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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 investigative findings from a consultant to challenge the legitimacy of revenue recognition.",
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      "text": "our Consultant¹ said the intermediary was “acting as a placeholder” until a real buyer was interested",
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      "text": "Our Consultant concluded, after reportedly speaking with a well-placed individual at Aerolease, that FTAI transferred these assets in the final days of December 2023 to boost Q4 2023 numbers. Even though title may have transferred, FTAI did not receive cash payment and instead received a promissory note, which allowed it to book the related revenue. FTAI appears to have still been the lessor, as our Consultant also reported that FTAI did not novate the leases to Aerolease. FTAI had a $102.3m note receivable on its books at Dec 31 2023, implying there could have been other similar transactions, given this transaction appears to have been worth only ~$20 million. Aerolease seemingly had no intention of using these assets (industry databases do not see Aerolease registering the assets with the FAA – our Consultant said the intermediary was “acting as a placeholder” until a real buyer was interested). FTAI appears to have been responsible for finding a bonafide purchaser in 2024.",
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      "text": "1 Consultant A. Aerolease corporate website here. 2 FTAI 2023 10-K pg 63.",
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      "text": "FTAI Seemingly Used an Intermediary to Boost Year-End 2023 Results through Questionable Sales",
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