Alpine Loads Up on Air Lease With 1.07 million Shares Bought in Q4
Key Points
Increased stake by 1,070,853 shares; estimated trade size ~$68.37 million (estimate based on quarterly average price).
Quarter-end position value rose by $68.81 million, reflecting both new share purchases and stock price appreciation.
Post-trade holding: 1,118,656 shares valued at $71.85 million (4.78% of AUM), which places it outside the fund's top five holdings.
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What happened
According to an SEC filing dated Feb. 5, 2026, Alpine Associates Management Inc. bought 1,070,853 additional shares of Air Lease (NYSE:AL)in the fourth quarter, bringing its total stake to 1,118,656 shares as of Dec. 31, 2025. The estimated value of the trade is $68.37 million, calculated using the average closing price for the fourth quarter. The quarter-end position value increased by $68.81 million, a figure that includes both trading activity and stock price movement.
What else to know
- This was a significant buy, lifting Air Lease to 4.78% of Alpine Associates Management Inc.'s reported U.S. equity assets.
- Top holdings after the quarter:
- Norfolk Southern Corp: $135.17 million (8.98% of AUM)
- Chart Industries: $88.87 million (5.91% of AUM)
- CyberArk Software: $84.91 million (5.65% of AUM)
- Exact Sciences Corp.: $81.81 million (5.44% of AUM)
- New Gold Inc.: $81.55 million (5.42% of AUM)
- As of Feb. 4, 2026, shares of Air Lease were priced at $64.62, up 45.8% over the past year on a total return basis, outperforming the S&P 500 by 30.39 percentage points.
- Air Lease reported trailing-12-month revenue of $3 billion and net income of $1.04 billion through Dec. 31, 2025.
- Dividend yield stood at 1.36%; forward P/E was 12.35; EV/EBITDA was 10.57 as of the latest data.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close February 4, 2026) | $64.62 |
| Market Capitalization | $7.18 billion |
| Revenue (TTM) | $3 billion |
| Net Income (TTM) | $1.04 billion |
Company snapshot
- Provides commercial jet aircraft leasing, aircraft sales, and fleet management services to airlines and investors globally.
- Generates revenue primarily through long-term operating leases and aircraft sales, leveraging a diversified fleet of narrowbody and widebody aircraft.
- Core customer base includes commercial airlines, financial services companies, and institutional investors seeking fleet solutions.
Air Lease Corporation operates at scale as a leading aircraft lessor, managing a fleet of hundreds of modern commercial jets and serving a global client base.
What this transaction means for investors
Alpine’s purchase of Air Lease shares in the fourth quarter catapulted the stock from just 0.18% of the fund’s total assets under management to 4.78% of AUM. Air Lease shares currently trade around their recent high of $76.33 as of Feb. 25, having experienced a huge share price surge in August last year.
In September, Air Lease announced it had entered into a merger agreement to be acquired by a new holding company based in Dublin, Ireland, whose shares are held by Sumitomo Corporation, SMBC Aviation Capital Limited, and investment vehicles affiliated with Apollo managed funds and Brookfield. At the closing of the transaction, Air Lease shareholders will receive $65 in cash for each share of Class A common stock they hold. The agreement represents a total valuation of approximately $7.4 billion, or approximately $28.2 billion including debt obligations. The merger is expected to be completed in the second half of 2026.
Air Lease released its financial results for the fourth quarter and full year 2025 on Feb. 12. The company reported the highest total revenue of any individual quarter or year in company history — reaching $820 million for the fourth quarter and $3 billion for the full year. It also took delivery of 10 aircraft from its orderbook and sold 23 aircraft during the fourth quarter, for a record of $1 billion in sales. The board of directors also recently approved a quarterly cash dividend of $0.22 per share, to be paid on April 7, to holders of record as of March 2.
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Sarah Sidlow has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Brookfield Asset Management and Chart Industries. The Motley Fool has a disclosure policy.
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