Aircraft leasing company TrueNoord has announced three new executive appointments to further complement its team across Europe and Singapore. The company appointed Brendan Dempsey as finance manager, Michelle Kilcoyne as risk analyst, and announced the return of Marlous Helderman as HR manager. Based at the Amsterdam office, Dempsey has worked for more than ten years in the aircraft leasing industry, having begun his career in KPMG’s financial services tax department in Ireland. He also held finance po ...

COCONUT CREEK, Fla., Dec. 11, 2025 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”), the leading lessor of commercial aircraft engines and global provider of aviation services, announced today that its wholly-owned subsidiary, Willis Engine Structured Trust IX (“WEST”), has priced $337,400,000 in aggregate principal amount of Series A Fixed Rate Notes (the “Series A Notes”) and $55,500,000 in aggregate principal amount of Series B Fixed Rate Notes (the “Series B ...

Core Insights - Lyrical Asset Management LP significantly reduced its stake in Air Lease Corporation, selling approximately $99.81 million worth of shares, which translates to a reduction of 1,707,042 shares during the third quarter of 2025 [1][2][7] Company Overview - As of November 11, 2025, Air Lease Corporation's stock was priced at $63.81, reflecting a 34.14% increase over the past year, and it outperformed the S&P 500 by 23.56 percentage points [3] - The company has a market capitalization of $7.14 billion, with a trailing twelve months (TTM) revenue of $2.81 billion and a net income of $1.02 billion [4] Shareholding Changes - Following the reduction, Air Lease now constitutes only 0.01% of Lyrical Asset Management's reportable assets, moving it outside the top five holdings of the fund [2][3][10] - The remaining position in Air Lease consists of 6,128 shares valued at approximately $390,047 at the end of the quarter [2][7] Market Context - The reduction in stake aligns with the recent buyout offer from Sumitomo, a Japanese conglomerate, which has led to Air Lease's stock trading in a narrow range and is expected to be delisted in early 2026 [11] - Given the impending buyout, retail traders may find little incentive to transact in Air Lease stock, with a suggestion to consider competitors like AerCap Holdings instead [12]

Core Viewpoint - India is planning to extend the tax holiday for aircraft leasing firms in GIFT City from 10 years to 15 years to enhance its competitiveness in the global aircraft leasing market, which is currently dominated by Ireland [1][4]. Group 1: Tax Holiday Extension - The current tax waiver for aircraft leasing companies in GIFT City is 10 years, and extending it by five years aims to attract more lessors who profit significantly in the later years of the leasing cycle [2][4]. - The profit margins for aircraft leasing firms are around 1% in the early years but can surge to as high as 40% in the later years [3]. Group 2: Market Context - The global aircraft leasing market is valued at approximately $187 billion, with Ireland managing about half of the world's leased aircraft [4]. - India's commercial aircraft leasing market is estimated to be around $4.7 billion in 2023, growing at an annual rate of 11.8% [5]. Group 3: GIFT City Developments - GIFT City has successfully attracted global financial institutions through various tax incentives, positioning itself as a competitor to financial hubs like Singapore and Hong Kong [6]. - The proposed tax holiday extension would benefit local carriers such as IndiGo and Air India, as well as global subsidiaries like Rolls-Royce and Willis Lease Finance [7][8].

Core Insights - Air Lease Corporation is currently facing significant insider trading activity, with director Steven F. Udvar-Hazy selling 11,000 shares at approximately $63.73 each [1] - The company is under investigation regarding a proposed acquisition by Sumitomo Corporation, SMBC Aviation Capital, Apollo, and Brookfield, with a cash offer of $65.00 per share for shareholders [2] - The ongoing investigation aims to assess the fairness of the proposed sale price and process, as the current stock price of $63.73 is slightly below the acquisition offer [3] Company Overview - Air Lease Corporation is a key player in the aircraft leasing industry, providing aircraft to airlines globally [1] - The company's stock is currently trading at $63.73, which is under scrutiny due to the proposed acquisition [3] Market Context - AerCap Holdings N.V., another major competitor in the aircraft leasing sector, is trading at a similar price point of $63.73, with a minor decrease of 0.10% today [4] - AerCap's market capitalization is approximately $7.12 billion, with a trading volume of 7,457,455 shares [4]

Core Insights - UK-based aircraft leasing company AerFin has entered into an asset-backed financing arrangement for the acquisition of three Airbus A320neo airframes in collaboration with Turning Rock Partners [1] - The aircraft will be integrated into a revenue pooling framework, with AerFin managing the dismantling, maintenance, and distribution of parts [1] Company Operations - AerFin operates logistics centres in the UK, the US, and Singapore, providing support to airlines and maintenance organizations globally [2] - The company focuses on efficient use of parts recovered from disassembled airframes, aiming to offer steady returns over the investment period [2] Transaction Details - ORIX Aviation acted as the transaction adviser and provided technical inspections for Turning Rock Partners [2] - Legal advice was provided by Holland & Knight, while Deloitte served as accounting and tax adviser [3] Strategic Focus - Turning Rock Partners emphasizes sourcing opportunities in asset-heavy sectors where capital inefficiencies and market dislocation create compelling entry points [4] - AerFin's CEO highlighted the confidence investors have in the company's ability to maximize value from next-generation assets like the A320neo [4] Value Proposition - AerFin claims that its technical expertise and proven track record in strategic asset monetization enable the delivery of efficient, sustainable solutions that unlock value and create long-term benefits for partners [5]

Core Viewpoint - Bank of America identifies five stocks with strong potential for growth following the latest earnings season, emphasizing their solid fundamentals and attractive entry points across various sectors [2][3][7]. Group 1: Stock Highlights - **Palantir Technologies**: Recognized as a key beneficiary of the growing demand for AI platforms, with a strong position in both government and commercial markets, expected to deliver profitable growth as AI adoption accelerates [4][5]. - **Wayfair**: Upgraded to "buy" from "neutral" due to impressive quarterly results, with analysts noting accelerating market share gains and improving margins, positioning it well for a housing market recovery. Price target raised to $130 from $86, with shares up 142% year-to-date [8][9]. - **AerCap Holdings**: The world's largest aircraft leasing company, with a strong portfolio and cash position. Price target increased to $150 from $130, driven by persistent supply constraints in the aviation industry, with shares climbing nearly 39% this year [10][11]. - **Intapp**: A SaaS player with accelerating cloud revenue growth, maintaining a "buy" rating despite a 40% decline in stock this year. Price target raised to $76 from $75, with potential to disrupt its target verticals [12][13]. - **Diamondback Energy**: Identified as the top large-cap oil pick, highlighting strong free cash flow and significant buybacks, with a focus on financial discipline and shareholder returns [14][15].

Financial Data and Key Metrics Changes - Net investment income (NII) per share was $0.38 for Q3 2025, corresponding to an annualized return on equity (ROE) of 10.3% [6] - GAAP net income per share was $0.29 for the quarter, corresponding to an annualized ROE of 8% [7] - Net asset value (NAV) per share was $14.66 at the end of September, down 0.6% compared to the prior quarter [7] - Total investment income for the September quarter was approximately $82.6 million, up $1.3 million, or 1.6% compared to the prior quarter [25] Business Line Data and Key Metrics Changes - MFIC made $138 million of new commitments across 21 transactions during the September quarter [7] - The weighted average spread on the directly originated corporate lending portfolio was 559 basis points, down 9 basis points compared to the end of June [21] - The weighted average yield at cost of the directly originated lending portfolio was 10.3% for the September quarter, down from 10.5% for the June quarter [25][21] Market Data and Key Metrics Changes - The U.S. economy has remained resilient, easing recession concerns, although inflation remains elevated [16] - The Federal Reserve cut interest rates by 25 basis points in both September and October [16] - There is an increase in sponsor M&A activity due to reduced volatility from tariffs and a more stable financing environment [16][17] Company Strategy and Development Direction - MFIC's strong position is a competitive advantage, with over half of new commitments made to existing portfolio companies [8] - The company aims to maintain a disciplined underwriting approach despite competitive pressures [17] - MFIC is focused on building a portfolio of predominantly first lien loans to sponsor-backed companies [10] Management's Comments on Operating Environment and Future Outlook - Management noted that the increase in M&A activity is expected to continue into 2026, driven by private equity firms needing to deploy capital [42] - The company is actively working on initiatives to offset the impact of declining base rates on net investment income [14] - Management expressed confidence in the ability to navigate the current market environment and maintain portfolio quality [10][22] Other Important Information - The board declared a quarterly dividend of $0.38 per share, payable on December 23, 2025 [13] - The company has no exposure to certain troubled companies, indicating a focus on portfolio health [19] Q&A Session Summary Question: What is driving the increase in non-accruals? - Management indicated that there is no common theme among the companies that went on non-accrual, with issues being idiosyncratic [35] Question: Is the increase in M&A activity sustainable through 2026? - Management believes ongoing demand for M&A will continue due to private equity firms needing to deploy capital and a more stable financing environment [42] Question: How is the company addressing the impact of lower base rates on dividends? - Management is evaluating the timing of initiatives to offset lower base rates and is committed to maintaining the current dividend level while monitoring the situation [62]

Core Insights - Air Lease Corporation (AL) reported Q3 2025 earnings per share (EPS) of $1.29, missing the Zacks Consensus Estimate of $1.60, but showing a year-over-year improvement of 3.2% due to increased rental revenue from flight equipment [1][10] - Total revenues reached $725.4 million, falling short of the Zacks Consensus Estimate of $737.3 million, yet reflecting a 5.1% year-over-year growth [1][10] Merger Agreement - On September 2, 2025, Air Lease announced a definitive agreement to be acquired by a new holding company based in Dublin, Ireland, backed by Sumitomo Corporation, SMBC Aviation Capital Limited, and investment vehicles affiliated with Apollo and Brookfield [2] - Shareholders of Air Lease will receive $65 per share of Class A common stock in cash upon deal closure, valuing the transaction at approximately $7.4 billion, or $28.2 billion including debt obligations [3] - The deal is expected to close in the first half of 2026, pending customary closing conditions and regulatory approvals, with no financing contingency [4] Financial Performance - Revenues from the rental of flight equipment increased by 9% year over year to $681 million, driven by fleet growth and higher portfolio lease yield [5] - Revenues from aircraft sales and trading fell by 32% year over year to $44 million due to reduced sales activity, with $35 million gained from the sale of five aircraft during the quarter [6] - Operating expenses rose by 7.3% year over year to $600.9 million [6] Fleet and Financial Position - As of September 30, 2025, Air Lease owned 503 aircraft with a net book value of $29.5 billion, contributing to a total fleet size of 781 aircraft, including 228 on order [7] - The company ended Q3 with $452.21 million in cash and cash equivalents, slightly down from $454.80 million in the previous quarter, while debt financing amounted to $20.2 billion [8]

Financial Data and Key Metrics Changes - The company reported quarterly revenue of $183.4 million, a 25.4% increase year over year, driven by strong demand for leasing services and a strengthening aviation market [3][4] - Core leasing revenues reached a record $76.6 million, up 17.9% from the prior year, while maintenance reserve revenue increased by 52.8% to $76.1 million [9][10] - Net income attributable to common shareholders was $22.9 million, with diluted weighted average income per share at $3.25 [19][20] Business Line Data and Key Metrics Changes - Leasing, maintenance reserve, and interest revenue totaled $156 million, reflecting a 32% increase from the same quarter in 2024 [5][9] - The average portfolio utilization increased to 86% from 82.9% in the comparable period of 2024 [10] - Maintenance reserve revenues associated with long-term liabilities rose significantly to $29.5 million from $1.2 million in the prior year [11] Market Data and Key Metrics Changes - The company purchased 16 engines and six aircraft for a total of approximately $136.4 million, indicating strong market activity [3][4] - The average lease rate factors for on-lease operating lease assets remained stable at 1.04% compared to the previous year [10] Company Strategy and Development Direction - The company aims to grow its aircraft leasing capabilities while maintaining its core focus on engine leasing and services [8][45] - The recent hiring of Pascale Tucano as Senior Vice President of Aircraft Leasing and Trading is expected to enhance the company's capabilities in aircraft leasing [6][8] - The company is also focusing on sustainable aviation fuel (SAF) projects, with plans to solicit third-party equity for funding [45][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the leasing business, citing robust demand and operational capacity [4][5] - The company anticipates that improved clarity on new aircraft delivery dates will benefit its services and leasing strategies [5][26] - Management acknowledged the potential impact of increased aircraft supply on legacy engine values but emphasized the ongoing demand for their services [25][26] Other Important Information - The company declared its seventh consecutive quarterly dividend, increasing it to $0.40 per share, reflecting confidence in business strength [4][23] - Total debt obligations increased to $2.24 billion, with a fixed-rate debt profile of 89% and a weighted average cost of debt at 5.11% [18][22] Q&A Session Summary Question: Impact of improving new aircraft delivery rates on legacy engine values - Management noted that increased aircraft supply could lead to the retirement of older aircraft, potentially affecting legacy engine values, but emphasized the ongoing demand for their services [25][26] Question: Reconciliation of common equity increase versus reported earnings - Management explained that the increase in common equity includes various components such as net income and stock-based compensation, which will be detailed in the upcoming 10-Q [28][29] Question: General and administrative expense clarification - Management provided details on the increase in G&A expenses, attributing it to higher personnel costs and changes in share-based compensation [30][32] Question: Write-downs and their frequency - Management clarified that write-downs are common in the engine space and are related to assets coming off lease, with recent write-downs reflecting the transition of engines to held for sale [40][41] Question: Future investment in aircraft leasing - Management confirmed plans to expand aircraft leasing capabilities while maintaining their core focus on engine leasing, emphasizing a thoughtful growth strategy [44][45] Question: Funding for SAF project - Management indicated that they plan to seek third-party equity for the SAF project, with a conservative risk approach to funding [45][46]