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EBITDA per employee" }, { "detail": "~$2.0-2.2m in Q2-Q3 2024 vs sticker price $700k-$1.5m per module", "metric": "Revenue per reported module" }, { "detail": "~70-80% per former senior FTAI executive", "metric": "Share of module 'sales' that are actually whole engines" }, { "detail": "~68% (581 of 861 $m, 2021-Q3 2024)", "metric": "AP COGS originating in Leasing segment" }, { "detail": "FTAI 2-6 yrs vs Willis 15 yrs, AAR 3-10 yrs, AerCap 20 yrs", "metric": "Engine depreciable life — FTAI vs peers" }, { "detail": "47% H1 2023 → 44% H1 2024 → 38% Q3 2024 (down ~600bps QoQ ex-USM)", "metric": "Implied MRO-Module EBITDA margin trajectory" }, { "detail": "~$4.5m pre-COVID → ~$2.5m COVID → ~$7m today (~40-50% YoY rise)", "metric": "CFM56-7B half-life engine spot price" }, { "detail": "~$3.2m vs ~$10m+ for like-new", "metric": "Carrying value per narrowbody engine in leasing" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 20:11:47+00", "model": "unknown-legacy", "runId": null, "seconds": 216.08533, "promptVersion": null }, "scqaReward": "Significant downside to the equity if the ~20x AP multiple compresses toward leasing-comparable multiples once margin and growth narrative collapses; Muddy Waters does not publish a specific price target.", "thesisTypes": [ "fraud_exposure", "multiple_rerating" ], "top3Reasons": [ "~70-80% of reported 'module sales' are actually whole engine sales dressed up as MRO", "FTAI depreciates engines in Leasing then transfers them to AP, inflating EBITDA margins ~1,000bps vs peers", "Channel-stuffing via Aerolease placeholder buyer in Dec 2023 inflated Q4/FY23 numbers" ], "scqaSituation": "FTAI Aviation reports an Aerospace Products segment generating ~30-40% EBITDA margins from CFM56 module MRO, valued by analysts at ~20x — a premium aerospace-aftermarket franchise built atop a legacy engine-leasing book.", "thesisSummary": "Muddy Waters is short FTAI Aviation, arguing the Aerospace Products (AP) segment is a leasing business misrepresented as a high-multiple MRO franchise. 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"2026-05-02 20:46:09.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5435c49-d535-4d3b-9f3c-3f10932105c6", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue: 1/3", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9beb-ebdb91e42675", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.95, "x": 0.03, "y": 0.18 }, "kind": "paragraph", "text": "MW engaged an industry expert with 20+ years of experience, who is also a former FTAI executive, to canvass the major aerospace asset traders to determine the magnitude of FTAI's whole engine sales. The research findings are below:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69d98d88-7cf0-4927-b865-2b69e168b461", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.92, "x": 0.06, "y": 0.6 }, "kind": "quote", "text": "\"They've not really had a lot of touch work done by FTAI...\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ba2ee39-e6f7-4faf-b48a-a2676ea280e3", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.06, "y": 0.47 }, "kind": "quote", "text": "\"It looks like they're gonna sell around 90 for the year [2024], maybe a couple more than that...They're marketing a whole bunch right now to try to get some year-end sales in...I know right now they are trying to sell 10 or 12 engines...they could get [to]100 engines this year.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "283aff72-107e-4e44-9542-4d90448e4a34", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.06, "y": 0.68 }, "kind": "quote", "text": "\"They're doing a lot of the deals as exchanges, which makes sense. They're selling a good engine and taking in an unserviceable engine...They're selling three modules and taking in three modules.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2900a966-5100-46ce-938f-08ce0fbd482b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.06, "y": 0.75 }, "kind": "quote", "text": "\"I've got the 10-Q right now...they've got one narrowbody [engine] sale all year... and actually the [true] number is closer to the purchase numbers...they could be recording the [engine] exchanges as purchases (ie. Engine being received in the exchange is disclosed as a purchase).\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4dfe2fbf-55da-4ef5-9bbf-e0b4c1b9761c", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.06, "y": 0.34 }, "kind": "quote", "text": "\"FTAI is roughly selling 22 CFM[-56] engines (i.e., Narrowbody engines) a quarter. They've sold 82 to date [2024], and they still have some closing before the end of the year... I called all the major [traders], all the big guys... I'm averaging around that 22 a quarter.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.795+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "97b9a008-a207-4bec-9469-fdb357a2e1d4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"FTAI is roughly selling 22 CFM[-56] engines (i.e., Narrowbody engines) a quarter. They've sold 82 to date [2024], and they still have some closing before the end of the year... I called all the major [traders], all the big guys... I'm averaging around that 22 a quarter.\" — Consultant A.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9beb-e63ecff1fa8c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.03, "y": 0.93 }, "kind": "source-note", "text": "1 Consultant A.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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EBITDA is gain on sale.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9beb-c64ca7044176", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "AP gain on sale / AP reported adj EBITDA: 80%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:18+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9beb-c853411b3039", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "FTAI's new Q3 2024 disclosure, discussed infra, implicitly acknowledges its AP segment (the MRO) performs limited repair and maintenance work on the engine assets sold.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.121+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "00362d11-4628-41cd-9988-b69bf496f6a2", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.05, "y": 0.28 }, "kind": "paragraph", "text": "After normalizing for Leasing gain on sale, ~80% of Aerospace Product's Adj. EBITDA is gain on sale.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.121+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "53e8fe93-71a5-400c-8039-bc4425aab376", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.05, "y": 0.8 }, "kind": "source-note", "text": "Source: Company filings, MW. Units: $ in millions, unless otherwise noted. 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Another industry expert echoed a similar sentiment.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:13.951+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4af2ba01-f4f5-424a-bcf6-670a096291de", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "paragraph", "text": "CFM56 engines are commonly thought of as containing three modules: the Fan, the Core, and the Low-Pressure Turbine (LPT). 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Source: Company filings. FTAI employee count vetted with FTAI IR.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a55f06d-975d-47a2-89b0-25b9c285fc27", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "disclaimer", "text": "1 Per MTU reported employee figures... 5 FTAI Revenue and Adj. EBITDA estimated by annualizing Q3 2024 results.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed9c5811-cbfb-487e-802f-41db87763056", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Adj. EBITDA Per Employee: 627", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:20+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9bed-9473173769b4", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "paragraph", "text": "FTAI's per employee revenue and EBITDA is ~3x and ~7x higher, respectively, than peers. The most plausible explanation is that FTAI's business is primarily trading whole engines, which is far less labor intensive than an MRO business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "320689f1-6b6b-4086-b262-6a077bdfb692", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.84, "x": 0.08, "y": 0.35 }, "kind": "table", "text": "Estimating Revenue, and EBITDA, per Employee - FTAI vs Peers", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d88c426f-39c0-46ea-96a2-7dc1e50410cd", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "FTAI's Metrics Indicate that Aerospace Products Primarily Sells Whole Engines", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf1722f1-976e-4c82-8ac5-c8c6b2e8207b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5aa79897-26d4-48d0-89ac-c0b5c858209f", "evidence": "Direct comparison of FTAI metrics against a peer group of MRO companies.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:46:09.199+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 14, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 20, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 6, "name": "The Problem", "beatId": "2897335b-844f-4613-bd0e-c83e0abf1f5d", "matchId": "de75dc27-7f60-418e-9ddd-8b053ebe683a", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The deck exposes contradictions in FTAI's financial reporting", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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However, FTAI only charges ~$700k to ~$1.5m per module (see Appendix). We believe this discrepancy illustrates that FTAI is categorizing revenue from whole engine sales as module sales.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:09.624+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6df0313e-3f47-4a60-85af-9a6bff79b5e7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "source-note", "text": "1 Estimates vetted from conversations / models with sell side Analysts. 2 This is the number FTAI reported before the V-2500 reclassification... 3 FTAI, as of Q3 2024, does not disclose the number of modules sold; 95 is an MW estimate.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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They're selling [three] modules. So the, The Module Factory numbers are much higher than what real [customer demand for the Factory] is.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:19+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9bed-3e1d76807046", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.04, "y": 0.53 }, "kind": "paragraph", "text": "Later in the same discussion:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:13.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd5aa1b0-8039-40f0-a461-007d92f6c4fb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.19 }, "kind": "paragraph", "text": "A former FTAI executive explained that while he worked for the company it sold whole engines but reported such transactions as the sale of three modules:", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:13.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef256d9c-b9c9-4ec5-a538-b352c4a67dbd", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.9, "x": 0.06, "y": 0.61 }, "kind": "quote", "text": "MW: \"How do we know that is still happening at the moment?\"\n\nConsultant: \"Well, I'm no longer there. But I could tell you that was the line of thought when I was there...so what I'm suggesting is that that is still happening...there would be more of those modules [that] would be attributed to engine sales than to true module swaps.\"1", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:13.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "96c01ba7-ca62-45b6-aa6c-7f4825a69cd7", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.88, "x": 0.06, "y": 0.31 }, "kind": "quote", "text": "\"And here's the other thing you have to be very cautious about... when they sell an engine, they're not selling an engine. They're selling [three] modules. So the, The Module Factory numbers are much higher than what real [customer demand for the Factory] is.\" 1", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:13.948+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3940a51-a2a2-491a-b530-398a4c71b5f6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"And here's the other thing you have to be very cautious about... when they sell an engine, they're not selling an engine. 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So, I think they do 80 [whole] engine sales a year that they count as modules.\"1", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:10.303+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9738dd87-197e-4f07-8984-6614bb4057e3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"I think they sell between 60 and 80 engines a year and they report 95% into the Aerospace business.\" — Source C, former Senior FTAI executive. \"...I think it's 80/20, right. 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Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 30, "type": "tension", "title": "The slide uses a Muddy Waters Research template, focusing on accounting manipulation.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 6, "textChars": 1256, "nDataPoints": 4, "notes": "The slide uses a Muddy Waters Research template, focusing on accounting manipulation.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:46:10.892+00", "seconds": 2.805, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-afb07f54b28c/30", "deck": "/decks/019dd923-622c-750b-8b97-afb07f54b28c", "deckAnchor": "/decks/019dd923-622c-750b-8b97-afb07f54b28c#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b97-afb07f54b28c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "This has the consequence of inflating FTAI’s EBITDA margins, which are ~ten percentage points higher than peers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9bee-9739d2f21780", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.1, "x": 0.87, "y": 0.03 }, "kind": "image", "text": "MUDDY WATERS RESEARCH", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:10.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fee707bb-a9a8-4187-ad47-6ddf5e0d117b", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.95, "x": 0.03, "y": 0.22 }, "kind": "list", "text": "FTAI’s AP EBITDA margins (~30% - 40%) are not representative of economic reality because ~70% of AP’s COGS originated in the Leasing segment, and, we believe, benefit from depreciation while held in Leasing.\nAerospace Products incurs COGS from the engines it sells on the basis of Inventory carrying values. Because its Inventory has largely come from depreciated Leasing Equipment, FTAI incurs materially lower Aerospace COGS than do its MRO peers.\nFTAI also has considerable subjectivity to calculate engine residual values, which can cause material differences in the values of assets FTAI transfers from Leasing to Inventory.\nThis has the consequence of inflating FTAI’s EBITDA margins, which are ~ten percentage points higher than peers.\nFTAI has also moved Inventory back to Leasing, which could be an effort to again benefit from Leasing depreciation.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:10.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ce63ad5-9413-4d25-9bff-5f336ab7b1d6", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBITDA margin: 10%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9bee-9b9a316b1b2c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.95, "x": 0.03, "y": 0.88 }, "kind": "paragraph", "text": "Note: See Appendix where FTAI notes ~80% of shop visit costs are materials, which suggests that there is opportunity for meaningful depreciation while held in Leasing Equipment.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:10.892+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", 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"e326ab42-4898-4a2f-bbfd-3a554d62af1c", "matchId": "de75dc27-7f60-418e-9ddd-8b053ebe683a", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents evidence of FTAI's financial manipulation", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 31, "type": "tension", "title": "The slide highlights an 'accounting trick' where assets are depreciated even when off-lease, which the author claims is unique to FTAI's business model compared", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 7, "textChars": 1931, "nDataPoints": 8, "notes": "The slide highlights an 'accounting trick' where assets are depreciated even when off-lease, which the author claims is unique to FTAI's business model compared to peers.", "elementsJson": [ "headline_text", "bullet_list", "comparison_table", "footnote", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:46:11.538+00", "seconds": 2.989, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-afb07f54b28c/31", "deck": "/decks/019dd923-622c-750b-8b97-afb07f54b28c", "deckAnchor": "/decks/019dd923-622c-750b-8b97-afb07f54b28c#slide-31", "deckJson": "/decks/019dd923-622c-750b-8b97-afb07f54b28c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Thus, we believe its peers do not exploit this accounting trick to materially boost EBITDA margins.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9bee-210a330e891a", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.65, "x": 0.05, "y": 0.18 }, "kind": "list", "text": "We estimate FTAI's current carrying value per narrowbody engine in the leasing portfolio to be ~$3.2m (vs $10m+ for a like-new engine). FTAI's depreciation policy in Leasing reflects the shorter useful lives of the company's engines. Mere months of off-lease depreciation, which would have no impact on the actual useful life of engine, has the potential to meaningfully impact carrying value. FTAI's assets are depreciable even when off-lease, per a September 2023 FTAI SEC Comment Letter. FTAI's depreciation practice may not differ from that of other leasing companies; however, most leasing peers do not own/operate a large MRO that relies, in large part, on its related leasing segment for raw material. Thus, we believe its peers do not exploit this accounting trick to materially boost EBITDA margins. A peer who does depreciate engines based on usage is ATSG US.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:11.538+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c6266978-dce3-4159-a804-0d267f39f4b6", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "useful life: 2-6 years", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9bee-2aafe775c11d", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"For both aircraft and engines, depreciation begins when the asset is initially placed into service, which generally coincides with the date when the asset is ready for its intended use. Depreciation continues whether leased or not, until the asset is permanently removed from service.\" — FTAI SEC Comment Letter", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9bee-2521d2791ea1", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.05, "y": 0.85 }, "kind": "source-note", "text": "1 Link to SEC Comment Letter. 2 ATSG's 2023 10-K: “Assets are typically depreciated on a straight-line basis except for certain engines which are depreciated based on their usage levels during the period.” ATSG is an aircraft leasing and air cargo transportation service company. 3 Per most recent annual report. 4 AAR useful includes \"equipment, furniture, and fixtures, and capitalized software.\"", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 39, "type": "tension", "title": "The slide uses a bulleted list to detail the mechanics of the alleged accounting manipulation.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 49, "componentCount": 5, "textChars": 1271, "nDataPoints": 2, "notes": "The slide uses a bulleted list to detail the mechanics of the alleged accounting manipulation.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:46:12.452+00", "seconds": 2.88, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-afb07f54b28c/39", "deck": "/decks/019dd923-622c-750b-8b97-afb07f54b28c", "deckAnchor": "/decks/019dd923-622c-750b-8b97-afb07f54b28c#slide-39", "deckJson": "/decks/019dd923-622c-750b-8b97-afb07f54b28c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe this was done just before year end 2023 to inflate Q4 and full year 2023 numbers.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:21+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9bee-cd11113e8992", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.1, "x": 0.875, "y": 0.025 }, "kind": "image", "text": "MUDDY WATERS RESEARCH", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:12.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecd78c9b-b887-4087-9117-13bc0cc11554", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.95, "x": 0.03, "y": 0.2 }, "kind": "list", "text": "In December 2023, FTAI apparently sold two on-lease in-service aircraft to a buyer that apparently was not a bonafide purchaser. We understand that FTAI sold these assets to an intermediary (a “placeholder” buyer), Aerolease, that had no intention of registering and using the assets. While title may have transferred to Aerolease, FTAI did not receive payment. Instead, FTAI received a promissory note, allowing it book the related revenue. Our Consultant reported that: Aerolease did not novate the lease with the lessee, Global Crossing Airlines. The cash related to the note was only collected by FTAI when a bonafide buyer purchased these assets in June 2024 (detailed on the following slides). The airframe and engine were written up and sold separately. The assets were reportedly transferred to Aerolease for ~$16m but could have been worth ~$20m, potentially leaving some margin for Aerolease to capture a commission. We believe this was done just before year end 2023 to inflate Q4 and full year 2023 numbers.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:12.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c53b959c-12b6-4be0-8b13-06d169bd7817", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.03, "y": 0.88 }, "kind": "source-note", "text": "1Consultant A. Aerolease corporate website here.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:12.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64a352cb-825f-4fe4-806f-d28d4199d61f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.75, "x": 0.03, "y": 0.04 }, "kind": "title", "text": "FTAI May Have Used a Questionable Buyer to Record the Sale of Two Aircraft in December 2023", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:12.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b04eb596-a1af-4d99-bc35-f346c6161cf3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "116a8e64-4472-49fd-8d3f-d88eea5e6601", "evidence": "The slide explicitly outlines a mechanism for inflating financial results through a questionable transaction.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:46:12.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 40, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Struggle", "beatId": "e326ab42-4898-4a2f-bbfd-3a554d62af1c", "matchId": "de75dc27-7f60-418e-9ddd-8b053ebe683a", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents evidence of FTAI's financial manipulation", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 40, "type": "tension", "title": "Uses LinkedIn post and database reports as evidence of a potential fraudulent or circular transaction.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 40, "componentCount": 6, "textChars": 743, "nDataPoints": 0, "notes": "Uses LinkedIn post and database reports as evidence of a potential fraudulent or circular transaction.", "elementsJson": [ "headline_text", "paragraph", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:46:12.673+00", "seconds": 3.096, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-afb07f54b28c/40", "deck": "/decks/019dd923-622c-750b-8b97-afb07f54b28c", "deckAnchor": "/decks/019dd923-622c-750b-8b97-afb07f54b28c#slide-40", "deckJson": "/decks/019dd923-622c-750b-8b97-afb07f54b28c.json" }, "components": [ { "bbox": { "h": 0.5, "w": 0.4, "x": 0.55, "y": 0.3 }, "kind": "image", "text": "LinkedIn post from Setna iO regarding the purchase of 2x Airbus A320-200 aircraft.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:12.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "faeef936-1e8d-4b6e-bdd9-e098b697c913", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.03, "y": 0.5 }, "kind": "paragraph", "text": "In addition to Cirium, MW confirmed the existence and counterparties of this transaction with another leading aerospace database provider.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:12.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35a56713-aa32-4825-bd96-96deb857a64d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.4, "x": 0.03, "y": 0.35 }, "kind": "paragraph", "text": "Per Cirium (in its public communications)¹: Setna iO purchased two A320s on lease with GlobalX from FTAI Aviation.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:12.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3715189-f40a-470a-81d1-df9c4a839be2", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.03, "y": 0.9 }, "kind": "source-note", "text": "1 Link to Cirium communications. 2 Link to LinkedIn Post. Despite the same surname, we do not believe that Hunter Edens is related to Wes Edens, Founder of Fortress.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:12.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c06e114-a1ce-420e-919b-ae71972dd4d7", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.03, "y": 0.18 }, "kind": "title", "text": "If FTAI had really sold these two on-lease aircraft in 2023, how could FTAI sell them again to Setna iO in June 2024?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:12.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfc2aa34-d7b2-46f6-9fda-d9afff27f43d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.03, "y": 0.05 }, "kind": "title", "text": "In June 2024 Two Major Aerospace Databases Picked Up This Transaction Between Setna iO, the Subsequent Bonafide Buyer, and FTAI", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:12.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c5e56130-753b-43ef-8ad0-3bbffb102370", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "834d1e15-9f98-4089-a5ee-efabef7ce657", "evidence": "Exposing a contradiction in asset sales to suggest potential accounting irregularities.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 20:46:12.673+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 40, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null }, "from": 21, "name": "The Struggle", "beatId": "e326ab42-4898-4a2f-bbfd-3a554d62af1c", "matchId": "de75dc27-7f60-418e-9ddd-8b053ebe683a", "beatType": { "name": "The Struggle", "slug": "overcoming-monster-the-struggle", "status": "active", "canonId": "019dd9b8-3d24-71b1-9262-9a8f9850fda3", "version": 1, "description": null }, "evidence": "The deck presents evidence of FTAI's financial manipulation", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 41, "type": "tension", "title": "The slide uses a red box to highlight specific fields in the FAA document to support the argument.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "balanced", "densityScore": 32, "componentCount": 5, "textChars": 511, "nDataPoints": 6, "notes": "The slide uses a red box to highlight specific fields in the FAA document to support the argument.", "elementsJson": [ "headline_text", "bullet_list", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:46:13.077+00", "seconds": 3.471, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-afb07f54b28c/41", "deck": "/decks/019dd923-622c-750b-8b97-afb07f54b28c", "deckAnchor": "/decks/019dd923-622c-750b-8b97-afb07f54b28c#slide-41", "deckJson": "/decks/019dd923-622c-750b-8b97-afb07f54b28c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Note the conveyance for N282GX & N281GX are recorded together under the 282GX tail number (top right of document).", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9bf0-477b04db66cf", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.55, "x": 0.41, "y": 0.18 }, "kind": "image", "text": "FAA Registry Document #LJ032867", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:13.077+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5535030f-9cba-492f-9322-dfe121415bdf", "parentComponentId": null }, { "bbox": { "h": 0.4, "w": 0.35, "x": 0.05, "y": 0.2 }, "kind": "list", "text": "The FAA registry shows the tail numbers of the two A320s Setna acquired in June 2024: N282GX & N281GX. The seller was UMB Bank as Trustee. Note the conveyance for N282GX & N281GX are recorded together under the 282GX tail number.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:13.077+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b97fbc3-9de4-4930-93c7-3ef4935aaafb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.55, "y": 0.16 }, "kind": "source-note", "text": "Below: From FAA Registry, Document #LJ032867.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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previous analysis and the upcoming evidence pages.", "elementsJson": [ "headline_text", "paragraph" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:46:12.283+00", "seconds": 2.484, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b97-afb07f54b28c/42", "deck": "/decks/019dd923-622c-750b-8b97-afb07f54b28c", "deckAnchor": "/decks/019dd923-622c-750b-8b97-afb07f54b28c#slide-42", "deckJson": "/decks/019dd923-622c-750b-8b97-afb07f54b28c.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "FTAI Used UMB Bank as its Trustee, Suggesting It Could Have Conveyed Title to Setna in June 2024", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", 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"description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:12.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4adcecae-dfa2-48e3-a67d-b343a410b152", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.4 }, "kind": "paragraph", "text": "We see that FTAI financed the asset (U.S. Registration/Tail No. N282GX) through JP Morgan which, in turn, established a trusteeship through UMB Bank.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:12.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29e76e25-3a7c-474e-8fa3-77b93f5ff4d5", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "See the following pages for evidence of the 2023 agreement where FTAI conveys title of N282GX to UMB Bank as Trustee.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", 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20:46:12.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2dc1c50-7a52-4ea4-984e-1474b0955bf5", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.75, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "FTAI Used UMB Bank as its Trustee, Suggesting It Could Have Conveyed Title to Setna in June 2024", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:12.283+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, 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All notices, requests, demands or other communications required hereunder...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:17.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a3dfc8f-02f7-4768-a79f-2ae0eb0f4910", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.11, "y": 0.17 }, "kind": "paragraph", "text": "Per the 2023 Financing Agreement filed with FAA, Document ID ARE01523678.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:17.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3598484c-314a-4198-9e54-fe53c98bf991", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.35, "x": 0.11, "y": 0.53 }, "kind": "paragraph", "text": "WHEREAS, Fortress Transportation and Infrastructure Investors LLC, as the borrower (the \"Borrower\")...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:17.08+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4feb4c37-ad93-45bb-a0dc-4842ecd46888", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.35, "x": 0.11, "y": 0.31 }, "kind": "paragraph", "text": "THIS FAA AIRCRAFT MORTGAGE AND LEASE SECURITY ASSIGNMENT (MSN 2851)... made by and between UMB BANK, N.A., not in its individual capacity but solely as owner trustee, as the Grantor...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": 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Before COVID, FTAI was paying ~$4.5m, on average for an ~half-life engine (CFM56-7B), with ~48 months of flight time. 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And we'll continue as a percentage to decline because that's not a high-growth business. 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Like I would say 40% to 50%.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:46:13.674+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7e3c4cd-45b6-4952-854b-49985332f1e1", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Of the ~500m that was transferred from Leasing to Inventory, what portion was ever on lease?\" \"Less than half.\" — Investor and FTAI IR; \"And to put it in perspective too, by the way, in the past year and a half, the prices for both serviceable and unserviceable engines, particularly CFM, has skyrocketed. 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How should I model the cost of engines flowing through the business?\"\n\nIR: \"The key thing to note is the difference between the market in general and FTAI when it comes to procuring engines, the market is just pricing serviceable green time engines...We specifically go out to look for opportunities to find unserviceable engines, at significant discounts and then repairing that and then obviously then reselling it to market with green time...when you do note that 30 to 50 increase in the market rate, that isn't reflective of what the unserviceable market looks like.\"\n\nInvestor: \"Got it. 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There is no way they're buying an initial unserviceable engine for a million. That's off by a factor of two... Those are garbage engines. There's like trash. Um, yeah. They're not buying engines at an average of $1 million.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:31:23+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-25b4-767c-9bf0-1529e3f12deb", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.94, "x": 0.03, "y": 0.18 }, "kind": "paragraph", "text": "MW: \"They say they get run out engines for $1 million even today, because they're the buyer of last resort for the most undesirable maintenance event, etc. engines. Is that reasonable?\"\n\nExpert: \"That's complete bullshit. Sorry. No way. Not on average. Can they buy some engines that have had bad things happen to them for a million? Yes, but I thought you said that they said on average they're spending a million. Did I hear you wrong?\"\n\nMW: \"No, you didn't hear me wrong. And that's the number they told me to use for my ROIC calculation...\"\n\nExpert: \"BS. Complete BS. No way. No way. Absolutely not. Um, I just again, like, uh, between [prior and current employer], I've probably bought more CFM runout engines than Fortress did during that time . And, um, it's just a fact. Like we bought, I bought 200 engines in the past 3 years. The amount of engines we bought for under $2 million, I can count on, like, my two hands.\n\nNo way. No way... There is no way they're buying an initial unserviceable engine for a million. That's off by a factor of two... Those are garbage engines. There's like trash. Um, yeah. 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