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  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
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  "notes": "Uses investor call and expert testimony to undermine company narrative.",
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      "text": "Despite ~70% of AP's COGS originating in Leasing, less than half were ever on lease.",
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      "kind": "paragraph",
      "text": "As FTAI’s IR recently informed an investor, FTAI must buy engines in this market. Despite ~70% of AP’s COGS originating in Leasing, less than half were ever on lease.",
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      "text": "Engine values have seen significant price increases recently, which will be a headwind Aerospace Products. As one industry expert told us:",
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      "text": "Investor: \"Of the ~500m that was transferred from Leasing to Inventory, what portion was ever on lease?\" IR: \"Less than half.\"",
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      "text": "\"And to put it in perspective too, by the way, in the past year and a half, the prices for both serviceable and unserviceable engines, particularly CFM, has skyrocketed. Like I would say 40% to 50%.\"",
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      "text": "\"Of the ~500m that was transferred from Leasing to Inventory, what portion was ever on lease?\" \"Less than half.\" — Investor and FTAI IR; \"And to put it in perspective too, by the way, in the past year and a half, the prices for both serviceable and unserviceable engines, particularly CFM, has skyrocketed. Like I would say 40% to 50%.\" — Industry Expert",
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      "text": "1 Investor call with FTAI IR, October 2024. 2 Source E.",
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      "text": "FTAI Is Becoming Increasingly Dependent on the More Expensive Secondary Market for Its Engines",
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