[8-K] Churchill Capital Corp IX Unit Reports Material Event

Rhea-AI Filing Summary

Air Lease Corp. (AL) Q2-25 10-Q highlights

• Revenue climbed 9.7% YoY to $731.7 m as the owned fleet expanded to 495 aircraft and ancillary income improved.
• Net income surged to $385.2 m and diluted EPS to $3.33, propelled by a $344.0 m insurance recovery related to Russian-detained aircraft; YTD recoveries reach $675.9 m.
• Fleet metrics remain strong: NBV $29.1 bn, average age 4.8 yrs, lease term 7.2 yrs, utilisation 100%.
• Orderbook totals 241 aircraft with $14.1 bn obligations through 2031; 58% already placed, yet both Airbus and Boeing warn of further delivery delays.
• Balance sheet/liquidity: cash $454.8 m plus $7.5 bn undrawn revolver give $7.9 bn liquidity; debt $20.5 bn (76.7% fixed, 97.4% unsecured) at 4.28% blended cost.
• Operating cash flow reached $862 m; quarterly common dividend held at $0.22.
• Key watch-points: rising interest expense (+9% YoY), sizeable cap-ex pipeline, potential tariff impacts and supply-chain delays.

Insights

Financial Analyst

TL;DR – One-off insurance gains drive record profit, but core lease economics stay healthy.

The $344 m Russian settlement transforms headline earnings, lifting ROE and retaining capital for growth while boosting book equity by 9%. Even stripping the gain, pre-tax profit improved on fleet growth and disciplined SG&A. Liquidity is ample at $7.9 bn, the revolver extension to 2029 de-risks funding, and debt remains predominantly unsecured, preserving collateral flexibility. Management placed 100% of deliveries through 2026, mitigating placement risk. Guidance on orderbook delays suggests capex can be staggered, easing near-term cash burn. Overall, valuation catalysts emerge from elevated EPS, stronger balance sheet and continued dividend growth.

Risk Analyst

TL;DR – Earnings quality mixed; leverage and supply-chain issues temper upside.

The profit spike is non-recurring; sustainable earnings must absorb a 4.28% funding cost and $14 bn of future aircraft payments. Interest expense already rose 9% YoY and will increase as SOFR resets and commercial paper scales. Orderbook delays introduce cancellation exposure and potential lessee walk-aways, while new U.S. trade tariffs create uncertainty for cross-border deliveries. Leverage at 2.5× NBV/debt is high for a rising-rate cycle, though largely fixed-rate. Any stall in aircraft sales could pressure cash generation. Impact: neutral—solid liquidity offsets macro and execution risks.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 30, 2025

CHURCHILL CAPITAL CORP IX

(Exact name of registrant as specified in its charter)

Cayman Islands		001-42041		86-1885237
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

640 Fifth Avenue, 14th Floor

New York, NY 10019

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (212) 380-7500

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Units, each consisting of one Class A ordinary share and one-quarter of one redeemable warrant		CCIXU		The Nasdaq Stock Market LLC
Class A ordinary shares, par value $0.0001 per share		CCIX		The Nasdaq Stock Market LLC
Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share		CCIXW		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 30, 2025, Churchill Capital Corp IX (the “Company”) entered into a director agreement (“Director Agreement”) with each of William Sherman, Paul Lapping and Stephen Murphy, pursuant to which, in connection with each director’s continuing service as a director of the Company, the Company agreed to pay each director cash compensation of $75,000 per annum, beginning on the later of their date of appointment and April 1, 2025.

The foregoing summary of the Director Agreements does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Director Agreements, a form of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
10.1		Form of Director Agreement.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				CHURCHILL CAPITAL CORP IX
				By:		/s/ Jay Taragin
				Name:		Jay Taragin
				Title:		Chief Financial Officer
Dated: August 4, 2025