Will Cleary

FTAI's strategic capital initiative uses third-party, off-balance-sheet capital to acquire aircraft/engines dedicated to FTAI's high-margin module-swap/aerospace products business. This makes the leasing arm increasingly asset-light, turns it toward an alternative asset-manager model with recurring revenue, and creates captive, guaranteed growth for the high-margin module business. The vehicle was upsized from $3B to $6B and may be repeated annually; Will thinks the combined aerospace-plus-asset-manager core deserves a 20-25x forward multiple, though he acknowledges conflicts/off-balance-sheet risk and mitigates them via management alignment and fund returns.