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  "docSlug": "ae6eb7229943",
  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2025-01-15 00:00:00",
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  "pageNumber": 32,
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  "notes": "The slide uses a table to demonstrate the ratio of transferred inventory value to total COGS, implying accounting manipulation.",
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      "kind": "callout",
      "text": "When these assets are depreciated before being transferred to Inventory, the Leasing segment bears these costs instead of Aerospace Products.",
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      "text": "Transferred Inventory / Aerospace Products COGS: ~68%",
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      "text": "When these assets are depreciated before being transferred to Inventory, the Leasing segment bears these costs instead of Aerospace Products.",
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      "text": "As stated infra, per FTAI IR and accounting, all intact engines (serviceable or unserviceable) are recorded in Leasing Equipment, at inception, in line with the Auditor's guidance.",
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      "kind": "table",
      "text": "As disclosed, the inception of Aerospace Products to-date ($ in millions, unless otherwise noted) | Transfers from Leasing Equipment to Inventory (2021 – Q3-2024) | 581 | Aerospace Products COGS (2021 – Q3-2024) | 861 | Transferred Inventory / Aerospace Products COGS | ~68%",
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      "kind": "title",
      "text": "~70% of FTAI’s Aerospace Products’ COGS Originated in Leasing Where They Could Have Been Depreciated",
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