Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023		Dec. 31, 2022
ASSETS
Cash and cash equivalents	$ 7,071		$ 12,146
Restricted cash	160,958		76,870
Equipment held for operating lease, less accumulated depreciation of $594,293 and $543,183 at December 31, 2023 and 2022, respectively	2,112,837		2,111,935
Maintenance rights	9,180		17,708
Equipment held for sale	805		3,275
Receivables, net of allowances of $2,311 and $1,511 at December 31, 2023 and 2022, respectively	58,485		46,954
Spare parts inventory	40,954		38,577
Investments	58,044		56,189
Intangible assets, net	1,040		1,129
Notes receivable, net of allowances of $69 and $0 at December 31, 2023 and 2022, respectively	92,621		81,439
Investments in sales-type leases, net of allowances of $9 and $0 at December 31, 2023 and 2022, respectively	8,759		6,440
Other assets	64,430		87,205
Total assets	2,652,344	[1]	2,575,217
Liabilities:
Accounts payable and accrued expenses	52,937		43,040
Deferred income taxes	147,779		132,516
Debt obligations	1,802,881		1,847,278
Maintenance reserves	92,497		59,453
Security deposits	23,790		20,490
Unearned revenue	43,533		17,863
Total liabilities	2,163,417	[2]	2,120,640
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued and outstanding at December 31, 2023 and 2022)	49,964		49,889
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,849 and 6,615 shares issued at December 31, 2023 and 2022, respectively)	68		66
Paid-in capital in excess of par	29,667		20,386
Retained earnings	397,781		357,493
Accumulated other comprehensive income, net of income tax expense of $3,215 and $7,587 at December 31, 2023 and 2022, respectively	11,447		26,743
Total shareholders’ equity	438,963		404,688
Total liabilities, redeemable preferred stock and shareholders’ equity	2,652,344		2,575,217
Property, Equipment, and Furnishings
ASSETS
Property, equipment & furnishings, less accumulated depreciation of $19,374 and $16,060 at December 31, 2023 and 2022, respectively	$ 37,160		$ 35,350

[1] Total assets at December 31, 2023 and 2022 include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Restricted cash $160,958 and $76,870; Equipment $1,518,050 and $1,167,970; Maintenance rights $7,806 and $5,433; Notes receivable $91,960 and $80,220; Investments in sales-type leases $3,564 and $0; and Other assets $13,339 and $6,470, respectively.

[2] Total liabilities at December 31, 2023 and 2022 include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,411,680 and $1,118,721, respectively.