Carriage House's Will Cleary on $FTAI

Summary

Andrew Walker interviews Will Cleary of Carriage House Fund about FTAI Aviation. Will explains FTAI's vertically integrated CFM56 engine aftermarket and module-swap model, its strategic capital initiative shifting leasing toward asset-light captive growth, and the new FTAI Power initiative converting retired engines into data-center turbines. He also addresses the Muddy Waters short report, valuation, management alignment, and potential S&P 500 inclusion.

• FTAI's module-swap model cuts airline engine maintenance cost and downtime versus traditional MRO.
• CFM56 fleet longevity and adoption by larger airlines support growth.
• Strategic capital initiative uses off-balance-sheet capital to create captive high-margin module demand.
• FTAI Power targets the data-center power shortage with converted jet engines.
• Will rebuts Muddy Waters' margin and module claims.
• Valuation debate centers on multiple expansion and core EBITDA potential.
• Management alignment and insider buying reinforce conviction.
• S&P 500 inclusion is flagged as a possible future catalyst.