $2.7 million and $2.4 million during the years ended December 31, 2023, 2022 and 2021, respectively.

Repairs and Maintenance—Repair and maintenance costs that do not extend the lives of the assets are expensed as incurred. Our repairs and maintenance expense was $7.7 million, $7.2 million and $3.2 million during the years ended December 31, 2023, 2022 and 2021, respectively, and are included in Operating expenses in the Consolidated Statements of Operations.

Impairment of Long-Lived Assets—We perform a recoverability assessment of each of our long-lived assets whenever events or changes in circumstances, or indicators, indicate that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant lease restructuring or early lease termination; significant traffic decline; a significant change in market conditions; or the introduction of newer technology aircraft, vessels or engines. When performing a recoverability assessment, we measure whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its net book value. The undiscounted cash flows consist of cash flows from currently contracted leases and contracts, future projected leases, transition costs, estimated down time and estimated residual or scrap values. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge.

Management develops the assumptions used in the recoverability analysis based on its knowledge of active contracts, current and future expectations of the global demand for a particular asset and historical experience in the leasing markets, as well as information received from third party industry sources. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in contracted lease rates, residual values, economic conditions, technology, demand for a particular asset type and other factors.

Security Deposits—Our operating leases generally require the lessee to pay a security deposit or provide a letter of credit. Security deposits are held until specified return dates stipulated in the lease or lease expiration.

Maintenance Payments—Typically, under an operating lease of aircraft, the lessee is responsible for performing all maintenance and is generally required to make maintenance payments to us for heavy maintenance, overhaul or replacement of certain high-value components of the aircraft or engine. These maintenance payments are based on hours or cycles of utilization or on calendar time, depending on the component, and are generally required to be made monthly in arrears. If a lessee is making monthly maintenance payments, we would typically be obligated to reimburse the lessee for costs they incur for heavy maintenance, overhaul or replacement of certain high-value components to the extent of maintenance payments received in respect of the specific maintenance event, usually shortly following the completion of the relevant work.

We record the portion of maintenance payments paid by the lessee that are expected to be reimbursed as maintenance deposit liabilities in the Consolidated Balance Sheets. Reimbursements made to the lessee upon the receipt of evidence of qualifying maintenance work are recorded against the maintenance deposit liability.

In certain acquired leases, we or the lessee may be obligated to make a payment to the other party at lease termination based on redelivery conditions stipulated at the inception of the lease. When the lessee is required to return the aircraft in an improved maintenance condition, we record a maintenance right asset, as a component of other assets, for the estimated value of the end-of-life maintenance payment at acquisition. We recognize payments received as end-of-lease compensation adjustments, within lease income or as a reduction to the maintenance right asset, when payment is received or collectability is assured. In the event we are required to make payments at the end of the lease for redelivery conditions, amounts are accrued as additional maintenance liability and expensed when we are obligated and can reasonably estimate such payments.

Lease Incentives and Amortization—Lease incentives, which include lease acquisition costs related to reconfiguration of the aircraft cabin, other lessee specific modifications and other direct costs, are capitalized and amortized as a reduction of lease income over the primary term of the lease, assuming no lease renewals.

Intangibles and amortization—Intangibles include the value of acquired favorable and unfavorable leases.

In accounting for acquired leasing equipment, we make estimates about the fair value of the acquired leases. In determining the fair value of these leases, we make assumptions regarding the current fair values of leases for identical or similar equipment in order to determine if the acquired lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into lease income over the remaining term of the lease. Acquired lease intangibles are amortized on a straight-line basis over the remaining lease terms, which collectively had a weighted-average remaining amortization period of approximately 47 months as of December 31, 2023, and are recorded as a component of revenues in the accompanying Consolidated Statements of Operations.

Deferred Financing Costs—Costs incurred in connection with obtaining long term financing are capitalized and amortized to interest expense over the term of the underlying loans. Unamortized deferred financing costs of $33.2 million and $29.4 million as of December 31, 2023 and 2022, respectively, are included in Debt, net in the Consolidated Balance Sheets.

We also have unamortized deferred revolver fees related to our revolving debt of $5.1 million and $5.5 million as of December 31, 2023 and 2022, respectively, which are included in Other assets in the Consolidated Balance Sheets.

Amortization expense was $8.9 million, $17.0 million and $19.1 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is included in Interest expense in the Consolidated Statements of Operations.

Discontinued Operations—A disposal of an entity or component of an entity is reported in discontinued operations if the disposal represents a strategic shift that has or will have a material impact on our operations and financial results. See Note 3 for additional information related to our discontinued operations.

Revenues—We disaggregate our revenue by products and services. Revenues are within the scope of ASC 842, Leases, and ASC 606, Revenue from contracts with customers, unless otherwise noted. We have elected to exclude sales and other similar taxes from revenues.

During the third quarter of 2022, we updated our corporate strategy based on the opportunities available in the market such that the sale of aircraft and engines is now an output of our recurring, ordinary activities. As a result of this update, the transaction price allocated to the sale of assets is included in Asset sales revenue in the Consolidated Statements of Operations beginning in the third quarter of 2022 and are accounted for in accordance with ASC 606. The corresponding net book values of the assets sold are recorded in Cost of sales in the Consolidated Statement of Operations beginning in the third quarter of 2022. Sales transactions of aircraft and engines prior to the third quarter of 2022 were accounted for in accordance with ASC 610-20, Gains and losses from the derecognition of nonfinancial assets and were included in Gain on sale of assets, net on the Consolidated Statements of Operations, as we were previously only occasionally selling these assets. Generally, assets sold were under leasing arrangements prior to sales and were included in Leasing equipment, net, on the Consolidated Balance Sheets.

Operating Leases—We lease 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 customer is placed on non-accrual status and revenue is recognized when cash payments are received.

Generally, under our 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 our 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 we are 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, we are not required to return any unused or excess maintenance payments to the lessee.

Maintenance payments received for which we expect to repay to the lessee are presented as Maintenance deposits in our Consolidated Balance Sheets. All excess maintenance payments received that we do not expect to repay to the lessee are recorded as Maintenance revenue on our Consolidated Statements of Operations. Estimates in recognizing revenue include mean time between removal, projected costs for engine maintenance and forecasted utilization of aircraft 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 we enter 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 customer 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 our 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. We routinely sell leasing equipment to customers and such transactions are considered recurring and ordinary in nature to our 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 over an asset to a customer. Revenue is recorded with corresponding costs of sales, presented on a gross basis in the Consolidated Statements of Operations.

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

Leasing Arrangements—At contract inception, we evaluate whether an arrangement is or contains a lease for which we are the lessee (that is, arrangements which provide us with the right to control a physical asset for a period of time). Operating lease right-of-use (“ROU”) assets and lease liabilities are included in Other assets and Other liabilities in our Consolidated Balance Sheets, respectively. Finance lease ROU assets are recognized in Other assets and lease liabilities are recognized in Other liabilities in our Consolidated Balance Sheets.

All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets, for both operating and finance leases,

are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. Operating lease ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. The finance lease ROU assets are subsequently amortized using the straight-line method.

Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability and is recorded in Operating expenses in the Consolidated Statements of Operations. Variable lease payments, which are primarily based on usage, are recognized when the associated activity occurs.

We have elected to combine lease and non-lease components for all lease contracts where we are the lessee. Additionally, for arrangements with lease terms of 12 months or less, we do not recognize ROU assets, and lease liabilities and lease payments are recognized on a straight-line basis over the lease term with variable lease payments recognized in the period in which the obligation is incurred.

Concentration of Credit Risk—We are subject to concentrations of credit risk with respect to amounts due from customers. We attempt to limit our credit risk by performing ongoing credit evaluations. No single customer accounted for greater than 10% of total revenue during the years ended December 31, 2023 and 2022. We earned 11% of our revenue from one customer in the Aviation Leasing segment during the year ended December 31, 2021.

As of December 31, 2023, no single customer accounted for greater than 10% of total accounts receivable, net. As of December 31, 2022, there were two customers in the Aviation Leasing segment that represented 20% and 12% of total accounts receivable, net.

We maintain cash and restricted cash balances, which generally exceed federally insured limits, and subject us to credit risk, in high credit quality financial institutions. We monitor the financial condition of these institutions and have not experienced any losses associated with these accounts.

Allowance for Doubtful Accounts—We determine the allowance for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis. Provision in credit losses is included in Operating expenses in the Consolidated Statements of Operations. The activity in the allowance for doubtful accounts is as follows:


	December 31,
	2023		2022		2021
Allowance at beginning of period	$	65,580	$	17,703	$	4,823
Provision for credit losses	6,583		47,877		12,880
Allowance at end of period	$	72,163	$	65,580	$	17,703

Economic sanctions and export controls against Russia and Russia’s aviation industry were imposed due to its invasion of Ukraine during the first quarter of 2022. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines and our allowance for doubtful accounts at December 31, 2023 includes all accounts receivable exposure to Russian and Ukrainian customers.

Comprehensive Income (Loss)—Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. Our comprehensive income (loss) represents net income (loss), as presented in the Consolidated Statements of Operations, adjusted for comprehensive loss related to cash flow hedges of our equity method investees of discontinued operations. The cash flow impact of commodity derivatives held by our consolidated subsidiaries is recognized in Change in fair value of non-hedge derivatives in our Consolidated Statements of Cash Flows.

Other Assets—Other assets is primarily comprised of lease incentives of $43.5 million and $37.9 million, purchase deposits of $23.9 million and $6.7 million, notes receivable of $102.3 million and $49.2 million, operating lease right-of-use assets, net of $3.4 million and $3.0 million, and finance leases, net of $3.0 million and $6.4 million, maintenance right assets of $16.3 million and $6.8 million, prepaid expenses of $7.8 million and $1.9 million as of December 31, 2023 and 2022, respectively.

Dividends—Dividends are recorded if and when declared by the Board of Directors. The Board of Directors declared cash dividends of $1.20, $1.26 and $1.32 per ordinary share during each of the years ended December 31, 2023, 2022 and 2021, respectively.

Additionally, the Board of Directors declared cash dividends on the Series A Preferred Shares of $2.06, $2.06 and $2.06 per share for the years ended December 31, 2023, 2022, and 2021, respectively, the Series B Preferred Shares of $2.00, $2.00 and $2.00 per share for the years ended December 31, 2023, 2022 and 2021, respectively, the Series C Preferred Shares of $2.06, $2.06, $1.49 per share for the year ended December 31, 2023, 2022 and 2021, respectively, and the Series D Preferred Shares of $1.78 per share for the year ended December 31, 2023.

Recent Accounting Pronouncements—In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. This ASU modifies the disclosure and presentation requirements of reportable segments. The new guidance requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. In addition, the new guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. This standard is effective retrospectively for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently assessing the impact this guidance will have on our consolidated financial statements and related disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. This ASU enhances the transparency and decision usefulness of income tax disclosures by expanding the disclosures of an entity’s income tax rate reconciliation and disaggregation of income taxes paid and income tax expense. Under the new guidance, public business entities must annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold, if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income (loss) by the applicable statutory income tax rate. This standard is effective prospectively for all public entities for annual periods beginning after December 15, 2024, with early adoption and retrospective application permitted. We are currently assessing the impact this guidance will have on our consolidated financial statements and related disclosures.

INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets and liabilities	$ 15,137	$ 13,913	$ 4,993
Lease income \| Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Lease income	15,126	13,913	4,993
Depreciation and amortization \| Acquired customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 11	$ 0	$ 0

Cover page - USD ($) $ in Billions	12 Months Ended
Cover page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 23, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-37386
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1420784
Entity Address, Address Line One	1345 Avenue of the Americas, 45th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10105
City Area Code	212
Local Phone Number	798-6100
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 3.1
Entity Common Stock, Shares Outstanding		100,245,905
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement for the registrant's 2024 annual meeting, to be filed within 120 days after the close of the registrant's fiscal year, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Registrant Name	FTAI AVIATION LTD.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001590364
Ordinary shares, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Ordinary shares, $0.01 par value per share
Trading Symbol	FTAI
Security Exchange Name	NASDAQ
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIP
Security Exchange Name	NASDAQ
8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIO
Security Exchange Name	NASDAQ
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIN
Security Exchange Name	NASDAQ
9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIM
Security Exchange Name	NASDAQ

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Property, Plant and Equipment Useful Lives (Details)	Dec. 31, 2023	Dec. 01, 2023
Aircraft
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	25 years
Aircraft engines \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	2 years
Aircraft engines \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	6 years
Aviation tooling and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	3 years
Aviation tooling and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	6 years
Offshore energy vessels
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	25 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment		6 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment		23 years
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	40 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	50 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	6 years
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	2 years
Computer hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	5 years
Other \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment		5 years
Other \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment		7 years

INTANGIBLE ASSETS AND LIABILITIES, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets
Total intangible assets, net	$ 50,590	$ 41,955
Intangible liabilities
Acquired unfavorable lease intangibles	3,151	13,152
Less: Accumulated amortization	(1,389)	(2,607)
Acquired unfavorable lease intangibles, net	1,762	10,545
Acquired favorable lease intangibles
Intangible assets
Acquired favorable lease intangibles	68,041	64,202
Less: Accumulated amortization	(19,347)	(22,247)
Total intangible assets	48,694	41,955
Acquired customer relationships
Intangible assets
Acquired favorable lease intangibles	1,907	0
Less: Accumulated amortization	(11)	0
Total intangible assets	$ 1,896	$ 0

EARNINGS PER SHARE AND EQUITY - EPS Schedule (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 243,817	$ (110,611)	$ (42,861)
Net loss from discontinued operations, net of income taxes	0	(101,416)	(87,845)
Net income (loss)	243,817	(212,027)	(130,706)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	0	0	0
Discontinued operations	0	(18,817)	(26,472)
Less: Dividends on preferred shares	31,795	27,164	24,758
Net income (loss) attributable to shareholders	212,022	(220,374)	(128,992)
Net income (loss) attributable to shareholders	$ 212,022	$ (220,374)	$ (128,992)
Weighted Average Common Shares Outstanding - Basic (in shares)	99,908,214	99,421,008	89,922,088
Weighted Average Common Shares Outstanding - Diluted (in shares)	100,425,777	99,421,008	89,922,088
Basic
Continuing operations (usd per share)	$ 2.12	$ (1.39)	$ (0.75)
Discontinued operations (usd per share)	0	(0.83)	(0.68)
Diluted
Continuing operations (usd per share)	2.11	(1.39)	(0.75)
Discontinued operations (usd per share)	$ 0	$ (0.83)	$ (0.68)

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	12 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantees	$ 6.8	$ 3.8
Aircrafts sold \| aircraft	7
Guarantees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase in guarantees	$ 4.8
Decrease in fair value	$ 1.8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Line Items]
Restricted cash	$ 150	$ 19,500
Interest paid, capitalized	700	2,700	$ 2,400
Cost of property repairs and maintenance	7,700	7,200	3,200
Unamortized deferred financing costs	(33,150)	(29,400)
Amortization	8,900	17,000	19,100
Provision for doubtful accounts	72,163	65,580	$ 17,703	$ 4,823
ROU asset	3,400	3,000
Maintenance right assets	$ 16,300	$ 6,800
Common stock dividends declared (in dollars per share)	$ 1.20	$ 1.26	$ 1.32
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Maximum \| Drydockings
Accounting Policies [Line Items]
Useful life	60 months
Series A Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 2.06	$ 2.06	2.06
Series B Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	2.00	2.00	2.00
Series C Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	2.06	$ 2.06	$ 1.49
Series D Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 1.78
Other Assets
Accounting Policies [Line Items]
Lease incentive receivable	$ 43,500	$ 37,900
Leasing equipment, purchase deposits	23,900	6,700
Notes receivable	102,300	49,200
Finance leases, net	3,000	6,400
Prepaid expense	7,800	$ 1,900
Major Accounts Receivable Customer, Customer One \| Accounts Receivable \| Customer Concentration Risk
Accounting Policies [Line Items]
Concentration risk percentage		20.00%
Major Accounts Receivable Customer, Customer Two \| Accounts Receivable \| Customer Concentration Risk
Accounting Policies [Line Items]
Concentration risk percentage		12.00%
One Customer \| Sales Revenue, Segment \| Customer Concentration Risk
Accounting Policies [Line Items]
Concentration risk percentage			11.00%
Revolving Credit Facility
Accounting Policies [Line Items]
Unamortized deferred financing costs	$ (5,100)	$ (5,500)
Acquired Leases
Accounting Policies [Line Items]
Estimated useful life in years	47 months

EQUITY-BASED COMPENSATION (Schedule of Stock-based Compensation Arrangements) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Options
Equity-based compensation expense	$ 1,638	$ 0	$ 0
Restricted Shares
Stock Options
Equity-based compensation expense	1,638	$ 0	$ 0
Remaining expense to be recognized, if all vesting conditions are met	$ 7,133
Shares
Shares outstanding, beginning balance (in shares)	0
Granted (in shares)	365,000
Less: exercised/vested (in shares)	0
Less: forfeited/cancelled (in shares)	0
Shares outstanding, ending balance (in shares)	365,000	0
Weighted Average Issuance Price
Shares outstanding (in dollars per share)	$ 24.03	$ 0
Granted (in dollars per share)	24.03
Less: exercised/vested (in dollars per share)	0
Less: forfeited/cancelled (in shares)	$ 0
Aggregate intrinsic value (in thousands)	$ 8,771
Weighted average remaining contractual term (in years)	3 years 6 months
Stock Options
Options
Options outstanding, beginning balance (in shares)	1,735,316
Granted (in shares)	248,947
Less: exercised (in shares)	1,368,086
Less: forfeited and canceled (in shares)	0
Options outstanding, ending balance (in shares)	616,177	1,735,316
Weighted Average Exercise Price
Options outstanding (in dollars per share)	$ 23.78	$ 22.67
Granted (in dollars per share)	26.11
Less: exercised/vested (in dollars per share)	22.80
Less: forfeited and cancelled (in dollars per share)	$ 0
Aggregate intrinsic value (in thousands)	$ 13,939
Weighted average remaining contractual term (in years)	8 years 1 month 6 days

ACQUISITION OF QUICKTURN

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Acquisition of QuickTurn

ACQUISITION OF QUICKTURN

On December 1, 2023, we completed the acquisition of the remaining equity interest of Quick Turn Engine Center LLC (“QuickTurn”) from Unical Aviation Inc. (“Unical”) for total cash consideration of $30.3 million to obtain full ownership with a 100% equity interest. The cash consideration included an additional $2.5 million in other assets acquired.

We acquired QuickTurn to better position the Company to have tighter integration over the development and delivery of aerospace products. QuickTurn is a hospital maintenance and testing facility dedicated to the CFM56 engine located in Miami, Florida that operates within our Aerospace Products segment. The results of operations at QuickTurn have been included in the Consolidated Statements of Operations beginning on the acquisition date. In connection with the acquisition, we recorded $0.2 million of acquisition and transaction expense during the year ended December 31, 2023.

In accordance with ASC 805, the following fair values were assigned to assets acquired and liabilities assumed based on management’s estimates and assumptions and are preliminary. The significant assumptions used to estimate the fair value of the property, plant, and equipment included replacement cost estimates and market data for similar assets where available. The significant assumptions used to estimate the value of the customer relationship intangible assets included discount rate and future revenues and operating expenses. The final valuation and related allocation of the purchase price is subject to change as additional information is received and will be completed no later than 12 months after the closing date. The final acquisition accounting adjustments may be materially different and may include (i) changes in fair values of Property, plant and equipment and associated salvage values; (ii) changes in fair values of Inventory; (iii) changes in allocations to Intangible assets, as well as goodwill; and, (iv) other changes to assets and liabilities, including working capital accounts.

The following table summarizes the preliminary allocation of the Net assets acquired as presented in our Consolidated Balance Sheets:


	December 1, 2023
Fair value of assets acquired:
Cash and cash equivalents	$	518
Restricted cash	150
Accounts receivable, net	5,133
Property, plant, and equipment, net	30,559
Intangible assets	2,377
Inventory, net	9,332
Other assets	4,301
Total assets	52,370
Fair value of liabilities assumed:
Accounts payable and accrued liabilities	3,994
Other liabilities	2,410
Total liabilities	6,404
Goodwill (1)	4,630
Net assets acquired	$	50,596

________________________________________________________

(1) Goodwill is primarily attributable to the assembled workforce of QuickTurn and the synergies expected to be achieved. This goodwill is assigned to the Aerospace Products segment and is deductible for income tax purposes.

The following table presents the identifiable intangible assets and their estimated useful lives:


	Estimated useful life in years	Estimated Fair value
Above market leases	4	$	470
Customer relationships	5	$	1,907
Total		$	2,377

The following table presents the property, plant and equipment and their estimated useful lives:


	Estimated useful life in years	Estimated Fair value
Land	N/A	$	2,840
Buildings and improvements	49	13,790
Machinery and equipment	6 - 23	13,631
Other	5 - 7	298
Total		$	30,559

The unaudited financial information in the table below summarizes the combined results of operations of FTAI and QuickTurn on a pro forma basis. These pro forma results were based on estimates and assumptions which we believe are reasonable. The pro forma adjustments are primarily comprised of the following:

•The allocation of the purchase price and related adjustments, including adjustments to depreciation and amortization expense related to the fair value of property, plant and equipment and intangible assets acquired;

•Associated tax-related impacts of adjustments.

The following unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2022.


	Year Ended December 31,
	2023		2022
Total revenue	$	1,195,899	$	735,379
Net income (loss) attributable to shareholders	$	206,341	$	(236,786)

INCOME TAXES - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Roll Forward]
Valuation allowance at beginning of period	$ 27,565	$ 9,142	$ 6,794
Change due to current year losses	855	22,094	2,356
Change due to current year releases	(9,821)	(3,671)	(8)
Valuation allowance at end of period	$ 18,599	$ 27,565	$ 9,142

INTANGIBLE ASSETS AND LIABILITIES, NET

12 Months Ended

Dec. 31, 2023

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES, NET

Our intangible assets and liabilities, net are summarized as follows:


	December 31, 2023		December 31, 2022
Intangible assets
Acquired favorable lease intangibles	$	68,041	$	64,202
Less: Accumulated amortization	(19,347)		(22,247)
Acquired favorable lease intangibles, net	48,694		41,955
Acquired customer relationships	1,907		—
Less: Accumulated amortization	(11)		—
Acquired customer relationships, net	1,896		—
Total intangible assets, net	$	50,590	$	41,955

Intangible liabilities
Acquired unfavorable lease intangibles	$	3,151	$	13,152
Less: Accumulated amortization	(1,389)		(2,607)
Acquired unfavorable lease intangibles, net	$	1,762	$	10,545

Intangible assets and liabilities are held within the Aviation Leasing and Aerospace Products segments. Intangible liabilities relate to unfavorable lease intangibles and are included as a component of Other liabilities in the Consolidated Balance Sheets.

Amortization of intangible assets and liabilities is recorded as follows:


	Classification in Consolidated Statements of Operations	Year Ended December 31,
		2023		2022		2021
Lease intangibles	Lease income	$	15,126	$	13,913	$	4,993
Customer relationships:	Depreciation and amortization	11		—		—
Total		$	15,137	$	13,913	$	4,993

As of December 31, 2023, estimated net annual amortization of intangibles is as follows:


2024	$	16,012
2025	12,815
2026	9,012
2027	4,025
2028	3,434
Thereafter	3,530
Total	$	48,828

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION FTAI Aviation Ltd. (“we”, “us”, “our” or the “Company” and formerly “Fortress Transportation and Infrastructure Investors LLC”) is a Cayman Islands exempted company which through its subsidiaries owns, leases, and sells aviation equipment and also develops and manufactures, through a joint venture, and repairs and sells, through our maintenance facility and exclusivity arrangements, aftermarket components for aircraft engines. Additionally, we own and lease offshore energy equipment. We have two reportable segments, (i) Aviation Leasing and (ii) Aerospace Products (see Note 13). On August 1, 2022, the Company completed the spin-off of its infrastructure business into an independent publicly traded company. Accordingly, the operating results of, and costs to separate, the infrastructure business are reported in Net loss from discontinued operations, net of income taxes in the Consolidated Statements of Operations for all periods presented. All amounts and disclosures included in the Notes to Consolidated Financial Statements reflect only the Company's continuing operations unless otherwise noted. For additional information, see Note 3, "Discontinued Operations." On November 10, 2022, the Company completed a reverse merger transaction pursuant to the Agreement and Plan of Merger (the “Merger”) between Fortress Transportation and Infrastructure Investors LLC (“FTAI”) and the Company and the parties thereto, with FTAI becoming a subsidiary of the Company. This reverse merger represents a transaction between entities under common control. Upon merger completion, FTAI’s shareholders received one share of the Company’s ordinary shares, Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares in exchange for each share of FTAI’s common shares, Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares, respectively, with the new Shares of FTAI Aviation having substantially similar rights and privileges as the respective FTAI shares being converted. All exchanges were completed without any further action from the shareholders.

EARNINGS PER SHARE AND EQUITY

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND EQUITY

Basic earnings per ordinary share (“EPS”) is calculated by dividing net income (loss) 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.


	Year Ended December 31,
(in thousands, except share and per share data)	2023		2022		2021
Net income (loss) from continuing operations	$	243,817	$	(110,611)	$	(42,861)
Net loss from discontinued operations, net of income taxes	—		(101,416)		(87,845)
Net income (loss)	243,817		(212,027)		(130,706)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	—		—		—
Discontinued operations	—		(18,817)		(26,472)
Less: Dividends on preferred shares	31,795		27,164		24,758
Net income (loss) attributable to shareholders	$	212,022	$	(220,374)	$	(128,992)
Weighted Average Ordinary Shares Outstanding - Basic (1)	99,908,214		99,421,008		89,922,088
Weighted Average Ordinary Shares Outstanding - Diluted (1)	100,425,777		99,421,008		89,922,088

Earnings (loss) per share:
Basic
Continuing operations	$	2.12	$	(1.39)	$	(0.75)
Discontinued operations	$	—	$	(0.83)	$	(0.68)

Diluted
Continuing operations	$	2.11	$	(1.39)	$	(0.75)
Discontinued operations	$	—	$	(0.83)	$	(0.68)

________________________________________________________

(1) Year ended December 31, 2021 includes participating securities which can be converted into a fixed amount of our shares.

The calculation of Diluted EPS excludes 0, 582,200 and 898,299 shares for the years ended December 31, 2023, 2022 and 2021, respectively, because the impact would be anti-dilutive.

During the year ended December 31, 2023, 26,287 ordinary shares were issued to certain directors as compensation.

Ordinary Shares

In September 2021, 12,000,000 ordinary shares, par value $0.01 per share, were issued at a price of $25.50 per share for net proceeds of $291.7 million after deducting underwriting discounts and offering expenses.

In October 2021, the underwriters exercised an option to purchase an additional 1,283,863 ordinary shares, par value $0.01 per share, at a price of $25.50 per share.

See Note 10 for information related to options issued to the Manager in connection with such offering.

Preferred Shares

In March 2023, in a public offering, we issued 2,600,000 shares of 9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares (“Series D Preferred Shares”), par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds before expenses of approximately $63.0 million.

In March 2021, in a public offering, 4,200,000 shares of 8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares (“Series C Preferred Shares”), par value $0.01 per share, were issued with a liquidation preference of $25.00 per share for net proceeds of approximately $101.2 million.

See Note 10 for information related to options issued to the Manager in connection with these offerings.

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Guarantees	$ 6.8	$ 3.8
Guarantor obligations, Maximum exposure, undiscounted	34.7
Minimum
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, range of possible loss	0.0
Loss Contingencies [Line Items]
Loss contingency, range of possible loss	$ 0.0
Guarantor obligations, lease term	4 years
Maximum
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, range of possible loss	$ 3.3
Loss Contingencies [Line Items]
Loss contingency, range of possible loss	$ 3.3
Guarantor obligations, lease term	9 years

LEASING EQUIPMENT, NET - Operating Lease, Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leasing equipment, net
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Depreciation	$ 168,901	$ 152,378	$ 147,444

EARNINGS PER SHARE AND EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted EPS is presented below.


	Year Ended December 31,
(in thousands, except share and per share data)	2023		2022		2021
Net income (loss) from continuing operations	$	243,817	$	(110,611)	$	(42,861)
Net loss from discontinued operations, net of income taxes	—		(101,416)		(87,845)
Net income (loss)	243,817		(212,027)		(130,706)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	—		—		—
Discontinued operations	—		(18,817)		(26,472)
Less: Dividends on preferred shares	31,795		27,164		24,758
Net income (loss) attributable to shareholders	$	212,022	$	(220,374)	$	(128,992)
Weighted Average Ordinary Shares Outstanding - Basic (1)	99,908,214		99,421,008		89,922,088
Weighted Average Ordinary Shares Outstanding - Diluted (1)	100,425,777		99,421,008		89,922,088

Earnings (loss) per share:
Basic
Continuing operations	$	2.12	$	(1.39)	$	(0.75)
Discontinued operations	$	—	$	(0.83)	$	(0.68)

Diluted
Continuing operations	$	2.11	$	(1.39)	$	(0.75)
Discontinued operations	$	—	$	(0.83)	$	(0.68)

________________________________________________________

(1) Year ended December 31, 2021 includes participating securities which can be converted into a fixed amount of our shares.

DEBT, NET - Debt Maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Loans and bonds payable
Debt Instrument [Line Items]
2024	$ 0
2025	650,000
2026	0
2027	400,000
2028	1,000,000
Thereafter	500,000
Total	2,550,000
Revolving Credit Facility
Debt Instrument [Line Items]
2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	0
Total	0
Senior Notes due 2025
Debt Instrument [Line Items]
2024	0
2025	650,000
2026	0
2027	0
2028	0
Thereafter	0
Total	650,000
Senior Notes due 2027
Debt Instrument [Line Items]
2024	0
2025	0
2026	0
2027	400,000
2028	0
Thereafter	0
Total	400,000
Senior Notes due 2028
Debt Instrument [Line Items]
2024	0
2025	0
2026	0
2027	0
2028	1,000,000
Thereafter	0
Total	1,000,000
Senior Notes due 2030
Debt Instrument [Line Items]
2024	0
2025	0
2026	0
2027	0
2028	0
Thereafter	500,000
Total	$ 500,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenues	$ 1,170,896	$ 708,411	$ 335,583
Expenses
Cost of sales	502,132	248,385	14,308
Operating expenses	110,163	132,264	59,615
General and administrative	13,700	14,164	13,448
Acquisition and transaction expenses	15,194	13,207	17,911
Management fees and incentive allocation to affiliate	18,037	3,562	684
Depreciation and amortization	169,877	152,917	147,740
Asset impairment	2,121	137,219	10,463
Interest expense	161,639	169,194	155,017
Total expenses	992,863	870,912	419,186
Other income (expense)
Equity in losses of unconsolidated entities	(1,606)	(369)	(1,403)
Gain on sale of assets, net	0	77,211	49,015
Loss on extinguishment of debt	0	(19,859)	(3,254)
Other income (expense)	7,590	207	(490)
Total other income	5,984	57,190	43,868
Income (loss) from continuing operations before income taxes	184,017	(105,311)	(39,735)
(Benefit from) provision for income taxes	(59,800)	5,300	3,126
Net income (loss) from continuing operations	243,817	(110,611)	(42,861)
Net loss from discontinued operations, net of income taxes	0	(101,416)	(87,845)
Net income (loss)	243,817	(212,027)	(130,706)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	0	0	0
Discontinued operations	0	(18,817)	(26,472)
Less: Dividends on preferred shares	31,795	27,164	24,758
Net income (loss) attributable to shareholders	$ 212,022	$ (220,374)	$ (128,992)
Basic
Continuing operations (usd per share)	$ 2.12	$ (1.39)	$ (0.75)
Discontinued operations (usd per share)	0	(0.83)	(0.68)
Diluted
Continuing operations (usd per share)	2.11	(1.39)	(0.75)
Discontinued operations (usd per share)	$ 0	$ (0.83)	$ (0.68)
Weighted Average Shares Outstanding:
Basic (in shares)	99,908,214	99,421,008	89,922,088
Diluted (in shares)	100,425,777	99,421,008	89,922,088
Lease income
Revenues
Total revenues	$ 207,936	$ 179,314	$ 173,864
Maintenance revenue
Revenues
Total revenues	191,347	148,846	128,819
Asset sales revenue
Revenues
Total revenues	303,141	183,535	0
Aerospace products revenue
Revenues
Total revenues	454,970	178,515	23,301
Other revenue
Revenues
Total revenues	$ 13,502	$ 18,201	$ 9,599

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets and Liabilities Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets and Liabilities

Our intangible assets and liabilities, net are summarized as follows:


	December 31, 2023		December 31, 2022
Intangible assets
Acquired favorable lease intangibles	$	68,041	$	64,202
Less: Accumulated amortization	(19,347)		(22,247)
Acquired favorable lease intangibles, net	48,694		41,955
Acquired customer relationships	1,907		—
Less: Accumulated amortization	(11)		—
Acquired customer relationships, net	1,896		—
Total intangible assets, net	$	50,590	$	41,955

Intangible liabilities
Acquired unfavorable lease intangibles	$	3,151	$	13,152
Less: Accumulated amortization	(1,389)		(2,607)
Acquired unfavorable lease intangibles, net	$	1,762	$	10,545

Schedule of Amortization of Intangibles

Amortization of intangible assets and liabilities is recorded as follows:


	Classification in Consolidated Statements of Operations	Year Ended December 31,
		2023		2022		2021
Lease intangibles	Lease income	$	15,126	$	13,913	$	4,993
Customer relationships:	Depreciation and amortization	11		—		—
Total		$	15,137	$	13,913	$	4,993

Schedule of Net Annual Amortization of Intangibles

As of December 31, 2023, estimated net annual amortization of intangibles is as follows:


2024	$	16,012
2025	12,815
2026	9,012
2027	4,025
2028	3,434
Thereafter	3,530
Total	$	48,828

ORGANIZATION (Details) - 12 months ended Dec. 31, 2023	number_of_segment	segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments	2	2

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS - Amounts due to Manager (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities	$ 112,907	$ 86,452
Accrued management fees \| Manager
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities	224	53
Other payables \| Manager
Related Party Transaction [Line Items]
Accounts payable and accrued liabilities	$ 6,200	$ 4,688

ACQUISITION OF QUICKTURN - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Acquisition and transaction expenses		$ 15,194	$ 13,207	$ 17,911
Quick Turn Engine Center LLC
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 30,300
Percent interest acquired	100.00%
Other assets acquired	$ 2,500
Acquisition and transaction expenses		$ 200

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 18,599	$ 27,565	$ 9,142	$ 6,794
Bermuda
Operating Loss Carryforwards [Line Items]
Deferred tax asset	72,185	$ 0	$ 0
Subsidiaries \| U.S. Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	22,800
Revenue Commissioners, Ireland \| Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	266,400
Inland Revenue Board of Malaysia \| Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	1,600
Inland Revenue, Singapore (IRAS) \| Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	$ 2,100

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($)
$ in Thousands

Total

Ordinary Shares

^[1]

Preferred Shares

^[1]

Additional Paid In Capital

Accumulated Deficit

Accumulated Other Comprehensive Loss

Non-Controlling Interest in Equity of Consolidated Subsidiaries

Beginning balance at Dec. 31, 2020

$ 1,099,321

$ 856

$ 91

$ 1,130,106

$ (28,158)

$ (26,237)

$ 22,663

Increase (Decrease) in Partners' Capital [Roll Forward]

Net loss

(130,706)

(104,234)

(26,472)

Other comprehensive loss

(130,144)

Comprehensive income (loss)

(260,850)

(104,234)

(130,144)

(26,472)

Settlement of equity-based compensation

(421)

Issuance of ordinary shares

323,579

136

323,443

Dividends declared - ordinary shares

(118,009)

Dividends declared - preferred shares

(24,758)

Issuance of preferred shares

101,200

101,158

Equity-based compensation

4,038

Ending balance at Dec. 31, 2021

1,124,100

992

133

1,411,940

(132,392)

(156,381)

(192)

Increase (Decrease) in Partners' Capital [Roll Forward]

Net loss

(212,027)

(193,210)

(18,817)

Other comprehensive loss

(182,963)

Comprehensive income (loss)

(394,990)

(193,210)

(182,963)

(18,817)

Spin-off of FTAI Infrastructure, Inc., net of distributions

(561,181)

(913,342)

339,344

12,817

Acquisition of consolidated subsidiary

3,054

Settlement of equity-based compensation

(148)

Contributions from non-controlling interest

1,187

Issuance of ordinary shares

404

399

Dividends declared - ordinary shares

(128,483)

Dividends declared - preferred shares

(27,164)

Equity-based compensation

2,623

Ending balance at Dec. 31, 2022

19,402

997

133

343,350

(325,602)

524

Increase (Decrease) in Partners' Capital [Roll Forward]

Net loss

243,817

Other comprehensive loss

Comprehensive income (loss)

243,817

Contributions from non-controlling interest

Issuance of ordinary shares

929

924

Dividends declared - ordinary shares

(119,847)

Dividends declared - preferred shares

(31,795)

Issuance of preferred shares

61,729

61,703

Equity-based compensation

1,638

Ending balance at Dec. 31, 2023

$ 175,883

$ 1,002

$ 159

$ 255,973

$ (81,785)

$ 0

$ 534

[1]	Common and Preferred Shares of Fortress Transportation and Infrastructure Investors LLC were exchanged for Ordinary and Preferred Shares of FTAI Aviation Ltd. when the Merger, as detailed in Note 1, was completed on November 10, 2022.

LEASING EQUIPMENT, NET - Additional Details (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) aircraft engine	Dec. 31, 2022
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Impairment charges	$ 120.0
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]			Asset impairment
Aviation Leasing
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Impairment charges		$ 2.1
RUSSIA
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of aircrafts \| aircraft		8
Number of engines \| engine		17

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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 us to develop our 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).

Our 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, our financial instruments other than cash and cash equivalents and restricted cash consist principally of accounts receivable, notes receivable, accounts payable and accrued liabilities, loans payable, 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 our bonds payable reported as Debt, net in the Consolidated Balance Sheets are presented in the table below and classified as Level 2 within the fair value hierarchy:


	December 31, 2023	December 31, 2022
Senior Notes due 2025	649,383	613,152
Senior Notes due 2027	416,432	402,032
Senior Notes due 2028	963,630	853,490
Senior Notes due 2030	521,440	—

The fair value of all other items reported as Debt, net in the Consolidated Balance Sheets approximate their carrying values due to their bearing market rates of interest and are classified as Level 2 within the fair value hierarchy.

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 $6.8 million and $3.8 million as of December 31, 2023 and December 31, 2022, respectively, and are reflected as a component of Other liabilities on the Consolidated Balance Sheets. 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 year ended December 31, 2023, the Company recorded a $4.8 million increase in guarantees related to the sale of seven aircraft and a $1.8 million decrease related to the change in fair value, which is recorded as Asset sales revenue in the Consolidated Statements of Operations.

We measure 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. We record such assets at fair value when it is determined the carrying value may not be recoverable. Fair value measurements for assets subject to impairment tests are based on an income approach which uses Level 3 inputs, which include our assumptions as to future cash flows from operation of the leasing and eventual sale of assets.

- Definition

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

+ References + Details

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	100,245,905	99,716,621
Common stock, shares outstanding (in shares)	100,245,905	99,716,621
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	15,920,000	13,320,000
Preferred stock, shares outstanding (in shares)	15,920,000	13,320,000

EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Arrangements

The Consolidated Statements of Operations includes the following expense related to our stock-based compensation arrangements:


	December 31,						Remaining Expense To Be Recognized, If All Vesting Conditions Are Met
	2023		2022		2021

Restricted Shares	$	1,638	$	—	$	—	$	7,133

The following tables present information for our stock options and restricted shares:


	Stock Options			Restricted shares
	Options	Weighted Average Exercise Price		Shares	Weighted Average Issuance Price
Outstanding as of December 31, 2022	1,735,316	$	22.67	—	—
Granted	248,947	26.11		365,000	24.03
Less: exercised / vested	1,368,086	22.80		—	—
Less: forfeited and canceled	—	—		—	—
Outstanding as of December 31, 2023	616,177			365,000


	Stock Options		Restricted Shares
As of December 31, 2023:
Weighted average exercise / issuance price (per share)	$	23.78	$	24.03
Aggregate intrinsic value (in thousands)	$	13,939	$	8,771
Weighted average remaining contractual term (in years)	8.1		3.5

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following table presents information related to the options granted related to our shares:


		Year Ended December 31,
		2023					2022					2021
Number of options		248,947					—					1,684,318
Fair value ($ millions)		$2.1					$—					$13.8
Ranges
Expected volatility	The expected share volatility is based on an assessment of the volatility of our publicly traded ordinary shares	37.88	%	-	37.88	%	—	%	-	—	%	44.78	%	-	45.60	%
Risk free interest rate	The risk-free rate is determined using the implied yield currently available on U.S. government bonds with a term consistent with the expected term on the date of grant.	3.47	%	-	3.47	%	—	%	-	—	%	1.34	%	-	1.70	%
Expected dividend yield	The expected dividend yield is based on management’s current expected dividend rate.	6.26	%	-	6.26	%	—	%	-	—	%	3.16	%	-	3.64	%
Expected term	Expected term used represents the period of time the options granted are expected to be outstanding.	10 years					0 years					10 years

LEASING EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASING EQUIPMENT, NET

Leasing equipment, net is summarized as follows:


	December 31,
	2023		2022

Leasing equipment	$	2,574,394	$	2,413,230
Less: Accumulated depreciation	(541,981)		(499,677)
Leasing equipment, net	$	2,032,413	$	1,913,553

Economic sanctions and export controls against Russia and Russia’s aviation industry were imposed due to its invasion of Ukraine during the three months ended March 31, 2022. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines. We determined that it is unlikely that we will regain possession of the aircrafts and engines that had not yet been recovered from Ukraine and Russia. As a result, we recognized an impairment charge totaling $120.0 million, net of maintenance deposits, to write-off the entire carrying value of leasing equipment assets that we did not expect to recover from Ukraine and Russia. As of December 31, 2023, eight aircraft and seventeen engines were still located in Russia. Additionally, we identified certain assets in our leasing equipment portfolio with indicators of impairment. As a result, we adjusted the carrying value of these assets to fair value and recognized transactional impairment charges of $2.1 million, net of redelivery compensation during the year ended December 31, 2023.

Depreciation expense for leasing equipment is summarized as follows:


	Year Ended December 31,
	2023		2022		2021
Depreciation expense for leasing equipment	$	168,901	$	152,378	$	147,444

DEBT, NET

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

DEBT, NET

Our debt, net is summarized as follows:


	December 31, 2023				December 31, 2022
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable


Revolving Credit Facility (1)	—		(i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75%	9/20/25	150,000

Total loans payable	—				150,000
Bonds payable


Senior Notes due 2025 (2)	652,043		6.50%	10/1/25	653,036
Senior Notes due 2027	400,000		9.75%	8/1/27	400,000
Senior Notes due 2028 (3)	1,001,746		5.50%	5/1/28	1,002,091
Senior Notes due 2030 (4)	496,704		7.88%	12/1/30	—
Total bonds payable	2,550,493				2,055,127
Debt	2,550,493				2,205,127
Less: Debt issuance costs	(33,150)				(29,400)
Total debt, net	$	2,517,343			$	2,175,727

Total debt due within one year	$	—			$	—

______________________________________________________________________________________

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

(2) Includes unamortized discount of $866 and $1,318 at December 31, 2023 and 2022, respectively, and an unamortized premium of $2,908 and $4,354 at December 31, 2023 and 2022, respectively.

(3) Includes an unamortized premium of $1,746 and $2,091 at December 31, 2023 and 2022, respectively.

(4) Includes unamortized discount of $3,296 at December 31, 2023

On November 21, 2023, we issued $500.0 million aggregate principal amount of senior unsecured notes due 2030 (the “2030 Notes”). The 2030 Notes bear interest at a rate of 7.88% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, commencing on June 1, 2024.

We used a portion of the proceeds to repay $250 million of outstanding borrowings under the Revolving Credit Facility, for general corporate purposes, and the funding of future acquisitions and investments.

On September 20, 2022, the Company amended and restated its Revolving Credit Facility which provides for revolving loans to be made available to the Company in an aggregate principal amount of up to $225.0 million, of which up to $25.0 million may be utilized for the issuance of letters of credit. On November 22, 2022, the Company entered into an additional amendment which provides for additional revolving commitments by Citizens Bank, National Association, as an incremental lender in an aggregate principal amount of $75.0 million (the “Incremental Commitment”). After giving effect to the Incremental Commitment, the aggregate principal amount of the Commitments available to the Company is $300.0 million (the “Revolving Credit Facility”), of which up to $25.0 million may be utilized for the issuance of letters of credit.

In conjunction with the spin-off of FTAI Infrastructure, the Company repaid all outstanding borrowings under its 2021 bridge loans and $200.0 million of its 6.50% senior unsecured notes due 2025, and approximately $175.0 million of the outstanding borrowings under its revolving credit facility. The Company recorded a loss on extinguishment of debt of $19.9 million during the year ended December 31, 2022 as a result of these pay downs.

We were in compliance with all debt covenants as of December 31, 2023.

As of December 31, 2023, scheduled principal repayments under our debt agreements for the next five years and thereafter are summarized as follows:


	2024		2025		2026		2027		2028		Thereafter		Total
Revolving Credit Facility	—		—		—		—		—		—		—
Senior Notes due 2025	—		650,000		—		—		—		—		650,000
Senior Notes due 2027	—		—		—		400,000		—		—		400,000
Senior Notes due 2028	—		—		—		—		1,000,000		—		1,000,000
Senior Notes due 2030	—		—		—		—		—		500,000		500,000
Total principal payments on loans and bonds payable	$	—	$	650,000	$	—	$	400,000	$	1,000,000	$	500,000	$	2,550,000

- 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
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

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-Topic 470
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-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

LEASING EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Lessor, Operating Lease, Carrying Value of Assets Subject to Leases

Leasing equipment, net is summarized as follows:


	December 31,
	2023		2022

Leasing equipment	$	2,574,394	$	2,413,230
Less: Accumulated depreciation	(541,981)		(499,677)
Leasing equipment, net	$	2,032,413	$	1,913,553

Operating Lease, Lease Income

Depreciation expense for leasing equipment is summarized as follows:


	Year Ended December 31,
	2023		2022		2021
Depreciation expense for leasing equipment	$	168,901	$	152,378	$	147,444

SEGMENT INFORMATION - Statement of Income by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenues	$ 1,170,896	$ 708,411	$ 335,583
Expenses
Cost of sales	502,132	248,385	14,308
Operating expenses	110,163	132,264	59,615
General and administrative	13,700	14,164	13,448
Acquisition and transaction expenses	15,194	13,207	17,911
Management fees and incentive allocation to affiliate	18,037	3,562	684
Depreciation and amortization	169,877	152,917	147,740
Asset impairment	2,121	137,219	10,463
Interest expense	161,639	169,194	155,017
Total expenses	992,863	870,912	419,186
Other income (expense)
Equity in losses of unconsolidated entities	(1,606)	(369)	(1,403)
Gain on sale of assets, net		77,211	49,015
Loss on extinguishment of debt	0	(19,859)	(3,254)
Other income (expense)	7,590	207	(490)
Total other income	5,984	57,190	43,868
Income (loss) from continuing operations before income taxes	184,017	(105,311)	(39,735)
(Benefit from) provision for income taxes	(59,800)	5,300	3,126
Net income (loss) from continuing operations	243,817	(110,611)	(42,861)
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	0	0	0
Less: Dividends on preferred shares	31,795	27,164	24,758
Net income (loss) attributable to shareholders from continuing operations	212,022	(137,775)	(67,619)
Equipment Lease income
Revenues
Total revenues	207,936	179,314	173,864
Maintenance revenue
Revenues
Total revenues	191,347	148,846	128,819
Asset sales revenue
Revenues
Total revenues	303,141	183,535	0
Aerospace Product Revenue
Revenues
Total revenues	454,970	178,515	23,301
Other revenue
Revenues
Total revenues	13,502	18,201	9,599
Operating Segments \| Aviation Leasing
Revenues
Total revenues	681,611	502,948	298,121
Expenses
Cost of sales	221,852	138,904	0
Operating expenses	37,876	81,232	32,757
General and administrative	0	0	0
Acquisition and transaction expenses	7,150	1,923	982
Management fees and incentive allocation to affiliate	0	0	0
Depreciation and amortization	158,354	144,258	139,678
Asset impairment	2,121	137,219	10,463
Interest expense	0	0	0
Total expenses	427,353	503,536	183,880
Other income (expense)
Equity in losses of unconsolidated entities	(148)	740	0
Gain on sale of assets, net		59,048	28,631
Loss on extinguishment of debt		0	0
Other income (expense)	1,300	246	(527)
Total other income	1,152	60,034	28,104
Income (loss) from continuing operations before income taxes	255,410	59,446	142,345
(Benefit from) provision for income taxes	(36,193)	2,502	2,073
Net income (loss) from continuing operations	291,603	56,944	140,272
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	0	0	0
Less: Dividends on preferred shares	0	0	0
Net income (loss) attributable to shareholders from continuing operations	291,603	56,944	140,272
Operating Segments \| Aviation Leasing \| Equipment Lease income
Revenues
Total revenues	179,704	159,068	163,733
Operating Segments \| Aviation Leasing \| Maintenance revenue
Revenues
Total revenues	191,347	148,846	128,819
Operating Segments \| Aviation Leasing \| Asset sales revenue
Revenues
Total revenues	303,141	183,535	0
Operating Segments \| Aviation Leasing \| Aerospace Product Revenue
Revenues
Total revenues	0	0	0
Operating Segments \| Aviation Leasing \| Other revenue
Revenues
Total revenues	7,419	11,499	5,569
Operating Segments \| Aerospace Products
Revenues
Total revenues	454,970	178,515	23,301
Expenses
Cost of sales	280,280	109,481	14,308
Operating expenses	20,459	11,967	5,429
General and administrative	0	0	0
Acquisition and transaction expenses	1,722	243	0
Management fees and incentive allocation to affiliate	0	0	0
Depreciation and amortization	661	258	66
Asset impairment	0	0	0
Interest expense	0	0	0
Total expenses	303,122	121,949	19,803
Other income (expense)
Equity in losses of unconsolidated entities	(1,458)	(1,109)	(1,403)
Gain on sale of assets, net		18,163	20,384
Loss on extinguishment of debt		0	0
Other income (expense)	5,347	0	0
Total other income	3,889	17,054	18,981
Income (loss) from continuing operations before income taxes	155,737	73,620	22,479
(Benefit from) provision for income taxes	(24,440)	2,961	1,135
Net income (loss) from continuing operations	180,177	70,659	21,344
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	0	0	0
Less: Dividends on preferred shares	0	0	0
Net income (loss) attributable to shareholders from continuing operations	180,177	70,659	21,344
Operating Segments \| Aerospace Products \| Equipment Lease income
Revenues
Total revenues	0	0	0
Operating Segments \| Aerospace Products \| Maintenance revenue
Revenues
Total revenues	0	0	0
Operating Segments \| Aerospace Products \| Asset sales revenue
Revenues
Total revenues	0	0	0
Operating Segments \| Aerospace Products \| Aerospace Product Revenue
Revenues
Total revenues	454,970	178,515	23,301
Operating Segments \| Aerospace Products \| Other revenue
Revenues
Total revenues	0	0	0
Corporate and Other
Revenues
Total revenues	34,315	26,948	14,161
Expenses
Cost of sales	0	0	0
Operating expenses	51,828	39,065	21,429
General and administrative	13,700	14,164	13,448
Acquisition and transaction expenses	6,322	11,041	16,929
Management fees and incentive allocation to affiliate	18,037	3,562	684
Depreciation and amortization	10,862	8,401	7,996
Asset impairment	0	0	0
Interest expense	161,639	169,194	155,017
Total expenses	262,388	245,427	215,503
Other income (expense)
Equity in losses of unconsolidated entities	0	0	0
Gain on sale of assets, net		0	0
Loss on extinguishment of debt		(19,859)	(3,254)
Other income (expense)	943	(39)	37
Total other income	943	(19,898)	(3,217)
Income (loss) from continuing operations before income taxes	(227,130)	(238,377)	(204,559)
(Benefit from) provision for income taxes	833	(163)	(82)
Net income (loss) from continuing operations	(227,963)	(238,214)	(204,477)
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	0	0	0
Less: Dividends on preferred shares	31,795	27,164	24,758
Net income (loss) attributable to shareholders from continuing operations	(259,758)	(265,378)	(229,235)
Corporate and Other \| Equipment Lease income
Revenues
Total revenues	28,232	20,246	10,131
Corporate and Other \| Maintenance revenue
Revenues
Total revenues	0	0	0
Corporate and Other \| Asset sales revenue
Revenues
Total revenues	0	0	0
Corporate and Other \| Aerospace Product Revenue
Revenues
Total revenues	0	0	0
Corporate and Other \| Other revenue
Revenues
Total revenues	$ 6,083	$ 6,702	$ 4,030

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Dividends On February 22, 2024, our Board of Directors declared a cash dividend on our ordinary shares and eligible participating securities of $0.30 per share for the quarter ended December 31, 2023, payable on March 20, 2024 to the holders of record on March 8, 2024. Additionally, on February 22, 2024, our Board of Directors declared cash dividends on the Series A Preferred Shares, Series B Preferred Shares, Series C Preferred Shares and Series D Preferred Shares of $0.52, $0.50, $0.52 and $0.59 per share, respectively, for the quarter ended December 31, 2023, payable on March 15, 2024 to the holders of record on March 5, 2024.

SUBSEQUENT EVENTS (Details) - $ / shares		12 Months Ended
SUBSEQUENT EVENTS (Details) - $ / shares	Feb. 22, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)		$ 1.20	$ 1.26	$ 1.32
Subsequent Event \| Ordinary Shares
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.30
Subsequent Event \| Series A Preferred Stock
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	0.52
Subsequent Event \| Series B Preferred Stock
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	0.50
Subsequent Event \| Series C Preferred Stock
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	0.52
Subsequent Event \| Series D Preferred Stock
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.59

ACQUISITION OF QUICKTURN - Pro Forma Information (Details) - Quick Turn Engine Center LLC - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Total revenue	$ 1,195,899	$ 735,379
Net income (loss) attributable to shareholders	$ 206,341	$ (236,786)

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance at beginning of period	$ 65,580	$ 17,703	$ 4,823
Allowance at end of period	72,163	65,580	17,703
Continuing Operations
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses	$ 6,583	$ 47,877	$ 12,880

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

Management fees, income incentive allocation and capital gains incentive allocation

The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation from continuing operations:


	Year Ended December 31,
	2023		2022		2021
Management fees	$	921	$	73	$	684
Income incentive allocation	17,116		3,489		—
Capital gains incentive allocation	—		—		—
Total	$	18,037	$	3,562	$	684

Reimbursement to Manager

The following table summarizes our reimbursements to the Manager from continuing operations:


	Year Ended December 31,
	2023		2022		2021
Classification in the Consolidated Statements of Operations:
General and administrative expenses	$	7,137	$	6,891	$	4,915
Acquisition and transaction expenses	678		1,144		2,153
Total	$	7,815	$	8,035	$	7,068

Amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets

The following table summarizes amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets:


	December 31,
	2023		2022
Accrued management fees	$	224	$	53
Other payables	6,200		4,688

ACQUISITION OF QUICKTURN - Property, Plant, and Equipment Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 01, 2023
Quick Turn Engine Center LLC
Business Acquisition [Line Items]
Property, plant, and equipment, net		$ 30,559
Quick Turn Engine Center LLC \| Land
Business Acquisition [Line Items]
Property, plant, and equipment, net		$ 2,840
Quick Turn Engine Center LLC \| Buildings and improvements
Business Acquisition [Line Items]
Useful life		49 years
Property, plant, and equipment, net		$ 13,790
Quick Turn Engine Center LLC \| Machinery and equipment
Business Acquisition [Line Items]
Property, plant, and equipment, net		13,631
Quick Turn Engine Center LLC \| Other
Business Acquisition [Line Items]
Property, plant, and equipment, net		$ 298
Minimum \| Buildings and improvements
Business Acquisition [Line Items]
Useful life	40 years
Minimum \| Machinery and equipment
Business Acquisition [Line Items]
Useful life		6 years
Minimum \| Other
Business Acquisition [Line Items]
Useful life		5 years
Maximum \| Buildings and improvements
Business Acquisition [Line Items]
Useful life	50 years
Maximum \| Machinery and equipment
Business Acquisition [Line Items]
Useful life		23 years
Maximum \| Other
Business Acquisition [Line Items]
Useful life		7 years

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of Accounting

Principles of Consolidation

Use of Estimates

Risks and Uncertainties

Cash and Cash Equivalents

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

Restricted Cash

Inventory

Property, Plant and Equipment, Leasing Equipment and Depreciation

Asset

Range of Estimated Useful Lives

Residual Value Estimates

Aircraft

25 years from date of manufacture

Generally not to exceed 15% of manufacturer’s list price when new

Aircraft engines

2 - 6 years, based on maintenance adjusted service life

Sum of engine core salvage value plus the estimated fair value of life limited parts

Aviation tooling and equipment

3 - 6 years from date of purchase

Scrap value at end of useful life

Offshore energy vessels

25 years from date of manufacture

10% of new build cost

Buildings and improvements

40 to 50 years

Scrap value at end of useful life

Machinery and equipment

6 - 23 years

Scrap value at end of useful life

Furniture and fixtures

3 - 6 years from date of purchase

None

Computer hardware and software

2 - 5 years from date of purchase

None

Land

N/A

Construction in progress

N/A

Other

5 - 7 years

N/A

Capitalized Interest

Repairs and Maintenance

Repairs and Maintenance—Repair and maintenance costs that do not extend the lives of the assets are expensed as incurred.

Impairment of Long-Lived Assets

Security Deposits

Maintenance Payments

Lease Incentives and Amortization

Intangibles and amortization

Intangibles and amortization—Intangibles include the value of acquired favorable and unfavorable leases.

Discontinued Operations

Revenues

Concentration of Credit Risk

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts—We determine the allowance for doubtful accounts based on our assessment of the collectability of our receivables on a customer-by-customer basis.

Comprehensive Income (Loss)

Recent Accounting Pronouncements

Fair Value Measurement

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

•Level 3: Unobservable inputs for which there is little or no market data and which require us to develop our 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).

Variable Interest Entity

The assessment of whether an entity is a VIE and the determination of whether to consolidate a VIE requires judgment. VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated by its primary beneficiary, and only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who has the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE.

SEGMENT INFORMATION - Reconciliation of Adjusted Net Income to Net Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 597,282	$ 428,097	$ 322,828
Add: Non-controlling share of Adjusted EBITDA	0	0	0
Equity in losses of unconsolidated entities	(1,606)	(369)	(1,403)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	(310)	(40)	1,203
Less: Interest expense and dividends on preferred shares	(193,434)	(196,358)	(179,775)
Less: Depreciation and amortization expense	(213,641)	(190,031)	(175,718)
Less: Incentive allocations	(17,116)	(3,489)	0
Asset impairment	(2,121)	(137,219)	(10,463)
Less: Changes in fair value of non-hedge derivative instruments	0	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	0	(19,859)	(3,254)
Less: Acquisition and transaction expenses	(15,194)	(13,207)	(17,911)
Less: Equity-based compensation expense	(1,638)	0	0
(Benefit from) provision for income taxes	59,800	(5,300)	(3,126)
Net income (loss) attributable to shareholders from continuing operations	212,022	(137,775)	(67,619)
Operating Segments \| Aviation Leasing
Segment Reporting Information [Line Items]
Adjusted EBITDA	467,388	380,145	321,446
Equity in losses of unconsolidated entities	(148)	740	0
Asset impairment	(2,121)	(137,219)	(10,463)
Less: Acquisition and transaction expenses	(7,150)	(1,923)	(982)
(Benefit from) provision for income taxes	36,193	(2,502)	(2,073)
Net income (loss) attributable to shareholders from continuing operations	291,603	56,944	140,272
Operating Segments \| Aerospace Products
Segment Reporting Information [Line Items]
Adjusted EBITDA	160,009	74,345	22,745
Equity in losses of unconsolidated entities	(1,458)	(1,109)	(1,403)
Asset impairment	0	0	0
Less: Acquisition and transaction expenses	(1,722)	(243)	0
(Benefit from) provision for income taxes	24,440	(2,961)	(1,135)
Net income (loss) attributable to shareholders from continuing operations	180,177	70,659	21,344
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(30,115)	(26,393)	(21,363)
Equity in losses of unconsolidated entities	0	0	0
Asset impairment	0	0	0
Less: Acquisition and transaction expenses	(6,322)	(11,041)	(16,929)
(Benefit from) provision for income taxes	(833)	163	82
Net income (loss) attributable to shareholders from continuing operations	$ (259,758)	$ (265,378)	$ (229,235)

ACQUISITION OF QUICKTURN - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 01, 2023	Dec. 31, 2022
Fair value of liabilities assumed:
Goodwill	$ 4,630		$ 0
Quick Turn Engine Center LLC
Fair value of assets acquired:
Cash and cash equivalents		$ 518
Restricted cash		150
Accounts receivable, net		5,133
Property, plant, and equipment, net		30,559
Intangible assets		2,377
Inventory, net		9,332
Other assets		4,301
Total assets		52,370
Fair value of liabilities assumed:
Accounts payable and accrued liabilities		3,994
Other liabilities		2,410
Total liabilities		6,404
Goodwill		4,630
Net assets acquired		$ 50,596

SEGMENT INFORMATION - Narrative (Details) - 12 months ended Dec. 31, 2023	number_of_segment	segment
Segment Reporting [Abstract]
Number of reportable segments	2	2

ACQUISITION OF QUICKTURN (Tables)

12 Months Ended

Dec. 31, 2023

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the Net assets acquired as presented in our Consolidated Balance Sheets:


	December 1, 2023
Fair value of assets acquired:
Cash and cash equivalents	$	518
Restricted cash	150
Accounts receivable, net	5,133
Property, plant, and equipment, net	30,559
Intangible assets	2,377
Inventory, net	9,332
Other assets	4,301
Total assets	52,370
Fair value of liabilities assumed:
Accounts payable and accrued liabilities	3,994
Other liabilities	2,410
Total liabilities	6,404
Goodwill (1)	4,630
Net assets acquired	$	50,596

________________________________________________________

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination

The following table presents the identifiable intangible assets and their estimated useful lives:


	Estimated useful life in years	Estimated Fair value
Above market leases	4	$	470
Customer relationships	5	$	1,907
Total		$	2,377

Schedule of Property Plant And Equipment Acquired as Part of Business Combination

The following table presents the property, plant and equipment and their estimated useful lives:


	Estimated useful life in years	Estimated Fair value
Land	N/A	$	2,840
Buildings and improvements	49	13,790
Machinery and equipment	6 - 23	13,631
Other	5 - 7	298
Total		$	30,559

Business Acquisition, Pro Forma Information


	Year Ended December 31,
	2023		2022
Total revenue	$	1,195,899	$	735,379
Net income (loss) attributable to shareholders	$	206,341	$	(236,786)

DEBT, NET - Narrative (Details) - USD ($)			12 Months Ended
DEBT, NET - Narrative (Details) - USD ($)	Nov. 21, 2023	Nov. 22, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 20, 2022
Debt Instrument [Line Items]
Repayments of debt			$ 605,000,000	$ 1,144,529,000	$ 1,553,231,000
Loss on extinguishment of debt			$ 0	$ 19,859,000	$ 3,254,000
Bonds payable \| Senior Notes due 2025
Debt Instrument [Line Items]
Stated rate			6.50%	6.50%
Repayments of debt				$ 200,000,000
Bonds payable \| Senior Notes due 2030
Debt Instrument [Line Items]
Debt, face amount	$ 500,000,000
Stated rate	7.88%		7.88%
Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Repayments of line of credit	$ 250,000,000			$ 175,000,000
Maximum borrowing capacity		$ 300,000,000				$ 225,000,000
Additional revolving commitments		75,000,000
Letter of Credit \| Loans payable
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 25,000,000				$ 25,000,000

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			12 Months Ended
	Mar. 31, 2023	Sep. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 31, 2021
Earnings Per Share [Line Items]
Antidilutive shares excluded from the calculation of diluted EPS (in shares)				0	582,200	898,299
Shares issued for service (in shares)				26,287
Common stock, shares issued (in shares)		12,000,000		100,245,905	99,716,621		1,283,863
Common stock, par value (usd per share)		$ 0.01		$ 0.01	$ 0.01		$ 0.01
Price per share (usd per share)		$ 25.50					$ 25.50
Proceeds from issuance of ordinary shares, net of underwriter's discount		$ 291,700		$ 5	$ 0	$ 323,124
Preferred stock, shares issued (in shares)				15,920,000	13,320,000
Preferred stock, par value (usd per share)				$ 0.01	$ 0.01
Proceeds from issuance of shares, net				$ 61,729	$ 0	$ 101,200
9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Earnings Per Share [Line Items]
Preferred stock, shares issued (in shares)	2,600,000
Stated rate	9.50%
Preferred stock, liquidation preference per share	$ 25.00
Preferred stock, par value (usd per share)	$ 0.01
Proceeds from issuance of shares, net	$ 63,000
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Earnings Per Share [Line Items]
Preferred stock, shares issued (in shares)			4,200,000
Stated rate			8.25%
Preferred stock, liquidation preference per share			$ 25.00
Preferred stock, par value (usd per share)			$ 0.01
Proceeds from issuance of shares, net			$ 101,200

SEGMENT INFORMATION - Location of Long-Lived Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Leasing equipment, net	$ 2,077,588	$ 1,923,567
Africa
Segment Reporting Information [Line Items]
Leasing equipment, net	18,380	7,952
Asia
Segment Reporting Information [Line Items]
Leasing equipment, net	478,120	383,378
Europe
Segment Reporting Information [Line Items]
Leasing equipment, net	934,817	821,840
North America
Segment Reporting Information [Line Items]
Leasing equipment, net	416,811	424,617
South America
Segment Reporting Information [Line Items]
Leasing equipment, net	$ 229,460	$ 285,780

DEBT, NET (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt, net is summarized as follows:


	December 31, 2023				December 31, 2022
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable


Revolving Credit Facility (1)	—		(i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75%	9/20/25	150,000

Total loans payable	—				150,000
Bonds payable


Senior Notes due 2025 (2)	652,043		6.50%	10/1/25	653,036
Senior Notes due 2027	400,000		9.75%	8/1/27	400,000
Senior Notes due 2028 (3)	1,001,746		5.50%	5/1/28	1,002,091
Senior Notes due 2030 (4)	496,704		7.88%	12/1/30	—
Total bonds payable	2,550,493				2,055,127
Debt	2,550,493				2,205,127
Less: Debt issuance costs	(33,150)				(29,400)
Total debt, net	$	2,517,343			$	2,175,727

Total debt due within one year	$	—			$	—

______________________________________________________________________________________

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

(2) Includes unamortized discount of $866 and $1,318 at December 31, 2023 and 2022, respectively, and an unamortized premium of $2,908 and $4,354 at December 31, 2023 and 2022, respectively.

(3) Includes an unamortized premium of $1,746 and $2,091 at December 31, 2023 and 2022, respectively.

(4) Includes unamortized discount of $3,296 at December 31, 2023

Schedule of Maturities of Long-term Debt

As of December 31, 2023, scheduled principal repayments under our debt agreements for the next five years and thereafter are summarized as follows:


	2024		2025		2026		2027		2028		Thereafter		Total
Revolving Credit Facility	—		—		—		—		—		—		—
Senior Notes due 2025	—		650,000		—		—		—		—		650,000
Senior Notes due 2027	—		—		—		400,000		—		—		400,000
Senior Notes due 2028	—		—		—		—		1,000,000		—		1,000,000
Senior Notes due 2030	—		—		—		—		—		500,000		500,000
Total principal payments on loans and bonds payable	$	—	$	650,000	$	—	$	400,000	$	1,000,000	$	500,000	$	2,550,000

- 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/2003/role/exampleRef
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+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Allowance for Credit Loss

The activity in the allowance for doubtful accounts is as follows:


	December 31,
	2023		2022		2021
Allowance at beginning of period	$	65,580	$	17,703	$	4,823
Provision for credit losses	6,583		47,877		12,880
Allowance at end of period	$	72,163	$	65,580	$	17,703

Summary of Property, Plant and Equipment Useful Lives

Property, plant and equipment and leasing equipment are stated at cost (inclusive of capitalized acquisition costs, where applicable) and depreciated using the straight-line method, over estimated useful lives, to estimated residual values which are summarized as follows:

Asset

Range of Estimated Useful Lives

Residual Value Estimates

Aircraft

25 years from date of manufacture

Generally not to exceed 15% of manufacturer’s list price when new

Aircraft engines

2 - 6 years, based on maintenance adjusted service life

Sum of engine core salvage value plus the estimated fair value of life limited parts

Aviation tooling and equipment

3 - 6 years from date of purchase

Scrap value at end of useful life

Offshore energy vessels

25 years from date of manufacture

10% of new build cost

Buildings and improvements

40 to 50 years

Scrap value at end of useful life

Machinery and equipment

6 - 23 years

Scrap value at end of useful life

Furniture and fixtures

3 - 6 years from date of purchase

None

Computer hardware and software

2 - 5 years from date of purchase

None

Land

N/A

Construction in progress

N/A

Other

5 - 7 years

N/A

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT INFORMATION

The key factors used to identify the reportable segments are the organization and alignment of our internal operations and the nature of our products and services. Our two reportable segments are (i) Aviation Leasing and (ii) Aerospace Products. The Aviation Leasing segment owns and manages aviation assets, including aircraft and aircraft engines, which it leases and sells to customers. The Aerospace Products segment develops and manufactures through a joint venture, and repairs and sells, through our maintenance facility and exclusivity arrangements, aftermarket components for aircraft engines. During the fourth quarter of 2023, the Company changed the composition of its operating segments to include V2500 engines within the Aerospace Products segment. Prior periods have been restated to reflect the change in accordance with the requirements of ASC 280, Segment Reporting. See Note 2 for additional information.

Corporate and Other primarily consists of debt, unallocated corporate general and administrative expenses, shared services costs, and management fees. Additionally, Corporate and Other also includes offshore energy related assets, which consist of vessels and equipment that support offshore oil and gas activities and production which are typically subject to operating leases.

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. Our Chief Executive Officer is our Chief Operating Decision Maker (“CODM”). Segment information is presented in the same manner that our CODM reviews the operating results in assessing performance and allocating resources. The CODM evaluates performance for each reportable segment primarily based on Adjusted EBITDA. Historically, the CODM’s assessment of segment performance included asset information. 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 our CODM.

Adjusted EBITDA is defined as net income (loss) attributable to shareholders from continuing operations, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and capital lease obligations, changes in fair value of non-hedge derivative instruments, asset impairment charges, incentive allocations, depreciation and amortization expense, dividends on preferred shares and interest expense, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities, and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities and the non-controlling share of Adjusted EBITDA.

We believe that net income (loss) attributable to shareholders from continuing operations, as defined by U.S. GAAP, is the most appropriate earnings measurement with which to reconcile Adjusted EBITDA. Adjusted EBITDA should not be considered as an alternative to net income (loss) attributable to shareholders as determined in accordance with U.S. GAAP. The following tables set forth certain information for each reportable segment:

The following tables set forth certain information for each reportable segment:

I. For the Year Ended December 31, 2023


	Year Ended December 31, 2023
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	179,704	$	—	$	28,232	$	207,936
Maintenance revenue	191,347		—		—		191,347
Asset sales revenue	303,141		—		—		303,141
Aerospace products revenue	—		454,970		—		454,970
Other revenue	7,419		—		6,083		13,502
Total revenues	681,611		454,970		34,315		1,170,896

Expenses
Cost of sales	221,852		280,280		—		502,132
Operating expenses	37,876		20,459		51,828		110,163
General and administrative	—		—		13,700		13,700
Acquisition and transaction expenses	7,150		1,722		6,322		15,194
Management fees and incentive allocation to affiliate	—		—		18,037		18,037
Depreciation and amortization	158,354		661		10,862		169,877
Asset impairment	2,121		—		—		2,121
Interest expense	—		—		161,639		161,639
Total expenses	427,353		303,122		262,388		992,863

Other income (expense)
Equity in losses of unconsolidated entities	(148)		(1,458)		—		(1,606)
Other income	1,300		5,347		943		7,590
Total other income	1,152		3,889		943		5,984
Income (loss) from continuing operations before income taxes	255,410		155,737		(227,130)		184,017
(Benefit from) provision for income taxes	(36,193)		(24,440)		833		(59,800)
Net income (loss) from continuing operations	291,603		180,177		(227,963)		243,817
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		31,795		31,795
Net income (loss) attributable to shareholders from continuing operations	$	291,603	$	180,177	$	(259,758)	$	212,022

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:


	Year Ended December 31, 2023
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	467,388	$	160,009	$	(30,115)	$	597,282
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in losses of unconsolidated entities							(1,606)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							(310)
Less: Interest expense and dividends on preferred shares							(193,434)
Less: Depreciation and amortization expense							(213,641)
Less: Incentive allocations							(17,116)
Less: Asset impairment charges							(2,121)
Less: Changes in fair value of non-hedge derivative instruments							—
Less: Losses on the modification or extinguishment of debt and capital lease obligations							—
Less: Acquisition and transaction expenses							(15,194)
Less: Equity-based compensation expense							(1,638)
Less: Benefit from income taxes							59,800
Net income attributable to shareholders from continuing operations							$	212,022

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Year Ended December 31, 2023
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	822	$	875	$	—	$	1,697
Asia	101,305		18,364		34,315		153,984
Europe	244,055		120,439		—		364,494
North America	285,421		301,633		—		587,054
South America	50,008		13,659		—		63,667
Total revenues	$	681,611	$	454,970	$	34,315	$	1,170,896

Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of December 31, 2023:


	December 31, 2023
2024	$	193,614
2025	142,060
2026	103,198
2027	73,745
2028	66,142
Thereafter	48,109
Total	$	626,868

II. For the Year Ended December 31, 2022


	Year Ended December 31, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	159,068	$	—	$	20,246	179,314
Maintenance revenue	148,846		—		—		148,846
Asset sales revenue	183,535		—		—		183,535
Aerospace products revenue	—		178,515		—		178,515
Other revenue	11,499		—		6,702		18,201
Total revenues	502,948		178,515		26,948		708,411

Expenses
Cost of sales	138,904		109,481		—		248,385
Operating expenses	81,232		11,967		39,065		132,264
General and administrative	—		—		14,164		14,164
Acquisition and transaction expenses	1,923		243		11,041		13,207
Management fees and incentive allocation to affiliate	—		—		3,562		3,562
Depreciation and amortization	144,258		258		8,401		152,917
Asset impairment	137,219		—		—		137,219
Interest expense	—		—		169,194		169,194
Total expenses	503,536		121,949		245,427		870,912

Other income (expense)
Equity in earnings (losses) of unconsolidated entities	740		(1,109)		—		(369)
Gain on sale of assets, net	59,048		18,163		—		77,211
Loss on extinguishment of debt	—		—		(19,859)		(19,859)
Other income (expense)	246		—		(39)		207
Total other income (expense)	60,034		17,054		(19,898)		57,190
Income (loss) from continuing operations before income taxes	59,446		73,620		(238,377)		(105,311)
Provision for (benefit from) income taxes	2,502		2,961		(163)		5,300
Net income (loss) from continuing operations	56,944		70,659		(238,214)		(110,611)
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		27,164		27,164
Net income (loss) attributable to shareholders from continuing operations	$	56,944	$	70,659	$	(265,378)	$	(137,775)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:


	Year Ended December 31, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	380,145	$	74,345	$	(26,393)	$	428,097
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in losses of unconsolidated entities							(369)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							(40)
Less: Interest expense and dividends on preferred shares							(196,358)
Less: Depreciation and amortization expense							(190,031)
Less: Incentive allocations							(3,489)
Less: Asset impairment charges							(137,219)
Less: Changes in fair value of non-hedge derivative instruments							—
Less: Losses on the modification or extinguishment of debt and capital lease obligations							(19,859)
Less: Acquisition and transaction expenses							(13,207)
Less: Equity-based compensation expense							—
Less: Provision for income taxes							(5,300)
Net loss attributable to shareholders from continuing operations							$	(137,775)

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Year Ended December 31, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	250	$	1,615	$	—	$	1,865
Asia	84,953		12,731		26,948		124,632
Europe	130,128		37,495		—		167,623
North America	245,549		126,597		—		372,146
South America	42,068		77		—		42,145
Total revenues	$	502,948	$	178,515	$	26,948	$	708,411

III. For the Year Ended December 31, 2021


	Year Ended December 31, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	163,733	$	—	$	10,131	$	173,864
Maintenance revenue	128,819		—		—		$	128,819
Asset sales revenue	—		—		—		$	—
Aerospace products revenue	—		23,301		—		$	23,301
Other revenue	5,569		—		4,030		$	9,599
Total revenues	298,121		23,301		14,161		335,583

Expenses
Cost of sales	—		14,308		—		14,308
Operating expenses	32,757		5,429		21,429		59,615
General and administrative	—		—		13,448		13,448
Acquisition and transaction expenses	982		—		16,929		17,911
Management fees and incentive allocation to affiliate	—		—		684		684
Depreciation and amortization	139,678		66		7,996		147,740
Asset impairment	10,463		—		—		10,463
Interest expense	—		—		155,017		155,017
Total expenses	183,880		19,803		215,503		419,186

Other income (expense)
Equity in losses of unconsolidated entities	—		(1,403)		—		(1,403)
Gain on sale of assets, net	28,631		20,384		—		49,015
Loss on extinguishment of debt	—		—		(3,254)		(3,254)
Other (expense) income	(527)		—		37		(490)
Total other income (expense)	28,104		18,981		(3,217)		43,868
Income (loss) from continuing operations before income taxes	142,345		22,479		(204,559)		(39,735)
Provision for (benefit from) income taxes	2,073		1,135		(82)		3,126
Net income (loss) from continuing operations	140,272		21,344		(204,477)		(42,861)
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		24,758		24,758
Net income (loss) attributable to shareholders from continuing operations	$	140,272	$	21,344	$	(229,235)	$	(67,619)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:


	Year Ended December 31, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	321,446	$	22,745	$	(21,363)	$	322,828
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in losses of unconsolidated entities							(1,403)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							1,203
Less: Interest expense and dividends on preferred shares							(179,775)
Less: Depreciation and amortization expense							(175,718)
Less: Incentive allocations							—
Less: Asset impairment charges							(10,463)
Less: Changes in fair value of non-hedge derivative instruments							—
Less: Losses on the modification or extinguishment of debt and capital lease obligations							(3,254)
Less: Acquisition and transaction expenses							(17,911)
Less: Equity-based compensation expense							—
Less: Provision for income taxes							(3,126)
Net loss attributable to shareholders from continuing operations							$	(67,619)

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Year Ended December 31, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	235	$	—	$	—	$	235
Asia	114,313		—		14,161		128,474
Europe	131,205		2,333		—		133,538
North America	41,228		20,968		—		62,196
South America	11,140		—		—		11,140
Total revenues	$	298,121	$	23,301	$	14,161	$	335,583

IV. Location of long-lived assets

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


	December 31, 2023		December 31, 2022
	Total
Property, plant and equipment and leasing equipment, net
Africa	$	18,380	$	7,952
Asia	478,120		383,378
Europe	934,817		821,840
North America	416,811		424,617
South America	229,460		285,780
Total property, plant and equipment and leasing equipment, net	$	2,077,588	$	1,923,567

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

SEGMENT INFORMATION - Summary of Contracted Minimum Future Annual Revenues (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
2024	$ 193,614
2025	142,060
2026	103,198
2027	73,745
2028	66,142
Thereafter	48,109
Total	$ 626,868

SEGMENT INFORMATION - Summary of Geographic Sources of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 1,170,896	$ 708,411	$ 335,583
Africa
Segment Reporting Information [Line Items]
Total revenues	1,697	1,865	235
Asia
Segment Reporting Information [Line Items]
Total revenues	153,984	124,632	128,474
Europe
Segment Reporting Information [Line Items]
Total revenues	364,494	167,623	133,538
North America
Segment Reporting Information [Line Items]
Total revenues	587,054	372,146	62,196
South America
Segment Reporting Information [Line Items]
Total revenues	63,667	42,145	11,140
Operating Segments \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	681,611	502,948	298,121
Operating Segments \| Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	454,970	178,515	23,301
Operating Segments \| Africa \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	822	250	235
Operating Segments \| Africa \| Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	875	1,615	0
Operating Segments \| Asia \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	101,305	84,953	114,313
Operating Segments \| Asia \| Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	18,364	12,731	0
Operating Segments \| Europe \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	244,055	130,128	131,205
Operating Segments \| Europe \| Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	120,439	37,495	2,333
Operating Segments \| North America \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	285,421	245,549	41,228
Operating Segments \| North America \| Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	301,633	126,597	20,968
Operating Segments \| South America \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	50,008	42,068	11,140
Operating Segments \| South America \| Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	13,659	77	0
Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	34,315	26,948	14,161
Corporate and Other \| Africa
Segment Reporting Information [Line Items]
Total revenues	0	0	0
Corporate and Other \| Asia
Segment Reporting Information [Line Items]
Total revenues	34,315	26,948	14,161
Corporate and Other \| Europe
Segment Reporting Information [Line Items]
Total revenues	0	0	0
Corporate and Other \| North America
Segment Reporting Information [Line Items]
Total revenues	0	0	0
Corporate and Other \| South America
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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 our offshore energy business, a lessee did not fulfill its obligation under its charter arrangement, therefore we are pursuing rights afforded to us under the charter and the range of potential losses against the obligation is $0.0 million to $3.3 million. Our maximum exposure under other arrangements is unknown as no additional claims have been made. We believe the risk of loss in connection with such arrangements is remote. The Company has contingent obligations under ASC 460, Guarantees, in connection with certain sales of aircraft on lease. Under the agreements, we provide certain guarantees at the end of the lease term for the condition of the aircraft engines that were sold to the buyer. The guarantees are valued at $6.8 million and $3.8 million as of December 31, 2023 and 2022, respectively, and are reflected as a component of Other liabilities on the Consolidated Balance Sheets. Given variability in the condition of the engines at the end of the lease terms, which range from 4 to 9 years, the maximum potential amount of undiscounted future payments that could be required under the guarantees at December 31, 2023 was $34.7 million, which is not reasonably expected.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Statement of Comprehensive Income [Abstract]

Net income (loss)

$ 243,817

$ (212,027)

$ (130,706)

Other comprehensive loss:

Other comprehensive income related to equity method investees, net, in discontinued operations

^[1]

(182,963)

(129,820)

Changes in pension and other employee benefit accounts in discontinued operations

(324)

Comprehensive income (loss)

243,817

(394,990)

(260,850)

Comprehensive income (loss) attributable to non-controlling interest:

Continuing operations

Discontinued operations

(18,817)

(26,472)

Comprehensive income (loss) attributable to shareholders

$ 243,817

$ (376,173)

$ (234,378)

[1]	Net of deferred tax benefit of $0, $0 and $(2,187) for the years ended December 31, 2023, 2022 and 2021, respectively.

EQUITY-BASED COMPENSATION (Schedule of Share-based Payment Award) (Details) - Stock Options - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Stock Options
Number of options (in shares)	248,947
Manager
Stock Options
Number of options (in shares)	248,947	0	1,684,318
Fair value ($ millions)	$ 2.1	$ 0.0	$ 13.8
Expected term	10 years	0 years	10 years
Manager \| Minimum
Stock Options
Expected volatility	37.88%	0.00%	44.78%
Risk free interest rate	3.47%	0.00%	1.34%
Expected dividend yield	6.26%	0.00%	3.16%
Manager \| Maximum
Stock Options
Expected volatility	37.88%	0.00%	45.60%
Risk free interest rate	3.47%	0.00%	1.70%
Expected dividend yield	6.26%	0.00%	3.64%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 90,756	$ 33,565
Restricted cash	150	19,500
Accounts receivable, net	115,156	99,443
Leasing equipment, net	2,032,413	1,913,553
Property, plant, and equipment, net	45,175	10,014
Investments	22,722	22,037
Intangible assets, net	50,590	41,955
Goodwill	4,630	0
Inventory, net	316,637	163,676
Other assets	286,456	125,834
Total assets	2,964,685	2,429,577
Liabilities
Accounts payable and accrued liabilities	112,907	86,452
Debt, net	2,517,343	2,175,727
Maintenance deposits	65,387	78,686
Security deposits	41,065	32,842
Other liabilities	52,100	36,468
Total liabilities	2,788,802	2,410,175
Commitments and contingencies
Equity
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 100,245,905 and 99,716,621 shares issued and outstanding as of December 31, 2023 and 2022, respectively)	1,002	997
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 15,920,000 and 13,320,000 shares issued and outstanding as of December 31, 2023 and 2022, respectively)	159	133
Additional paid in capital	255,973	343,350
Accumulated deficit	(81,785)	(325,602)
Shareholders' equity	175,349	18,878
Non-controlling interest in equity of consolidated subsidiaries	534	524
Total equity	175,883	19,402
Total liabilities and equity	$ 2,964,685	$ 2,429,577

EQUITY-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

In 2015, we established a Nonqualified Stock Option and Incentive Award Plan (“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 us, each as determined by the Compensation Committee of the Board of Directors.

As of December 31, 2023, the Incentive Plan provides for the issuance of up to 29.8 million shares. We account for equity-based compensation expense in accordance with ASC 718 Compensation-Stock Compensation and is reported within operating expenses and general and administrative in the Consolidated Statements of Operations.

Restricted Shares

During the first quarter of 2023, we issued restricted shares of the Company to select employees of FTAI Aviation LLC (a wholly owned subsidiary of the Company) that had a grant date fair value of $8.8 million and vest over 4.3 years. These awards are subject to continued employment, and the compensation expense is recognized ratably over the vesting periods, with 50% of the units vesting on June 30, 2026 and the remaining units vesting on June 30, 2027. The fair value of these awards were calculated based on the closing price of FTAI Aviation Ltd.’s ordinary shares on grant date of March 13, 2023.

The Consolidated Statements of Operations includes the following expense related to our stock-based compensation arrangements:


	December 31,						Remaining Expense To Be Recognized, If All Vesting Conditions Are Met
	2023		2022		2021

Restricted Shares	$	1,638	$	—	$	—	$	7,133

The following tables present information for our stock options and restricted shares:


	Stock Options			Restricted shares
	Options	Weighted Average Exercise Price		Shares	Weighted Average Issuance Price
Outstanding as of December 31, 2022	1,735,316	$	22.67	—	—
Granted	248,947	26.11		365,000	24.03
Less: exercised / vested	1,368,086	22.80		—	—
Less: forfeited and canceled	—	—		—	—
Outstanding as of December 31, 2023	616,177			365,000


	Stock Options		Restricted Shares
As of December 31, 2023:
Weighted average exercise / issuance price (per share)	$	23.78	$	24.03
Aggregate intrinsic value (in thousands)	$	13,939	$	8,771
Weighted average remaining contractual term (in years)	8.1		3.5

During the year ended December 31, 2023, the Manager did not transfer any options to employees.

Stock Options

In connection with our equity offerings (see Note 14 for details), we granted options to the Manager related to ordinary shares. The fair value of these options were recorded as an increase in equity with an offsetting reduction of capital proceeds received.

The following table presents information related to the options granted related to our shares:


		Year Ended December 31,
		2023					2022					2021
Number of options		248,947					—					1,684,318
Fair value ($ millions)		$2.1					$—					$13.8
Ranges
Expected volatility	The expected share volatility is based on an assessment of the volatility of our publicly traded ordinary shares	37.88	%	-	37.88	%	—	%	-	—	%	44.78	%	-	45.60	%
Risk free interest rate	The risk-free rate is determined using the implied yield currently available on U.S. government bonds with a term consistent with the expected term on the date of grant.	3.47	%	-	3.47	%	—	%	-	—	%	1.34	%	-	1.70	%
Expected dividend yield	The expected dividend yield is based on management’s current expected dividend rate.	6.26	%	-	6.26	%	—	%	-	—	%	3.16	%	-	3.64	%
Expected term	Expected term used represents the period of time the options granted are expected to be outstanding.	10 years					0 years					10 years

INVESTMENTS

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

The following table presents the ownership interests and carrying values of our investments:


			Carrying Value
	Investment	Ownership Percentage	December 31, 2023		December 31, 2022
Advanced Engine Repair JV	Equity method	25%	$	21,040	$	20,207
Falcon MSN 177 LLC	Equity method	50%	1,682		1,830
Quick Turn Engine Center LLC	Equity method	50%*	—		—
			$	22,722	$	22,037

________________________________________________

* 45% pro rata distribution of income until return of JV partner's initial investment

We did not recognize any other-than-temporary impairments for the year ended December 31, 2023.

The following table presents our proportionate share of equity in income (losses):


	Year Ended December 31,
	2023		2022		2021
Advanced Engine Repair JV	$	833	$	(1,110)	$	(1,403)
Falcon MSN 177 LLC	(148)		741		—
Quick Turn Engine Center LLC	(2,291)		—		—
Total	$	(1,606)	$	(369)	$	(1,403)

Equity Method Investments

Advanced Engine Repair JV

In December 2016, we invested $15 million for a 25% interest in an advanced engine repair joint venture. We focus on developing new cost savings programs for engine repairs. We exercise significant influence over this investment and account for this investment as an equity method investment.

In August 2019, we expanded the scope of our joint venture and invested an additional $13.5 million and maintained a 25% interest.

Falcon MSN 177 LLC

In November 2021, we invested $1.6 million for a 50% interest in Falcon MSN 177 LLC, an entity that consists of one Dassault Falcon 2000 aircraft. Falcon MSN 177 LLC leases the aircraft to charter operators on aircraft, crew, maintenance and insurance contracts. We account for our investment in Falcon as an equity method investment as we have significant influence through our interest.

Quick Turn Engine Center LLC

On January 4, 2023, we invested $19.5 million for a 50% interest (45% pro rata distribution of income until return of the JV partner’s initial investment) in Quick Turn Engine Center LLC or “QuickTurn” (previously iAero Thrust LLC), a hospital maintenance and testing facility dedicated to the CFM56 engine. We account for our investment in QuickTurn as an equity method investment as we have significant influence through our interest.

On December 1, 2023, we purchased the remaining interest in QuickTurn from the joint venture partner for total cash consideration of $30.3 million to obtain full ownership with a 100% equity interest. The cash consideration included an additional $2.5 million in other assets acquired. On the acquisition date, the Company accounted for QuickTurn on a consolidated basis and derecognized it as an equity method investment. The Company remeasured its previously held equity method investment as of the acquisition date to a fair value of $17.2 million, determined using the implied fair value from the transaction price, and recorded a gain of $5.3 million. The gain is included in Other income in the Consolidated Statements of Operations. The results of operations at QuickTurn have been included in the Consolidated Statements of Operations beginning on December 1, 2023. See Notes 4 for additional information.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York

INCOME TAXES - Provision for Income Tax Reconciliation (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income subject to tax in the United States	0.033	(0.069)	(0.072)
Foreign taxes	(30.90%)	13.50%	(8.70%)
Change in valuation allowance	(4.90%)	(11.60%)	8.00%
Provision for income taxes	(32.50%)	(5.00%)	(7.90%)

ACQUISITION OF QUICKTURN - Intangible Assets Acquired (Details) - Quick Turn Engine Center LLC $ in Thousands	Dec. 01, 2023 USD ($)
Business Acquisition [Line Items]
Estimated Fair value	$ 2,377
Above market leases
Business Acquisition [Line Items]
Estimated useful life in years	4 years
Estimated Fair value	$ 470
Acquired customer relationships
Business Acquisition [Line Items]
Estimated useful life in years	5 years
Estimated Fair value	$ 1,907

INVESTMENTS (Ownership Carrying Values) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 04, 2023	Dec. 31, 2022	Nov. 30, 2021	Aug. 31, 2019	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying value of investment	$ 22,722		$ 22,037
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	25.00%				25.00%	25.00%
Carrying value of investment	$ 21,040		20,207			$ 15,000
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50.00%			50.00%
Carrying value of investment	$ 1,682		1,830
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50.00%	50.00%
Carrying value of investment	$ 0		$ 0
Pro rata distribution of income	4500.00%

MANAGEMENT AGREEMENT AND AFFILIATE TRANSATIONS - Reimbursement to Manager (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
General and administrative	$ 13,700	$ 14,164	$ 13,448
Acquisition and transaction expenses	15,194	13,207	17,911
Total expenses	992,863	870,912	419,186
Manager
Related Party Transaction [Line Items]
General and administrative	7,137	6,891	4,915
Acquisition and transaction expenses	678	1,144	2,153
Total expenses	$ 7,815	$ 8,035	$ 7,068

DISCONTINUED OPERATIONS - Significant Cash Flow Items (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Equity in losses of unconsolidated entities	$ 46,601	$ 11,331
Depreciation and amortization	40,319	54,016
Equity-based compensation	2,623	4,038
Investing activities:
Acquisition of property, plant and equipment	(129,920)	(140,896)
Acquisition of business, net of cash acquired	(3,819)	(627,090)
Investment in unconsolidated entities	(7,954)	53,055
Proceeds from sale of property, plant and equipment	5,289	4,494
Non-cash change in equity method investment	(182,963)	(129,907)
Conversion of interests in unconsolidated entities	$ (21,302)	$ 0

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

FTAI Infrastructure Inc. (“FTAI Infrastructure”) Spin-Off

On April 28, 2022, the Board of Directors of the Company unanimously approved the previously announced spin-off of the Company’s infrastructure business held by FTAI Infrastructure (a wholly owned subsidiary of the Company). The spin-off was effected as a distribution of all of the shares owned by the Company of common stock of FTAI Infrastructure to the holders of the Company’s ordinary shares as of July 21, 2022. The distribution was completed on August 1, 2022. Under ASC 205-20, Presentation of Financial Statements – Discontinued Operations, the spin-off met the criteria to be reported as a discontinued operation. Therefore, FTAI Infrastructure is presented as a discontinued operation within the Company’s financial statements for all periods prior to August 1, 2022.

FTAI Infrastructure is a corporation for U.S. federal income tax purposes and holds, among other things, the Company’s previously held interests in the (i) Jefferson Terminal business, (ii) Repauno business, (iii) Long Ridge investment, and (iv) Transtar business. FTAI Infrastructure retained all related project-level debt of those businesses. In connection with the spin-off, FTAI Infrastructure paid a dividend of $730.3 million to the Company. The Company used these proceeds to repay all outstanding borrowings under its 2021 bridge loans, $200.0 million of its 6.50% senior unsecured notes due 2025, and approximately $175.0 million of the outstanding borrowings under its revolving credit facility. FTAI retained the aviation business and certain other assets, and FTAI’s remaining outstanding corporate indebtedness.

In connection with the spin-off, the Company and the Manager assigned the Company’s then-existing management agreement to FTAI Infrastructure, and FTAI Infrastructure and the Manager executed an amended and restated agreement. The Company and certain of its subsidiaries executed a new management agreement with the Manager. The new management agreement has an initial term of six years. The Manager is entitled to a management fee and reimbursement of certain expenses on substantially similar terms as the previous arrangements with the Manager, which were assigned to FTAI Infrastructure. Prior to the Merger described below, our Manager remained entitled to incentive allocations (comprised of income incentive allocation and capital gains incentive allocation) on the same terms as they existed prior to spin-off. Following the Merger, the Company entered into a Services and Profit Sharing Agreement (the “Services and Profit Sharing Agreement”), with a subsidiary of the Company and Fortress Worldwide Transportation and Infrastructure Master GP LLC (“Master GP”), pursuant to which Master GP is entitled to incentive payments on substantially similar terms as the previous arrangements.

Critical Accounting Policies

Revenue Recognition

Revenues of discontinued operations consist of the following revenue streams:

Terminal Services Revenues—Terminal services are provided to customers for the receipt and redelivery of various commodities. These revenues relate to performance obligations that are recognized over time using the right to invoice practical expedient, i.e., invoiced as the services are rendered and the customer simultaneously receives and consumes the benefit over the contract term. The Company’s performance of service and right to invoice corresponds with the value delivered to our customers. Revenues are typically invoiced and paid on a monthly basis.

Rail Revenues—Rail revenues generally consist of the following performance obligations: industrial switching, interline services, demurrage and storage. Switching revenues are derived from the performance of switching services, which involve the movement of cars from one point to another within the limits of an individual plant, industrial area, or a rail yard. Switching

revenues are recognized as the services are performed, and the services are generally completed on the same day they are initiated.

Interline revenues are derived from transportation services for railcars that originate or terminate at our railroads and involve one or more other carriers. We record revenue related to interline traffic for transportation service segments provided by carriers along railroads that are not owned or controlled by us on a net basis. Interline revenues are recognized as the transportation movements occur.

Ancillary services revenue primarily relates to demurrage and storage services. Demurrage represents charges assessed by railroads for the detention of cars by shippers or receivers of freight beyond a specified free time and is recognized on a per day basis. Storage services revenue is earned for the provision of storage of shippers’ railcars and is generally recognized on a per day, per car basis, as the storage services are provided.

Lease Income—Lease income consists of rental income from tenants for storage space. Lease income is recognized on a straight-line basis over the terms of the relevant lease agreement.

Other Revenue—Other revenue primarily consists of revenue related to the handling, storage and sale of raw materials. Revenues for the handling and storage of raw materials relate to performance obligations that are recognized over time using the right to invoice practical expedient, i.e., invoiced as the services are rendered and the customer simultaneously receives and consumes the benefit over the contract term. Our performance of service and right to invoice corresponds with the value delivered to our customers. Revenues for the sale of raw materials relate to contracts that contain performance obligations to deliver the product over the term of the contract. The revenues are recognized when the control of the product is transferred to the customer, based on the volume delivered and the price within the contract. Other revenues are typically invoiced and paid on a monthly basis.

Additionally, other revenue consists of revenue related to derivative trading activities and also includes revenue related to providing roadside assistance services to customers in the intermodal and over-the-road trucking industries. Revenue is recognized when a performance obligation is satisfied by completing a repair service at a point in time. Revenues are typically invoiced for each repair and generally have 30-day payment terms.

Variable Interest Entity

During 2021, we held an approximately 98% economic interest, and a 100% voting interest in Delaware River Partners LLC (“DRP”). DRP was solely reliant on us to finance its activities and therefore was a VIE. We concluded that we were the primary beneficiary.

Goodwill

Goodwill included the excess of the purchase price over the fair value of the net tangible and intangible assets associated with the acquisition of Jefferson Terminal and Transtar.

We reviewed the carrying values of goodwill at least annually to assess impairment since these assets are not amortized. An annual impairment review was conducted as of October 1st of each year. Additionally, we reviewed the carrying value of goodwill whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The determination of fair value involves significant management judgment.

A goodwill impairment assessment compares the fair value of the respective reporting unit with its carrying amount, including goodwill. The estimate of fair value of the respective reporting unit is based on the best information available as of the date of assessment, which primarily incorporates certain factors including our assumptions about operating results, business plans, income projections, anticipated future cash flows and market data. If the estimated fair value of the reporting unit is less than the carrying amount, a goodwill impairment is recorded to the extent that the carrying value of the reporting unit exceeds its fair value.

We estimated the fair value of the Jefferson and Transtar reporting units using an income approach, specifically a discounted cash flow analysis. The analysis required us to make significant assumptions and estimates about the forecasted revenue growth rates, capital expenditures, the timing of future cash flows, and discount rates. The estimates and assumptions were used to consider historical performance if indicative of future performance and were consistent with the assumptions used in determining future profit plans for the reporting units.

There were no impairments of goodwill for the year ended December 31, 2022.

Intangibles and amortization

Intangibles included the value of existing customer relationships acquired in connection with the acquisition of Jefferson Terminal and Transtar.

Customer relationship intangible assets were amortized on a straight-line basis over their useful lives as the pattern in which the asset’s economic benefits are consumed cannot reliably be determined. Customer relationship intangible assets have useful lives ranging from 5 to 15 years, no estimated residual value, and amortization was recorded as a component of Depreciation and amortization in the Consolidated Statements of Operations.

Financial Information of Discontinued Operations

The following table presents the significant components of net loss from discontinued operations:


	Year Ended December 31,
	2022		2021
Revenues
Total revenues	$	140,009	$	120,219
Expenses
Cost of sales	12,732		—
Operating expense	92,478		98,541
General and administrative expenses	2,694		3,961
Acquisition and transaction expenses	13,971		4,030
Management fees and incentive allocation to affiliate	8,134		15,638
Depreciation and amortization	40,319		54,016
Interest expense	15,105		16,019
Total expenses	185,433		192,205
Equity in losses of unconsolidated entities	(46,600)		(11,331)
Gain on sale of assets, net	258		16

Other (expense) income	(1,423)		(8,727)
Total other expense	(47,765)		(20,042)
Loss before income taxes	(93,189)		(92,028)
Provision for (benefit from) income taxes	8,227		(4,183)
Net loss from discontinued operations, net of income taxes	(101,416)		(87,845)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(18,817)		(26,472)
Net loss attributable to shareholders	$	(82,599)	$	(61,373)

The cash flows related to discontinued operations have not been segregated, and are included in the Consolidated Statements of Cash Flows for the years ended December 31, 2022 and 2021. The following table summarizes depreciation and amortization, capital expenditures, and other significant operating and investing noncash items of discontinued operations for each period presented:


	Year Ended December 31,
	2022		2021
Operating activities:
Equity in losses of unconsolidated entities	$	46,601	$	11,331
Depreciation and amortization	40,319		54,016
Equity-based compensation	2,623		4,038
Investing activities:
Acquisition of property, plant and equipment	$	(129,920)	$	(140,896)
Acquisition of business, net of cash acquired	(3,819)		(627,090)
Investment in unconsolidated entities	(7,954)		53,055
Proceeds from sale of property, plant and equipment	5,289		4,494
Non-cash change in equity method investment	(182,963)		(129,907)
Conversion of interests in unconsolidated entities	(21,302)		—

The Company accounted for Long Ridge Terminal LLC, included in discontinued operations for the years ended December 31, 2022 and 2021 included above, using the equity method of accounting. Summarized financial data for Long Ridge Terminal LLC are shown in the following table.


Income Statement	2022		2021


Total revenues	$	15,199	$	85,638

Expenses
Operating expenses	36,693		28,310

Depreciation and amortization	29,381		24,836
Interest expense	30,622		11,005


Total expenses	96,696		64,151





Total other expense	(234)		(44,302)
Net loss	$	(81,731)	$	(22,815)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 243,817	$ (212,027)	$ (130,706)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Equity in losses of unconsolidated entities	1,606	46,971	12,734
Gain on sale of assets, net	(160,742)	(141,677)	(49,031)
Security deposits and maintenance claims included in earnings	(40,535)	(41,845)	(39,067)
Loss on extinguishment of debt	0	19,859	3,254
Equity-based compensation	1,638	2,623	4,038
Depreciation and amortization	169,877	193,236	201,756
Asset impairment	2,121	137,219	10,463
Change in deferred income taxes	(63,626)	2,161	(2,057)
Change in fair value of non-hedge derivatives	0	(1,567)	(2,220)
Change in fair value of guarantees	(1,807)	0	0
Amortization of lease intangibles and incentives	43,764	37,135	27,978
Amortization of deferred financing costs	8,860	19,018	21,723
Provision for credit losses	6,583	47,975	12,953
Other	(6,646)	(1,010)	(440)
Change in:
Accounts receivable	(40,357)	(65,969)	(88,872)
Inventory	(31,884)	(23,267)	0
Other assets	(5,627)	(23,037)	(30,789)
Accounts payable and accrued liabilities	1,254	(19,599)	25,079
Management fees payable to affiliate	1,683	804	1,042
Other liabilities	(997)	2,340	118
Net cash provided by (used in) operating activities	128,982	(20,657)	(22,044)
Cash flows from investing activities:
Investment in unconsolidated entities	(19,500)	(7,344)	(54,655)
Principal collections on finance leases	3,638	2,227	7,387
Principal collections on notes receivable	4,875	0	0
Acquisition of business, net of cash acquired	(29,632)	(3,819)	(627,090)
Acquisition of leasing equipment	(749,780)	(638,329)	(572,624)
Acquisition of property, plant and equipment	(6,148)	(144,196)	(157,332)
Acquisition of lease intangibles	(20,964)	(31,127)	(24,017)
Investment in convertible promissory notes	0	0	(10,000)
Investment in promissory notes	(11,500)	0	0
Purchase deposit for acquisitions	(23,937)	(6,671)	(13,658)
Proceeds from sale of leasing equipment	477,886	408,937	158,927
Proceeds from sale of property, plant and equipment	0	5,289	4,494
Proceeds for deposit on sale of aircraft and engine	1,413	3,780	600
Return of purchase deposits	300	0	1,010
Net cash used in investing activities	(373,349)	(411,253)	(1,286,958)
Cash flows from financing activities:
Proceeds from debt	951,665	813,980	2,894,127
Repayment of debt	(605,000)	(1,144,529)	(1,553,231)
Payment of deferred financing costs	(12,180)	(18,607)	(52,739)
Receipt of security deposits	9,927	3,882	8,770
Return of security deposits	(2,385)	(2,141)	(1,201)
Receipt of maintenance deposits	30,354	47,846	31,507
Release of maintenance deposits	(275)	(1,471)	(20,724)
Proceeds from issuance of ordinary shares, net of underwriter's discount	5	0	323,124
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs	61,729	0	101,200
Capital contributions from non-controlling interests	10	1,187	0
Dividend from spin-off of FTAI Infrastructure, net of cash transferred	0	500,562	0
Settlement of equity-based compensation	0	(148)	(421)
Cash dividends - ordinary shares	(119,847)	(128,483)	(118,009)
Cash dividends - preferred shares	(31,795)	(27,164)	(24,758)
Net cash provided by financing activities	282,208	44,914	1,587,645
Net increase (decrease) in cash and cash equivalents and restricted cash	37,841	(386,996)	278,643
Cash and cash equivalents and restricted cash, beginning of period	53,065	440,061	161,418
Cash and cash equivalents and restricted cash, end of period	90,906	53,065	440,061
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	150,622	185,144	142,200
Cash paid for taxes	1,393	3,279	402
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of leasing equipment	(105,313)	(74,706)	(44,552)
Acquisition of property, plant and equipment	(699)	0	(581)
Transfers from leasing equipment	(224,218)	(121,855)	(91,266)
Security deposits, maintenance deposits, other assets and other liabilities settled in the sale of leasing equipment	24,116	18,385	400
Billed, assumed and settled maintenance deposits	823	(6,774)	(4,041)
Billed, assumed and settled maintenance deposits	(18,907)	(47,993)	(21,710)
Non-cash change in equity method investment	0	(182,963)	(129,907)
Conversion of interests in unconsolidated entities	0	(21,302)	0
Issuance of ordinary shares	$ 924	$ 399	$ 455

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS - Management fees, incentive allocation and capital gains (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	$ 18,037	$ 3,562	$ 684
General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	18,037	3,562	684
Management fees \| General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	921	73	684
Income incentive allocation \| General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	17,116	3,489	0
Capital gains incentive allocation \| General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	$ 0	$ 0	$ 0

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

12 Months Ended

Dec. 31, 2023

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

In connection with the spin-off of FTAI Infrastructure on August 1, 2022, we assigned our then-existing management and advisory agreement, dated as of May 20, 2015, with our Manager to FTAI Infrastructure. On July 31, 2022, we entered into a new management and advisory agreement (the “Management Agreement”), by and among FTAI, FTAI Finance Holdco Ltd. (a wholly owned subsidiary of the Company), and each of the subsidiaries that are party thereto and the Manager, with substantially similar terms and conditions as the existing management and advisory agreement.

The Manager is paid annual fees in exchange for advising us on various aspects of our business, formulating our investment strategies, arranging for the acquisition and disposition of assets, arranging for financing, monitoring performance, and managing our day-to-day operations, inclusive of all costs incidental thereto. In addition, the Manager may be reimbursed for various expenses incurred by the Manager on our behalf, including the costs of legal, accounting and other administrative activities. Additionally, we have entered into certain incentive allocation arrangements with Master GP, which owns approximately 0.01% of FTAI Aviation Holdco Ltd.

The Manager is entitled to a management fee and reimbursement of certain expenses. The management fee is 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%, and is payable monthly in arrears in cash.

Master GP is entitled to incentive allocations (comprised of income incentive allocation and capital gains incentive allocation, defined below). The income incentive allocation is 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 our 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 our independent directors. Pre-incentive allocation net income does not include any Income Incentive Allocation or Capital Gains Incentive Allocation (described below) paid to Master GP during the relevant quarter.

One of our subsidiaries allocates and distributes 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 will be prorated for any period of less than three months.

Capital Gains Incentive Allocation is calculated and distributable in arrears as of the end of each calendar year and is equal to 10% of our pro rata share of cumulative realized gains from the date of the IPO through the end of the applicable calendar year, net of our 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 following table summarizes the management fees, income incentive allocation and capital gains incentive allocation from continuing operations:


	Year Ended December 31,
	2023		2022		2021
Management fees	$	921	$	73	$	684
Income incentive allocation	17,116		3,489		—
Capital gains incentive allocation	—		—		—
Total	$	18,037	$	3,562	$	684

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

We will pay or reimburse the 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 are no greater than those which would be paid to outside professionals or consultants. The Manager is responsible for all of its other costs incident to the performance of its duties under the Management Agreement, including compensation of the Manager’s employees, rent for facilities and other “overhead” expenses; we will not reimburse the Manager for these expenses.

The following table summarizes our reimbursements to the Manager from continuing operations:


	Year Ended December 31,
	2023		2022		2021
Classification in the Consolidated Statements of Operations:
General and administrative expenses	$	7,137	$	6,891	$	4,915
Acquisition and transaction expenses	678		1,144		2,153
Total	$	7,815	$	8,035	$	7,068

If we terminate the Management Agreement, we will generally be required to pay the Manager a termination fee. Pursuant to the terms of the Management Agreement, the termination fee is equal to the amount of the management fee during the 12 months immediately preceding the date of the termination. In addition, an Incentive Allocation Fair Value Amount will be distributable to Master GP if Master GP is removed due to the termination of the Management Agreement in certain specified circumstances. The Incentive Allocation Fair Value Amount is an amount equal to the Income Incentive Allocation and the Capital Gains Incentive Allocation that would be paid to Master GP if our assets were sold for cash at their then current fair market value (as determined by an appraisal, taking into account, among other things, the expected future value of the underlying investments).

Upon the successful completion of an offering of our ordinary shares or other equity securities (including securities issued as consideration in an acquisition), we grant the Manager options to purchase ordinary shares in an amount equal to 10% of the number of ordinary shares being sold in the offering (or if the issuance relates to equity securities other than our ordinary shares, options to purchase a number of ordinary shares equal to 10% of the gross capital raised in the equity issuance divided by the fair market value of a ordinary share as of the date of issuance), with an exercise price equal to the offering price per share paid by the public or other ultimate purchaser or attributed to such securities in connection with an acquisition (or the fair market value of a ordinary share as of the date of the equity issuance if it relates to equity securities other than our ordinary shares). Any ultimate purchaser of ordinary shares for which such options are granted may be an affiliate of the Manager.

The following table summarizes amounts due to the Manager, which are included within accounts payable and accrued liabilities in the Consolidated Balance Sheets:


	December 31,
	2023		2022
Accrued management fees	$	224	$	53
Other payables	6,200		4,688

Other Affiliate Transactions

During the year ended December 31, 2023, in connection with our equity offerings (as defined in Note 10 for details), we granted options to the Manager.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

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

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

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

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

+ Details

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($)	12 Months Ended
DISCONTINUED OPERATIONS - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Aug. 01, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Management agreement, initial term				6 years
Goodwill, impairment loss	$ 0
Variable Interest Entity, Primary Beneficiary \| Delaware River Partners LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership Percentage		98.00%
Interest held in VIE		100.00%
Loans payable \| Revolving Credit Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt	175,000,000
Senior Notes due 2025 \| Bonds payable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt	$ 200,000,000
Stated rate	6.50%		6.50%
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received				$ 730,300,000
Minimum \| Acquired customer relationships
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated useful life in years			5 years
Maximum \| Acquired customer relationships
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated useful life in years			15 years

DISCONTINUED OPERATIONS - Income Statement - Long Ridge Terminal LLC (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Expenses
Operating expenses	$ 110,163	$ 132,264	$ 59,615
Depreciation and amortization	169,877	152,917	147,740
Total expenses	992,863	870,912	419,186
Total other income	$ 5,984	57,190	43,868
Long Ridge Terminal LLC
Schedule of Equity Method Investments [Line Items]
Total revenues		15,199	85,638
Expenses
Operating expenses		36,693	28,310
Depreciation and amortization		29,381	24,836
Interest expense		30,622	11,005
Total expenses		96,696	64,151
Total other income		(234)	(44,302)
Net loss		$ (81,731)	$ (22,815)

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 38,911	$ 43,116
Interest expense	1,861	2,754
Investment in Partnerships	963	963
Inventory	16,985	0
Customer Relationship Intangibles	28,500	0
Other	0	272
Total deferred tax assets	87,220	47,105
Less valuation allowance	(18,599)	(27,565)	$ (9,142)	$ (6,794)
Net deferred tax assets	68,621	19,540
Deferred tax liabilities:
Fixed assets and goodwill	(8,186)	(22,794)
Other	(63)
Net deferred tax assets (liabilities)	$ 60,372
Net deferred tax assets (liabilities)		$ (3,254)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Cash flow hedge tax	$ 0	$ 0	$ (2,187)

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

The following table presents the ownership interests and carrying values of our investments:


			Carrying Value
	Investment	Ownership Percentage	December 31, 2023		December 31, 2022
Advanced Engine Repair JV	Equity method	25%	$	21,040	$	20,207
Falcon MSN 177 LLC	Equity method	50%	1,682		1,830
Quick Turn Engine Center LLC	Equity method	50%*	—		—
			$	22,722	$	22,037

________________________________________________

* 45% pro rata distribution of income until return of JV partner's initial investment

The following table presents our proportionate share of equity in income (losses):


	Year Ended December 31,
	2023		2022		2021
Advanced Engine Repair JV	$	833	$	(1,110)	$	(1,403)
Falcon MSN 177 LLC	(148)		741		—
Quick Turn Engine Center LLC	(2,291)		—		—
Total	$	(1,606)	$	(369)	$	(1,403)

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 16,012
2025	12,815
2026	9,012
2027	4,025
2028	3,434
Thereafter	3,530
Total	$ 48,828

INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended		12 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	Dec. 01, 2023	Jan. 04, 2023	Nov. 30, 2021	Aug. 31, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Investments					$ 22,722	$ 22,037
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]					Other income (expense)
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Other assets acquired	$ 2,500
Percent interest acquired	100.00%
Payments to acquire businesses, gross	$ 30,300
Equity method investment, fair value	17,200
Gain on business acquisition	$ 5,300
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Investments					$ 21,040	20,207	$ 15,000
Ownership Percentage				25.00%	25.00%		25.00%
Equity method investment contribution amount				$ 13,500
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Investments					$ 1,682	1,830
Ownership Percentage			50.00%		50.00%
Payments to acquire investment			$ 1,600
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Investments					$ 0	$ 0
Ownership Percentage		50.00%			50.00%
Pro rata distribution of income		0.45
Payments to acquire investment		$ 19,500

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

The current and deferred components of the income tax (benefit) provision included in the Consolidated Statements of Operations are as follows:


	Year Ended December 31,
	2023		2022		2021
Current:
Cayman Islands	$	—	$	—	$	—
Bermuda	—		—		—
United States:
Federal	935		522		1,850
State and local	1,176		1,687		760
Other Non-U.S.	1,715		443		(11)
Total current provision	3,826		2,652		2,599
Deferred:
Cayman Islands	—		—		—
Bermuda	(72,185)		—		—
United States:
Federal	3,943		1,305		126
State and local	(2)		242		122
Other Non-U.S.	4,618		1,101		279
Total deferred (benefit) provision	(63,626)		2,648		527
Provision for (benefit from) income taxes:
Continuing operations	(59,800)		5,300		3,126
Discontinued operations	—		8,227		(4,183)
Total	$	(59,800)	$	13,527	$	(1,057)

The Company is an exempted entity domiciled in the Cayman Islands where income taxes are not imposed. The Company is considered a Passive Foreign Investment Company for U.S. income tax purposes and certain income taxes are imposed on our owners. Taxable income or loss generated by our corporate subsidiaries is subject to U.S. federal, state and foreign corporate income tax in locations where they conduct business.

Historically, the Company’s Bermuda operations have not been subject to Bermuda income tax. However, on December 27, 2023, the Government of Bermuda enacted a 15% corporate income tax regime (the “Bermuda CIT”) that applies to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750 million or more and is effective for tax years beginning on or after January 1, 2025. As a result of the Bermuda CIT, the exemption of certain of the Company’s Bermuda subsidiaries from Bermuda corporate income taxes will cease in 2025. With the enactment of the Bermuda CIT in 2023, the Company underwent an analysis to determine the tax impacts to its consolidated financial statements for the year ended December 31, 2023. We have recorded a deferred tax asset of $72.2 million in connection with the law change, which was recorded as a benefit from income taxes.

The difference between our reported total provision for income taxes and the Cayman Islands statutory rate of 0% is as follows:


	Year Ended December 31,
	2023		2022		2021

Income subject to tax in the United States	3.3	%	(6.9)	%	(7.2)	%
Foreign taxes	(30.9)	%	13.5	%	(8.7)	%
Change in valuation allowance	(4.9)	%	(11.6)	%	8.0	%

Provision for income taxes	(32.5)	%	(5.0)	%	(7.9)	%

Significant components of our deferred tax assets and liabilities are as follows:


	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	38,911	$	43,116
Interest expense	1,861		2,754
Investment in Partnerships	963		963
Inventory	16,985		—
Customer Relationship Intangibles	28,500		—
Other	—		272
Total deferred tax assets	87,220		47,105
Less valuation allowance	(18,599)		(27,565)
Net deferred tax assets	68,621		19,540
Deferred tax liabilities:

Fixed assets and goodwill	(8,186)		(22,794)
Other	(63)

Net deferred tax assets (liabilities)	$	60,372	$	(3,254)

Deferred tax assets and liabilities are reported net in Other assets or Other liabilities in the Consolidated Balance Sheets. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. We have analyzed our deferred tax assets and have determined, based on the weight of available evidence, that it is more likely than not that a significant portion will not be realized. Accordingly, valuation allowances have been recognized as of December 31, 2023, 2022 and 2021 of $18.6 million, $27.6 million and $9.1 million, respectively, related to certain deductible temporary differences and net operating loss carryforwards.

A summary of the changes in the valuation allowance is as follows:


	December 31,
	2023		2022		2021
Valuation allowance at beginning of period	$	27,565	$	9,142	$	6,794
Change due to current year losses	855		22,094		2,356
Change due to current year releases	(9,821)		(3,671)		(8)
Valuation allowance at end of period	$	18,599	$	27,565	$	9,142

As of December 31, 2023, certain of our corporate subsidiaries had U.S. federal net operating loss carryforwards of approximately $22.8 million which can be carried forward indefinitely against future business income. As of December 31, 2023, we also had net operating loss carryforwards for Irish income tax purposes of $266.4 million, which can be carried forward indefinitely against future business income, $1.6 million of net operating loss carryforwards for Malaysian income tax purposes, which will begin to expire in the year 2030, and $2.1 million of net operating loss carryforward for Singaporean income tax purpose, which can be carried forward indefinitely against the future business income. The utilization of the net operating loss carryforwards to reduce future income taxes will depend on the relevant corporate subsidiary's ability to generate sufficient taxable income prior to the expiration of the carryforward period, if any. In addition, the maximum annual use of net operating loss carryforwards may be limited after certain changes in share ownership.

As of and for the period ended December 31, 2023, we had not established a liability for uncertain tax positions as no such positions existed. In general, our tax returns and the tax returns of our corporate subsidiaries are subject to U.S. federal, state, local and foreign income tax examinations by tax authorities. Generally, we are not subject to examination by taxing authorities for tax years prior to 2019. We do 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 taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

INVESTMENTS - Earnings or Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 04, 2023	Nov. 30, 2021	Aug. 31, 2019	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ (1,606)	$ (369)	$ (1,403)
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 833	(1,110)	(1,403)
Ownership Percentage	25.00%					25.00%	25.00%
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ (148)	741	0
Ownership Percentage	50.00%				50.00%
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ (2,291)	$ 0	$ 0
Ownership Percentage	50.00%			50.00%

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following tables set forth certain information for each reportable segment:

I. For the Year Ended December 31, 2023


	Year Ended December 31, 2023
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	179,704	$	—	$	28,232	$	207,936
Maintenance revenue	191,347		—		—		191,347
Asset sales revenue	303,141		—		—		303,141
Aerospace products revenue	—		454,970		—		454,970
Other revenue	7,419		—		6,083		13,502
Total revenues	681,611		454,970		34,315		1,170,896

Expenses
Cost of sales	221,852		280,280		—		502,132
Operating expenses	37,876		20,459		51,828		110,163
General and administrative	—		—		13,700		13,700
Acquisition and transaction expenses	7,150		1,722		6,322		15,194
Management fees and incentive allocation to affiliate	—		—		18,037		18,037
Depreciation and amortization	158,354		661		10,862		169,877
Asset impairment	2,121		—		—		2,121
Interest expense	—		—		161,639		161,639
Total expenses	427,353		303,122		262,388		992,863

Other income (expense)
Equity in losses of unconsolidated entities	(148)		(1,458)		—		(1,606)
Other income	1,300		5,347		943		7,590
Total other income	1,152		3,889		943		5,984
Income (loss) from continuing operations before income taxes	255,410		155,737		(227,130)		184,017
(Benefit from) provision for income taxes	(36,193)		(24,440)		833		(59,800)
Net income (loss) from continuing operations	291,603		180,177		(227,963)		243,817
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		31,795		31,795
Net income (loss) attributable to shareholders from continuing operations	$	291,603	$	180,177	$	(259,758)	$	212,022


	Year Ended December 31, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	159,068	$	—	$	20,246	179,314
Maintenance revenue	148,846		—		—		148,846
Asset sales revenue	183,535		—		—		183,535
Aerospace products revenue	—		178,515		—		178,515
Other revenue	11,499		—		6,702		18,201
Total revenues	502,948		178,515		26,948		708,411

Expenses
Cost of sales	138,904		109,481		—		248,385
Operating expenses	81,232		11,967		39,065		132,264
General and administrative	—		—		14,164		14,164
Acquisition and transaction expenses	1,923		243		11,041		13,207
Management fees and incentive allocation to affiliate	—		—		3,562		3,562
Depreciation and amortization	144,258		258		8,401		152,917
Asset impairment	137,219		—		—		137,219
Interest expense	—		—		169,194		169,194
Total expenses	503,536		121,949		245,427		870,912

Other income (expense)
Equity in earnings (losses) of unconsolidated entities	740		(1,109)		—		(369)
Gain on sale of assets, net	59,048		18,163		—		77,211
Loss on extinguishment of debt	—		—		(19,859)		(19,859)
Other income (expense)	246		—		(39)		207
Total other income (expense)	60,034		17,054		(19,898)		57,190
Income (loss) from continuing operations before income taxes	59,446		73,620		(238,377)		(105,311)
Provision for (benefit from) income taxes	2,502		2,961		(163)		5,300
Net income (loss) from continuing operations	56,944		70,659		(238,214)		(110,611)
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		27,164		27,164
Net income (loss) attributable to shareholders from continuing operations	$	56,944	$	70,659	$	(265,378)	$	(137,775)


	Year Ended December 31, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	163,733	$	—	$	10,131	$	173,864
Maintenance revenue	128,819		—		—		$	128,819
Asset sales revenue	—		—		—		$	—
Aerospace products revenue	—		23,301		—		$	23,301
Other revenue	5,569		—		4,030		$	9,599
Total revenues	298,121		23,301		14,161		335,583

Expenses
Cost of sales	—		14,308		—		14,308
Operating expenses	32,757		5,429		21,429		59,615
General and administrative	—		—		13,448		13,448
Acquisition and transaction expenses	982		—		16,929		17,911
Management fees and incentive allocation to affiliate	—		—		684		684
Depreciation and amortization	139,678		66		7,996		147,740
Asset impairment	10,463		—		—		10,463
Interest expense	—		—		155,017		155,017
Total expenses	183,880		19,803		215,503		419,186

Other income (expense)
Equity in losses of unconsolidated entities	—		(1,403)		—		(1,403)
Gain on sale of assets, net	28,631		20,384		—		49,015
Loss on extinguishment of debt	—		—		(3,254)		(3,254)
Other (expense) income	(527)		—		37		(490)
Total other income (expense)	28,104		18,981		(3,217)		43,868
Income (loss) from continuing operations before income taxes	142,345		22,479		(204,559)		(39,735)
Provision for (benefit from) income taxes	2,073		1,135		(82)		3,126
Net income (loss) from continuing operations	140,272		21,344		(204,477)		(42,861)
Less: Net loss from continuing operations attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		24,758		24,758
Net income (loss) attributable to shareholders from continuing operations	$	140,272	$	21,344	$	(229,235)	$	(67,619)

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:


	Year Ended December 31, 2023
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	467,388	$	160,009	$	(30,115)	$	597,282
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in losses of unconsolidated entities							(1,606)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							(310)
Less: Interest expense and dividends on preferred shares							(193,434)
Less: Depreciation and amortization expense							(213,641)
Less: Incentive allocations							(17,116)
Less: Asset impairment charges							(2,121)
Less: Changes in fair value of non-hedge derivative instruments							—
Less: Losses on the modification or extinguishment of debt and capital lease obligations							—
Less: Acquisition and transaction expenses							(15,194)
Less: Equity-based compensation expense							(1,638)
Less: Benefit from income taxes							59,800
Net income attributable to shareholders from continuing operations							$	212,022

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:


	Year Ended December 31, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	380,145	$	74,345	$	(26,393)	$	428,097
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in losses of unconsolidated entities							(369)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							(40)
Less: Interest expense and dividends on preferred shares							(196,358)
Less: Depreciation and amortization expense							(190,031)
Less: Incentive allocations							(3,489)
Less: Asset impairment charges							(137,219)
Less: Changes in fair value of non-hedge derivative instruments							—
Less: Losses on the modification or extinguishment of debt and capital lease obligations							(19,859)
Less: Acquisition and transaction expenses							(13,207)
Less: Equity-based compensation expense							—
Less: Provision for income taxes							(5,300)
Net loss attributable to shareholders from continuing operations							$	(137,775)

The following table sets forth a reconciliation of Adjusted EBITDA to net loss attributable to shareholders from continuing operations:


	Year Ended December 31, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	321,446	$	22,745	$	(21,363)	$	322,828
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in losses of unconsolidated entities							(1,403)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							1,203
Less: Interest expense and dividends on preferred shares							(179,775)
Less: Depreciation and amortization expense							(175,718)
Less: Incentive allocations							—
Less: Asset impairment charges							(10,463)
Less: Changes in fair value of non-hedge derivative instruments							—
Less: Losses on the modification or extinguishment of debt and capital lease obligations							(3,254)
Less: Acquisition and transaction expenses							(17,911)
Less: Equity-based compensation expense							—
Less: Provision for income taxes							(3,126)
Net loss attributable to shareholders from continuing operations							$	(67,619)

Revenue from External Customers by Geographic Areas

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Year Ended December 31, 2023
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	822	$	875	$	—	$	1,697
Asia	101,305		18,364		34,315		153,984
Europe	244,055		120,439		—		364,494
North America	285,421		301,633		—		587,054
South America	50,008		13,659		—		63,667
Total revenues	$	681,611	$	454,970	$	34,315	$	1,170,896

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Year Ended December 31, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	250	$	1,615	$	—	$	1,865
Asia	84,953		12,731		26,948		124,632
Europe	130,128		37,495		—		167,623
North America	245,549		126,597		—		372,146
South America	42,068		77		—		42,145
Total revenues	$	502,948	$	178,515	$	26,948	$	708,411

Summary information with respect to our geographic sources of revenue, based on location of customer, is as follows:


	Year Ended December 31, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	235	$	—	$	—	$	235
Asia	114,313		—		14,161		128,474
Europe	131,205		2,333		—		133,538
North America	41,228		20,968		—		62,196
South America	11,140		—		—		11,140
Total revenues	$	298,121	$	23,301	$	14,161	$	335,583

Summary of Contracted Minimum Future Annual Revenues

Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of December 31, 2023:


	December 31, 2023
2024	$	193,614
2025	142,060
2026	103,198
2027	73,745
2028	66,142
Thereafter	48,109
Total	$	626,868

Long-lived Assets by Geographic Areas

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


	December 31, 2023		December 31, 2022
	Total
Property, plant and equipment and leasing equipment, net
Africa	$	18,380	$	7,952
Asia	478,120		383,378
Europe	934,817		821,840
North America	416,811		424,617
South America	229,460		285,780
Total property, plant and equipment and leasing equipment, net	$	2,077,588	$	1,923,567

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Nov. 21, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 2,550,493		$ 2,205,127
Less: Debt issuance costs	(33,150)		(29,400)
Total debt, net	2,517,343		2,175,727
Total debt due within one year	0		0
Senior Notes due 2025
Debt Instrument [Line Items]
Debt	650,000
Senior Notes due 2027
Debt Instrument [Line Items]
Debt	400,000
Senior Notes due 2028
Debt Instrument [Line Items]
Debt	1,000,000
Senior Notes due 2030
Debt Instrument [Line Items]
Debt	500,000
Revolving Credit Facility
Debt Instrument [Line Items]
Debt	0
Loans payable
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	0		150,000
Bonds payable
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	2,550,493		2,055,127
Bonds payable \| Senior Notes due 2025
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 652,043		$ 653,036
Stated rate	6.50%		6.50%
Unamortized premium	$ 2,908		$ 4,354
Unamortized discount	866		1,318
Bonds payable \| Senior Notes due 2027
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 400,000		400,000
Stated rate	9.75%
Bonds payable \| Senior Notes due 2028
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 1,001,746		1,002,091
Stated rate	5.50%
Unamortized premium	$ 1,746		2,091
Bonds payable \| Senior Notes due 2030
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 496,704		0
Stated rate	7.88%	7.88%
Unamortized discount	$ 3,296
Revolving Credit Facility
Debt Instrument [Line Items]
Less: Debt issuance costs	(5,100)		(5,500)
Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 0		$ 150,000
Commitment fee rate	0.50%
Base Rate \| Loans payable \| Revolving Credit Facility
Debt Instrument [Line Items]
Stated rate	1.75%
Adjusted Term SOFR Rate \| Loans payable \| Revolving Credit Facility
Debt Instrument [Line Items]
Stated rate	2.75%

EQUITY-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2023
Restricted Shares
Stock Options
Fair value ($ millions)	$ 8.8
Vesting period	4 years 3 months 18 days
Awards vesting rights	50.00%
Incentive Plan
Stock Options
Shares authorized (in shares)		29,801,656

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The current and deferred components of the income tax (benefit) provision included in the Consolidated Statements of Operations are as follows:


	Year Ended December 31,
	2023		2022		2021
Current:
Cayman Islands	$	—	$	—	$	—
Bermuda	—		—		—
United States:
Federal	935		522		1,850
State and local	1,176		1,687		760
Other Non-U.S.	1,715		443		(11)
Total current provision	3,826		2,652		2,599
Deferred:
Cayman Islands	—		—		—
Bermuda	(72,185)		—		—
United States:
Federal	3,943		1,305		126
State and local	(2)		242		122
Other Non-U.S.	4,618		1,101		279
Total deferred (benefit) provision	(63,626)		2,648		527
Provision for (benefit from) income taxes:
Continuing operations	(59,800)		5,300		3,126
Discontinued operations	—		8,227		(4,183)
Total	$	(59,800)	$	13,527	$	(1,057)

Schedule of Effective Income Tax Rate Reconciliation

The difference between our reported total provision for income taxes and the Cayman Islands statutory rate of 0% is as follows:


	Year Ended December 31,
	2023		2022		2021

Income subject to tax in the United States	3.3	%	(6.9)	%	(7.2)	%
Foreign taxes	(30.9)	%	13.5	%	(8.7)	%
Change in valuation allowance	(4.9)	%	(11.6)	%	8.0	%

Provision for income taxes	(32.5)	%	(5.0)	%	(7.9)	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows:


	December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	38,911	$	43,116
Interest expense	1,861		2,754
Investment in Partnerships	963		963
Inventory	16,985		—
Customer Relationship Intangibles	28,500		—
Other	—		272
Total deferred tax assets	87,220		47,105
Less valuation allowance	(18,599)		(27,565)
Net deferred tax assets	68,621		19,540
Deferred tax liabilities:

Fixed assets and goodwill	(8,186)		(22,794)
Other	(63)

Net deferred tax assets (liabilities)	$	60,372	$	(3,254)

Summary of Valuation Allowance

A summary of the changes in the valuation allowance is as follows:


	December 31,
	2023		2022		2021
Valuation allowance at beginning of period	$	27,565	$	9,142	$	6,794
Change due to current year losses	855		22,094		2,356
Change due to current year releases	(9,821)		(3,671)		(8)
Valuation allowance at end of period	$	18,599	$	27,565	$	9,142

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
United States:
Federal	$ 935	$ 522	$ 1,850
State and local	1,176	1,687	760
Total current provision	3,826	2,652	2,599
United States:
Federal	3,943	1,305	126
State and local	(2)	242	122
Total deferred (benefit) provision	(63,626)	2,648	527
Provision for (benefit from) income taxes:
Continuing operations	(59,800)	5,300	3,126
Discontinued operations	0	8,227	(4,183)
Total	(59,800)	13,527	(1,057)
Cayman Islands
Current:
Foreign	0	0	0
Deferred:
Foreign	0	0	0
Bermuda
Current:
Foreign	0	0	0
Deferred:
Foreign	(72,185)	0	0
Other Non-U.S.
Current:
Foreign	1,715	443	(11)
Deferred:
Foreign	$ 4,618	$ 1,101	$ 279

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Details)	1 Months Ended	12 Months Ended
	May 31, 2015	Dec. 31, 2023
Threshold 1 \| Income incentive allocation
Related Party Transaction [Line Items]
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%
Threshold 2 \| Income incentive allocation
Related Party Transaction [Line Items]
Percent of pre-incentive allocation net income	100.00%
Threshold 2 \| Income incentive allocation \| Minimum
Related Party Transaction [Line Items]
Quarterly percent of pre-incentive allocation net income	2.00%
Threshold 2 \| Income incentive allocation \| Maximum
Related Party Transaction [Line Items]
Quarterly percent of pre-incentive allocation net income	2.2223%
Threshold 3 \| Income incentive allocation
Related Party Transaction [Line Items]
Percent of pre-incentive allocation net income	10.00%
Quarterly percent of pre-incentive allocation net income	2.2223%
General Partner
Related Party Transaction [Line Items]
Ownership percentage by manager	0.01%
Manager
Related Party Transaction [Line Items]
Management fee percentage rate	1.50%
Fortress Worldwide Transportation and Infrastructure Master GP LLP
Related Party Transaction [Line Items]
Incentive distribution percentage	10.00%	10.00%
Cumulative preferred return		10.00%

LEASING EQUIPMENT, NET - Schedule of Lessor, Operating Leases (Details) - Leasing Equipment - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Leasing equipment	$ 2,574,394	$ 2,413,230
Less: Accumulated depreciation	(541,981)	(499,677)
Property, plant and equipment, net	$ 2,032,413	$ 1,913,553

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The fair values of our bonds payable reported as Debt, net in the Consolidated Balance Sheets are presented in the table below and classified as Level 2 within the fair value hierarchy:


	December 31, 2023	December 31, 2022
Senior Notes due 2025	649,383	613,152
Senior Notes due 2027	416,432	402,032
Senior Notes due 2028	963,630	853,490
Senior Notes due 2030	521,440	—

DISCONTINUED OPERATIONS - Components of Net Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Expenses
Discontinued operations	$ 0	$ 8,227	$ (4,183)
Net loss from discontinued operations, net of income taxes	0	(101,416)	(87,845)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	$ 0	(18,817)	(26,472)
Discontinued Operations, Disposed of by Sale
Revenues
Total revenues		140,009	120,219
Expenses
Cost of sales		12,732	0
Operating expense		92,478	98,541
General and administrative expenses		2,694	3,961
Acquisition and transaction expenses		13,971	4,030
Management fees and incentive allocation to affiliate		8,134	15,638
Depreciation and amortization		40,319	54,016
Interest expense		15,105	16,019
Total expenses		185,433	192,205
Equity in losses of unconsolidated entities		(46,600)	(11,331)
Gain on sale of assets, net		258	16
Other (expense) income		(1,423)	(8,727)
Total other expense		(47,765)	(20,042)
Loss before income taxes		(93,189)	(92,028)
Discontinued operations		8,227	(4,183)
Net loss from discontinued operations, net of income taxes		(101,416)	(87,845)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries		(18,817)	(26,472)
Net loss attributable to shareholders		$ (82,599)	$ (61,373)