Crossroads Capital Portfolio Holding: FTAI Aviation Ltd.

FTAI (holding update): Leading CFM56 MRO transforming to capital-light model via $2B SCI vehicle (upsized from $1.5B, $6B+ purchasing power w/ debt). Q4: Finnair 36-engine Perpetual Power deal, FAA approval for Stage 1 HPT blade (most complex CFM56 component), Palantir AIP deployment for ops optimization. New 'FTAI Power' venture repurposing CFM56s into 25MW aeroderivative turbines for data centers (100+ units/yr target starting 2026, 1,000+ engine fleet). Vertically integrated platform (Module Factory + proprietary PMA parts) creates 'green time' at lower cost than OEMs, driving high-margin Aerospace Products revenue. Market still values as cyclical lessor despite shift to scalable, high-visibility industrial model with durable competitive moat.

Read full article (2 min)