[D] InspireMD, Inc. SEC Filing

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.

Positive

• $344 m insurance recovery turns prior Russian asset write-off into net gain, boosting equity and cash.
• Revenue up 9.7% YoY on fleet expansion and ancillary income growth.
• Available liquidity $7.9 bn after revolver upsizing to $8.4 bn; strong funding runway.
• Fleet utilisation 100% and average age 4.8 yrs support stable lease cash flows.
• Debt 97.4% unsecured, giving flexibility and unencumbered asset pool.

Negative

• Net income largely one-off; core profitability less impressive without Russian settlement credit.
• Interest expense +9% YoY and likely to climb with higher SOFR and commercial paper usage.
• $14.1 bn capex commitments amid Airbus/Boeing delays increase execution and financing risk.
• Trade-tariff uncertainty could affect future cross-border deliveries and lessee demand.
• Composite funding cost 4.28% up from 4.14%, pressuring future margins.

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.

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM D

Notice of Exempt Offering of Securities

OMB APPROVAL

OMB Number:			3235-0076
Estimated average burden
hours per response:			4.00

1. Issuer's Identity

CIK (Filer ID Number)

Previous Names

None

Entity Type

0001433607

Saguaro Resources, Inc.

X	Corporation
	Limited Partnership
	Limited Liability Company
	General Partnership
	Business Trust
	Other (Specify)

Name of Issuer

InspireMD, Inc.

Jurisdiction of Incorporation/Organization

DELAWARE

Year of Incorporation/Organization

X	Over Five Years Ago
	Within Last Five Years (Specify Year)
	Yet to Be Formed

2. Principal Place of Business and Contact Information

Name of Issuer
InspireMD, Inc.
Street Address 1		Street Address 2
6303 WATERFORD DISTRICT DRIVE		SUITE 215
City	State/Province/Country	ZIP/PostalCode	Phone Number of Issuer
MIAMI	FLORIDA	33126	(888) 776-6804

3. Related Persons

Last Name	First Name	Middle Name
Slosman	Marvin
Street Address 1	Street Address 2
InspireMD, Inc.	6303 Waterford District Drive, Suite 215
City	State/Province/Country	ZIP/PostalCode
Miami	FLORIDA	33126

Relationship: X Executive Officer X Director Promoter

Clarification of Response (if Necessary):

President and Chief Executive Officer

Last Name	First Name	Middle Name
Lawless	Mike
Street Address 1	Street Address 2
InspireMD, Inc.	6303 Waterford District Drive, Suite 215
City	State/Province/Country	ZIP/PostalCode
Miami	FLORIDA	33126

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Chief Financial Officer

Last Name	First Name	Middle Name
Tommasoli	Andrea
Street Address 1	Street Address 2
InspireMD, Inc.	6303 Waterford District Drive, Suite 215
City	State/Province/Country	ZIP/PostalCode
Miami	FLORIDA	33126

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Chief Operating Officer

Last Name	First Name	Middle Name
Gleason	Shane
Street Address 1	Street Address 2
InspireMD, Inc.	6303 Waterford District Drive, Suite 215
City	State/Province/Country	ZIP/PostalCode
Miami	FLORIDA	33126

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Verta	Patrick
Street Address 1	Street Address 2
InspireMD, Inc.	6303 Waterford District Drive, Suite 215
City	State/Province/Country	ZIP/PostalCode
Miami	FLORIDA	33126

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Ligotti	Pete
Street Address 1	Street Address 2
InspireMD, Inc.	6303 Waterford District Drive, Suite 215
City	State/Province/Country	ZIP/PostalCode
Miami	FLORIDA	33126

Relationship: X Executive Officer Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Stuka	Paul
Street Address 1	Street Address 2
InspireMD, Inc.	6303 Waterford District Drive, Suite 215
City	State/Province/Country	ZIP/PostalCode
Miami	FLORIDA	33126

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Berman	Michael
Street Address 1	Street Address 2
InspireMD, Inc.	6303 Waterford District Drive, Suite 215
City	State/Province/Country	ZIP/PostalCode
Miami	FLORIDA	33126

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Kester	Thomas	J.
Street Address 1	Street Address 2
InspireMD, Inc.	6303 Waterford District Drive, Suite 215
City	State/Province/Country	ZIP/PostalCode
Miami	FLORIDA	33126

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Roubin, M.D.	Gary
Street Address 1	Street Address 2
InspireMD, Inc.	6303 Waterford District Drive, Suite 215
City	State/Province/Country	ZIP/PostalCode
Miami	FLORIDA	33126

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Arnold	Kathryn
Street Address 1	Street Address 2
InspireMD, Inc.	6303 Waterford District Drive, Suite 215
City	State/Province/Country	ZIP/PostalCode
Miami	FLORIDA	33126

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Cohen	Raymond
Street Address 1	Street Address 2
InspireMD, Inc.	6303 Waterford District Drive, Suite 215
City	State/Province/Country	ZIP/PostalCode
Miami	FLORIDA	33126

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

Last Name	First Name	Middle Name
Ward	Scott	R.
Street Address 1	Street Address 2
InspireMD, Inc.	6303 Waterford District Drive, Suite 215
City	State/Province/Country	ZIP/PostalCode
Miami	FLORIDA	33126

Relationship: Executive Officer X Director Promoter

Clarification of Response (if Necessary):

4. Industry Group

Agriculture

Banking & Financial Services

Commercial Banking

Insurance

Investing

Investment Banking

Pooled Investment Fund

Is the issuer registered as
an investment company under
the Investment Company
Act of 1940?

Yes No

Other Banking & Financial Services

Business Services

Energy

Coal Mining

Electric Utilities

Energy Conservation

Environmental Services

Oil & Gas

Other Energy

	Health Care
	Biotechnology
	Health Insurance
	Hospitals & Physicians
	Pharmaceuticals
	X Other Health Care
	Manufacturing
	Real Estate
	Commercial
	Construction
	REITS & Finance
	Residential
	Other Real Estate

Retailing

Restaurants

Technology

Computers

Telecommunications

Other Technology

Travel

Airlines & Airports

Lodging & Conventions

Tourism & Travel Services

Other Travel

Other

5. Issuer Size

Revenue Range		OR	Aggregate Net Asset Value Range
	No Revenues			No Aggregate Net Asset Value
	$1 - $1,000,000			$1 - $5,000,000
	$1,000,001 - $5,000,000			$5,000,001 - $25,000,000
	$5,000,001 - $25,000,000			$25,000,001 - $50,000,000
	$25,000,001 - $100,000,000			$50,000,001 - $100,000,000
	Over $100,000,000			Over $100,000,000
X	Decline to Disclose			Decline to Disclose
	Not Applicable			Not Applicable

6. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)

		Rule 504(b)(1) (not (i), (ii) or (iii))
		Rule 504 (b)(1)(i)
		Rule 504 (b)(1)(ii)
		Rule 504 (b)(1)(iii)
	X	Rule 506(b)
		Rule 506(c)
		Securities Act Section 4(a)(5)

Investment Company Act Section 3(c)

Section 3(c)(1) Section 3(c)(9)

Section 3(c)(2) Section 3(c)(10)

Section 3(c)(3) Section 3(c)(11)

Section 3(c)(4) Section 3(c)(12)

Section 3(c)(5) Section 3(c)(13)

Section 3(c)(6) Section 3(c)(14)

Section 3(c)(7)

7. Type of Filing

X	New Notice			Date of First Sale	2025-07-30				First Sale Yet to Occur
	Amendment

8. Duration of Offering

Does the Issuer intend this offering to last more than one year? Yes X No

9. Type(s) of Securities Offered (select all that apply)

X	Equity		Pooled Investment Fund Interests
	Debt		Tenant-in-Common Securities
X	Option, Warrant or Other Right to Acquire Another Security		Mineral Property Securities
X	Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Security	X	Other (describe)
		Shares of Common Stock & Warrants, including underlying common stock

10. Business Combination Transaction

Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer? Yes X No

Clarification of Response (if Necessary):

11. Minimum Investment

Minimum investment accepted from any outside investor $0 USD

12. Sales Compensation

Recipient	Recipient CRD Number None
BofA Securities, Inc.	000283942
(Associated) Broker or Dealer X None	(Associated) Broker or Dealer CRD Number X None
None	None
Street Address 1	Street Address 2
One Bryant Park
City	State/Province/Country	ZIP/Postal Code
New York	NEW YORK	10036
State(s) of Solicitation (select all that apply) Check "All States" or check individual States X All States	Foreign/non-US

13. Offering and Sales Amounts

Total Offering Amount	$40,064,989	USD	or Indefinite
Total Amount Sold	$40,064,989	USD
Total Remaining to be Sold	$0	USD	or Indefinite

Clarification of Response (if Necessary):

14. Investors

Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering.

Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:

18

15. Sales Commissions & Finder's Fees Expenses

Provide separately the amounts of sales commissions and finders fees expenses, if any. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount.

Sales Commissions	$2,388,900	USD	X Estimate
Finders' Fees	$0	USD	Estimate

Clarification of Response (if Necessary):

16. Use of Proceeds

Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount is unknown, provide an estimate and check the box next to the amount.

$0

USD

Estimate

Clarification of Response (if Necessary):

Signature and Submission

Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice.

Terms of Submission

In submitting this notice, each issuer named above is:

• Notifying the SEC and/or each State in which this notice is filed of the offering of securities described and undertaking to furnish them, upon written request, in the accordance with applicable law, the information furnished to offerees.*

• Irrevocably appointing each of the Secretary of the SEC and, the Securities Administrator or other legally designated officer of the State in which the issuer maintains its principal place of business and any State in which this notice is filed, as its agents for service of process, and agreeing that these persons may accept service on its behalf, of any notice, process or pleading, and further agreeing that such service may be made by registered or certified mail, in any Federal or state action, administrative proceeding, or arbitration brought against the issuer in any place subject to the jurisdiction of the United States, if the action, proceeding or arbitration (a) arises out of any activity in connection with the offering of securities that is the subject of this notice, and (b) is founded, directly or indirectly, upon the provisions of: (i) the Securities Act of 1933, the Securities Exchange Act of 1934, the Trust Indenture Act of 1939, the Investment Company Act of 1940, or the Investment Advisers Act of 1940, or any rule or regulation under any of these statutes, or (ii) the laws of the State in which the issuer maintains its principal place of business or any State in which this notice is filed.

• Certifying that, if the issuer is claiming a Regulation D exemption for the offering, the issuer is not disqualified from relying on Rule 504 or Rule 506 for one of the reasons stated in Rule 504(b)(3) or Rule 506(d).

Each Issuer identified above has read this notice, knows the contents to be true, and has duly caused this notice to be signed on its behalf by the undersigned duly authorized person.

For signature, type in the signer's name or other letters or characters adopted or authorized as the signer's signature.

Issuer	Signature	Name of Signer	Title	Date
InspireMD, Inc.	/s/ Marvin Slosman	Marvin Slosman	President and CEO	2025-08-04

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.

* This undertaking does not affect any limits Section 102(a) of the National Securities Markets Improvement Act of 1996 ("NSMIA") [Pub. L. No. 104-290, 110 Stat. 3416 (Oct. 11, 1996)] imposes on the ability of States to require information. As a result, if the securities that are the subject of this Form D are "covered securities" for purposes of NSMIA, whether in all instances or due to the nature of the offering that is the subject of this Form D, States cannot routinely require offering materials under this undertaking or otherwise and can require offering materials only to the extent NSMIA permits them to do so under NSMIA's preservation of their anti-fraud authority.

FAQ

What was Air Lease (AL) diluted EPS for Q2 2025?

Diluted EPS rose to $3.33, up from $0.81 in Q2 2024, largely due to insurance recoveries.

How much did AL recover from Russian-detained aircraft?

Year-to-date cash settlements total $675.9 million, exceeding the original $791 million write-off when combined with 2023 recoveries.

What is Air Lease’s orderbook exposure?

AL has 241 aircraft on order with purchase commitments of $14.1 billion through 2031; 58% are already placed with lessees.

What is the company’s current liquidity position?

As of June 30 2025, AL held $454.8 m cash and $7.5 bn of undrawn revolver capacity, for total liquidity of $7.9 bn.

How has Air Lease’s interest expense trended?

Q2 2025 interest expense rose to $222.3 m, up from $203.3 m a year ago, reflecting higher rates and debt balances.

What dividend did Air Lease declare?

The board approved a $0.22 per-share quarterly cash dividend on Class A common stock, payable Oct 8 2025.