Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash and cash equivalents		$ 5,918	$ 12,146
Restricted cash		49,094	76,870
Equipment held for operating lease, less accumulated depreciation of $578,834 and $543,183 at June 30, 2023 and December 31, 2022, respectively		2,161,650	2,111,935
Maintenance rights		14,032	17,708
Equipment held for sale		2,713	3,275
Receivables, net of allowances of $1,770 and $1,511 at June 30, 2023 and December 31, 2022, respectively		52,259	46,954
Spare parts inventory		41,764	38,577
Investments		53,716	56,189
Intangible assets, net		1,100	1,129
Notes receivable, net of allowances of $72 and $0 at June 30, 2023 and December 31, 2022, respectively		95,047	81,439
Investments in sales-type leases, net of allowances of $6 and $0 at June 30, 2023 and December 31, 2022, respectively		5,827	6,440
Other assets		83,507	87,205
Total assets	[1]	2,603,956	2,575,217
Liabilities:
Accounts payable and accrued expenses		41,927	43,040
Deferred income taxes		137,884	132,516
Debt obligations		1,827,021	1,847,278
Maintenance reserves		73,872	59,453
Security deposits		22,528	20,490
Unearned revenue		33,626	17,863
Total liabilities	[2]	2,136,858	2,120,640
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at June 30, 2023 and December 31, 2022, respectively)		49,931	49,889
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,845 and 6,615 shares issued at June 30, 2023 and December 31, 2022, respectively)		68	66
Paid-in capital in excess of par		21,740	20,386
Retained earnings		373,965	357,493
Accumulated other comprehensive income, net of income tax expense of $6,078 and $7,587 at June 30, 2023 and December 31, 2022, respectively		21,394	26,743
Total shareholders’ equity		417,167	404,688
Total liabilities, redeemable preferred stock and shareholders’ equity		2,603,956	2,575,217
Property, Equipment, and Furnishings
ASSETS
Property, equipment & furnishings, less accumulated depreciation of $17,619 and $16,060 at June 30, 2023 and December 31, 2022, respectively		$ 37,329	$ 35,350

[1] Total assets at June 30, 2023 and December 31, 2022, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Restricted cash $49,094 and $76,870; Equipment $1,179,739 and $1,167,970; Maintenance Rights $6,822 and $5,433; Notes receivable $78,796 and $80,220; and Other assets $6,902 and $6,470 (each respectively).

[2] Total liabilities at June 30, 2023 and December 31, 2022, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,067,881 and $1,118,721, respectively.