Aircastle acquires, leases, and sells commercial jet aircraft to airlines worldwide. As of February 2026, Aircastle's fleet consisted of 282 aircraft leased to 76 airlines across 45 countries, with a net book value of $8.5B. The fleet is primarily narrow-body aircraft, including the Airbus A320 family and Boeing 737 family, with some wide-bodies and regional jets. Leases are structured as net operating leases, where airlines pay fixed monthly USD-denominated rents while bearing all operating costs. Aircastle's core revenue comes from lease rentals, with asset sales as a meaningful secondary driver. Since formation in 2004, Aircastle has sold 387 aircraft for $8.2B, generating $808.9M in net gains. Rather than placing large orders with manufacturers, Aircastle focuses on the secondary market, sourcing aircraft through sale-leaseback transactions, lessor-to-lessor trades, and distressed situations. Aircastle retains residual value risk on each aircraft, so profitability depends on rental income, re-leasing, and selling aircraft at attractive prices. Maintaining an investment-grade credit rating is central to the business model, as it lowers borrowing costs and enables Aircastle to deploy capital quickly. Aircastle's shareholders, Marubeni and Mizuho Leasing, provide access to Japanese structured finance transactions as an additional funding channel. Aircastle also manages aircraft for third-party owners and participates in joint ventures, generating fee income that leverages its existing platform without significant additional capital.