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• Carvana for airplane engines.
• LKQ Corporation for aircraft engine parts.
• United Rentals for aircraft engines.

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• Aircraft Operating Leases: Leasing commercial aircraft to airlines globally.
• Aircraft Engine Operating Leases: Leasing commercial jet engines to airlines, cargo operators, and maintenance facilities.
• Engine Maintenance, Repair, and Overhaul (MRO) Services: Providing comprehensive engine maintenance, repair, and overhaul services, primarily through facilities like The Module Factory.
• Aircraft Parts and Asset Sales: Selling aircraft components, engines, and other aviation assets derived from their managed portfolio.

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• General Electric (NYSE: GE)
• RTX Corporation (NYSE: RTX)
• Rolls-Royce Holdings plc (OTCQX: RYCEY)
• Safran S.A. (Euronext Paris: SAF.PA)

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Joseph Adams, Chairman & CEO

Joseph Adams is the Chairman of the Board and Chief Executive Officer of FTAI Aviation, a role he has held since May 2015, becoming Chairman in May 2016. He also serves as Chairman of the Board of FTAI Infrastructure Inc. Until May 2024, he was a member of the Management Committee of Fortress and a Managing Director at Fortress within the Private Equity Group. Mr. Adams' experience includes serving on the boards of directors for several companies, including Seacastle, Inc., SeaCube Container Leasing Ltd., Aircastle Limited, and RailAmerica Inc. Previously, he was a partner at Brera Capital Partners and worked in the transportation industry group at Donaldson, Lufkin & Jenrette. In 2002, he was the first Executive Director of the Air Transportation Stabilization Board. His career highlights a pattern of managing companies, including those that were portfolio companies of Fortress, a private equity firm.

Eun (Angela) Nam, Chief Financial Officer / Chief Accounting Officer

Eun (Angela) Nam is the Chief Financial and Accounting Officer of FTAI Aviation. From 2014 to May 2024, Ms. Nam served as a Senior Vice President at Fortress within the Private Equity Group, engaging in various mergers and acquisitions and capital markets transactions. She previously held the position of Interim Chief Accounting Officer of Drive Shack Inc., an entity then managed by Fortress, from March through September 2016. Prior to joining Fortress in 2014, Ms. Nam worked for over ten years in KPMG LLP's audit and risk advisory services. Her background demonstrates a clear pattern of managing companies either directly backed by or associated with private equity firms, specifically Fortress Investment Group.

David Moreno, Chief Operating Officer

David Moreno is the Chief Operating Officer of FTAI Aviation. From 2013 to 2021, Mr. Moreno held various roles within Fortress Investment Group in the Private Equity Group, where his focus was on aviation investments.

Stacy Kuperus, Chief Portfolio Officer

Stacy Kuperus serves as the Chief Portfolio Officer of FTAI Aviation. Since 2021, she has been responsible for executing business operations across FTAI Aviation's diverse portfolio of assets. Ms. Kuperus joined Fortress Investment Group in 2014 and held various roles within the aviation platform, contributing to the development of the operational and organizational structure supporting FTAI Aviation's portfolio growth.

Alan Andreini, Head of Investor Relations

Alan Andreini is the Head of Investor Relations for FTAI Aviation and is also responsible for investor relations with FTAI Infrastructure Inc. With over 30 years of experience in the corporate finance industry, Mr. Andreini has a background in leading and building both public and private companies, generating significant returns for investors and stakeholders. He is currently a Managing Director of Fortress Investment Group and has been responsible for investor relations for Fortress Transportation and Infrastructure LLC (now FTAI Aviation), including converting the fund into a permanent capital vehicle. His expertise lies in deal structuring, investment management (including hedge funds and private equity), trading, and e-commerce across mature companies and start-ups, demonstrating a pattern of managing companies backed by private equity.

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The key risks to FTAI Aviation (FTAI) include:

1. Allegations of Financial Misconduct and Securities Fraud Lawsuits: FTAI Aviation is facing multiple class-action lawsuits and accusations of financial manipulation stemming from a Muddy Waters Research report. These allegations include overstating the scale of its aftermarket aerospace business, misrepresenting whole engine sales as individual module sales, inflating EBITDA through over-depreciation in the leasing segment, and channel stuffing to boost sales figures. While FTAI's Audit Committee has stated these allegations are without merit, the ongoing lawsuits and accusations pose significant risks, including potential financial penalties, reputational damage, stock volatility, investor exodus, and regulatory investigations.
2. High Debt Levels and Poor Debt Coverage: FTAI Aviation exhibits a very high net debt-to-equity ratio, which has significantly increased over the past five years. The company's operating cash flow is negative, indicating that its debt is not well covered, and its interest payments are also not sufficiently covered by its EBIT. This financial leverage represents a substantial risk to the business.
3. Dependence on Partnerships and Customer Leverage: FTAI's business growth and smooth operation rely on various partnerships. Should any of these partnerships falter, it could disrupt the company's operations. Additionally, a significant portion of FTAI's customers are airplane lessors who are highly leveraged. Defaults by these customers could adversely impact FTAI Aviation.

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The accelerated obsolescence and diminished long-term demand for older, less fuel-efficient aircraft engine types, which comprise a significant portion of FTAI Aviation's lease portfolio and MRO services, driven by increasing global environmental, social, and governance (ESG) pressures, stricter emissions regulations, and airline fleet renewal strategies focused on newer, more sustainable aircraft.

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FTAI Aviation operates in several key markets, primarily focusing on aircraft and engine leasing, as well as maintenance, repair, and exchange (MRE) services for aircraft engines and aftermarket components. The addressable markets for their main products and services are as follows:

• Global Aircraft Leasing Market: This market was valued at approximately USD 183.13 billion in 2024 and is projected to reach about USD 397.21 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 8.05% from 2025 to 2034. Other estimates place the global aircraft leasing market at USD 192.45 billion in 2024, with a projected CAGR of 11.1%. The commercial aircraft leasing market alone was valued at USD 154.1 billion in 2023 and is expected to reach USD 315.9 billion by 2033, with a CAGR of 7.3%.
• Global Aircraft Engine Leasing Market: This market reached approximately USD 9.79 billion in 2022 and is expected to grow at a CAGR of 4.81% in the forecast period.
• Global Aircraft Engine MRO (Maintenance, Repair, and Overhaul) Market: The global aircraft engine MRO market was valued at USD 22.32 billion in 2024 and is anticipated to reach USD 33.80 billion by 2032, at a CAGR of 5.32%. Another report states the market was valued at USD 37.56 billion in 2022 and is projected to grow to USD 59.01 billion by 2030, exhibiting a CAGR of 4.69%. FTAI Aviation specifically targets a USD 22 billion addressable market in engine maintenance.
• Global Commercial Aircraft Aftermarket Parts Market: This market was valued at USD 44.3 billion in 2024 and is expected to reach USD 72.3 billion by 2033, with a CAGR of 5.3% during 2025-2033. Another source indicates the market size was USD 48.71 billion in 2024, projected to grow from USD 54.40 billion in 2025 to USD 93.52 billion by 2032, at a CAGR of 8.0%.

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1. Expansion of Aerospace Products Segment and Production Capabilities: FTAI Aviation anticipates significant revenue growth from its Aerospace Products segment, driven by accelerated adoption and usage of its products, particularly CFM56 and V2500 engines. The company is actively expanding its module production and repair capabilities by ramping up production at existing facilities in Montreal, Miami, and Rome, and through new initiatives such as expanding component repair operations at a recent acquisition in California and launching a new joint venture in Connecticut. These expansions aim to meet increasing demand and achieve a target of over 40% margins in aerospace products.
2. Strategic Capital Initiatives (SCI) and Asset-Light Leasing Model: FTAI Aviation is transitioning to an asset-light growth model, heavily leveraging its Strategic Capital Initiatives (SCI). The company has finalized equity commitments for SCI, upsizing its total equity capital to $2 billion and allocating over $6 billion in capital for deployment by mid-2026. This expanded partnership and fund are expected to drive continued aviation leasing growth through aggressive expansion and new partnerships, including the acquisition of MRO facilities and launching joint operations.
3. Increased Market Share in Engine Aftermarket: FTAI Aviation is focused on capturing a larger share of the CFM56 and V2500 engine aftermarket. The company has already reported significant growth in market share, approximately doubling it year-over-year to 9%, with a long-term goal of reaching 25%. This growth is supported by the strong global demand for pre-built engines and modules and the appeal of FTAI's Maintenance, Repair, Exchange (MRE) business model as a cost-effective and flexible alternative for airlines.
4. New Acquisitions and Joint Ventures to Enhance MRO Capabilities: The company is strategically acquiring and forming joint ventures to bolster its Maintenance, Repair, and Overhaul (MRO) capabilities and improve operational efficiencies. Recent examples include the acquisition of ATOPS for $15 million, which adds facilities in Miami and Portugal, and the launch of Prime Engine Accessories, a joint venture for an MRE repair facility. These initiatives aim to reduce costs per shop visit and enhance competitiveness, contributing to significant market share growth in Aerospace Products.

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Share Repurchases

• FTAI Aviation has reported $0.00 in share buybacks over the last several years.
• Management indicated in August 2025 that significant share repurchases are planned for the near future, with any incremental cash and liquidity becoming available for buybacks.

Share Issuance

• In May 2024, FTAI Aviation announced a public offering of 2,090,561 ordinary shares by FIG LLC and an employee of FIG LLC.
• The company completed a Follow-on Equity Offering amounting to $171.426 million.

Inbound Investments

• FTAI Aviation completed fundraising for its inaugural Strategic Capital Initiative (SCI) vehicle in October 2025, reaching an upsized hard cap of $2.0 billion in equity commitments from a diverse group of global investors.
• The SCI vehicle, which is managed by FTAI Aviation, aims to deploy over $6 billion of capital, including debt financing, for acquiring on-lease 737NG and A320ceo aircraft.
• The company retains a 20% limited partnership interest in the SCI partnerships and benefits from exclusive engine maintenance, repair, and exchange (MRE) services for the aircraft owned by the fund.

Outbound Investments

• In May 2024, FTAI Aviation agreed to acquire Lockheed Martin Canada's commercial engine repair division (LMCES) for $170 million, enhancing its maintenance, repair, and exchange (MRE) business.
• The company acquired full ownership of Miami-based CFM56 engine specialist QuickTurn Engine Center at the end of 2023.
• In June 2025, FTAI Aviation acquired a 50% ownership stake in IAG Engine Center Europe S.r.l. (rebranded as Quick Turn Engine Center Europe) to expand its engine maintenance capacity by 450 modules per year.

Capital Expenditures

• Annual capital expenditures were $586 million in 2020, $567 million in 2021, $368 million in 2022, $278 million in 2023, and $187 million in 2024, indicating a declining trend.
• Maintenance capital expenditures are targeted around $125 million for the current year (Q3 2025) and are expected to remain at similar levels moving forward.
• FTAI Aviation intends to pursue capacity expansion primarily through accretive, relatively low-capex mergers and acquisitions and opportunistic facility builds, rather than large capital projects.