Beat Expectations, primarily driven by record profits from strong asset sales and the engine leasing business.

Adjusted EPS $5.39, ROE 19.4% both record highs; net sales proceeds $291M, with 41 assets sold.

This quarter added 110 new A320neo orders (delivery beginning 2028), leveraging engine leasing capabilities to address supply chain bottlenecks; Spirit Airlines aircraft are undergoing repairs, expected to resume operations in H2; engine leasing demand remains robust due to the scarcity of new aircraft.

Upwardly revised 2026 adjusted EPS guidance to approximately $14.50, with asset sales expected to exceed $3 billion (previously $2-3 billion).

Management tone was positive, emphasizing that flight volume declined only 0.7% and no cancellations occurred; however, it warned that if fuel remains elevated, demand for older technology assets could decline, while the company's 81% exposure to new technology assets makes the risk manageable.