AL · CIK 1487712
What Air Lease Corporation told the SEC could break it.
Air Lease's disclosures are about concentration in who and where it leases. Its revenue comes almost entirely from leasing aircraft to commercial airlines, with concentrated exposure to its top five lessees and a geographic tilt that includes about 7.7% of its fleet by value on lease in Taiwan (and 0.8% in China) — leaving it exposed to those regions' politics and U.S. trade relations. A more specific trade-policy wrinkle: although aircraft have generally been tariff-exempt, the U.S. administration's January 2026 threat of a 50% tariff on Canadian-manufactured aircraft would, if enacted, hit four planes in its orderbook.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Geographic concentration
- Taiwan lessee exposure — ~7.7% of fleet by net book value (plus China ~0.8%)medium
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.”
Regulatory & policy
- threatened 50% U.S. tariff on Canadian-manufactured aircraft (4 orderbook aircraft exposed)medium
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.”
Customer concentration
- top five lessees by net book value (unnamed in this window)low
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””
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Airbus SE
“In many cases, we serve as a launch customer for Boeing or Airbus, whereby we play a crucial role in introducing a new aircraft type into the global fleet.”
Cited →“In many cases, we serve as a launch customer for Boeing or Airbus, whereby we play a crucial role in introducing a new aircraft type into the global fleet.”
Cited →
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