Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents		$ 26,490	$ 42,540
Restricted cash		38,274	36,385
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation		31,169	31,753
Maintenance rights		20,097	20,097
Equipment held for sale		2,850	2,850
Receivables, net of allowances of $1,091 and $1,372 at March 31, 2021 and December 31, 2020, respectively		40,483	28,269
Spare parts inventory		57,870	59,434
Investments		56,142	53,275
Intangible assets, net		1,232	1,246
Notes receivable		197,552	158,708
Other assets		49,631	43,778
Total assets	[1]	2,409,674	2,364,948
Liabilities:
Accounts payable and accrued expenses		24,391	26,977
Deferred income taxes		118,570	116,838
Debt obligations		1,724,130	1,693,753
Maintenance reserves		88,782	82,484
Security deposits		19,658	19,522
Unearned revenue		11,988	11,637
Total liabilities	[2]	1,987,519	1,951,211
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at March 31, 2021 and December 31, 2020, respectively)		49,743	49,722
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,577 and 6,570 shares issued at March 31, 2021 and December 31, 2020, respectively)		66	66
Paid-in capital in excess of par		16,580	13,696
Retained earnings		353,216	355,370
Accumulated other comprehensive income (loss), net of income tax expense (benefit) of $788 and $(1,428) at March 31, 2021 and December 31, 2020, respectively		2,550	(5,117)
Total shareholders’ equity		372,412	364,015
Total liabilities, redeemable preferred stock and shareholders' equity		2,409,674	2,364,948
Assets Leased to Others
ASSETS
Equipment held for operating lease, property, equipment, and furnishings, less accumulated depreciation		$ 1,887,884	$ 1,886,613

[1] Total assets at March 31, 2021 and December 31, 2020, respectively, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Restricted cash $33,763 and $35,262; Equipment $1,025,492 and $1,037,684; Maintenance Rights $767 and $767; Inventory $5,437 and $5,437; Notes receivable $26,220 and $26,392; and Other assets $604 and $558, respectively.

[2] Total liabilities at March 31, 2021 and December 31, 2020, respectively, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $898,398 and $907,550, respectively.