Fly Leasing Limited (Fly), formerly Babcock & Brown Air Limited is a global lessor of commercial jet aircraft. The Company is engaged in purchasing commercial aircraft which it, in turn, leases to airlines. The Company's aircraft are leased under long-term to medium-term contracts to a diverse group of airlines worldwide. Fly is a holding company that conducts its business through its subsidiaries. As of December 31, 2011, it had 56 Boeing aircraft and 53 Airbus aircraft in its fleet. FLY Leasing currently has a fleet of 111 aircraft that it leases under multi-year operating leases to 53 airlines in 29 countries. In October 14, 2011, the Company acquired 49 aircrafts (GAAM Portfolio). In October 2013, the Company announced that it has taken delivery of a new B787-8 aircraft. In October 2013, the Company announced that it has purchased a Boeing B737-800 aircraft.