Air Lease Corporation (AL)

Air Lease Corporation was an aircraft leasing company headquartered in Los Angeles, California. It was founded in 2010 by Steven Udvar-Hazy, who had earlier co-founded International Lease Finance Corporation and was among the most prominent figures in the industry. The company aimed to buy new commercial jets directly from manufacturers and lease them to airlines worldwide.

Air Lease's business centered on purchasing new narrowbody and widebody aircraft from Airbus and Boeing, leasing them under long-term contracts, and later selling aircraft to investors, other lessors and airlines. It also offered fleet management services for owners and investors. At the end of 2022 it owned 417 aircraft, including 306 narrowbody and 111 widebody jets, and it had a large order book for future deliveries.

The company completed its initial public offering in April 2011 and listed its Class A common stock on the New York Stock Exchange under the symbol AL. It financed its fleet largely with unsecured debt, and it was rated investment grade, which supported its funding costs. Over time, Udvar-Hazy remained executive chairman while John Plueger served as chief executive officer.

Aircraft lessors benefited from strong demand for fleet growth and from supply constraints at manufacturers, but they also faced capital intensity, rising interest rates and delivery delays. The pandemic and the war in Ukraine also affected the industry, including Air Lease's exposure to Russia, which led to insurance claims on aircraft that could not be recovered.

In 2025, Air Lease agreed to be acquired by a consortium led by Sumitomo Corporation and including SMBC Aviation Capital, Apollo funds and Brookfield. The agreement provided for a cash price of $65.00 per Class A share, as announced at the time, and contemplated a combined platform with SMBC Aviation Capital's leasing operations. The transaction required shareholder, regulatory and antitrust approvals in a number of jurisdictions.

Sumitomo Corporation announced completion of the take-over on April 9, 2026, describing the creation of a business called Sumisho Air Lease. Air Lease became privately held, and the NYSE removed its Class A common stock from listing. A Form 25 was filed with the SEC on April 8, 2026 in connection with the delisting.