0001590364-22-000007 | 10-Q | XBRL Viewer | Fortress Transportation Infrastructure Investors LLC

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Cover page - shares	9 Months Ended
Cover page - shares	Sep. 30, 2022	Oct. 28, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-37386
Entity Registrant Name	FORTRESS TRANSPORTATION AND INFRASTRUCTURE INVESTORS LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0434238
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		99,378,771
Entity Central Index Key	0001590364
Document Fiscal Year Focus	2022
Amendment Flag	false
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Class A common shares, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Class A common 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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 72,742	$ 138,206
Accounts receivable, net	94,867	124,924
Leasing equipment, net	1,692,182	1,855,637
Property, plant, and equipment, net	47,669	38,263
Investments	22,280	22,917
Intangible assets, net	29,416	30,962
Inventory, net	160,019	100,307
Other assets	158,810	110,337
Assets of discontinued operations	0	2,442,301
Total assets	2,277,985	4,863,854
Liabilities
Accounts payable and accrued liabilities	102,506	87,035
Debt, net	2,024,549	2,501,587
Maintenance deposits	51,430	106,836
Security deposits	27,409	40,149
Other liabilities	46,043	23,892
Liabilities of discontinued operations	0	980,255
Total liabilities	2,251,937	3,739,754
Commitments and contingencies
Equity
Common shares ($0.01 par value per share; 2,000,000,000 shares authorized; 99,378,771 and 99,180,385 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)	994	992
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 13,320,000 and 13,320,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively)	133	133
Additional paid in capital	376,800	1,411,940
Accumulated deficit	(352,403)	(132,392)
Accumulated other comprehensive loss	0	(156,381)
Shareholders' equity	25,524	1,124,292
Non-controlling interest in equity of consolidated subsidiaries	524	(192)
Total equity	26,048	1,124,100
Total liabilities and equity	$ 2,277,985	$ 4,863,854

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars 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)	99,378,771	99,180,385
Common stock, shares outstanding (in shares)	99,378,771	99,180,385
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	13,320,000	13,320,000
Preferred stock, shares outstanding (in shares)	13,320,000	13,320,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Revenues	$ 230,365	$ 99,174	$ 434,120	$ 237,352
Expenses
Operating expenses	27,393	15,339	108,197	34,191
Cost of sales	95,948	5,367	120,139	8,577
General and administrative	3,354	3,679	11,821	9,618
Acquisition and transaction expenses	2,848	6,583	8,340	12,626
Management fees and incentive allocation to affiliate	4	16	4	704
Depreciation and amortization	34,853	36,237	115,461	106,374
Asset impairment	4,495	859	128,171	3,048
Interest expense	40,171	50,096	132,197	115,598
Total expenses	209,066	118,176	624,330	290,736
Other (expense) income
Equity in losses of unconsolidated entities	(358)	(369)	(125)	(1,050)
Gain on sale of assets, net	0	12,685	79,933	17,467
Loss on extinguishment of debt	(19,861)	0	(19,861)	(3,254)
Other (expense) income	(1,038)	(1,341)	208	(717)
Total other (expense) income	(21,257)	10,975	60,155	12,446
Income (loss) from continuing operations before income taxes	42	(8,027)	(130,055)	(40,938)
Provision for income taxes	4,189	485	7,357	824
Net loss from continuing operations	(4,147)	(8,512)	(137,412)	(41,762)
Net loss from discontinued operations, net of income taxes	(14,782)	(30,931)	(101,416)	(69,165)
Net loss	(18,929)	(39,443)	(238,828)	(110,927)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	0	0	0	0
Discontinued operations	(2,871)	(7,363)	(18,817)	(18,949)
Less: Dividends on preferred shares	6,791	6,791	20,373	17,967
Net loss attributable to shareholders	$ (22,849)	$ (38,871)	$ (240,384)	$ (109,945)
Basic
Continuing operations (in dollars per share)	$ (0.11)	$ (0.17)	$ (1.59)	$ (0.69)
Discontinued operations (in dollars per share)	(0.12)	(0.27)	(0.83)	(0.58)
Diluted
Continuing operations (in dollars per share)	(0.11)	(0.17)	(1.59)	(0.69)
Discontinued operations (in dollars per share)	$ (0.12)	$ (0.27)	$ (0.83)	$ (0.58)
Weighted average shares outstanding:
Basic (in shares)	99,378,771	88,277,897	99,372,016	86,787,072
Diluted (in shares)	99,378,771	88,277,897	99,372,016	86,787,072

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

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Statement of Comprehensive Income [Abstract]

Net loss

$ (18,929)

$ (39,443)

$ (238,828)

$ (110,927)

Other comprehensive loss:

Other comprehensive loss related to equity method investees, net

^[1]

(40,470)

(54,640)

(182,963)

(77,518)

Comprehensive loss

(59,399)

(94,083)

(421,791)

(188,445)

Continuing operations

Discontinued operations

(2,871)

(7,363)

(18,817)

(18,949)

Comprehensive loss attributable to shareholders

$ (56,528)

$ (86,720)

$ (402,974)

$ (169,496)

[1]	Net of deferred tax expense (benefit) of $— and $1,798 for the three months ended September 30, 2022 and 2021, respectively, and $— and $(2,674) for the nine months ended September 30, 2022 and 2021, respectively.

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Tax expense, cash flow hedge	$ 0	$ 1,798	$ 0	$ (2,674)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Shares	Preferred Shares	Common Shares	Common Shares Common Shares	Preferred Shares	Preferred Shares Preferred Shares	Additional Paid In Capital	Additional Paid In Capital Common Shares	Additional Paid In Capital Preferred Shares	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
Comprehensive income (loss):
Net loss	(71,484)										(59,898)		(11,586)
Other comprehensive loss	(22,878)											(22,878)
Comprehensive loss	(94,362)										(59,898)	(22,878)	(11,586)
Issuance of shares		$ 455	$ 101,200				$ 42		$ 455	$ 101,158
Settlement of equity-based compensation	(183)												(183)
Dividends declared - common shares	(56,795)							(56,795)
Dividends declared - preferred shares	(11,176)							(11,176)
Equity-based compensation	2,553												2,553
Ending balance at Jun. 30, 2021	1,041,013			856		133		1,163,748			(88,056)	(49,115)	13,447
Beginning balance at Dec. 31, 2020	1,099,321			856		91		1,130,106			(28,158)	(26,237)	22,663
Comprehensive income (loss):
Net loss	(110,927)
Comprehensive loss	(188,445)
Ending balance at Sep. 30, 2021	1,204,042			979		133		1,420,247			(120,136)	(103,755)	6,574
Beginning balance at Jun. 30, 2021	1,041,013			856		133		1,163,748			(88,056)	(49,115)	13,447
Comprehensive income (loss):
Net loss	(39,443)										(32,080)		(7,363)
Other comprehensive loss	(54,640)											(54,640)
Comprehensive loss	(94,083)										(32,080)	(54,640)	(7,363)
Issuance of shares		291,824			$ 123				291,701
Settlement of equity-based compensation	(238)												(238)
Conversion of participating securities	(2)							(2)
Dividends declared - common shares	(28,409)							(28,409)
Dividends declared - preferred shares	(6,791)							(6,791)
Equity-based compensation	728												728
Ending balance at Sep. 30, 2021	1,204,042			979		133		1,420,247			(120,136)	(103,755)	6,574
Beginning balance at Dec. 31, 2021	1,124,100			992		133		1,411,940			(132,392)	(156,381)	(192)
Comprehensive income (loss):
Net loss	(219,899)										(203,953)		(15,946)
Other comprehensive loss	(142,493)											(142,493)
Comprehensive loss	(362,392)										(203,953)	(142,493)	(15,946)
Acquisition of consolidated subsidiary	3,054												3,054
Contributions from non-controlling interest	1,187												1,187
Issuance of shares		399							$ 399
Dividends declared - common shares	(65,789)							(65,789)
Dividends declared - preferred shares	(13,582)							(13,582)
Equity-based compensation	2,294												2,294
Ending balance at Jun. 30, 2022	689,271			992		133		1,332,968			(336,345)	(298,874)	(9,603)
Beginning balance at Dec. 31, 2021	1,124,100			992		133		1,411,940			(132,392)	(156,381)	(192)
Comprehensive income (loss):
Net loss	(238,828)
Comprehensive loss	(421,791)
Ending balance at Sep. 30, 2022	26,048			994		133		376,800			(352,403)	0	524
Beginning balance at Jun. 30, 2022	689,271			992		133		1,332,968			(336,345)	(298,874)	(9,603)
Comprehensive income (loss):
Net loss	(18,929)										(16,058)		(2,871)
Other comprehensive loss	(40,470)											(40,470)
Comprehensive loss	(59,399)										(16,058)	(40,470)	(2,871)
Issuance of shares		$ 2			$ 2
Spin-off of FTAI Infrastructure, Inc., net of distributions	(564,421)							(916,582)				339,344	12,817
Settlement of equity-based compensation	(148)												(148)
Dividends declared - common shares	(32,795)							(32,795)
Dividends declared - preferred shares	(6,791)							(6,791)
Equity-based compensation	329												329
Ending balance at Sep. 30, 2022	$ 26,048			$ 994		$ 133		$ 376,800			$ (352,403)	$ 0	$ 524

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (18,929)	$ (39,443)	$ (219,899)	$ (71,484)	$ (238,828)	$ (110,927)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in losses of unconsolidated entities					46,727	9,860
Gain on sale of assets, net					(106,427)	(17,483)
Security deposits and maintenance claims included in earnings					(31,558)	(30,866)
Loss on extinguishment of debt	19,861	0			19,861	3,254
Equity-based compensation					2,623	3,281
Depreciation and amortization					155,780	145,274
Asset impairment	4,495	859			128,171	3,048
Change in deferred income taxes					14,923	(2,311)
Change in fair value of non-hedge derivative					(1,567)	(1,979)
Amortization of lease intangibles and incentives					30,315	21,348
Amortization of deferred financing costs					17,142	18,853
Provision for credit losses					47,226	817
Other					(693)	(240)
Change in:
Accounts receivable					(61,892)	(100,821)
Other assets					(23,576)	(34,499)
Inventory					(13,370)	0
Accounts payable and accrued liabilities					4,329	71,285
Management fees payable to affiliate					(2,530)	(844)
Other liabilities					(7,955)	2,242
Net cash used in operating activities					(21,299)	(20,708)
Cash flows from investing activities:
Investment in unconsolidated entities					(7,344)	(54,499)
Principal collections on finance leases					2,165	1,707
Acquisition of business, net of cash acquired					(3,819)	(627,399)
Acquisition of leasing equipment					(360,642)	(299,564)
Acquisition of property, plant and equipment					(138,750)	(109,405)
Acquisition of lease intangibles					(6,542)	(7,403)
Purchase deposits for acquisitions					(28,621)	(13,790)
Proceeds from sale of leasing equipment					262,096	78,463
Proceeds from sale of property, plant and equipment					5,289	0
Proceeds for deposit on sale of aircraft and engine					7,801	600
Return of purchase deposits					0	1,010
Net cash used in investing activities					(268,367)	(1,030,280)
Cash flows from financing activities:
Proceeds from debt					503,980	2,553,600
Repayment of debt					(984,529)	(1,452,704)
Payment of deferred financing costs					(18,151)	(45,123)
Receipt of security deposits					2,636	1,390
Return of security deposits					(941)	(1,034)
Receipt of maintenance deposits					37,586	23,075
Capital contributions from non-controlling interests					1,187	0
Release of maintenance deposits					(878)	(19,615)
Proceeds from issuance of common shares, net of underwriter's discount					0	291,822
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs					0	101,201
Dividend from spin-off of FTAI Infrastructure, net of cash transferred					500,562	0
Settlement of equity-based compensation					(148)	(421)
Cash dividends - common shares					(98,584)	(85,204)
Cash dividends - preferred shares					(20,373)	(17,967)
Net cash (used in) provided by financing activities					(77,653)	1,349,020
Net (decrease) increase in cash and cash equivalents and restricted cash					(367,319)	298,032
Cash and cash equivalents and restricted cash, beginning of period			$ 440,061	$ 161,418	440,061	161,418	$ 161,418
Cash and cash equivalents and restricted cash, end of period	$ 72,742	$ 459,450			72,742	459,450	$ 440,061
Supplemental disclosure of non-cash investing and financing activities:
Acquisition of leasing equipment					124,932	66,988
Acquisition of property, plant and equipment					(762)	(1,062)
Settled and assumed security deposits					(12,161)	(1,909)
Billed, assumed and settled maintenance deposits					(73,808)	(30,302)
Non-cash change in equity method investment					(182,963)	(77,518)
Conversion of interests in unconsolidated entities					(21,302)	0
Issuance of common shares					$ 399	$ 455

ORGANIZATION	9 Months Ended
ORGANIZATION	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION Fortress Transportation and Infrastructure Investors LLC (“we”, “us”, “our” or the “Company”) is a Delaware limited liability company which, through its subsidiary, Fortress Worldwide Transportation and Infrastructure General Partnership (the “Partnership”), owns and leases aviation equipment and also develops, manufactures, repairs and sells 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. In addition, the related assets and liabilities held prior to the spin-off are reported as Assets and Liabilities of Discontinued Operations on the Consolidated Balance Sheets. 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."

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting—The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“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, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. 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 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, customer, or derivative counterparty 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. Variable Interest Entities—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. 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. Inventory—We hold aircraft engine modules, spare parts and used material inventory for trading and to support operations. Inventory is carried at the lower of cost or net realizable value on our balance sheet. 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 $30.9 million and $43.0 million as of September 30, 2022 and December 31, 2021, respectively, are recorded as a component of debt in the Consolidated Balance Sheets. We also have unamortized deferred revolver fees related to our revolving debt of $5.6 million and $2.4 million as of September 30, 2022 and December 31, 2021, respectively, which are included in Other assets in the Consolidated Balance Sheets. Amortization expense was $3.5 million and $13.7 million for the three months ended September 30, 2022 and 2021, respectively, and $15.2 million and $17.1 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in Interest expense in the Consolidated Statements of Operations. Revenues 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 revenues. 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 finance 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 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. See Note 10 for additional information. Aerospace Products revenue—Aerospace Products revenue primarily consists of the transaction price related to the sale of repaired CFM56-7B and CFM56-5B 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. 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. 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. 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 and, when deemed necessary, enter into collateral arrangements. During the three and nine months ended September 30, 2022, no customer accounted for more than 10% of total revenue. During the three and nine months ended September 30, 2021, one customer in the Aviation Leasing segment accounted for approximately 14% and 14% of total revenue, respectively. As of September 30, 2022, there were two customers in the Aviation Leasing segment that represented 28% and 12% of total Accounts receivable, net. As of December 31, 2021, Accounts receivable from two customers in the Aviation Leasing segment represented 51% and 18% of total Accounts receivable, net. As of September 30, 2022 and December 31, 2021, no other customers in other segments represented more than 10% of total Accounts receivable, net. We maintain 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. The allowance for doubtful accounts was $55.0 million and $16.9 million as of September 30, 2022 and December 31, 2021, respectively. There was no provision for credit losses and $1.5 million of provision for credit losses for the three months ended September 30, 2022 and 2021, respectively. There were provisions for credit losses of $47.1 million and $0.8 million for the nine months ended September 30, 2022 and 2021, respectively, and is included in Operating expenses in the Consolidated Statements of Operations. 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 during the first quarter of 2022 and recognized approximately $47.1 million in provision for credit losses during the nine months ended September 30, 2022. Our allowance for doubtful accounts at September 30, 2022 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 fair value changes for pensions and other postretirement benefits of discontinued operations, and other comprehensive income related to cash flow hedges of our equity method investees of discontinued operations. These changes are also recorded in Accumulated other comprehensive loss in our Consolidated Balance Sheets. The cash flow impact of derivative contracts held by the equity method investees that are not designated as hedging instruments is recognized in Equity in losses (earnings) in unconsolidated entities in our Consolidated Statements of Cash Flows, and 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 $35.5 million and $46.9 million, purchase deposits of $28.6 million and $13.7 million, prepaid expenses of $3.5 million and $4.0 million, notes receivable of $56.0 million and $22.4 million, maintenance right assets of $12.4 million and $5.1 million, operating lease right-of-use assets, net of $3.2 million and $3.8 million, and finance leases, net of $7.1 million and $7.6 million as of September 30, 2022 and December 31, 2021, respectively. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines and recognized approximately $7.5 million in amortization for the remaining lease incentives during the three and nine months ended September 30, 2022. Dividends—Dividends are recorded if and when declared by the Board of Directors. For the three months ended September 30, 2022 and 2021, the Board of Directors declared cash dividends of $0.30 and $0.33 per common share, respectively. For the nine months ended September 30, 2022 and 2021, the Board of Directors declared cash dividends of $0.96 and $0.99 per common share, respectively. Additionally, in the quarters ended September 30, 2022 and 2021, the Board of Directors declared cash dividends on the Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares of $0.52, $0.50 and $0.52 per share, respectively. Recent Accounting Pronouncements—In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. This ASU requires lessors to classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if (i) the lease would have been classified as a sales-type lease or a direct financing lease under Topic 842 and (ii) the lessor would have otherwise recognized a day-one loss. This standard is effective for all reporting periods beginning after December 15, 2021. We adopted this guidance in the first quarter of 2022, which did not have a material impact on our consolidated financial statements.

DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

3. 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 common 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 FTAI’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 entities. 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 FIG LLC (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 will remain entitled to incentive allocations (comprised of income incentive allocation and capital gains incentive allocation) on the same terms as they exist today. Following the merger, the Company will enter 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 will be entitled to incentive allocations on substantially similar terms as the previous arrangements. The Company is pursuing a merger transaction with a subsidiary of the Company pursuant to which the Company will become a wholly-owned subsidiary of a company organized under the laws of the Cayman Islands and shareholders of the Company would become shareholders of the Cayman Islands entity. This merger transaction will be subject to approval by holders of the Company’s common shares.

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

At December 31, 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; and accordingly, DRP has been presented on a consolidated basis in the tables below. Total VIE assets of DRP were $316.5 million and total VIE liabilities were $32.6 million as of December 31, 2021.

Financial Information of Discontinued Operations

The following table summarizes the significant line items pertaining to discontinued operations included in Net loss attributable to shareholders for the three and nine months ended September 30, 2022 and 2021, respectively, in the Consolidated Statements of Operations:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenues
Total revenues	$	27,993	$	36,788	$	140,009	$	72,674
Expenses
Operating expenses	12,365		30,865		92,478		64,747
Cost of sales	4,920		1,222		12,732		1,459
General and administrative expenses	466		743		2,694		2,711
Acquisition and transaction expenses	3,813		547		13,971		546
Management fees and incentive allocation to affiliate	908		3,829		8,134		11,244
Depreciation and amortization	6,004		17,131		40,319		38,900
Interest expense	2,160		4,404		15,105		9,396
Other expense	7,641		9,957		47,765		15,625
Losses before income taxes	(10,284)		(31,910)		(93,189)		(71,954)
Provision for (benefit from) income taxes	4,498		(979)		8,227		(2,789)
Net loss from discontinued operations, net of income taxes	(14,782)		(30,931)		(101,416)		(69,165)
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries	(2,871)		(7,363)		(18,817)		(18,949)
Net loss attributable to shareholders	(11,911)		(23,568)		(82,599)		(50,216)

The following table summarizes the carrying value of the major classes of assets and liabilities of discontinued operations as of December 31, 2021:


	December 31, 2021
Assets
Cash and cash equivalents	$	49,872
Restricted cash	251,983
Accounts receivable, net	50,301
Leasing equipment, net	36,012
Operating lease right-of-use assets, net	71,547
Property, plant and equipment, net	1,517,594
Investments	54,408
Intangible assets, net	67,737
Goodwill	257,137
Other assets	85,710
Total assets of discontinued operations	2,442,301

Liabilities
Accounts payable and accrued liabilities	115,634
Debt, net	718,624
Operating lease liabilities	70,404
Other liabilities	75,593
Total liabilities of discontinued operations	980,255

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


	Nine Months Ended September 30,
	2022		2021
Operating activities:
Equity in losses of unconsolidated entities	$	46,601	$	8,810
Depreciation and amortization	40,319		38,900
Equity-based compensation	2,623		3,281
Investing activities:
Acquisition of property, plant and equipment	$	(129,920)	$	(97,506)
Acquisition of business, net of cash acquired	(3,819)		(627,399)
Investment in unconsolidated entities	7,954		(54,499)
Proceeds from sale of property, plant and equipment	5,289		—
Non-cash change in equity method investment	(182,963)		(77,518)
Conversion of interests in unconsolidated entities	(21,302)		—

The Company accounted for Long Ridge Terminal LLC, included in liabilities of discontinued operations at December 31, 2021 included above, using the equity method of accounting. Summarized financial data for Long Ridge Terminal LLC are shown in the following tables for the periods in which the Company held the equity investment.


	December 31, 2021
Balance Sheet
Assets
Cash and cash equivalents	$	2,932
Restricted cash	32,469
Accounts receivable, net	17,896


Property, plant, and equipment, net	764,607

Intangible assets, net	4,940
Goodwill	89,390
Inventory, net	1,691
Other assets	12,750
Total assets	$	926,675

Liabilities
Accounts payable and accrued liabilities	$	16,121
Debt, net	604,261
Derivative liabilities	339,033
Other liabilities	2,246
Total liabilities	961,661

Equity
Shareholders’ equity	(1,035)
Accumulated deficit	(33,951)
Total equity	(34,986)
Total liabilities and equity	$	926,675


	Three Months Ended September 30,				Nine Months Ended September 30,
Income Statement	2022		2021		2022		2021


Total revenues	$	156	$	21,071	$	15,199	$	38,341

Expenses
Operating expenses	4,337		5,581		36,693		16,568

Depreciation and amortization	4,383		5,891		29,381		13,327
Interest expense	4,580		547		30,622		1,493


Total expenses	13,300		12,019		96,696		31,388





Total other expense	(21)		(16,614)		(234)		(25,440)
Net loss	$	(13,165)	$	(7,562)	$	(81,731)	$	(18,487)

LEASING EQUIPMENT, NET

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

LEASING EQUIPMENT, NET

4. LEASING EQUIPMENT, NET

Leasing equipment, net is summarized as follows:




	September 30, 2022		December 31, 2021
Leasing equipment	$	2,179,728	$	2,312,040
Less: Accumulated depreciation	(487,546)		(456,403)
Leasing equipment, net	$	1,692,182	$	1,855,637

Economic sanctions and export controls against Russia and Russia’s aviation industry have been imposed due to its invasion of Ukraine during the nine months ended September 30, 2022. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines. As of September 30, 2022, four aircraft and two engines were still located in Ukraine and eight aircraft and seventeen engines were still located in Russia. We determined that it is unlikely that we will regain possession of the aircraft that have 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 do not expect to recover from Ukraine and 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 $8.2 million, net of redelivery compensation during the nine months ended September 30, 2022.

The following table presents information related to our acquisitions and dispositions of aviation leasing equipment during the nine months ended September 30, 2022:


Acquisitions:
Aircraft			23
Engines			45
Dispositions:
Aircraft			5
Engines			50

Depreciation expense for leasing equipment is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Depreciation expense for leasing equipment	$	34,704	$	36,130	$	115,074	$	106,172

PROPERTY, PLANT AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT, NET

5. PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net is summarized as follows:




	September 30, 2022		December 31, 2021

Construction in progress	45,621		36,777



Furniture and fixtures	1,445		1,374
Other	1,410		533
	48,476		38,684
Less: Accumulated depreciation	(807)		(421)

Property, plant and equipment, net	$	47,669	$	38,263

During the nine months ended September 30, 2022, we added property, plant and equipment of $9.8 million, primarily consisting of $8.8 million for the build out of the well intervention tower for the Pride vessel and $0.9 million for the purchase of additional aviation module containers.

Depreciation expense for property, plant and equipment is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

Depreciation expense	$	149	$	107	$	387	$	202

INVESTMENTS

9 Months Ended

Sep. 30, 2022

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

6. INVESTMENTS

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


			Carrying Value
	Investment	Ownership Percentage	September 30, 2022		December 31, 2021
Advanced Engine Repair JV	Equity method	25%	$	20,439	$	21,317
Falcon MSN 177 LLC	Equity method	50%	1,841		1,600

			$	22,280	$	22,917

We did not recognize any other-than-temporary impairments for the three and nine months ended September 30, 2022 and 2021.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Advanced Engine Repair JV	$	(314)	$	(369)	$	(879)	$	(1,050)
Falcon MSN 177 LLC	(44)		—		754		—

Total	$	(358)	$	(369)	$	(125)	$	(1,050)

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.

INTANGIBLE ASSETS AND LIABILITIES, NET

9 Months Ended

Sep. 30, 2022

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES, NET

7. INTANGIBLE ASSETS AND LIABILITIES, NET

Intangible assets and liabilities, net are summarized as follows:


	September 30, 2022		December 31, 2021
Intangible assets
Acquired favorable lease intangibles	$	59,789	$	67,013
Less: Accumulated amortization	(30,373)		(36,051)

Total intangible assets, net	$	29,416	$	30,962

Intangible liabilities
Acquired unfavorable lease intangibles	$	13,114	$	14,795
Less: Accumulated amortization	(2,216)		(6,068)
Acquired unfavorable lease intangibles, net	$	10,898	$	8,727

Intangible assets and liabilities are all held within the Aviation Leasing segment. 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 as follows:


	Classification in Consolidated Statements of Operations	Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Lease intangibles	Revenues	$	3,291	$	1,266	$	10,259	$	3,216

As of September 30, 2022, estimated net annual amortization of intangible assets and liabilities is as follows:


Remainder of 2022	$	3,323
2023	8,398
2024	4,848
2025	1,962
2026	519
Thereafter	(532)
Total	$	18,518

DEBT, NET

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

DEBT, NET

8. DEBT, NET

Our debt, net is summarized as follows:


	September 30, 2022				December 31, 2021
	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	$	189,473
2021 Bridge Loans	—		(i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75%	12/15/22	100,527
Total loans payable	—				290,000
Bonds payable



Senior Notes due 2025 (2)	653,269		6.50%	10/1/25	852,198
Senior Notes due 2027	400,000		9.75%	8/1/27	400,000
Senior Notes due 2028 (3)	1,002,174		5.50%	5/1/28	1,002,416
Total bonds payable	2,055,443				2,254,614

Debt	2,055,443				2,544,614
Less: Debt issuance costs	(30,894)				(43,027)
Total debt, net	$	2,024,549			$	2,501,587

Total debt due within one year	$	—			$	100,527

________________________________________________________

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

(2) Includes an unamortized discount of $1,431 and $3,509 at September 30, 2022 and December 31, 2021, respectively, and an unamortized premium of $4,700 and $5,707 at September 30, 2022 and December 31, 2021, respectively.

(3) Includes an unamortized premium of $2,174 and $2,416 at September 30, 2022 and December 31, 2021, respectively.

On September 20, 2022, the Company amended its Revolving Credit Facility by executing a Second Amended and Restated Credit Agreement (the “Amendment”) to the Amended and Restated Credit Agreement, dated as of December 2, 2021 (as amended by Amendment No. 1, dated as of April 28, 2022). The Amendment 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.

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 as a result of these paydowns.

We were in compliance with all debt covenants as of September 30, 2022.

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

9. 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 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 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 notes 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:


	September 30, 2022	December 31, 2021
Senior Notes due 2025	611,806	881,408
Senior Notes due 2027	391,920	448,848
Senior Notes due 2028	805,430	1,019,470

The fair values 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.

We measure the fair value of certain assets on a non-recurring basis when 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, leasing equipment and inventory. 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 underlying businesses and 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

REVENUES

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

REVENUES

10. REVENUES

We disaggregate our revenue from contracts with customers by products and services provided for each of our segments, as we believe it best depicts the nature, amount, timing and uncertainty of our revenue. 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 three months ended September 30, 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 Revenues in the Consolidated Statement of Operations for the three months ended September 30, 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 for the three months ended September 30, 2022. Sales transactions of aircraft and engines prior to the three months ended September 30, 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 Statement of Operations, as we were previously only occasionally selling these assets. Generally, assets sold were under leasing arrangements with customers prior to sales and are included in Leasing equipment, net, on the Consolidated Balance Sheets.


	Three Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	40,273	$	—	$	9,806	$	50,079
Maintenance revenue	35,507		—		—		35,507
Finance lease income	119		—		—		119
Asset sales revenue	85,488		—		—		85,488
Aerospace products revenue	—		53,401		—		53,401
Other revenue	3,461		—		2,310		5,771
Total revenues	$	164,848	$	53,401	$	12,116	$	230,365


	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	40,392	$	—	$	2,386	$	42,778
Maintenance revenue	40,252		—		—		40,252
Finance lease income	439		—		—		439
Aerospace products revenue	—		7,730		—		7,730

Other revenue	5,125		—		2,850		7,975
Total revenues	$	86,208	$	7,730	$	5,236	$	99,174


	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	111,316	$	—	$	17,515	$	128,831
Maintenance revenue	112,171		—		—		112,171
Finance lease income	332		—		—		332
Asset sales revenue	85,488		—		—		85,488
Aerospace products revenue	—		94,211		—		94,211
Other revenue	8,687		—		4,400		13,087
Total revenues	$	317,994	$	94,211	$	21,915	$	434,120


	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	120,389	$	—	$	5,518	$	125,907
Maintenance revenue	87,763		—		—		87,763
Finance lease income	1,285		—		—		1,285
Aerospace products revenue	—		13,284		—		13,284

Other revenue	5,761		—		3,352		9,113
Total revenues	$	215,198	$	13,284	$	8,870	$	237,352

Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases:


	September 30, 2022
Remainder of 2022	$	37,708
2023	111,850
2024	70,428
2025	43,890
2026	24,835
Thereafter	65,820
Total	$	354,531

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

INCOME TAXES

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

11. INCOME TAXES

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Current:
Federal	$	247	$	368	$	582	$	808
State and local	(442)		95		69		213
Foreign	106		31		174		(25)
Total current provision	(89)		494		825		996
Deferred:
Federal	2,915		—		4,517		—
State and local	304		—		610		—
Foreign	1,059		(9)		1,405		(172)
Total deferred provision (benefit)	4,278		(9)		6,532		(172)
Provision for income taxes	$	4,189	$	485	$	7,357	$	824

We are taxed as a flow-through entity for U.S. income tax purposes and our taxable income or loss generated is the responsibility of 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.

Our effective tax rate differs from the U.S. federal tax rate of 21% primarily due to a significant portion of our income not being subject to U.S. corporate tax rates, or being deemed to be foreign sourced and thus either not taxable or taxable at effectively lower tax rates.

As of and for the nine months ended September 30, 2022, 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 2018. 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 of September 30, 2022.

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

9 Months Ended

Sep. 30, 2022

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS

12. 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 0.05% of the Partnership and is the general partner of the Partnership.

The Manager is entitled to a management fee, incentive allocations (comprised of income incentive allocation and capital gains incentive allocation, defined below) 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 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.

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 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 the Master GP during the relevant quarter.

One of our subsidiaries allocates and distributes to the 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 the Master GP.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Management fees	$	4	$	16	$	4	$	704
Income incentive allocation	—		—		—		—
Capital gains incentive allocation	—		—		—		—
Total	$	4	$	16	$	4	$	704

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 for us, costs to obtain liability insurance to indemnify our directors and officers and the compensation and expenses of our transfer agent.

We 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 do not reimburse the Manager for these expenses.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Classification in the Consolidated Statements of Operations:
General and administrative	$	1,466	$	1,184	$	4,933	$	3,427
Acquisition and transaction expenses	154		617		883		1,588
Total	$	1,620	$	1,801	$	5,816	$	5,015

If we terminate the Management Agreement, we will generally be required to pay the Manager a termination fee. 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 the Master GP if the 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 the 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 common shares or other equity securities (including securities issued as consideration in an acquisition), we grant the Manager options to purchase common shares in an amount equal to 10% of the number of common shares being sold in the offering (or if the issuance relates to equity securities other than our common shares, options to purchase a number of common shares equal to 10% of the gross capital raised in the equity issuance divided by the fair market value of a common 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 common share as of the date of the equity issuance if it relates to equity securities other than our common shares). Any ultimate purchaser of common shares for which such options are granted may be an affiliate of Fortress Investment Group LLC (“Fortress”).

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


	September 30, 2022		December 31, 2021
Accrued management fees	$	386	$	1,495
Other payables	1,020		2,283

SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

13. SEGMENT INFORMATION

During the third quarter of 2022, as a result of the spin-off of FTAI Infrastructure effective on August 1, 2022, the Company reevaluated its operating segments. 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, manufactures, repairs, and sells aircraft engines and aftermarket components for aircraft engines. The interim periods will disclose the reportable segments under this basis with prior periods restated to reflect the change in accordance with the requirements of ASC 280.

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.

Additionally, during the third quarter of 2022, the Company changed its measure of segment profit to include the add back of dividends on preferred shares in Adjusted EBITDA. Prior period Adjusted EBITDA amounts and the reconciliation to net income (loss) attributable to shareholders from continuing operations have been recast to reflect this change in the measure of segment profit.

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 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. During the third quarter of 2022, 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 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 GAAP.

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

I. For the Three Months Ended September 30, 2022


	Three Months Ended September 30, 2022

	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues	$	164,848	$	53,401	$	12,116	$	230,365

Expenses
Operating expenses	10,533		3,491		13,369		27,393
Cost of sales	64,855		31,093		—		95,948
General and administrative	—		—		3,354		3,354
Acquisition and transaction expenses	247		15		2,586		2,848
Management fees and incentive allocation to affiliate	—		—		4		4
Depreciation and amortization	32,728		77		2,048		34,853
Asset impairment	4,495		—		—		4,495
Interest expense	—		—		40,171		40,171
Total expenses	112,858		34,676		61,532		209,066

Other income (expense)
Equity in losses of unconsolidated entities	(45)		(313)		—		(358)
Gain on sale of assets, net	—		—		—		—
Loss on extinguishment of debt	—		—		(19,861)		(19,861)

Other income (expense)	42		—		(1,080)		(1,038)
Total other expense	(3)		(313)		(20,941)		(21,257)
Income (loss) from continuing operations before income taxes	51,987		18,412		(70,357)		42
Provision for income taxes	926		2,586		677		4,189
Net income (loss) from continuing operations	51,061		15,826		(71,034)		(4,147)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		6,791		6,791
Net income (loss) attributable to shareholders from continuing operations	$	51,061	$	15,826	$	(77,825)	$	(10,938)

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


	Three Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	95,994	$	18,560	$	(5,691)	$	108,863
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in losses of unconsolidated entities							(358)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							241
Less: Interest expense and dividends on preferred shares							(46,962)
Less: Depreciation and amortization expense							(41,329)
Less: Incentive allocations							—
Less: Asset impairment charges							(4,495)
Less: Changes in fair value of non-hedge derivative instruments							—
Less: Losses on the modification or extinguishment of debt and capital lease obligations							(19,861)
Less: Acquisition and transaction expenses							(2,848)
Less: Equity-based compensation expense							—
Less: Provision for income taxes							(4,189)
Net loss attributable to shareholders from continuing operations							$	(10,938)

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


	Three Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	250	$	—	$	—	$	250
Asia	23,496		1,200		12,116		36,812
Europe	41,869		15,511		—		57,380
North America	90,183		36,690		—		126,873
South America	9,050		—		—		9,050
Total	$	164,848	$	53,401	$	12,116	$	230,365

II. For the Nine Months Ended September 30, 2022


	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues	$	317,994	$	94,211	$	21,915	$	434,120

Expenses
Operating expenses	72,135		8,094		27,968		108,197
Cost of sales	64,855		55,284		—		120,139
General and administrative	—		—		11,821		11,821
Acquisition and transaction expenses	624		15		7,701		8,340
Management fees and incentive allocation to affiliate	—		—		4		4
Depreciation and amortization	109,147		178		6,136		115,461
Asset impairment	128,171		—		—		128,171
Interest expense	—		—		132,197		132,197
Total expenses	374,932		63,571		185,827		624,330

Other income (expense)
Equity in earnings (losses) of unconsolidated entities	753		(878)		—		(125)
Gain on sale of assets, net	61,371		18,562		—		79,933
Loss on extinguishment of debt	—		—		(19,861)		(19,861)

Other income (expense)	245		—		(37)		208
Total other income (expense)	62,369		17,684		(19,898)		60,155
Income (loss) before income taxes	5,431		48,324		(183,810)		(130,055)
Provision for income taxes	2,116		5,055		186		7,357
Net income (loss)	3,315		43,269		(183,996)		(137,412)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		20,373		20,373
Net income (loss) attributable to shareholders from continuing operations	$	3,315	$	43,269	$	(204,369)	$	(157,785)

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


	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	273,788	$	48,685	$	(17,915)	$	304,558
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in losses of unconsolidated entities							(125)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							(165)
Less: Interest expense and dividends on preferred shares							(152,570)
Less: Depreciation and amortization expense							(145,754)
Less: Incentive allocations							—
Less: Asset impairment charges							(128,171)
Less: Changes in fair value of non-hedge derivative instruments							—
Less: Losses on the modification or extinguishment of debt and capital lease obligations							(19,861)
Less: Acquisition and transaction expenses							(8,340)
Less: Equity-based compensation expense							—
Less: Provision for income taxes							(7,357)
Net loss attributable to shareholders from continuing operations							$	(157,785)

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


	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	250	$	850	$	—	$	1,100
Asia	60,111		2,601		21,915		84,627
Europe	94,751		26,410		—		121,161
North America	130,362		64,350		—		194,712
South America	32,520		—		—		32,520
Total	$	317,994	$	94,211	$	21,915	$	434,120

III. For the Three Months Ended September 30, 2021


	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues	$	86,208	$	7,730	$	5,236	$	99,174

Expenses
Operating expenses	7,282		1,774		6,283		15,339
Cost of sales	—		5,367		—		5,367
General and administrative	—		—		3,679		3,679
Acquisition and transaction expenses	234		—		6,349		6,583
Management fees and incentive allocation to affiliate	—		—		16		16
Depreciation and amortization	34,181		40		2,016		36,237
Asset impairment	859		—		—		859
Interest expense	—		—		50,096		50,096
Total expenses	42,556		7,181		68,439		118,176

Other income (expense)
Equity in losses of unconsolidated entities	—		(369)		—		(369)
Gain on sale of assets, net	10,961		1,724		—		12,685


Other expense	(1,341)		—		—		(1,341)
Total other income	9,620		1,355		—		10,975
Income (loss) before income taxes	53,272		1,904		(63,203)		(8,027)
Provision for (benefit from) income taxes	595		(110)		—		485
Net income (loss)	52,677		2,014		(63,203)		(8,512)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		6,791		6,791
Net income (loss) attributable to shareholders from continuing operations	$	52,677	$	2,014	$	(69,994)	$	(15,303)

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


	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	94,990	$	2,001	$	(4,742)	$	92,249
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in income of unconsolidated entities							(369)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							312
Less: Interest expense and dividends on preferred shares							(56,887)
Less: Depreciation and amortization expense							(42,681)
Less: Incentive allocations							—
Less: Asset impairment charges							(859)
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							(6,583)
Less: Equity-based compensation expense							—
Less: Provision for income taxes							(485)
Net loss attributable to shareholders from continuing operations							$	(15,303)

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


	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues

Asia	$	36,420	$	—	$	5,236	$	41,656
Europe	35,709		—		—		35,709
North America	10,422		7,730		—		18,152
South America	3,657		—		—		3,657
Total	$	86,208	$	7,730	$	5,236	$	99,174

IV. For the Nine Months Ended September 30, 2021


	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues	$	215,198	$	13,284	$	8,870	$	237,352

Expenses
Operating expenses	14,177		3,519		16,495		34,191
Cost of sales	—		8,577		—		8,577
General and administrative	—		—		9,618		9,618
Acquisition and transaction expenses	804		—		11,822		12,626
Management fees and incentive allocation to affiliate	—		—		704		704
Depreciation and amortization	100,381		40		5,953		106,374
Asset impairment	3,048		—		—		3,048
Interest expense	—		—		115,598		115,598
Total expenses	118,410		12,136		160,190		290,736

Other income (expense)
Equity in losses of unconsolidated entities	—		(1,050)		—		(1,050)
Gain on sale of assets, net	15,751		1,716		—		17,467
Loss on extinguishment of debt	—		—		(3,254)		(3,254)


Other expense	(717)		—		—		(717)
Total other income (expense)	15,034		666		(3,254)		12,446
Income (loss) before income taxes	111,822		1,814		(154,574)		(40,938)
Provision for (benefit from) income taxes	909		(11)		(74)		824
Net income (loss)	110,913		1,825		(154,500)		(41,762)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		17,967		17,967
Net income (loss) attributable to shareholders from continuing operations	$	110,913	$	1,825	$	(172,467)	$	(59,729)

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


	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	237,404	$	1,998	$	(17,947)	$	221,455
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in losses of unconsolidated entities							(1,050)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							906
Less: Interest expense and dividends on preferred shares							(133,565)
Less: Depreciation and amortization expense							(127,723)
Less: Incentive allocations							—
Less: Asset impairment charges							(3,048)
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							(12,626)
Less: Equity-based compensation expense							—
Less: Provision for income taxes							(824)
Net loss attributable to shareholders from continuing operations							$	(59,729)

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


	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	235	$	—	$	—	$	235
Asia	93,925		—		8,870		102,795
Europe	88,296		812		—		89,108
North America	26,630		12,472		—		39,102
South America	6,112		—		—		6,112
Total	$	215,198	$	13,284	$	8,870	$	237,352

V. Location of Long-Lived Assets

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


	September 30, 2022
	Total
Property, plant and equipment and leasing equipment, net
Africa	$	17,776
Asia	401,057
Europe	602,833
North America	393,268
South America	324,917
Total	$	1,739,851


	December 31, 2021
	Total
Property, plant and equipment and leasing equipment, net

Asia	$	543,610
Europe	839,555
North America	265,203
South America	245,532
Total	$	1,893,900

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 21
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

EARNINGS PER SHARE AND EQUITY

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND EQUITY

14. EARNINGS PER SHARE AND EQUITY

Basic earnings per common share (“EPS”) is calculated by dividing net income (loss) attributable to shareholders by the weighted average number of common shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of common 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share data)	2022		2021		2022		2021
Net loss from continuing operations	$	(4,147)	$	(8,512)	$	(137,412)	$	(41,762)
Net loss from discontinued operations, net of income taxes	(14,782)		(30,931)		(101,416)		(69,165)
Net loss	$	(18,929)	$	(39,443)	$	(238,828)	(110,927)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	—		—		—		—
Discontinued operations	(2,871)		(7,363)		(18,817)		(18,949)
Less: Dividends on preferred shares	6,791		6,791		20,373		17,967
Net loss attributable to shareholders	$	(22,849)	$	(38,871)	$	(240,384)	$	(109,945)
Weighted Average Common Shares Outstanding - Basic (1)	99,378,771		88,277,897		99,372,016		86,787,072
Weighted Average Common Shares Outstanding - Diluted (1)	99,378,771		88,277,897		99,372,016		86,787,072

Loss per share:
Basic
Continuing operations	$	(0.11)	$	(0.17)	$	(1.59)	$	(0.69)
Discontinued operations	$	(0.12)	$	(0.27)	$	(0.83)	$	(0.58)

Diluted
Continuing operations	$	(0.11)	$	(0.17)	$	(1.59)	$	(0.69)
Discontinued operations	$	(0.12)	$	(0.27)	$	(0.83)	$	(0.58)

________________________________________________________

(1) Three and nine months ended September 30, 2022 and 2021 include participating securities which can be converted into a fixed amount of our shares.

For the three months ended September 30, 2022 and 2021, 326,747 and 950,524 shares, respectively, and for the nine months ended September 30, 2022 and 2021, 654,693 and 940,254 shares, respectively, have been excluded from the calculation of Diluted EPS because the impact would be anti-dilutive.

During the nine months ended September 30, 2022, we issued 19,811 common shares to certain directors as compensation.

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES In the normal course of business we, and our 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.

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS On October 27, 2022, our Board of Directors declared a cash dividend on our common shares and eligible participating securities of $0.30 per share for the quarter ended September 30, 2022, payable on November 28, 2022 to the holders of record on November 14, 2022. Additionally, on October 27, 2022, our Board of Directors also declared cash dividends on the Series A Preferred Shares, Series B Preferred Shares and Series C Preferred Shares of $0.52, $0.50 and $0.52 per share, respectively, payable on December 15, 2022 to the holders of record on December 1, 2022.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting—The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and include the accounts of us and our subsidiaries.
Principles of Consolidation	Principles of Consolidation—We consolidate all entities in which we have a controlling financial interest and control over significant operating decisions, as well as variable interest entities (“VIEs”) in which we are the primary beneficiary. All significant intercompany transactions and balances have been eliminated. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. 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	Use of Estimates—The preparation of financial statements in conformity with 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	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, customer, or derivative counterparty 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.
Variable Interest Entities	Variable Interest Entities—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.
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.
Inventory	Inventory—We hold aircraft engine modules, spare parts and used material inventory for trading and to support operations. Inventory is carried at the lower of cost or net realizable value on our balance sheet.
Deferred Financing Costs	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.
Operating Leases	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 revenues. 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 finance 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 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. See Note 10 for additional information. Aerospace Products revenue—Aerospace Products revenue primarily consists of the transaction price related to the sale of repaired CFM56-7B and CFM56-5B 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.
Leasing Arrangements	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. 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. 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	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 and, when deemed necessary, enter into collateral arrangements.
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)	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 fair value changes for pensions and other postretirement benefits of discontinued operations, and other comprehensive income related to cash flow hedges of our equity method investees of discontinued operations. These changes are also recorded in Accumulated other comprehensive loss in our Consolidated Balance Sheets. The cash flow impact of derivative contracts held by the equity method investees that are not designated as hedging instruments is recognized in Equity in losses (earnings) in unconsolidated entities in our Consolidated Statements of Cash Flows, and 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements—In July 2021, the FASB issued ASU 2021-05, Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments. This ASU requires lessors to classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if (i) the lease would have been classified as a sales-type lease or a direct financing lease under Topic 842 and (ii) the lessor would have otherwise recognized a day-one loss. This standard is effective for all reporting periods beginning after December 15, 2021. We adopted this guidance in the first quarter of 2022, which did not have a material impact on our consolidated financial statements.
Fair Value Measurement	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).
Revenue Recognition	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.

DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2022

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations, Income Statement, Balance Sheet, and Additional Disclosures


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenues
Total revenues	$	27,993	$	36,788	$	140,009	$	72,674
Expenses
Operating expenses	12,365		30,865		92,478		64,747
Cost of sales	4,920		1,222		12,732		1,459
General and administrative expenses	466		743		2,694		2,711
Acquisition and transaction expenses	3,813		547		13,971		546
Management fees and incentive allocation to affiliate	908		3,829		8,134		11,244
Depreciation and amortization	6,004		17,131		40,319		38,900
Interest expense	2,160		4,404		15,105		9,396
Other expense	7,641		9,957		47,765		15,625
Losses before income taxes	(10,284)		(31,910)		(93,189)		(71,954)
Provision for (benefit from) income taxes	4,498		(979)		8,227		(2,789)
Net loss from discontinued operations, net of income taxes	(14,782)		(30,931)		(101,416)		(69,165)
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries	(2,871)		(7,363)		(18,817)		(18,949)
Net loss attributable to shareholders	(11,911)		(23,568)		(82,599)		(50,216)

The following table summarizes the carrying value of the major classes of assets and liabilities of discontinued operations as of December 31, 2021:


	December 31, 2021
Assets
Cash and cash equivalents	$	49,872
Restricted cash	251,983
Accounts receivable, net	50,301
Leasing equipment, net	36,012
Operating lease right-of-use assets, net	71,547
Property, plant and equipment, net	1,517,594
Investments	54,408
Intangible assets, net	67,737
Goodwill	257,137
Other assets	85,710
Total assets of discontinued operations	2,442,301

Liabilities
Accounts payable and accrued liabilities	115,634
Debt, net	718,624
Operating lease liabilities	70,404
Other liabilities	75,593
Total liabilities of discontinued operations	980,255

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


	Nine Months Ended September 30,
	2022		2021
Operating activities:
Equity in losses of unconsolidated entities	$	46,601	$	8,810
Depreciation and amortization	40,319		38,900
Equity-based compensation	2,623		3,281
Investing activities:
Acquisition of property, plant and equipment	$	(129,920)	$	(97,506)
Acquisition of business, net of cash acquired	(3,819)		(627,399)
Investment in unconsolidated entities	7,954		(54,499)
Proceeds from sale of property, plant and equipment	5,289		—
Non-cash change in equity method investment	(182,963)		(77,518)
Conversion of interests in unconsolidated entities	(21,302)		—

Summarized financial data for Long Ridge Terminal LLC are shown in the following tables for the periods in which the Company held the equity investment.


	December 31, 2021
Balance Sheet
Assets
Cash and cash equivalents	$	2,932
Restricted cash	32,469
Accounts receivable, net	17,896


Property, plant, and equipment, net	764,607

Intangible assets, net	4,940
Goodwill	89,390
Inventory, net	1,691
Other assets	12,750
Total assets	$	926,675

Liabilities
Accounts payable and accrued liabilities	$	16,121
Debt, net	604,261
Derivative liabilities	339,033
Other liabilities	2,246
Total liabilities	961,661

Equity
Shareholders’ equity	(1,035)
Accumulated deficit	(33,951)
Total equity	(34,986)
Total liabilities and equity	$	926,675


	Three Months Ended September 30,				Nine Months Ended September 30,
Income Statement	2022		2021		2022		2021


Total revenues	$	156	$	21,071	$	15,199	$	38,341

Expenses
Operating expenses	4,337		5,581		36,693		16,568

Depreciation and amortization	4,383		5,891		29,381		13,327
Interest expense	4,580		547		30,622		1,493


Total expenses	13,300		12,019		96,696		31,388





Total other expense	(21)		(16,614)		(234)		(25,440)
Net loss	$	(13,165)	$	(7,562)	$	(81,731)	$	(18,487)

- 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

LEASING EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Schedule of Lessor, Operating Leases

Leasing equipment, net is summarized as follows:




	September 30, 2022		December 31, 2021
Leasing equipment	$	2,179,728	$	2,312,040
Less: Accumulated depreciation	(487,546)		(456,403)
Leasing equipment, net	$	1,692,182	$	1,855,637

Lessor, Acquisition and Disposition of Leasing Equipment

The following table presents information related to our acquisitions and dispositions of aviation leasing equipment during the nine months ended September 30, 2022:


Acquisitions:
Aircraft			23
Engines			45
Dispositions:
Aircraft			5
Engines			50

Operating Lease, Lease Income

Depreciation expense for leasing equipment is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Depreciation expense for leasing equipment	$	34,704	$	36,130	$	115,074	$	106,172

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment, net is summarized as follows:




	September 30, 2022		December 31, 2021

Construction in progress	45,621		36,777



Furniture and fixtures	1,445		1,374
Other	1,410		533
	48,476		38,684
Less: Accumulated depreciation	(807)		(421)

Property, plant and equipment, net	$	47,669	$	38,263

Depreciation expense for property, plant and equipment is summarized as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

Depreciation expense	$	149	$	107	$	387	$	202

INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2022

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	September 30, 2022		December 31, 2021
Advanced Engine Repair JV	Equity method	25%	$	20,439	$	21,317
Falcon MSN 177 LLC	Equity method	50%	1,841		1,600

			$	22,280	$	22,917

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Advanced Engine Repair JV	$	(314)	$	(369)	$	(879)	$	(1,050)
Falcon MSN 177 LLC	(44)		—		754		—

Total	$	(358)	$	(369)	$	(125)	$	(1,050)

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)

9 Months Ended

Sep. 30, 2022

Intangible Assets and Liabilities Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets and Liabilities

Intangible assets and liabilities, net are summarized as follows:


	September 30, 2022		December 31, 2021
Intangible assets
Acquired favorable lease intangibles	$	59,789	$	67,013
Less: Accumulated amortization	(30,373)		(36,051)

Total intangible assets, net	$	29,416	$	30,962

Intangible liabilities
Acquired unfavorable lease intangibles	$	13,114	$	14,795
Less: Accumulated amortization	(2,216)		(6,068)
Acquired unfavorable lease intangibles, net	$	10,898	$	8,727

Schedule of Intangible Assets and Liabilities

Amortization of intangible assets and liabilities is as follows:


	Classification in Consolidated Statements of Operations	Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Lease intangibles	Revenues	$	3,291	$	1,266	$	10,259	$	3,216

Schedule of Net Annual Amortization of Intangibles

As of September 30, 2022, estimated net annual amortization of intangible assets and liabilities is as follows:


Remainder of 2022	$	3,323
2023	8,398
2024	4,848
2025	1,962
2026	519
Thereafter	(532)
Total	$	18,518

DEBT, NET (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt, net is summarized as follows:


	September 30, 2022				December 31, 2021
	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	$	189,473
2021 Bridge Loans	—		(i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75%	12/15/22	100,527
Total loans payable	—				290,000
Bonds payable



Senior Notes due 2025 (2)	653,269		6.50%	10/1/25	852,198
Senior Notes due 2027	400,000		9.75%	8/1/27	400,000
Senior Notes due 2028 (3)	1,002,174		5.50%	5/1/28	1,002,416
Total bonds payable	2,055,443				2,254,614

Debt	2,055,443				2,544,614
Less: Debt issuance costs	(30,894)				(43,027)
Total debt, net	$	2,024,549			$	2,501,587

Total debt due within one year	$	—			$	100,527

________________________________________________________

(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.

(3) Includes an unamortized premium of $2,174 and $2,416 at September 30, 2022 and December 31, 2021, respectively.

- Definition

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

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+ Details

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping

The fair values of our notes 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:


	September 30, 2022	December 31, 2021
Senior Notes due 2025	611,806	881,408
Senior Notes due 2027	391,920	448,848
Senior Notes due 2028	805,430	1,019,470

REVENUES (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


	Three Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	40,273	$	—	$	9,806	$	50,079
Maintenance revenue	35,507		—		—		35,507
Finance lease income	119		—		—		119
Asset sales revenue	85,488		—		—		85,488
Aerospace products revenue	—		53,401		—		53,401
Other revenue	3,461		—		2,310		5,771
Total revenues	$	164,848	$	53,401	$	12,116	$	230,365


	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	40,392	$	—	$	2,386	$	42,778
Maintenance revenue	40,252		—		—		40,252
Finance lease income	439		—		—		439
Aerospace products revenue	—		7,730		—		7,730

Other revenue	5,125		—		2,850		7,975
Total revenues	$	86,208	$	7,730	$	5,236	$	99,174


	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	111,316	$	—	$	17,515	$	128,831
Maintenance revenue	112,171		—		—		112,171
Finance lease income	332		—		—		332
Asset sales revenue	85,488		—		—		85,488
Aerospace products revenue	—		94,211		—		94,211
Other revenue	8,687		—		4,400		13,087
Total revenues	$	317,994	$	94,211	$	21,915	$	434,120


	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	120,389	$	—	$	5,518	$	125,907
Maintenance revenue	87,763		—		—		87,763
Finance lease income	1,285		—		—		1,285
Aerospace products revenue	—		13,284		—		13,284

Other revenue	5,761		—		3,352		9,113
Total revenues	$	215,198	$	13,284	$	8,870	$	237,352

Finance Lease, Lease Income

Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases:


	September 30, 2022
Remainder of 2022	$	37,708
2023	111,850
2024	70,428
2025	43,890
2026	24,835
Thereafter	65,820
Total	$	354,531

Operating Lease, Lease Income

Presented below are the contracted minimum future annual revenues to be received under existing operating and finance leases:


	September 30, 2022
Remainder of 2022	$	37,708
2023	111,850
2024	70,428
2025	43,890
2026	24,835
Thereafter	65,820
Total	$	354,531

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Current:
Federal	$	247	$	368	$	582	$	808
State and local	(442)		95		69		213
Foreign	106		31		174		(25)
Total current provision	(89)		494		825		996
Deferred:
Federal	2,915		—		4,517		—
State and local	304		—		610		—
Foreign	1,059		(9)		1,405		(172)
Total deferred provision (benefit)	4,278		(9)		6,532		(172)
Provision for income taxes	$	4,189	$	485	$	7,357	$	824

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Related Party Transactions

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Management fees	$	4	$	16	$	4	$	704
Income incentive allocation	—		—		—		—
Capital gains incentive allocation	—		—		—		—
Total	$	4	$	16	$	4	$	704

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Classification in the Consolidated Statements of Operations:
General and administrative	$	1,466	$	1,184	$	4,933	$	3,427
Acquisition and transaction expenses	154		617		883		1,588
Total	$	1,620	$	1,801	$	5,816	$	5,015

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


	September 30, 2022		December 31, 2021
Accrued management fees	$	386	$	1,495
Other payables	1,020		2,283

SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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

I. For the Three Months Ended September 30, 2022


	Three Months Ended September 30, 2022

	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues	$	164,848	$	53,401	$	12,116	$	230,365

Expenses
Operating expenses	10,533		3,491		13,369		27,393
Cost of sales	64,855		31,093		—		95,948
General and administrative	—		—		3,354		3,354
Acquisition and transaction expenses	247		15		2,586		2,848
Management fees and incentive allocation to affiliate	—		—		4		4
Depreciation and amortization	32,728		77		2,048		34,853
Asset impairment	4,495		—		—		4,495
Interest expense	—		—		40,171		40,171
Total expenses	112,858		34,676		61,532		209,066

Other income (expense)
Equity in losses of unconsolidated entities	(45)		(313)		—		(358)
Gain on sale of assets, net	—		—		—		—
Loss on extinguishment of debt	—		—		(19,861)		(19,861)

Other income (expense)	42		—		(1,080)		(1,038)
Total other expense	(3)		(313)		(20,941)		(21,257)
Income (loss) from continuing operations before income taxes	51,987		18,412		(70,357)		42
Provision for income taxes	926		2,586		677		4,189
Net income (loss) from continuing operations	51,061		15,826		(71,034)		(4,147)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		6,791		6,791
Net income (loss) attributable to shareholders from continuing operations	$	51,061	$	15,826	$	(77,825)	$	(10,938)

II. For the Nine Months Ended September 30, 2022


	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues	$	317,994	$	94,211	$	21,915	$	434,120

Expenses
Operating expenses	72,135		8,094		27,968		108,197
Cost of sales	64,855		55,284		—		120,139
General and administrative	—		—		11,821		11,821
Acquisition and transaction expenses	624		15		7,701		8,340
Management fees and incentive allocation to affiliate	—		—		4		4
Depreciation and amortization	109,147		178		6,136		115,461
Asset impairment	128,171		—		—		128,171
Interest expense	—		—		132,197		132,197
Total expenses	374,932		63,571		185,827		624,330

Other income (expense)
Equity in earnings (losses) of unconsolidated entities	753		(878)		—		(125)
Gain on sale of assets, net	61,371		18,562		—		79,933
Loss on extinguishment of debt	—		—		(19,861)		(19,861)

Other income (expense)	245		—		(37)		208
Total other income (expense)	62,369		17,684		(19,898)		60,155
Income (loss) before income taxes	5,431		48,324		(183,810)		(130,055)
Provision for income taxes	2,116		5,055		186		7,357
Net income (loss)	3,315		43,269		(183,996)		(137,412)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		20,373		20,373
Net income (loss) attributable to shareholders from continuing operations	$	3,315	$	43,269	$	(204,369)	$	(157,785)

III. For the Three Months Ended September 30, 2021


	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues	$	86,208	$	7,730	$	5,236	$	99,174

Expenses
Operating expenses	7,282		1,774		6,283		15,339
Cost of sales	—		5,367		—		5,367
General and administrative	—		—		3,679		3,679
Acquisition and transaction expenses	234		—		6,349		6,583
Management fees and incentive allocation to affiliate	—		—		16		16
Depreciation and amortization	34,181		40		2,016		36,237
Asset impairment	859		—		—		859
Interest expense	—		—		50,096		50,096
Total expenses	42,556		7,181		68,439		118,176

Other income (expense)
Equity in losses of unconsolidated entities	—		(369)		—		(369)
Gain on sale of assets, net	10,961		1,724		—		12,685


Other expense	(1,341)		—		—		(1,341)
Total other income	9,620		1,355		—		10,975
Income (loss) before income taxes	53,272		1,904		(63,203)		(8,027)
Provision for (benefit from) income taxes	595		(110)		—		485
Net income (loss)	52,677		2,014		(63,203)		(8,512)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		6,791		6,791
Net income (loss) attributable to shareholders from continuing operations	$	52,677	$	2,014	$	(69,994)	$	(15,303)


	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues	$	215,198	$	13,284	$	8,870	$	237,352

Expenses
Operating expenses	14,177		3,519		16,495		34,191
Cost of sales	—		8,577		—		8,577
General and administrative	—		—		9,618		9,618
Acquisition and transaction expenses	804		—		11,822		12,626
Management fees and incentive allocation to affiliate	—		—		704		704
Depreciation and amortization	100,381		40		5,953		106,374
Asset impairment	3,048		—		—		3,048
Interest expense	—		—		115,598		115,598
Total expenses	118,410		12,136		160,190		290,736

Other income (expense)
Equity in losses of unconsolidated entities	—		(1,050)		—		(1,050)
Gain on sale of assets, net	15,751		1,716		—		17,467
Loss on extinguishment of debt	—		—		(3,254)		(3,254)


Other expense	(717)		—		—		(717)
Total other income (expense)	15,034		666		(3,254)		12,446
Income (loss) before income taxes	111,822		1,814		(154,574)		(40,938)
Provision for (benefit from) income taxes	909		(11)		(74)		824
Net income (loss)	110,913		1,825		(154,500)		(41,762)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	—		—		—		—
Less: Dividends on preferred shares	—		—		17,967		17,967
Net income (loss) attributable to shareholders from continuing operations	$	110,913	$	1,825	$	(172,467)	$	(59,729)

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:


	Three Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	95,994	$	18,560	$	(5,691)	$	108,863
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in losses of unconsolidated entities							(358)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							241
Less: Interest expense and dividends on preferred shares							(46,962)
Less: Depreciation and amortization expense							(41,329)
Less: Incentive allocations							—
Less: Asset impairment charges							(4,495)
Less: Changes in fair value of non-hedge derivative instruments							—
Less: Losses on the modification or extinguishment of debt and capital lease obligations							(19,861)
Less: Acquisition and transaction expenses							(2,848)
Less: Equity-based compensation expense							—
Less: Provision for income taxes							(4,189)
Net loss attributable to shareholders from continuing operations							$	(10,938)

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


	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	273,788	$	48,685	$	(17,915)	$	304,558
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in losses of unconsolidated entities							(125)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							(165)
Less: Interest expense and dividends on preferred shares							(152,570)
Less: Depreciation and amortization expense							(145,754)
Less: Incentive allocations							—
Less: Asset impairment charges							(128,171)
Less: Changes in fair value of non-hedge derivative instruments							—
Less: Losses on the modification or extinguishment of debt and capital lease obligations							(19,861)
Less: Acquisition and transaction expenses							(8,340)
Less: Equity-based compensation expense							—
Less: Provision for income taxes							(7,357)
Net loss attributable to shareholders from continuing operations							$	(157,785)

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


	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	94,990	$	2,001	$	(4,742)	$	92,249
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in income of unconsolidated entities							(369)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							312
Less: Interest expense and dividends on preferred shares							(56,887)
Less: Depreciation and amortization expense							(42,681)
Less: Incentive allocations							—
Less: Asset impairment charges							(859)
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							(6,583)
Less: Equity-based compensation expense							—
Less: Provision for income taxes							(485)
Net loss attributable to shareholders from continuing operations							$	(15,303)

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


	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Adjusted EBITDA	$	237,404	$	1,998	$	(17,947)	$	221,455
Add: Non-controlling share of Adjusted EBITDA							—
Add: Equity in losses of unconsolidated entities							(1,050)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities							906
Less: Interest expense and dividends on preferred shares							(133,565)
Less: Depreciation and amortization expense							(127,723)
Less: Incentive allocations							—
Less: Asset impairment charges							(3,048)
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							(12,626)
Less: Equity-based compensation expense							—
Less: Provision for income taxes							(824)
Net loss attributable to shareholders from continuing operations							$	(59,729)

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:


	Three Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	250	$	—	$	—	$	250
Asia	23,496		1,200		12,116		36,812
Europe	41,869		15,511		—		57,380
North America	90,183		36,690		—		126,873
South America	9,050		—		—		9,050
Total	$	164,848	$	53,401	$	12,116	$	230,365

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


	Nine Months Ended September 30, 2022
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	250	$	850	$	—	$	1,100
Asia	60,111		2,601		21,915		84,627
Europe	94,751		26,410		—		121,161
North America	130,362		64,350		—		194,712
South America	32,520		—		—		32,520
Total	$	317,994	$	94,211	$	21,915	$	434,120

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


	Three Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues

Asia	$	36,420	$	—	$	5,236	$	41,656
Europe	35,709		—		—		35,709
North America	10,422		7,730		—		18,152
South America	3,657		—		—		3,657
Total	$	86,208	$	7,730	$	5,236	$	99,174

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


	Nine Months Ended September 30, 2021
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	235	$	—	$	—	$	235
Asia	93,925		—		8,870		102,795
Europe	88,296		812		—		89,108
North America	26,630		12,472		—		39,102
South America	6,112		—		—		6,112
Total	$	215,198	$	13,284	$	8,870	$	237,352

Long-lived Assets by Geographic Areas

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


	September 30, 2022
	Total
Property, plant and equipment and leasing equipment, net
Africa	$	17,776
Asia	401,057
Europe	602,833
North America	393,268
South America	324,917
Total	$	1,739,851


	December 31, 2021
	Total
Property, plant and equipment and leasing equipment, net

Asia	$	543,610
Europe	839,555
North America	265,203
South America	245,532
Total	$	1,893,900

EARNINGS PER SHARE AND EQUITY (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted EPS is presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share data)	2022		2021		2022		2021
Net loss from continuing operations	$	(4,147)	$	(8,512)	$	(137,412)	$	(41,762)
Net loss from discontinued operations, net of income taxes	(14,782)		(30,931)		(101,416)		(69,165)
Net loss	$	(18,929)	$	(39,443)	$	(238,828)	(110,927)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	—		—		—		—
Discontinued operations	(2,871)		(7,363)		(18,817)		(18,949)
Less: Dividends on preferred shares	6,791		6,791		20,373		17,967
Net loss attributable to shareholders	$	(22,849)	$	(38,871)	$	(240,384)	$	(109,945)
Weighted Average Common Shares Outstanding - Basic (1)	99,378,771		88,277,897		99,372,016		86,787,072
Weighted Average Common Shares Outstanding - Diluted (1)	99,378,771		88,277,897		99,372,016		86,787,072

Loss per share:
Basic
Continuing operations	$	(0.11)	$	(0.17)	$	(1.59)	$	(0.69)
Discontinued operations	$	(0.12)	$	(0.27)	$	(0.83)	$	(0.58)

Diluted
Continuing operations	$	(0.11)	$	(0.17)	$	(1.59)	$	(0.69)
Discontinued operations	$	(0.12)	$	(0.27)	$	(0.83)	$	(0.58)

________________________________________________________

(1) Three and nine months ended September 30, 2022 and 2021 include participating securities which can be converted into a fixed amount of our shares.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accounting Policies [Line Items]
Debt issuance cost	$ 30,894		$ 30,894		$ 43,027
Amortization of deferred financing costs			17,142	$ 18,853
Provision for doubtful accounts	55,000		55,000		16,900
Bad debt expense	0	$ 1,500	47,100	800
Purchase deposits			28,621	$ 13,790
Operating lease, ROU asset	3,200		3,200		3,800
Finance leases, net			7,100		7,600
Amortization of lease incentives	$ 7,500		$ 7,500
Common stock dividends declared (in dollars per share)	$ 0.30	$ 0.33	$ 0.96	$ 0.99
Continuing Operations
Accounting Policies [Line Items]
Amortization of deferred financing costs	$ 3,500	$ 13,700	$ 15,200	$ 17,100
Series A Preferred Shares
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.52	$ 0.52
Series B Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	0.50	0.50
Series C Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.52	$ 0.52
Other Assets
Accounting Policies [Line Items]
Debt fees	$ 5,600		5,600		2,400
Capitalized costs, potential asset acquisitions	35,500		35,500		46,900
Purchase deposits			28,600		13,700
Prepaid expense	3,500		3,500		4,000
Notes receivable	56,000		56,000		22,400
Maintenance right assets	$ 12,400		$ 12,400		$ 5,100
Customer One \| Customer Concentration Risk \| Sales Revenue, Segment \| Aviation Leasing
Accounting Policies [Line Items]
Concentration risk		14.00%		14.00%
Customer One \| Customer Concentration Risk \| Accounts Receivable \| Aviation Leasing
Accounting Policies [Line Items]
Concentration risk			28.00%		51.00%
Customer Two \| Customer Concentration Risk \| Accounts Receivable \| Aviation Leasing
Accounting Policies [Line Items]
Concentration risk			12.00%		18.00%

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Aug. 01, 2022	Dec. 31, 2021	Jul. 01, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total VIE assets	$ 2,277,985		$ 4,863,854
Total VIE liabilities	$ 2,251,937		3,739,754
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| FTAI Infrastructure
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration		$ 730,300
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%
Variable Interest Entity, Primary Beneficiary \| Delaware River Partners LLC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest held in VIE, as a percentage	100.00%
Total VIE assets			316,500
Total VIE liabilities			$ 32,600
Loans payable \| Revolving Credit Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payment of debt	$ 175,000
Senior Notes Due 2025 \| Bonds payable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payment of debt	$ 200,000
Stated percentage	6.50%

DISCONTINUED OPERATIONS - Components of Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Expenses
Net loss from discontinued operations, net of income taxes	$ (14,782)	$ (30,931)	$ (101,416)	$ (69,165)
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries	(2,871)	(7,363)	(18,817)	(18,949)
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| FTAI Infrastructure
Revenues
Total revenues	27,993	36,788	140,009	72,674
Expenses
Operating expenses	12,365	30,865	92,478	64,747
Cost of sales	4,920	1,222	12,732	1,459
General and administrative expenses	466	743	2,694	2,711
Acquisition and transaction expenses	3,813	547	13,971	546
Management fees and incentive allocation to affiliate	908	3,829	8,134	11,244
Depreciation and amortization	6,004	17,131	40,319	38,900
Interest expense	2,160	4,404	15,105	9,396
Other expense	7,641	9,957	47,765	15,625
Losses before income taxes	(10,284)	(31,910)	(93,189)	(71,954)
Provision for (benefit from) income taxes	4,498	(979)	8,227	(2,789)
Net loss from discontinued operations, net of income taxes	(14,782)	(30,931)	(101,416)	(69,165)
Less: Net loss attributable to non-controlling interest in consolidated subsidiaries	(2,871)	(7,363)	(18,817)	(18,949)
Net loss attributable to shareholders	$ (11,911)	$ (23,568)	$ (82,599)	$ (50,216)

DISCONTINUED OPERATIONS - Components of Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Total assets of discontinued operations	$ 0	$ 2,442,301
Liabilities
Total liabilities of discontinued operations	$ 0	980,255
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff \| FTAI Infrastructure
Assets
Cash and cash equivalents		49,872
Restricted cash		251,983
Accounts receivable, net		50,301
Leasing equipment, net		36,012
Operating lease right-of-use assets, net		71,547
Property, plant and equipment, net		1,517,594
Investments		54,408
Intangible assets, net		67,737
Goodwill		257,137
Other assets		85,710
Total assets of discontinued operations		2,442,301
Liabilities
Accounts payable and accrued liabilities		115,634
Debt, net		718,624
Operating lease liabilities		70,404
Other liabilities		75,593
Total liabilities of discontinued operations		$ 980,255

DISCONTINUED OPERATIONS - Components of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Investing activities:
Conversion of interests in unconsolidated entities	$ 21,302	$ 0
Discontinued Operations, Disposed of by Sale \| FTAI Infrastructure
Operating activities:
Equity in losses of unconsolidated entities	46,601	8,810
Depreciation and amortization	40,319	38,900
Equity-based compensation	2,623	3,281
Investing activities:
Acquisition of property, plant and equipment	(129,920)	(97,506)
Acquisition of business, net of cash acquired	(3,819)	(627,399)
Investment in unconsolidated entities	7,954	(54,499)
Proceeds from sale of property, plant and equipment	5,289	0
Non-cash change in equity method investment	(182,963)	(77,518)
Conversion of interests in unconsolidated entities	$ (21,302)	$ 0

DISCONTINUED OPERATIONS - Balance Sheet - Long Ridge Terminal LLC (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 72,742	$ 138,206
Property, plant, and equipment, net	47,669	38,263
Intangible assets, net	29,416	30,962
Inventory, net	160,019	100,307
Other assets	158,810	110,337
Total assets	2,277,985	4,863,854
Liabilities
Accounts payable and accrued liabilities	102,506	87,035
Other liabilities	46,043	23,892
Total liabilities	2,251,937	3,739,754
Equity
Shareholders’ equity	25,524	1,124,292
Accumulated deficit	(352,403)	(132,392)
Total equity	26,048	1,124,100
Total liabilities and equity	$ 2,277,985	4,863,854
Long Ridge Terminal LLC
Assets
Cash and cash equivalents		2,932
Restricted cash		32,469
Accounts receivable, net		17,896
Property, plant, and equipment, net		764,607
Intangible assets, net		4,940
Goodwill		89,390
Inventory, net		1,691
Other assets		12,750
Total assets		926,675
Liabilities
Accounts payable and accrued liabilities		16,121
Debt, net		604,261
Derivative liabilities		339,033
Other liabilities		2,246
Total liabilities		961,661
Equity
Shareholders’ equity		(1,035)
Accumulated deficit		(33,951)
Total equity		(34,986)
Total liabilities and equity		$ 926,675

DISCONTINUED OPERATIONS - Income Statement - Long Ridge Terminal LLC (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 230,365	$ 99,174			$ 434,120	$ 237,352
Expenses
Operating expenses	27,393	15,339			108,197	34,191
Depreciation and amortization	34,853	36,237			115,461	106,374
Total expenses	209,066	118,176			624,330	290,736
Total other expense	(21,257)	10,975			60,155	12,446
Net loss	(18,929)	(39,443)	$ (219,899)	$ (71,484)	(238,828)	(110,927)
Long Ridge Terminal LLC
Schedule of Equity Method Investments [Line Items]
Total revenues	156	21,071			15,199	38,341
Expenses
Operating expenses	4,337	5,581			36,693	16,568
Depreciation and amortization	4,383	5,891			29,381	13,327
Interest expense	4,580	547			30,622	1,493
Total expenses	13,300	12,019			96,696	31,388
Total other expense	(21)	(16,614)			(234)	(25,440)
Net loss	$ (13,165)	$ (7,562)			$ (81,731)	$ (18,487)

LEASING EQUIPMENT - Schedule of Lessor, Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Property, plant and equipment, net	$ 1,692,182	$ 1,855,637
Leasing Equipment
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Leasing equipment	2,179,728	2,312,040
Less: Accumulated depreciation	(487,546)	(456,403)
Property, plant and equipment, net	$ 1,692,182	$ 1,855,637

LEASING EQUIPMENT, NET (Details) $ in Millions	9 Months Ended
LEASING EQUIPMENT, NET (Details) $ in Millions	Sep. 30, 2022 USD ($)
Leases [Line Items]
Impairment of long lived assets	$ 120.0
Aviation Leasing
Leases [Line Items]
Impairment of long lived assets	$ 8.2

LEASING EQUIPMENT - Lessor, Acquisition and Disposition of Leasing Equipment (Details)	9 Months Ended
	Sep. 30, 2022 AirCraft engine
Leases [Abstract]
Aircraft \| AirCraft	23
Engines \| engine	45
Aircraft \| AirCraft	5
Engines \| engine	50

LEASING EQUIPMENT - Operating Lease, Lease Income (Details) - Leasing Equipment - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Depreciation expense for leasing equipment	$ 34,704	$ 36,130	$ 115,074	$ 106,172
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Depreciation expense for leasing equipment	$ 34,704	$ 36,130	$ 115,074	$ 106,172

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 48,476	$ 38,684
Less: Accumulated depreciation	(807)	(421)
Property, plant and equipment, net	47,669	38,263
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	45,621	36,777
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,445	1,374
Other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,410	$ 533

PROPERTY, PLANT AND EQUIPMENT, NET - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Property, Plant and Equipment [Line Items]
Property, plant and equipment acquired	$ 9.8
Well equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment acquired	8.8
Aviation equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment acquired	$ 0.9

PROPERTY, PLANT AND EQUIPMENT, NET - Depreciation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Depreciation expense for property, plant and equipment:
Depreciation expense	$ 149	$ 107	$ 387	$ 202

INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Nov. 30, 2021	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 22,280	$ 22,917
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	25.00%
Carrying Value	$ 20,439	21,317		$ 15,000
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50.00%		50.00%
Carrying Value	$ 1,841	$ 1,600	$ 1,600

INVESTMENTS - Share of Equity of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ (358)	$ (369)	$ (125)	$ (1,050)
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Income (loss)	(314)	(369)	(879)	(1,050)
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Income (loss)	$ (44)	$ 0	$ 754	$ 0

INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Sep. 30, 2022	Dec. 31, 2021	Nov. 30, 2021	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 22,280	$ 22,917
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 20,439	21,317		$ 15,000
Ownership percentage		25.00%
Equity method investment contribution amount	$ 13,500
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Carrying value		$ 1,841	$ 1,600	$ 1,600
Ownership percentage		50.00%		50.00%

INTANGIBLE ASSETS AND LIABILITIES, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Intangible assets:
Acquired favorable lease intangibles	$ 59,789	$ 67,013
Less: Accumulated amortization	(30,373)	(36,051)
Total intangible assets, net	29,416	30,962
Intangible liabilities
Acquired unfavorable lease intangibles	13,114	14,795
Less: Accumulated amortization	(2,216)	(6,068)
Acquired unfavorable lease intangibles, net	$ 10,898	$ 8,727

INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues \| Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Revenues	$ 3,291	$ 1,266	$ 10,259	$ 3,216

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Future Amortization Expense (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 3,323
2023	8,398
2024	4,848
2025	1,962
2026	519
Thereafter	(532)
Total	$ 18,518

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt	$ 2,055,443	$ 2,544,614
Less: Debt issuance costs	(30,894)	(43,027)
Total debt, net	2,024,549	2,501,587
Total debt due within one year	0	100,527
Loans payable
Debt Instrument [Line Items]
Debt	0	290,000
Bonds payable
Debt Instrument [Line Items]
Debt	2,055,443	2,254,614
Bonds payable \| Senior Notes Due 2025
Debt Instrument [Line Items]
Total debt, net	$ 653,269	852,198
Stated percentage	6.50%
Unamortized discount	$ 1,431	3,509
Unamortized premium	4,700	5,707
Bonds payable \| Senior Notes due 2027
Debt Instrument [Line Items]
Total debt, net	$ 400,000	400,000
Stated percentage	9.75%
Bonds payable \| Senior Notes due 2028
Debt Instrument [Line Items]
Total debt, net	$ 1,002,174	1,002,416
Stated percentage	5.50%
Bonds payable \| Series 2021 Bonds
Debt Instrument [Line Items]
Unamortized premium	$ 2,174	2,416
Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Total debt, net	$ 0	189,473
Quarterly commitment fee rate	0.50%
2021 Bridge Loans \| Loans payable
Debt Instrument [Line Items]
Total debt, net	$ 0	$ 100,527
Base Rate \| Loans payable \| 2021 Bridge Loans
Debt Instrument [Line Items]
Stated percentage	1.75%
Base Rate \| Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Basis spread	1.75%
Adjusted Term SOFR Rate \| Loans payable \| 2021 Bridge Loans
Debt Instrument [Line Items]
Stated percentage	2.75%
Adjusted Term SOFR Rate \| Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Basis spread	2.75%

DEBT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
DEBT, NET - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 20, 2022
Debt Instrument [Line Items]
Repayment of debt			$ 984,529	$ 1,452,704
Loss on extinguishment of debt	$ 19,861	$ 0	19,861	$ 3,254
Bonds payable \| Senior Notes Due 2025
Debt Instrument [Line Items]
Repayment of debt			$ 200,000
Stated percentage	6.50%		6.50%
Loans payable \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity					$ 225,000
Repayment of line of credit			$ 175,000
Loans payable \| Letter of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity					$ 25,000

FAIR VALUE MEASUREMENTS (Fair Value by Balance Sheet Grouping) (Details) - Estimate of Fair Value Measurement - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Senior Notes due 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 611,806	$ 881,408
Senior Notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	391,920	448,848
Senior Notes due 2028
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, fair value disclosure	$ 805,430	$ 1,019,470

REVENUES - Components of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenues	$ 230,365	$ 99,174	$ 434,120	$ 237,352
Lease income
Disaggregation of Revenue [Line Items]
Total revenues	50,079	42,778	128,831	125,907
Maintenance revenue
Disaggregation of Revenue [Line Items]
Total revenues	35,507	40,252	112,171	87,763
Finance lease income
Disaggregation of Revenue [Line Items]
Total revenues	119	439	332	1,285
Asset sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	85,488		85,488
Aerospace products revenue
Disaggregation of Revenue [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	5,771	7,975	13,087	9,113
Aviation Leasing
Disaggregation of Revenue [Line Items]
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues	40,273	40,392	111,316	120,389
Aviation Leasing \| Maintenance revenue
Disaggregation of Revenue [Line Items]
Total revenues	35,507	40,252	112,171	87,763
Aviation Leasing \| Finance lease income
Disaggregation of Revenue [Line Items]
Total revenues	119	439	332	1,285
Aviation Leasing \| Asset sales revenue
Disaggregation of Revenue [Line Items]
Total revenues	85,488		85,488
Aviation Leasing \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	3,461	5,125	8,687	5,761
Aerospace Products
Disaggregation of Revenue [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products \| Aerospace products revenue
Disaggregation of Revenue [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Corporate and Other
Disaggregation of Revenue [Line Items]
Total revenues	12,116	5,236	21,915	8,870
Corporate and Other \| Lease income
Disaggregation of Revenue [Line Items]
Total revenues	9,806	2,386	17,515	5,518
Corporate and Other \| Other revenue
Disaggregation of Revenue [Line Items]
Total revenues	$ 2,310	$ 2,850	$ 4,400	$ 3,352

REVENUES - Minimum Future Annual Revenues (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract]
Remainder of 2022	$ 37,708
2023	111,850
2024	70,428
2025	43,890
2026	24,835
Thereafter	65,820
Total	$ 354,531

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Current:
Federal	$ 247	$ 368	$ 582	$ 808
State and local	(442)	95	69	213
Foreign	106	31	174	(25)
Total current provision	(89)	494	825	996
Deferred:
Federal	2,915	0	4,517	0
State and local	304	0	610	0
Foreign	1,059	(9)	1,405	(172)
Total deferred provision (benefit)	4,278	(9)	6,532	(172)
Provision for income taxes	$ 4,189	$ 485	$ 7,357	$ 824

INCOME TAXES - Narrative (Details)	9 Months Ended
INCOME TAXES - Narrative (Details)	Sep. 30, 2022
Income Tax Disclosure [Abstract]
U.S. federal tax at statutory rate	21.00%

MANAGEMENT AGREEMENT AND AFFILIATE TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Ownership percentage by manager			0.05%
Management fees and incentive allocation to affiliate	$ 4	$ 16	$ 4	$ 704
Manager \| Management fees
Related Party Transaction [Line Items]
Management fee percentage rate			1.50%
General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	4	16	$ 4	704
Management fees and incentive allocation to affiliate	1,620	1,801	5,816	5,015
General Partner \| Management fees
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	4	16	4	704
General Partner \| Income incentive allocation
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	0	0	0	0
General Partner \| Capital gains incentive allocation
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	0	0	0	0
General Partner \| General and administrative
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	1,466	1,184	4,933	3,427
General Partner \| Acquisition and transaction expenses
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	154	$ 617	883	$ 1,588
Accounts Payable and Accrued Liabilities \| Manager
Related Party Transaction [Line Items]
Accrued management fees	386		386		$ 1,495
Other payables	$ 1,020		$ 1,020		$ 2,283
Threshold 1 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation
Related Party Transaction [Line Items]
Pre-incentive income allocation			0.00%
Quarterly percent threshold of pre-incentive allocation net income			2.00%
Annual percent threshold of pre-incentive allocation net income			8.00%
Threshold 2 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation
Related Party Transaction [Line Items]
Pre-incentive income allocation			100.00%
Threshold 2 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation \| Minimum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income			2.00%
Threshold 2 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation \| Maximum
Related Party Transaction [Line Items]
Quarterly percent threshold of pre-incentive allocation net income			2.2223%
Threshold 3 \| Fortress Worldwide Transportation and Infrastructure Master GP LLP \| Income incentive allocation
Related Party Transaction [Line Items]
Pre-incentive income allocation			10.00%

SEGMENT INFORMATION - Statement of Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues
Total revenues	$ 230,365	$ 99,174	$ 434,120	$ 237,352
Expenses
Operating expenses	27,393	15,339	108,197	34,191
Cost of sales	95,948	5,367	120,139	8,577
General and administrative	3,354	3,679	11,821	9,618
Acquisition and transaction expenses	2,848	6,583	8,340	12,626
Management fees and incentive allocation to affiliate	4	16	4	704
Depreciation and amortization	34,853	36,237	115,461	106,374
Asset impairment	4,495	859	128,171	3,048
Interest expense	40,171	50,096	132,197	115,598
Total expenses	209,066	118,176	624,330	290,736
Other income (expense)
Equity in losses of unconsolidated entities	(358)	(369)	(125)	(1,050)
Gain on sale of assets, net	0	12,685	79,933	17,467
Loss on extinguishment of debt	(19,861)	0	(19,861)	(3,254)
Other (expense) income	(1,038)	(1,341)	208	(717)
Total other expense	(21,257)	10,975	60,155	12,446
Income (loss) from continuing operations before income taxes	42	(8,027)	(130,055)	(40,938)
Provision for income taxes	4,189	485	7,357	824
Net loss from continuing operations	(4,147)	(8,512)	(137,412)	(41,762)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	0	0	0
Less: Dividends on preferred shares	6,791	6,791	20,373	17,967
Net loss attributable to shareholders from continuing operations	(10,938)	(15,303)	(157,785)	(59,729)
Operating Segments
Other income (expense)
Income (loss) from continuing operations before income taxes
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries				0
Corporate and Other
Revenues
Total revenues	12,116	5,236	21,915	8,870
Expenses
Operating expenses	13,369	6,283	27,968	16,495
Cost of sales	0	0	0	0
General and administrative	3,354	3,679	11,821	9,618
Acquisition and transaction expenses	2,586	6,349	7,701	11,822
Management fees and incentive allocation to affiliate	4	16	4	704
Depreciation and amortization	2,048	2,016	6,136	5,953
Asset impairment	0	0	0	0
Interest expense	40,171	50,096	132,197	115,598
Total expenses	61,532	68,439	185,827	160,190
Other income (expense)
Equity in losses of unconsolidated entities	0	0	0	0
Gain on sale of assets, net	0	0	0	0
Loss on extinguishment of debt	(19,861)		(19,861)	(3,254)
Other (expense) income	(1,080)	0	(37)	0
Total other expense	(20,941)	0	(19,898)	(3,254)
Income (loss) from continuing operations before income taxes	(70,357)	(63,203)	(183,810)	(154,574)
Provision for income taxes	677	0	186	(74)
Net loss from continuing operations	(71,034)	(63,203)	(183,996)	(154,500)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	0	0	0	0
Less: Dividends on preferred shares	6,791	6,791	20,373	17,967
Net loss attributable to shareholders from continuing operations	(77,825)	(69,994)	(204,369)	(172,467)
Aviation Leasing
Revenues
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing \| Operating Segments
Revenues
Total revenues	164,848	86,208	317,994	215,198
Expenses
Operating expenses	10,533	7,282	72,135	14,177
Cost of sales	64,855	0	64,855	0
General and administrative	0	0	0	0
Acquisition and transaction expenses	247	234	624	804
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	32,728	34,181	109,147	100,381
Asset impairment	4,495	859	128,171	3,048
Interest expense	0	0	0	0
Total expenses	112,858	42,556	374,932	118,410
Other income (expense)
Equity in losses of unconsolidated entities	(45)	0	753	0
Gain on sale of assets, net	0	10,961	61,371	15,751
Loss on extinguishment of debt	0		0	0
Other (expense) income	42	(1,341)	245	(717)
Total other expense	(3)	9,620	62,369	15,034
Income (loss) from continuing operations before income taxes	51,987	53,272	5,431	111,822
Provision for income taxes	926	595	2,116	909
Net loss from continuing operations	51,061	52,677	3,315	110,913
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	0	0	0	0
Less: Dividends on preferred shares	0	0	0	0
Net loss attributable to shareholders from continuing operations	51,061	52,677	3,315	110,913
Aerospace Products
Revenues
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products \| Operating Segments
Revenues
Total revenues	53,401	7,730	94,211	13,284
Expenses
Operating expenses	3,491	1,774	8,094	3,519
Cost of sales	31,093	5,367	55,284	8,577
General and administrative	0	0	0	0
Acquisition and transaction expenses	15	0	15
Management fees and incentive allocation to affiliate	0	0	0	0
Depreciation and amortization	77	40	178	40
Asset impairment	0	0	0	0
Interest expense	0	0	0
Total expenses	34,676	7,181	63,571	12,136
Other income (expense)
Equity in losses of unconsolidated entities	(313)	(369)	(878)	(1,050)
Gain on sale of assets, net	0	1,724	18,562	1,716
Loss on extinguishment of debt	0		0	0
Other (expense) income	0	0	0	0
Total other expense	(313)	1,355	17,684	666
Income (loss) from continuing operations before income taxes	18,412	1,904	48,324	1,814
Provision for income taxes	2,586	(110)	5,055	(11)
Net loss from continuing operations	15,826	2,014	43,269	1,825
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	0	0	0	0
Less: Dividends on preferred shares	0	0	0	0
Net loss attributable to shareholders from continuing operations	$ 15,826	$ 2,014	$ 43,269	$ 1,825

SEGMENT INFORMATION - Reconciliation of Adjusted Net Income to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ 108,863	$ 92,249	$ 304,558	$ 221,455
Add: Non-controlling share of Adjusted EBITDA	0	0	0	0
Equity in losses of unconsolidated entities	(358)	(369)	(125)	(1,050)
Less: Pro-rata share of Adjusted EBITDA from unconsolidated entities	241	312	(165)	906
Less: Interest expense and dividends on preferred shares	(46,962)	(56,887)	(152,570)	(133,565)
Less: Depreciation and amortization expense	(41,329)	(42,681)	(145,754)	(127,723)
Less: Incentive allocations	0	0	0	0
Less: Asset impairment charges	(4,495)	(859)	(128,171)	(3,048)
Less: Changes in fair value of non-hedge derivative instruments	0	0	0	0
Less: Losses on the modification or extinguishment of debt and capital lease obligations	(19,861)	0	(19,861)	(3,254)
Less: Acquisition and transaction expenses	(2,848)	(6,583)	(8,340)	(12,626)
Less: Equity-based compensation expense	0	0	0	0
Less: Provision for income taxes	(4,189)	(485)	(7,357)	(824)
Net loss attributable to shareholders from continuing operations	(10,938)	(15,303)	(157,785)	(59,729)
Total revenues	230,365	99,174	434,120	237,352
Africa
Segment Reporting Information [Line Items]
Total revenues	250		1,100	235
Asia
Segment Reporting Information [Line Items]
Total revenues	36,812	41,656	84,627	102,795
Europe
Segment Reporting Information [Line Items]
Total revenues	57,380	35,709	121,161	89,108
North America
Segment Reporting Information [Line Items]
Total revenues	126,873	18,152	194,712	39,102
South America
Segment Reporting Information [Line Items]
Total revenues	9,050	3,657	32,520	6,112
Corporate and Other
Segment Reporting Information [Line Items]
Adjusted EBITDA	(5,691)	(4,742)	(17,915)	(17,947)
Equity in losses of unconsolidated entities	0	0	0	0
Less: Asset impairment charges	0	0	0	0
Less: Acquisition and transaction expenses	(2,586)	(6,349)	(7,701)	(11,822)
Less: Provision for income taxes	(677)	0	(186)	74
Net loss attributable to shareholders from continuing operations	(77,825)	(69,994)	(204,369)	(172,467)
Total revenues	12,116	5,236	21,915	8,870
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	12,116	5,236	21,915	8,870
Corporate and Other \| Europe
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Corporate and Other \| North America
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Corporate and Other \| South America
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	95,994	94,990	273,788	237,404
Equity in losses of unconsolidated entities	(45)	0	753	0
Less: Asset impairment charges	(4,495)	(859)	(128,171)	(3,048)
Less: Acquisition and transaction expenses	(247)	(234)	(624)	(804)
Less: Provision for income taxes	(926)	(595)	(2,116)	(909)
Net loss attributable to shareholders from continuing operations	51,061	52,677	3,315	110,913
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing \| Operating Segments \| Africa
Segment Reporting Information [Line Items]
Total revenues	250		250	235
Aviation Leasing \| Operating Segments \| Asia
Segment Reporting Information [Line Items]
Total revenues	23,496	36,420	60,111	93,925
Aviation Leasing \| Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total revenues	41,869	35,709	94,751	88,296
Aviation Leasing \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Total revenues	90,183	10,422	130,362	26,630
Aviation Leasing \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Total revenues	9,050	3,657	32,520	6,112
Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products \| Operating Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	18,560	2,001	48,685	1,998
Equity in losses of unconsolidated entities	(313)	(369)	(878)	(1,050)
Less: Asset impairment charges	0	0	0	0
Less: Acquisition and transaction expenses	(15)	0	(15)
Less: Provision for income taxes	(2,586)	110	(5,055)	11
Net loss attributable to shareholders from continuing operations	15,826	2,014	43,269	1,825
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products \| Operating Segments \| Africa
Segment Reporting Information [Line Items]
Total revenues	0		850	0
Aerospace Products \| Operating Segments \| Asia
Segment Reporting Information [Line Items]
Total revenues	1,200	0	2,601	0
Aerospace Products \| Operating Segments \| Europe
Segment Reporting Information [Line Items]
Total revenues	15,511	0	26,410	812
Aerospace Products \| Operating Segments \| North America
Segment Reporting Information [Line Items]
Total revenues	36,690	7,730	64,350	12,472
Aerospace Products \| Operating Segments \| South America
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0

SEGMENT INFORMATION - Summary of Geographic Sources of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total revenues	$ 230,365	$ 99,174	$ 434,120	$ 237,352
Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	12,116	5,236	21,915	8,870
Africa
Segment Reporting Information [Line Items]
Total revenues	250		1,100	235
Africa \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0		0	0
Asia
Segment Reporting Information [Line Items]
Total revenues	36,812	41,656	84,627	102,795
Asia \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	12,116	5,236	21,915	8,870
Europe
Segment Reporting Information [Line Items]
Total revenues	57,380	35,709	121,161	89,108
Europe \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
North America
Segment Reporting Information [Line Items]
Total revenues	126,873	18,152	194,712	39,102
North America \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
South America
Segment Reporting Information [Line Items]
Total revenues	9,050	3,657	32,520	6,112
South America \| Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	0	0	0	0
Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	164,848	86,208	317,994	215,198
Aviation Leasing \| Africa \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	250		250	235
Aviation Leasing \| Asia \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	23,496	36,420	60,111	93,925
Aviation Leasing \| Europe \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	41,869	35,709	94,751	88,296
Aviation Leasing \| North America \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	90,183	10,422	130,362	26,630
Aviation Leasing \| South America \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	9,050	3,657	32,520	6,112
Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	53,401	7,730	94,211	13,284
Aerospace Products \| Africa \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	0		850	0
Aerospace Products \| Asia \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	1,200	0	2,601	0
Aerospace Products \| Europe \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	15,511	0	26,410	812
Aerospace Products \| North America \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	36,690	7,730	64,350	12,472
Aerospace Products \| South America \| Operating Segments
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 0	$ 0	$ 0

SEGMENT INFORMATION - Location of Long-Lived Assets (Details) - Property, plant and equipment and leasing equipment, net - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	$ 1,739,851	$ 1,893,900
Asia
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	401,057	543,610
Europe
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	602,833	839,555
North America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	393,268	265,203
South America
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	324,917	$ 245,532
Africa
Segment Reporting Information [Line Items]
Property, plant and equipment and leasing equipment, net	$ 17,776

EARNINGS PER SHARE AND EQUITY - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (4,147)	$ (8,512)			$ (137,412)	$ (41,762)
Net loss from discontinued operations, net of income taxes	(14,782)	(30,931)			(101,416)	(69,165)
Net loss	(18,929)	(39,443)	$ (219,899)	$ (71,484)	(238,828)	(110,927)
Continuing operations	0	0			0	0
Discontinued operations	(2,871)	(7,363)			(18,817)	(18,949)
Less: Dividends on preferred shares	6,791	6,791			20,373	17,967
Net loss attributable to shareholders	$ (22,849)	$ (38,871)			$ (240,384)	$ (109,945)
Weighted Average Common Shares Outstanding - Basic (in shares)	99,378,771	88,277,897			99,372,016	86,787,072
Weighted Average Common Shares Outstanding - Diluted (in shares)	99,378,771	88,277,897			99,372,016	86,787,072
Basic
Continuing operations (in dollars per share)	$ (0.11)	$ (0.17)			$ (1.59)	$ (0.69)
Discontinued operations (in dollars per share)	(0.12)	(0.27)			(0.83)	(0.58)
Diluted
Continuing operations (in dollars per share)	(0.11)	(0.17)			(1.59)	(0.69)
Discontinued operations (in dollars per share)	$ (0.12)	$ (0.27)			$ (0.83)	$ (0.58)

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Antidilutive shares (in shares)	326,747	950,524	654,693	940,254
Stocks issued during period for services (in shares)			19,811

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) $ in Millions	Sep. 30, 2022 USD ($)
Minimum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 0.0
Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 3.3

SUBSEQUENT EVENTS (Details) - $ / shares		3 Months Ended		9 Months Ended
SUBSEQUENT EVENTS (Details) - $ / shares	Oct. 27, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)		$ 0.30	$ 0.33	$ 0.96	$ 0.99
Series A Preferred Shares
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		0.52	0.52
Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		0.50	0.50
Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		$ 0.52	$ 0.52
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.30
Subsequent Event \| Series A Preferred Shares
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.52
Subsequent Event \| Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.50
Subsequent Event \| Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.52