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  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
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  "presentationDate": "2025-01-15 00:00:00",
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  "notes": "The slide highlights the reliance on non-recurring gains to inflate EBITDA figures.",
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      "text": "As illustrated below, after normalizing for Leasing Gains on Sale, ~80% of AP’s EBITDA has been reclassed to the Investing section and seemingly is largely whole engine sales:",
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      "text": "AP gain on sale / AP reported adj EBITDA: 80%",
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      "text": "As illustrated below, after normalizing for Leasing Gains on Sale, ~80% of AP’s EBITDA has been reclassed to the Investing section and seemingly is largely whole engine sales:",
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      "kind": "source-note",
      "text": "Source: Company filings, MW. Units: $ in millions, unless otherwise noted. Note: Module sales could also generate gains on sale, per GAAP accounting.",
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      "text": "Percentage of GAAP Gain on Sale Derived from AP Adj. EBITDA table",
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      "kind": "title",
      "text": "~80% of FTAI’s Aerospace Products’ EBITDA Is Gains on Asset Sales",
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