FTAI Aviation 8.25% Series C Preferred Shares

FTAIN

Market cap $107M

FTAI Aviation Ltd. (FTAI) Q1 2026 Earnings Call Transcript

We think investors underappreciate Guidewire Software's strong competitive positioning and the durability of its growth. We expect Toast to continue growing locations more than 15% for several years through continued penetration of the core small- to mid-sized restaurants. Reddit is riding the secular wave in generative AI by acting as a foundational 'natural language' training layer for large language models through highly lucrative data licensing agreements.

Three of the portfolio's 10 equity sectors made positive contributions to calendar-year period performance: Health Care and Financials led by wide margins, followed by Information Technology. PACS Group reported stronger-than-expected fiscal 2024 and year-to-date fiscal 2025 results in November of 2025, signaling that its acquisition and operating models remained on track. FTAI shares significantly outperformed in 2025 due to robust demand for passenger flights and from strengthening its moat by acquiring a new repair facility in Rome.

FTAI Aviation Ltd. (FTAI) Q4 2025 Earnings Call Transcript

During the quarter, our average net beta-adjusted exposure was 20%. We believe FTAI Aviation shares could eclipse $300 this year as the company is on a path to achieving EBITDA of $3 billion over the next 2 years. FTAI management believes they can eventually deliver over 100 engines annually at a $25 million sale price with 40% margins.

From a sector perspective, strength within Industrials and Information Technology offset relative weakness in Health Care. The October earnings report reinforced confidence in Comfort Systems' ability to convert a strong backlog and increasingly sophisticated project mix into sustained earnings growth. We did not make any adjustments to the position and continue to believe that the market opportunity remains robust.

FTAI Aviation Preferred Series C remains a hold, with limited upside due to likely redemption in 2026. The shares yield 8.1% currently, but redemption at par would reduce the effective annualized yield to just 4.8%. The reset yield in 2026 could reach 10–11%, yet prevailing credit spreads and past redemptions make early call highly probable.