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  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
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  "notes": "The slide uses a 'villain' narrative by contrasting official financial disclosures with an anonymous executive's testimony.",
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      "text": "Below is an excerpt from FTAI's Q2 2024 10-Q which reports supplemental disclosure for non-cash activities. Balance sheet non-cash transfers from inventory to leasing are highlighted in red.",
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      "text": "Former FTAI executive: \"So that inventory, let's say it's got high book value. [I'm assuming] they'll just call the leasing team and put this engine back on lease...\"",
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      "text": "So that inventory, let's say it's got high book value. [I'm assuming] they'll just call the leasing team and put this engine back on lease, and then we'll just get some depreciation of the year, run it down, and then we'll transfer it back to Aerospace Products... Because, you know, you like, oh shit, if I'm not gonna make, you know, 35% margin on that module, it's really going to affect my numbers or my valuation. So I'll pop it back to leasing for three months, find a customer, put it on wing for six months a year, two years, whatever the life is. And then, you know, comes off wing, which is to the same circus again. — Former FTAI executive",
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