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  "documentTitle": "FTAI Aviation, Ltd. (FTAI)",
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  "notes": "The slide uses a red box to highlight the cost discrepancy between Fan and LPT modules.",
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      "text": "FTAI's 2023 Module pricing is cited above. Former employees and industry experts we spoke with believe most modules swaps will be for LPTs, followed by fans.",
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      "text": "Module swap cost: $1.75M",
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      "text": "FTAI's 2023 Module pricing is cited above. Former employees and industry experts we spoke with believe most modules swaps will be for LPTs, followed by fans. Although prices will have come up some from July 2023, they will still be in the low to mid one million range.",
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      "text": "FTAI's 2023 Module pricing is cited above. Former employees and industry experts we spoke with believe most modules swaps will be for LPTs, followed by fans. Although prices will have come up some from July 2023, they will still be in the low to mid one million range. Fans will be the least expensive. Cores will be the most expensive of the three but are very rare as modules. Prices vary depending on factors such as condition, cycle life remaining, configuration, etc. FTAI's modules tend to be built to 5,000-6,000 or fewer cycles. — Muddy Waters Research",
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      "text": "Below: From FTAI Investor's Day Presentation June 7, 2023. Pg. 10.",
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      "text": "Module Swap Costs Start at ~$600k-$700 for a Fan, But Most Are LPTs, Which Will Be in the Low-Mid One Million Range",
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