BBAM

What BBAM does

BBAM (Babcock & Brown Aircraft Management) is a privately held global aircraft leasing and asset management company founded in 1989 by Steve Zissis and headquartered in San Francisco. The firm manages over 560 commercial aircraft valued at more than $21 billion as of December 31, 2024, and has financed more than $40 billion in commercial jet aircraft across 1,250+ individual investments and 1,700+ remarketings over its history. BBAM serves two distinct client bases: commercial airlines seeking fleet financing across narrowbody, widebody, and freighter assets, and institutional capital partners (sovereign wealth funds, public pensions) seeking exposure to aviation assets through dedicated investment vehicles and managed platforms.

The company operates an asset-light model — no aircraft sit on BBAM's own balance sheet. Instead, the firm runs a fully integrated in-house platform spanning aircraft origination, lease marketing and disposition, technical maintenance and regulatory compliance, capital markets execution, tax and legal structuring, and finance. Revenue is generated through recurring aircraft lease payments routed to capital partners, asset management fees on aviation AUM, structured finance fees (EETC, JOLCO, ABS), transaction and remarketing fees, and investment returns on proprietary vehicles including the Incline Aviation fund series, Horizon ABS, and Skyline EETC platforms.

BBAM is owned by its management team alongside affiliates of Onex Corporation and Singapore sovereign wealth fund GIC, which holds approximately 30%, and operates from seven global offices spanning San Francisco, Dallas, Zurich, Dublin, Tokyo, Singapore, Seoul, and Puerto Rico. The firm maintains direct enterprise sales relationships with 100+ airline customers across 50+ countries, including AirAsia, American Airlines, ANA, British Airways, Cathay Pacific, Delta, Emirates, Etihad, LATAM, Lufthansa, Qatar Airways, Southwest, and others. BBAM is the only significant aircraft leasing manager focused exclusively on generating investment returns on third-party capital.

Name

BBAM

Legal name

BBAM US LP

Website

https://bbam.com

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

101–250 employees

Short description

BBAM is a privately held global aircraft leasing and asset management firm founded in 1989, managing 560+ aircraft valued at $21+ billion for 100+ airline clients and institutional capital partners across North America, Europe, and Asia.

Ownership category

akta.pro rank

Product category

Aircraft Leasing & Aviation Asset Management

NAICS

Commercial Air, Rail, and Water Transportation Equipment Rental and Leasing (532411)

SIC

Asset-Backed Securities (6189)

akta.pro primary industry

Private Aviation Insurance & Financing/Leasing Services (THABAFAM)

Keywords

• Aircraft leasing
• Aviation asset management
• Fleet financing
• Freighter management
• Engine leasing

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Aircraft Leasing: BBAM generates revenue through leasing commercial jet aircraft to airlines worldwide. The company manages aviation assets for capital partners, with revenue derived from aircraft lease payments over the lease term. BBAM has financed more than $40 billion in commercial jet aircraft for airlines globally.
2. Asset Management Fees: BBAM earns fees for managing aviation assets on behalf of its capital partners. As a globally integrated private partnership focused exclusively on managing and servicing aviation assets, BBAM generates management fees from its $21+ billion in aviation assets under management.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

BBAM is a globally integrated private partnership that leases commercial jet aircraft to airlines worldwide and manages aviation assets on behalf of institutional capital partners. The company manages a portfolio of 560+ aircraft valued at $21+ billion under management, having financed more than $40 billion in commercial jet aircraft for 100+ airlines since 1989. Core capabilities include aircraft origination and disposition, lease marketing, technical maintenance, regulatory compliance, capital markets activity (EETC/JOLCO/ABS), and full asset management.

Product overview

BBAM is a commercial aircraft leasing and management company offering a comprehensive suite of aviation financing products. The core offering is aircraft leasing and management services, supplemented by freighter conversion programs, engine leasing, and structured finance solutions. BBAM also manages investment vehicles (Incline Aviation I and II) for institutional investors seeking exposure to aviation assets. The company operates as a single unified platform rather than a modular product architecture, with all offerings integrated through its leasing and asset management expertise.

Differentiator

Problem solved

Functional benefit

Brands

• Incline Aviation I: An $881 million fund dedicated to investing in leased commercial jet aircraft, described as the largest fund of its kind
• Horizon ABS
• Skyline EETC
• Incline Aviation II

Products and services

• Aircraft Leasing
• Freighter Aircraft Management
• Engine Leasing
• Aviation Asset Management Services
• Structured Finance (EETC / JOLCO / Horizon ABS / Skyline EETC)
• Incline Aviation Investment Funds

Quantifiable outcome

• More than $40 billion in commercial jet aircraft financed for airlines worldwide since 1989
• +3 more outcomes

Named customers22 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and major.

• Nomura Babcock & Brown (NBB)coreStrategic or Co-development Partner · 20 March 2018Long-term strategic partner in aircraft financing transactions. BBAM and NBB have maintained a joint venture relationship for over 30 years. They jointly participated in a $870 million combined EETC JOLCO transaction with British Airways for 11 aircraft including 787-8, 787-9 and A320neo. NBB arranges JOLCO equity and BBAM structures the JOLCO element of transactions.
• AirAsiamajorChannel Partner/ Reseller/ Distributor · 1 January 2018BBAM-managed entities acquired AirAsia's captive lessor Asia Aviation Capital for $1.18 billion. Entities including FLY Leasing, Incline B Aviation and Nomura Babcock and Brown acquired 84 Airbus A320s and 14 engines, with 79 aircraft leased back to AirAsia. FLY acquired 10.2% ownership stake in FLY.
• Elbe Flugzeugwerke (EFW)coreStrategic or Co-development PartnerJoint venture between ST Engineering and Airbus for passenger-to-freighter (P2F) conversions. BBAM is the largest aircraft lessor for the A320/A321P2F program and one of EFW's top customers. BBAM has contracted for at least 20 A320/A321P2F conversions to be carried out by EFW through 2025, with option to add new conversion slots every year starting in 2026.
• BoeingcoreStrategic or Co-development PartnerBBAM is expanding its 737-800 Boeing Converted Freighter fleet with orders bringing total orders and commitments to 31. BBAM is the first customer to have a 737-800BCF converted at COOPESA in Costa Rica. The 737-800BCF has won more than 200 orders and commitments from 16 customers.
• ST EngineeringcoreStrategic or Co-development PartnerParent company of EFW (Elbe Flugzeugwerke), the joint venture for A320/A321 passenger-to-freighter conversions. ST Engineering is a global technology, defence and engineering group with about 23,000 employees across offices in Asia, U.S., Europe and the Middle East.

Scale indicators13 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• Air Lease Corporation: Major US-listed commercial aircraft lessor with a fleet of 480+ owned and managed aircraft serving airlines worldwide. Highly comparable to BBAM given overlapping customer base (Delta, American, Cathay, etc.) and focus on new-technology commercial jets.
• Avolon Aerospace Leasing: Irish-based global aircraft lessor with ~900 aircraft serving 140+ customers in 60+ countries. A direct competitor to BBAM in commercial aircraft leasing with similar customer roster of major airlines.
• AerCap Holdings: The world's largest aircraft lessor with a $60B+ asset portfolio across commercial jets and engines. Directly comparable to BBAM as both lease aircraft to airlines globally, though AerCap owns assets on balance sheet versus BBAM's asset-light model.
• BOC Aviation: Asia-based aircraft lessor (subsidiary of Bank of China) with 700+ aircraft owned, managed, and on order. Directly comparable as a major lessor serving the same global airline customer set, with strong Asia-Pacific exposure similar to BBAM.
• Aviation Capital Group: US-based aircraft lessor (owned by Tokyo Century) with 500+ aircraft and $11B+ in assets. Direct peer to BBAM in commercial aircraft leasing with a similar scale and customer profile.
• Aircastle: US-based commercial aircraft lessor with $9B+ in aircraft assets leased to 85+ customers. Comparable to BBAM as a mid-to-large scale lessor with similar customer mix and asset focus on young, fuel-efficient narrowbody and widebody aircraft.
• Dubai Aerospace Enterprise (DAE): UAE-based global aircraft leasing and financing company with ~400 aircraft. Directly comparable to BBAM as a mid-size aircraft lessor serving commercial airlines with similar asset management focus.
• SMBC Aviation Capital: One of the world's largest aircraft lessors (owned by Sumitomo Mitsui Banking Corp), with a fleet of 700+ aircraft leased to airlines in 80+ countries. Directly competes with BBAM for airline leasing mandates globally.
• Nordic Aviation Capital: Regional aircraft specialist lessor headquartered in Denmark with 500+ aircraft focused on turboprop and regional jets. Compares to BBAM as a specialized aircraft lessor, though more concentrated in regional aviation versus BBAM's commercial jet focus.

Broad incumbents

• AerCap (GECAS integration): GE Capital Aviation Services (GECAS), historically the largest aircraft lessor, was integrated into AerCap in 2021. Now part of the dominant global lessor with deepest capital base competing broadly against BBAM and all other lessors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights8 records

Customer concentration

• LinkedInlinkedin.com/company/bbam-llc

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BBAM