Air Lease is an aircraft leasing company. Air Lease buys new commercial jets directly from Airbus and Boeing at bulk-order prices, then leases those aircraft to airlines worldwide under long-term operating leases. Air Lease's fleet is focused on new, fuel-efficient narrowbodies — primarily the Airbus A320/A321neo family and Boeing 737 MAX — plus widebodies like the Airbus A330 and Boeing 777 and 787. Air Lease currently leases to 102 airlines across 53 countries, with no single airline representing more than 10% of rental revenue. Air Lease earns money three ways: lease rental income, gains on aircraft sales, and management fees for third-party portfolios. The spread between Air Lease's cost of funds and the lease rates it charges airlines drives core profitability. Air Lease typically sells aircraft at roughly 8-10 years old, generating gains because aircraft tend to be worth more than depreciated book value, especially in the current supply-constrained environment. Air Lease finances its fleet primarily with fixed-rate unsecured debt, which allows it to freely reposition aircraft between lessees. In September 2025, Air Lease entered into a merger agreement with a consortium led by Sumitomo and SMBC Aviation Capital, with participation from Apollo and Brookfield, at $65.00 per share in cash, expected to close in the first half of 2026.