Over the past year, the Citation Bravo market has continued to evolve, but the pace of change has become much more measured. Available inventory has increased 13% compared to a year ago, while average asking prices have declined about 5%. Although additional aircraft have entered the market, pricing adjustments have moderated considerably from earlier this year, suggesting the market is beginning to stabilize. Buyers now have more selection, while well-positioned aircraft continue to compete effectively in today's market. That stabilization is also reflected in transaction activity. Days on market have increased only slightly over the past year, indicating that sales velocity, has remained relatively consistent despite the increase in available inventory. Over the past 12 months, the market has recorded 39 retail sales, averaging about 3.3 aircraft per month. Rather than signaling weaker demand, these figures suggest buyers remain active, but continue to be disciplined, taking the time to compare aircraft and focus on long-term value before making a purchase. Looking at supply and demand, the market is currently carrying approximately 8.8 months of available inventory, representing a more balanced environment where buyers have meaningful choice without bringing transaction activity to a standstill. For a legacy light jet like the Bravo, purchase decisions are driven by much more than price alone. Maintenance history, engine program enrollment, avionics upgrades, and overall aircraft condition continue to play a significant role in buyer confidence. Aircraft with complete records, desirable specifications, and a well-documented maintenance history remain the ones that attract the strongest interest and achieve the best results. In summary, the Citation Bravo market appears to be settling into a more balanced phase following the pricing adjustments we've seen over the past year. Inventory has improved. Pricing has become more stable, and buyers continue to transact when aircraft are properly maintained, well-equipped, and competitively priced.
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This market continues to tighten meaningfully, with the available aircraft down about 17% from one year ago. Pricing has adjusted, with average asking prices down approximately 20% over the last year, reflecting a more selective buying environment. In terms of transaction activity, Citation Bravo's continue to transact, though at a slightly slower pace than last year. The days on market have also increased, up forty-nine percent from this time last year, as buyers take more time evaluating available options. Over the past 12 months, there have been 41 retail sales, with 10 of them occurring in December. Seven additional Citation Bravo's have transacted since the beginning of 2026. Recent sales activity from the beginning of December through mid-February 2026 span all model years, 1997 through 2006, highlighting continued interest across the fleet. Based on the current supply and demand trends, the market is carrying approximately five to six months of inventory, which points to a balanced selling environment. In markets like this, where inventory is tighter, but buyers are more deliberate, sellers who position early tend to retain more control over pricing and timing. In summary, this remains a stable market. The Citation Bravo benefits from long-term OEM and aftermarket support as a legacy platform. Supply and demand are balanced and in alignment. Overall, I'd categorize the Citation Bravo market as a seller's market and give it a B, demand rating.
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Over the past 12 months, inventory in the Citation Bravo market has tightened meaningfully, with available aircraft down 21% compared to this time last year. During that same period, pricing has adjusted, though more recent trends suggest that pricing is beginning to stabilize. Transaction activity remains active. Days on market have increased, indicating a more deliberate buyer approach, particularly in a segment where aircraft condition and configuration can vary significantly between aircraft. There have been 40 retail sales in the past 12 months, and notably 11 aircraft have traded in 2026 alone. These transactions span across the full production range, 1997 to 2006 model years. Based on current supply and demand trends, the segment is carrying 7.3 months of inventory. This reflects a relatively tight but competitive resale environment where well-positioned aircraft continue to transact. One thing we continue to see in this segment is that buyers are highly focused on maintenance history, engine program participation, and avionics upgrades. In a legacy platform like the Bravo, differences in configuration and overall condition tend to have a meaningful impact on both buyer engagement and execution timing. In summary, the Citation Bravo remains a proven and widely recognized platform within the light jet segment. While buyers remain disciplined, well-maintained and properly-configured aircraft continue to attract consistent interest, and transact steadily. Overall, I would assign the segment a B market demand rating.