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Debt Financing
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Financing Debt Financing
The Company’s consolidated debt as of December 31, 2025 and 2024 is summarized below:

December 31, 2025December 31, 2024
(in thousands)
Unsecured
Senior unsecured securities $13,860,558 $16,046,662 
Term financings 3,846,800 3,628,600 
Commercial paper1,361,400 — 
Revolving Credit Facility— 170,000 
Other revolving credit facilities300,000 — 
Total unsecured debt financing19,368,758 19,845,262 
Secured
Term financings 318,348 354,208 
Export credit financing 175,238 190,437 
Total secured debt financing493,586 544,645 
Total debt financing19,862,344 20,389,907 
Less: Debt discounts and issuance costs(132,215)(179,922)
Debt financing, net of discounts and issuance costs$19,730,129 $20,209,985 

At December 31, 2025, management of the Company believes it is in compliance in all material respects with the covenants in its debt agreements, including minimum consolidated stockholders’ equity, minimum consolidated unencumbered assets, and an interest coverage ratio test. At December 31, 2025 and December 31, 2024, the composite interest rate (excluding amortization of debt discounts and issuance costs) was 4.15% and 4.14%, respectively.

Senior unsecured securities (including Medium-Term Note Program)

As of December 31, 2025, the Company had $13.9 billion in aggregate principal amount of senior unsecured notes outstanding with remaining terms ranging from less than one month to six years and bearing interest at fixed rates ranging from 1.875% to 5.95%. As of December 31, 2024, we had $16.0 billion in aggregate principal amount of senior unsecured notes outstanding bearing interest at fixed rates ranging from 1.875% to 5.95%.

Unsecured syndicated revolving credit facility

As of December 31, 2025 the Company did not have any amounts outstanding, and as of February 12, 2026, the Company had $750.0 million outstanding under its unsecured syndicated revolving credit facility (the “Revolving Credit Facility”), respectively. As of December 31, 2024, the Company had $0.2 billion outstanding under the Revolving Credit Facility. Borrowings under the Revolving Credit Facility are used to finance the Company’s working capital needs in the ordinary course of business and for other general corporate purposes.

In April 2025, the Company amended and extended its Revolving Credit Facility through an amendment that, among other things, (i) added ALC Aircraft Financing Designated Activity Company, an indirect, wholly-owned subsidiary of the Company, as a borrower to the Revolving Credit Facility under a new tranche B revolving commitment totaling $250.0 million (ii) extended the final maturity date from May 5, 2028 to May 5, 2029 and (iii) amended the total revolving commitments thereunder to approximately $8.2 billion as of May 5, 2025. Borrowings under the Revolving Credit Facility continue to accrue interest at Adjusted Term SOFR (as defined in the Revolving Credit Facility) plus a margin of 1.05% per year. The Company is required to pay a facility fee of 0.20% per year in respect of total commitments under the Revolving Credit Facility. Interest rate and facility fees are subject to changes in the Company’s credit ratings.
In May 2025, the Company entered into a new lender supplement which increased the aggregate capacity of the Revolving Credit Facility by $250.0 million. The additional capacity has a stated maturity date of May 5, 2029.

As of February 12, 2026, lenders held revolving commitments totaling approximately $8.4 billion. Lenders held revolving commitments totaling approximately $8.0 billion that mature on May 5, 2029, commitments totaling $125.0 million that mature on May 5, 2028, commitments totaling $25.0 million that mature on May 5, 2027 and commitments totaling $210.0 million that mature on May 5, 2026.

Other unsecured revolving credit facilities

As of December 31, 2025, and February 12, 2026, the Company had outstanding balances of $300.0 million and $750 million, respectively. Borrowings under these facilities bear interest at rates ranging from Adjusted Term SOFR plus 1.00% to Term SOFR plus 1.05%, or at the applicable rate, and mature in 2026. As of December 31, 2024, the Company did not have outstanding balances under its other unsecured revolving credit facilities. These facilities are not guaranteed and are available at the sole discretion of the lender, who has the right to modify or terminate the facilities at any time.

Unsecured term financings

As of December 31, 2025 and 2024, the outstanding balance on the Company’s unsecured term financings was $3.8 billion and $3.6 billion, respectively.

In December 2024, the Company entered into a $966.5 million unsecured term loan with a three-year maturity bearing interest at one-month Term SOFR plus a margin of 1.125%, subject to adjustment based on our credit rating. In April 2025, pursuant to the terms of the loan agreement, the Company exercised its option for additional commitments totaling $33.5 million. The term loan contains customary covenants and events of default consistent with the Company’s Revolving Credit Facility.

In addition, during the year ended December 31, 2025, the Company also entered into three other unsecured term facilities, with aggregate commitments totaling $550.0 million with terms ranging between one to two years, bearing interest at a floating rate between one-month SOFR plus 1.00% and one-month SOFR plus 1.15% plus a credit spread adjustment of 0.10%.

Secured debt financings

As of December 31, 2025, the Company had an outstanding balance of $493.6 million in secured debt financings and had pledged ten aircraft as collateral with a net book value of $728.6 million. As of December 31, 2024, the Company had an outstanding balance of $544.6 million in secured debt financings and pledged ten aircraft as collateral with a net book value of $772.7 million. All of the Company’s secured obligations as of December 31, 2025 and 2024 were recourse in nature to the Company.

Commercial paper program

On January 21, 2025, the Company established a commercial paper program under which it may issue unsecured commercial paper up to a total of $2.0 billion outstanding at any time, with maturities of up to 397 days from the date of issue. The net proceeds from the issuance of commercial paper are used for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness. As of December 31, 2025, and February 12, 2026, the Company had an outstanding balance of $1.4 billion and $1.6 billion under its commercial paper program, bearing weighted average interest rates of 4.26% and 4.15% and a weighted average maturity of less than one month, respectively.
Maturities of debt outstanding as of December 31, 2025 are as follows:

(in thousands)
Years ending December 31,
2026$8,002,441 
20274,026,176 
20283,130,140 
20291,071,769 
20302,167,349 
Thereafter 1,464,469 
Total$19,862,344