Fortress Transportation and Infrastructure Investors LLC (FTAI): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of a major pivot, looking at how Fortress Transportation and Infrastructure Investors LLC (FTAI) transformed into FTAI Aviation, and frankly, their current business model is a masterclass in asset-light growth focused squarely on high-demand jet engines. They are aggressively deploying $4 billion of capital through their Strategic Capital Initiative (SCI) partnership while driving value through their proprietary Module Factory MRE, which helped them hit $676 million in Q2 2025 revenue. This structure, balancing stable leasing cash flow with high-margin parts and service revenue, is why they project an Adjusted EBITDA between $1.25 billion and $1.3 billion for 2025; let's break down the nine blocks of this defintely strong engine-focused machine below.

Fortress Transportation and Infrastructure Investors LLC (FTAI) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel Fortress Transportation and Infrastructure Investors LLC (FTAI)'s asset deployment and service expansion, especially in 2025. These aren't just casual agreements; they are capital commitments and strategic acquisitions that define the current operational structure.

One Investment Management (OneIM) for Strategic Capital Initiative (SCI)

FTAI Aviation Ltd. partnered with One Investment Management ("OneIM") on the inaugural vehicle of its Strategic Capital Initiative (SCI) in March 2025. This partnership is key to FTAI maintaining an asset-light business model while scaling aircraft acquisition.

The first vehicle under this initiative expects to deploy more than $4 billion of total capital into on-lease 737NG and A320ceo aircraft. All engines owned by this partnership will be powered exclusively via engine and module exchanges with FTAI's Maintenance, Repair and Exchange ("MRE") business.

ATLAS SP Partners and Deutsche Bank for $2.5 billion asset-level debt financing

The SCI secured a significant debt commitment in February 2025, which is foundational to its deployment goals. This financing is structured to support the asset acquisition strategy.

Here's a quick look at the capital structure supporting the SCI:

Third-party institutional investors for aircraft acquisition partnerships

The success of the SCI is heavily reliant on attracting third-party capital. As of the third quarter of 2025, FTAI held strong commitments from these partners.

• Completed fundraising for the inaugural SCI vehicle with $2.0 billion of equity commitments.
• The SCI partnership had 145 aircraft owned or under Letter of Intent (LOI) as of Q3 2025.
• The total portfolio target was revised to approximately 375 aircraft.

Pacific Aerodynamic for expanded CFM56 repair capabilities

To bolster its Aerospace Products segment, FTAI made a key acquisition in Q2 2025 to enhance its repair footprint for high-demand engines.

• FTAI acquired 100% equity of Pacific Aerodynamic in Q2 2025.
• Pacific Aerodynamic specializes in CFM56 compressor blade and vane repairs.
• The Aerospace Products segment delivered $180.4 million in Adjusted EBITDA in Q3 2025, representing a 35% margin.

Joint venture for manufacturing Engine Parts Manufacturer Approval (PMA)

The integration of Parts Manufacturer Approval (PMA) parts is a direct strategy to increase margins in the MRO business. FTAI has multiple arrangements in place to execute this.

The company has a joint venture with manufacturer Chromalloy to supply CFM International CFM56 PMA parts. The second of five planned CFM56 parts in this program, a first stage high-pressure turbine stage 1 vane, received FAA certification in November. This PMA strategy is expected to add potentially 5-10 percentage points of additional margin to FTAI's MRO operations. Furthermore, in Q3 2025, FTAI announced a joint venture with Bauer focused on developing in-house CFM56 accessory maintenance repairs.

Finance: draft 13-week cash view by Friday.

Fortress Transportation and Infrastructure Investors LLC (FTAI) - Canvas Business Model: Key Activities

You're looking at the core engine driving FTAI Aviation Ltd.'s operations right now, which is a blend of high-margin aftermarket services and strategic capital deployment to keep the balance sheet lean. This is where the real work happens, turning aging engines into a steady stream of revenue.

Engine Maintenance, Repair, and Exchange (MRE) via the Module Factory

The MRE business is central to FTAI Aviation Ltd.'s strategy, leveraging its proprietary Module Factory to service CFM56 and V2500 engines. This vertical integration allows the company to control the value chain, mitigating inventory shortages caused by OEM delivery delays.

FTAI Aviation Ltd. acquired 100% equity of Pacific Aerodynamic to expand its repair capabilities, specifically for CFM56 compressor blades and vanes. The Module Factory now serves over 100 customers worldwide.

The company is aggressively targeting market share growth in this area. Management estimates current market share at approximately 9%, up from 5% the prior year, with a long-term goal set at 25%.

Production ramp-up to 184 CFM56 Modules in Q2 2025

The operational tempo in the Aerospace Products segment saw a significant acceleration in the second quarter of 2025. Production capacity ramped up substantially to meet demand.

FTAI Aviation Ltd. achieved a production of 184 CFM56 Modules in Q2 2025, which represented a 33% increase versus the prior quarter. The company is working toward a 2025 production goal of 750 modules overall, with management projecting an average of 100 modules per quarter for 2025.

The total production capacity across facilities, including the recent 50% joint venture in Rome (QuickTurn Europe) which adds 450 modules/year, is now 1,800 modules.

Acquiring and leasing commercial jet aircraft and engines

While pushing the asset-light model, FTAI Aviation Ltd. still maintains a leasing portfolio that provides a foundational cash flow. This leasing activity often helps secure engines at favorable acquisition prices for the MRE business.

The leasing fleet expanded, moving from 96 to 109 aircraft year-over-year as of July 2025. For the full year 2025, the company projects the Aviation Leasing segment will contribute $500 million to Adjusted EBITDA.

Here's a quick look at the segment performance and projections:

Deploying $4 billion of capital through the SCI partnership in 2025

The Strategic Capital Initiative (SCI) is the primary vehicle for scaling asset acquisition while keeping FTAI Aviation Ltd.'s balance sheet asset-light. This partnership is designed to deploy massive amounts of capital into on-lease narrowbody aircraft.

The inaugural SCI vehicle expects to deploy more than $4 billion of total capital into on-lease Boeing 737NG and Airbus A320ceo aircraft throughout 2025. This deployment is supported by a $2.5 billion commitment for asset-level debt financing, with the total purchasing power of the vehicle exceeding $6 billion (including $2 billion in equity).

Progress toward the deployment target is tracked by aircraft count:

• Aircraft owned or under Letter of Intent (LOI) as of July 25, 2025: 145 aircraft
• Total target for the SCI partnership: 250 aircraft
• Aircraft owned or under LOI as of March 31, 2025: 98 aircraft

The engines on these partnership-owned aircraft are exclusively serviced via MRE agreements with FTAI Aviation Ltd.

Strategic asset sales to capital partners to maintain an asset-light model

The asset-light structure is actively maintained by selling aircraft from FTAI Aviation Ltd.'s balance sheet to the SCI partnership, which then services the engines through FTAI Aviation Ltd.'s MRE business. This monetizes the airframe asset while locking in the higher-margin maintenance contract.

As part of the launch of the first partnership, FTAI Aviation Ltd. agreed to sell 46 on-lease narrowbody aircraft for an estimated net purchase price of $549 million. This transaction is key to the 2025 guidance, which projects total Adjusted EBITDA between $1.1 billion and $1.15 billion.

The revenue generated from engines sold to the 2025 SPV (Special Purpose Vehicle) was $170 million year-to-date as of July 25, 2025.

Fortress Transportation and Infrastructure Investors LLC (FTAI) - Canvas Business Model: Key Resources

You're looking at the core assets Fortress Transportation and Infrastructure Investors LLC (FTAI) uses to generate revenue and maintain its competitive edge as of late 2025. Honestly, it's a mix of hard assets and specialized intellectual property that drives their value proposition.

The financial foundation looks solid following Q2 2025 results. They ended that period with $302 million in cash on hand. Plus, they have significant liquidity access, reporting $400 million fully undrawn from their corporate revolving credit facility. That's a strong buffer for opportunistic acquisitions or operational needs.

The engine component business is clearly scaling up, directly tied to their proprietary capabilities. They are hitting production targets, which is what matters most for predictable cash flow in that segment. Here's a quick look at the recent output and targets for their Aerospace Products segment:

The proprietary technology is centered around the Proprietary Module Factory technology for engine module exchanges. This capability supports the repair and sale of aftermarket components for specific engine types. Their focus is clearly on the workhorse engines of the global fleet.

The portfolio of commercial jet engines is heavily concentrated in the CFM56 and V2500 models. This specialization allows for deep expertise and efficient inventory management. Their Aerospace Products segment specifically deals with components for the CFM56-7B, CFM56-5B and V2500 commercial aircraft engines.

The relationship with the Strategic Capital Initiative (SCI) partnerships is a major revenue driver for the specialized repair side of the business. This arrangement provides a guaranteed stream of work, effectively de-risking some of the asset-heavy operations. For instance, in the second quarter of 2025, they generated $70,000,000 in aerospace products revenue just by fulfilling orders to SCI. That represented approximately 14% of their total sales in aerospace products for that quarter.

Finally, you can't quantify the value of the people running the show. The team is described as highly experienced management team in aviation asset management. They are the ones navigating the complex leasing markets and ensuring the operational efficiency of the Module Factory. It's definitely a key intangible asset.

• Proprietary Module Factory technology for engine module exchanges.
• Portfolio of commercial jet engines, primarily CFM56 and V2500.
• $302 million in cash and $400 million undrawn credit facility (Q2 2025).
• Exclusive MRO rights on engines owned by Strategic Capital Initiative (SCI) partnerships, evidenced by $70 million in Q2 2025 revenue from SCI orders.
• Highly experienced management team in aviation asset management.

Finance: draft 13-week cash view by Friday.

Fortress Transportation and Infrastructure Investors LLC (FTAI) - Canvas Business Model: Value Propositions

You're looking at the core reasons why airlines and capital partners choose Fortress Transportation and Infrastructure Investors LLC (FTAI), and honestly, the numbers from late 2025 tell a compelling story of scale and integration.

Cost savings and flexibility for airlines via the Module Factory MRE

FTAI Aviation's proprietary offerings, which include the Module Factory and a joint venture for manufacturing engine Parts Manufacturer Approval (PMA) parts, are designed to deliver cost savings and flexibility to the customer base, which spans airlines, lessors, and Maintenance, Repair, and Operations (MRO) providers. The operational capacity shows this in action:

• Module refurbishment hit 207 units in the third quarter of 2025, marking a 13% increase Quarter-over-Quarter (QoQ).
• The production target for 2025 was set at 750 modules.
• The company projected 25 to 35 V2500 engine MRE transactions for fiscal year 2025.

Access to high-demand CFM56/V2500 engine parts and maintenance

The focus on the CFM56 and V2500 engine types is backed by a growing asset base and strong market forecasts. The demand for shop visits is expected to remain strong for the next decade, partly due to OEM delivery delays for new aircraft.

• The V2500 engine portfolio grew to 195 units in the leasing portfolio and aerospace inventory as of the first quarter of 2025, up from 77 units in the first quarter of 2024.
• The company's 2025 outlook included an assumption of an average of 100 modules per quarter produced at the Montréal facility.

Asset-light investment structure for institutional capital partners

The Strategic Capital Initiative (SCI) is the mechanism for this asset-light pivot, allowing FTAI Aviation to deploy significant capital while sharing ownership with institutional partners. This structure is key to scaling the business without solely relying on the balance sheet.

Stable cash flows and asset appreciation potential from aviation assets

The shift toward MRO and fee-based income, alongside leasing, is intended to generate consistent cash flow. The company has been raising its expectations for the year based on operational execution.

Here's the quick math on the financial performance supporting this value proposition as of the latest reports:

• The full-year 2025 Adjusted Free Cash Flow target was raised to $750 million.
• Adjusted Free Cash Flow generated in the first half of 2025 was $370 million.
• Adjusted EBITDA for the third quarter of 2025 reached $297.4 million, up 28% year-over-year.
• Net Income Attributable to Shareholders for the third quarter of 2025 was $114,009 thousand.

Rapid engine repair turnaround times for reduced aircraft downtime

The vertical integration, especially the Module Factory, directly translates to faster service for customers, which is critical for minimizing aircraft-on-ground situations. The capacity ramp-up shows the ability to handle this volume quickly.

The Aerospace Products segment delivered $180.4 million in Adjusted EBITDA in the third quarter of 2025, representing a 35% margin and a 77% increase versus Q3 2024. This margin expansion is partly attributable to the speed and efficiency gains from in-house repair capabilities.

Finance: draft 13-week cash view by Friday.

Fortress Transportation and Infrastructure Investors LLC (FTAI) - Canvas Business Model: Customer Relationships

You're looking at how Fortress Transportation and Infrastructure Investors LLC (FTAI) manages its relationships with the entities that provide its assets and use its services. It's a mix of deep partnership, direct service provision, and managing a public investor base.

Direct, long-term leasing contracts with airlines and lessors

FTAI Aviation Ltd.'s leasing focus, especially through its Strategic Capital Initiative (SCI), centers on mid-life, current generation aircraft like the Boeing 737NG and Airbus A320ceo. While the search results don't give a specific count of all direct, long-term leasing contracts outside the SCI, they do show that as of December 31, 2024, no single customer or lessee accounted for more than 10% of FTAI's revenue or total accounts receivable, net. This suggests a diversified, though concentrated, customer base in the leasing side of the business. The company states it does not believe it is dependent on any single lessee.

Strategic partnership management for the SCI vehicles

The management of the Strategic Capital Initiative (SCI) vehicles is a core relationship strategy, designed to maintain an asset-light model for FTAI Aviation while deploying significant capital. This involves managing relationships with institutional co-investors. The inaugural vehicle, FTAI SCI I, reached its upsized hard cap of $2 billion in equity commitments. This vehicle, along with debt financing, is set to deploy over $6 billion in total capital. OneIM is noted as a strategic capital partner for the first vehicle. ATLAS SP Partners committed $2.5 billion of asset-level debt financing for the SCI, with $2 billion committed directly to support FTAI SCI I.

Here's a quick look at the progress of the SCI I vehicle as of late 2025:

Dedicated MRO service agreements with exclusivity clauses

The relationship between the SCI and FTAI's Maintenance, Repair and Exchange (MRE) business is cemented by an exclusivity clause. All engines owned by the SCI partnership will be powered exclusively via engine and module exchanges with FTAI's MRE business. This creates a guaranteed customer flow for the Aerospace Products segment. FTAI's MRO operations are expanding to meet this demand and serve the broader market.

The MRO customer relationship metrics show significant growth:

• FTAI's Module Factory serves over 100 customers worldwide (as of Q1 2025).
• Market share in the $22 billion total addressable market for CFM56/V2500 maintenance increased to approximately 9% (annualized basis as of Q2 2025).
• The long-term market share goal is 25%.
• Q2 2025 production reached 184 CFM56 Modules.

Direct sales and service for over 100 Module Factory customers

The Module Factory, which provides cost savings and flexibility to the customer base, directly serves over 100 customers globally as of the first quarter of 2025. This direct service relationship is a key component of the Aerospace Products segment, which saw its Adjusted EBITDA increase 81% year-over-year in Q2 2025. The company is actively expanding its repair capabilities, for instance, by acquiring Pacific Aerodynamic in Q2 2025.

Investor relations for public shareholders and preferred equity holders

FTAI Aviation manages relationships with its public shareholders and preferred equity holders through regular reporting and dividend declarations. You need to keep an eye on the share counts and the declared payouts to gauge the relationship health.

Key figures for public shareholders as of mid-2025:

• Ordinary shares outstanding as of July 29, 2025: 102,570,598.
• Ordinary shares outstanding as of February 26, 2025: 102,550,975.
• Q1 2025 Net Income Attributable to Shareholders: $89.9 million.
• Cash dividend declared per ordinary share (payable May 23, 2025): $0.30.
• Q1 2025 Preferred Share Dividends Declared: $0.51563 (Series C) and $0.59375 (Series D) per share.

Finance: draft 13-week cash view by Friday.

Fortress Transportation and Infrastructure Investors LLC (FTAI) - Canvas Business Model: Channels

The channels Fortress Transportation and Infrastructure Investors LLC (FTAI) uses to reach its customers are deeply integrated with its asset management and maintenance capabilities, particularly within the Aviation Leasing and Aerospace Products segments.

Direct sales and leasing team for Aviation Leasing segment

FTAI Aviation Leasing serves its clients, typically small and medium airlines (defined as those with less than 100 engines or between 100 and 500 engines, respectively), through a direct approach. The segment's focus has shifted, with engines now representing 66% of the leasing portfolio compared to 34% for aircraft as of Q3 2025. This focus on engines aligns with the asset-light strategy supported by the Strategic Capital Initiative (SCI). The Aviation Leasing segment contributed $134.4 million to Adjusted EBITDA in Q3 2025, which included gains on sales of $8.3 million. The company owns and manages 391 aviation assets overall.

Proprietary MRO facilities, including the Module Factory

FTAI uses its proprietary Maintenance, Repair, and Overhaul (MRO) facilities as a direct channel to service the aftermarket for CFM56 and V2500 engines, which is a segment valued at $22 billion globally. The company acquired a 50% stake in IAG Engine Center Europe S.r.l. (QuickTurn Europe) in Q2 2025, creating a 200,000 sq. ft. CFM56 maintenance hub in Rome. This expansion is part of a strategy to grow market share from 5% a year ago to approximately 9% annualized as of Q2 2025, with a long-term goal of 25%. The proprietary Module Factory and a joint venture for Parts Manufacturer Approval (PMA) are key to this channel, with the PMA strategy expected to deliver savings of over $2 million.

Here's a look at the capacity expansion driving this channel:

The Aerospace Products segment delivered $180.4 million in Adjusted EBITDA in Q3 2025, with a margin of 35%.

Strategic Capital Initiative (SCI) partnership vehicles

The SCI acts as a critical channel for scaling the asset-light business model by bringing in third-party institutional capital to acquire on-lease narrowbody aircraft, specifically 737NG and A320ceo models. The first vehicle, FTAI SCI I, completed fundraising, reaching an upsized hard cap of $2 billion in equity commitments, exceeding the initial $1.5 billion target. Including debt financing, the vehicle is set to deploy over $6 billion in total capital. The engines from these partnership-owned aircraft are exclusively serviced via exchanges with FTAI's Maintenance, Repair, and Exchange (MRE) business, creating a captive maintenance channel.

Key SCI deployment statistics as of late 2025 include:

• Total capital deployment goal for the first vehicle: Over $4 billion (initial 2025 target).
• Equity commitments raised for FTAI SCI I: $2 billion.
• Aircraft owned or under Letter of Intent (LOI) as of Q2 2025: 145 (vs. target of 250).
• Aircraft already invested in by FTAI SCI I: 101.
• Capital already invested across those aircraft: $1.4 billion.
• Additional capital under contract: $2.1 billion.
• Estimated net purchase price for 46 aircraft sold to the first partnership: $549 million.

The overall 2025 Adjusted EBITDA guidance for FTAI was $1.1 to $1.15 billion, with the Aerospace Products segment expected to contribute $600 to $650 million.

Direct-to-customer service for Aerospace Products segment

The Aerospace Products segment directly sells its output-repaired engine modules and aftermarket components-to the customer base, which includes airlines, lessors, and MRO providers. The segment's growth is tied to its production ramp-up; it produced 207 modules in the quarter ending September 30, 2025, up 13% quarter-over-quarter, against a 2025 production target of 750 modules. The Q3 2025 Adjusted EBITDA for this segment was $180.4 million. The acquisition of Pacific Aerodynamic in Q2 2025 expanded repair capabilities for CFM56 compressor blade and vane repairs, directly enhancing the service offering. FTAI is confident in its ability to reach a long-term market share goal of 25% in the engine maintenance market.

The company confirmed it is on track to achieve its $750 million adjusted free cash flow target for 2025, having generated $638 million in the first three quarters.

Fortress Transportation and Infrastructure Investors LLC (FTAI) - Canvas Business Model: Customer Segments

You're looking at the core groups Fortress Transportation and Infrastructure Investors LLC (FTAI) serves, which is really the engine driving their pivot toward higher-margin aftermarket services. The customer base is clearly segmented across asset ownership, asset management, and direct maintenance needs, which is smart because it creates multiple revenue hooks from the same physical asset.

Global Airlines Operating Narrowbody Aircraft (737NG, A320ceo)

The primary customer group here isn't just any airline; it's those operating the workhorse narrowbody fleet, specifically the Boeing 737NG and Airbus A320ceo families. FTAI Aviation Ltd. directly targets this segment through its Strategic Capital Initiative (SCI). This initiative, in collaboration with third-party institutional investors, was set up to acquire these specific on-lease aircraft. By Q2 2025, the first partnership under the SCI had already deployed $4 billion in total capital to acquire 46 of these narrowbody aircraft. For these airline operators, the value proposition is tied to the MRO exclusivity that comes with the asset sale; they gain access to FTAI's low-cost Maintenance, Repair, and Exchange (MRE) services for the engines on those newly acquired assets.

Aircraft Lessors Seeking Engine Maintenance and Asset Management

Aircraft lessors, often holding the physical assets but needing specialized engine support, form another critical segment. When FTAI partners with institutional investors to buy aircraft, the engines on those assets are exclusively serviced through FTAI's MRE business. This structure ensures a captive, high-quality maintenance customer for FTAI's Aerospace Products segment. The Leasing segment itself, which manages the assets on its books and those in partnerships, contributed $134.4 million to adjusted EBITDA in Q3 2025. Lessors benefit from FTAI's ability to provide cost-efficient alternatives to traditional, more time-consuming shop visits.

Third-Party Institutional Investors in Aviation Assets

This group represents the capital providers who want exposure to aviation assets without the operational headache. The SCI is designed precisely for them. The inaugural vehicle for the SCI successfully closed its final round of equity commitments, upscaling the total equity capital to $2 billion. FTAI Aviation Ltd. maintains a minority stake, co-investing up to approximately $380 million for a 19% equity interest in that partnership. These investors are buying into the asset growth strategy while relying on FTAI's expertise to manage the underlying engine maintenance, which is where the real margin capture happens.

Maintenance, Repair, and Operations (MRO) Customers Worldwide

This is the segment where FTAI is aggressively growing its market share. The company focuses heavily on the CFM56 and V2500 engine aftermarket. As of late 2025, FTAI claims to hold approximately 9% of this engine maintenance market, a significant jump from 5% just a year prior. The total addressable market (TAM) for CFM56 MRE alone is estimated at $22 billion. The success in this segment is clear in the financials; the Aerospace Products segment posted adjusted EBITDA of $180.4 million for Q3 2025, and the full-year 2025 Adjusted EBITDA guidance anticipates $600 to $650 million from this business line.

Here's a quick look at the financial segmentation of the customer base as reflected in the Q3 2025 performance and 2025 guidance:

The MRO customer base is being targeted with expanded capacity. FTAI's total CFM56 capacity is set to reach 1,800 modules/year following the Q2 2025 acquisition of a stake in QuickTurn Europe, representing a 33% expansion. This increased capacity is essential to service the growing number of engines under management, including those from the SCI fleet, which are contractually bound to use FTAI's MRE services.

The types of MRO customers FTAI is attracting include:

• Airlines seeking cost-efficient engine exchanges.
• Asset owners preferring module swaps over full shop visits.
• Global operators requiring service near major hubs like Rome.
• Existing customers signing multiyear perpetual power programs, like Finnair.

What this estimate hides is the geographic spread; while the Q3 2025 results show revenue from Asia, Europe, and North America in 2023, the MRO expansion, like the Rome facility, is explicitly designed to serve European customers with 'just-in-time' service.

Finance: draft 13-week cash view by Friday.

Fortress Transportation and Infrastructure Investors LLC (FTAI) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Fortress Transportation and Infrastructure Investors LLC (FTAI) expenses as of late 2025. This isn't about potential; it's about the actual cash outflow required to keep the engines turning and the assets moving.

Financing Costs: Interest Expense

Debt service is a major component of the cost structure, reflecting the capital-intensive nature of asset ownership and leasing, even with the pivot to an asset-light model. The higher rate environment definitely keeps this line item significant.

• Interest expense for the first quarter of 2025 was reported at $62.0 million.
• For the third quarter of 2025, the reported interest expense was $60.8 million.
• The weighted average cost of debt stood at 6.5% on $3.5 billion of senior notes as of Q3 2025.

Asset Management and Maintenance Costs

Costs related to acquiring, maintaining, and servicing the core inventory-aircraft engines and modules-are substantial, though FTAI Aviation Ltd. is actively working to internalize more of this through acquisitions and JVs to drive down per-unit costs.

The operational costs for the Maintenance, Repair, and Exchange (MRE) segment, including the Module Factory, are detailed below. FTAI is on track to meet its 2025 annual module production target of 750 modules.

FTAI is investing to reduce future shop visit costs. They acquired ATOPS MRO for approximately $15 million, which expands module production capacity by 150 units. Plus, the joint venture with Bauer is expected to save approximately $75,000 per shop visit across 350 targeted shop visits annually.

Corporate Overhead and Transaction Costs

General and administrative (G&A) expenses cover the corporate overhead needed to manage the dual business segments. Acquisition and transaction costs reflect ongoing strategic moves, like the ATOPS acquisition.

• General and administrative expenses (G&A) for the third quarter of 2025 were $1,829 thousand.
• G&A for the first nine months of 2025 totaled $7,387 thousand.
• Acquisition and transaction expenses for Q3 2025 were $7,066 thousand.
• Acquisition and transaction expenses for the first nine months of 2025 totaled $18,847 thousand.

Capital Deployment Commitments

While technically an investment outflow, the capital deployment for the Strategic Capital Initiative (SCI) is a critical element of the cost structure, as it dictates the scale of future asset-light operations and associated MRE service revenue streams. The initial target has been significantly increased.

• The initial capital deployment target for the SCI was $4 billion.
• The upsized SCI partnership now targets total capital deployment of over $6 billion.
• FTAI's co-investment in the upsized SCI vehicle is up to approximately $380 million for a 19% minority equity interest.

Total operating expenses for the twelve months ending September 30, 2025, reached $1.668 billion.

Fortress Transportation and Infrastructure Investors LLC (FTAI) - Canvas Business Model: Revenue Streams

You're looking at the core ways Fortress Transportation and Infrastructure Investors LLC (FTAI) brings in cash, which is shifting more towards high-margin services and fee-based structures, especially with the new partnerships.

The primary revenue drivers are split between the leasing of aircraft and engines, and the technical services from Aerospace Products. The company is actively managing its asset base to maximize recurring, high-margin income.

Aviation Leasing revenue from aircraft and engine leases is projected to contribute significantly to the overall profitability guidance for 2025.

• Projected 2025 Adjusted EBITDA contribution from Aviation Leasing: $600 million.
• This updated 2025 projection includes $54 million in insurance settlements received in the first half of 2025.
• The Leasing segment contributed $199.3 million in Adjusted EBITDA for Q2 2025, driven by settlements and asset sales.

Aerospace Products revenue from MRE services and parts sales is a growing component, reflecting the company's focus on Maintenance, Repair, and Exchange (MRE) activities.

• Projected 2025 Adjusted EBITDA contribution from Aerospace Products: a range of $650 million to $700 million.
• Q2 2025 Adjusted EBITDA for Aerospace Products was $164.9 million at a 34% margin.
• Q3 2025 Adjusted EBITDA for Aerospace Products reached $180.4 million at a 35% margin.
• The segment produced 184 CFM56 Modules in Q2 2025, a 33% increase from the prior quarter.
• Assumptions for 2025 include 25 to 35 V2500 engine MRE transactions.

The overall financial performance for the most recently reported quarter shows strong revenue generation.

The company's Projected 2025 Adjusted EBITDA has been raised, showing management confidence in the asset-light shift.

• Updated total projected 2025 Adjusted EBITDA: $1.25 billion to $1.3 billion.

Fees and profit share from Strategic Capital Initiative partnerships represent the revenue generated from managing assets for third-party institutional investors, supporting the asset-light model.

• The inaugural Strategic Capital Initiative (SCI) partnership closed fundraising with $2 billion of equity commitments, targeting deployment of over $6 billion of capital including debt.
• The first partnership involved the sale of 46 on-lease narrowbody aircraft for an estimated net purchase price of $549 million.
• Servicing fees from the 2025 Partnership for the three months ended September 30, 2025: $3,035 thousand.
• Servicing fees from the 2025 Partnership for the nine months ended September 30, 2025: $5,635 thousand.