Good day, welcome to the Aircastle Limited fourth quarter and full year 2025 financial update call. Today's conference is being recorded. At this time, I would like to turn the conference over to Jim Connelly, Senior Vice President of Corporate Communications. Please go ahead, Mr. Connelly. Good morning, everyone, welcome to Aircastle Limited's fourth quarter and full year 2025 financial update call. With me today are Michael Inglese, Chief Executive Officer, and Roy Chandran, Chief Financial Officer. Other members of the management team are also on the line. They will be available during Q&A. We will begin the presentation shortly, but I would like to remind everyone that this call is being recorded, and a replay will be available through our website at www.aircastle.com. There you can also find the press release and PowerPoint presentation that accompany this call. I would like to point out that statements today, which are not historical facts, may be deemed forward-looking statements. Actual results may differ materially from the estimates or expectations expressed in those statements. Certain facts that could cause actual results to differ materially from Aircastle Limited's expectations are detailed in our SEC filings, which can also be found on our website. I will direct you to Aircastle Limited's press release for the full forward-looking statement legend. With that, I will now turn the call over to Mike. Thanks, Jim. Good morning, everyone, thanks for joining us today. I'm pleased to share that Aircastle finished its fiscal 2025 with net income of $194 million, a 57% increase from 2024. We saw continued improvement in lease rental revenues. We benefited from many opportunistic sales that delivered $96 million in gains. Fiscal 2025 was our best year yet for net income since 2018. Our total revenues of $975 million was an all-time high for Aircastle. Reflecting on these positive results, I want to thank all members of Aircastle's global team for their outstanding efforts. We efficiently acquired 46 aircraft, all narrow bodies, adding about $1.7 billion of net book value. 2025 was also a milestone year for Aircastle, as new technology aircraft now make up over half of our global fleet by net book value. The weighted average age of our fleet is 9 years, with a weighted average remaining lease term of 5.4 years. During 2025, we also expanded our network of trading partners across both acquisitions and sales. With respect to sales, the $96 million of gains we recognized came from the sale of 33 aircraft, including our final Boeing 747 and 777 aircraft. As of February 28th, 2026, 95% of our fleet was comprised of narrow-body aircraft. Fiscal 2025 was also a successful year in strengthening our capital structure. We raised $1.25 billion in new financing from unsecured senior notes and an unsecured term loan. $500 million of revolving credit facilities were also extended. In addition, we were especially pleased to see the rating agencies recognize the enhanced quality of our unique business model. S&P upgraded Aircastle to BBB flat, and Moody's upgraded Aircastle to Baa2 during the year. Lastly, during 2025, we collected Russia-related settlement proceeds of $71 million. All in all, a great year due to our team's collective efforts and the outstanding support we received from our shareholders and investors. Roy will go into our financial results and financing highlights in detail, but first, I'd like to share my thoughts on a broader aviation market and what Aircastle is doing to position ourselves. While the most recent IATA report on air passenger demand showed 6.1% year-on-year growth, fuel costs have seen a sharp increase as a result of the conflict in the Middle East. Among energy sources, jet fuel experiences a sharper setback by the widening of its crack spreads versus crude, as gas and diesel production are prioritized whenever a disruption of this magnitude is experienced. Current risk from jet fuel scarcity is felt more acutely in Europe and Asia due to their reliance on Middle East-based sources. As we enter the strong summer season, airlines have been managing capacity and revenues to offset some of the impact of the higher fuel prices. Despite the added costs brought about by rising fuel, past trends have shown us that airlines and customers are resilient to such disruptions. Airlines have learned to proactively pivot around geopolitical disruptions. For several years now, supply chains have challenged airlines, yet they've found ways to manage costs through pricing and network adjustments. Inflation is on the mind of all consumers, yet trends show consumers continue to prioritize air travel among discretionary spending choices. We believe these are two important reasons to remain optimistic about our sector. Aircraft trading remains robust and competitive. Flight equipment values are high, engines especially trade at a premium. We've commented about the shortage of new technology aircraft for quite some time now, that shortage looks to endure into the next decade. Current technology aircraft continue to see high demand and strong yields of these investments support profitability. Nearly a third of GTF-powered A320neo family aircraft still remain grounded. Although there are headwinds facing the global economy, we believe leasing will continue to be a long-term financing solution for airlines. Past disruptions have also proven to be points of opportunity for leasing investors, especially when airlines face liquidity pressures. We now turn to fiscal 2026 with ample liquidity and investor confidence that comes from experience. In addition to our reputation as a valued trading partner, we're proud of our track record measuring risks and proactively protecting our portfolio. With that proven track record and the shareholder support we receive from Marubeni Corporation and Mizuho Leasing, we look forward to further profitability and growth in 2026 with this investment-grade rating and our disciplined investment strategy. Now I'll turn it over to Roy to go over our financial highlights in more detail. Thanks, Mike. For the fourth quarter, we generated net income of $57 million on total revenues of $251 million. Lease rental revenues of $194 million represented a 15% increase as compared to the fourth quarter of 2024. We purchased 14 aircraft in the fourth quarter, adding $395 million to the book value of flight equipment. We also sold 13 aircraft with an average age of 14 years, and which resulted in net gains of $36 million on proceeds of $361 million. Turning now to fiscal year 2025's financial performance, which broadly reflects the improving asset quality of our fleet and favorable market conditions for aircraft leasing. For the year, we earned net income of $194 million, up $70 million or 57% versus 2024. Our lease rental revenue improved 16%, while adjusted EBITDA was $945 million, up 20% versus 2024. Acquisitions were 46 aircraft with an average age of six years, adding $1.7 billion net book value. During fiscal 2025, we also sold 33 aircraft with an average age of 17 years, generating $730 million of proceeds while recognizing $96 million gains on sale. As of February 20th, 2026, the weighted average age of our fleet was nine years. All in all, for fiscal 2025, our team executed 174 lease transactions, largely comprised of purchases, sales, lease amendments and extensions. 12% increase in operating cost was primarily a result of higher depreciation, reflecting a growing fleet, higher interest due to increased borrowings, and transactional impairments largely offset by maintenance revenue. During the year, we collected Russia-related settlement proceeds totaling $71 million. By comparison, $50 million in settlements were collected in fiscal 2024. Turning now to financing. During fiscal 2025, we raised $1.25 billion in new unsecured financings, comprised of an unsecured term loan of $600 million sourced from 18 global lenders and $650 million in unsecured senior notes at a coupon of 5%. In the fourth quarter, we also extended the maturity of $500 million of revolving credit facilities with Mizuho Marubeni Leasing Americas and Mizuho Bank. These maturities are now extended to early 2029. These extensions demonstrate a continuous commitment by our shareholders who firmly believe in Aircastle's future. Our unique ownership structure continues to be a competitive advantage, which factored to the two credit ratings upgrades, which Mike previously mentioned. 99% of our $8.5 billion fleet is now unencumbered, while 98% of our debt is unsecured. The weighted average interest rate on our debt at the end of the fourth quarter was 5.1%, flat versus the third quarter, and down slightly from 5.3% at the end of the prior year. Adjusted net debt to equity at the end of the fourth quarter was 2.2 times. As of April 1st, we had total liquidity of $2.6 billion, comprised of $2 billion of undrawn facilities, unrestricted cash of $100 million, and $500 million in projected 12 months adjusted operating cash flows from contracted sales. In closing, despite emerging fuel-related challenges facing global aviation, we believe Aircastle will continue to be supported by sustained demand for air travel and the essential role leasing plays in air finance. We have the liquidity needed to quickly and competitively deploy capital, we have demonstrated our agility at raising new financings at strategic intervals. We are well-positioned to profit in fiscal 2026 as we continue to invest with discipline, raise efficient capital, and meet the expectations of our customers, shareholders, and debt investors. With that, operator, we are happy to open the call up to questions. Thank you. If you would like to ask a question, please signal by pressing star one on your telephone keypad. If you are using a speakerphone, please make sure your mute function is turned off to allow your signal to reach our equipment. Again, press star one to ask a question and we will pause for just a moment to allow everyone an opportunity to signal for questions. Again, press star one to ask a question. We will take our first question from Doug Runte with Deutsche Bank. Please go ahead. Yes, thanks very much. A quick one. You mentioned the Russian recoveries. I am wondering, are there any claims still outstanding? Can you remind us of what has been your recovery to date as a percentage of the book value of the lost aircraft? Yeah, Doug, we've essentially collected basically what we wrote off on those aircraft. There's not anything material left in our view, in terms of expected future settlements or collections. Terrific. Thank you for that. Congratulations on the recoveries. It's a small percentage of your fleet. I'm wondering if you can update us on the status of the Spirit Airlines airplanes. I assume they're all now physically in your custody at Goodyear. I guess can you talk about the efforts at remarketing and perhaps discussions with your engine friend? As I think everyone should know by now, we had four NEOs that were rejected. A number of the engines on those planes have green time left on them. We either have or are in the process of placing those out on engine leases to use up that green time. We've put in place a schedule, with our friends in Hartford, to have those aircraft go through shop visits and eventually get back in the air. That will clearly take some time. We had a CFM there that we have taken out. We are in discussions with a few different airlines about a placement for that aircraft. Perfect. Thank you. Then maybe just on the overall industry environment, has there been any change in the conversations you're having with actual and potential airline customers regarding their need for aircraft? As you look at your 2027 lease expiries, are you still feeling comfortable that there's demand, or has there been any, I guess, changes around the edge with the rise in fuel prices that seems both maybe longer and higher than some expected? Hey, Doug, this is Doug Winter. As it relates to demand and looking into our roll-off profile through 2027, we're not seeing any meaningful impact as yet. We actually do not have too many aircraft that we have to transition. As you've heard us report on prior calls, there still continues to be quite strong demand from operators to extend existing aircraft. For the handful that we do need to transition next year, I can tell you that we are in, call it constructive and in relatively advanced discussions with two to three operators for that handful of aircraft. We haven't seen a meaningful impact on those kinds of engagements as yet. Perfect. I guess no changes in arrearages or your collections% since the onset of the war? We haven't seen any meaningful change related to the very dynamic geopolitical situation we're experiencing in the world right now. Great. Thanks very much for taking the multiple questions. Thanks, Doug. As a reminder, if star one to ask a question. It appears there are no additional questions at this time. I'll turn the conference back over to Jim Connelly for any additional remarks. I just want to thank everyone for joining us today. If you have any questions or comments, please feel free to reach out. Oh, I'm sorry. It looks like we do have one additional question. Correct. Yes. We do have a question just coming in from Abhinav Anand from Goldman Sachs. Please go ahead. Hi. Thank you for taking my question. Can you help sort out how should we think about the situation with the Middle East right now? What is your exposure there, and what are some of the likely outcomes that you foresee here with travel declining? Should we be thinking about groundings, what is the potential outcome for some of the smaller airlines there? Yeah. Look, in terms of our exposure, we have a little less than 5% of our overall book in and on lease with Middle East-based airlines. It's spread across about five different airlines. Clearly, the situation in each particular country is a little bit different in terms of impact on past, current, and near-term expected sort of limitations on flying. Like everything else with this situation, the duration, and the volatility of the situation is going to dictate how this plays out. We haven't seen any significant issues in terms of physical security of assets. It's clearly affected people's flying patterns. We haven't experienced any particular issues with respect to any of those airlines at this point in time. All right. Do you have it with the discount airlines or some of the larger sovereign backed airlines? It's a mixture of both. Predominantly with the bigger ones. Got it. Okay. Thank you for taking my question. Thank you. Thank you. We do have a follow-up question from Doug Runte at Deutsche Bank. Please go ahead. Thanks very much for taking the follow-up. I guess, turning to engines again, as I look at today's earnings from GE and RTX and their equity market cap exceeding that of Boeing and Airbus combined, I'm wondering if you can talk about, I guess, risks and opportunities about what we're seeing in the engine markets and engine, I guess, LLP and overhaul costs in general. You talked about engines trading at a premium, green time being very valuable, but I guess there's also the flip side of risks associated with engine service agreements and other things that don't necessarily transfer over to the lessors. I guess broadly, engines risk, opportunity, how are you looking at it and thinking about it strategically and with your Chief Risk Officer? Look, the escalating cost of engine overhauls is going to affect airlines, and the longer-term who's-going-to-pay-for-all-this question has a ways to go before it gets resolved. Lessors don't think we're paying for it, but in the instant case of Spirit, when you get stuff back from somebody who was on a return comp lease, that's going to affect someone like us and our peers who are going to have to fund the cost of putting those engines through the shop and getting them out on lease. The risk profile has changed more from the lease terms that have evolved in the market over the last decade to more return comp structures than maintenance payers. The cost of overhauls is going to squeeze the profitability of airlines over time. It's going to be another cost burden that's going to have to be borne, and the obvious question is how much of escalating costs can get passed on in ticket prices and baggage charges, and when does that equation start to actually affect demand for air travel? Has it gotten to the point where anyone has said, "I'm no longer really that interested in NEOs. My good old-fashioned CFM56s are good enough for me"? I wouldn't say on a broad-based scale basis. Certainly in some instances, people are looking at more certainty around the future in the intermediate term of a CFM56 or a V2500 versus some of the new technology. The new technology's coming. The existing technology is still going to fly for a long time. There's a lot out there, and it's going to take some time, well into the next decade, before it gets replaced. Great. Thanks very much for the additional color. Thank you. If we have no additional questions, I'll turn the call back over to Jim Connelly for additional remarks. Again, just thanks, everybody, for calling in today and joining us. Please reach out if you have any questions or follow-up questions. Thanks very much. Have a great day. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.