What Air Lease Corporation told the SEC could break it.

Air Lease has roughly 7.7% of its aircraft by net book value on lease to lessees in Taiwan (and ~0.8% in China), concentrating exposure to economic, legal and political conditions there and to U.S. relations with those regions, including trade disputes and barriers.

“As of December 31, 2025, we had concentrated customer exposure with our top five lessees by net book value, listed below under “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Our Fleet” and we also had approximately 7.7% and 0.8% of our aircraft by net book value on lease to lessees located in Taiwan and China, respectively.”

While aircraft and parts have generally been tariff-exempt under recent U.S.–EU/UK/Japan trade frameworks, on January 29, 2026 the U.S. administration threatened a 50% tariff on Canadian-manufactured aircraft imported into the U.S.; Air Lease has four orderbook aircraft that would be subject to it if implemented.

“On January 29, 2026, the U.S. administration threatened to impose a 50% tariff on Canadian manufactured aircraft imported into the U.S.”

Air Lease discloses concentrated customer exposure to its top five lessees by net book value; its revenue is substantially all derived from leasing aircraft to commercial airlines, so a default by a major lessee would materially affect cash flows.

“As of December 31, 2025, we had concentrated customer exposure with our top five lessees by net book value, listed below under “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Our Fleet””