FULLTEXT DEL 1 AV 2
10-Q – 2026-07-31 – ftai-20260630.htm
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0001590364 ftai:A8.00FixedToFloatingRateSeriesBCumulativePerpetualRedeemablePreferredSharesMember 2025-02-01 2025-02-28 0001590364 ftai:A8.00FixedToFloatingRateSeriesBCumulativePerpetualRedeemablePreferredSharesMember 2025-02-28 0001590364 ftai:A8.25FixedRateResetSeriesCCumulativePerpetualRedeemablePreferredSharesMember 2026-06-01 2026-06-30 0001590364 ftai:A8.25FixedRateResetSeriesCCumulativePerpetualRedeemablePreferredSharesMember 2026-06-30 0001590364 srt:MinimumMember 2026-06-30 0001590364 srt:MaximumMember 2026-06-30 0001590364 us-gaap:SubsequentEventMember 2026-07-28 2026-07-28 0001590364 us-gaap:SubsequentEventMember us-gaap:SeriesDPreferredStockMember 2026-07-28 2026-07-28 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ Commission file number 001-37386 FTAI AVIATION LTD. (Exact name of registrant as specified in its charter) Cayman Islands 98-1420784 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 405 West 13th Street, 3rd Floor New York NY 10014 (Address of principal executive offices) (Zip Code) (Registrant’s telephone number, including area code) ( 332 ) 239-7600 (Former name, former address and former fiscal year, if changed since last report) N/A Securities registered pursuant to Section 12(b) of the Act: Title of each class: Trading Symbol: Name of exchange on which registered: Ordinary shares, $0.01 par value per share FTAI The Nasdaq Global Select Market 9.50% F ixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares FTAIM The Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer þ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company ¨ Emerging growth company ¨ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No þ There were 102,707,091 ordinary shares outstanding at July 29, 2026. FORWARD-LOOKING STATEMENTS AND RISK FACTORS SUMMARY This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact but instead are based on our present beliefs and assumptions and on information currently available to us. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “target,” “projects,” “contemplates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this report are based upon our historical performance and on our current plans, estimates and expectations in light of information currently available to us. The inclusion of this forward-looking information should not be regarded as a representation by us, that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties and assumptions relating to our operations, financial results, financial condition, business, prospects, growth strategy and liquidity. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. The following is a summary of the principal risk factors that make investing in our securities risky and may materially adversely affect our business, financial condition, results of operations and cash flows. This summary should be read in conjunction with the more complete discussion of the risk factors we face, which are set forth in Part II, Item 1A. “Risk Factors” of this report. We believe that these factors include, but are not limited to: • changes in economic conditions generally and specifically in our industry sectors, and other risks relating to the global economy, including, but not limited to, the Russia-Ukraine conflict, war in the Middle East, and any related responses or actions by businesses and governments; • reductions in cash flows received from our assets, as well as contractual limitations on the use of our aviation assets to secure debt for borrowed money; • our ability to take advantage of acquisition opportunities at favorable prices; • our ability to realize the anticipated benefits of our strategic initiatives; • a lack of liquidity surrounding our assets, which could impede our ability to vary our portfolio in an appropriate manner; • the relative spreads between the yield on the assets we acquire and the cost of financing; • adverse changes in the financing markets we access affecting our ability to finance our acquisitions; • customer or lessee defaults on their obligations; • our ability to renew existing contracts and enter into new contracts with existing or potential lessees; • the availability and cost of capital for future acquisitions; • risks involving our Strategic Capital Initiative; • concentration of a particular type of asset or in a particular sector; • competition within the aviation industry; • the competitive market for acquisition opportunities; • risks related to operating through joint ventures, partnerships, consortium arrangements or other collaborations with third parties; • our ability to successfully integrate acquired businesses; • obsolescence of our assets or our ability to sell, re-lease or re-charter our assets; • exposure to uninsurable losses and force majeure events; • the impact of trade disputes, including the imposition of new or increased tariffs, sanctions or other restrictions, and the legislative/regulatory environment and exposure to increased economic regulation; • exposure to the oil and gas industry’s volatile oil and gas prices; • difficulties in obtaining effective legal redress in jurisdictions in which we operate with less developed legal systems; • our ability to maintain our exemption from registration under the Investment Company Act of 1940, as amended (the “Investment Company Act”) and the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”) and the fact that maintaining such exemption imposes limits on our operations; • our ability to successfully utilize leverage in connection with our investments; • foreign currency risk and risk management activities; • effectiveness of our internal control over financial reporting; • exposure to environmental risks, including natural disasters, increasing environmental legislation and the broader impacts of climate change; • changes in interest rates and/or credit spreads, as well as the success of any hedging strategy we may undertake in relation to such changes; • actions taken by national, state, or provincial governments, including nationalization, or the imposition of new taxes, could materially impact the financial performance or value of our assets; 2 • our ability to attract and retain highly skilled management and other personnel; • volatility in the market price of our shares; • the inability to pay dividends to our shareholders in the future; • impacts from our past and future acquisitions, and our ability to successfully integrate acquired assets and assumed liabilities; and • other risks described in the “Risk Factors” section of this report. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report. The forward-looking statements made in this report relate only to events as of the date on which the statements are made. We do not undertake any obligation to publicly update or review any forward-looking statement except as required by law, whether as a result of new information, future developments or otherwise. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, our actual results may vary materially from what we may have expressed or implied by these forward-looking statements. We caution that you should not place undue reliance on any of our forward-looking statements. Furthermore, new risks and uncertainties arise from time to time, and it is impossible for us to predict those events or how they may affect us. 3 FTAI AVIATION LTD. INDEX TO FORM 10-Q PART I - FINANCIAL INFORMATION Item 1. Unaudited Consolidated Financial Statements of FTAI Aviation Ltd. 5 Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 5 Consolidated Statements of Operations for the three and six months ended June 30, 2026 and 2025 6 Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2026 and 2025 7 Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 9 Notes to Consolidated Financial Statements 11 Note 1: Organization 11 Note 2: Summary of Significant Accounting Policies 11 Note 3: Leasing Equipment, net 15 Note 4: Investments 15 Note 5: Intangible Assets and Liabilities, net 16 Note 6: Debt, net 17 Note 7: Fair Value Measurements 18 Note 8: Equity-Based Compensation 19 Note 9: Income Taxes 20 Note 10: Affiliate Transactions and Former Management Agreement 20 Note 11: Segment Information 23 Note 12: Earnings per Share and Equity 32 Note 13: Commitments and Contingencies 32 Note 14: Subsequent Events 32 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3. Quantitative and Qualitative Disclosures About Market Risk 47 Item 4. Controls and Procedures 48 PART II - OTHER INFORMATION Item 1. Legal Proceedings 48 Item 1A. Risk Factors 48 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 64 Item 3. Defaults Upon Senior Securities 64 Item 4. Mine Safety Disclosures 64 Item 5. Other Information 64 Item 6. Exhibits 65 4 PART I—FINANCIAL INFORMATION Item 1. Financial Statements FTAI AVIATION LTD. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except share and per share data) (Unaudited) Notes June 30, 2026 December 31, 2025 Assets Current Assets Cash and cash equivalents 2 $ 337,195 $ 300,476 Accounts receivable, net (1) 2 168,202 209,907 Inventory, net 2 1,544,592 1,193,773 Other current assets (2) 2 491,107 408,364 Total current assets 2,541,096 2,112,520 Leasing equipment, net 3 1,146,373 1,545,804 Property, plant, and equipment, net 2 134,742 120,068 Investments 4 401,803 314,156 Intangible assets, net 5 13,048 19,929 Goodwill 94,221 94,221 Other non-current assets 157,879 167,060 Total assets $ 4,489,162 $ 4,373,758 Liabilities Current Liabilities Accounts payable $ 261,671 $ 208,224 Accrued liabilities 100,159 90,009 Current maintenance deposits 2 17,926 25,439 Current security deposits 12,368 14,001 Other current liabilities 2 89,086 62,202 Total current liabilities 481,210 399,875 Long-term debt, net 6 3,453,320 3,448,891 Non-current maintenance deposits 2 18,815 46,237 Non-current security deposits 2 7,574 15,211 Other non-current liabilities 124,256 129,370 Total liabilities $ 4,085,175 $ 4,039,584 Commitments and contingencies 13 Equity Ordinary shares: $ 0.01 par value per share; 2,000,000,000 shares authorized; 102,625,424 shares issued and outstanding as of June 30, 2026 (December 31, 2025 - 102,573,283 ) $ 1,026 $ 1,026 Preferred shares: $ 0.01 par value per share; 200,000,000 shares authorized; 2,600,000 shares issued and outstanding as of June 30, 2026 (December 31, 2025 - 6,800,000 ) 26 68 Additional paid in capital — 50,567 Retained earnings 402,935 282,513 Shareholders' equity 403,987 334,174 Total liabilities and equity $ 4,489,162 $ 4,373,758 (1) Includes accounts receivable from the 2025 Partnership of $ 25,456 as of June 30, 2026 (December 31, 2025 - $ 47,294 ). (2) Includes receivables from the 2025 Partnership of $ 9,267 as of June 30, 2026 (December 31, 2025 - $ 20,681 ). See accompanying notes to consolidated financial statements. 5 FTAI AVIATION LTD. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (Dollars in thousands, except share and per share data) Three Months Ended June 30, Six Months Ended June 30, Notes 2026 2025 2026 2025 Revenues Aerospace products revenue 2 $ 692,229 $ 420,686 $ 1,214,814 $ 685,111 MRE Contract revenue 2, 10 182,799 69,585 404,029 170,223 Lease income 2 27,765 62,439 67,657 130,879 Maintenance revenue 2 25,793 73,104 56,392 122,711 Asset sales revenue 2 16,925 47,915 27,109 66,854 Other revenue (1) 7,574 2,508 13,781 2,539 Total revenues 11 953,085 676,237 1,783,782 1,178,317 Expenses Cost of sales 635,782 369,258 1,160,050 617,972 Operating expenses 2 67,567 34,328 132,554 66,766 General and administrative 2,245 2,442 4,658 5,558 Acquisition and transaction expenses 5,699 4,489 22,060 11,781 Depreciation and amortization 3, 5 46,986 55,236 99,275 114,798 Total expenses 758,279 465,753 1,418,597 816,875 Other (expense) income Interest expense ( 64,102 ) ( 63,965 ) ( 125,509 ) ( 126,005 ) Equity in earnings (losses) of unconsolidated entities (2) 4 9,970 ( 5,003 ) 7,607 ( 12,617 ) Gain on sale to the 2025 Partnership 2,465 34,604 17,633 45,474 Other income 7,574 27,156 55,156 60,227 Total other expense ( 44,093 ) ( 7,208 ) ( 45,113 ) ( 32,921 ) Income before income taxes 150,713 203,276 320,072 328,521 Provision for income taxes 9 25,619 37,878 57,079 60,737 Net income 125,094 165,398 262,993 267,784 Less: Dividends on preferred shares 3,709 3,709 7,418 9,824 Less: Loss on redemption of preferred shares 3,800 — 3,800 6,327 Net income attributable to shareholders $ 117,585 $ 161,689 $ 251,775 $ 251,633 Earnings per share: 12 Basic $ 1.15 $ 1.58 $ 2.45 $ 2.45 Diluted $ 1.13 $ 1.57 $ 2.42 $ 2.44 Weighted average shares outstanding: Basic 102,597,464 102,558,777 102,588,692 102,555,644 Diluted 104,044,113 103,147,860 104,039,259 103,144,727 (1) Includes servicing fees of $ 6,988 and $ 12,849 for the three and six months ended June 30, 2026, respectively (2025 - $ 2,052 and $ 2,600 , respectively), from the 2025 Partnership. (2) Includes the profit elimination of $( 6,597 ) and $( 16,597 ) for the three and six months ended June 30, 2026, respectively (2025 - $( 4,935 ) and $( 11,885 ), respectively), for sales to the 2025 Partnership. See accompanying notes to consolidated financial statements. 6 FTAI AVIATION LTD. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) (Dollars in thousands) Three and Six Months Ended June 30, 2026 Ordinary Shares Preferred Shares Additional Paid In Capital Retained Earnings Total Equity Equity - December 31, 2025 $ 1,026 $ 68 $ 50,567 $ 282,513 $ 334,174 Net income 137,899 137,899 Total comprehensive income 137,899 137,899 Issuance of ordinary shares 140 140 Dividends declared - ordinary shares ( 41,032 ) ( 41,032 ) Dividends declared - preferred shares ( 3,709 ) ( 3,709 ) Equity-based compensation 6,347 6,347 Net settlement on vesting of equity awards ( 2,143 ) ( 2,143 ) Equity - March 31, 2026 $ 1,026 $ 68 $ 54,911 $ 375,671 $ 431,676 Net income 125,094 125,094 Total comprehensive income 125,094 125,094 Redemption of preferred shares ( 42 ) ( 57,492 ) ( 44,159 ) ( 101,693 ) Loss on redemption of preferred shares ( 3,800 ) ( 3,800 ) Issuance of ordinary shares 570 570 Dividends declared - ordinary shares ( 46,162 ) ( 46,162 ) Dividends declared - preferred shares ( 3,709 ) ( 3,709 ) Equity-based compensation 7,332 7,332 Net settlement on vesting of equity awards ( 5,321 ) ( 5,321 ) Equity - June 30, 2026 $ 1,026 $ 26 $ — $ 402,935 $ 403,987 See accompanying notes to consolidated financial statements. 7 FTAI AVIATION LTD. CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) (Dollars in thousands) Three and Six Months Ended June 30, 2025 Ordinary Shares Preferred Shares Additional Paid In Capital (Accumulated Deficit) Retained Earnings Total Equity Equity - December 31, 2024 $ 1,026 $ 117 $ 153,328 $ ( 73,103 ) $ 81,368 Net income 102,386 102,386 Total comprehensive income 102,386 102,386 Redemption of preferred shares ( 49 ) ( 117,791 ) ( 117,840 ) Loss on redemption of preferred shares ( 6,327 ) ( 6,327 ) Issuance of ordinary shares 739 739 Dividends declared - ordinary shares ( 30,767 ) ( 30,767 ) Dividends declared - preferred shares ( 6,115 ) ( 6,115 ) Equity-based compensation 4,889 4,889 Equity - March 31, 2025 $ 1,026 $ 68 $ ( 2,044 ) $ 29,283 $ 28,333 Net income 165,398 165,398 Total comprehensive income 165,398 165,398 Issuance of ordinary shares 174 174 Dividends declared - ordinary shares ( 30,767 ) ( 30,767 ) Dividends declared - preferred shares ( 3,709 ) ( 3,709 ) Equity-based compensation 5,515 5,515 Equity - June 30, 2025 $ 1,026 $ 68 $ ( 30,831 ) $ 194,681 $ 164,944 See accompanying notes to consolidated financial statements. 8 FTAI AVIATION LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Dollars in thousands) Six Months Ended June 30, 2026 2025 Cash flows from operating activities: Net income $ 262,993 $ 267,784 Adjustments to reconcile net income to net cash used in operating activities: Equity in losses of unconsolidated entities (1) ( 7,607 ) 12,617 Gain on sale of assets ( 177,937 ) ( 226,116 ) Gain on sale of assets to the 2025 Partnership ( 17,633 ) ( 45,474 ) Gain on insurance recoveries ( 49,545 ) ( 54,325 ) Security deposits and maintenance claims included in earnings ( 5,140 ) ( 31,167 ) Equity-based compensation 13,679 10,404 Depreciation and amortization 99,275 114,798 Deferred income taxes 15,199 47,799 Change in fair value of guarantees 817 2,071 Amortization of lease intangibles and incentives 12,356 19,266 Amortization of deferred financing costs 6,035 5,749 Other 2,920 275 Change in: Accounts receivable 36,117 ( 18,459 ) Inventory ( 453,059 ) ( 268,771 ) Other assets ( 68,665 ) 13,922 Accounts payable and accrued liabilities 44,757 17,618 Management fees payable to affiliate — ( 760 ) Other liabilities 20,135 ( 3,515 ) Net cash used in operating activities ( 265,303 ) ( 136,284 ) Cash flows from investing activities: Investment in unconsolidated entities ( 99,251 ) ( 118,727 ) Return of capital from unconsolidated entities 19,210 — Principal collections on finance leases — 950 Principal collections on notes receivable 2,384 2,010 Acquisition of leasing equipment ( 163,054 ) ( 412,136 ) Investments in financing receivables — ( 2,764 ) Investment in promissory notes ( 1,907 ) — Acquisition of property, plant and equipment ( 24,016 ) ( 11,085 ) Acquisition of lease intangibles ( 1,034 ) 2,757 Deposits for acquisition of leasing equipment (2) ( 63,380 ) ( 50,221 ) Proceeds from sale of assets 617,342 589,337 Proceeds from sale of assets to the 2025 Partnership 175,657 397,148 Proceeds from settlement of insurance claims 48,333 54,325 Proceeds from deposits on sale of leasing equipment — 251 Return of deposits for acquisition of leasing equipment (2) 5,430 44,303 Net cash provided by investing activities $ 515,714 $ 496,148 See accompanying notes to consolidated financial statements. 9 FTAI AVIATION LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (Dollars in thousands) Six Months Ended June 30, 2026 2025 Cash flows from financing activities: Proceeds from debt $ 625,000 $ 430,000 Repayment of debt ( 625,000 ) ( 430,000 ) Payment of deferred financing costs ( 11,970 ) ( 517 ) Receipt of security deposits under operating lease agreements 100 2,606 Return of security deposits under operating lease agreements ( 1,091 ) ( 2,434 ) Receipt of maintenance deposits under operating lease agreements 12,558 28,162 Release of maintenance deposits under operating lease agreements ( 5,720 ) ( 5,361 ) Settlement of equity-based compensation ( 7,464 ) — Redemption of preferred shares ( 105,493 ) ( 124,167 ) Cash dividends - ordinary shares ( 87,194 ) ( 61,534 ) Cash dividends - preferred shares ( 7,418 ) ( 9,824 ) Net cash used in financing activities $ ( 213,692 ) $ ( 173,069 ) Net increase in cash and cash equivalents and restricted cash 36,719 186,795 Cash and cash equivalents and restricted cash, beginning of period 300,626 115,266 Cash and cash equivalents and restricted cash, end of period $ 337,345 $ 302,061 Supplemental disclosure of non-cash investing and financing activities (see Note 2 for additional non-cash information): Receipt of notes receivable in connection with the sale of leasing equipment $ 48,028 $ 12,102 Acquisition of leasing equipment in accrued liabilities ( 19,548 ) ( 18,587 ) Purchase deposits reclassified to leasing equipment from other assets upon acquisition — ( 47,017 ) Accounts receivable settled with maintenance deposits ( 6,692 ) ( 9,248 ) (1) Includes the profit elimination of $( 16,597 ) for the six months ended June 30, 2026 (2025 - $( 11,885 )) for sales to the 2025 Partnership within the Aerospace Products segment. (2) Includes deposits for acquisition of leasing equipment paid on behalf of the 2025 Partnership of $ 0 for the six months ended June 30, 2026 (2025 - $ 23,473 ), and return of deposits for the acquisition of leasing equipment reimbursed from the 2025 Partnership of $ 0 for the six months ended June 30, 2026 (2025 - $ 42,813 ). See accompanying notes to consolidated financial statements. 10 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 1. ORGANIZATION This report on Form 10-Q should be read in conjunction with the FTAI Aviation Ltd. (“FTAI”, “FTAI Aviation” or “the Company”) Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“Form 10-K”). FTAI Aviation is a Cayman Islands exempted company which, through its subsidiaries, is a leading independent engine maintenance platform focused on the CFM56-5B, CFM56-7B and V2500 aircraft engines which power the 737NG and A320ceo aircraft. The Company repairs and rebuilds engines and aftermarket components of engines as well as develops and manufactures Parts Manufacturer Approval (“PMA”) parts through a joint venture. Additionally, the Company owns and manages leased aircraft and engines to airlines and asset owners globally. On December 30, 2025, the Company announced the launch of FTAI Power, a platform focused on converting CFM56 aircraft engines to aeroderivative power turbines. The Company has two reportable segments, (i) Aerospace Products and (ii) Aviation Leasing (see Note 11). The Company conducts engine maintenance at its 100% owned facilities in Montréal, Miami, Lisbon, and Orange, as well as through its 50 % equity ownership in QuickTurn Europe, located in Rome, and 50 % equity ownership in Prime Engine Accessories, located in Bristol. Collectively, these facilities span over one million square feet and are equipped with advanced tooling, engine test cells, and engineering capabilities to support a wide range of component repairs and service requirements. In addition, the Company also supports global operations through exclusive arrangements and strategic partnerships at key locations worldwide. The Company’s principal corporate location is in New York City, and has a global presence through offices in Cardiff, Dubai, Dublin and Singapore, in addition to Montréal, Miami, Orange, Lisbon, Rome, Bristol and Indianapolis. The majority of FTAI’s target customers are small and medium sized airlines which have narrowbody fleets powered by CFM56-5B, CFM56-7B and V2500 engines. There are hundreds of these operators worldwide, which creates a large addressable market in which FTAI focuses and can provide significant value versus competitors. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting — The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of the Company and its subsidiaries. Principles of Consolidation — The Company consolidates all entities in which it has a controlling financial interest and control over significant operating decisions. All adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The Company uses the equity method of accounting for investments in entities in which it exercises significant influence, but which does not meet the requirements for consolidation. Under the equity method, the Company records its proportionate share of the underlying net income (loss) of these entities. Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications — Certain amounts from prior periods in the Company’s consolidated financial statements have been reclassified to align with the presentation in the current period. Risks and Uncertainties — In the normal course of business, the Company encounters several significant types of economic risk including credit, market, and capital market risks. Credit risk is the risk of the inability or unwillingness of a lessee or customer to make contractually required payments or to fulfill its other contractual obligations. Market risk reflects the risk of a downturn or volatility in the underlying industry segments in which the Company operates, which could adversely impact the pricing of the services offered by the Company or a lessee’s or customer’s ability to make payments, increase the risk of unscheduled lease terminations and depress lease rates and the value of the Company’s leasing equipment or operating assets. Capital market risk is the risk that the Company is unable to obtain capital at reasonable rates to fund the growth of its business or to refinance existing debt facilities. The Company, through its subsidiaries, also conducts operations outside of the United States; such international operations are subject to the same risks as those associated with the Company’s United States operations as well as additional risks, including unexpected changes in regulatory requirements, heightened risk of political and economic instability, potentially adverse tax consequences and the burden of complying with foreign laws. The Company does not have significant exposure to foreign currency risk as all of its leasing and sale arrangements are denominated in U.S. dollars. Cash and Cash Equivalents — The Company considers all highly liquid short-term investments with a maturity of 90 days or less when purchased to be cash equivalents. Inventory, net — The Company holds aircraft engines, engine modules, spare parts and used material inventory for sale. At times, inventory is transferred to leasing equipment in connection with a rebuilt engine or engine repair. Inventory is carried at the lower of cost or net realizable value on the Company’s Consolidated Balance Sheets. 11 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) Revenues — Revenues are within the scope of ASC 606, Revenue from contracts with customers and ASC 842, Leases, unless otherwise noted . The Company has elected to exclude sales tax and other similar taxes from revenues. Aerospace Products Revenue — Aerospace products revenue primarily consists of the transaction price related to the sale of CFM56-7B, CFM56-5B and V2500 engines, engine modules, spare parts and used material inventory, and are accounted for within the scope of ASC 606. Revenue is recognized at the point in time when a performance obligation is satisfied by transferring control over the related asset to a customer along with corresponding costs of sales. In certain transactions, the Company may receive noncash consideration from a customer in the form of engines or modules. Such noncash consideration is measured at fair value at the time of the sale and is included in the transaction price used to recognize revenue. Aerospace products revenue also consists of engine management service contracts, where the Company has a stand-ready obligation to provide replacement CFM56-7B and CFM56-5B engines to customers as they become unserviceable during the contract term. The Company recognizes revenue related to these engine management service contracts over time using a straight-line attribution method and the costs related to fulfilling the performance obligation are expensed as incurred. Maintenance, Repair and Exchange (“MRE”) Contract revenue — MRE Contract revenue consists of the transaction price related to the sale of CFM56-5B, CFM56-7B and V2500 commercial aircraft engines and related modules to, and subsequent exchange of unserviceable engines and modules from, the special purpose entities (the “SPVs”) of the first partnership of the Strategic Capital Initiative (the “2025 Partnership”). The net cash purchase price received by the Company is contractual and customary market-based compensation for fulfilling such performance obligations. MRE Contract revenue is recognized under ASC 606 at the point in time when a performance obligation is satisfied by transferring control of the serviceable engine or module to the 2025 Partnership, along with corresponding costs of sales. Refer to Note 10 “Affiliate Transactions and Former Management Agreement” for additional information on the 2025 Partnership and the Strategic Capital Initiative. Operating Leases — The Company leases equipment pursuant to operating leases. Operating leases with fixed rentals and step rentals are recognized on a straight-line basis over the term of the lease, assuming no renewals. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the lessee is placed on non-accrual status and revenue is recognized when cash payments are received. Generally, under the Company’s aircraft lease and engine agreements, the lessee is required to make periodic maintenance payments calculated based on the lessee’s utilization of the leased asset or at the end of the lease. Typically, under the Company’s aircraft lease agreements, the lessee is responsible for maintenance, repairs and other operating expenses throughout the term of the lease. These periodic maintenance payments accumulate over the term of the lease to fund major maintenance events, and the Company is contractually obligated to return maintenance payments to the lessee up to the cost of maintenance events paid by the lessee. In the event the total cost of maintenance events over the term of a lease is less than the cumulative maintenance payments, the Company is not required to return any unused maintenance payments to the lessee. Maintenance payments received for which the Company expects to repay to the lessee are presented as current and non-current Maintenance deposits in its Consolidated Balance Sheets. Excess maintenance payments received that the Company does not expect to repay to the lessee are recorded as Maintenance revenue on its Consolidated Statements of Operations. Estimates in recognizing revenue include mean time between removal for engines on leased aircraft, projected costs for engine maintenance, and forecasted utilization, which are affected by historical usage patterns and overall industry, market and economic conditions. Significant changes to these estimates could have a material effect on the amount of revenue recognized in the period. For purchase and lease back transactions, we account for the transaction as a single arrangement. We allocate the consideration paid based on the relative fair value of the aircraft and lease. The fair value of the lease may include a lease premium or discount, which is recorded as a favorable or unfavorable lease intangible. Finance Leases — From time to time the Company enters into finance lease arrangements that include a lessee obligation to purchase the leased equipment at the end of the lease term, a bargain purchase option, or provides for minimum lease payments with a present value that equals or exceeds substantially all of the fair value of the leased equipment at the date of lease inception. Net investment in finance leases represents the minimum lease payments due from lessee, net of unearned income. The lease payments are segregated into principal and interest components similar to a loan. Unearned income is recognized on an effective interest method over the lease term and is recorded as lease income. The principal component of the lease payment is reflected as a reduction to the net investment in finance leases. Revenue is not recognized when collection is not reasonably assured. When collectability is not reasonably assured, the lessee is placed on non-accrual status and revenue is recognized when cash payments are received. Asset Sales Revenue — Asset sales revenue primarily consists of the transaction price related to the sale of aircraft and aircraft engines from the Company’s Aviation Leasing segment. From time to time, the Company may also assign the related lease agreements to the customer as part of the sale of these assets. The Company routinely sells leasing equipment to customers and such transactions are considered recurring and ordinary in nature to its business. As such, these sales are accounted for within the scope of ASC 606. Revenue is recognized when a performance obligation is satisfied by transferring control of an asset to the customer along with corresponding costs of sales. 12 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) Other (Expense) Income Gain on Sale to the 2025 Partnership — The 2025 Partnership acquired on-lease narrowbody aircraft from the Company (the “Seed Assets”) and receives replacement aircraft engines and modules through the Company’s MRE business. During the three and six months ended June 30, 2026, 6 and 15 aircraft were sold to the 2025 Partnership for a gain of $ 2.5 million and $ 17.6 million, respectively (2025 - 33 and 37 aircraft sold for a gain of $ 34.6 million and $ 45.5 million, respectively). The aircraft sales were accounted for under ASC 610-20, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets , as they were non-recurring in nature and not considered part of the Company’s ordinary activities. Refer to Note 10 “Affiliate Transactions and Former Management Agreement” for additional information on the 2025 Partnership and the Strategic Capital Initiative. Other Income — During the three and six months ended June 30, 2026, the Company recognized $ 5.0 million and $ 49.5 million, respectively (2025 - $ 24.2 million and $ 54.3 million, respectively), in insurance recoveries in connection with the settlement of claims related to the aircraft and engines located in Russia and recorded the gain within other income. Concentration of Credit Risk — The Company is subject to concentrations of credit risk with respect to amounts due from customers and lessees. The Company attempts to limit its credit risk by performing ongoing credit evaluations. The Company earned 30 % and 20 % of its revenue from two customers in the Aerospace Products segment during the three months ended June 30, 2026, and 23 %, 21 % and 13 % of its revenue from three customers in the Aerospace Products segment during the six months ended June 30, 2026. The Company earned 11 % and 14 % of its revenue from one customer in the Aviation Leasing segment during the three and six months ended June 30, 2025. As of June 30, 2026, there were two customers in the Aerospace Products segment that represented 17 % and 14 %, respectively, of total accounts receivable, net. As of December 31, 2025, there was one customer in the Aerospace Products segment that represented 23 % of total accounts receivable, net. The Company maintains cash and restricted cash balances, which generally exceed federally insured limits, and subject the Company to credit risk, in high credit quality financial institutions. The Company monitors the financial condition of these institutions and has not experienced any losses associated with these accounts. Allowance for Doubtful Accounts — The Company determines the allowance for doubtful accounts based on its assessment of the collectability of its leasing receivables, notes receivables and inventory sales. In assessing the allowance, the Company considers past collection history and specific risks identified among uncollected accounts. The assessment of collectability of its leasing receivables, notes receivables and inventory sales is done quarterly, on a customer-by-customer basis. The allowance for doubtful accounts was $ 28.4 million as of June 30, 2026 (December 31, 2025 - $ 28.4 million) . There was no provision for credit losses for the three and six months ended June 30, 2026, respectively (2025 - $ 0.0 million and $ 0.2 million, respectively). The provision for credit losses is included in the Company's operating expenses. Receivables are written off after all reasonable means to collect the full amount have been exhausted. For the three and six months ended June 30, 2025, the Company recorded write-offs and recoveries, net, of its allowance for doubtful accounts of $ 46.7 million. Other Current Assets — Other current assets are summarized as follows: June 30, 2026 (unaudited) December 31, 2025 Notes receivable $ 217,507 $ 216,298 Prepaid expenses including prepayments for maintenance that has not yet been incurred 196,558 79,806 Financing receivable resulting from failed sale-leaseback transactions 35,025 37,740 Other 42,017 74,520 Other current assets $ 491,107 $ 408,364 Other Current Liabilities — Other current liabilities are summarized as follows: June 30, 2026 (unaudited) December 31, 2025 Customer deposits and advanced payments 29,368 $ 33,755 Tax liabilities 46,102 15,264 Other 13,616 13,183 Other current liabilities $ 89,086 $ 62,202 Dividends — Dividends are recorded if and when declared by the Board of Directors. For the three and six months ended June 30, 2026, the Board of Directors declared cash dividends of $ 0.50 and $ 0.95 per ordinary share, respectively (2025 - $ 0.30 and $ 0.60 , respectively). 13 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) Additionally, for the three months ended June 30, 2026, the Board of Directors declared cash dividends on the Series D Preferred Shares of $ 0.59 per share, respectively (2025 - Series C Preferred Shares of $ 0.52 and Series D Preferred Shares of $ 0.59 ). Cash Flow Presentation — Included in net cash (used in) provided by operating activities are inflows from the sale of engine modules and parts that were on engines originally purchased and reported as leasing equipment, net. The purchase of the original engine was reported as an outflow in net cash used in investing activities at the time of purchase through the acquisition of leasing equipment line item. As part of the aerospace products business, the Company breaks down generally unserviceable engines with the intent to manufacture modules and parts for creation and sale of new assets. To manufacture the modules and parts and bring them into a salable condition, the Company spends significant costs, often over multiple reporting periods, for new inventory and capitalizable labor (e.g., engineering) that are included in net cash (used in) provided by operating activities as components of the changes in the related working capital accounts. Therefore, when the costs to manufacture the assets are greater than (predominant to) the estimated value transferred from leasing equipment into inventory, the related cash receipt has been reported as an inflow in net cash (used in) provided by operating activities. Additionally, the Company buys inventory from third parties with the intent to use the parts in the manufacturing of the items discussed above, which is reported as an outflow in net cash (used in) provided by operating activities. When rebuilding whole engines for resale, for which the cash inflow upon sale is reported as a cash inflow from investing activities, the Company will transfer modules and parts needed (those purchased from third parties as well as parts from engines previously transferred to inventory from leasing equipment and rebuilt as discussed above) in the rebuild from inventory to leasing equipment. With respect to purchases of aircraft and engines, when the expected predominant source of cash inflows from the acquired leasing equipment at the time of acquisition is from leasing activities, the related cash outflow is reported as an outflow in net cash used in investing activities. When the expected predominant source of cash inflows is from sales transactions, the related cash outflow is reported as an outflow in net cash (used in) provided by operating activities. The cash and noncash related activities described above during the six months ended June 30, 2026 and 2025 are detailed below (unaudited): Six Months Ended June 30, (in thousands) 2026 2025 Cost of modules and parts sold sourced from engines originally within leasing equipment $ 10,761 $ 3,369 Transfers of engines from leasing equipment to inventory for manufacturing and sale 84,836 128,752 Transfers of inventory to leasing equipment for rebuilding and sale of engines ( 169,408 ) ( 159,997 ) Total outflows related to manufacturing modules and parts - included in net cash used in operating activities ( 511,156 ) ( 313,998 ) Cash received for assets sold sourced from leasing equipment - inflow included in net cash used in operating activities 18,890 43,011 Cash received for sales of leasing equipment that include components sourced from inventory - inflow included in net cash provided by investing activities 538,429 415,416 Cash paid for engine and aircraft inventory - outflow included in net cash used in operating activities ( 356,665 ) ( 25,715 ) Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements — In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient in developing reasonable and supportable forecasts as apart of estimating expected credit losses, allowing entities to assume that current conditions as of the balance sheet date do not change for the remaining life of the asset. The amendments in ASU 2025-05 are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. The Company adopted this guidance in the first quarter of 2026. However, the Company did not elect the practical expedient or make the accounting policy election provided by the ASU and, accordingly, the amendments did not have an impact on its consolidated financial statements. Accounting Pronouncements Not Yet Adopted — There have been no other changes to the discussion of recently issued accounting standards included in our Annual Report on Form 10‑K for the year ended December 31, 2025. Specifically, the Company continues to monitor the future adoption of ASU 2024‑03, Income Statement—Reporting Comprehensive Income (Topic 220): Improvements to Reportable Segment Expense Disclosures , which has a future effective date. The Company is currently evaluating the impact this standard may have on its consolidated financial statements and related disclosures. 14 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 3. LEASING EQUIPMENT, NET Leasing equipment, net is summarized as follows: June 30, 2026 (unaudited) December 31, 2025 Leasing equipment $ 1,528,257 $ 2,057,624 Less: Accumulated depreciation ( 381,884 ) ( 511,820 ) Leasing equipment, net $ 1,146,373 $ 1,545,804 The Company identified certain assets in its leasing equipment portfolio with indicators of impairment. During the three and six months ended June 30, 2026 and 2025, the Company did not record any transactional impairment charges. Depreciation expense for leasing equipment is summarized as follows (unaudited): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Depreciation expense for leasing equipment $ 41,810 $ 51,249 $ 89,120 $ 107,135 4. INVESTMENTS The following table presents the ownership interests and carrying values of the Company’s investments: Carrying Value Investment Ownership Percentage June 30, 2026 (unaudited) December 31, 2025 Advanced Engine Repair JV Equity method 25 % $ 22,212 $ 22,429 2025 Partnership Equity method 19 % 365,485 281,740 QuickTurn Europe Equity method 50 % 9,981 9,987 Other Various Various 4,125 — $ 401,803 $ 314,156 The Company did not recognize any other-than-temporary impairments for the three and six months ended June 30, 2026 and 2025. The following table presents the Company’s proportionate share of equity in earnings (losses) (unaudited): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Advanced Engine Repair JV $ ( 156 ) $ 795 $ ( 217 ) $ 908 2025 Partnership (1) 10,153 ( 5,717 ) 7,830 ( 13,444 ) QuickTurn Europe ( 27 ) ( 81 ) ( 6 ) ( 81 ) Total $ 9,970 $ ( 5,003 ) $ 7,607 $ ( 12,617 ) (1) Includes the profit elimination of $( 6,597 ) and $( 16,597 ) for the three and six months ended June 30, 2026, respectively (2025 - $( 4,935 ) and $( 11,885 ), respectively), for sales to the 2025 Partnership. Equity Method Investments Advanced Engine Repair JV In December 2016, the Company invested $ 15.0 million for a 25 % interest in an advanced engine repair joint venture. This joint venture is focused on developing new cost savings programs for engine repairs. In August 2019, the Company expanded the scope of our joint venture and invested an additional $ 13.5 million and maintained a 25 % interest. The Company exercises significant influence over this investment and accounts for this investment as an equity method investment. 2025 Partnership As of December 31, 2025, the Company invested $ 291.5 million in the 2025 Partnership. During the six months ended June 30, 2026, the Company invested $ 95.1 million in the 2025 Partnership, and received $ 19.2 million in distributions from the 2025 Partnership. The 2025 Partnership is an investment focused on acquiring 737NG and A320ceo on-lease narrowbody aircraft, for which the Company is the Servicer and holds a 19 % limited partner ownership. The Company exercises significant influence 15 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) over this investment and accounts for it using the equity method. As the Servicer, the Company is responsible for lessee invoicing and collections, airline relationship management, contracts management including lease extension and aircraft deliveries and redeliveries. The Company's proportionate share of equity in earnings related to this investment is based on the contractual profit-sharing arrangement and the elimination of profit on sales of engine and modules to the 2025 Partnership under ASC 606. The profit from the MRE Contract revenue is eliminated through equity method earnings and will be recognized over time as the 2025 Partnership generates income from leasing and sales activities. QuickTurn Europe On June 5, 2025, the Company invested $ 10.5 million for a 50 % interest in Quick Turn Engine Center Europe S.r.l. (previously IAG Engine Center Europe S.r.l.) or “QuickTurn Europe”, a 200,000 square-foot CFM56 engine maintenance repair and overhaul facility located at the Rome Fiumicino Airport. The joint venture was established to expand the Company’s global engine maintenance capabilities and meet increasing demand for MRE services. The Company accounts for its investment in QuickTurn Europe as an equity method investment as it has significant influence through its interest. 5. INTANGIBLE ASSETS AND LIABILITIES, NET Intangible assets and liabilities, net are summarized as follows: June 30, 2026 (unaudited) December 31, 2025 Intangible assets Acquired favorable lease intangibles $ 4,961 $ 17,245 Less: Accumulated amortization ( 2,772 ) ( 8,935 ) Acquired favorable lease intangibles, net 2,189 8,310 Acquired customer relationships 12,607 12,607 Less: Accumulated amortization ( 1,748 ) ( 988 ) Acquired customer relationships, net 10,859 11,619 Total intangible assets, net $ 13,048 $ 19,929 Intangible liabilities Acquired unfavorable lease intangibles $ 5,970 $ 7,688 Less: Accumulated amortization ( 2,516 ) ( 2,132 ) Acquired unfavorable lease intangibles, net $ 3,454 $ 5,556 The weighted average amortization period of intangible assets acquired during the six months ended June 30, 2026 is as follows: Weighted Average Amortization Period Lease intangibles 1.3 years Customer relationships 10.2 years Total intangible assets 7.3 years Intangible liabilities relate to unfavorable lease intangibles and are included as a component of other non-current liabilities. Amortization of intangible assets and liabilities is recorded as follows (unaudited): Classification in Consolidated Statements of Operations Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Lease income $ ( 89 ) $ 2,153 $ 248 $ 5,359 Depreciation and amortization 379 124 757 219 $ 290 2,277 $ 1,005 5,578 16 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) As of June 30, 2026, estimated net annual amortization of intangibles is as follows (unaudited): Remainder of 2026 $ 305 2027 662 2028 1,295 2029 1,273 2030 1,192 Thereafter 4,867 Total $ 9,594 6. DEBT, NET The Company’s debt, net is summarized as follows: June 30, 2026 (unaudited) December 31, 2025 Outstanding Borrowings Stated Interest Rate Maturity Date Outstanding Borrowings Loans payable Revolving Credit Facility (1) $ — (i) Base Rate + 0.25 % - 1.00 %; or (ii) Adjusted Term SOFR Rate + 1.25 % - 2.00 % 4/24/31 $ — Total loans payable — — Bonds payable Senior Notes due 2028 (2) 1,000,793 5.50 % 5/1/28 1,000,995 Senior Notes due 2030 (3) 497,682 7.88 % 12/1/30 497,470 Senior Notes due 2031 700,000 7.00 % 5/1/31 700,000 Senior Notes due 2032 800,000 7.00 % 6/15/32 800,000 Senior Notes due 2033 (4) 497,905 5.88 % 4/15/33 497,784 Total bonds payable 3,496,380 3,496,249 Debt 3,496,380 3,496,249 Less: Debt issuance costs ( 43,060 ) ( 47,358 ) Total debt, net $ 3,453,320 $ 3,448,891 Total debt due within one year $ — $ — (1) Requires a quarterly commitment fee at a rate of 0.15 % - 0.30 % on the average daily unused portion, as well as customary letter of credit fees and agency fees. Both the quarterly commitment fee and the margin for the Base Rate and Adjusted Term SOFR Rate are based upon the debt to EBITDA ratio as of the end of the most recent fiscal quarter. (2) Includes an unamortized premium of $ 793 at June 30, 2026 (December 31, 2025 - $ 995 ). (3) Includes an unamortized discount of $ 2,318 at June 30, 2026 (December 31, 2025 - $ 2,530 ). (4) Includes an unamortized discount of $ 2,095 at June 30, 2026 (December 31, 2025 - $ 2,216 ). The Company was in compliance with all debt covenants as of June 30, 2026. Revolving Credit Facility On April 24, 2026, the Company amended and restated its Revolving Credit Facility by executing a Fourth Amended and Restated Credit Agreement (the “Revolver Amendment”). The Revolver Amendment provides for revolving loans to be made available to the Company in an aggregate principal amount of up to $ 2.025 billion, of which up to $ 50.0 million may be utilized for the issuance of letters of credit. 17 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 7. FAIR VALUE MEASUREMENTS Fair value measurements and disclosures require the use of valuation techniques to measure fair value that maximize the use of observable inputs and minimize use of unobservable inputs. These inputs are prioritized as follows: • Level 1: Observable inputs such as quoted prices in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities or market corroborated inputs. • Level 3: Unobservable inputs for which there is little or no market data and which require the Company to develop its own assumptions about how market participants price the asset or liability. The valuation techniques that may be used to measure fair value are as follows: • Market approach—Uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. • Income approach—Uses valuation techniques to convert future amounts to a single present amount based on current market expectations about those future amounts. • Cost approach—Based on the amount that currently would be required to replace the service capacity of an asset (replacement cost). The Company’s cash and cash equivalents and restricted cash consist largely of demand deposit accounts with maturities of 90 days or less when purchased that are considered to be highly liquid. These instruments are valued using inputs observable in active markets for identical instruments and are therefore classified as Level 1 within the fair value hierarchy. Except as discussed below, the Company’s financial instruments other than cash and cash equivalents and restricted cash consist principally of accounts receivable, notes receivable, accounts payable and accrued liabilities, security deposits, maintenance deposits and management fees payable, whose fair values approximate their carrying values based on an evaluation of pricing data, vendor quotes, and historical trading activity or due to their short maturity profiles. The fair values of the Company’s bonds payable are presented in the table below and classified as Level 2 within the fair value hierarchy: June 30, 2026 (unaudited) December 31, 2025 Senior Notes due 2028 $ 999,310 $ 1,001,880 Senior Notes due 2030 522,945 531,735 Senior Notes due 2031 725,662 737,618 Senior Notes due 2032 827,672 842,240 Senior Notes due 2033 500,380 508,525 The Company has contingent obligations under ASC 460, Guarantees , in connection with certain sales of aircraft on lease, which are measured at fair value. The guarantees are valued at $ 12.9 million as of June 30, 2026 (December 31, 2025 - $ 12.0 million), and are reflected as a component of other non-current liabilities. The fair values of the guarantees are determined based on the estim ated condition of the engines at the end of each lease term and the estimated cost of replacement and applicable discount rates and are classified as Level 3. During the three and six months ended June 30, 2026, the Company recorded a $ 0.4 million and $ 0.8 million increase, respectively (2025 - $ 1.8 million and $ 2.1 million increase, respectively) related to the change in fair value, which is recorded in Asset sales revenue. During the three and six months ended June 30, 2026 and 2025, there were no significant transfers into or out of Level 3. Given variability in the condition of the engines at the end of the lease terms, which range from 2 to 7 years, the maximum potential amount of undiscounted future payments that could be required under the guarantees at June 30, 2026 was $ 43.0 million, which is not reasonably expected. The Company measures the fair value of certain assets on a non-recurring basis when U.S. GAAP requires the application of fair value, including events or changes in circumstances that indicate that the carrying amounts of assets may not be recoverable. Assets subject to these measurements include intangible assets, property, plant and equipment and leasing equipment. The Company records such assets at fair value when it is determined the carrying value may not be recoverable. Fair value measurements for assets subject to impairment tests, as well as for noncash consideration on sales, are based on an income approach which uses Level 3 inputs, which include the Company’s assumptions as to future cash flows from operation of the leasing and sale of assets. 18 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 8. EQUITY-BASED COMPENSATION The Company has a FTAI Aviation Ltd. 2025 Omnibus Incentive Plan (the “Incentive Plan”) which provides for the ability to award equity compensation awards in the form of stock options to eligible employees, consultants, directors, and other individuals who provide services to the Company, each as determined by the Compensation Committee of the Board of Directors. As of June 30, 2026, the Incentive Plan provides for the issuance of up to 5.7 million shares. Equity-based compensation expense is reported within cost of sales and operating expenses. Unvested equity-based awards are subject to forfeiture. The Company’s accounting policy is to record the impact of forfeitures when they occur. Equity-based compensation for each type of award was as follows (unaudited): Three Months Ended June 30, Six Months Ended June 30, Remaining Expense To Be Recognized, If All Vesting Conditions Are Met Weighted Average Remaining Contractual Term (in years) 2026 2025 2026 2025 Stock Options $ 127 $ 127 $ 254 $ 254 $ 1,016 7.2 Performance shares 4,552 3,501 8,362 6,763 24,780 2.3 Restricted Shares 2,653 1,887 5,063 3,387 40,563 1.3 Total $ 7,332 $ 5,515 $ 13,679 $ 10,404 $ 66,359 Options During the six months ended June 30, 2026 and 2025, the Company did not issue any options to employees. Performance Shares During the six months ended June 30, 2026, the Company issued performance shares to select officers and employees of the Company with a grant date fair value of $ 12.2 million, vesting over a 3 year performance period based on the achievement of relative total shareholder return ( 50 %) and cumulative diluted EPS ( 50 %). During the six months ended June 30, 2025, the Company issued performance shares to select officers and employees of the Company with a grant date fair value of $ 4.4 million, vesting over a 3 year performance period based on the achievement of relative total shareholder return ( 50 %) and cumulative diluted EPS ( 50 %). Restricted Shares During the six months ended June 30, 2026, the Company issued restricted shares to select officers and employees of the Company with a grant date fair value of $ 13.9 million, vesting over 3 years. Additionally, the Company issued restricted shares to the directors of the Company with a grant date fair value of $ 0.9 million. These awards vest on the earlier of (i) the one-year anniversary of the grant date (May 28, 2027) or (ii) the date of the Company’s next annual general meeting of shareholders occurring after the grant date. During the six months ended June 30, 2025, the Company issued restricted shares to select officers and employees of the Company with a grant date fair value of $ 5.5 million, vesting over 3 years. Additionally, the Company issued restricted shares to the directors of the Company with a grant date fair value of $ 0.8 million. These awards vest on the earlier of (i) the one-year anniversary of the grant date (May 29, 2026) or (ii) the date of the Company’s next annual general meeting of shareholders occurring after the grant date. All awards are subject to continued employment, with compensation expense recognized ratably over the vesting periods. The fair values of the cumulative diluted EPS performance shares and restricted shares were based on the closing price of the Company’s ordinary shares on the respective grant dates, and the fair value of the total shareholder return performance shares was determined using the Monte Carlo simulation. 19 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 9. INCOME TAXES The current and deferred components of the provision for income taxes are as follows (unaudited): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Current: Ireland $ 9,405 $ 1,944 $ 26,196 $ 3,433 Cayman Islands — — — — Bermuda 5,552 — 7,265 — United States: Federal 2,408 7,615 2,408 7,859 State and local 10 1,155 724 1,545 Other Non-Ireland including Pillar Two top-up tax 5,253 48 5,287 101 Total current provision 22,628 10,762 41,880 12,938 Deferred: Ireland 6,879 17,212 14,158 30,912 Cayman Islands — — — — Bermuda ( 3,459 ) 6,195 1,679 10,636 United States: Federal ( 861 ) 4,206 2,104 5,432 State and local 486 2,068 724 2,446 Other Non-Ireland ( 54 ) ( 2,565 ) ( 3,466 ) ( 1,627 ) Total deferred provision 2,991 27,116 15,199 47,799 Total provision for income taxes $ 25,619 $ 37,878 $ 57,079 $ 60,737 The Company is incorporated in the Cayman Islands where income taxes are not imposed. Taxable income or loss generated by the Company’s corporate subsidiaries is subject to Irish, U.S. federal, state and foreign corporate income tax in locations where they conduct business. The Company’s effective tax rate differs from the Irish statutory rate of 12.5 % primarily due to the impact of Pillar II and the portion of its income that is subject to taxation in jurisdictions other than Ireland. As of and for the six months ended June 30, 2026, the Company had not established a liability for uncertain tax positions as no such positions existed. In general, the Company’s tax returns and the tax returns of its corporate subsidiaries are subject to U.S. federal, state, local and foreign income tax examinations by tax authorities. Generally, the Company is not subject to examination by taxing authorities for tax years prior to 2022. The Company does not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date. 10. AFFILIATE TRANSACTIONS AND FORMER MANAGEMENT AGREEMENT Strategic Capital Initiative – 2025 Partnership On June 29, 2026, the Company amended and restated the Aircraft Sale and Purchase agreement, originally entered into as of December 30, 2024, pursuant to which the SPVs of the 2025 Partnership would acquire 15 on-lease 737NG and A320ceo aircraft in addition to the originally committed 45 on-lease 737NG and A320ceo aircraft. As of June 30, 2026, the Company sold all committed aircraft to the 2025 Partnership. In aggregate, the net purchase price for the committed on-lease 737NG and A320ceo aircraft was approximately $ 700.0 million. The purchase price of the seed assets were contractual and the Company received customary, market-based compensation for the sale of the seed assets to the 2025 Partnership. During the six months ended June 30, 2026, on behalf of the 2025 Partnership, the Company paid refundable deposits of $ 0.0 million (2025 - $ 23.5 million), to unrelated, third-parties on future purchases of aircraft. During the six months ended June 30, 2026, the 2025 Partnership reimbursed the Company $ 0.0 million (2025 - $ 42.8 million) in refundable deposits. During the three and six months ended June 30, 2026, the Company recorded $ 182.8 million and $ 404.0 million of MRE Contract revenue, respectively (2025 - $ 69.6 million and $ 170.2 million, respectively), for the sale and purchase of such engines to and from the 2025 Partnership. Refer to Note 2 “Summary of Significant Accounting Policies” for additional information on MRE Contract revenue. 20 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) The Company provides aircraft management services to the 2025 Partnership, and receives customary, market-based compensation for providing such services, which is included in Other revenue on the Company’s Consolidated Statement of Operations. Former Management Agreement On May 28, 2024, the Company entered into definitive agreements with FIG LLC (the “Former manager”) and Master GP to internalize the Company’s management function (the “Internalization”). As part of the termination of the Management Agreement, the Company (i) paid the Former Manager (for itself and on behalf of the Master GP, as applicable) the Cash Consideration, the compensation accrued and payable, but not yet paid, under the Management Agreement and the expenses that were reimbursable, but not yet reimbursed, under the Management Agreement; (ii) issued to the Former Manager (for itself and on behalf of the Master GP, as applicable) the Share Consideration; and (iii) purchased from Master GP all of its partnership interests in FTAI Aviation Holdco Ltd., a subsidiary of the Company, in exchange for $ 30 thousand. Following the Internalization, the Company no longer pays management fees or incentive distributions to the Former Manager and Master GP. In connection with the termination of the Management Agreement, the Company also entered into a Transition Services Agreement with the Former Manager. Under the Transition Services Agreement, the Former Manager was required to continue to provide the Company and its affiliates with all of the Services for a transition period through October 31, 2024, during which the Company procured replacements for the Services. In addition, the Former Manager was required to continue to provide the services that were reasonably required by the Company to prepare its quarterly and annual financial statements through May 31, 2025. The Services were provided to the Company for a fee equal to the Former Manager’s cost of providing the Services, plus a mark-up of ten percent ( 10 %). Prior to the Internalization, the Former Manager was paid annual fees in exchange for advising the Company on various aspects of its business, formulating its investment strategies, arranging for the acquisition and disposition of assets, arranging for financing, monitoring performance, and managing its day-to-day operations, inclusive of all costs incidental thereto. In addition, the Former Manager was reimbursed for various expenses incurred by the Former Manager on the Company’s behalf, including the costs of legal, accounting and other administrative activities. Additionally, the Company entered into certain incentive allocation arrangements with Master GP, which owned approximately 0.01 % of FTAI Aviation Holdco Ltd. (a wholly owned subsidiary of the Company). The Former Manager was entitled to a management fee and reimbursement of certain expenses. The management fee was determined by taking the average value of total equity (excluding non-controlling interests) determined on a consolidated basis in accordance with U.S. GAAP at the end of the two most recently completed months multiplied by an annual rate of 1.50 %, which was payable monthly in arrears in cash. Prior to the Internalization and the termination of the Management Agreement on May 28, 2024, Master GP was entitled to incentive allocations (comprised of income incentive allocation and capital gains incentive allocation, defined below). The income incentive allocation was calculated and distributable quarterly in arrears based on the pre-incentive allocation net income for the immediately preceding calendar quarter (the “Income Incentive Allocation”). For this purpose, pre-incentive allocation net income means, with respect to a calendar quarter, net income attributable to shareholders during such quarter calculated in accordance with U.S. GAAP excluding the Company’s pro rata share of (1) realized or unrealized gains and losses, and (2) certain non-cash or one-time items, and (3) any other adjustments as may be approved by the Company’s independent directors. Pre-incentive allocation net income did not include any Income Incentive Allocation or Capital Gains Incentive Allocation (described below) paid to Master GP during the relevant quarter. Prior to the Internalization, one of our subsidiaries allocated and distributed to Master GP an Income Incentive Allocation with respect to its pre-incentive allocation net income in each calendar quarter as follows: (1) no Income Incentive Allocation in any calendar quarter in which pre-incentive allocation net income, expressed as a rate of return on the average value of our net equity capital (excluding non-controlling interests) at the end of the two most recently completed calendar quarters, does not exceed 2 % for such quarter ( 8 % annualized); (2) 100 % of pre-incentive allocation net income with respect to that portion of such pre-incentive allocation net income, if any, that is equal to or exceeds 2 % but does not exceed 2.2223 % for such quarter; and (3) 10 % of the amount of pre-incentive allocation net income, if any, that exceeds 2.2223 % for such quarter. These calculations were prorated for any period of less than three months. Prior to the Internalization, Capital Gains Incentive Allocation was calculated and distributable in arrears as of the end of each calendar year and was equal to 10 % of the Company’s pro rata share of cumulative realized gains from the date of the IPO through the end of the applicable calendar year, net of the Company’s pro rata share of cumulative realized or unrealized losses, the cumulative non-cash portion of equity-based compensation expenses and all realized gains upon which prior performance-based Capital Gains Incentive Allocation payments were made to Master GP. The Company paid all of its operating expenses, except those specifically required to be borne by the Former Manager under the Management Agreement. The expenses required to be paid by the Company included, but were not limited to, issuance and transaction costs incident to the acquisition, disposition and financing of its assets, legal and auditing fees and expenses, the compensation and expenses of its independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness of the Company (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings of the Company, costs and expenses incurred in contracting with third parties (including 21 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) affiliates of the Former Manager), the costs of printing and mailing proxies and reports to its shareholders, costs incurred by the Former Manager or its affiliates for travel on the Company’s behalf, costs associated with any computer software or hardware that was used by the Company, costs to obtain liability insurance to indemnify the Company’s directors and officers and the compensation and expenses of the Company’s transfer agent. The Company paid or reimbursed the Former Manager and its affiliates for performing certain legal, accounting, due diligence tasks and other services that outside professionals or outside consultants otherwise would perform, provided that such costs and reimbursements were no greater than those which would be paid to outside professionals or consultants. The Former Manager was responsible for all of its other costs incident to the performance of its duties under the Management Agreement, including compensation of the Former Manager’s employees, rent for facilities and other “overhead” expenses; the Company did not reimburse the Former Manager for these expenses. The following table summarizes the Company’s reimbursements to the Former Manager (unaudited): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Classification in the Consolidated Statements of Operations: General and administrative $ — $ 133 $ — $ 329 Acquisition and transaction expenses — 71 — 175 Total $ — $ 204 $ — $ 504 22 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 11. SEGMENT INFORMATION The key factors used to identify the reportable segments are the organization and alignment of the Company’s internal operations and the nature of its products and services. The Company’s two reportable segments are (i) Aerospace Products and (ii) Aviation Leasing. The Aerospace Products segment, through the Company’s maintenance facilities and joint ventures, among other investments, develops and manufactures, repairs/refurbishes and sells aircraft engines and aftermarket components for the CFM56-7B, CFM56-5B and V2500 commercial aircraft engines. The Aviation Leasing segment owns and manages aviation assets, including aircraft and aircraft engines, which it leases to lessees directly and through the Company’s equity method investment formed as part of the Company’s Strategic Capital Initiative. Corporate and Other primarily consists of debt, unallocated corporate general and administrative expenses, internalization fee and management fees and incentive compensation pursuant to the Management Agreement prior to the Internalization effective May 28, 2024. Additionally, Corporate and Other also includes results from an offshore energy business, which consists of equipment that support offshore oil and gas activities and production, and expenses relating to FTAI Power. The accounting policies of the segments are the same as those described in the summary of significant accounting policies; however, financial information presented by segment includes the impact of intercompany eliminations. The Company’s Chief Executive Officer is its Chief Operating Decision Maker (“CODM”). Segment information is presented in the same manner that the CODM reviews the operating results in assessing performance and allocating resources. The CODM evaluates performance for each reportable segment based on net income (loss) attributable to shareholders and is used to monitor budget vs. actual results. The CODM determined that segment asset information is not a key factor in measuring performance or allocating resources. Therefore, segment asset information is not included in the tables below as it is not provided to or reviewed by the CODM. The following tables set forth certain information, which include all significant expenses reviewed by the CODM, for each reportable segment (unaudited): 23 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) I. For the Three Months Ended June 30, 2026 Three Months Ended June 30, 2026 Aerospace Products Aviation Leasing Corporate and Other Eliminations Total Revenues Aerospace products revenue $ 692,229 $ — $ — $ — $ 692,229 MRE Contract revenue 182,799 — — — 182,799 Lease income — 27,765 — — 27,765 Maintenance revenue — 25,793 — — 25,793 Asset sales revenue — 16,925 — — 16,925 Other revenue (1) — 7,574 — — 7,574 Total revenues 875,028 78,057 — — 953,085 Expenses Cost of sales 614,529 21,253 — — 635,782 Operating expenses 10,997 11,785 44,785 — 67,567 General and administrative — — 2,245 — 2,245 Acquisition and transaction expenses 144 1,848 3,707 — 5,699 Depreciation and amortization 4,903 40,985 1,098 — 46,986 Total expenses 630,573 75,871 51,835 — 758,279 Other (expense) income Interest expense — — ( 64,102 ) — ( 64,102 ) Equity in (losses) earnings of unconsolidated entities (2) ( 182 ) 16,749 — ( 6,597 ) 9,970 Gain on sale to the 2025 Partnership — 2,465 — — 2,465 Other income ( 59 ) 7,237 396 — 7,574 Total other (expense) income ( 241 ) 26,451 ( 63,706 ) ( 6,597 ) ( 44,093 ) Income (loss) before income taxes 244,214 28,637 ( 115,541 ) ( 6,597 ) 150,713 Provision for (benefit from) income taxes 49,970 7,771 ( 32,122 ) — 25,619 Net income (loss) 194,244 20,866 ( 83,419 ) ( 6,597 ) 125,094 Less: Dividends on preferred shares — — 3,709 — 3,709 Less: Loss on redemption of preferred shares — — 3,800 — 3,800 Net income (loss) attributable to shareholders $ 194,244 $ 20,866 $ ( 90,928 ) $ ( 6,597 ) $ 117,585 (1) Includes servicing fees of 6,988 for the three months ended June 30, 2026 from the 2025 Partnership. (2) Includes the profit elimination of $( 6,597 ) for the three months ended June 30, 2026 for sales to the 2025 Partnership within the Aerospace Products segment. 24 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows: Three Months Ended June 30, 2026 Aerospace Products Aviation Leasing Corporate and Other Total Revenues Africa $ 9,500 $ 2,677 $ — $ 12,177 Asia 91,560 16,397 — 107,957 Europe 255,838 28,410 — 284,248 North America 502,979 21,654 — 524,633 South America 15,151 8,919 — 24,070 Total revenues (1) $ 875,028 $ 78,057 $ — $ 953,085 (1) The United States, included in North America, and Ireland, included in Europe, represent 48 % and 23 % of total revenues, respectively, based on the location of the Company’s customers and lessees. No other country represents more than 10% of total revenues. 25 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) II. For the Six Months Ended June 30, 2026 Six Months Ended June 30, 2026 Aerospace Products Aviation Leasing Corporate and Other Eliminations Total Revenues Aerospace products revenue $ 1,214,814 $ — $ — $ — $ 1,214,814 MRE Contract revenue 404,029 — — — 404,029 Lease income — 67,657 — — 67,657 Maintenance revenue — 56,392 — — 56,392 Asset sales revenue — 27,109 — — 27,109 Other revenue (1) — 13,781 — — 13,781 Total revenues 1,618,843 164,939 — — 1,783,782 Expenses Cost of sales 1,125,541 34,509 — — 1,160,050 Operating expenses 21,836 22,060 88,658 — 132,554 General and administrative — — 4,658 — 4,658 Acquisition and transaction expenses 129 6,034 15,897 — 22,060 Depreciation and amortization 9,581 87,470 2,224 — 99,275 Total expenses 1,157,087 150,073 111,437 — 1,418,597 Other (expense) income Interest expense — — ( 125,509 ) — ( 125,509 ) Equity in (losses) earnings of unconsolidated entities (2) ( 222 ) 24,426 — ( 16,597 ) 7,607 Gain on sale to the 2025 Partnership — 17,633 — — 17,633 Other income 112 54,476 568 — 55,156 Total other (expense) income ( 110 ) 96,535 ( 124,941 ) ( 16,597 ) ( 45,113 ) Income (loss) before income taxes 461,646 111,401 ( 236,378 ) ( 16,597 ) 320,072 Provision for (benefit from) income taxes 83,667 26,097 ( 52,685 ) — 57,079 Net income (loss) 377,979 85,304 ( 183,693 ) ( 16,597 ) 262,993 Less: Dividends on preferred shares — — 7,418 — 7,418 Less: Loss on redemption of preferred shares — — 3,800 — 3,800 Net income (loss) attributable to shareholders $ 377,979 $ 85,304 $ ( 194,911 ) $ ( 16,597 ) $ 251,775 (1) Includes servicing fees of $ 12,849 for the six months ended June 30, 2026 from the 2025 Partnership. (2) Includes the profit elimination of $( 16,597 ) for the six months ended June 30, 2026 for sales to the 2025 Partnership within the Aerospace Products segment. 26 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows: Six Months Ended June 30, 2026 Aerospace Products Aviation Leasing Corporate and Other Total Revenues Africa $ 9,500 $ 5,219 $ 14,719 Asia 119,412 36,059 155,471 Europe 473,867 58,691 532,558 North America 985,976 49,327 1,035,303 South America 30,088 15,643 45,731 Total revenues (1) $ 1,618,843 $ 164,939 $ — $ 1,783,782 (1) The United States, included in North America, Bermuda, included in North America, and Ireland, included in Europe, represent 40 %, 15 % and 22 % of total revenues, respectively, based on the location of our customers and lessees. No other country represents more than 10% of total revenues. Presented below are the contracted minimum future annual revenues to be received under existing operating leases as of June 30, 2026: June 30, 2026 Remainder of 2026 $ 39,751 2027 63,852 2028 47,678 2029 28,186 2030 18,166 Thereafter 23,331 Total $ 220,964 27 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) III. For the Three Months Ended June 30, 2025 Three Months Ended June 30, 2025 Aerospace Products Aviation Leasing Corporate and Other Eliminations Total Revenues Aerospace products revenue $ 420,686 $ — $ — $ — $ 420,686 MRE contract revenue 69,585 — — — 69,585 Lease income — 62,439 — — 62,439 Maintenance revenue — 73,104 — — 73,104 Asset sales revenue — 47,915 — — 47,915 Other revenue (1) — 2,508 — — 2,508 Total revenues 490,271 185,966 — — 676,237 Expenses Cost of sales 317,469 51,789 — — 369,258 Operating expenses 8,989 11,089 14,250 — 34,328 General and administrative — — 2,442 — 2,442 Acquisition and transaction expenses 1,414 577 2,498 — 4,489 Depreciation and amortization 3,704 50,423 1,109 — 55,236 Total expenses 331,576 113,878 20,299 — 465,753 Other income (expense) Interest expense — — ( 63,965 ) — ( 63,965 ) Equity in earnings (losses) of unconsolidated entities (2) 714 ( 782 ) — ( 4,935 ) ( 5,003 ) Gain on sale to the 2025 Partnership — 34,604 — — 34,604 Other income — 26,974 182 — 27,156 Total other income (expense) 714 60,796 ( 63,783 ) ( 4,935 ) ( 7,208 ) Income (loss) before income taxes 159,409 132,884 ( 84,082 ) ( 4,935 ) 203,276 Provision for (benefit from) income taxes 25,827 26,453 ( 14,402 ) — 37,878 Net income (loss) 133,582 106,431 ( 69,680 ) ( 4,935 ) 165,398 Less: Dividends on preferred shares — — 3,709 — 3,709 Net income (loss) attributable to shareholders $ 133,582 $ 106,431 $ ( 73,389 ) $ ( 4,935 ) $ 161,689 (1) Includes servicing fees of $ 2,052 for the three months ended June 30, 2025 from the 2025 Partnership. (2) Includes the profit elimination of $( 4,935 ) for the three months ended June 30, 2025 for sales to the 2025 Partnership within the Aerospace Products segment. 28 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows: Three Months Ended June 30, 2025 Aerospace Products Aviation Leasing Corporate and Other Total Revenues Africa $ 17,000 $ 8,595 $ — $ 25,595 Asia 39,327 54,211 — 93,538 Europe 126,444 83,257 — 209,701 North America 298,039 31,602 — 329,641 South America 9,461 8,301 — 17,762 Total revenues (1) $ 490,271 $ 185,966 $ — $ 676,237 (1) The United States, included in North America, and Ireland, included in Europe, represent 38 % and 14 % of total revenues, respectively, based on the location of the Company’s customers and lessees. No other country represents more than 10% of total revenues. 29 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) IV. For the Six Months Ended June 30, 2025 Six Months Ended June 30, 2025 Aerospace Products Aviation Leasing Corporate and Other Eliminations Total Revenues Aerospace products revenue $ 685,111 $ — $ — $ — $ 685,111 MRE Contract revenue 170,223 — — — 170,223 Lease income — 130,879 — — 130,879 Maintenance revenue — 122,711 — — 122,711 Asset sales revenue — 66,854 — — 66,854 Other revenue (1) — 2,535 4 — 2,539 Total revenues 855,334 322,979 4 — 1,178,317 Expenses Cost of sales 546,224 71,748 — — 617,972 Operating expenses 14,676 18,515 33,575 — 66,766 General and administrative — — 5,558 — 5,558 Acquisition and transaction expenses 2,546 3,482 5,753 — 11,781 Depreciation and amortization 7,288 105,484 2,026 — 114,798 Total expenses 570,734 199,229 46,912 — 816,875 Other income (expense) Interest expense — — ( 126,005 ) — ( 126,005 ) Equity in earnings (losses) of unconsolidated entities (2) 827 ( 1,559 ) — ( 11,885 ) ( 12,617 ) Gain on sale to the 2025 Partnership — 45,474 — — 45,474 Other income — 59,593 634 — 60,227 Total other income (expense) 827 103,508 ( 125,371 ) ( 11,885 ) ( 32,921 ) Income (loss) before income taxes 285,427 227,258 ( 172,279 ) ( 11,885 ) 328,521 Provision for (benefit from) income taxes 45,202 43,801 ( 28,266 ) — 60,737 Net income (loss) 240,225 183,457 ( 144,013 ) ( 11,885 ) 267,784 Less: Dividends on preferred shares — — 9,824 — 9,824 Less: Loss on redemption of preferred shares — — 6,327 — 6,327 Net income (loss) attributable to shareholders $ 240,225 $ 183,457 $ ( 160,164 ) $ ( 11,885 ) $ 251,633 (1) Includes servicing fees of $ 2,600 for the six months ended June 30, 2025 from the 2025 Partnership. (2) Includes the profit elimination of $( 11,885 ) for the six months ended June 30, 2025 for sales to the 2025 Partnership within the Aerospace Products segment. 30 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) Summary information with respect to the Company’s geographic sources of revenue, based on location of customer and lessee, is as follows: Six Months Ended June 30, 2025 Aerospace Products Aviation Leasing Corporate and Other Total Revenues Africa $ 26,482 $ 10,794 $ — $ 37,276 Asia 82,286 86,352 4 168,642 Europe 223,316 157,301 — 380,617 North America 505,471 49,865 — 555,336 South America 17,779 18,667 — 36,446 Total revenues (1) $ 855,334 $ 322,979 $ 4 $ 1,178,317 (1) The United States, included in North America, and Ireland, included in Europe, represent 33 % and 16 % of total revenues, respectively, based on the location of the Company’s customers and lessees. No other country represents more than 10% of total revenues. V. Location of Long-Lived Assets The following tables sets forth the geographic location of property, plant and equipment and leasing equipment, net: June 30, 2026 (unaudited) December 31, 2025 Property, plant and equipment and leasing equipment, net Africa $ 1,571 $ 17,174 Asia 269,851 323,542 Europe 418,302 587,359 North America 356,352 480,977 South America 235,039 256,820 Total property, plant and equipment and leasing equipment, net (1) $ 1,281,115 $ 1,665,872 (1) The United States, included in North America, and Chile, included in South America, represents 20 % and 14 % of property, plant and equipment and leasing equipment, net, respectively, as of June 30, 2026. The United States, included in North America, represented 22 % of property, plant and equipment and leasing equipment, net as of December 31, 2025. No other country represents more than 10% of property, plant and equipment and leasing equipment, net. 31 FTAI AVIATION LTD. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (Dollars in tables in thousands, unless otherwise noted) 12. EARNINGS PER SHARE AND EQUITY Basic earnings per ordinary share (“EPS”) is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method. The calculation of basic and diluted EPS is presented below (unaudited): Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2026 2025 2026 2025 Net income $ 125,094 $ 165,398 $ 262,993 $ 267,784 Less: Dividends on preferred shares 3,709 3,709 7,418 9,824 Less: Loss on redemption of preferred shares 3,800 — 3,800 6,327 Net income attributable to shareholders $ 117,585 $ 161,689 $ 251,775 $ 251,633 Weighted Average Ordinary Shares Outstanding - Basic 102,597,464 102,558,777 102,588,692 102,555,644 Weighted Average Ordinary Shares Outstanding - Diluted 104,044,113 103,147,860 104,039,259 103,144,727 Earnings per share: Basic $ 1.15 $ 1.58 $ 2.45 $ 2.45 Diluted $ 1.13 $ 1.57 $ 2.42 $ 2.44 For the three and six months ended June 30, 2026, 52,791 shares were excluded from the calculation of Diluted EPS (2025 - none ). During the three and six months ended June 30, 2026, the Company issued 329 and 915 ordinary shares, respectively, to certain directors as compensation (2025 - 676 and 676 , respectively). Preferred Shares In February 2025, the Company redeemed in full the outstanding 4,940,000 8.00 % Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares at a redemption price equal to $ 25.00 per share in cash, plus $ 2.4 million of accumulated and unpaid distributions thereon to, but not including, the redemption date of February 16, 2025. In June 2026, the Company redeemed in full the outstanding 4,200,000 8.25 % Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares at a redemption price equal to $ 25.00 per share in cash . 13. COMMITMENTS AND CONTINGENCIES In the normal course of business, the Company and its subsidiaries may be involved in various claims, legal proceedings, or may enter into contracts that contain a variety of representations and warranties and which provide general indemnifications. Within the Company’s offshore energy business, a lessee did not fulfill its obligation under its charter arrangement, therefore the Company is pursuing rights afforded to it under the charter and the range of potential losses against the obligation is $ 0.0 million to $ 3.3 million. The Company believes the risk of loss in connection with such arrangements is remote. 14. SUBSEQUENT EVENTS Dividends On July 28, 2026, the Company’s Board of Directors declared a cash dividend on its ordinary shares and eligible participating securities of 0.50 per share for the three months ended June 30, 2026, payable on August 24, 2026 to the holders of record on August 12, 2026. Additionally, on July 28, 2026, the Company’s Board of Directors also declared cash dividends on the Series D Preferred Shares of $ 0.59 per share, payable on September 15, 2026 to the holders of record on September 1, 2026. 32 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) is intended to help you understand FTAI Aviation Ltd. (the “Company,” “we,” “our” or “us”). Our MD&A should be read in conjunction with our unaudited consolidated financial statements and the accompanying notes, and with Part II, Item 1A, “Risk Factors” included elsewhere in this Quarterly Report on Form 10-Q. Overview We are a leading independent engine maintenance platform focused on the CFM56-5B, CFM56-7B and V2500 aircraft engines which power the 737NG and A320ceo aircraft. We repair and rebuild engines in our maintenance facilities and with our joint venture partners, and sell or lease the engines to airlines and asset owners around the world. Our primary business model is to sell engines via exchange through our proprietary Maintenance, Repair and Exchange (“MRE”) model which is reported under our Aerospace Products segment. We also own and manage a portfolio of on- and off-lease aircraft and engines through our Aviation Leasing segment. While historically these investment activities have been primarily held on balance sheet, at the end of 2024, we launched our Strategic Capital Initiative, which consists of an asset management business that manages third-party capital to invest in on-lease aircraft. We expect our primary investment activities to be through our Strategic Capital Initiative going forward. As of June 30, 2026, we had total consolidated assets of $4.5 billion and total equity of $404.0 million. Internalization of Management On May 28, 2024, the Company entered into definitive agreements with the Former Manager and Master GP to internalize the Company’s management function. As part of the termination of the Management Agreement, the Company (i) paid the Former Manager (for itself and on behalf of the Master GP, as applicable) the Cash Consideration, the compensation accrued and payable, but not yet paid, under the Management Agreement and the expenses that were reimbursable, but not yet reimbursed, under the Management Agreement; (ii) issued to the Former Manager (for itself and on behalf of the Master GP, as applicable) the Share Consideration; (iii) purchased from Master GP all of its partnership interests in FTAI Aviation Holdco Ltd., a subsidiary of the Company, in exchange for $30 thousand. Following the Internalization, the Company no longer pays management fees or incentive distributions to the Former Manager and Master GP. In connection with the termination of the Management Agreement, the Company also entered into a Transition Services Agreement with the Former Manager. Under the Transition Services Agreement, the Former Manager was required to continue to provide the Company and its affiliates with all of the Services for a transition period until October 31, 2024, during which the Company procured replacements for the Services. In addition, the Former Manager was required to continue to provide the services that were reasonably required by the Company to prepare its quarterly and annual financial statements until May 31, 2025. The Services were provided to the Company for a fee equal to the Former Manager’s cost of providing the Services, including the allocated cost of, among other things, overhead, employee wages and compensation, rent and related real estate expenses and actually incurred out-of-pocket expenses, plus a mark-up of ten percent (10%). Strategic Capital Initiative On December 30, 2024, we announced the launch of a Strategic Capital Initiative in collaboration with third-party institutional investors. The Strategic Capital Initiative, and its related partnerships, allows us to maintain an asset-light business model while the partnerships actively acquire on-lease narrowbody aircraft at scale. The first partnership under the initiative (the “2025 Partnership”) focuses on acquiring 737NG and A320ceo aircraft. The 2025 Partnership completed its fundraise in October 2025 with $2.0 billion of equity commitments. The 2025 Partnership, and follow-on partnerships, is the primary buyer of on-lease 737NG and A320ceo aircraft. The Company, as the Servicer, provides aircraft management services to the 2025 Partnership, and the Company receives customary, market-based compensation for providing such services. The Company made minority capital commitments to the 2025 Partnership in the same proportion relative to additional third-party institutional investors. Operating Segments The key factors used to identify the reportable segments are the organization and alignment of our internal operations and the nature of our products and services. Our two reportable segments are (i) Aerospace Products and (ii) Aviation Leasing. The Aerospace Products segment, through our maintenance facilities and joint ventures, among other investments, develops and manufactures, repairs/refurbishes and sells aircraft engines and aftermarket components primarily for the CFM56-7B, CFM56-5B and V2500 commercial aircraft engines . The Aviation Leasing segment owns and manages aviation assets, including aircraft and aircraft engines, which it leases and sells to lessees, directly and also through its equity method investment. Corporate and Other primarily consists of debt, unallocated corporate general and administrative expenses, internalization fee and management fees and incentive compensation pursuant to the Management Agreement prior to the Internalization effective May 28, 2024. Additionally, Corporate and Other also includes offshore energy related assets, which consist of equipment that support offshore oil and gas activities and production, and expenses relating to FTAI Power. 33 Adjusted EBITDA (Non-GAAP) Besides net income (loss), the chief operating decision maker (“CODM”), who is the Company’s Chief Executive Officer, utilizes Adjusted EBITDA as a key performance measure. Adjusted EBITDA is not a financial measure in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). This performance measure provides the CODM with the information necessary to assess operational performance and make resource and allocation decisions. We believe Adjusted EBITDA is a useful metric for investors and analysts for similar purposes of assessing our operational performance. Adjusted EBITDA is defined as net income (loss) attributable to shareholders from continuing operations, adjusted (a) to exclude the impact of provision for (benefit from) income taxes, equity-based compensation expense, acquisition and transaction expenses, losses on the modification or extinguishment of debt and preferred shares and capital lease obligations, asset impairment charges, incentive allocations, depreciation and amortization expense, interest expense and dividends on preferred shares, internalization fee to affiliate, (b) to include the impact of our pro-rata share of Adjusted EBITDA from unconsolidated entities and (c) to exclude the impact of equity in earnings (losses) of unconsolidated entities, if any. 34 Results of Operations Comparison of the three and six months ended June 30, 2026 and 2025 The following table presents our consolidated results of operations: Three Months Ended June 30, Change Six Months Ended June 30, Change (in thousands) 2026 2025 2026 2025 Revenues Aerospace products revenue $ 692,229 $ 420,686 $ 271,543 $ 1,214,814 $ 685,111 $ 529,703 MRE Contract revenue 182,799 69,585 113,214 404,029 170,223 233,806 Lease income 27,765 62,439 (34,674) 67,657 130,879 (63,222) Maintenance revenue 25,793 73,104 (47,311) 56,392 122,711 (66,319) Asset sales revenue 16,925 47,915 (30,990) 27,109 66,854 (39,745) Other revenue (1) 7,574 2,508 5,066 13,781 2,539 11,242 Total revenues 953,085 676,237 276,848 1,783,782 1,178,317 605,465 Expenses Cost of sales 635,782 369,258 266,524 1,160,050 617,972 542,078 Operating expenses 67,567 34,328 33,239 132,554 66,766 65,788 General and administrative 2,245 2,442 (197) 4,658 5,558 (900) Acquisition and transaction expenses 5,699 4,489 1,210 22,060 11,781 10,279 Depreciation and amortization 46,986 55,236 (8,250) 99,275 114,798 (15,523) Total expenses 758,279 465,753 292,526 1,418,597 816,875 601,722 Other (expense) income Interest expense (64,102) (63,965) (137) (125,509) (126,005) 496 Equity in earnings (losses) of unconsolidated entities (2) 9,970 (5,003) 14,973 7,607 (12,617) 20,224 Gain on sale to the 2025 Partnership 2,465 34,604 (32,139) 17,633 45,474 (27,841) Other income 7,574 27,156 (19,582) 55,156 60,227 (5,071) Total other expense (44,093) (7,208) (36,885) (45,113) (32,921) (12,192) Income before income taxes 150,713 203,276 (52,563) 320,072 328,521 (8,449) Provision for income taxes 25,619 37,878 (12,259) 57,079 60,737 (3,658) Net income 125,094 165,398 (40,304) 262,993 267,784 (4,791) Less: Dividends on preferred shares 3,709 3,709 — 7,418 9,824 (2,406) Less: Loss on redemption of preferred shares 3,800 — 3,800 3,800 6,327 (2,527) Net income attributable to shareholders $ 117,585 $ 161,689 $ (44,104) $ 251,775 $ 251,633 $ 142 (1) Includes servicing fees of $6,988 and $12,849 for the three and six months ended June 30, 2026, respectively (2025 - $2,052 and $2,600, respectively), from the 2025 Partnership. (2) Includes the profit elimination of $(6,597) and $(16,597) for the three and six months ended June 30, 2026, respectively (2025 - $(4,935) and $(11,885), respectively), for sales to the 2025 Partnership. 35 The following table sets forth a reconciliation of net income (loss) attributable to shareholders to Adjusted EBITDA: Three Months Ended June 30, Change Six Months Ended June 30, Change (in thousands) 2026 2025 2026 2025 Net income attributable to shareholders $ 117,585 $ 161,689 $ (44,104) $ 251,775 $ 251,633 $ 142 Add: Provision for income taxes 25,619 37,878 (12,259) 57,079 60,737 (3,658) Add: Equity-based compensation expense 7,332 5,515 1,817 13,679 10,404 3,275 Add: Acquisition and transaction expenses 5,699 4,489 1,210 22,060 11,781 10,279 Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations 3,800 — 3,800 3,800 6,327 (2,527) Add: Asset impairment charges — — — — — — Add: Incentive allocations — — — — — — Add: Depreciation and amortization expense (1) 52,118 65,677 (13,559) 111,631 134,064 (22,433) Add: Interest expense and dividends on preferred shares 67,812 67,674 138 132,928 135,829 (2,901) Add: Internalization fee to affiliate — — — — — — Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) 28,046 4,815 23,231 48,273 4,856 43,417 Less: Equity in (earnings) losses of unconsolidated entities (3) (16,567) 68 (16,635) (24,204) 732 (24,936) Adjusted EBITDA (non-GAAP) $ 291,444 $ 347,805 $ (56,361) $ 617,021 $ 616,363 $ 658 (1) Includes the following items for the three months ended June 30, 2026: (i) depreciation and amortization expense of $46,986 (2025 - $55,236), (ii) lease intangible amortization of $(89) (2025 - $2,153) and (iii) amortization for lease incentives of $5,221 (2025 - $8,288). Includes the following items for the six months ended June 30, 2026: (i) depreciation and amortization expense of $99,275 (2025 - $114,798), (ii) lease intangible amortization of $248 (2025 - $5,359) and (iii) amortization for lease incentives of $12,108 (2025 - $13,907). (2) Includes the following items for the three months ended June 30, 2026: (i) net income of $16,567 (2025 - net loss of $68), (ii) interest expense of $5,771 (2025 - $1,490), (iii) depreciation and amortization expense of $5,680 (2025 - $3,470), (iv) acquisition and transaction expenses of $0 (2025 - $(77)), and (v) tax expense of $28 (2025 - $0). Includes the following items for the six months ended June 30, 2026: (i) net income of $24,204 (2025 - net loss of $732), (ii) interest expense of $9,267 (2025 - $1,490), (iii) depreciation and amortization expense of $14,747 (2025 - $3,628), (iv) acquisition and transaction expenses of $0 (2025 - $470), and (v) tax expense of $55 (2025 - $0). (3) Excludes the profit elimination of $6,597 and $16,597 for the three and six months ended June 30, 2026, respectively (2025 - $4,935 and $11,885, respectively), for sales to the 2025 Partnership. Revenues Comparison of the three months ended June 30, 2026 and 2025 Total revenues increased by $276.8 million, driven by the following: • Aerospace products revenue increased by $271.5 million, primarily due to a $262.6 million increase in CFM56-5B, CFM56-7B and V2500 engine and module sales. • MRE Contract revenue increased by $113.2 million, primarily due to an increase in engine and module sales made to the 2025 Partnership. • Lease income decreased by $34.7 million, due to decreases in aircraft lease revenue of $19.5 million, driven by the sale of Seed Assets to the 2025 Partnership, and decreases in engine lease revenue of $15.2 million, driven by a decrease in revenue generating assets on lease. • Maintenance revenue decreased by $47.3 million, due to decreases in aircraft maintenance revenue of $31.0 million and engine maintenance revenue of $16.3 million, both driven by a decrease in revenue generating assets on lease. • Asset sales revenue decreased by $31.0 million, primarily due to an overall decrease in the number of sales transactions of commercial aircraft and engines in the current period as compared to the prior period. Comparison of the six months ended June 30, 2026 and 2025 Total revenues increased by $605.5 million, driven by the following: • Aerospace Products revenue increased by $529.7 million, primarily due to a $509.4 million increase in CFM56-5B, CFM56-7B and V2500 engine and module sales. 36 • MRE Contract revenue increased by $233.8 million, primarily due to an increase in engine and module sales made to the 2025 Partnership. • Maintenance revenue decreased by $66.3 million, primarily due to a decrease in aircraft maintenance revenue of $39.1 million and a decrease in engine maintenance revenue of $27.2 million, both driven by a decrease in revenue generating assets on lease. • Lease income decreased by $63.2 million, primarily due to a decrease in aircraft lease revenue of $44.2 million, and a decrease in engine lease revenue of $19.0 million, both driven by a decrease in revenue generating assets on lease. • Asset sales revenue decreased by $39.7 million, primarily due to an overall decrease in the number of sales transactions of commercial aircraft and engines in the current period as compared to the prior period. Expenses Comparison of the three months ended June 30, 2026 and 2025 Total expenses increased by $292.5 million, driven by the following: • Cost of sales increased by $266.5 million, primarily due to increases in CFM56-5B, CFM56-7B and V2500 engine and module sales, and parts inventory sales, which directly corresponds to components of increases in Aerospace products revenue over the same period. • Operating expenses increased by $33.2 million, primarily due to increases in compensation and benefits expense and shipping and logistics expense across our operating segments, as well as increased technology development costs and general corporate expenses. Comparison of the six months ended June 30, 2026 and 2025 Total expenses increased by $601.7 million, driven by the following: • Cost of sales increased by $542.1 million, primarily due to increases in CFM56-5B, CFM56-7B and V2500 engine and module sales, and parts inventory sales, which directly corresponds to components of increases in Aerospace products revenue over the same period. • Operating expenses increased by $65.8 million, primarily due to an increase in compensation and benefits expense due to an increase in employee headcount and increased overall compensation, technology development costs and general corporate expenses. Other (expense) income Comparison of the three months ended June 30, 2026 and 2025 Total other expense increased by $36.9 million driven by the following: • Gain on sale to the 2025 Partnership decreased by $32.1 million, driven by the lower number of Seed Assets sold to the 2025 Partnership in the current period as compared to the prior period. • Other income decreased $19.6 million, driven by a decrease in insurance settlements in the current period as compared to the prior period. • Equity in earnings of unconsolidated entities increased by $15.0 million, driven by net income earned by the 2025 Partnership in the current period, compared to losses in the prior period. Comparison of the six months ended June 30, 2026 and 2025 Total other expense increased by $12.2 million driven by the following: • Gain on sale to the 2025 Partnership decreased by $27.8 million, driven by the lower number of Seed Assets sold to the 2025 Partnership in the current period as compared to the prior period. • Other income decreased by $5.1 million, primarily due a decrease in insurance settlements in the current period as compared to the prior period. • Equity in earnings of unconsolidated entities increased by $20.2 million, driven by net income earned by the 2025 Partnership in the current period, compared to losses in the prior period. Provision for income taxes The provision for income taxes decreased $12.3 million and $3.7 million for the three and six months ended June 30, 2026, as compared to the prior period, primarily driven by lower income generated in the Aviation Leasing segment within taxable jurisdictions. Net income Net income decreased by $40.3 million and $4.8 million for the three and six months ended June 30, 2026, as compared to the prior period, primarily due to the changes noted above. 37 Adjusted EBITDA (Non-GAAP) Adjusted EBITDA decreased by $56.4 million and increased by $0.7 million for the three and six months ended June 30, 2026, as compared to the prior period, primarily due to the changes noted above. Aerospace Products Segment The Aerospace Products segment, through our maintenance facilities and joint ventures, among other investments, develops and manufactures, repairs/refurbishes, and sells aircraft engines and aftermarket components primarily for the CFM56-7B, CFM56-5B, and V2500 commercial aircraft engines. Our engine, module, and parts sales are facilitated through a dedicated commercial maintenance program designed to focus on modular and parts repair and refurbishment of CFM56-7B and CFM56-5B engines. In addition, other serviceable used modules and parts are sold through our exclusive partnership, which is responsible for the teardown, repair, marketing, and sales of parts from our CFM56 engine pool. In 2023, we acquired the remaining interest in Quick Turn Engine Center LLC (“QuickTurn”), a dedicated hospital maintenance and testing facility specializing in the CFM56-7B and CFM56-5B engines. In 2024, we acquired Lockheed Martin Commercial Engine Solutions (“LMCES”) to establish permanent engine and module manufacturing capabilities. In 2025, we entered into an agreement within our MRE business to supply replacement aircraft engines and modules for the life of the 2025 Partnership. We also acquired Pacific Aerodynamic Inc. (“Pac Aero”), a specialist in CFM56 compressor blade and vane repairs, expanding our repair capabilities, and the MRE business of AerotechOPS (“ATOPS”), expanding our MRE business in Miami. Additionally, we maintain a (i) 25% equity interest in the Advanced Engine Repair joint venture, which focuses on developing innovative cost-saving programs for engine repairs, (ii) 50% equity interest in QuickTurn Europe, which operates as a dedicated maintenance, repair, and overhaul facility for CFM56 engines, and (iii) 50% equity interest in Prime Engine Accessories LLC, which focuses on developing in-house CFM56 accessory maintenance repairs. The following table presents our results of operations: Three Months Ended June 30, Change Six Months Ended June 30, Change (in thousands) 2026 2025 2026 2025 Revenues Aerospace products revenue $ 692,229 $ 420,686 $ 271,543 $ 1,214,814 $ 685,111 $ 529,703 MRE Contract revenue 182,799 69,585 113,214 404,029 170,223 233,806 Total revenues 875,028 490,271 384,757 1,618,843 855,334 763,509 Expenses Cost of sales 614,529 317,469 297,060 1,125,541 546,224 579,317 Operating expenses 10,997 8,989 2,008 21,836 14,676 7,160 Acquisition and transaction expenses 144 1,414 (1,270) 129 2,546 (2,417) Depreciation and amortization 4,903 3,704 1,199 9,581 7,288 2,293 Total expenses 630,573 331,576 298,997 1,157,087 570,734 586,353 Other income (expense) Equity in (losses) earnings of unconsolidated entities (182) 714 (896) (222) 827 (1,049) Other income (59) — (59) 112 — 112 Total other income (241) 714 (955) (110) 827 (937) Income before income taxes 244,214 159,409 84,805 461,646 285,427 176,219 Provision for income taxes 49,970 25,827 24,143 83,667 45,202 38,465 Net income attributable to shareholders $ 194,244 $ 133,582 $ 60,662 $ 377,979 $ 240,225 $ 137,754 38 The following table sets forth a reconciliation of net income attributable to shareholders to Adjusted EBITDA: Three Months Ended June 30, Change Six Months Ended June 30, Change (in thousands) 2026 2025 2026 2025 Net income attributable to shareholders $ 194,244 $ 133,582 $ 60,662 $ 377,979 $ 240,225 $ 137,754 Add: Provision for income taxes 49,970 25,827 24,143 83,667 45,202 38,465 Add: Equity-based compensation expense 223 168 55 250 323 (73) Add: Acquisition and transaction expenses 144 1,414 (1,270) 129 2,546 (2,417) Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations — — — — — — Add: Asset impairment charges — — — — — — Add: Incentive allocations — — — — — — Add: Depreciation and amortization expense 4,903 3,704 1,199 9,581 7,288 2,293 Add: Interest expense and dividends on preferred shares — — — — — — Add: Internalization fee to affiliate — — — — — — Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (1) 50 883 (833) 464 1,052 (588) Less: Equity in losses (earnings) of unconsolidated entities 182 (714) 896 222 (827) 1,049 Adjusted EBITDA (non-GAAP) $ 249,716 $ 164,864 $ 84,852 $ 472,292 $ 295,809 $ 176,483 (1) Includes the following items for the three months ended June 30, 2026: (i) net loss of $182 (2025 - net income of $714), (ii) depreciation and amortization expense of $204 (2025 - $169), and (iii) tax expense of $28 (2025 - $0). Includes the following items for the six months ended June 30, 2026: (i) net loss of $222 (2025 - net income of $827), (ii) depreciation and amortization expense of $631 (2025 - $225), and (iii) tax expense of $55 (2025 - $0). Revenues Comparison of the three months ended June 30, 2026 and 2025 Total revenues increased by $384.8 million, due to the following: • Aerospace products revenue increased by $271.5 million, primarily due to a $262.6 million increase in CFM56-5B, CFM56-7B and V2500 engine and module sales. • MRE Contract revenue increased by $113.2 million, primarily due to an increase in engine and module sales made to the 2025 Partnership. Comparison of the six months ended June 30, 2026 and 2025 Tot al revenues increased by $763.5 million, due to the following: • Aerospace products revenue increased by $529.7 million, primarily due to a $509.4 million increase in CFM56-5B, CFM56-7B and V2500 engine and module sales. • MRE Contract revenue increased by $233.8 million, primarily due to an increase in engine and module sales made to the 2025 Partnership. Expenses Comparison of the three months ended June 30, 2026 and 2025 Tota l expens es increased by $299.0 million, due to the following: • Cost of sales increased by $297.1 million, primarily due to increases in CFM56-5B, CFM56-7B and V2500 engine and module sales and parts inventory sales, which directly corresponds to components of increases in Aerospace products revenue over the same period. Comparison of the six months ended June 30, 2026 and 2025 Tota l expen ses increased by $586.4 million, due to the following: • Cost of sales increased by $579.3 million, primarily due to increases in CFM56-5B, CFM56-7B and V2500 engine and module sales and parts inventory sales, which directly corresponds to components of increases in Aerospace products revenue over the same period. 39 Provision for income taxes The provision for income taxes increased by $24.1 million and $38.5 million for the three and six months ended June 30, 2026, as compared to the prior period, primarily due to the increase in income discussed above from Aerospace Products activities in jurisdictions subject to taxes. Net income Net income increased $60.7 million and $137.8 million for the three and six months ended June 30, 2026, respectively, as compared to the prior period, primarily due to the changes noted above. Adjusted EBITDA (Non-GAAP) Adjusted EBITD A increased $84.9 million and $176.5 million for the three and six months ended June 30, 2026, respectively, as compared to the prior period, primarily due to the changes noted above. Aviation Leasing Segment As of June 30, 2026, in our Aviation Leasing segment, we own and manage 198 aviation assets, consisting of 22 commercial aircraft and 176 engines. As of June 30, 2026, 19 of our commercial aircraft and 93 of our engines were leased to operators or other third parties. Aviation assets currently off lease are either undergoing repair and/or maintenance, being prepared to go on lease or held in short term storage awaiting a future lease. Our aviation equipment was approximately 68% utilized during the three months ended June 30, 2026, based on the percent of days on-lease in the quarter weighted by the monthly average equity value of our aviation leasing equipment, excluding airframes. Our aircraft currently have a weighted average remaining lease term of 37 months, and our engines currently on-lease have an average remaining lease term of 29 months. The table below provides additional information on the assets in our Aviation Leasing segment, including transfers which involve aircraft breakdowns, engine transfers from leasing equipment to inventory for manufacturing and sales, and engine transfers from inventory to leasing equipment for rebuilding and sales: Aviation Assets Widebody Narrowbody Total Aircraft Assets at January 1, 2026 5 42 47 Purchases — — — Sales — (15) (15) Transfers — (2) (2) Insurance settlement - Russia assets (3) (5) (8) Assets at June 30, 2026 2 20 22 Engines Assets at January 1, 2026 18 225 243 Purchases 1 13 14 Sales — (1) (1) Transfers (1) (62) (63) Insurance settlement - Russia assets (10) (7) (17) Assets at June 30, 2026 8 168 176 40 The following table presents our results of operations for our Aviation Leasing segment: Three Months Ended June 30, Change Six Months Ended June 30, Change (in thousands) 2026 2025 2026 2025 Revenues Lease income $ 27,765 $ 62,439 $ (34,674) $ 67,657 $ 130,879 $ (63,222) Maintenance revenue 25,793 73,104 (47,311) 56,392 122,711 (66,319) Asset sales revenue 16,925 47,915 (30,990) 27,109 66,854 (39,745) Other revenue (1) 7,574 2,508 5,066 13,781 2,535 11,246 Total revenues 78,057 185,966 (107,909) 164,939 322,979 (158,040) Expenses Cost of sales 21,253 51,789 (30,536) 34,509 71,748 (37,239) Operating expenses 11,785 11,089 696 22,060 18,515 3,545 Acquisition and transaction expenses 1,848 577 1,271 6,034 3,482 2,552 Depreciation and amortization 40,985 50,423 (9,438) 87,470 105,484 (18,014) Total expenses 75,871 113,878 (38,007) 150,073 199,229 (49,156) Other income (expense) Equity in earnings (losses) of unconsolidated entities 16,749 (782) 17,531 24,426 (1,559) 25,985 Gain on sale to the 2025 Partnership 2,465 34,604 (32,139) 17,633 45,474 (27,841) Other income 7,237 26,974 (19,737) 54,476 59,593 (5,117) Total other income 26,451 60,796 (34,345) 96,535 103,508 (6,973) Income before income taxes 28,637 132,884 (104,247) 111,401 227,258 (115,857) Provision for income taxes 7,771 26,453 (18,682) 26,097 43,801 (17,704) Net income attributable to shareholders $ 20,866 $ 106,431 $ (85,565) $ 85,304 $ 183,457 $ (98,153) (1) Includes servicing fees of $6,988 and $12,849 for the three and six months ended June 30, 2026, respectively (2025 - $2,052 and $2,600, respectively), from the 2025 Partnership. 41 The following table sets forth a reconciliation of net income attributable to shareholders to Adjusted EBITDA: Three Months Ended June 30, Change Six Months Ended June 30, Change (in thousands) 2026 2025 2026 2025 Net income attributable to shareholders $ 20,866 $ 106,431 $ (85,565) $ 85,304 $ 183,457 $ (98,153) Add: Provision for income taxes 7,771 26,453 (18,682) 26,097 43,801 (17,704) Add: Equity-based compensation expense 361 264 97 525 439 86 Add: Acquisition and transaction expenses 1,848 577 1,271 6,034 3,482 2,552 Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations — — — — — — Add: Asset impairment charges — — — — — — Add: Incentive allocations — — — — — — Add: Depreciation and amortization expense (1) 46,117 60,864 (14,747) 99,826 124,750 (24,924) Add: Interest expense and dividends on preferred shares — — — — — — Add: Internalization fee to affiliate — — — — — — Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities (2) 27,996 3,932 24,064 47,809 3,804 44,005 Less: Equity in (earnings) losses of unconsolidated entities (16,749) 782 (17,531) (24,426) 1,559 (25,985) Adjusted EBITDA (non-GAAP) $ 88,210 $ 199,303 $ (111,093) $ 241,169 $ 361,292 $ (120,123) (1) Includes the following items for the three months ended June 30, 2026: (i) depreciation expense of $40,985 (2025 - $50,423), (ii) lease intangible amortization of $(89) (2025 - $2,153) and (iii) amortization for lease incentives of $5,221 (2025 - $8,288). Includes the following items for the six months ended June 30, 2026: (i) depreciation expense of $87,470 (2025 - $105,484), (ii) lease intangible amortization of $248 (2025 - $5,359) and (iii) amortization for lease incentives of $12,108 (2025 - $13,907). (2) Includes the following items for the three months ended June 30, 2026: (i) net income of $16,749 (2025 - net loss of $782), (ii) interest expense of $5,771 (2025 - $1,490), (iii) depreciation and amortization of $5,476 (2025 - $3,301), and (iv) acquisition and transaction expense of $0 (2025 - $(77)). Includes the following items for the six months ended June 30, 2026: (i) net income of $24,426 (2025 - net loss of $1,559), (ii) interest expense of $9,267 (2025 - $1,490), (iii) depreciation and amortization of $14,116 (2025 - $3,403) and (iv) acquisition and transactions expenses of $0 (2025 - $470). Revenues Comparison of the three months ended June 30, 2026 and 2025 Total reven ue decreased by $107.9 million, driven by the following: • Lease income decreased by $34.7 million, due to decreases in aircraft lease revenue of $19.5 million, driven by the sale of Seed Assets to the 2025 Partnership, and decreases in engine lease revenue of $15.2 million, driven by a decrease in revenue generating assets on lease. • Maintenance revenue decreased by $47.3 million, due to decreases in aircraft maintenance revenue of $31.0 million and engine maintenance revenue of $16.3 million, both driven by a decrease in revenue generating assets on lease. • Asset sales revenue decreased by $31.0 million, primarily due to an overall decrease in the number of sales transactions of commercial aircraft and engines in the current period as compared to the prior period. • Other revenue increased by $5.1 million, primarily as a result of servicing fees earned in our capacity as the Servicer to the 2025 Partnership. Comparison of the six months ended June 30, 2026 and 2025 Total revenue decreased by $158.0 million, driven by the following: • Maintenance revenue decreased by $66.3 million, primarily due to a decrease in aircraft maintenance revenue of $39.1 million and a decrease in engine maintenance revenue of $27.2 million, both driven by a decrease in revenue generating assets on lease. • Lease income decreased by $63.2 million, primarily due to a decrease in aircraft lease revenue of $44.2 million, and a decrease in engine lease revenue of $19.0 million, both driven by a decrease in revenue generating assets on lease. • Asset sales revenue decreased by $39.7 million, primarily due to an overall decrease in the number of sales transactions of commercial aircraft and engines in the current period as compared to the prior period. 42 • Other revenue increased by $11.2 million as a result of servicing fees earned in our capacity as the Servicer to the 2025 Partnership. Expenses Comparison of the three months ended June 30, 2026 and 2025 Total expenses decreased by $38.0 million, driven by the following: • Cost of sales decreased by $30.5 million, primarily due to an overall decrease in the number of sales transactions of commercial aircraft and engines, which is in line with an overall decrease in the corresponding asset sales revenue. • Depreciation and amortization expense decreased by $9.4 million, primarily driven by the sale of Seed Assets to the 2025 Partnership. Comparison of the six months ended June 30, 2026 and 2025 Total expenses decreased by $49.2 million, driven by the following: • Cost of sales decreased by $37.2 million, primarily due to an overall decrease in the number of sales transactions of commercial aircraft and engines, which is in line with an overall decrease in the corresponding asset sales revenue. • Depreciation and amortization expense decreased by $18.0 million, primarily driven by the sale of Seed Assets to the 2025 Partnership. • Operating expense increased by $3.5 million, primarily driven by an increase in equipment lease expense in the current period. • Acquisition and transaction expense increased by $2.6 million, primarily driven by higher professional fees associated with the 2025 Partnership in the current period. Other income (expense) Comparison of the three months ended June 30, 2026 and 2025 Total other income decreased by $34.3 million, primarily due (i) a $32.1 million decrease in gain on sale to the 2025 Partnership, driven by the lower number of Seed Assets sold to the 2025 Partnership as compared to the prior period, and (ii) a $19.7 million decrease in other income driven by a decrease in insurance settlements in the current period; partially offset by (iii) a $17.5 million increase in equity in earnings of unconsolidated entities as a result of net income earned by the 2025 Partnership. Comparison of the six months ended June 30, 2026 and 2025 Total other income decreased by $7.0 million, primarily due (i) a $27.8 million decrease in gain on sale to the 2025 Partnership, driven by the lower number of Seed Assets sold to the 2025 Partnership as compared to the prior period; partially offset by (ii) a $26.0 million increase in equity in earnings of unconsolidated entities as a result of net income earned by the 2025 Partnership. Provision for income taxes The provision for income taxes decreased by $18.7 million and $17.7 million for the three and six months ended June 30, 2026, respectively, as compared to the prior period, primarily due to the respective changes in income discussed above from leasing activities in jurisdictions subject to taxes. Net income Net income decreased by $85.6 million and $98.2 million for the three and six months ended June 30, 2026, respectively, as compared to the prior period, primarily due to the changes noted above. Adjusted EBITDA (Non-GAAP) Adjusted EBITD A decreased by $111.1 million and $120.1 million for the three and six months ended June 30, 2026, respectively, as compared to the prior period, primarily due to the changes noted above. 43 Corporate and Other The following table presents our results of operations: Three Months Ended June 30, Change Six Months Ended June 30, Change (in thousands) 2026 2025 2026 2025 Revenues Other revenue $ — $ — $ — $ — $ 4 $ (4) Total revenues — — — — 4 (4) Expenses Operating expenses 44,785 14,250 30,535 88,658 33,575 55,083 General and administrative 2,245 2,442 (197) 4,658 5,558 (900) Acquisition and transaction expenses 3,707 2,498 1,209 15,897 5,753 10,144 Depreciation and amortization 1,098 1,109 (11) 2,224 2,026 198 Total expenses 51,835 20,299 31,536 111,437 46,912 64,525 Other (expense) income Interest expense (64,102) (63,965) (137) (125,509) (126,005) 496 Other income 396 182 214 568 634 (66) Total other expense (63,706) (63,783) 77 (124,941) (125,371) 430 Loss before income taxes (115,541) (84,082) (31,459) (236,378) (172,279) (64,099) Benefit from income taxes (32,122) (14,402) (17,720) (52,685) (28,266) (24,419) Net loss (83,419) (69,680) (13,739) (183,693) (144,013) (39,680) Less: Dividends on preferred shares 3,709 3,709 — 7,418 9,824 (2,406) Less: Loss on redemption of preferred shares 3,800 — 3,800 3,800 6,327 (2,527) Net loss attributable to shareholders $ (90,928) $ (73,389) $ (17,539) $ (194,911) $ (160,164) $ (34,747) The following table sets forth a reconciliation of net loss attributable to shareholders to Adjusted EBITDA: Three Months Ended June 30, Change Six Months Ended June 30, Change (in thousands) 2026 2025 2026 2025 Net loss attributable to shareholders $ (90,928) $ (73,389) $ (17,539) $ (194,911) $ (160,164) $ (34,747) Add: Benefit from income taxes (32,122) (14,402) (17,720) (52,685) (28,266) (24,419) Add: Equity-based compensation expense 6,748 5,083 1,665 12,904 9,642 3,262 Add: Acquisition and transaction expenses 3,707 2,498 1,209 15,897 5,753 10,144 Add: Losses on the modification or extinguishment of debt and preferred shares and capital lease obligations 3,800 — 3,800 3,800 6,327 (2,527) Add: Asset impairment charges — — — — — — Add: Incentive allocations — — — — — — Add: Depreciation and amortization expense 1,098 1,109 (11) 2,224 2,026 198 Add: Interest expense and dividends on preferred shares 67,812 67,674 138 132,928 135,829 (2,901) Add: Internalization fee to affiliate — — — — — — Add: Pro-rata share of Adjusted EBITDA from unconsolidated entities — — — — — — Less: Equity in losses (earnings) of unconsolidated entities — — — — — — Adjusted EBITDA (non-GAAP) $ (39,885) $ (11,427) $ (28,458) $ (79,843) $ (28,853) $ (50,990) 44 Expenses Comparison of the three months ended June 30, 2026 and 2025 Total expens es increased by $31.5 million, primarily due to the following: • Operating expenses increased $30.5 million, primarily due to an increase in compensation and benefits expense due to an increase in employee headcount and increased overall compensation, technology development costs and general corporate expenses. Comparison of the six months ended June 30, 2026 and 2025 Total expenses increased by $64.5 million, primarily due to the following: • Operating expenses increased $55.1 million, primarily due to an increase in compensation and benefits expense due to an increase in employee headcount and increased overall compensation, technology development costs and general corporate expenses. • Acquisition and transaction expense increased $10.1 million, primarily due to higher professional fees associated with acquisitions and transactions in the current period. Benefit from income taxes The benefit from income taxes increased by $17.7 million and $24.4 million for the three and six months ended June 30, 2026, respectively, as compared to the prior period. The increase was mainly driven by higher corporate overhead expenses deductible for 2026 tax purposes. Net loss Net loss increased by $13.7 million and $39.7 million during the three and six months ended June 30, 2026, respectively, as compared to the prior period, primarily due to the changes noted above. Adjusted EBITDA (Non-GAAP) Adjusted EBITDA decreased by $28.5 million and $51.0 million during the three and six months ended June 30, 2026, respectively, as compared to the prior period, primarily due to the changes noted above. 45 Liquidity and Capital Resources