Hi, good afternoon, everybody. You know, I was thinking as I was—as I came in, there are obviously a few empty seats in here, but it's nice that the leasing component of our Industrials Conference now occupies the biggest room because that's definitely been a shift in recent years. Delighted to have the team from Air Lease here. Obviously, Steve Hazy, who everybody knows to my left, John Plueger, Greg Willis. You guys have been—you gentlemen have been staples on this stage for many, many years, so thank you. We hope to make good use of your time. As I look around the audience, obviously I see a lot of faces that I know are pretty, you know, deep in the weeds on aircraft leasing. Several of your competitors have already spoken this morning, but I'd love to just get a quick snapshot of where you think we are in the current market in terms of fundamentals for Air Lease. Yeah. Actually, I think our presentation kind of goes into that, James. Okay. Would you like me to go on in? Sure. I think it should become—the answer to your question should be, self-evident. Thank you, everybody, for joining us. Our typical forward-looking statements and just a quick snapshot on Air Lease, from our founding in 2010 to going public on the New York Stock Exchange in 2011. We've built a platform of about $50 billion now, between our order book, our total assets, and our cash flows. In summary, we do have about a $32 billion asset base, with another $17 billion of aircraft on order, giving us a fleet size of about 818 aircraft owned, managed, and on order. We've got $30 billion in committed lease rentals, which well exceeds our $20 billion debt load on our balance sheet. We build up and enjoy an about $8.1 billion level of liquidity today. As an investment-grade company, you can see on the bottom there we are triple B by S&P and Fitch and Kroll and A-. As an investment-grade company, the vast majority, 97% of our debt, is unsecured, and $30 billion of our assets are all unsecured. This past year, we enjoyed $1.7 billion in cash flow from operations. That cash flow is strengthening every year. Overall, we've got a young fleet. As you probably know, we have an order book model, which means that from the very, very beginning, our business has relied on ordering brand new aircraft from the manufacturers on long-tail forward purchase agreements. We currently have deliveries all the way out through 2030 at this point in time. You've heard from previous presenters, and as I think you know from your own reading, the aircraft marketplace should not be stronger. First comment towards your comment, Jamie, no, we do not see any peaks. We do not see anything coming down. If anything, we see a continued strength of the market, more towards an up-upshape plateau is the way I would summarize it. As a result, no surprise, we have a 100% aircraft utilization rate year to date in 2024, and believe that will continue in 2025 and 2026. Exceptionally strong lease placements. In fact, 100% of our order book deliveries are placed through the end of 2026. I think of note, a couple of comments have been made earlier today in this conference still about widebodies. Huge source of strength that we see now. We are 100% placed on all of our passenger widebodies in our order book. The only thing we do not have yet placed is the A350 freighter, which we have seven units. Passenger orders, passenger aircraft, 787-10s, A330-900neos, A350-900, and 1000, all fully placed from our order book. Along the lines of our debt structure, not only are we 97% unsecured, but just about 80% is fixed rate. What are our key themes for 2025? We hallmarked those in our earnings call a couple of weeks ago. We do expect a very strong steady expansion of our portfolio yield. Greg will talk about that in a minute. We continue to enjoy a very strong sales margin, reflecting the value of our fleet. We have a chart later in the deck, but just to let you know that, you know, historically, our sales margins have been 8-10%. The last, I'd say, average over the last two and a half, three years, it has been a little over 11%. In fact, though, in the fourth quarter, we enjoyed a 14% margin on the gain of all of our aircraft sales, which points to the next comment that we know and believe that our fleet and order book really has very significant embedded value. We have a chart a little bit later. We'll show you the construct of that order book where we enjoy volume discount, large volume discounts, and launch customer pricing and credits. Launch customer means you're first of type, and for that, you get beneficial extra pricing concessions and credits and better, delivery positions. Some talk has been had this morning about political climate, Russia, et cetera. In 2022, after Russia invaded Ukraine, as other lessors had to, we wrote off $802 million on our balance sheet, which was our Russia aircraft, down to zero. That put us a little bit behind the power curve for our target debt to equity level, which was two and a half to one. As we said in our last earnings call, we are very close, though, to getting back to our target two and a half to one debt to equity level and certainly expect to be there before the end of the year, if not sooner. Finally, you know, the last few weeks have been a volatile time, and people are talking a lot about recession and et cetera, et cetera. We're going to point out to you, and Steve's going to wrap it up, talking about overall, historically, looking back, how air travel has remained resilient over time, just in many different marketplaces. Some really key themes that we thought we would offer more detail than we normally do in our last earnings call, all pointing towards, again, Jamie, your comment, we're still seeing an increasing yield in our marketplace, and on the aircraft and air extensions. Clearly, a strong, a much stronger demand for aircraft than we have a supply for today. Just to illustrate these points, in 2024, fourth quarter, all of our aircraft deliveries that we took represented the highest delivery yield in a quarter in over four years for our company. We expect that portfolio yield actually to continue to benefit as we take delivery of our order book aircraft over the next several years. As importantly, because how do you build yield? It's not only just the new deliveries that you take, but it's how you extend leases. In the history of our business, a brand new aircraft, when it goes on lease, historically, has had about a 75% renewal of that lease at the end of the lease term. I stopped figuring what the extension rates are because they're almost 100% today and have been for quite some time. To that point, during the fourth quarter, we executed lease extensions on 23 aircraft, which had, on average, a higher lease rate compared to the initial lease term. I think most of you know when an aircraft goes on lease, the lease rates are fixed for that period of lease, let's say 12 years, but at the same time, the aircraft appreciates over time. It's very rare, very rare in our 40 years in business where you actually get an increase in lease rates compared to the initial placement period. We saw that for the first time in the fourth quarter of 2024. Particularly in the first quarter of 2025, we noted particular strength in the widebody marketplace. We extended six Boeing triple 7s that were in line with the lease rates that were existing before the leases expired. Not above, but even in line, is a very, very strong statement of the marketplace. Carrying forward, we are in a period where part of the attribute in how we are improving our yield is by the maturation of the fleet. As a matter of fact, over the next couple of years, we advised in our last call that we have about $5 billion of quote-unquote low-yielding aircraft rolling off for seasoning over the next couple of years. You see a simple prior breakdown of high, low, and medium aspects of our fleet in terms of yield, where we are, where we ended 2024 and where we are looking for in 2020 and by the end of 2026. With that, I'll hand it over to Greg. Thanks, John. On the next slide, we kind of pull it all together, right? If you look at the main drivers for that. Too far. There we go. One more time. There we go. If you look at the main drivers for that 150-200 basis point improvement in portfolio lease yield that we said would take place over the next four years, the main drivers, of course, are the increasing yields on delivery aircraft due from the OEMs, which we have $17 billion on order. Those leases are very valuable to us, and we'd like to see them come into the book as quickly as possible. The extension market, the narrow bodies, the wide bodies are all going in the right direction for us, plus the roll-off of those COVID-era leases that was about $5 billion. On top of that, you have the natural seasoning of the existing fleet, right? Because when you have brand new airplanes come in at their lowest yield point in their earning cycle, as they mature, they pick up about 40 basis points in yield every single year as a function of riding fixed-rate leases and having a steady depreciation rate of 3.4% a year on cost. All that together paints a very positive future for us as we continue to move past COVID. Turning now away from the existing fleet and the benefits of yield, I think it's important to point out the value of the existing fleet. I think the best way to demonstrate the value of the existing fleet is to look at our sales program. Over the last two years, we sold $1.5 billion in 2023, $1.7 billion in 2024. We have a $1.5 billion target for this year, for which $1.1 billion is already under contract between LOI and sales agreements. All in all, as John mentioned, our historical average is 8-10%. The average last year was 11% with a 14% number coming through in Q4. We have said that in that pipeline, there is a very, very strong embedded value. I think all of that together, when you look at trying to value the existing fleet, I think you should look at where we are exiting airplanes, taking into account the supply-demand imbalance right now that we see persisting for the next three to four years. All help substantiate the substantial value that is embedded in our existing fleet. I'll let you do the math, whether you use 5%, 10%, or whatever% premium that you like to use on our existing fleet to determine the value that Air Lease has on its balance sheet, or I guess in our fleet that's not reflected in our balance sheet. To complete that story, the other piece of value that's not included in Air Lease's financial statements is the value that's in the order book. We thought it'd be helpful to spend some time to refresh everybody's memory about how our $17 billion order book came together. I think a lot of people forget that we're, I mean, we're very disciplined when it comes to buying airplanes. If you look at this pie chart, you can see $10 billion of aircraft that were purchased in the depths of COVID. When many lesser orders were looking to cancel, defer, or somehow get out of these air orders, we actually doubled down and ordered $10 billion of airplanes priced at levels that we couldn't replicate in today's market. The remaining of the orders largely represent the launch customer pricing or launching of new aircraft types that John mentioned before, where it's widely accepted that that's the best pricing available. To layer on, we also had some other volume orders for 787s and MAXes and the like, all of which, you know, in addition to the launch orders, there are also volume discounts associated with those too. I think it's pretty clear there's an immense amount of value included in our order book that's not reflected in our core financial statements. With that, I think I'd turn it over to Steve. Oh, I'm going to do this one too. All right. Excellent. Not to hook yet. Yeah, not yet. The last part on the call, which I think, I hope everybody took away, is that in 2025, we're in a year of capital flexibility. We think that we're going to be at our leverage target, which is a very big step for us, considering the pain that we took from the Russia write-off back in 2022. Beyond that, this is the first year where our order book is largely self-funded by operating cash flow and aircraft sales. That's a big step for us. You look forward to 2026. Also, the CapEx numbers are also not expected to be elevated as well. We have a pretty clear runway of, I guess I should say we're pretty close to being in a position of substantial capital flexibility, which allows us all kinds of capital allocation options that we'll evaluate once we get to that point in time. It is not lost on us the value of the aircraft that we're selling, the value that's in our fleet, and obviously the stock price. With that, I'll turn it back to Steve to cover the long-term secular tailwinds in the industry more broadly. Yeah, thank you very much, Greg and John. Thank you for attending the conference and gaining more knowledge of the trends in the aircraft leasing sector, which do not move parallel to the airline industry. In fact, Jamie and I were talking about this, that sometimes the headlines about airlines tend to kind of create a blemish or a cloud over the leasing industry. As John indicated, we do long-term contracts, you know, 12-year, 14, 15-year contracts. Short-term variations in airline traffic or load factors or geopolitical trends or oil prices have zero effect on the lease cash flow income that we enjoy over a long period of time. We kind of ride out these bumps that the airlines go through with minimum impact on our revenue and cash flows. Just some highlights. There is a growing middle class throughout the world. I mean, I travel extensively. I probably visit 40 or 50 countries a year. I see this in Southeast Asia. I see this in Eastern Europe. I see this in the Gulf region. I see it in Central Asia. I see it in the former CIS countries where traffic demand is not just growing two times GDP, but four, five times GDP. We cannot just look at the U.S. in isolation. A lot of the population growth in these other developing countries involves millions of people moving from kind of the lower economic tier to middle range, where for the first time they can afford to fly. I think India has proven that to be an interesting example where people migrate from trains to airplanes. We saw that in Mexico, where people were taking long-haul buses from, say, Mexico City to Tijuana, which is like 1,400 miles. The low-cost airlines changed that paradigm completely. Now it's a two-hour, 45-minute flight on an A321neo or a 737 MAX. This trend we're seeing throughout the world, whether it's Indonesia or some of the developing parts of Africa, Middle East, and so on. Airfare affordability, if you look at the long-term charts over the last 30 or 40 years on inflation in general, the price of a ticket to get into Disneyland versus airfares, it's been one of the industries where the consumer has benefited. That's why this year there will be almost 5 billion one-way passengers flying on airlines throughout the world. That has been increasing at a rate where it doubles every 14 years. We don't see that trend diminishing at all. We also see with the younger population, a greater impetus to spend their money on experiences. Let's go down to Cancun for a three-day weekend instead of buying a new color television or a new piece of furniture for the dining room. I think society today wants to enjoy their economic situation and spend money not just on things, but also on experiences, traveling, engaging with people in other parts of the world. We see this as a very popular form of growth in airline traffic. All of these things lead to the need for more aircraft. I remember when the world's global jet fleet was only 2,000 airplanes and the leasing community had less than 1%. I I think there were about 18 aircraft leased out of 2,100. Now we have 25,000, 26,000 Western-built aircraft over 100 seats, and more than half of those are leased. If I go back 25, 30 years ago, I could not have imagined that the leasing community has more than half of the global jet fleet. That is through the operating lease model, and also through the sale- leaseback model. Leasing has become a real foundational form of the way airlines acquire new technology aircraft. Going back to this concept of these airline, airline drama and airline crisis, how does it affect our industry? What it shows here is if you go back more than 30 years to the Gulf crisis, the Asian crisis, 9/11, SARS, the global financial crisis, which actually prompted us to start Air Lease in 2010, you see that there are bumps on the road. If you look at that dotted line of 5% compounded, compounded annual growth rate, which over 10 years is not 50%, it's more like 70% because it compounds every year. You see that air traffic growth, the orange line, has not only recovered from these bumps and setbacks, but has actually exceeded that rate of growth. Now, the biggest drop was obviously COVID, which is not something that we see frequently. I don't know if it's every 100-year event or every 50-year event. Look at the drop, but already, starting in 2022, latter part of into 2023, we saw the recovery, exceed and get back on track. Now we're again north of that dotted line. That demonstrates the resilience and the importance of travel throughout the world, and how we need to look beyond the short-term turbulence and look at the demand curve, which will sustain, I believe, a better than 5% compound annual growth rate, which again translates to roughly two times GDP growth. Again, if we look at some of the crisis, even going back further, the Vietnam War, which had great, not only international but domestic political consequences, GDP growth was actually fairly strong in the 1960s at 3.9% average, but airline traffic growth was double that. Then we had the oil crisis. I remember having to wait three hours at a gas station to get like three gallons. That was the allocation. It was an even day or a non-day? Remember that? Yeah. It was, it was tough. We all thought the world is coming to an end. Oil prices, I remember when airlines were paying like $0.70, $0.80 a gallon for jet fuel. There was this huge bump in the cost of oil and gas. We thought the economy is going to be strangled. Look what happened. The passenger traffic growth recovered. It grew to 5.7%. We had this massive inflation. I remember when we had at ILFC, we had fixed-rate leases, but we had floating-rate bank debt. There came a point where I think the prime rate was like 19% or even hit 20%. For a few months, our interest expense on these bank loans was greater than the lease. My partners, Mr. Gonda and I had to financially loan money to the company every month to cover the difference, to cover our debt service. Very quickly, things normalized and the industry recovered. That was a close call during the Carter administration. You had the Gulf War, the banking crisis, a lot of banks folded. Remember the savings industry, savings and loans went through a huge, massive meltdown. In spite of that, airline traffic grew 7.4%. You had a banking crisis that began with the Asian crisis. A lot of financial institutions were consolidating. There was a lot of M&A activity. There were a lot of strains on the economy. Again, traffic grew 4%. You had 9/11, terrorism, which was horrible. As you recall, the U.S. airspace was shut down for a number of days. People were afraid to fly. Yes, we had a very small drop in traffic when you look at the magnitude and the global impact of this act of terrorism, particularly here in New York. We had another banking crisis and credit crisis with subprime mortgages. That is when we had the meltdown of Bear Stearns and a lot of the Wall Street firms, AIG bailouts, government assistance to the auto industry. In spite of that, traffic grew at almost 3%. Lastly, the pandemic, which is one where it was very difficult to plan ahead. We all thought at Air Lease that this would be a three to four-month case of a strong global flu epidemic. We did not realize how quickly government shut down everything, schools, transportation, and it really hurt the airline industry deeper than anything we have ever seen. Now, maybe some of that was an overreaction, by the regulators and governments, but it had a huge impact on air travel. Air travel and the cruise industry were heavily impacted. The recovery, as you've seen, has been very strong. It took longer, but the recovery has been robust. We navigated that crisis. It was difficult, but many airlines came out fairly healthy and have been able to repair their balance sheets. Key takeaways, we expect to see continued strength in the lease market. For every new plane we have, we have anywhere from four to six airlines that are clamoring to get those positions. The earliest positions we have now are in kind of the middle of 2027, which is a lot better than Boeing and Airbus, who have positions in 2031. We have a four-year advantage. If we go to Boeing with a $100 million check as a down payment on planes yet to deliver or Airbus, we're going to be told, "Okay, you don't have to go to the end of the line because you bought 3,000 new planes in your history, but you're going to have to get in line." The first deliveries would be in 2031, 2032, and so forth. It's not easy for us to model what will lease rates be in 2031, 2032, what will interest rates be, what will be the geopolitical landscape, who's going to be in the White House, what's going to happen to the China-US trade, sort of fencing that's been going on and will continue. It's, as you go out further and further in time, it's more difficult to predict the correlation between the acquisition cost of an airplane, which includes all the inflation between now and then, even if we have caps on escalation, and what is the economics we can derive on those deliveries. We're very happy with our current order book, which is basically now 2026, 2027, and 2028. We have a few positions that, due to delays at Airbus and Boeing, have slipped out into 2029, and there could be maybe a very small number, two or three airplanes that may go into 2030. On those, the escalation stops at the original contract delivery month. If we have a delivery saying May of 2028 and the aircraft slips a year, we're still getting the pricing that we would have gotten at the original contract month. Lease yield continues to improve. On certain types of aircraft that are the most popular, and I would have to say probably the A321neo family right now enjoys the strongest yields on single-aisle aircraft. We have seen a significant increase in what airlines are willing to pay, probably in the neighborhood of 20% versus where they were 12 to 15 months ago. Interestingly, our A220s, we had a lot of skeptics on how the A220 market would turn out. We've been able to land seven new customers for the A220 family that Airbus never sold A220s to. A lot of them are A319 operators or 737-700 operators or older A321ceo operators. We've had tremendous successes in Italy, in Bulgaria, in Croatia, in that whole region, in Czech Republic, with the A220s. What we're finding is the net lease rate factors are better than they are on the A320neo, or about A320 now, not A321. We've been very happy with the A220 program. Lease rates are excellent. I cannot think of a single A220 lease project where we do not also collect overhaul reserves, maintenance reserves. That boosts the cash flow yield on those aircraft. We expect to continue to benefit financially from the excellent pricing that we obtained that Greg referred to, aircraft that we ordered during the pandemic where we stuck our neck out and took some brave steps to order more than 100 new aircraft at attractive prices. Of course, the sales gains that we're seeing now, even on older planes and mid-life planes, are exceptional, really all in double-digit territory. We even have selective transactions where the gain versus our book value is probably approaching 20% of our, of our, carrying cost. This means that our CapEx, as Greg indicated, will be funded through internal funds and from the disposition of used aircraft. Importantly to the shareholders, this is our message. As we approach and hopefully improve on our leverage targets, the board of directors is very focused on optimal capital allocation. We already pay a dividend. We've raised our dividend every year since we started paying dividends. We're going to look at all the other alternatives to enhance shareholder value. That is becoming a big priority for us, particularly since this recovery from COVID has now matured and we're seeing relative stability. We will look at share buybacks. We will look at selective aircraft orders, M&A opportunities, and other strategic initiatives that will improve the value of our stock. We continue to believe in the resiliency of, of air travel and the demand for aircraft and for our lease product. We will continue to be at the forefront of being creative, innovative, and continue to be one of the leaders in the industry to achieve the kind of results that we've worked very hard to achieve. Now we'll open up for Q&A. All right. Sounds good. Steve, let's build on the interest rate observation you made. My family actually moved during the Carter administration, so I remember my folks having like a 21% mortgage at one point. On a floating rate. Yeah. Yeah, exactly. But, you know, the commentary that you had on your recent earnings call was for flattish pre-tax margins in 2025. But rates have obviously come in off their peak. We'll see what happens from here, but it seems like that refinancing potential is something more than just a rounding error in my earnings model for 2025. Thoughts on that? Let Greg answer. We're looking at this all every day. Yeah, I mean. When and how much should we issue and what maturity? I mean, at the earnings call, I mean, it was the market was viewing that maybe we were lucky if we got one cut. Today is a different environment. Yep. As rates come down, that helps. I mean, we have pretty clear visibility on what's going to happen on the top line. Yeah. The one thing we don't have visibility is on, on interest costs. Mm-hmm. As rates come down and be more accommodative, I think that's a, that's a positive. Okay. All right. And just, and I was mentioning this to Tom Baker prior, you know, I've never physically seen an aircraft lease, so, you know, pardon my ignorance here, but. You're lucky. As you, yes, it is like a, like a phone book. It used to be a napkin. You know, as, well, so was Southwest's business model. How did that work out? It's getting better. So when you extend a lease, and it worked out exceptionally well for four years, let's be clear. When you extend a lease, because that's definitely part of the narrative here today, not, not just with Air Lease, do you for, do you typically alter the end-of-lease revenue, or does that just contractually get pushed out? I'm just trying to think about how the earnings cadence looks. Yeah, largely. From a lease extension. Yeah, largely it's pushed out. It is. Okay. We're going to be receiving that still at the end of lease. Right. Some, I mean, if, if we have a long-term extension, you know, we'll, we'll take a look at the overall return conditions, but on balance, on almost every one of those, it's simply a deferral of the end-of-lease revenue. Okay. All right. You wind up capturing it in the sale of the airplane. Yeah. If you think about it, right? Because you're selling, you know, a full life or something less than full life airplane with three to four years of cash flow attached that, because our stated hold is not beyond, you know, we typically target getting out by the first third of the useful life. Okay. As we sell those airplanes that have been extended with that EOL amount pushed out, that's captured in the gain on sale. Okay. Jamie, if I could just add one important thing that I do not think is talked about very much is in this strong environment, not only do you have the advantage of having pricing power, but one of the key, obviously one of the key attributes of the aircraft value is when you get it back, return conditions. Yeah. A lease extension or a new lease today, those return conditions are as much a discussion as lease rates. And we want as strong a return condition as possible. Okay. I just want to point out that it's not just the lease rates, but ultimately, speaking to the value of our fleet, we're able to drive stronger return conditions on lease extensions or anything else. Mike Inglese made the point that nobody, you know, there's been so much competition in the leasing space, nobody makes as much money on a margin basis as they did 15 years ago. I can't ask you to reconcile that because the company is only 15 years old. I think the IPO was 13 years ago for. Yeah, in 2011. April 2011. We were on that deal, I should remember, but $28. We led that deal. 2650. Yeah. At Yeah. At 2650. Okay. You know, clearly, obviously, you know, shares have underperformed the broader market since then. You know, I, I, you do not need to remind me about Russia, you know, or about, you know, COVID, obviously. What do you think are the reasons for that? What is the equity market missing in this case? I, I know I have my views, but. I think there's multiple reasons for it. One, disconnectivity to the airline industry. Okay. When airline equities get hit, we get hit, even though it's been zero impact to our cash flow, in the future. Secondly, I think that assets in our space are considered at risk as a risk factor, either obsolescence or economic or technological. We are not like the high-tech industry where you come out with a new Apple iPhone every nine months. Tell me how long it will take to develop a new single-aisle aircraft at Airbus or Boeing and get it certified and get it into high-rate production. We're probably looking at a 12-15 year point where Airbus and Boeing could produce in high quantities a potential replacement aircraft. There's no engine technology right now that would warrant building a new airplane. Technological obsolescence is zero. Geopolitical, we're not a real estate company that owns office buildings in Houston, New York, Chicago, and LA. We can move our assets overnight from Australia to India, from Japan to Canada, from the US to Singapore. We deal in mobile assets, and the demand for these assets is insatiable because there's always new airlines starting up. There's new waves of low-cost carriers. There's airlines that are being privatized from being government-owned airlines to private airlines. They join an alliance. All of a sudden, they need a bunch of airplanes. I think our industry's misunderstood. How much have we lost as a leasing industry in the last 30 years? Even in COVID times, most of the top lessors were profitable. Yeah. All right. All All good points. Just to add to that, I think the other thing the street misses, and I think it is very clear, is the value of the existing fleet and the value of the order book. I think over the last couple of years, the industry has been myopically focused on NIM. As the interest rate environment changes, I'd like to believe that people will start looking towards the value of the existing fleet because it's not just us that's selling these airplanes at substantial premiums. The appraisal community's come up. Other peers are selling it at high values. To me, it's very odd that people aren't looking to the value of what we actually have on our books. I want to give everyone the opportunity to procure their mediocre box lunches. I want to at least give Mark an option to take to the mic. One last question. Greg, you sort of led me to it in this discussion about Jamie, about share performance and so forth. You're ramping up sales, $1.5 billion this year. Yep. Okay? You know, I believe, and I think the market believes you could sell a lot more than that, right? Mm-hmm. You have this goal to get to your leverage target and then turn on the spigot in terms of buybacks and so forth. Why is $1.5 billion the right number? Why not sell $5 billion of airplanes this year? I know your rating is sacrosanct, but you could do that, right, and achieve these goals quicker. Have you thought about really ramping up the asset sales beyond what you've articulated so far? I think there's two things. I think we've been really transitioning out of current-generation technology aircraft. Right now, we're about 80% next-generation technology. We're typically selling airplanes in that 8-10 slightly older aircraft. I think those are the natural candidates. I think when we get back to our leverage target, the question is very natural. Do we, do we continue at an elevated sales program? Right now, historically, we probably sell about $1 billion a year. We're selling $1.5 billion now, slightly more than that last year. That's a very natural question. I think that's something our board thinks about very, very hardly. Whether or not it goes to $2.5 billion to $5 billion, I mean, I think it goes down to selling the aircraft at the right time as opposed to fire-selling aircraft to get down to your leverage target. I think we're looking at the long-term value of the business itself and not selling aircraft prematurely. That, those are the things we're balancing. And that's something the board spends a lot of time on. At this, I think we should get to that box lunch that Jamie promised. Thank you for the Air Lease team. Enjoy your lunches. Thank you. See you back here shortly.