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  "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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  "notes": "The slide uses a bulleted list to detail the mechanics of the alleged accounting manipulation.",
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      "text": "We believe this was done just before year end 2023 to inflate Q4 and full year 2023 numbers.",
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      "text": "MUDDY WATERS RESEARCH",
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      "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.",
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      "text": "1Consultant A. Aerolease corporate website here.",
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      "text": "FTAI May Have Used a Questionable Buyer to Record the Sale of Two Aircraft in December 2023",
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