Equipment held for lease, used in the Company’s capacity as lessor, consists of the following:


	September 30, 2026		December 31, 2025
Power Generation - Turbine	$	1,079.4	$	376.3
Power Generation - Turbine engine core	470.8		140.5
Power Generation - Ancillary equipment	111.0		68.3
Power control and distribution equipment	52.3		47.4
Construction in progress	1,303.6		481.3
Equipment held for lease, gross	$	3,017.1	$	1,113.8
Less: accumulated depreciation	(102.2)		(39.7)
Equipment held for lease, net	$	2,914.9	$	1,074.1

Construction in progress includes deposits, progress payments, and accrued billings for turbines and other equipment that have not yet been delivered. Depreciation commences once the assets are placed in service or ready for their intended use, which occurs upon delivery and commissioning of the applicable equipment.

During the nine months ended September 30, 2026, construction in progress increased significantly primarily due to turbine equipment acquired in connection with the Genco Acquisition and the NovaLT16 Turbine Acquisition. See Note 4. “Acquisitions” and Note 18. “Commitments and Contingencies” for additional information.

For the three months ended September 30, 2026 and 2025, we incurred total interest cost of $37.6 million and $13.5 million, of which $14.7 million and $3.2 million was recognized as capitalized interest, respectively. For the nine months ended September 30, 2026 and 2025, we incurred total interest cost of $76.7 million and $33.5 million, of which $32.1 million and $10.1 million was recognized as capitalized interest, respectively.

Depreciation expense on equipment held for lease was $24.1 million and $9.8 million for the three months ended September 30, 2026 and 2025, respectively, and $63.0 million and $23.2 million for the nine months ended September 30, 2026 and 2025, respectively.