Sky Harbour’s 1Q26 moved the investment focus toward lease-up, Phase II operating leverage, and funded project conversion. The key read-through was stronger re-lease pricing, OPF Phase II opening 68% leased, and a clearer path from construction spend to run-rate EBITDA. Over the next several quarters, investor focus should center on occupancy gains at newer campuses, margin capture from Phase II expansions, and the timing of BDL/ADS II contributions.