Sky Harbour develops, leases, and manages private aviation hangar campuses — which it calls "Home Base Operator" (HBO) campuses — at airports across the U.S. The core product is a campus of private and semi-private hangars exclusively for based business aircraft, with no transient traffic. Tenants include wealthy individuals, corporate flight departments, and charter operators flying large-cabin jets. Sky Harbour leases land from airport authorities on long-term ground leases (typically 40-75 years), builds purpose-built hangar campuses, and subleases space to tenants on terms ranging from 6 months to 15 years. As of year-end 2025, the company operates 9 campuses with roughly 1.02M rentable square feet across 61 hangars, and has 22 campus phases in development representing approximately 2.70M additional square feet. Revenue comes primarily from tenant rent, with additional fuel margin and contracted minimum fuel uplift guarantees. The unit economics hinge on yield on cost, and Sky Harbour targets double-digit yields on new development. Lease pricing features annual escalators with a 4% floor, and rents step up 20-30% from first to second lease cycles. The company is shifting its hangar mix toward semi-private configurations, which can achieve occupancy rates above 100% by staggering aircraft geometrically. Sky Harbour funds development primarily through tax-exempt private activity bonds and bank credit facilities, and has vertically integrated construction through a steel manufacturing subsidiary and a general contracting subsidiary to control costs and standardize its prototype hangar design.