Exposure Summary

44 aircraft, one bankruptcy, two lessors carrying the exposure.

SMBC Aviation Capital and Jackson Square Aviation's combined re-placement position following Spirit Aviation Holdings' Chapter 11 lease rejections and May 2026 shutdown.

FILING Oct 2025 SURRENDER 27 Oct 2025 SHUTDOWN May 2026 STATUS Illustrative draft

01. Fleet Manifest

Every rejected tail, grouped by lessor.

44^{aircraft rejected}

A320-200N (neo)

A320-200 (ceo)

SMBC Aviation Capital25 aircraft - 21 neo / 4 ceo

Jackson Square Aviation19 aircraft - 18 neo / 1 ceo

02. Financial Exposure

Annualised rental value requiring re-placement.

$173.5M

MID-CASE ANNUAL VALUE
AT RE-PLACEMENT

$173.5M

$142.3M low$204.6M high

03. Emissions Context

Fuel-burn penalty if neo capacity is backfilled by ceo-equivalent aircraft.

~194,000 t

LOW · 16%

~213,000 t

MID · 17.5%

~243,000 t

HIGH · 20%

Pending independent validation

04. Market Context

The same crisis cuts both ways.

Source of risk

~700 GTF-powered frames grounded globally - the program delays that pressured Spirit's economics in the first place.

Support for value

That same scarcity of available young narrowbody capacity is propping up lease rates - a natural placement channel for these 44 airframes.