Air Lea

The business model generates multi‑year contracted cash flows with a 7.0‑year weighted average remaining lease term and a diversified base of 96 airlines in 50 countries as of June 30, 2026. Utilization historically trends high and credit performance has been manageable outside of idiosyncratic shocks.

That said, the 2022 Russia write‑off and COVID‑era disruptions show that event risk exists, and the removal of the forward orderbook reduces visibility on internally sourced growth. We view forward revenue and cash flow as reasonably predictable in a base case, with exposure to airline credit cycles and residual values.