AerSale Corp. received an updated ownership report from investment entities affiliated with M3. They report beneficial ownership of 3,319,415 shares of AerSale common stock, representing 7.03% of the class as of the stated event date.
The shares are owned directly by M3 Partners, L.P., with M3 Funds, LLC as general partner and M3F, Inc. as investment adviser. Individuals Jason A. Stock and William C. Waller may be deemed to share indirect beneficial ownership through their roles at these entities. The group certifies the holdings are not for the purpose of changing or influencing control of AerSale.
How much of AerSale Corp. (ASLE) does the M3 group report owning?
The M3 group reports beneficial ownership of 3,319,415 AerSale common shares, equal to 7.03% of the class. These shares are held directly by M3 Partners, L.P., with related M3 entities and two individuals reporting indirect beneficial ownership.
Which entities and individuals are reporting AerSale (ASLE) ownership in this Schedule 13G/A?
The reporting persons are M3 Funds, LLC, M3 Partners, L.P., M3F, Inc., and individuals Jason A. Stock and William C. Waller. They collectively report shared voting and dispositive power over the same 3,319,415 AerSale common shares.
Is the M3 group’s AerSale (ASLE) stake a passive investment?
Yes. The reporting persons certify the AerSale securities were not acquired and are not held for the purpose of changing or influencing control of the issuer, and are not held in connection with any transaction having that control-related purpose or effect.
Who directly owns the AerSale Corp. (ASLE) shares reported in this filing?
All reported AerSale shares are owned directly by M3 Partners, L.P.. M3 Funds, LLC is its general partner and M3F, Inc. is its investment adviser, while Jason A. Stock and William C. Waller are managers and managing directors associated with these entities.
What voting and dispositive power does the M3 group report over AerSale (ASLE) shares?
Each reporting person lists 0 shares with sole voting or dispositive power and 3,319,415 shares with shared voting and shared dispositive power. This means control over voting and disposition of the AerSale shares is exercised on a shared, rather than individual, basis.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
AerSale Corp.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
00810F106
(CUSIP Number)
12/31/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
00810F106
1
Names of Reporting Persons
M3 Funds, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,319,415.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,319,415.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,319,415.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.03 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Limited Liability Company
SCHEDULE 13G
CUSIP No.
00810F106
1
Names of Reporting Persons
M3 Partners, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,319,415.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,319,415.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,319,415.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.03 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
00810F106
1
Names of Reporting Persons
M3F, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UTAH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,319,415.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,319,415.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,319,415.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.03 %
12
Type of Reporting Person (See Instructions)
IA, CO
SCHEDULE 13G
CUSIP No.
00810F106
1
Names of Reporting Persons
Jason A. Stock
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,319,415.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,319,415.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,319,415.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.03 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
00810F106
1
Names of Reporting Persons
William C. Waller
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,319,415.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,319,415.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,319,415.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
7.03 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
AerSale Corp.
(b)
Address of issuer's principal executive offices:
9850 NW 41 Street, Suite 400, Doral, Florida 33178
Item 2.
(a)
Name of person filing:
M3 Funds, LLC
M3 Partners, LP
M3F, Inc.
Jason A. Stock
William C. Waller
(b)
Address or principal business office or, if none, residence:
For all persons filing, 2070 E 2100 S, Suite 250, Salt Lake City, UT 84109
(c)
Citizenship:
M3 Funds, LLC is a Delaware limited liability company
M3 Partners, LP is a Delaware limited partnership
M3F, Inc. is a Utah corporation
Mr. Stock and Mr. Waller are United States citizens
(d)
Title of class of securities:
Common Stock
(e)
CUSIP No.:
00810F106
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The responses of each Reporting Person to row 9 of the cover pages of this Schedule 13G are incorporated by reference into this Item 4.
All of the reported shares are owned directly by M3 Partners, L.P. ("M3 Partners"), whose general partner is M3 Funds, LLC (the "General Partner") and whose investment adviser is M3F, Inc. (the "Investment Adviser"). The General Partner and the Investment Adviser could each be deemed to be indirect beneficial owners of the reported shares, and could be deemed to share such beneficial ownership with M3 Partners.
Jason A. Stock and William C. Waller are the managers of the General Partner and the managing directors of the Investment Adviser, and could be deemed to share such indirect beneficial ownership with the General Partner, the Investment Adviser and M3 Partners.
(b)
Percent of class:
The responses of each Reporting Person to row 11 of the cover pages of this Schedule 13G are incorporated by reference into this Item 4.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The responses of each Reporting Person to row 5 of the cover pages of this Schedule 13G are incorporated by reference into this Item 4.
(ii) Shared power to vote or to direct the vote:
The responses of each Reporting Person to row 6 of the cover pages of this Schedule 13G are incorporated by reference into this Item 4.
(iii) Sole power to dispose or to direct the disposition of:
The responses of each Reporting Person to row 7 of the cover pages of this Schedule 13G are incorporated by reference into this Item 4.
(iv) Shared power to dispose or to direct the disposition of:
The responses of each Reporting Person to row 8 of the cover pages of this Schedule 13G are incorporated by reference into this Item 4.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
M3 Funds, LLC
Signature:
/s/ Jason A. Stock
Name/Title:
Jason A. Stock, Manager
Date:
02/03/2026
M3 Partners, LP
Signature:
By: M3 Funds, LLC, General Partner /s/ Jason A. Stock
