0001590364-25-000006 | 10-K | XBRL Viewer

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INVESTMENTS - Narrative (Details) $ in Thousands			1 Months Ended
INVESTMENTS - Narrative (Details) $ in Thousands	May 03, 2024 USD ($)	Jan. 04, 2023 USD ($)	Aug. 31, 2019 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2021 aircraft	Dec. 31, 2016 USD ($)
Schedule of Equity Method Investments [Line Items]
Investments				$ 19,048	$ 22,722
Number of aircrafts \| aircraft						1
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Payments to acquire asset	$ 800
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Investments				$ 19,048	21,040		$ 15,000
Ownership Percentage			25.00%	25.00%			25.00%
Equity method investment contribution amount			$ 13,500
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Investments				$ 0	$ 1,682
Ownership Percentage				50.00%		50.00%
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage		50.00%
Payments to acquire investment		$ 19,500
Pro rata distribution of income		45.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Line Items]
Interest paid, capitalized	$ 200	$ 700	$ 2,700
Cost of property repairs and maintenance	9,800	7,700	7,200
Unamortized deferred financing costs	(55,526)	(33,150)
Amortization	$ 11,500	$ 8,900	$ 17,000
Common stock dividends declared (in dollars per share)	$ 1.20	$ 1.20	$ 1.26
Series A Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	1.55	2.06	2.06
Series B Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	2.00	2.00	2.00
Series C Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	2.06	2.06	$ 2.06
Series D Preferred Stock
Accounting Policies [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 2.38	$ 1.78
Revolving Credit Facility
Accounting Policies [Line Items]
Unamortized deferred financing costs	$ (8,200)	$ (5,100)
Acquired Leases
Accounting Policies [Line Items]
Estimated useful life in years	45 months

ORGANIZATION (Details) $ in Thousands		12 Months Ended
ORGANIZATION (Details) $ in Thousands	May 28, 2024 USD ($) shares	Dec. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments \| segment		2
Internalization agreement, cash consideration	$ 150,000
Internalization agreement, share consideration (in shares) \| shares	1,866,949
Payment to purchase partnership interest	$ 30
Service fee markup percent	10.00%
Maximum number of dates of material breach without a cure	30 days
Maximum number of days of outstanding payment	30 days

ACQUISITION OF LOCKHEED MARTIN COMMERCIAL ENGINE SOLUTIONS

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITION OF LOCKHEED MARTIN COMMERCIAL ENGINE SOLUTIONS

On September 9, 2024, the Company, through its subsidiary FTAIC Aviation Inc. (“FTAIC”) created on April 25, 2024, acquired certain assets and assumed certain liabilities of Lockheed Martin Commercial Engine Solutions (“LMCES”) from Lockheed Martin Canada for total consideration of $170.0 million. LMCES is a 526,000-square-foot aircraft engine maintenance repair facility located in Montréal, Quebec. We acquired LMCES to further enhance our Maintenance, Repair, and Exchange business and establish permanent engine and module manufacturing capabilities in Canada. The facility operates within our Aerospace Products segment, providing extensive engine and piece-part repair capabilities for the CFM56 engines. See Note 14 for additional information. The results of operations of LMCES have been included in the Company’s results since the effective date of the acquisition. In connection with the acquisition, we recorded $6.9 million of acquisition and transaction expense during the year ended December 31, 2024.

The acquisition of LMCES was accounted for as a business combination and, as such, the following fair values were assigned to assets acquired and liabilities assumed based on the Company’s estimates and assumptions and are preliminary. The significant assumptions used to estimate the fair values of the property, plant, and equipment and inventory included replacement cost estimates and market data for similar assets where available. The consideration paid and final valuation and related allocation of the purchase price is subject to change as additional information is received and will be completed no later than 12 months after the closing date. The final acquisition accounting adjustments may be materially different and may include (i) changes in fair values of property, plant and equipment and associated salvage values; (ii) changes in fair values of inventory; (iii) changes in goodwill; (iv) changes due to net working capital adjustments; and (v) changes to other assets and other liabilities.

Subsequent to the acquisition, in the quarter ended December 31, 2024, measurement period adjustments as of the acquisition date were made to decrease accounts receivable by $1.5 million, decrease inventory by $21.5 million, increase other current assets by $4.1 million, increase property, plant and equipment by $1.0 million, increase other non-current assets by $0.1 million, decrease accounts payable by $0.4 million, decrease accrued liabilities by $0.1 million, decrease other current liabilities by $5.0 million, increase other non-current liabilities by $1.5 million an increase in total consideration transferred of $15.8 million. These adjustments resulted in an increase to goodwill of $29.6 million.

The following table summarizes the preliminary allocation of the net assets acquired:


	September 9, 2024
Fair value of assets acquired:
Current Assets
Accounts receivable	$	10,758
Inventory	25,947
Other current assets	6,795
Total current assets	43,500
Property, plant, and equipment	72,414
Leasing equipment	5,675
Other non-current assets	10,270
Total assets	131,859
Fair value of liabilities assumed:
Current Liabilities
Accounts payable	7,669
Accrued liabilities	1,692
Other current liabilities	5,130
Total current liabilities	14,491
Other non-current liabilities	14,347
Total liabilities	28,838
Goodwill (1)	56,476
Net assets acquired (2)	$	159,497

________________________________________________________

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

(2) Total consideration is calculated as cash paid, adjusted for the settlement of pre-existing relationships. Cash consideration is also preliminary, as it is subject to net working capital adjustments.

The following table presents preliminary fair values of the components of property, plant and equipment acquired and their estimated useful lives:


	Estimated useful life in years	Estimated Fair value
Buildings and improvements	25	$	40,953
Machinery and equipment	2 - 21	30,660
Other	N/A	801
Total		$	72,414

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

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

•Associated tax-related impacts of adjustments.

The following unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place as of January 1, 2023.


	Year ended December 31,
	2024		2023
Total revenue	$	1,782,339	$	1,257,302
Net (loss) income attributable to shareholders	$	(35,850)	$	211,582

ACQUISITION OF QUICKTURN

On December 1, 2023, we completed the acquisition of the remaining equity interest of Quick Turn Engine Center LLC (“QuickTurn”) from Unical Aviation Inc. (“Unical”) for total cash consideration of $30.3 million to obtain full ownership.

We acquired QuickTurn to better position the Company to have tighter integration over the development and delivery of aerospace products. QuickTurn is a hospital maintenance and testing facility dedicated to the CFM56 engine located in Miami, Florida that operates within our Aerospace Products segment. The results of operations at QuickTurn have been included in the Consolidated Statements of Operations beginning on the acquisition date.

The acquisition of QuickTurn was accounted for as a business combination and, as such, the following fair values were assigned to assets acquired and liabilities assumed based on management’s estimates and assumptions. The significant assumptions used to estimate the fair value of the property, plant, and equipment included replacement cost estimates and market data for similar assets where available. The significant assumptions used to estimate the value of the customer relationship intangible assets included the discount rate and future revenues and operating expenses.

The following table summarizes the allocation of the net assets acquired:


	December 1, 2023
Fair value of assets acquired:
Current Assets
Cash and cash equivalents	$	518
Restricted cash	150
Accounts receivable	5,133
Inventory	9,332
Other current assets	2,889
Total current assets	18,022
Property, plant, and equipment	30,559
Intangible assets	2,377
Other non-current assets	1,412
Total assets	52,370
Fair value of liabilities assumed:
Current Liabilities
Accounts payable	3,424
Accrued liabilities	571
Other current liabilities	1,475
Total current liabilities	5,470
Other non-current liabilities	934
Total liabilities	6,404
Goodwill (1)	4,630
Net assets acquired	$	50,596

________________________________________________________

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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 115,116	$ 90,756
Accounts receivable, net	150,823	115,156
Inventory, net	551,156	316,637
Other current assets	408,923	148,885
Total current assets	1,226,018	671,434
Leasing equipment, net	2,373,730	2,032,413
Property, plant, and equipment, net	107,451	45,175
Investments	19,048	22,722
Intangible assets, net	42,205	50,590
Goodwill	61,070	4,630
Other non-current assets	208,430	137,721
Total assets	4,037,952	2,964,685
Current Liabilities
Accounts payable	69,119	41,590
Accrued liabilities	96,910	71,317
Current maintenance deposits	62,552	39,455
Current security deposits	18,100	17,735
Other current liabilities	100,565	11,746
Total current liabilities	347,246	181,843
Long-term debt, net	3,440,478	2,517,343
Non-current maintenance deposits	44,179	25,932
Non-current security deposits	26,830	23,330
Other non-current liabilities	97,851	40,354
Total liabilities	3,956,584	2,788,802
Commitments and contingencies
Equity
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 102,550,975 and 100,245,905 shares issued and outstanding as of December 31, 2024 and 2023, respectively)	1,026	1,002
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 11,740,000 and 15,920,000 shares issued and outstanding as of December 31, 2024 and 2023, respectively)	117	159
Additional paid in capital	153,328	255,973
Accumulated deficit	(73,103)	(81,785)
Shareholders' equity	81,368	175,349
Non-controlling interest in equity of consolidated subsidiaries	0	534
Total equity	81,368	175,883
Total liabilities and equity	$ 4,037,952	$ 2,964,685

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

Total

Ordinary Shares

Preferred Shares

Ordinary Shares

^[1]

Preferred Shares

^[1]

Additional Paid In Capital

Ordinary 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, 2021

$ 1,124,100

$ 992

$ 133

$ 1,411,940

$ (132,392)

$ (156,381)

$ (192)

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

Net income (loss)

(212,027)

(193,210)

(18,817)

Other comprehensive loss

(182,963)

Comprehensive income (loss)

(394,990)

(193,210)

(182,963)

(18,817)

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

(561,181)

(913,342)

339,344

12,817

Acquisition of consolidated subsidiary

3,054

Settlement of equity-based compensation

(148)

Contributions from non-controlling interest

1,187

Issuance of ordinary shares

404

399

Dividends declared - ordinary and preferred shares

$ (128,483)

$ (27,164)

$ (128,483)

$ (27,164)

Equity-based compensation

2,623

Ending balance at Dec. 31, 2022

19,402

997

133

343,350

(325,602)

524

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

Net income (loss)

243,817

Comprehensive income (loss)

243,817

Contributions from non-controlling interest

Issuance of ordinary shares

929

924

Dividends declared - ordinary and preferred shares

(119,847)

(31,795)

(119,847)

(31,795)

Issuance of preferred shares

61,729

61,703

Equity-based compensation

1,638

Ending balance at Dec. 31, 2023

175,883

1,002

159

255,973

(81,785)

534

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

Net income (loss)

8,682

Comprehensive income (loss)

8,682

Issuance of ordinary shares

151,024

151,000

Dividends declared - ordinary and preferred shares

$ (121,577)

$ (32,763)

$ (121,577)

$ (32,763)

Equity-based compensation

6,006

Purchase of non-controlling interest

(534)

Redemption of preferred shares

(97,355)

(42)

(97,313)

Loss on redemption of preferred shares

(7,998)

Ending balance at Dec. 31, 2024

$ 81,368

$ 1,026

$ 117

$ 153,328

$ (73,103)

$ 0

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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Allowance for Credit Loss

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


	December 31,
	2024		2023		2022
Allowance at beginning of period	$	72,163	$	65,580	$	17,703
Bad debt expense	2,784		6,583		47,877
Allowance at end of period	$	74,947	$	72,163	$	65,580

Schedule of Property, Plant and Equipment Useful Lives

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

Asset

Range of Estimated Useful Lives

Residual Value Estimates

Aircraft

25 years from date of manufacture

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

Aircraft engines

2 - 6 years, based on maintenance adjusted service life

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

Aviation tooling and equipment

3 - 6 years from date of purchase

Scrap value at end of useful life

Buildings and improvements

40 to 50 years

Scrap value at end of useful life

Machinery and equipment

6 - 23 years

Scrap value at end of useful life

Furniture and fixtures

3 - 6 years from date of purchase

None

Computer hardware and software

2 - 5 years from date of purchase

None

Land

N/A

Construction in progress

N/A

Other

5 - 7 years

N/A

Schedule of Cash and Noncash Related Activities

The cash and noncash related activities described above during the years ended December 31, 2024, 2023 and 2022 are detailed below:


	Year Ended December 31,
(in thousands)	2024		2023		2022

Cost of modules and parts sold sourced from engines originally within leasing equipment	$	38,300	$	41,167	$	36,946
Transfers of engines from leasing equipment to inventory for manufacturing and sale	239,462		178,740		127,349
Transfers of inventory to leasing equipment for rebuilding and sale of engines	(223,129)		(78,788)		(89,041)
Total outflows related to manufacturing modules and parts - included in net cash (used in) provided by operating activities	(345,821)		(138,045)		(101,249)
Cash received for assets sold sourced from leasing equipment - inflow included in cash (used in) provided by operating activities	76,157		94,222		43,859
Cash received for sales of leasing equipment that include components sourced from inventory - inflow included in cash used in investing activities	436,217		79,474		118,735
Cash paid for engine and aircraft inventory - outflow included in cash provided by (used in) operating activities	(8,280)		—		—

Schedule of Other Current Assets

Other current assets are summarized as follows:


	December 31,
	2024		2023
Notes receivable	$	165,338	$	102,304
Prepaid expenses including prepayments for maintenance that has not yet been incurred	87,323		7,617
Purchase deposits	83,229		23,937
Financing receivable resulting from failed sale-leaseback transactions	32,486		—
Maintenance right assets	—		6,716
Other	40,547		8,311
Other current assets	$	408,923	$	148,885

Schedule of Other Non-current Assets

Other non-current assets are summarized as follows:


	December 31,
	2024		2023
Lease incentives	$	56,812	$	43,453
Deferred tax assets	42,893		72,185
Financing receivable resulting from failed sale-leaseback transactions	28,412		—
Maintenance right assets	25,907		9,628
Other	54,406		12,455
Other non-current assets	$	208,430	$	137,721

DEBT, NET - Debt Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Loans and bonds payable
Debt Instrument [Line Items]
2025	$ 0
2026	0
2027	0
2028	1,000,000
2029	0
Thereafter	2,500,000
Total	3,500,000
Revolving Credit Facility
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Total	0
Senior Notes due 2025
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Total	0
Senior Notes due 2027
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	0
Total	0
Senior Notes due 2028
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	1,000,000
2029	0
Thereafter	0
Total	1,000,000
Senior Notes due 2030
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	500,000
Total	500,000
Senior Notes due 2031
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	700,000
Total	700,000
Senior Notes due 2032
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	800,000
Total	800,000
Senior Notes due 2033
Debt Instrument [Line Items]
2025	0
2026	0
2027	0
2028	0
2029	0
Thereafter	500,000
Total	$ 500,000

EQUITY-BASED COMPENSATION

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

We have a Nonqualified Stock Option and Incentive Award Plan (“Incentive Plan”) which provides for the ability to award equity compensation awards in the form of stock options to eligible employees, consultants, directors, and other individuals who provide services to us, each as determined by the Compensation Committee of the Board of Directors.

As of December 31, 2024, the Incentive Plan provides for the issuance of up to 28.3 million shares. Equity-based compensation expense is reported within Operating expenses in the Consolidated Statements of Operations.

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

Stock Options

In connection with our equity offerings (see Note 15 for details), we granted options to the Former Manager related to ordinary shares. The fair value of these options were recorded as an increase in equity with an offsetting reduction of capital proceeds received.

Additionally, the Company granted options to select employees of FTAI Aviation LLC (a wholly owned subsidiary of the Company) related to 60,000 ordinary shares at an exercise price of $79.13, which had a grant date fair value of $2.1 million. The assumptions used in valuing the options were: a 4.52% risk-free rate, a 1.50% dividend yield, a 43.00% volatility and a 6.8 year term.

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


		Year Ended December 31,
		2024					2023					2022
Number of options		60,000					248,947					—
Fair value ($ millions)		$2.1					$2.1					$—
Ranges
Expected volatility	The expected share volatility is based on an assessment of the volatility of our publicly traded ordinary shares	43.00	%	-	43.00	%	37.88	%	-	37.88	%	—	%	-	—	%
Risk free interest rate	The risk-free rate is determined using the implied yield currently available on U.S. government bonds with a term consistent with the expected term on the date of grant.	4.52	%	-	4.52	%	3.47	%	-	3.47	%	—	%	-	—	%
Expected dividend yield	The expected dividend yield is based on management’s current expected dividend rate.	1.50	%	-	1.50	%	6.26	%	-	6.26	%	—	%	-	—	%
Expected term	Expected term used represents the period of time the options granted are expected to be outstanding.	6.8 years					10 years					0 years

Restricted Shares

During the year ended December 31, 2024 we issued the following restricted shares of the Company to select employees and officers of FTAI Aviation LLC:

In May 2024, we issued restricted shares to (i) select officers with a grant date fair value of $5.5 million, vesting over 3.0 years and (ii) select employees with a grant date fair value of $5.7 million, vesting over 4.0 years.

In September 2024, we issued restricted shares to select employees with a grant date fair value of $0.8 million, vesting over 3.0 years.

All awards are subject to continued employment, with compensation expense recognized ratably over the vesting periods. The fair value was based on the closing price of FTAI Aviation Ltd.’s ordinary shares on the respective grant dates. The unrecognized compensation expense of restricted shares is expected to be recognized over a weighted-average period of 2.6 years.

Performance Shares

In November 2024, we granted up to 1,000,000 shares of performance shares to certain employees of the Company for which the ultimate number of units that will vest are determined based on the achievement of market conditions at the end of the stated performance period. The awards which are to be earned is based on the “Performance Level” of the Company’s Compound Annualized Total Shareholder Return (“CAGR”) for the Performance Period. The Performance Period is measured from November 5, 2024 through November 5, 2027. The number of shares earned could range from 0% to a maximum of 100%. The Earned Units from the Performance-based Awards become exercisable in three equal installments over a two-year period beginning with the completion of the Performance Period. The three equal installments of Earned Units vest on (i) November 5, 2027, (ii) November 5, 2028, and (iii) November 5, 2029. Compensation expense for the units is based on the estimated value of the awards on the grant date, and is recognized over the period from the grant date through the expected vest dates of each vesting condition.

The grant date fair value was $48.1 million and was determined using the Monte Carlo simulation, assuming a Geometric Brownian Motion (GBM) to model various simulation paths, which relies on highly subjective assumptions, including simulated share prices and simulated vesting percentages to simulate payoff paths. Key assumptions in this method include the historical and implied equity volatility, an implied volatility weight, and the risk-free rate of returns. The valuation model assumes dividends are immediately reinvested.

As of December 31, 2024, there was $46.2 million in unrecognized compensation cost related to unvested performance shares. This cost is expected to be recognized over a weighted-average period of 3.8 years.

The Consolidated Statements of Operations includes the following expense related to our equity-based compensation arrangements which are recorded in Operating expenses:


	December 31,						Remaining Expense To Be Recognized, If All Vesting Conditions Are Met
	2024		2023		2022
Stock options	$	296	$	—	$	—	$	1,778
Performance shares	1,954		—		—		46,156
Restricted shares	3,756		1,638		—		14,766
Total	$	6,006	$	1,638	$	—	$	62,700

The tables below provide details on our stock options, performance shares, and restricted shares:


	Stock Options			Performance Shares		Restricted Shares
	Options	Weighted Average Exercise/Issuance Price		Shares	Weighted Average Grant date fair value	Shares	Weighted Average Issuance Price
Outstanding as of December 31, 2023	616,177	$	23.78	—	—	365,000	24.03
Granted	60,000	79.13		1,000,000	48.11	141,138	84.94
Less: exercised / vested	563,834	23.20		—		—	—
Less: forfeited and canceled	—	—		—		25,000	24.03
Outstanding as of December 31, 2024	112,343			1,000,000		481,138


	Stock Options		Performance Shares	Restricted Shares
As of December 31, 2024:
Weighted average exercise / issuance price (per share)	$	52.70	48.11	$	41.90
Aggregate intrinsic value (in thousands)	$	10,262	N/A	$	20,159
Weighted average remaining contractual term (in years)	4.8		3.8	2.6

ACQUISITION OF LOCKHEED MARTIN COMMERCIAL ENGINE SOLUTIONS - Narrative (Details) ft² in Thousands, $ in Thousands		3 Months Ended	12 Months Ended
	Sep. 09, 2024 USD ($) ft²	Dec. 31, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Acquisition and transaction expenses			$ 32,296	$ 15,194	$ 13,207
Decrease in accrued liabilities		$ 100
Lockheed Martin Commercial Engine Solutions
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 170,000
Size of aircraft engine maintenance repair facility acquired \| ft²	526
Acquisition and transaction expenses			$ 6,900
Decrease in accounts receivable		1,500
Decrease in inventory		21,500
Increase in other current assets		4,100
Increase in property plant and equipment		1,000
Increase in other noncurrent assets		100
Increase in accounts payable		400
Decrease in other current liabilities		5,000
Increase in other noncurrent liabilities		1,500
Increase in total consideration transferred		15,800
Increase of assumed goodwill		$ 29,600

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	May 28, 2024	Dec. 31, 2024
Loss Contingencies [Line Items]
Payment to purchase partnership interest	$ 30
Minimum
Loss Contingencies [Line Items]
Loss contingency, range of possible loss		$ 0
Maximum
Loss Contingencies [Line Items]
Loss contingency, range of possible loss		$ 3,300

- Definition

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

+ References + Details

AFFILIATE TRANSACTIONS - Narratives (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	May 28, 2024	May 31, 2015	Dec. 31, 2024
Related Party Transaction [Line Items]
Payment to purchase partnership interest	$ 30
Service fee markup percent	10.00%
Maximum number of dates of material breach without a cure	30 days
Maximum number of days of outstanding payment	30 days
Threshold 1 \| Income incentive allocation
Related Party Transaction [Line Items]
Percent of pre-incentive allocation net income		0.00%
Quarterly percent of pre-incentive allocation net income		2.00%
Annual percent of pre-incentive allocation net income		8.00%
Threshold 2 \| Income incentive allocation
Related Party Transaction [Line Items]
Percent of pre-incentive allocation net income		100.00%
Threshold 2 \| Income incentive allocation \| Minimum
Related Party Transaction [Line Items]
Quarterly percent of pre-incentive allocation net income		2.00%
Threshold 2 \| Income incentive allocation \| Maximum
Related Party Transaction [Line Items]
Quarterly percent of pre-incentive allocation net income		2.2223%
Threshold 3 \| Income incentive allocation
Related Party Transaction [Line Items]
Percent of pre-incentive allocation net income		10.00%
Quarterly percent of pre-incentive allocation net income		2.2223%
General Partner
Related Party Transaction [Line Items]
Ownership percentage by manager		0.01%
Incentive distribution percentage		10.00%
Former Manager
Related Party Transaction [Line Items]
Management fee percentage rate		1.50%
Incentive distribution percentage			10.00%
Cumulative preferred return			10.00%

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Accounting

Basis of Accounting—The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of 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. The ownership interest of other investors in the Company’s 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 U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Restructuring Charges

Restructuring Charges—The termination of the Management Agreement was a material change in the management structure of the business and is accounted for under ASC 420, Exit or Disposal Cost Obligations. The termination fee payment to the Former Manager under the Internalization Agreement is recorded within Internalization Fee to Affiliate.

Reclassifications

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

Risks and Uncertainties

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

Cash and Cash Equivalents

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, net

Inventory, net—We hold aircraft engines, engine modules, spare parts and used material inventory for sale. Additionally, at time inventory is transferred to leasing equipment in connection with a rebuilt engine or engine repair. Inventory is carried at the lower of cost or net realizable value on our consolidated balance sheets.

Property, Plant and Equipment, Leasing Equipment and Depreciation

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

Asset

Range of Estimated Useful Lives

Residual Value Estimates

Aircraft

25 years from date of manufacture

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

Aircraft engines

2 - 6 years, based on maintenance adjusted service life

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

Aviation tooling and equipment

3 - 6 years from date of purchase

Scrap value at end of useful life

Buildings and improvements

40 to 50 years

Scrap value at end of useful life

Machinery and equipment

6 - 23 years

Scrap value at end of useful life

Furniture and fixtures

3 - 6 years from date of purchase

None

Computer hardware and software

2 - 5 years from date of purchase

None

Land

N/A

Construction in progress

N/A

Other

5 - 7 years

N/A

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

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

For planned major maintenance or component overhaul activities for aviation equipment off lease, the cost of such major maintenance or component overhaul event is capitalized and depreciated on a straight-line basis over the period until the next maintenance or component overhaul event is required. Major maintenance and overhauls of the Company’s maintenance repair facilities and related equipment that extend the life of the asset are capitalized and depreciated over the expected period until the next anticipated major maintenance or overhaul.

Upon retirement or disposal of property, plant and equipment, the cost and related accumulated depreciation are removed from the account, and the resulting gains or losses, if any, are recorded.

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

rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into lease income over the remaining term of the lease.

Capitalized Interest

Repairs and Maintenance

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

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets—We perform a recoverability assessment of each of our long-lived assets whenever events or changes in circumstances, or indicators, indicate that the carrying amount or net book value of an asset may not be recoverable. Indicators may include, but are not limited to, a significant lease restructuring or early lease termination; significant traffic decline; a significant change in market conditions; the introduction of newer technology and the length of time an asset is off lease related to leasing equipment, engines or for manufacturing equipment; a significant decrease in market value; adverse changes in use or condition; legal or regulatory changes; or cash flow reductions.

If a quantitative recoverability assessment is determined to be needed, we measure whether the estimated future undiscounted net cash flows expected to be generated by the asset exceeds its net book value. The undiscounted cash flows consist of cash flows of the asset or asset group. For long lived assets, the undiscounted cash flows consist of cash flows from currently contracted leases and contracts, future projected leases, transition costs, estimated down time and estimated residual or scrap values for leasing equipment or operating cash flows for manufacturing equipment, and maintenance and operating costs. In the event that an asset does not meet the recoverability test, the carrying value of the asset will be adjusted to fair value resulting in an impairment charge.

Management develops the assumptions used in the recoverability analysis based on its knowledge of active contracts, current and future expectations of the global demand for a particular asset and historical experience in the leasing markets, information received from third party industry sources, usage assumptions, asset lifespan for leasing equipment, and expected operating income and costs associated with operating and maintaining the manufacturing asset. The factors considered in estimating the undiscounted cash flows are impacted by changes in future periods due to changes in contracted lease rates, residual values, economic conditions, technology, demand for a particular asset type and other factors, expected income and operating costs, maintenance and repairs, capital expenditures, and duration of the cash flows.

Recoverability of Goodwill—Goodwill is not amortized but rather is tested at least annually during the fourth quarter for impairment, or more often if events or circumstances indicate the carrying value of an asset may not be recoverable.

We assess the recoverability of goodwill using a qualitative evaluation or a quantitative test to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The determination of fair value requires management to make assumptions and to apply judgment to estimate industry and economic factors and the profitability of future business strategies. The Company conducts impairment testing based on current business strategy in light of present industry and economic conditions, as well as future expectations.

We performed a qualitative assessment for our goodwill impairment test for the year ended December 31, 2024. No impairment was recorded as a result of these tests for the years ended December 31, 2024, 2023 and 2022, respectively.

Security Deposits

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

Maintenance Payments

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

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

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

Lease Incentives and Amortization

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

Intangibles and amortization

Intangibles and amortization—Intangibles include the value of acquired favorable and unfavorable leases and are included in Intangible assets, net.

Discontinued Operations

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

Revenues

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

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

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

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

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

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

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

All lease liabilities are measured at the present value of the unpaid lease payments, discounted using our incremental borrowing rate based on the information available at commencement date of the lease. ROU assets, for both operating and finance leases, are initially measured based on the lease liability, adjusted for prepaid rent and lease incentives. Operating lease ROU assets are subsequently measured at the carrying amount of the lease liability adjusted for prepaid or accrued lease payments and lease incentives. The finance lease ROU assets are subsequently amortized using the straight-line method.

Operating lease expenses are recognized on a straight-line basis over the lease term. With respect to finance leases, amortization of the ROU asset is presented separately from interest expense related to the finance lease liability and is recorded in Operating expenses. 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.

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.

Concentration of Credit Risk

Allowance for Doubtful Accounts

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

Comprehensive Income (Loss)

Comprehensive Income (Loss)—Our comprehensive income (loss) represents net income (loss) adjusted for comprehensive loss related to cash flow hedges of our equity method investees of discontinued operations.

Cash Flow Presentation

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

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

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

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

Recent Accounting Pronouncements/Unadopted Accounting Pronouncements

Recent Accounting Pronouncements—In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. This ASU modifies the disclosure and presentation requirements of reportable segments. The new guidance requires the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. In addition, the new guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. This standard is effective retrospectively for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We adopted this guidance in the fourth quarter of 2024, and it did not have a material impact on our consolidated financial statements and related disclosures.

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

In March 2024, the FASB issued ASU 2024-02, Codification Improvements - Amendments to Remove References to the Concept Statements. This ASU amends the Codification to remove references to various concepts statements and impacts a variety of topics in the Codification. The amendments apply to all reporting entities within the scope of the affected accounting guidance. Generally, the amendments in ASU 2024-02 are not intended to result in significant accounting changes for most entities. ASU 2024-02 is effective January 1, 2025 and we are currently assessing the impact this guidance will have on our consolidated financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. In January 2025, the FASB issued Clarifying the Effective Date (“ASU 2025-01”) to add some clarity around the effective date of the guidance. This ASU requires disaggregated information for specified categories of expenses, including inventory purchases, employee compensation, depreciation, amortization, and depletion, to be presented in certain expense captions on the face of the income statement. This standard is effective for annual periods beginning after December 15, 2026, and interim periods beginning after

December 15, 2027, with early adoption and either prospective or retrospective application permitted. We are currently assessing the impact this guidance will have on our consolidated financial statements and related disclosures.

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).

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

Except as discussed below, our financial instruments other than cash and cash equivalents and restricted cash consist principally of accounts receivable, notes receivable, accounts payable and accrued liabilities, 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, which are classified on the balance sheet.

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pre-tax book income (loss)
Domestic	$ (259)	$ (282)	$ (247)
Foreign	14,428	184,299	(105,064)
Income (loss) from continuing operations before income taxes	14,169	184,017	(105,311)
United States:
Federal	847	935	522
State and local	1,158	1,176	1,687
Total current provision	3,609	3,826	2,652
United States:
Federal	6,020	3,943	1,305
State and local	(616)	(2)	242
Total deferred (benefit) provision	1,878	(63,626)	2,648
Provision for (benefit from) income taxes:
Continuing operations	5,487	(59,800)	5,300
Discontinued operations	0	0	8,227
Total	5,487	(59,800)	13,527
Cayman Islands
Current:
Foreign	0	0	0
Deferred:
Foreign	0	0	0
Bermuda
Current:
Foreign	0	0	0
Deferred:
Foreign	2,320	(72,185)	0
Other Non-U.S.
Current:
Foreign	1,604	1,715	443
Deferred:
Foreign	$ (5,846)	$ 4,618	$ 1,101

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	12 Months Ended
FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) aircraft	Dec. 31, 2022 USD ($) aircraft
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantees	$ 8.9	$ 6.8
Aircrafts sold \| aircraft		7	4
Guarantor obligations, maximum exposure, undiscounted	$ 37.2
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor obligations, lease term	3 years
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Guarantor obligations, lease term	8 years
Guarantees
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase (decrease) related to the change in fair value	$ 2.1	$ (1.8)
Increase in guarantees		$ 4.8	$ 3.8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Property, Plant and Equipment Useful Lives (Details)	Dec. 31, 2024
Aircraft
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	25 years
Aircraft engines \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	2 years
Aircraft engines \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	6 years
Aviation tooling and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	3 years
Aviation tooling and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	6 years
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	40 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	50 years
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	6 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	23 years
Furniture and fixtures \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	3 years
Furniture and fixtures \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	6 years
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	2 years
Computer hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	5 years
Other \| Minimum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	5 years
Other \| Maximum
Property, Plant and Equipment [Line Items]
Useful life, property plant and equipment	7 years

INTANGIBLE ASSETS AND LIABILITIES, NET - Intangible Liabilities Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets and liabilities	$ 16,000	$ 15,137	$ 13,913
Lease income \| Lease intangibles
Finite-Lived Intangible Assets [Line Items]
Lease income	15,597	15,126	13,913
Depreciation and amortization \| Customer relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 403	$ 11	$ 0

- Definition

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

+ References + Details

ACQUISITION OF QUICKTURN - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 01, 2023
Current Liabilities
Goodwill	$ 61,070	$ 4,630
Quick Turn Engine Center LLC
Current Assets
Cash and cash equivalents			$ 518
Restricted cash			150
Accounts receivable			5,133
Inventory			9,332
Other current assets			2,889
Total current assets			18,022
Property, plant, and equipment			30,559
Intangible assets			2,377
Other non-current assets			1,412
Total assets			52,370
Current Liabilities
Accounts payable			3,424
Accrued liabilities			571
Other current liabilities			1,475
Total current liabilities			5,470
Other non-current liabilities			934
Total liabilities			6,404
Goodwill			4,630
Net assets acquired			$ 50,596

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

ACQUISITION OF LOCKHEED MARTIN COMMERCIAL ENGINE SOLUTIONS - Pro Forma Information (Details) - Lockheed Martin Commercial Engine Solutions - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Total revenue	$ 1,782,339	$ 1,257,302
Net (loss) income attributable to shareholders	$ (35,850)	$ 211,582

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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.

Asset

Range of Estimated Useful Lives

Residual Value Estimates

Aircraft

25 years from date of manufacture

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

Aircraft engines

2 - 6 years, based on maintenance adjusted service life

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

Aviation tooling and equipment

3 - 6 years from date of purchase

Scrap value at end of useful life

Buildings and improvements

40 to 50 years

Scrap value at end of useful life

Machinery and equipment

6 - 23 years

Scrap value at end of useful life

Furniture and fixtures

3 - 6 years from date of purchase

None

Computer hardware and software

2 - 5 years from date of purchase

None

Land

N/A

Construction in progress

N/A

Other

5 - 7 years

N/A

Upon retirement or disposal of property, plant and equipment, the cost and related accumulated depreciation are removed from the account, and the resulting gains or losses, if any, are recorded.

Capitalized Interest—The interest cost associated with major development and construction projects are capitalized and included in the cost of the project. Interest capitalization ceases once a project is substantially complete or no longer undergoing construction activities to prepare it for its intended use. We capitalized interest of $0.2 million, $0.7 million and $2.7 million during the years ended December 31, 2024, 2023 and 2022, respectively.

Repairs and Maintenance—Repair and maintenance costs that do not extend the lives of the assets are expensed as incurred. Our repairs and maintenance expense was $9.8 million, $7.7 million and $7.2 million during the years ended December 31, 2024, 2023 and 2022, respectively, and are included in Operating expenses.

Intangibles and amortization—Intangibles include the value of acquired favorable and unfavorable leases and are included in Intangible assets, net.

In accounting for acquired leasing equipment, we make estimates about the fair value of the acquired leases. In determining the fair value of these leases, we make assumptions regarding the current fair values of leases for identical or similar equipment in order to determine if the acquired lease is within a fair value range of current lease rates. If a lease is below or above the range of current lease rates, the resulting lease discount or premium is recognized as a lease intangible and amortized into lease income over the remaining term of the lease. Acquired lease intangibles are amortized on a straight-line basis over the remaining lease terms, which collectively had a weighted-average remaining amortization period of approximately 45 months as of December 31, 2024, and are recorded as a component of revenues.

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 $55.5 million and $33.2 million as of December 31, 2024 and 2023, respectively, are included in Long-term debt, net.

We also have unamortized deferred revolver fees related to our revolving debt of $8.2 million and $5.1 million as of December 31, 2024 and 2023, respectively, which are included in Other non-current assets.

Amortization expense was $11.5 million, $8.9 million and $17.0 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is included in Interest expense.

Concentration of Credit Risk—We are subject to concentrations of credit risk with respect to amounts due from customers and lessees. We attempt to limit our credit risk by performing ongoing credit evaluations. No single customer or lessee accounted for greater than 10% of total revenue during the years ended December 31, 2024, 2023 and 2022.

As of December 31, 2024 and 2023 no single customer or lessee accounted for greater than 10% of total accounts receivable, net.

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

Allowance for Doubtful Accounts—We determine the allowance for doubtful accounts based on our assessment of the collectability of our leasing receivables on a lessee-by-lessee basis. Bad debt expense is included in Operating expenses. Receivables are written off after all reasonable means to collect the full amount have been exhausted. The activity in the allowance for doubtful accounts is as follows:


	December 31,
	2024		2023		2022
Allowance at beginning of period	$	72,163	$	65,580	$	17,703
Bad debt expense	2,784		6,583		47,877
Allowance at end of period	$	74,947	$	72,163	$	65,580

Economic sanctions and export controls against Russia and Russia’s aviation industry were imposed due to its invasion of Ukraine during the first quarter of 2022. As a result of the sanctions imposed on Russian airlines, we terminated all lease agreements with Russian airlines and our allowance for doubtful accounts at December 31, 2024 includes all accounts receivable exposure to Russian and Ukrainian lessees.

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


	December 31,
	2024		2023
Notes receivable	$	165,338	$	102,304
Prepaid expenses including prepayments for maintenance that has not yet been incurred	87,323		7,617
Purchase deposits	83,229		23,937
Financing receivable resulting from failed sale-leaseback transactions	32,486		—
Maintenance right assets	—		6,716
Other	40,547		8,311
Other current assets	$	408,923	$	148,885

Other Non-Current Assets—Other non-current assets are summarized as follows:


	December 31,
	2024		2023
Lease incentives	$	56,812	$	43,453
Deferred tax assets	42,893		72,185
Financing receivable resulting from failed sale-leaseback transactions	28,412		—
Maintenance right assets	25,907		9,628
Other	54,406		12,455
Other non-current assets	$	208,430	$	137,721

Dividends—Dividends are recorded if and when declared by the Board of Directors. The Board of Directors declared cash dividends of $1.20, $1.20 and $1.26 per ordinary share during each of the years ended December 31, 2024, 2023 and 2022, respectively.

Additionally, the Board of Directors declared cash dividends on the Series A Preferred Shares of $1.55, $2.06 and $2.06 per share for the years ended December 31, 2024, 2023, and 2022, respectively, the Series B Preferred Shares of $2.00, $2.00 and $2.00 per share for the years ended December 31, 2024, 2023 and 2022, respectively, the Series C Preferred Shares of $2.06, $2.06, $2.06 per share for the year ended December 31, 2024, 2022 and 2021, respectively, and the Series D Preferred Shares of $2.38 and $1.78 per share for the year ended December 31, 2024 and 2023.

The cash and noncash related activities described above during the years ended December 31, 2024, 2023 and 2022 are detailed below:


	Year Ended December 31,
(in thousands)	2024		2023		2022

Cost of modules and parts sold sourced from engines originally within leasing equipment	$	38,300	$	41,167	$	36,946
Transfers of engines from leasing equipment to inventory for manufacturing and sale	239,462		178,740		127,349
Transfers of inventory to leasing equipment for rebuilding and sale of engines	(223,129)		(78,788)		(89,041)
Total outflows related to manufacturing modules and parts - included in net cash (used in) provided by operating activities	(345,821)		(138,045)		(101,249)
Cash received for assets sold sourced from leasing equipment - inflow included in cash (used in) provided by operating activities	76,157		94,222		43,859
Cash received for sales of leasing equipment that include components sourced from inventory - inflow included in cash used in investing activities	436,217		79,474		118,735
Cash paid for engine and aircraft inventory - outflow included in cash provided by (used in) operating activities	(8,280)		—		—

LEASING EQUIPMENT, NET - Schedule of Lessor, Operating Leases (Details) - Leasing Equipment - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Lessor, Lease, Description [Line Items]
Leasing equipment	$ 2,963,452	$ 2,574,394
Less: Accumulated depreciation	(589,722)	(541,981)
Property, plant and equipment, net	$ 2,373,730	$ 2,032,413

INCOME TAXES

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

INCOME TAXES

The domestic and foreign components of the Company’s pre-tax income (loss) are as follows:


	Year Ended December 31,
	2024		2023		2022
Pre-tax book income (loss)
Domestic	$	(259)	$	(282)	$	(247)
Foreign	14,428		184,299		(105,064)
Total	$	14,169	$	184,017	$	(105,311)

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


	Year Ended December 31,
	2024		2023		2022
Current:
Cayman Islands	$	—	$	—	$	—
Bermuda	—		—		—
United States:
Federal	847		935		522
State and local	1,158		1,176		1,687
Other Non-U.S.	1,604		1,715		443
Total current provision	3,609		3,826		2,652
Deferred:
Cayman Islands	—		—		—
Bermuda	2,320		(72,185)		—
United States:
Federal	6,020		3,943		1,305
State and local	(616)		(2)		242
Other Non-U.S.	(5,846)		4,618		1,101
Total deferred (benefit) provision	1,878		(63,626)		2,648
Provision for (benefit from) income taxes:
Continuing operations	5,487		(59,800)		5,300
Discontinued operations	—		—		8,227
Total	$	5,487	$	(59,800)	$	13,527

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

Historically, the Company’s Bermuda operations have not been subject to Bermuda income tax. However, on December 27, 2023, the Government of Bermuda enacted a 15% corporate income tax regime (the “Bermuda CIT”) that applies to Bermuda businesses that are part of multinational enterprise groups with annual revenue of €750 million or more and is effective for tax years beginning on or after January 1, 2025. As a result of the Bermuda CIT, the exemption of certain of the Company’s Bermuda subsidiaries from Bermuda corporate income taxes will cease in 2025. The Company recorded the impact of this enactment in their provision for the year ended December 31, 2023.

The difference between our reported income tax rate and the Cayman Islands statutory rate of 0% is as follows:


	Year Ended December 31,
	2024		2023		2022

Income subject to tax in the United States	53.0	%	3.3	%	(6.9)	%
Foreign taxes	80.1	%	(30.9)	%	13.5	%
Change in valuation allowance	(94.4)	%	(4.9)	%	(11.6)	%

Income tax rate	38.7	%	(32.5)	%	(5.0)	%

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


	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	34,097	$	38,911
Interest expense	2,187		1,861
Investment in partnerships	—		963
Inventory	2,704		16,985
Customer relationship intangibles	28,500		28,500
Other	4,250		—
Total deferred tax assets	71,738		87,220
Less valuation allowance	(5,228)		(18,599)
Net deferred tax assets	66,510		68,621
Deferred tax liabilities:

Fixed assets and goodwill	(32,545)		(8,186)
Other	(2,377)		(63)

Net deferred tax asset	$	31,588	$	60,372

Deferred tax assets and liabilities are reported net in Other non-current assets or Other non-current liabilities. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. We have analyzed our deferred tax assets and have determined, based on the weight of available evidence, that it is more likely than not that a significant portion will not be realized. Accordingly, valuation allowances have been recognized as of December 31, 2024, 2023 and 2022 of $5.2 million, $18.6 million and $27.6 million, respectively, related to certain deductible temporary differences and net operating loss carryforwards.

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


	December 31,
	2024		2023		2022
Valuation allowance at beginning of period	$	18,599	$	27,565	$	9,142
Change due to current year losses	885		855		22,094
Change due to current year releases	(14,256)		(9,821)		(3,671)
Valuation allowance at end of period	$	5,228	$	18,599	$	27,565

As of December 31, 2024, certain of our corporate subsidiaries had U.S. federal net operating loss carryforwards of $6.0 million which can be carried forward indefinitely against future business income. As of December 31, 2024, we also had net operating loss carryforwards for Irish income tax purposes of $249.9 million, which can be carried forward indefinitely against future business income, $1.8 million of net operating loss carryforwards for Malaysian income tax purposes, which will begin to expire in the year 2030, $1.3 million of net operating loss carryforward for Singaporean income tax purpose, which can be carried forward indefinitely against the future business income and $2.5 million of net operating loss carryforward for Canadian income tax purpose, which will begin to expire in the year 2044. The utilization of the net operating loss carryforwards to reduce future income taxes will depend on the relevant corporate subsidiary's ability to generate sufficient taxable income prior to the expiration of the carryforward period, if any. In addition, the maximum annual use of net operating loss carryforwards may be limited after certain changes in share ownership.

The Organization for Economic Cooperation and Development (“OECD”) is coordinating negotiations among more than 140 countries with the goal of achieving consensus around substantial changes to international tax policies, including the implementation of a minimum global effective tax rate of 15%. While certain jurisdictions in which the Company operates have adopted the relevant legislation effective for tax years beginning on or after January 1, 2024, the Company was not subject to any changes in their income tax provision for the year ended December 31, 2024. For the period ended December 31, 2025, the Company expects to be subject to a minimum global effective tax rate in certain jurisdictions. The Company continues to monitor developments and evaluate the impacts of these new rules and will present any impacts in the December 31, 2025 financial statements.

As of December 31, 2024, the Company has not accrued taxes on $44.8 million of foreign earnings which are permanently reinvested outside the domicile. The Company expects that taxes associated with any future repatriation of these earnings to be $2.2 million.

As of and for the period ended December 31, 2024, 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 2020. We do not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date.

- Definition

The entire disclosure for income tax.

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 8,682	$ 243,817	$ (212,027)
Other comprehensive loss:
Other comprehensive income related to equity method investees, net, in discontinued operations	0	0	(182,963)
Comprehensive income (loss)	8,682	243,817	(394,990)
Comprehensive loss attributable to non-controlling interest:
Discontinued operations	0	0	(18,817)
Comprehensive income (loss) attributable to shareholders	$ 8,682	$ 243,817	$ (376,173)

- Definition

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

+ References + Details

- 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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+ Details

INCOME TAXES - Provision for Income Tax Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income subject to tax in the United States	53.00%	3.30%	(6.90%)
Foreign taxes	80.10%	(30.90%)	13.50%
Change in valuation allowance	(94.40%)	(4.90%)	(11.60%)
Income tax rate	38.70%	(32.50%)	(5.00%)

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company and its subsidiaries may be involved in various claims, legal proceedings, or may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. Within our offshore energy business, a lessee did not fulfill its obligation under its charter arrangement, therefore we are pursuing rights afforded to us under the charter and the range of potential losses against the obligation is $0.0 million to $3.3 million. Our maximum exposure under other arrangements is unknown as no additional claims have been made. We believe the risk of loss in connection with such arrangements is remote. Internalization—During the second quarter of 2024, the Company entered into the Internalization Agreement with the Former Manager and Master GP. Pursuant to the Internalization Agreement, the Management Agreement was terminated effective May 28, 2024, except that certain indemnification and other obligations survive, and the Company was no longer required to pay management fees or incentive distributions with respect to any period thereafter. As a result of the Internalization, the Company ceased to be externally managed and operates as an internally managed company. In connection with the termination of the Management Agreement, the Company (i) agreed to pay the Former Manager (for itself and on behalf of the Master GP, as applicable) the Cash Consideration, the compensation accrued and payable, but not yet paid, under the Management Agreement and the expenses that were reimbursable, but not yet reimbursed, under the Management Agreement; (ii) issued to the Former Manager (for itself and on behalf of the Master GP, as applicable) the Share Consideration; and (iii) purchased from Master GP all of its partnership interests in FTAI Aviation Holdco Ltd., a subsidiary of the Company, in exchange for $30 thousand.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Total revenues	$ 1,734,901	$ 1,170,896	$ 708,411
Expenses
Cost of sales	825,884	502,132	248,385
Operating expenses	115,861	110,163	132,264
General and administrative	14,263	13,700	14,164
Acquisition and transaction expenses	32,296	15,194	13,207
Management fees and incentive allocation to affiliate	8,449	18,037	3,562
Internalization fee to affiliate	300,000	0	0
Depreciation and amortization	218,064	169,877	152,917
Asset impairment	962	2,121	137,219
Gain on sale of assets, net	(18,705)	0	(77,211)
Total expenses	1,497,074	831,224	624,507
Other income (expense)
Equity in losses of unconsolidated entities	(2,200)	(1,606)	(369)
Interest expense	(221,721)	(161,639)	(169,194)
Loss on extinguishment of debt	(17,101)	0	(19,859)
Other income	17,364	7,590	207
Total other expense	(223,658)	(155,655)	(189,215)
Income (loss) from continuing operations before income taxes	14,169	184,017	(105,311)
Provision for (benefit from) income taxes	5,487	(59,800)	5,300
Net income (loss) from continuing operations	8,682	243,817	(110,611)
Net loss from discontinued operations, net of income taxes	0	0	(101,416)
Net income (loss)	8,682	243,817	(212,027)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	0	0	0
Discontinued operations	0	0	(18,817)
Less: Dividends on preferred shares	32,763	31,795	27,164
Less: Loss on redemption of preferred shares	7,998	0	0
Net (loss) income attributable to shareholders	$ (32,079)	$ 212,022	$ (220,374)
Basic
Continuing operations (usd per share)	$ (0.32)	$ 2.12	$ (1.39)
Discontinued operations (usd per share)	0	0	(0.83)
Diluted
Continuing operations (usd per share)	(0.32)	2.11	(1.39)
Discontinued operations (usd per share)	$ 0	$ 0	$ (0.83)
Weighted Average Shares Outstanding:
Basic (in shares)	101,538,835	99,908,214	99,421,008
Diluted (in shares)	101,538,835	100,425,777	99,421,008
Lease income
Revenues
Total revenues	$ 255,338	$ 207,936	$ 179,314
Maintenance revenue
Revenues
Total revenues	200,809	191,347	148,846
Asset sales revenue
Revenues
Total revenues	192,176	303,141	183,535
Aerospace products revenue
Revenues
Total revenues	1,079,821	454,970	178,515
Other revenue
Revenues
Total revenues	$ 6,757	$ 13,502	$ 18,201

INTANGIBLE ASSETS AND LIABILITIES, NET

12 Months Ended

Dec. 31, 2024

Intangible Assets and Liabilities Disclosure [Abstract]

INTANGIBLE ASSETS AND LIABILITIES, NET

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


	December 31, 2024		December 31, 2023
Intangible assets
Acquired favorable lease intangibles	$	70,375	$	68,041
Less: Accumulated amortization	(29,664)		(19,347)
Acquired favorable lease intangibles, net	40,711		48,694
Acquired customer relationships	1,907		1,907
Less: Accumulated amortization	(413)		(11)
Acquired customer relationships, net	1,494		1,896
Total intangible assets, net	$	42,205	$	50,590

Intangible liabilities
Acquired unfavorable lease intangibles	$	13,767	$	3,151
Less: Accumulated amortization	(1,259)		(1,389)
Acquired unfavorable lease intangibles, net	$	12,508	$	1,762

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

Amortization of intangible assets and liabilities is recorded as follows:


	Classification in Consolidated Statements of Operations	Year Ended December 31,
		2024		2023		2022
Lease intangibles	Lease income	$	15,597	$	15,126	$	13,913
Customer relationships	Depreciation and amortization	403		11		—
Total		$	16,000	$	15,137	$	13,913

As of December 31, 2024, estimated net annual amortization of intangibles is as follows:


2025	$	12,278
2026	8,643
2027	3,599
2028	3,947
2029	899
Thereafter	331
Total	$	29,697

ACQUISITION OF LOCKHEED MARTIN COMMERCIAL ENGINE SOLUTIONS - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 09, 2024	Dec. 31, 2023
Current Liabilities
Goodwill	$ 61,070		$ 4,630
Lockheed Martin Commercial Engine Solutions
Current Assets
Accounts receivable		$ 10,758
Inventory		25,947
Other current assets		6,795
Total current assets		43,500
Property, plant, and equipment		72,414
Leasing equipment		5,675
Other non-current assets		10,270
Total assets		131,859
Current Liabilities
Accounts payable		7,669
Accrued liabilities		1,692
Other current liabilities		5,130
Total current liabilities		14,491
Other non-current liabilities		14,347
Total liabilities		28,838
Goodwill		56,476
Net assets acquired		$ 159,497

LEASING EQUIPMENT, NET - Additional Details (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) vessel	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Asset impairment		$ 962	$ 2,121	$ 137,219
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]		Asset impairment
Impairment charges				120,000
Proceeds from sale of property, plant and equipment		$ 0	0	5,289
Gain on sale of assets, net		(18,705)		(77,211)
Corporate and Other
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Asset impairment		0	$ 0	0
Gain on sale of assets, net		(18,705)		$ 0
Offshore Energy Vessels \| Corporate and Other
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Number of vessels sold \| vessel	2
Proceeds from sale of property, plant and equipment	$ 142,600
Book value of property, plant, and equipment	$ 123,900
Gain on sale of assets, net		$ 18,700

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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

I. For the Year Ended December 31, 2024


	Year Ended December 31, 2024
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	234,411	$	—	$	20,927	$	255,338
Maintenance revenue	200,809		—		—		200,809
Asset sales revenue	192,176		—		—		192,176
Aerospace products revenue	—		1,079,821		—		1,079,821
Other revenue	1,041		—		5,716		6,757
Total revenues	628,437		1,079,821		26,643		1,734,901

Expenses
Cost of sales	151,977		673,907		—		825,884
Operating expenses	35,495		23,818		56,548		115,861
General and administrative	—		—		14,263		14,263
Acquisition and transaction expenses	9,740		4,906		17,650		32,296
Management fees and incentive allocation to affiliate	—		—		8,449		8,449
Internalization fee to affiliate	—		—		300,000		300,000
Depreciation and amortization	201,497		6,630		9,937		218,064
Asset impairment	962		—		—		962
Gain on sale of assets, net	—		—		(18,705)		(18,705)
Total expenses	399,671		709,261		388,142		1,497,074

Other income (expense)
Equity in losses of unconsolidated entities	(207)		(1,993)		—		(2,200)
Interest expense	—		—		(221,721)		(221,721)
Loss on extinguishment of debt	—		—		(17,101)		(17,101)
Other income	14,669		—		2,695		17,364
Total other income (expense)	14,462		(1,993)		(236,127)		(223,658)
Income (loss) from continuing operations before income taxes	243,228		368,567		(597,626)		14,169
Provision for (benefit from) income taxes	32,979		22,221		(49,713)		5,487
Net income (loss) from continuing operations	210,249		346,346		(547,913)		8,682

Less: Dividends on preferred shares	—		—		32,763		32,763
Less: Loss on redemption of preferred shares	—		—		7,998		7,998
Net income (loss) attributable to shareholders from continuing operations	$	210,249	$	346,346	$	(588,674)	$	(32,079)


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

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

Total expenses	427,353		303,122		100,749		831,224

Other income (expense)
Equity in losses of unconsolidated entities	(148)		(1,458)		—		(1,606)
Interest expense	—		—		(161,639)		(161,639)

Other income	1,300		5,347		943		7,590
Total other income (expense)	1,152		3,889		(160,696)		(155,655)
Income (loss) from continuing operations before income taxes	255,410		155,737		(227,130)		184,017
(Benefit from) provision for income taxes	(36,193)		(24,440)		833		(59,800)
Net income (loss) from continuing operations	291,603		180,177		(227,963)		243,817

Less: Dividends on preferred shares	—		—		31,795		31,795
Net income (loss) attributable to shareholders from continuing operations	$	291,603	$	180,177	$	(259,758)	$	212,022


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

Expenses
Cost of sales	138,904		109,481		—		248,385
Operating expenses	81,232		11,967		39,065		132,264
General and administrative	—		—		14,164		14,164
Acquisition and transaction expenses	1,923		243		11,041		13,207
Management fees and incentive allocation to affiliate	—		—		3,562		3,562
Depreciation and amortization	144,258		258		8,401		152,917
Asset impairment	137,219		—		—		137,219
Gain on sale of assets, net	(59,048)		(18,163)		—		(77,211)
Total expenses	444,488		103,786		76,233		624,507

Other income (expense)
Equity in earnings (losses) of unconsolidated entities	740		(1,109)		—		(369)
Interest expense	—		—		(169,194)		(169,194)
Loss on extinguishment of debt	—		—		(19,859)		(19,859)
Other income (expense)	246		—		(39)		207
Total other income (expense)	986		(1,109)		(189,092)		(189,215)
Income (loss) from continuing operations before income taxes	59,446		73,620		(238,377)		(105,311)
Provision for (benefit from) income taxes	2,502		2,961		(163)		5,300
Net income (loss) from continuing operations	56,944		70,659		(238,214)		(110,611)

Less: Dividends on preferred shares	—		—		27,164		27,164
Net income (loss) attributable to shareholders from continuing operations	$	56,944	$	70,659	$	(265,378)	$	(137,775)

Schedule of Revenue from External Customers by Geographic Areas

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


	Year Ended December 31, 2024
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	4,643	$	8,271	$	—	$	12,914
Asia	135,579		178,252		26,643		340,474
Europe	324,327		364,384		—		688,711
North America	108,426		504,936		—		613,362
South America	55,462		23,978		—		79,440
Total revenues (1)	$	628,437	$	1,079,821	$	26,643	$	1,734,901

______________________________________________________

(1) The United States, included in North America, and Ireland, included in Europe, represent 31% and 16% of total revenues, respectively, based on the location of our lessees. No other country represents more than 10% of total revenues.

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


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

______________________________________________________

(1) The United States, included in North America, represents 47% of total revenues based on the location of our lessees. No other country represents more than 10% of total revenues.

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


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

________________________________________________________

(1) The United States, included in North America, represents 44% of total revenues based on the location of our lessees. No other country represents more than 10% of total revenues.

Schedule of Contracted Minimum Future Annual Revenues

Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of December 31, 2024:


	December 31, 2024
2025	$	238,141
2026	181,835
2027	141,750
2028	123,447
2029	79,469
Thereafter	94,634
Total	$	859,276

Schedule of Long-lived Assets by Geographic Areas

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


	December 31, 2024		December 31, 2023
Property, plant and equipment and leasing equipment, net
Africa	$	37,369	$	18,380
Asia	596,547		478,120
Europe	1,038,176		934,817
North America	592,675		416,811
South America	216,414		229,460
Total property, plant and equipment and leasing equipment, net	$	2,481,181	$	2,077,588

________________________________________________________

(1) The United States, included in North America, and Italy, included in Europe, represent 17% and 12% of property, plant and equipment and leasing equipment, net as of December 31, 2024 and 2023, respectively. No other country represents more than 10% of property, plant and equipment and leasing equipment, net.

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions			12 Months Ended
	Feb. 26, 2025	Jan. 17, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)			$ 1.20	$ 1.20	$ 1.26
Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)			2.06	2.06	$ 2.06
Series D Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)			$ 2.38	$ 1.78
Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.30
Subsequent Event \| 8.00% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable
Subsequent Event [Line Items]
Preferred shares redeemed (in shares)		4,940,000
Preferred stock, dividend rate percentage		8.00%
Redemption price per share (in dollars per share)		$ 25.00
Accumulated and unpaid distributions		$ 2.4
Subsequent Event \| Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	0.52
Subsequent Event \| Series D Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.59

EARNINGS PER SHARE AND EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Oct. 09, 2024	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Oct. 29, 2024	May 31, 2024
Earnings Per Share [Line Items]
Antidilutive shares excluded from the calculation of diluted EPS (in shares)			0	0	582,200
Shares issued for service (in shares)			6,148	26,287	19,811
Common stock, shares issued (in shares)			102,550,975	100,245,905			1,866,949
Common stock, par value (usd per share)			$ 0.01	$ 0.01			$ 0.01
Price per share (usd per share)							$ 80.34
Preferred stock, shares issued (in shares)			11,740,000	15,920,000
Preferred stock, par value (usd per share)			$ 0.01	$ 0.01
Proceeds from issuance of shares, net			$ 0	$ 61,729	$ 0
9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Earnings Per Share [Line Items]
Preferred stock, shares issued (in shares)		2,600,000
Stated percentage		9.50%
Preferred stock, liquidation preference per share		$ 25.00
Preferred stock, par value (usd per share)		$ 0.01
Proceeds from issuance of shares, net		$ 63,000
8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable
Earnings Per Share [Line Items]
Preferred shares redeemed (in shares)	4,180,000
Preferred stock, dividend rate percentage	8.25%
Redemption price per share (in dollars per share)						$ 25.00
Accumulated and unpaid distributions						$ 1,600

INVESTMENTS - Ownership Carrying Values (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Nov. 30, 2021	Aug. 31, 2019	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Carrying value of investment	$ 19,048	$ 22,722
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	25.00%			25.00%	25.00%
Carrying value of investment	$ 19,048	21,040			$ 15,000
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Ownership Percentage	50.00%		50.00%
Carrying value of investment	$ 0	$ 1,682

- Definition

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

+ References + Details

EARNINGS PER SHARE AND EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The calculation of basic and diluted EPS is presented below.


	Year Ended December 31,
(in thousands, except share and per share data)	2024		2023		2022
Net income (loss) from continuing operations	$	8,682	$	243,817	$	(110,611)
Net loss from discontinued operations, net of income taxes	—		—		(101,416)
Net income (loss)	8,682		243,817		(212,027)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	—		—		—
Discontinued operations	—		—		(18,817)
Less: Dividends on preferred shares	32,763		31,795		27,164
Less: Loss on redemption of preferred shares	7,998		—		—
Net (loss) income attributable to shareholders	$	(32,079)	$	212,022	$	(220,374)
Weighted Average Ordinary Shares Outstanding - Basic	101,538,835		99,908,214		99,421,008
Weighted Average Ordinary Shares Outstanding - Diluted	101,538,835		100,425,777		99,421,008

(Loss) earnings per share:
Basic
Continuing operations	$	(0.32)	$	2.12	$	(1.39)
Discontinued operations	$	—	$	—	$	(0.83)

Diluted
Continuing operations	$	(0.32)	$	2.11	$	(1.39)
Discontinued operations	$	—	$	—	$	(0.83)

Cover page - USD ($) $ in Billions	12 Months Ended
Cover page - USD ($) $ in Billions	Dec. 31, 2024	Feb. 26, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-37386
Entity Registrant Name	FTAI AVIATION LTD.
Entity Incorporation, State or Country Code	E9
Entity Tax Identification Number	98-1420784
Entity Address, Address Line One	415 West 13th Street, 7th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10014
City Area Code	332
Local Phone Number	239-7600
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 10.4
Entity Common Stock, Shares Outstanding		102,550,975
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement for the registrant's 2025 annual meeting, to be filed within 120 days after the close of the registrant's fiscal year, are incorporated by reference into Part III of this Annual Report on Form 10-K.
Document Fiscal Year Focus	2024
Amendment Flag	false
Document Fiscal Period Focus	FY
Entity Central Index Key	0001590364
Ordinary shares, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Ordinary shares, $0.01 par value per share
Trading Symbol	FTAI
Security Exchange Name	NASDAQ
8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIN
Security Exchange Name	NASDAQ
9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Entity Information [Line Items]
Title of 12(b) Security	9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares
Trading Symbol	FTAIM
Security Exchange Name	NASDAQ

EARNINGS PER SHARE AND EQUITY

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

EARNINGS PER SHARE AND EQUITY

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

The calculation of basic and diluted EPS is presented below.


	Year Ended December 31,
(in thousands, except share and per share data)	2024		2023		2022
Net income (loss) from continuing operations	$	8,682	$	243,817	$	(110,611)
Net loss from discontinued operations, net of income taxes	—		—		(101,416)
Net income (loss)	8,682		243,817		(212,027)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	—		—		—
Discontinued operations	—		—		(18,817)
Less: Dividends on preferred shares	32,763		31,795		27,164
Less: Loss on redemption of preferred shares	7,998		—		—
Net (loss) income attributable to shareholders	$	(32,079)	$	212,022	$	(220,374)
Weighted Average Ordinary Shares Outstanding - Basic	101,538,835		99,908,214		99,421,008
Weighted Average Ordinary Shares Outstanding - Diluted	101,538,835		100,425,777		99,421,008

(Loss) earnings per share:
Basic
Continuing operations	$	(0.32)	$	2.12	$	(1.39)
Discontinued operations	$	—	$	—	$	(0.83)

Diluted
Continuing operations	$	(0.32)	$	2.11	$	(1.39)
Discontinued operations	$	—	$	—	$	(0.83)

The calculation of Diluted EPS excludes 0, 0 and 582,200 shares for the years ended December 31, 2024, 2023 and 2022, respectively, because the impact would be anti-dilutive.

Ordinary shares issued to certain directors as compensation were 6,148, 26,287 and 19,811 for the years ended December 31, 2024, 2023 and 2022, respectively.

Ordinary Shares

In May 2024, in connection with the Internalization and termination of the Management Agreement, the Company issued 1,866,949 ordinary shares, par value $0.01 per share, at a price of $80.34 per share, to its Former Manager.

Preferred Shares

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

In October 2024, the Company redeemed in full the outstanding 4,180,000 8.25% Fixed-to-Floating Rate Series A Cumulative Perpetual Redeemable Preferred Shares at a redemption price equal to $25.00 per share in cash, plus $1.6 million of accumulated and unpaid distributions thereon to, but not including, the redemption date of October 29, 2024.

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Values of Bond Payable Reported as Debt

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


			December 31, 2024
Senior Notes due 2025			—
Senior Notes due 2027			—
Senior Notes due 2028			980,140
Senior Notes due 2030			526,380
Senior Notes due 2031			713,923
Senior Notes due 2032			816,904
Senior Notes due 2033			483,100

ACQUISITION OF LOCKHEED MARTIN COMMERCIAL ENGINE SOLUTIONS - Schedule of Property Plant And Equipment Acquired as Part of Business Combination (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Sep. 09, 2024	Dec. 01, 2023
Buildings and improvements \| Minimum
Business Acquisition [Line Items]
Estimated useful life in years	40 years
Buildings and improvements \| Maximum
Business Acquisition [Line Items]
Estimated useful life in years	50 years
Machinery and equipment \| Minimum
Business Acquisition [Line Items]
Estimated useful life in years	6 years
Machinery and equipment \| Maximum
Business Acquisition [Line Items]
Estimated useful life in years	23 years
Other \| Minimum
Business Acquisition [Line Items]
Estimated useful life in years	5 years
Other \| Maximum
Business Acquisition [Line Items]
Estimated useful life in years	7 years
Lockheed Martin Commercial Engine Solutions
Business Acquisition [Line Items]
Estimated Fair value		$ 72,414
Lockheed Martin Commercial Engine Solutions \| Buildings and improvements
Business Acquisition [Line Items]
Estimated useful life in years		25 years
Estimated Fair value		$ 40,953
Lockheed Martin Commercial Engine Solutions \| Machinery and equipment
Business Acquisition [Line Items]
Estimated Fair value		$ 30,660
Lockheed Martin Commercial Engine Solutions \| Machinery and equipment \| Minimum
Business Acquisition [Line Items]
Estimated useful life in years		2 years
Lockheed Martin Commercial Engine Solutions \| Machinery and equipment \| Maximum
Business Acquisition [Line Items]
Estimated useful life in years		21 years
Lockheed Martin Commercial Engine Solutions \| Other
Business Acquisition [Line Items]
Estimated Fair value		$ 801
Quick Turn Engine Center LLC
Business Acquisition [Line Items]
Estimated Fair value			$ 30,559

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Notes receivable	$ 165,338	$ 102,304
Prepaid expenses including prepayments for maintenance that has not yet been incurred	87,323	7,617
Purchase deposits	83,229	23,937
Financing receivable resulting from failed sale-leaseback transactions	32,486	0
Maintenance right assets	0	6,716
Other	40,547	8,311
Other current assets	$ 408,923	$ 148,885

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

EARNINGS PER SHARE AND EQUITY - EPS Schedule (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 8,682	$ 243,817	$ (110,611)
Net loss from discontinued operations, net of income taxes	0	0	(101,416)
Net income (loss)	8,682	243,817	(212,027)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries:
Continuing operations	0	0	0
Discontinued operations	0	0	(18,817)
Less: Dividends on preferred shares	32,763	31,795	27,164
Less: Loss on redemption of preferred shares	7,998	0	0
Net (loss) income attributable to shareholders	(32,079)	212,022	(220,374)
Net (loss) income attributable to shareholders	$ (32,079)	$ 212,022	$ (220,374)
Weighted Average Common Shares Outstanding - Basic (in shares)	101,538,835	99,908,214	99,421,008
Weighted Average Common Shares Outstanding - Diluted (in shares)	101,538,835	100,425,777	99,421,008
Basic
Continuing operations (usd per share)	$ (0.32)	$ 2.12	$ (1.39)
Discontinued operations (usd per share)	0	0	(0.83)
Diluted
Continuing operations (usd per share)	(0.32)	2.11	(1.39)
Discontinued operations (usd per share)	$ 0	$ 0	$ (0.83)

LEASING EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Lessor, Operating Leases

Leasing equipment, net is summarized as follows:


	December 31,
	2024		2023

Leasing equipment	$	2,963,452	$	2,574,394
Less: Accumulated depreciation	(589,722)		(541,981)
Leasing equipment, net	$	2,373,730	$	2,032,413

Schedule of Operating Lease, Lease Income

Depreciation expense for leasing equipment is summarized as follows:


	Year Ended December 31,
	2024		2023		2022
Depreciation expense for leasing equipment	$	211,047	$	168,901	$	152,378

AFFILIATE TRANSACTIONS - Reimbursement to Manager (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
General and administrative	$ 14,263	$ 13,700	$ 14,164
Acquisition and transaction expenses	32,296	15,194	13,207
Total expenses	1,497,074	831,224	624,507
Former Manager
Related Party Transaction [Line Items]
General and administrative	6,788	7,137	6,891
Acquisition and transaction expenses	2,137	678	1,144
Total expenses	$ 8,925	$ 7,815	$ 8,035

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 8,682	$ 243,817	$ (212,027)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Equity in losses of unconsolidated entities	2,200	1,606	46,971
Gain on sale of assets	(377,909)	(160,742)	(141,677)
Security deposits and maintenance claims included in earnings	(16,783)	(40,535)	(41,845)
Loss on extinguishment of debt	17,101	0	19,859
Equity-based compensation	6,006	1,638	2,623
Non-cash termination fee to affiliate (issuance of ordinary shares)	150,000	0	0
Depreciation and amortization	218,064	169,877	152,917
Depreciation and amortization			193,236
Asset impairment	962	2,121	137,219
Deferred income taxes	(1,878)	(63,626)	2,161
Change in fair value of non-hedge derivatives	0	0	(1,567)
Change in fair value of guarantees	2,086	(1,807)	0
Amortization of lease intangibles and incentives	43,967	43,764	37,135
Amortization of deferred financing costs	11,458	8,860	19,018
Bad debt expense	2,784	6,583	47,975
Other	(273)	(6,646)	(1,010)
Change in:
Accounts receivable	(41,196)	(40,357)	(65,969)
Inventory	(206,880)	(31,884)	(23,267)
Other assets	(14,372)	(5,627)	(23,037)
Accounts payable and accrued liabilities	15,886	1,254	(19,599)
Management fees payable to affiliate	(5,507)	1,683	804
Other liabilities	(2,354)	(997)	2,340
Net cash (used in) provided by operating activities	(187,956)	128,982	(20,657)
Cash flows from investing activities:
Investment in unconsolidated entities	0	(19,500)	(7,344)
Principal collections on finance leases	2,157	3,638	2,227
Principal collections on notes receivable	4,930	4,875	0
Acquisition of business, net of cash acquired	(147,624)	(29,632)	(3,819)
Acquisition of leasing equipment	(1,147,341)	(749,780)	(638,329)
Investments in financing receivables	(66,858)	0	0
Acquisition of property, plant and equipment	(9,220)	(6,148)	(144,196)
Acquisition of lease intangibles	3,168	(20,964)	(31,127)
Investment in promissory notes	0	(11,500)	0
Deposits for acquisitions of leasing equipment	(158,297)	(23,937)	(6,671)
Proceeds from sale of assets	969,280	477,886	408,937
Proceeds from sale of property, plant and equipment	0	0	5,289
Proceeds from deposits on sale of leasing equipment	79,777	1,413	3,780
Return of deposits for acquisition of leasing equipment	530	300	0
Net cash used in investing activities	(469,498)	(373,349)	(411,253)
Cash flows from financing activities:
Proceeds from debt	2,581,819	951,665	813,980
Repayment of debt	(1,672,304)	(605,000)	(1,144,529)
Payment of deferred financing costs	(17,356)	(12,180)	(18,607)
Receipt of security deposits under operating lease agreements	8,104	9,927	3,882
Return of security deposits under operating lease agreements	(421)	(2,385)	(2,141)
Receipt of maintenance deposits under operating lease agreements	49,333	30,354	47,846
Release of maintenance deposits under operating lease agreements	(7,134)	(275)	(1,471)
Proceeds from issuance of ordinary shares, net of underwriter's discount	0	5	0
Redemption of preferred shares	(105,353)	0	0
Proceeds from issuance of preferred shares, net of underwriter's discount and issuance costs	0	61,729	0
Capital contributions from non-controlling interests	0	10	1,187
Dividend from spin-off of FTAI Infrastructure, net of cash transferred	0	0	500,562
Settlement of equity-based compensation	0	0	(148)
Purchase of non-controlling interest shares	(534)	0	0
Cash dividends - ordinary shares	(121,577)	(119,847)	(128,483)
Cash dividends - preferred shares	(32,763)	(31,795)	(27,164)
Net cash provided by financing activities	681,814	282,208	44,914
Net increase (decrease) in cash and cash equivalents and restricted cash	24,360	37,841	(386,996)
Cash and cash equivalents and restricted cash, beginning of period	90,906	53,065	440,061
Cash and cash equivalents and restricted cash, end of period	115,266	90,906	53,065
Supplemental disclosure of cash flow information:
Cash paid for interest, net of capitalized interest	222,122	150,622	185,144
Cash paid for taxes	5,655	1,393	3,279
Supplemental disclosure of non-cash investing and financing activities (see Note 2 for additional non-cash information):
Notes Issued	88,271	46,654	16,463
Receipt of notes receivable in connection with the sale of leasing equipment	(22,119)	(8,962)	(15,570)
Receipt of leasing equipment in settlement of accounts receivable	0	(14,250)	0
Purchase deposits reclassified to leasing equipment from other assets upon acquisition	(19,608)	(6,371)	(13,658)
Decrease in leasing equipment for engines provided to aircraft lessees in lieu of cash reimbursements of maintenance deposits	0	10,970	6,108
Accounts receivable settled with security deposits	(4,808)	(6,050)	(13,461)
Accounts receivable settled with maintenance deposits	(45,719)	(1,856)	(9,358)
Non-cash change in equity method investment	0	0	(182,963)
Conversion of interests in unconsolidated entities	$ 0	$ 0	$ (21,302)

INCOME TAXES - Changes in Valuation Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Valuation Allowance [Roll Forward]
Valuation allowance at beginning of period	$ 18,599	$ 27,565	$ 9,142
Change due to current year losses	885	855	22,094
Change due to current year releases	(14,256)	(9,821)	(3,671)
Valuation allowance at end of period	$ 5,228	$ 18,599	$ 27,565

ACQUISITION OF LOCKHEED MARTIN COMMERCIAL ENGINE SOLUTIONS (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the net assets acquired:


	September 9, 2024
Fair value of assets acquired:
Current Assets
Accounts receivable	$	10,758
Inventory	25,947
Other current assets	6,795
Total current assets	43,500
Property, plant, and equipment	72,414
Leasing equipment	5,675
Other non-current assets	10,270
Total assets	131,859
Fair value of liabilities assumed:
Current Liabilities
Accounts payable	7,669
Accrued liabilities	1,692
Other current liabilities	5,130
Total current liabilities	14,491
Other non-current liabilities	14,347
Total liabilities	28,838
Goodwill (1)	56,476
Net assets acquired (2)	$	159,497

________________________________________________________

The following table summarizes the allocation of the net assets acquired:


	December 1, 2023
Fair value of assets acquired:
Current Assets
Cash and cash equivalents	$	518
Restricted cash	150
Accounts receivable	5,133
Inventory	9,332
Other current assets	2,889
Total current assets	18,022
Property, plant, and equipment	30,559
Intangible assets	2,377
Other non-current assets	1,412
Total assets	52,370
Fair value of liabilities assumed:
Current Liabilities
Accounts payable	3,424
Accrued liabilities	571
Other current liabilities	1,475
Total current liabilities	5,470
Other non-current liabilities	934
Total liabilities	6,404
Goodwill (1)	4,630
Net assets acquired	$	50,596

________________________________________________________

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

The following table presents preliminary fair values of the components of property, plant and equipment acquired and their estimated useful lives:


	Estimated useful life in years	Estimated Fair value
Buildings and improvements	25	$	40,953
Machinery and equipment	2 - 21	30,660
Other	N/A	801
Total		$	72,414

Schedule of Business Acquisition, Pro Forma Information


	Year ended December 31,
	2024		2023
Total revenue	$	1,782,339	$	1,257,302
Net (loss) income attributable to shareholders	$	(35,850)	$	211,582

DEBT, NET

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

DEBT, NET

Our debt, net is summarized as follows:


	December 31, 2024				December 31, 2023
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable


Revolving Credit Facility (1)	—		(i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75%	5/22/27	—

Total loans payable	—				—
Bonds payable


Senior Notes due 2025 (2)	—		6.50%	10/1/25	652,043
Senior Notes due 2027	—		9.75%	8/1/27	400,000
Senior Notes due 2028 (3)	1,001,382		5.50%	5/1/28	1,001,746
Senior Notes due 2030 (4)	497,071		7.88%	12/1/30	496,704
Senior Notes due 2031	700,000		7.00%	5/1/31	—
Senior Notes due 2032	800,000		7.00%	6/15/32	—
Senior Notes due 2033 (5)	497,551		5.88%	4/15/33	—
Total bonds payable	3,496,004				2,550,493
Debt	3,496,004				2,550,493
Less: Debt issuance costs	(55,526)				(33,150)
Total debt, net	$	3,440,478			$	2,517,343

Total debt due within one year	$	—			$	—

______________________________________________________________________________________

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

(2) Includes an unamortized discount of $866 at December 31, 2023 and an unamortized premium of $2,908 at December 31, 2023.

(3) Includes an unamortized premium of $1,382 and $1,746 at December 31, 2024 and 2023, respectively.

(4) Includes unamortized discount of $2,929 and $3,296 at December 31, 2024 and 2023, respectively.

(5) Includes an unamortized discount of $2,449 at December 31, 2024.

Revolving Credit Facility—On May 23, 2024, the Company amended and restated its Revolving Credit Facility by executing a Third Amended and Restated Credit Agreement (the “Revolver Amendment”). The Revolver Amendment provides for revolving loans to be made available to the Company in an aggregate principal amount of up to $400.0 million, of which up to $25.0 million may be utilized for the issuance of letters of credit.

Senior Notes due 2031—On April 11, 2024, we issued $700.0 million aggregate principal amount of senior unsecured notes due 2031 (the “Senior Notes due 2031”). The Senior Notes due 2031 bear interest at a rate of 7.00% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, commencing on November 1, 2024. Using a portion of the net proceeds, the Company completed a cash tender offer for $324.6 million aggregate principal amount of 2025 Notes validly tendered on April 11, 2024. Holders whose notes were accepted for purchase received equal consideration per $1,000 principal amount of 2025 Notes, plus accrued and unpaid interest to, but not including, April 11, 2024. The Company used the remaining net proceeds to redeem the remaining $325.4 million aggregate principal amount of Senior Notes due 2025, plus accrued and unpaid interest, and recognized a loss on extinguishment of debt of $2.7 million. The remaining net proceeds were used for general corporate purposes, including the funding of acquisitions and investments.

Senior Notes due 2032—On June 17, 2024, we issued $800.0 million aggregate principal amount of senior unsecured notes due 2032 (the “Senior Notes due 2032”). These notes bear interest at a rate of 7.00% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2024. The Company utilized the net proceeds from the issuance for several purposes: (i) to fully repay outstanding amounts under our Revolving Credit Facility provided under the Revolver Amendment, without reduction in commitments, (ii) to fund the cash termination fee for the previously announced management Internalization described in Note 12, (iii) to complete a cash tender offer for up to $300.0 million in aggregate principal amount of Senior Notes due 2027 validly tendered on June 18, 2024, plus accrued and unpaid interest, and recognized a loss on extinguishment of debt of $11.2 million, (iv) to cover fees and expenses related to the aforementioned transactions, and (v) for general corporate purposes.

Senior Notes due 2033—On October 9, 2024, we issued $500.0 million aggregate principal amount of senior unsecured notes due 2033 (the “Senior Notes due 2033”). The Senior Notes due 2033 bear interest at a rate of 5.875% per annum, payable semi-annually in arrears on April 15 and October 15 of each year, commencing on April 15, 2025. Using a portion of the net proceeds, the Company redeemed the remaining $130.5 million aggregate principal amount of Senior Notes due 2027, plus accrued and unpaid interest, and recognized a loss on extinguishment of debt of $3.2 million. The Company used the remaining net proceeds to pay down in full the Company’s Revolving Credit Facility, with any excess proceeds intended for general corporate purposes, including funding acquisitions and investments.

We were in compliance with all debt covenants as of December 31, 2024.

As of December 31, 2024, scheduled principal repayments under our debt agreements for the next five years and thereafter are summarized as follows:


	2025		2026		2027		2028		2029		Thereafter		Total
Revolving Credit Facility	—		—		—		—		—		—		—
Senior Notes due 2025	—		—		—		—		—		—		—
Senior Notes due 2027	—		—		—		—		—		—		—
Senior Notes due 2028	—		—		—		1,000,000		—		—		1,000,000
Senior Notes due 2030	—		—		—		—		—		500,000		500,000
Senior Notes due 2031	—		—		—		—		—		700,000		700,000
Senior Notes due 2032	—		—		—		—		—		800,000		800,000
Senior Notes due 2033	—		—		—		—		—		500,000		500,000
Total principal payments on loans and bonds payable	$	—	$	—	$	—	$	1,000,000	$	—	$	2,500,000	$	3,500,000

- Definition

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

+ References

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

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

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

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

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

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

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

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

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


			December 31, 2024
Senior Notes due 2025			—
Senior Notes due 2027			—
Senior Notes due 2028			980,140
Senior Notes due 2030			526,380
Senior Notes due 2031			713,923
Senior Notes due 2032			816,904
Senior Notes due 2033			483,100

The Company has contingent obligations under ASC 460, Guarantees, in connection with certain sales of aircraft on lease, which are measured at fair value. The guarantees are valued at $8.9 million and $6.8 million as of December 31, 2024 and December 31, 2023, respectively, and are reflected as a component of Other non-current liabilities. The fair values of the guarantees, which were first recorded in 2022, are determined based on the estimated condition of the engines at the end of each lease term and the estimated cost of replacement and applicable discount rates and are classified as Level 3. During the year ended December 31, 2024, the Company recorded a $2.1 million increase related to the change in fair value, which is recorded in Asset sales revenue. During the year ended December 31, 2023, the Company recorded a $4.8 million increase in guarantees related to the sale of seven aircraft and a $1.8 million decrease related to the change in fair value, which is recorded in Asset sales revenue. During the year ended December 31, 2022, the Company recorded $3.8 million in guarantees related to the sale of four aircraft, which is recorded in Asset sale revenue. During the years ended December 31, 2024, 2023 and 2022, there were no significant transfers into or out of Level 3.

Given variability in the condition of the engines at the end of the lease terms, which range from 3 to 8 years, the maximum potential amount of undiscounted future payments that could be required under the guarantees at December 31, 2024 was $37.2 million, which is not reasonably expected.

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

- Definition

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

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

DEBT, NET - Schedule of Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Oct. 09, 2024	Jun. 17, 2024	Apr. 11, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 3,496,004				$ 2,550,493
Less: Debt issuance costs	(55,526)				(33,150)
Total debt, net	3,440,478				2,517,343
Total debt due within one year	0				0
Senior Notes due 2025
Debt Instrument [Line Items]
Debt	0
Senior Notes due 2027
Debt Instrument [Line Items]
Debt	0
Senior Notes due 2028
Debt Instrument [Line Items]
Debt	1,000,000
Senior Notes due 2030
Debt Instrument [Line Items]
Debt	500,000
Senior Notes due 2031
Debt Instrument [Line Items]
Debt	700,000
Senior Notes due 2032
Debt Instrument [Line Items]
Debt	800,000
Senior Notes due 2033
Debt Instrument [Line Items]
Debt	500,000
Loans payable
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	0				0
Bonds payable
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	3,496,004				2,550,493
Bonds payable \| Senior Notes due 2025
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 0				652,043
Stated percentage	6.50%					6.50%
Unamortized discount					866
Unamortized premium					2,908
Bonds payable \| Senior Notes due 2027
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 0				400,000
Stated percentage	9.75%
Bonds payable \| Senior Notes due 2028
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 1,001,382				1,001,746
Stated percentage	5.50%
Unamortized premium	$ 1,382				1,746
Bonds payable \| Senior Notes due 2030
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 497,071				496,704
Stated percentage	7.88%
Unamortized discount	$ 2,929				3,296
Bonds payable \| Senior Notes due 2031
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 700,000				0
Stated percentage	7.00%			7.00%
Bonds payable \| Senior Notes due 2032
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 800,000				0
Stated percentage	7.00%		7.00%
Bonds payable \| Senior Notes due 2033
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 497,551				0
Stated percentage	5.88%	5.875%
Unamortized discount	$ 2,449
Revolving Credit Facility
Debt Instrument [Line Items]
Less: Debt issuance costs	(8,200)				(5,100)
Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Debt, gross of debt issuance costs	$ 0				$ 0
Commitment fee rate	0.50%
Base Rate \| Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Stated percentage	1.75%
Adjusted Term SOFR Rate \| Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Stated percentage	2.75%

INTANGIBLE ASSETS AND LIABILITIES, NET - Summarized Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible assets
Total intangible assets, net	$ 42,205	$ 50,590
Intangible liabilities
Acquired unfavorable lease intangibles	13,767	3,151
Less: Accumulated amortization	(1,259)	(1,389)
Acquired unfavorable lease intangibles, net	12,508	1,762
Acquired favorable lease intangibles
Intangible assets
Acquired favorable lease intangibles	70,375	68,041
Less: Accumulated amortization	(29,664)	(19,347)
Total intangible assets	40,711	48,694
Acquired customer relationships
Intangible assets
Acquired favorable lease intangibles	1,907	1,907
Less: Accumulated amortization	(413)	(11)
Total intangible assets	$ 1,494	$ 1,896

INTANGIBLE ASSETS AND LIABILITIES, NET - Schedule of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Finite-Lived Intangible Assets [Line Items]
2025	$ 12,278
2026	8,643
2027	3,599
2028	3,947
2029	899
Thereafter	331
Intangible Assets, Net Of Below Market Lease
Finite-Lived Intangible Assets [Line Items]
Total	$ 29,697

- Definition

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

+ References + Details

AFFILIATE TRANSACTIONS

12 Months Ended

Dec. 31, 2024

AFFILIATE TRANSACTIONS

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

In connection with the termination of the Management Agreement, the Company also entered into a Transition Services Agreement with the Former Manager. Under the Transition Services Agreement, the Former Manager was required to continue to provide the Company and its affiliates with all of the Services for a transition period through October 31, 2024, during which the Company procured replacements for the Services. The Services were provided to the Company for a fee equal to the Former Manager’s cost of providing the Services, plus a mark-up of ten percent (10%). In addition, the Former Manager is required to continue to provide the services that are reasonably required by the Company to prepare its quarterly and annual financial statements until May 31, 2025. The Transition Services Agreement may be terminated earlier (x) by mutual agreement of the parties, (y) by either the Former Manager or the Company in the event of a material breach by the non-terminating party that is not cured within thirty (30) days following written notification thereof, or (z) by the Former Manager if the Company fails to pay any undisputed sum overdue and payable for a period of at least thirty (30) days.

Prior to the Internalization, the Former Manager was 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 Former Manager was reimbursed for various expenses incurred by the Former Manager on our behalf, including the costs of legal, accounting and other administrative activities. Additionally, we entered into certain incentive allocation arrangements with Master GP, which owned approximately 0.01% of FTAI Aviation Holdco Ltd. (a wholly owned subsidiary of the Company).

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

Prior to the Internalization and the termination of the Management Agreement on May 28, 2024, Master GP, was entitled to incentive allocations (comprised of income incentive allocation and capital gains incentive allocation, defined below). The income incentive allocation was calculated and distributable quarterly in arrears based on the pre-incentive allocation net income for the immediately preceding calendar quarter (the “Income Incentive Allocation”). For this purpose, pre-incentive allocation net income means, with respect to a calendar quarter, net income attributable to shareholders during such quarter calculated in accordance with U.S. GAAP excluding 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 did not include any Income Incentive Allocation or Capital Gains Incentive Allocation (described below) paid to Master GP during the relevant quarter.

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

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

The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation prior to the Internalization on May 28, 2024:


	Year Ended December 31,
	2024		2023		2022
Management fees	$	993	$	921	$	73
Income incentive allocation	7,456		17,116		3,489
Total	$	8,449	$	18,037	$	3,562

We paid all of our operating expenses, except those specifically required to be borne by the Former Manager under the Management Agreement. The expenses required to be paid by us included, but were 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 Former Manager), the costs of printing and mailing proxies and reports to our shareholders, costs incurred by the Former Manager or its affiliates for travel on our behalf, costs associated with any computer software or hardware that was used by us, costs to obtain liability insurance to indemnify our directors and officers and the compensation and expenses of our transfer agent.

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

The following table summarizes our reimbursements to the Former Manager:


	Year Ended December 31,
	2024		2023		2022
Classification in the Consolidated Statements of Operations:
General and administrative	$	6,788	$	7,137	$	6,891
Acquisition and transaction expenses	2,137		678		1,144
Total	$	8,925	$	7,815	$	8,035

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

- Definition

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

+ References

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

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

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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

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

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

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

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

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

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

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

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

+ Details

LEASING EQUIPMENT, NET

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASING EQUIPMENT, NET

Leasing equipment, net is summarized as follows:


	December 31,
	2024		2023

Leasing equipment	$	2,963,452	$	2,574,394
Less: Accumulated depreciation	(589,722)		(541,981)
Leasing equipment, net	$	2,373,730	$	2,032,413

Due to specific transactions, 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 $1.0 million and $2.1 million, net of redelivery compensation, for the years ended December 31, 2024 and 2023, respectively. We recognized an impairment charge totaling $120.0 million, net of maintenance deposits, to write-off the entire carrying value of leasing equipment assets that we did not expect to recover from Ukraine and Russia during the year ended December 31, 2022.

In the fourth quarter of 2024, the Company completed the sale of the two vessels included within Corporate and Other. We sold the two offshore vessels for total proceeds of $142.6 million and the book value was $123.9 million. This transaction resulted in a gain of $18.7 million and is reflected in the Gain on sale of assets, net, for the year ended December 31, 2024.

Depreciation expense for leasing equipment is summarized as follows:


	Year Ended December 31,
	2024		2023		2022
Depreciation expense for leasing equipment	$	211,047	$	168,901	$	152,378

INCOME TAXES - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Net operating loss carryforwards	$ 34,097	$ 38,911
Interest expense	2,187	1,861
Investment in partnerships	0	963
Inventory	2,704	16,985
Customer relationship intangibles	28,500	28,500
Other	4,250	0
Total deferred tax assets	71,738	87,220
Less valuation allowance	(5,228)	(18,599)	$ (27,565)	$ (9,142)
Net deferred tax assets	66,510	68,621
Deferred tax liabilities:
Fixed assets and goodwill	(32,545)	(8,186)
Other	(2,377)	(63)
Net deferred tax asset	$ 31,588	$ 60,372

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Other Non-current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Lease incentives	$ 56,812	$ 43,453
Deferred tax assets	42,893	72,185
Financing receivable resulting from failed sale-leaseback transactions	28,412	0
Maintenance right assets	25,907	9,628
Other	54,406	12,455
Other non-current assets	$ 208,430	$ 137,721

EQUITY-BASED COMPENSATION- Schedule of Share-based Payment Award (Details) - Stock Options - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options (in shares)	60,000
Manager
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options (in shares)	60,000	248,947	0
Fair value ($ millions)	$ 2.1	$ 2.1	$ 0.0
Expected volatility, minimum	43.00%	37.88%	0.00%
Expected volatility, maximum	43.00%	37.88%	0.00%
Risk free interest rate, minimum	4.52%	3.47%	0.00%
Risk free interest rate, maximum	4.52%	3.47%	0.00%
Expected term	6 years 9 months 18 days	10 years	0 years
Manager \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	1.50%	6.26%	0.00%
Manager \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	1.50%	6.26%	0.00%

DISCONTINUED OPERATIONS - Components of Net Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expenses
Provision for (benefit from) income taxes	$ 0	$ 0	$ 8,227
Net loss from discontinued operations, net of income taxes	0	0	(101,416)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	$ 0	$ 0	(18,817)
Discontinued Operations, Disposed of by Sale
Revenues
Total revenues			140,009
Expenses
Cost of sales			12,732
Operating expense			92,478
General and administrative expenses			2,694
Acquisition and transaction expenses			13,971
Management fees and incentive allocation to affiliate			8,134
Depreciation and amortization			40,319
Interest expense			15,105
Total expenses			185,433
Equity in losses of unconsolidated entities			(46,600)
Gain on sale of assets, net			258
Other (expense) income			(1,423)
Total other expense			(47,765)
Loss before income taxes			(93,189)
Provision for (benefit from) income taxes			8,227
Net loss from discontinued operations, net of income taxes			(101,416)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries			(18,817)
Net loss attributable to shareholders			$ (82,599)

ACQUISITION OF QUICKTURN

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

ACQUISITION OF QUICKTURN

ACQUISITION OF LOCKHEED MARTIN COMMERCIAL ENGINE SOLUTIONS

The following table summarizes the preliminary allocation of the net assets acquired:


	September 9, 2024
Fair value of assets acquired:
Current Assets
Accounts receivable	$	10,758
Inventory	25,947
Other current assets	6,795
Total current assets	43,500
Property, plant, and equipment	72,414
Leasing equipment	5,675
Other non-current assets	10,270
Total assets	131,859
Fair value of liabilities assumed:
Current Liabilities
Accounts payable	7,669
Accrued liabilities	1,692
Other current liabilities	5,130
Total current liabilities	14,491
Other non-current liabilities	14,347
Total liabilities	28,838
Goodwill (1)	56,476
Net assets acquired (2)	$	159,497

________________________________________________________

The following table presents preliminary fair values of the components of property, plant and equipment acquired and their estimated useful lives:


	Estimated useful life in years	Estimated Fair value
Buildings and improvements	25	$	40,953
Machinery and equipment	2 - 21	30,660
Other	N/A	801
Total		$	72,414

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

•Associated tax-related impacts of adjustments.


	Year ended December 31,
	2024		2023
Total revenue	$	1,782,339	$	1,257,302
Net (loss) income attributable to shareholders	$	(35,850)	$	211,582

ACQUISITION OF QUICKTURN

The following table summarizes the allocation of the net assets acquired:


	December 1, 2023
Fair value of assets acquired:
Current Assets
Cash and cash equivalents	$	518
Restricted cash	150
Accounts receivable	5,133
Inventory	9,332
Other current assets	2,889
Total current assets	18,022
Property, plant, and equipment	30,559
Intangible assets	2,377
Other non-current assets	1,412
Total assets	52,370
Fair value of liabilities assumed:
Current Liabilities
Accounts payable	3,424
Accrued liabilities	571
Other current liabilities	1,475
Total current liabilities	5,470
Other non-current liabilities	934
Total liabilities	6,404
Goodwill (1)	4,630
Net assets acquired	$	50,596

________________________________________________________

LEASING EQUIPMENT, NET - Operating Lease, Lease Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leasing equipment, net
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Depreciation	$ 211,047	$ 168,901	$ 152,378

RESTRUCTURING CHARGES	12 Months Ended
RESTRUCTURING CHARGES	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING CHARGES	RESTRUCTURING CHARGES In connection with the Internalization and termination of the Management Agreement, the Company agreed to pay a total of $300.0 million to its Former Manager (for itself and on behalf of the Master GP, as applicable). At closing, the Company issued 1,866,949 ordinary shares valued at $150.0 million. The remaining balance was paid in cash on June 17, 2024. The restructuring charge paid in connection with the Internalization and termination of the Management Agreement is reflected in Internalization Fee to Affiliate expense in the Consolidated Statements of Operations for the year ended December 31, 2024. See Note 13 for additional discussion. There were no restructuring charges recorded for the years ended December 31, 2023 and 2022.

EQUITY-BASED COMPENSATION - Schedule of Stock-based Compensation Arrangements (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Nov. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense		$ 6,006	$ 1,638	$ 0
Remaining expense to be recognized, if all vesting conditions are met		62,700
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense		296	$ 0	0
Remaining expense to be recognized, if all vesting conditions are met		$ 1,778
Options
Options outstanding, beginning balance (in shares)		112,343	616,177
Granted (in shares)		60,000
Less: exercised (in shares)		563,834
Less: forfeited and canceled (in shares)		0
Options outstanding, ending balance (in shares)		112,343	616,177
Weighted Average Exercise/Issuance Price
Options outstanding (in dollars per share)		$ 52.70	$ 23.78
Granted (in dollars per share)		79.13
Less: exercised/vested (in dollars per share)		23.20
Less: forfeited and cancelled (in dollars per share)		$ 0
Aggregate intrinsic value (in thousands)		$ 10,262
Weighted average remaining contractual term (in years)		4 years 9 months 18 days
Performance shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense		$ 1,954	$ 0	0
Remaining expense to be recognized, if all vesting conditions are met		$ 46,156
Weighted Average Exercise/Issuance Price
Granted (in dollars per share)		$ 48.11
Shares
Shares outstanding, beginning balance (in shares)		0
Granted (in shares)	1,000,000	1,000,000
Less: exercised/vested (in shares)		0
Less: forfeited/cancelled (in shares)		0
Shares outstanding, ending balance (in shares)		1,000,000	0
Weighted Average Issuance Price
Shares outstanding (in dollars per share)		$ 48.11	$ 0
Weighted average remaining contractual term (in years)		3 years 9 months 18 days
Restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity-based compensation expense		$ 3,756	$ 1,638	$ 0
Remaining expense to be recognized, if all vesting conditions are met		$ 14,766
Shares
Shares outstanding, beginning balance (in shares)		365,000
Granted (in shares)		141,138
Less: exercised/vested (in shares)		0
Less: forfeited/cancelled (in shares)		25,000
Shares outstanding, ending balance (in shares)		481,138	365,000
Weighted Average Issuance Price
Shares outstanding (in dollars per share)		$ 41.90	$ 24.03
Granted (in dollars per share)		84.94
Less: exercised/vested (in dollars per share)		0
Less: forfeited/cancelled (in dollars per share)		$ 24.03
Aggregate intrinsic value (in thousands)		$ 20,159
Weighted average remaining contractual term (in years)		2 years 7 months 6 days

SEGMENT INFORMATION - Location of Long-Lived Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Leasing equipment, net	$ 2,481,181	$ 2,077,588
Africa
Segment Reporting Information [Line Items]
Leasing equipment, net	37,369	18,380
Asia
Segment Reporting Information [Line Items]
Leasing equipment, net	596,547	478,120
Europe
Segment Reporting Information [Line Items]
Leasing equipment, net	1,038,176	934,817
North America
Segment Reporting Information [Line Items]
Leasing equipment, net	592,675	416,811
South America
Segment Reporting Information [Line Items]
Leasing equipment, net	$ 216,414	$ 229,460
United states \| Property, plant and equipment and leasing equipment, net \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	17.00%	17.00%
Italy \| Property, plant and equipment and leasing equipment, net \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk percentage	12.00%	12.00%

INVESTMENTS - Earnings or Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ (2,200)	$ (1,606)	$ (369)
Advanced Engine Repair JV
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(1,993)	833	(1,110)
Falcon MSN 177 LLC
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	(207)	(148)	741
Quick Turn Engine Center LLC
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 0	$ (2,291)	$ 0

- Definition

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

+ References + Details

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Strategic Capital Initiative On December 30, 2024, the Company announced the launch of Strategic Capital Initiative, a new investment focused on acquiring 737NG and A320ceo aircraft, allowing the Company to maintain an asset-light business model while the partnerships actively acquire on-lease narrowbody aircraft. The initial capital call for this fund was made on December 31, 2024. As of December 31, 2024, no funds have been transferred under this capital call. Series B Shares On January 17, 2025, the Company issued the notice to redeem in full the outstanding 4,940,000 8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares at a redemption price equal to $25.00 per share in cash, plus $2.4 million of accumulated and unpaid distributions thereon to, but not including, the redemption date of February 16, 2025. Dividends On February 26, 2025, our Board of Directors declared a cash dividend on our ordinary shares and eligible participating securities of $0.30 per share for the quarter ended December 31, 2024, payable on March 24, 2025 to the holders of record on March 14, 2025. Additionally, on February 26, 2025, our Board of Directors declared cash dividends on the Series C Preferred Shares and Series D Preferred Shares of $0.52 and $0.59 per share, respectively, for the quarter ended December 31, 2024, payable on March 17, 2025 to the holders of record on March 10, 2025.

AFFILIATE TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Related Party Transactions

The following table summarizes the management fees, income incentive allocation and capital gains incentive allocation prior to the Internalization on May 28, 2024:


	Year Ended December 31,
	2024		2023		2022
Management fees	$	993	$	921	$	73
Income incentive allocation	7,456		17,116		3,489
Total	$	8,449	$	18,037	$	3,562

The following table summarizes our reimbursements to the Former Manager:


	Year Ended December 31,
	2024		2023		2022
Classification in the Consolidated Statements of Operations:
General and administrative	$	6,788	$	7,137	$	6,891
Acquisition and transaction expenses	2,137		678		1,144
Total	$	8,925	$	7,815	$	8,035

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The domestic and foreign components of the Company’s pre-tax income (loss) are as follows:


	Year Ended December 31,
	2024		2023		2022
Pre-tax book income (loss)
Domestic	$	(259)	$	(282)	$	(247)
Foreign	14,428		184,299		(105,064)
Total	$	14,169	$	184,017	$	(105,311)

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


	Year Ended December 31,
	2024		2023		2022
Current:
Cayman Islands	$	—	$	—	$	—
Bermuda	—		—		—
United States:
Federal	847		935		522
State and local	1,158		1,176		1,687
Other Non-U.S.	1,604		1,715		443
Total current provision	3,609		3,826		2,652
Deferred:
Cayman Islands	—		—		—
Bermuda	2,320		(72,185)		—
United States:
Federal	6,020		3,943		1,305
State and local	(616)		(2)		242
Other Non-U.S.	(5,846)		4,618		1,101
Total deferred (benefit) provision	1,878		(63,626)		2,648
Provision for (benefit from) income taxes:
Continuing operations	5,487		(59,800)		5,300
Discontinued operations	—		—		8,227
Total	$	5,487	$	(59,800)	$	13,527

Schedule of Effective Income Tax Rate Reconciliation

The difference between our reported income tax rate and the Cayman Islands statutory rate of 0% is as follows:


	Year Ended December 31,
	2024		2023		2022

Income subject to tax in the United States	53.0	%	3.3	%	(6.9)	%
Foreign taxes	80.1	%	(30.9)	%	13.5	%
Change in valuation allowance	(94.4)	%	(4.9)	%	(11.6)	%

Income tax rate	38.7	%	(32.5)	%	(5.0)	%

Schedule of Deferred Tax Assets and Liabilities

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


	December 31,
	2024		2023
Deferred tax assets:
Net operating loss carryforwards	$	34,097	$	38,911
Interest expense	2,187		1,861
Investment in partnerships	—		963
Inventory	2,704		16,985
Customer relationship intangibles	28,500		28,500
Other	4,250		—
Total deferred tax assets	71,738		87,220
Less valuation allowance	(5,228)		(18,599)
Net deferred tax assets	66,510		68,621
Deferred tax liabilities:

Fixed assets and goodwill	(32,545)		(8,186)
Other	(2,377)		(63)

Net deferred tax asset	$	31,588	$	60,372

Schedule of Valuation Allowance

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


	December 31,
	2024		2023		2022
Valuation allowance at beginning of period	$	18,599	$	27,565	$	9,142
Change due to current year losses	885		855		22,094
Change due to current year releases	(14,256)		(9,821)		(3,671)
Valuation allowance at end of period	$	5,228	$	18,599	$	27,565

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York

DISCONTINUED OPERATIONS - Income Statement - Long Ridge Terminal LLC (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expenses
Operating expenses	$ 115,861	$ 110,163	$ 132,264
Depreciation and amortization	218,064	169,877	152,917
Total expenses	1,497,074	831,224	624,507
Total other income (expense)	$ (223,658)	$ (155,655)	(189,215)
Long Ridge Terminal LLC
Schedule of Equity Method Investments [Line Items]
Total revenues			15,199
Expenses
Operating expenses			36,693
Depreciation and amortization			29,381
Interest expense			30,622
Total expenses			96,696
Total other income (expense)			(234)
Net loss			$ (81,731)

SEGMENT INFORMATION - Summary of Geographic Sources of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total revenues	$ 1,734,901	$ 1,170,896	$ 708,411
Africa
Segment Reporting Information [Line Items]
Total revenues	12,914	1,697	1,865
Asia
Segment Reporting Information [Line Items]
Total revenues	340,474	153,984	124,632
Europe
Segment Reporting Information [Line Items]
Total revenues	688,711	364,494	167,623
North America
Segment Reporting Information [Line Items]
Total revenues	613,362	587,054	372,146
South America
Segment Reporting Information [Line Items]
Total revenues	$ 79,440	$ 63,667	$ 42,145
United states \| Geographic Concentration Risk \| Revenue Benchmark
Segment Reporting Information [Line Items]
Concentration risk percentage	31.00%	47.00%	44.00%
Ireland \| Geographic Concentration Risk \| Revenue Benchmark
Segment Reporting Information [Line Items]
Concentration risk percentage	16.00%
Operating Segments \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	$ 628,437	$ 681,611	$ 502,948
Operating Segments \| Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	1,079,821	454,970	178,515
Operating Segments \| Africa \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	4,643	822	250
Operating Segments \| Africa \| Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	8,271	875	1,615
Operating Segments \| Asia \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	135,579	101,305	84,953
Operating Segments \| Asia \| Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	178,252	18,364	12,731
Operating Segments \| Europe \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	324,327	244,055	130,128
Operating Segments \| Europe \| Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	364,384	120,439	37,495
Operating Segments \| North America \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	108,426	285,421	245,549
Operating Segments \| North America \| Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	504,936	301,633	126,597
Operating Segments \| South America \| Aviation Leasing
Segment Reporting Information [Line Items]
Total revenues	55,462	50,008	42,068
Operating Segments \| South America \| Aerospace Products
Segment Reporting Information [Line Items]
Total revenues	23,978	13,659	77
Corporate and Other
Segment Reporting Information [Line Items]
Total revenues	26,643	34,315	26,948
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	26,643	34,315	26,948
Corporate and Other \| Europe
Segment Reporting Information [Line Items]
Total revenues	0	0	0
Corporate and Other \| North America
Segment Reporting Information [Line Items]
Total revenues	0	0	0
Corporate and Other \| South America
Segment Reporting Information [Line Items]
Total revenues	$ 0	$ 0	$ 0

DEBT, NET - Narrative (Details) - USD ($) $ in Thousands				12 Months Ended
DEBT, NET - Narrative (Details) - USD ($) $ in Thousands	Oct. 09, 2024	Jun. 18, 2024	Apr. 11, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 17, 2024	May 23, 2024
Debt Instrument [Line Items]
Repayments of debt				$ 1,672,304	$ 605,000	$ 1,144,529
Loss on extinguishment of debt				$ 17,101	$ 0	$ 19,859
Bonds payable \| Senior Notes due 2031
Debt Instrument [Line Items]
Debt instrument face amount			$ 700,000
Stated percentage			7.00%	7.00%
Bonds payable \| Senior Notes due 2025
Debt Instrument [Line Items]
Stated percentage				6.50%		6.50%
Repurchase of notes			$ 324,600
Repayments of debt			325,400
Loss on extinguishment of debt			$ 2,700
Bonds payable \| Senior Notes due 2032
Debt Instrument [Line Items]
Debt instrument face amount							$ 800,000
Stated percentage				7.00%			7.00%
Bonds payable \| Senior Notes due 2033
Debt Instrument [Line Items]
Debt instrument face amount	$ 500,000
Stated percentage	5.875%			5.88%
Bonds payable \| Senior Notes due 2027
Debt Instrument [Line Items]
Stated percentage				9.75%
Repurchase of notes		$ 300,000
Repayments of debt	$ 130,500
Loss on extinguishment of debt	$ 3,200	$ 11,200
Revolving Credit Facility \| Loans payable
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity								$ 400,000
Letter of Credit \| Loans payable
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity								$ 25,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INVESTMENTS

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENTS

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


			Carrying Value
	Investment	Ownership Percentage	December 31, 2024		December 31, 2023
Advanced Engine Repair JV	Equity method	25%	$	19,048	$	21,040
Falcon MSN 177 LLC	Equity method	50%	—		1,682
			$	19,048	$	22,722

We did not recognize any other-than-temporary impairments for the year ended December 31, 2024.

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


	Year Ended December 31,
	2024		2023		2022
Advanced Engine Repair JV	$	(1,993)	$	833	$	(1,110)
Falcon MSN 177 LLC	(207)		(148)		741
Quick Turn Engine Center LLC	—		(2,291)		—
Total	$	(2,200)	$	(1,606)	$	(369)

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. This joint venture is focused on developing new cost savings programs for engine repairs.

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

Falcon MSN 177 LLC

Since November 2021, we owned a 50% interest in Falcon MSN 177 LLC (“Falcon”), an entity that consists of one Dassault Falcon 2000 aircraft. Falcon leases the aircraft to charter operators on aircraft, crew maintenance, and insurance contracts. We accounted for our investment in Falcon as an equity method investment as we have significant influence through our interest.

On May 3, 2024, we purchased the remaining interest from S7 Aerospace for total cash consideration of $0.8 million and it is now a consolidated subsidiary.

Quick Turn Engine Center LLC

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

On December 1, 2023, we purchased the remaining interest in QuickTurn.

SEGMENT INFORMATION - Narrative (Details)	12 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Dec. 31, 2024 segment vessel
Segment Reporting [Abstract]
Number of reportable segments \| segment	2
Number of offshore vessels sold \| vessel	2

INCOME TAXES - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 5,228	$ 18,599	$ 27,565	$ 9,142
Foreign earnings ,permanently reinvested outside the domicile	44,800
Taxes on repatriation of foreign earnings	2,200
Foreign Tax Jurisdiction \| Revenue Commissioners, Ireland
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	249,900
Foreign Tax Jurisdiction \| Inland Revenue Board of Malaysia
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	1,800
Foreign Tax Jurisdiction \| Inland Revenue, Singapore (IRAS)
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	1,300
Foreign Tax Jurisdiction \| Canada Revenue Agency
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	2,500
Subsidiaries \| U.S. Federal
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	6,000
Bermuda
Operating Loss Carryforwards [Line Items]
Deferred tax asset	$ (2,320)	$ 72,185	$ 0

DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

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

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

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

In connection with the spin-off, the Company and the Former Manager assigned the Company’s then-existing management agreement to FTAI Infrastructure, and FTAI Infrastructure and the Former Manager executed an amended and restated agreement.

Critical Accounting Policies

Revenue Recognition

Revenues of discontinued operations consist of the following revenue streams:

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.

Intangibles and amortization

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

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

Financial Information of Discontinued Operations

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


	Year Ended December 31, 2022
Revenues
Total revenues	$	140,009
Expenses
Cost of sales	12,732
Operating expense	92,478
General and administrative expenses	2,694
Acquisition and transaction expenses	13,971
Management fees and incentive allocation to affiliate	8,134
Depreciation and amortization	40,319
Interest expense	15,105
Total expenses	185,433
Equity in losses of unconsolidated entities	(46,600)
Gain on sale of assets, net	258

Other (expense) income	(1,423)
Total other expense	(47,765)
Loss before income taxes	(93,189)
Provision for (benefit from) income taxes	8,227
Net loss from discontinued operations, net of income taxes	(101,416)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(18,817)
Net loss attributable to shareholders	$	(82,599)

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


	Year Ended December 31, 2022
Operating activities:
Equity in losses of unconsolidated entities	$	46,601
Depreciation and amortization	40,319
Equity-based compensation	2,623
Investing activities:
Acquisition of property, plant and equipment	$	(129,920)
Acquisition of business, net of cash acquired	(3,819)
Investment in unconsolidated entities	(7,954)
Proceeds from sale of property, plant and equipment	5,289
Non-cash change in equity method investment	(182,963)
Conversion of interests in unconsolidated entities	(21,302)

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


Income Statement	2022


Total revenues	$	15,199

Expenses
Operating expenses	36,693

Depreciation and amortization	29,381
Interest expense	30,622


Total expenses	96,696





Total other expense	(234)
Net loss	$	(81,731)

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENT INFORMATION

The key factors used to identify the reportable segments are the organization and alignment of our internal operations and the nature of our products and services. Our two reportable segments are (i) Aviation Leasing and (ii) Aerospace Products. The Aviation Leasing segment owns and manages aviation assets, including aircraft and aircraft engines, which it leases and sells to lessees. The Aerospace Products segment, through our maintenance facilities, equity method investment and exclusivity arrangements, develops and manufactures, repairs/refurbishes and sells aircraft engines and aftermarket components for the CFM56-7B, CFM56-5B and V2500 commercial aircraft engines. During the fourth quarter of 2023, the Company changed the composition of its operating segments to include V2500 engines within the Aerospace Products segment. Prior periods have been restated to reflect the change in accordance with the requirements of ASC 280, Segment Reporting. See Note 2 for additional information.

Corporate and Other primarily consists of debt, unallocated corporate general and administrative expenses, internalization fee and management fees and incentive compensation pursuant to the Management Agreement prior to the Internalization effective May 28, 2024. Additionally, Corporate and Other also includes results from an offshore energy business, which consists of vessels and equipment that support offshore oil and gas activities and production which are typically subject to operating leases. We sold the two offshore vessels in 2024.

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

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

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

I. For the Year Ended December 31, 2024


	Year Ended December 31, 2024
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Lease income	$	234,411	$	—	$	20,927	$	255,338
Maintenance revenue	200,809		—		—		200,809
Asset sales revenue	192,176		—		—		192,176
Aerospace products revenue	—		1,079,821		—		1,079,821
Other revenue	1,041		—		5,716		6,757
Total revenues	628,437		1,079,821		26,643		1,734,901

Expenses
Cost of sales	151,977		673,907		—		825,884
Operating expenses	35,495		23,818		56,548		115,861
General and administrative	—		—		14,263		14,263
Acquisition and transaction expenses	9,740		4,906		17,650		32,296
Management fees and incentive allocation to affiliate	—		—		8,449		8,449
Internalization fee to affiliate	—		—		300,000		300,000
Depreciation and amortization	201,497		6,630		9,937		218,064
Asset impairment	962		—		—		962
Gain on sale of assets, net	—		—		(18,705)		(18,705)
Total expenses	399,671		709,261		388,142		1,497,074

Other income (expense)
Equity in losses of unconsolidated entities	(207)		(1,993)		—		(2,200)
Interest expense	—		—		(221,721)		(221,721)
Loss on extinguishment of debt	—		—		(17,101)		(17,101)
Other income	14,669		—		2,695		17,364
Total other income (expense)	14,462		(1,993)		(236,127)		(223,658)
Income (loss) from continuing operations before income taxes	243,228		368,567		(597,626)		14,169
Provision for (benefit from) income taxes	32,979		22,221		(49,713)		5,487
Net income (loss) from continuing operations	210,249		346,346		(547,913)		8,682

Less: Dividends on preferred shares	—		—		32,763		32,763
Less: Loss on redemption of preferred shares	—		—		7,998		7,998
Net income (loss) attributable to shareholders from continuing operations	$	210,249	$	346,346	$	(588,674)	$	(32,079)

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


	Year Ended December 31, 2024
	Aviation Leasing		Aerospace Products		Corporate and Other		Total
Revenues
Africa	$	4,643	$	8,271	$	—	$	12,914
Asia	135,579		178,252		26,643		340,474
Europe	324,327		364,384		—		688,711
North America	108,426		504,936		—		613,362
South America	55,462		23,978		—		79,440
Total revenues (1)	$	628,437	$	1,079,821	$	26,643	$	1,734,901

______________________________________________________

Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of December 31, 2024:


	December 31, 2024
2025	$	238,141
2026	181,835
2027	141,750
2028	123,447
2029	79,469
Thereafter	94,634
Total	$	859,276

II. For the Year Ended December 31, 2023


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

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

Total expenses	427,353		303,122		100,749		831,224

Other income (expense)
Equity in losses of unconsolidated entities	(148)		(1,458)		—		(1,606)
Interest expense	—		—		(161,639)		(161,639)

Other income	1,300		5,347		943		7,590
Total other income (expense)	1,152		3,889		(160,696)		(155,655)
Income (loss) from continuing operations before income taxes	255,410		155,737		(227,130)		184,017
(Benefit from) provision for income taxes	(36,193)		(24,440)		833		(59,800)
Net income (loss) from continuing operations	291,603		180,177		(227,963)		243,817

Less: Dividends on preferred shares	—		—		31,795		31,795
Net income (loss) attributable to shareholders from continuing operations	$	291,603	$	180,177	$	(259,758)	$	212,022

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


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

______________________________________________________

(1) The United States, included in North America, represents 47% of total revenues based on the location of our lessees. No other country represents more than 10% of total revenues.

III. For the Year Ended December 31, 2022


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

Expenses
Cost of sales	138,904		109,481		—		248,385
Operating expenses	81,232		11,967		39,065		132,264
General and administrative	—		—		14,164		14,164
Acquisition and transaction expenses	1,923		243		11,041		13,207
Management fees and incentive allocation to affiliate	—		—		3,562		3,562
Depreciation and amortization	144,258		258		8,401		152,917
Asset impairment	137,219		—		—		137,219
Gain on sale of assets, net	(59,048)		(18,163)		—		(77,211)
Total expenses	444,488		103,786		76,233		624,507

Other income (expense)
Equity in earnings (losses) of unconsolidated entities	740		(1,109)		—		(369)
Interest expense	—		—		(169,194)		(169,194)
Loss on extinguishment of debt	—		—		(19,859)		(19,859)
Other income (expense)	246		—		(39)		207
Total other income (expense)	986		(1,109)		(189,092)		(189,215)
Income (loss) from continuing operations before income taxes	59,446		73,620		(238,377)		(105,311)
Provision for (benefit from) income taxes	2,502		2,961		(163)		5,300
Net income (loss) from continuing operations	56,944		70,659		(238,214)		(110,611)

Less: Dividends on preferred shares	—		—		27,164		27,164
Net income (loss) attributable to shareholders from continuing operations	$	56,944	$	70,659	$	(265,378)	$	(137,775)

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


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

________________________________________________________

(1) The United States, included in North America, represents 44% of total revenues based on the location of our lessees. No other country represents more than 10% of total revenues.

IV. Location of long-lived assets

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


	December 31, 2024		December 31, 2023
Property, plant and equipment and leasing equipment, net
Africa	$	37,369	$	18,380
Asia	596,547		478,120
Europe	1,038,176		934,817
North America	592,675		416,811
South America	216,414		229,460
Total property, plant and equipment and leasing equipment, net	$	2,481,181	$	2,077,588

________________________________________________________

- 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.

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+ Details

ACQUISITION OF QUICKTURN (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the net assets acquired:


	September 9, 2024
Fair value of assets acquired:
Current Assets
Accounts receivable	$	10,758
Inventory	25,947
Other current assets	6,795
Total current assets	43,500
Property, plant, and equipment	72,414
Leasing equipment	5,675
Other non-current assets	10,270
Total assets	131,859
Fair value of liabilities assumed:
Current Liabilities
Accounts payable	7,669
Accrued liabilities	1,692
Other current liabilities	5,130
Total current liabilities	14,491
Other non-current liabilities	14,347
Total liabilities	28,838
Goodwill (1)	56,476
Net assets acquired (2)	$	159,497

________________________________________________________

The following table summarizes the allocation of the net assets acquired:


	December 1, 2023
Fair value of assets acquired:
Current Assets
Cash and cash equivalents	$	518
Restricted cash	150
Accounts receivable	5,133
Inventory	9,332
Other current assets	2,889
Total current assets	18,022
Property, plant, and equipment	30,559
Intangible assets	2,377
Other non-current assets	1,412
Total assets	52,370
Fair value of liabilities assumed:
Current Liabilities
Accounts payable	3,424
Accrued liabilities	571
Other current liabilities	1,475
Total current liabilities	5,470
Other non-current liabilities	934
Total liabilities	6,404
Goodwill (1)	4,630
Net assets acquired	$	50,596

________________________________________________________

ACQUISITION OF QUICKTURN - Narrative (Details) $ in Millions	Dec. 01, 2023 USD ($)
Quick Turn Engine Center LLC
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 30.3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Cash and Noncash Related Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cost of modules and parts sold sourced from engines originally within leasing equipment	$ 38,300	$ 41,167	$ 36,946
Transfers of engines from leasing equipment to inventory for manufacturing and sale	239,462	178,740	127,349
Transfers of inventory to leasing equipment for rebuilding and sale of engines	(223,129)	(78,788)	(89,041)
Total outflows related to manufacturing modules and parts - included in net cash (used in) provided by operating activities	(345,821)	(138,045)	(101,249)
Cash received for assets sold sourced from leasing equipment - inflow included in cash (used in) provided by operating activities	76,157	94,222	43,859
Cash received for sales of leasing equipment that include components sourced from inventory - inflow included in cash used in investing activities	436,217	79,474	118,735
Cash paid for engine and aircraft inventory - outflow included in cash provided by (used in) operating activities	$ (8,280)	$ 0	$ 0

DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Components of Net Loss from Discontinued Operations

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


	Year Ended December 31, 2022
Revenues
Total revenues	$	140,009
Expenses
Cost of sales	12,732
Operating expense	92,478
General and administrative expenses	2,694
Acquisition and transaction expenses	13,971
Management fees and incentive allocation to affiliate	8,134
Depreciation and amortization	40,319
Interest expense	15,105
Total expenses	185,433
Equity in losses of unconsolidated entities	(46,600)
Gain on sale of assets, net	258

Other (expense) income	(1,423)
Total other expense	(47,765)
Loss before income taxes	(93,189)
Provision for (benefit from) income taxes	8,227
Net loss from discontinued operations, net of income taxes	(101,416)
Less: Net loss attributable to non-controlling interests in consolidated subsidiaries	(18,817)
Net loss attributable to shareholders	$	(82,599)

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


	Year Ended December 31, 2022
Operating activities:
Equity in losses of unconsolidated entities	$	46,601
Depreciation and amortization	40,319
Equity-based compensation	2,623
Investing activities:
Acquisition of property, plant and equipment	$	(129,920)
Acquisition of business, net of cash acquired	(3,819)
Investment in unconsolidated entities	(7,954)
Proceeds from sale of property, plant and equipment	5,289
Non-cash change in equity method investment	(182,963)
Conversion of interests in unconsolidated entities	(21,302)

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


Income Statement	2022


Total revenues	$	15,199

Expenses
Operating expenses	36,693

Depreciation and amortization	29,381
Interest expense	30,622


Total expenses	96,696





Total other expense	(234)
Net loss	$	(81,731)

- 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

EQUITY-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
	Nov. 30, 2024 USD ($) installment Rate shares	Sep. 30, 2024 USD ($)	May 31, 2024 USD ($)	Dec. 31, 2024 USD ($) $ / shares Rate shares
Subsidiary Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted (in shares) \| shares				60,000
Exercise price (in dollars per share) \| $ / shares				$ 79.13
Grant date fair value of share issued \| $				$ 2.1
Stock Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock options granted (in shares) \| shares				60,000
Stock Options \| Subsidiary Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk free interest rate				4.52%
Expected dividend yield \| Rate				1.50%
Expected volatility				43.00%
Expected term				6 years 9 months 18 days
Restricted shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares				141,138
Vesting period				2 years 7 months 6 days
Restricted shares \| Subsidiary Employees
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grant date fair value of shares issued \| $		$ 0.8	$ 5.7
Vesting period		3 years	4 years
Restricted shares \| Officer
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grant date fair value of shares issued \| $			$ 5.5
Vesting period			3 years
Performance shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares) \| shares	1,000,000			1,000,000
Grant date fair value of shares issued \| $	$ 48.1
Vesting period	2 years
Number of installments \| installment	3
Unrecognized cost related to unvested performance units \| $				$ 46.2
Weighted average period of recognition				3 years 9 months 18 days
Performance shares \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units earned percentage \| Rate	0.00%
Performance shares \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Units earned percentage \| Rate	100.00%
Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares authorized (in shares) \| shares				28,300,000

RESTRUCTURING CHARGES (Details) - USD ($) $ in Thousands		3 Months Ended
RESTRUCTURING CHARGES (Details) - USD ($) $ in Thousands	May 28, 2024	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Total payment due to Former Manager	$ 300,000
Internalization agreement, share consideration (in shares)	1,866,949
Internalization agreement, share consideration, value	$ 150,000
Restructuring charges		$ 0

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION FTAI Aviation Ltd. (“we”, “us”, “our” or the “Company”) is a Cayman Islands exempted company which through its subsidiaries owns, leases, and sells aviation equipment and also develops and manufactures, through a joint venture, and repairs and sells, through our maintenance facilities and exclusivity arrangements, aftermarket components for aircraft engines. We have two reportable segments, (i) Aviation Leasing and (ii) Aerospace Products (see Note 14). Prior to May 28, 2024, FTAI Aviation Ltd. operated under a management agreement (the “Management Agreement”) with FIG LLC (the “Former Manager”), and Fortress Worldwide Transportation and Infrastructure Master GP LLC (the “Master GP”), each an affiliate of Fortress Investment Group LLC (“Fortress”). For their services, the Former Manager was entitled to management fees and the Master GP was entitled to certain incentive allocations, both defined in, and in accordance with the terms of, the Management Agreement. On May 28, 2024, the Company entered into an Internalization Agreement with the Former Manager and the Master GP (the “Internalization Agreement”), pursuant to which the Management Agreement was terminated effective May 28, 2024 (the “Effective Date”), except that certain indemnification and other obligations survive, and the Company internalized its management functions (such transactions, the “Internalization”). As a result of the Internalization, the Company ceased to be externally managed and operates as an internally managed company. In connection with the termination of the Management Agreement, the Company (i) agreed to pay the Former Manager (for itself and on behalf of the Master GP, as applicable) $150.0 million (the “Cash Consideration”), the compensation accrued and payable, but not yet paid, under the Management Agreement, and the expenses that were reimbursable, but not yet reimbursed, under the Management Agreement; (ii) issued to the Former Manager (for itself and on behalf of the Master GP, as applicable) 1,866,949 ordinary shares of the Company (the “Share Consideration”); and (iii) purchased from Master GP all of its partnership interests in FTAI Aviation Holdco Ltd., a subsidiary of the Company, in exchange for $30 thousand. In addition, the Former Manager repaid to the Company certain annual bonus payments due to certain employees of the Former Manager or its affiliates who provide services to the Company with respect to the 2024 calendar year on a pro rata basis. The Company financed the cash payments through one or more debt financings, along with cash on hand. On May 28, 2024, the Company also entered into a Transition Services Agreement (the “Transition Services Agreement”) with the Former Manager. Under the Transition Services Agreement, the Former Manager was required to continue to provide the Company and its affiliates with all of the services provided by the Former Manager to the Company and its affiliates immediately prior to May 28, 2024 (the “Services”) for a transition period until October 31, 2024, during which the Company procured replacements for the Services. The Services were provided to the Company for a fee equal to the Former Manager’s cost of providing the Services, plus a mark-up of ten percent (10%). In addition, the Former Manager is required to continue to provide the services that are reasonably required by the Company to prepare its quarterly and annual financial statements until May 31, 2025. The Transition Services Agreement may be terminated earlier (x) by mutual agreement of the parties, (y) by either the Former Manager or the Company in the event of a material breach by the non-terminating party that is not cured within thirty (30) days following written notification thereof, or (z) by the Former Manager if the Company fails to pay any undisputed sum overdue and payable for a period of at least thirty (30) days.

AFFILIATE TRANSACTIONS - Management fees, incentive allocation and capital gains (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	$ 8,449	$ 18,037	$ 3,562
General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	8,449	18,037	3,562
Management fees \| General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	993	921	73
Income incentive allocation \| General Partner
Related Party Transaction [Line Items]
Management fees and incentive allocation to affiliate	$ 7,456	$ 17,116	$ 3,489

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	2,000,000,000	2,000,000,000
Common stock, shares issued (in shares)	102,550,975	100,245,905
Common stock, shares outstanding (in shares)	102,550,975	100,245,905
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	200,000,000	200,000,000
Preferred stock, shares issued (in shares)	11,740,000	15,920,000
Preferred stock, shares outstanding (in shares)	11,740,000	15,920,000

EQUITY-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

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

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


		Year Ended December 31,
		2024					2023					2022
Number of options		60,000					248,947					—
Fair value ($ millions)		$2.1					$2.1					$—
Ranges
Expected volatility	The expected share volatility is based on an assessment of the volatility of our publicly traded ordinary shares	43.00	%	-	43.00	%	37.88	%	-	37.88	%	—	%	-	—	%
Risk free interest rate	The risk-free rate is determined using the implied yield currently available on U.S. government bonds with a term consistent with the expected term on the date of grant.	4.52	%	-	4.52	%	3.47	%	-	3.47	%	—	%	-	—	%
Expected dividend yield	The expected dividend yield is based on management’s current expected dividend rate.	1.50	%	-	1.50	%	6.26	%	-	6.26	%	—	%	-	—	%
Expected term	Expected term used represents the period of time the options granted are expected to be outstanding.	6.8 years					10 years					0 years

Schedule of Stock-based Compensation Arrangements

The Consolidated Statements of Operations includes the following expense related to our equity-based compensation arrangements which are recorded in Operating expenses:


	December 31,						Remaining Expense To Be Recognized, If All Vesting Conditions Are Met
	2024		2023		2022
Stock options	$	296	$	—	$	—	$	1,778
Performance shares	1,954		—		—		46,156
Restricted shares	3,756		1,638		—		14,766
Total	$	6,006	$	1,638	$	—	$	62,700

The tables below provide details on our stock options, performance shares, and restricted shares:


	Stock Options			Performance Shares		Restricted Shares
	Options	Weighted Average Exercise/Issuance Price		Shares	Weighted Average Grant date fair value	Shares	Weighted Average Issuance Price
Outstanding as of December 31, 2023	616,177	$	23.78	—	—	365,000	24.03
Granted	60,000	79.13		1,000,000	48.11	141,138	84.94
Less: exercised / vested	563,834	23.20		—		—	—
Less: forfeited and canceled	—	—		—		25,000	24.03
Outstanding as of December 31, 2024	112,343			1,000,000		481,138


	Stock Options		Performance Shares	Restricted Shares
As of December 31, 2024:
Weighted average exercise / issuance price (per share)	$	52.70	48.11	$	41.90
Aggregate intrinsic value (in thousands)	$	10,262	N/A	$	20,159
Weighted average remaining contractual term (in years)	4.8		3.8	2.6

DEBT, NET (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt, net is summarized as follows:


	December 31, 2024				December 31, 2023
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable


Revolving Credit Facility (1)	—		(i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75%	5/22/27	—

Total loans payable	—				—
Bonds payable


Senior Notes due 2025 (2)	—		6.50%	10/1/25	652,043
Senior Notes due 2027	—		9.75%	8/1/27	400,000
Senior Notes due 2028 (3)	1,001,382		5.50%	5/1/28	1,001,746
Senior Notes due 2030 (4)	497,071		7.88%	12/1/30	496,704
Senior Notes due 2031	700,000		7.00%	5/1/31	—
Senior Notes due 2032	800,000		7.00%	6/15/32	—
Senior Notes due 2033 (5)	497,551		5.88%	4/15/33	—
Total bonds payable	3,496,004				2,550,493
Debt	3,496,004				2,550,493
Less: Debt issuance costs	(55,526)				(33,150)
Total debt, net	$	3,440,478			$	2,517,343

Total debt due within one year	$	—			$	—

______________________________________________________________________________________

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

(2) Includes an unamortized discount of $866 at December 31, 2023 and an unamortized premium of $2,908 at December 31, 2023.

(3) Includes an unamortized premium of $1,382 and $1,746 at December 31, 2024 and 2023, respectively.

(4) Includes unamortized discount of $2,929 and $3,296 at December 31, 2024 and 2023, respectively.

(5) Includes an unamortized discount of $2,449 at December 31, 2024.

Schedule of Maturities of Long-term Debt

As of December 31, 2024, scheduled principal repayments under our debt agreements for the next five years and thereafter are summarized as follows:


	2025		2026		2027		2028		2029		Thereafter		Total
Revolving Credit Facility	—		—		—		—		—		—		—
Senior Notes due 2025	—		—		—		—		—		—		—
Senior Notes due 2027	—		—		—		—		—		—		—
Senior Notes due 2028	—		—		—		1,000,000		—		—		1,000,000
Senior Notes due 2030	—		—		—		—		—		500,000		500,000
Senior Notes due 2031	—		—		—		—		—		700,000		700,000
Senior Notes due 2032	—		—		—		—		—		800,000		800,000
Senior Notes due 2033	—		—		—		—		—		500,000		500,000
Total principal payments on loans and bonds payable	$	—	$	—	$	—	$	1,000,000	$	—	$	2,500,000	$	3,500,000

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
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-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

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

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Summary of Allowance for Credit Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Allowance at beginning of period	$ 72,163	$ 65,580	$ 17,703
Bad debt expense	2,784	6,583	47,877
Allowance at end of period	$ 74,947	$ 72,163	$ 65,580

SEGMENT INFORMATION - Statement of Income by Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Total revenues	$ 1,734,901	$ 1,170,896	$ 708,411
Expenses
Cost of sales	825,884	502,132	248,385
Operating expenses	115,861	110,163	132,264
General and administrative	14,263	13,700	14,164
Acquisition and transaction expenses	32,296	15,194	13,207
Management fees and incentive allocation to affiliate	8,449	18,037	3,562
Internalization fee to affiliate	300,000	0	0
Depreciation and amortization	218,064	169,877	152,917
Asset impairment	962	2,121	137,219
Gain on sale of assets, net	(18,705)		(77,211)
Total expenses	1,497,074	831,224	624,507
Other income (expense)
Equity in earnings (losses) of unconsolidated entities	(2,200)	(1,606)	(369)
Interest expense	(221,721)	(161,639)	(169,194)
Loss on extinguishment of debt	(17,101)	0	(19,859)
Other income	17,364	7,590	207
Total other income (expense)	(223,658)	(155,655)	(189,215)
Income (loss) from continuing operations before income taxes	14,169	184,017	(105,311)
Provision for (benefit from) income taxes	5,487	(59,800)	5,300
Net income (loss) from continuing operations	8,682	243,817	(110,611)
Less: Dividends on preferred shares	32,763	31,795	27,164
Less: Loss on redemption of preferred shares	7,998	0	0
Net income (loss) attributable to shareholders from continuing operations	(32,079)	212,022	(137,775)
Lease income
Revenues
Total revenues	255,338	207,936	179,314
Maintenance revenue
Revenues
Total revenues	200,809	191,347	148,846
Asset sales revenue
Revenues
Total revenues	192,176	303,141	183,535
Aerospace products revenue
Revenues
Total revenues	1,079,821	454,970	178,515
Other revenue
Revenues
Total revenues	6,757	13,502	18,201
Operating Segments \| Aviation Leasing
Revenues
Total revenues	628,437	681,611	502,948
Expenses
Cost of sales	151,977	221,852	138,904
Operating expenses	35,495	37,876	81,232
General and administrative	0	0	0
Acquisition and transaction expenses	9,740	7,150	1,923
Management fees and incentive allocation to affiliate	0	0	0
Internalization fee to affiliate	0
Depreciation and amortization	201,497	158,354	144,258
Asset impairment	962	2,121	137,219
Gain on sale of assets, net	0		(59,048)
Total expenses	399,671	427,353	444,488
Other income (expense)
Equity in earnings (losses) of unconsolidated entities	(207)	(148)	740
Interest expense	0	0	0
Loss on extinguishment of debt	0		0
Other income	14,669	1,300	246
Total other income (expense)	14,462	1,152	986
Income (loss) from continuing operations before income taxes	243,228	255,410	59,446
Provision for (benefit from) income taxes	32,979	(36,193)	2,502
Net income (loss) from continuing operations	210,249	291,603	56,944
Less: Dividends on preferred shares	0	0	0
Less: Loss on redemption of preferred shares	0
Net income (loss) attributable to shareholders from continuing operations	210,249	291,603	56,944
Operating Segments \| Aviation Leasing \| Lease income
Revenues
Total revenues	234,411	179,704	159,068
Operating Segments \| Aviation Leasing \| Maintenance revenue
Revenues
Total revenues	200,809	191,347	148,846
Operating Segments \| Aviation Leasing \| Asset sales revenue
Revenues
Total revenues	192,176	303,141	183,535
Operating Segments \| Aviation Leasing \| Aerospace products revenue
Revenues
Total revenues	0	0	0
Operating Segments \| Aviation Leasing \| Other revenue
Revenues
Total revenues	1,041	7,419	11,499
Operating Segments \| Aerospace Products
Revenues
Total revenues	1,079,821	454,970	178,515
Expenses
Cost of sales	673,907	280,280	109,481
Operating expenses	23,818	20,459	11,967
General and administrative	0	0	0
Acquisition and transaction expenses	4,906	1,722	243
Management fees and incentive allocation to affiliate	0	0	0
Internalization fee to affiliate	0
Depreciation and amortization	6,630	661	258
Asset impairment	0	0	0
Gain on sale of assets, net	0		(18,163)
Total expenses	709,261	303,122	103,786
Other income (expense)
Equity in earnings (losses) of unconsolidated entities	(1,993)	(1,458)	(1,109)
Interest expense	0	0	0
Loss on extinguishment of debt	0		0
Other income	0	5,347	0
Total other income (expense)	(1,993)	3,889	(1,109)
Income (loss) from continuing operations before income taxes	368,567	155,737	73,620
Provision for (benefit from) income taxes	22,221	(24,440)	2,961
Net income (loss) from continuing operations	346,346	180,177	70,659
Less: Dividends on preferred shares	0	0	0
Less: Loss on redemption of preferred shares	0
Net income (loss) attributable to shareholders from continuing operations	346,346	180,177	70,659
Operating Segments \| Aerospace Products \| Lease income
Revenues
Total revenues	0	0	0
Operating Segments \| Aerospace Products \| Maintenance revenue
Revenues
Total revenues	0	0	0
Operating Segments \| Aerospace Products \| Asset sales revenue
Revenues
Total revenues	0	0	0
Operating Segments \| Aerospace Products \| Aerospace products revenue
Revenues
Total revenues	1,079,821	454,970	178,515
Operating Segments \| Aerospace Products \| Other revenue
Revenues
Total revenues	0	0	0
Corporate and Other
Revenues
Total revenues	26,643	34,315	26,948
Expenses
Cost of sales	0	0	0
Operating expenses	56,548	51,828	39,065
General and administrative	14,263	13,700	14,164
Acquisition and transaction expenses	17,650	6,322	11,041
Management fees and incentive allocation to affiliate	8,449	18,037	3,562
Internalization fee to affiliate	300,000
Depreciation and amortization	9,937	10,862	8,401
Asset impairment	0	0	0
Gain on sale of assets, net	(18,705)		0
Total expenses	388,142	100,749	76,233
Other income (expense)
Equity in earnings (losses) of unconsolidated entities	0	0	0
Interest expense	(221,721)	(161,639)	(169,194)
Loss on extinguishment of debt	(17,101)		(19,859)
Other income	2,695	943	(39)
Total other income (expense)	(236,127)	(160,696)	(189,092)
Income (loss) from continuing operations before income taxes	(597,626)	(227,130)	(238,377)
Provision for (benefit from) income taxes	(49,713)	833	(163)
Net income (loss) from continuing operations	(547,913)	(227,963)	(238,214)
Less: Dividends on preferred shares	32,763	31,795	27,164
Less: Loss on redemption of preferred shares	7,998
Net income (loss) attributable to shareholders from continuing operations	(588,674)	(259,758)	(265,378)
Corporate and Other \| Lease income
Revenues
Total revenues	20,927	28,232	20,246
Corporate and Other \| Maintenance revenue
Revenues
Total revenues	0	0	0
Corporate and Other \| Asset sales revenue
Revenues
Total revenues	0	0	0
Corporate and Other \| Aerospace products revenue
Revenues
Total revenues	0	0	0
Corporate and Other \| Other revenue
Revenues
Total revenues	$ 5,716	$ 6,083	$ 6,702

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

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


			Carrying Value
	Investment	Ownership Percentage	December 31, 2024		December 31, 2023
Advanced Engine Repair JV	Equity method	25%	$	19,048	$	21,040
Falcon MSN 177 LLC	Equity method	50%	—		1,682
			$	19,048	$	22,722

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


	Year Ended December 31,
	2024		2023		2022
Advanced Engine Repair JV	$	(1,993)	$	833	$	(1,110)
Falcon MSN 177 LLC	(207)		(148)		741
Quick Turn Engine Center LLC	—		(2,291)		—
Total	$	(2,200)	$	(1,606)	$	(369)

FAIR VALUE MEASUREMENTS - Components of Fair Value, Assets Measured on Recurring Basis (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Senior Notes due 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	$ 0
Senior Notes due 2027
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	0
Senior Notes due 2028
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	980,140
Senior Notes due 2030
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	526,380
Senior Notes due 2031
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	713,923
Senior Notes due 2032
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	816,904
Senior Notes due 2033
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	$ 483,100

SEGMENT INFORMATION - Summary of Contracted Minimum Future Annual Revenues (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Segment Reporting [Abstract]
2025	$ 238,141
2026	181,835
2027	141,750
2028	123,447
2029	79,469
Thereafter	94,634
Total	$ 859,276

INTANGIBLE ASSETS AND LIABILITIES, NET (Tables)

12 Months Ended

Dec. 31, 2024

Intangible Assets and Liabilities Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets and Liabilities

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


	December 31, 2024		December 31, 2023
Intangible assets
Acquired favorable lease intangibles	$	70,375	$	68,041
Less: Accumulated amortization	(29,664)		(19,347)
Acquired favorable lease intangibles, net	40,711		48,694
Acquired customer relationships	1,907		1,907
Less: Accumulated amortization	(413)		(11)
Acquired customer relationships, net	1,494		1,896
Total intangible assets, net	$	42,205	$	50,590

Intangible liabilities
Acquired unfavorable lease intangibles	$	13,767	$	3,151
Less: Accumulated amortization	(1,259)		(1,389)
Acquired unfavorable lease intangibles, net	$	12,508	$	1,762

Schedule of Intangible Assets and Liabilities

Amortization of intangible assets and liabilities is recorded as follows:


	Classification in Consolidated Statements of Operations	Year Ended December 31,
		2024		2023		2022
Lease intangibles	Lease income	$	15,597	$	15,126	$	13,913
Customer relationships	Depreciation and amortization	403		11		—
Total		$	16,000	$	15,137	$	13,913

Schedule of Net Annual Amortization of Intangibles

As of December 31, 2024, estimated net annual amortization of intangibles is as follows:


2025	$	12,278
2026	8,643
2027	3,599
2028	3,947
2029	899
Thereafter	331
Total	$	29,697

DISCONTINUED OPERATIONS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Aug. 01, 2022
Minimum \| Acquired customer relationships
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated useful life in years		5 years
Maximum \| Acquired customer relationships
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Estimated useful life in years		15 years
Loans payable \| Revolving Credit Facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt	$ 175.0
Senior Notes due 2025 \| Bonds payable
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt	$ 200.0
Stated percentage	6.50%	6.50%
Discontinued Operations, Disposed of by Means Other than Sale, Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received			$ 730.3