How did Air Lease's operating expenses trend in Q4 2024 compared to previous quarters?

Air Lease's operating expenses in Q4 2024 were higher compared to the previous quarters due to several factors: 1. **Increase in Interest Expenses**: Air Lease experienced a rise in interest expenses, which significantly contributed to the elevated operating costs. This increase was likely a result of the company's growing debt balance and the composite cost of funds. 2. **Depreciation of Flight Equipment Costs**: The depreciation of flight equipment costs also played a role in the higher operating expenses. As Air Lease expanded its fleet and modernized it with newer, more fuel-efficient aircraft, the depreciation charges associated with these assets increased. 3. **Higher Selling, General and Administrative Expenses**: Air Lease saw an uptick in selling, general, and administrative expenses, which added to the overall rise in operating expenses. This could be attributed to the increased costs associated with managing a larger and more complex operation. In summary, Air Lease's operating expenses in Q4 2024 were higher than in previous quarters due to increased interest expenses, depreciation of flight equipment costs, and higher selling, general, and administrative expenses. These factors combined to put pressure on the company's bottom line and impacted its financial performance for the period.