Core Viewpoint - The Ademi Firm is investigating Air Lease for potential breaches of fiduciary duty and other legal violations related to its transaction with a consortium that includes Sumitomo Corporation, SMBC Aviation Capital, Apollo, and Brookfield [1] Group 1 - The investigation is focused on the transaction involving Air Lease and a consortium of notable companies [1] - Shareholders of Air Lease are set to receive $65.00 per share as part of the transaction [1]

Investment Rating - Investment recommendation: Outperform the market (maintained) [8] Core Viewpoints - The aircraft leasing industry is currently experiencing an upward trend in prosperity. Despite gradual improvements in aircraft manufacturers' production capacity, the existing backlog of over 15,000 aircraft orders suggests that the supply-demand imbalance is unlikely to improve in the short term, which will further drive the asset-side revenue levels of aircraft leasing companies [5][12]. Summary by Sections 1. Industry: Capacity Improvement but Supply-Demand Imbalance Persists - The delivery capabilities of aircraft manufacturers have improved significantly compared to 2024. As of the end of July 2025, Boeing and Airbus had average monthly delivery rates of approximately 47 and 53 aircraft, respectively. However, the demand remains strong, with a combined average monthly order volume of 171 aircraft, exceeding the delivery levels [16][17]. - The current backlog of over 15,000 aircraft indicates that it may take more than 10 years to fulfill these orders at the current average delivery rate of 100 aircraft per month [17]. 2. Company: Overall Performance of Aircraft Leasing is Good, Low-Yield Asset Disposal Nearing End 2.1 Performance: Overall Performance is Good - The revenue growth of major aircraft leasing companies in the first half of 2025 was strong, with year-on-year growth rates for Bohai Leasing, Bank of China Aviation Leasing, China Aircraft Leasing, Guoxin Financial Leasing, Aercap, and Air Lease at 75.91%, 6.83%, -14.14%, 8.11%, -0.31%, and 10.48%, respectively [20]. - The net profit growth rates for the same companies were -381.80%, -25.76%, 6.66%, 27.63%, 80.74%, and 293.25%, with some companies experiencing declines due to goodwill impairment and other factors [21]. 2.2 Asset Status: Excellent Asset Package, Aircraft Disposal Approaching End - As of mid-2025, the self-owned and managed fleet sizes for major leasing companies were 663, 483, 181, 312, 1700, and 548 aircraft, respectively, indicating a high overall fleet size and ongoing expansion [10][31]. - The ratio of ordered aircraft to the total fleet for domestic leasing companies is generally above 0.6, suggesting greater potential for fleet expansion compared to Aercap and Air Lease, which have lower ratios [35]. 2.3 Outlook: Revenue Levels Gradually Increasing, Performance Elasticity Varies - The average leasing yield for major aircraft leasing companies in the first half of 2025 was 11.65%, 10.35%, 10.90%, 9.66%, 12.15%, and 9.24%, showing an upward trend [11][44]. - The performance elasticity of companies varies significantly, with Bohai Leasing and China Aircraft Leasing having over 10% of their leases maturing within a year, indicating greater potential for performance elasticity [45]. 3. Investment Recommendations - The overall outlook for the aircraft leasing industry remains positive, with continued upward trends in prosperity. The significant backlog of over 15,000 aircraft orders suggests that the supply-demand imbalance will persist in the short term, further enhancing the revenue levels of aircraft leasing companies [12][46].

Core Viewpoint - Wohl & Fruchter LLP is investigating the fairness of the sale of Air Lease Corporation for $65.00 per share, which is significantly below the target price of $72.00 set by J.P. Morgan analyst Jamie Baker [1][2][3]. Group 1: Sale Details - Air Lease Corporation has agreed to be sold for $65.00 per share in cash to a new holding company based in Dublin, Ireland, backed by Sumitomo Corporation, SMBC Aviation Capital Limited, and investment vehicles affiliated with Apollo and Brookfield [1][3]. - The sale price represents a discount of over 10% compared to the company's balance sheet book value, raising concerns among investors regarding the valuation [4]. Group 2: Investor Sentiment - At least two investors have expressed disappointment regarding the sale price on SeekingAlpha, indicating that they believe the company is worth more than the agreed sale price [2][4]. - One investor specifically criticized the management for agreeing to a sale price that is below the perceived value of the company [4]. Group 3: Investigation Purpose - The investigation aims to determine whether the Air Lease Board of Directors acted in the best interests of shareholders in approving the sale and whether all material information regarding the transaction has been fully disclosed [4].

Group 1 - Halper Sadeh LLC is investigating Air Lease Corporation for potential violations related to its sale to Sumitomo Corporation, SMBC Aviation Capital, Apollo, and Brookfield at a price of $65.00 per share in cash [1] - Performant Healthcare, Inc. is also under investigation for its sale to Machinify for $7.75 in cash [2] - The firm may seek increased consideration for shareholders and additional disclosures regarding the proposed transactions [3] Group 2 - Shareholders are encouraged to contact Halper Sadeh LLC to discuss their legal rights and options without any out-of-pocket payment for legal fees or expenses [4] - Halper Sadeh LLC represents investors globally who have experienced securities fraud and corporate misconduct, recovering millions for defrauded investors [4]

Core Viewpoint - Kahn Swick & Foti, LLC is investigating the proposed sale of Air Lease Corporation to a consortium including Sumitomo Corporation, SMBC Aviation Capital, Apollo, and Brookfield, focusing on whether the offered price of $65.00 per share adequately reflects the company's value [1]. Group 1 - The proposed transaction involves Air Lease Corporation shareholders receiving $65.00 in cash for each share they own [1]. - Kahn Swick & Foti, LLC aims to assess the adequacy of the sale price and the process leading to this valuation [1][2]. - The investigation is prompted by concerns that the transaction may undervalue Air Lease Corporation [1].

Core Viewpoint - Air Lease Corporation (AL) has signed a definitive agreement to be acquired by a new holding company based in Dublin, Ireland, with shares held by Sumitomo Corporation, SMBC Aviation Capital Limited, and investment vehicles affiliated with Apollo and Brookfield [1] Acquisition Deal Details - Air Lease shareholders will receive $65 per share of Class A common stock, valuing the deal at nearly $7.4 billion, or $28.2 billion including debt obligations to be assumed or refinanced net of cash [4] - The cash consideration represents a 7% premium over AL's all-time high closing stock price on August 28, 2025, a 14% premium over the volume weighted average share price during the 30-trading-day period ended August 29, 2025, and a 31% premium over the volume weighted average share price during the last 12-month trading period ended August 29, 2025 [5] Transaction Timeline and Conditions - The deal is expected to be completed in the first half of 2026, subject to customary closing conditions including approval by Air Lease's Class A common shareholders and certain regulatory approvals [2][9] - The board of directors of Air Lease has ratified the agreement, and certain executive officers have agreed to vote in favor of the transaction [2] Company Leadership Statements - Steven Udvar-Hazy, chairman of Air Lease's board, emphasized that the transaction represents the best path forward for the company, providing immediate premium and certainty in cash value to shareholders [3] - John L. Plueger, CEO and president of Air Lease, expressed confidence that the transaction will benefit all common stockholders and highlighted the strength of Air Lease's business and partnerships in the aviation industry [6] Stock Performance - Following the announcement of the acquisition, shares of Air Lease closed at $64.28 on September 2, 2025, reflecting a 6.76% increase from the previous day's closing [7]

Core Insights - Air Lease's shares have increased by approximately 17.1% since the last earnings report, outperforming the S&P 500 [1][2] Financial Performance - Air Lease reported Q2 earnings per share of $1.40, exceeding the Zacks Consensus Estimate of $1.33, marking a year-over-year improvement of 13.8% [3] - Total revenues reached $731.7 million, surpassing the Zacks Consensus Estimate of $705.4 million, and grew by 9.7% year over year [4] - Revenues from the rental of flight equipment increased by 11% year over year to $679 million, driven by fleet growth and higher lease revenue [5] - Revenues from aircraft sales and other activities rose by 8% year over year to $53 million, attributed to increased management fee revenue, despite lower sales volume [6] - Operating expenses increased by 9.2% year over year to $589.1 million [6] Asset and Debt Position - As of June 30, 2025, Air Lease owned 495 aircraft with a net book value of $29.1 billion, with a total fleet size of 789 [7] - Cash and cash equivalents stood at $454.80 million, slightly down from $456.62 million in the previous quarter, while debt financing increased to $20.3 billion from $19.8 billion [8] Market Sentiment and Estimates - Since the earnings release, there has been a 19.26% upward shift in consensus estimates for Air Lease [9] - The company currently holds a Zacks Rank of 3 (Hold), indicating expectations for an in-line return in the coming months [12] Industry Context - Air Lease operates within the Zacks Transportation - Equipment and Leasing industry, where competitor Ryder has gained 5.4% over the past month [13] - Ryder reported revenues of $3.19 billion for the last quarter, reflecting a year-over-year change of +0.2% [13]

Group 1 - Air Lease is being acquired by a consortium of investment firms including Sumitomo Group, Apollo Global Management, and Brookfield Asset Management for $7.4 billion [1] - The acquisition price per share is set at $65, with a total equity value of approximately $7.4 billion, and an enterprise value of about $28.2 billion including debt [1] - Post-acquisition, Air Lease will be renamed Sumisho Air Lease and will merge with SMBC Aviation Capital, aiming to scale up to compete closely with industry leader AerCap [1]

Core Viewpoint - Air Lease has agreed to be acquired by an investor consortium for $7.4 billion, marking a significant move towards the privatization of the company and indicating a trend of consolidation in the aircraft leasing industry [1][2]. Group 1: Acquisition Details - The acquisition is led by Japan's Mitsui & Co. and SMBC Aviation Capital, with participation from Apollo and Brookfield Asset Management [1]. - Shareholders of Air Lease will receive $65 per share, representing an almost 8% premium over the closing price last Friday [1]. - Including debt, the company's valuation is approximately $28.2 billion [1]. Group 2: Industry Context - The aircraft leasing business has seen a rise in rental prices due to aircraft shortages caused by the COVID-19 pandemic and supply chain issues, with rental rates reaching record levels [1]. - According to IBA Group, the aircraft leasing sector now owns over 58% of the global passenger fleet, up from 51% in 2009 [1]. - The consolidation trend is expected to help companies scale up amid challenges faced by airlines, such as overcapacity and declining profits [2]. Group 3: Company Background - Air Lease, founded by Steven Udvar-Házy in 2010, has a fleet of 495 aircraft as of the end of the second quarter [2]. - The company is recognized as the fifth-largest aircraft leasing company globally, including reserve orders [2]. - The new company headquarters will be located in Dublin following the completion of the transaction, expected in the first half of 2026 [2]. Group 4: Historical Transactions - The acquisition of Air Lease is part of a series of recent transactions in the aircraft leasing sector, including GE's sale of its aircraft leasing division to AerCap in 2021 [4]. - Two years ago, Standard Chartered agreed to sell its aircraft leasing business to AviLease, owned by a Saudi sovereign wealth fund [5].

Group 1 - Air Lease, an aircraft leasing firm, is being acquired for $7.4 billion, indicating a trend of consolidation in the airplane-renting industry [1][2] - The acquisition is led by Japan's Sumitomo and SMBC Aviation Capital, along with asset managers Apollo and Brookfield, offering shareholders $65 per share, which is an 8% premium over the previous closing price [2] - The total valuation of Air Lease, including debt, is approximately $28.2 billion [2] Group 2 - The aircraft leasing sector has seen a significant increase in rental rates due to a shortage of aircraft caused by the Covid pandemic and supply chain issues, with rates reaching record highs for both new and older models [3] - The ownership share of the aircraft leasing business has grown from 51% in 2009 to 58% currently, although growth has slowed as some airlines have become profitable and are now purchasing their own planes [4] - Airlines are reassessing their capacity plans due to an oversupply of flights affecting fares and profits, exemplified by Spirit Airlines filing for Chapter 11 bankruptcy protection for the second time in less than a year [5] Group 3 - The take-private deal is expected to enhance the scale of the involved companies, with Air Lease operating a fleet of 495 planes as of the second quarter [6] - Air Lease ranks as the fifth-largest aircraft lessor, and the deal is anticipated to close in the first half of 2026, with the new company to be based in Dublin [6] - The acquisition is viewed as a cost-effective strategy for market growth in the aircraft leasing industry [6]