Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and cash equivalents		$ 7,622	$ 7,071
Restricted cash		86,620	160,958
Equipment held for operating lease, less accumulated depreciation of $592,272 and $594,293 at March 31, 2024 and December 31, 2023, respectively		2,130,327	2,112,837
Maintenance rights		9,180	9,180
Equipment held for sale		2,856	805
Receivables, net of allowances of $2,621 and $2,311 at March 31, 2024 and December 31, 2023, respectively		61,881	58,485
Spare parts inventory		85,165	40,954
Investments		60,299	58,044
Intangible assets, net		1,034	1,040
Notes receivable, net of allowances of $111 and $69 at March 31, 2024 and December 31, 2023, respectively		97,859	92,621
Investments in sales-type leases, net of allowances of $8 and $9 at March 31, 2024 and December 31, 2023, respectively		33,013	8,759
Other assets		63,075	64,430
Total assets	[1]	2,674,462	2,652,344
Liabilities:
Accounts payable and accrued expenses		103,348	52,937
Deferred income taxes		156,030	147,779
Debt obligations		1,735,570	1,802,881
Maintenance reserves		99,529	92,497
Security deposits		26,525	23,790
Unearned revenue		41,687	43,533
Total liabilities	[2]	2,162,689	2,163,417
Redeemable preferred stock ($0.01 par value, 2,500 shares authorized; 2,500 shares issued at March 31, 2024 and December 31, 2023, respectively)		49,976	49,964
Shareholders’ equity:
Common stock ($0.01 par value, 20,000 shares authorized; 6,859 and 6,849 shares issued at March 31, 2024 and December 31, 2023, respectively)		69	68
Paid-in capital in excess of par		33,657	29,667
Retained earnings		417,738	397,781
Accumulated other comprehensive income, net of income tax expense of $2,954 and $3,276 at March 31, 2024 and December 31, 2023, respectively		10,333	11,447
Total shareholders’ equity		461,797	438,963
Total liabilities, redeemable preferred stock and shareholders’ equity		2,674,462	2,652,344
Property, Equipment, and Furnishings
ASSETS
Property, equipment & furnishings, less accumulated depreciation of $19,890 and $19,374 at March 31, 2024 and December 31, 2023, respectively		$ 35,531	$ 37,160

[1] Total assets at March 31, 2024 and December 31, 2023, include the following assets of variable interest entities (“VIEs”) that can only be used to settle the liabilities of the VIEs: Restricted cash $86,620 and $160,958; Equipment $1,500,893 and $1,518,050; Maintenance Rights $7,806 and $7,806; Notes receivable $90,756 and $91,960; Investments in sales-type leases $28,143 and $3,564; and Other assets $14,444 and $13,339 (each respectively).

[2] Total liabilities at March 31, 2024 and December 31, 2023, include the following liabilities of VIEs for which the VIEs’ creditors do not have recourse to Willis Lease Finance Corporation: Debt obligations $1,386,738 and $1,411,680, respectively.