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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": "This is an activist short-seller slide from Muddy Waters Research.",
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      "text": "FTAI retains title to the engine and, concurrent with the airframe sale, leases the engine to the airframe owner as part of a Perpetual Power Program.",
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      "text": "As we show in the following slides, FTAI is selling assets that are still in service, suggesting aircraft (ie. Airframes plus two engines) were sold. Our research suggests FTAI is selling the airframes, leasing the engines, and shifting the maintenance income associated with such leases to the AP segment. FTAI retains title to the engine and, concurrent with the airframe sale, leases the engine to the airframe owner as part of a Perpetual Power Program. Through the Perpetual Power Program, FTAI promises lessees a serviceable engine through the duration of lease. This removes the burden of shop visits from lessees. This also seems to enable FTAI to record the revenue in the AP segment. Our research suggests this occurred for nearly all 12 Mavi Gok transactions (detailed on the following slides). This means FTAI needs replacement engines with flying time on standby to perform these contracts.",
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      "text": "1 Consultant A",
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      "text": "FTAI Promises Lessees Replacement Engines, Which Implies a Material Portion of Aerospace Products Is Capex Intensive",
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