Air Lea

Before the take‑private, Air Lease’s edge combined low cost of capital, relationships with airlines and OEM production slots.

Post‑merger, Sumisho Air Lease keeps scale, investment grade funding and SMBC Aviation Capital as exclusive servicer for non‑U.S. leases, but no longer holds an OEM orderbook, which meaningfully reduces sourcing advantage over time.

Intangibles and relationship capital remain solid, switching costs for airlines are modest, and there is no true network effect.

We view cost advantage as above average given unsecured, diversified, IG funding and parent group support; efficient scale is good inside a consolidated lessor landscape; but the orderbook transfer is a durable moat erosion factor.

Component view: cost advantage ~75, intangibles ~65, efficient scale ~65, switching costs ~35, network effects ~20. Weighted outcome yields a mid‑60s moat score.