FTAI Aviation Ltd. (Form: 10-Q, Received: 05/01/2026 16:15:47)

1 FTAI AVIATION LLC August 8, 2024 VIA EMAIL BoHee Yoon Dear BoHee: It is with great pleasure that we extend to you an offer to join FTAI Aviation LLC (the “Company”), as set forth below. This letter, together with Exhibit A hereto, is referred to herein as the “Letter Agreement.” Start Date: Subject to full execution of this Letter Agreement and any related Company documents, your employment with the Company will commence on a date that is mutually agreed between the Company and FIG LLC, which is expected to occur on or before August 31, 2024 (the actual date on which you become employed by the Company is referred to as the “Start Date”). The terms and conditions of this Letter Agreement are contingent upon: (i) you being an active employee of FIG LLC as of, and not having given or received notice of termination of such employment prior to, the Start Date, and this Letter Agreement will have no force or effect if your employment with FIG LLC terminates for any reason, or if you give or receive notice of termination of such employment, prior to the Start Date, and (ii) your timely execution (and non-revocation) of a separation agreement and release of claims in the form provided to you by FIG LLC, and this Letter Agreement will have no force or effect if you fail to timely execute, or revoke, such separation agreement and release of claims prior to the Start Date. Duties: In your role as Managing Director, Counsel, your duties will be those assigned to you by the Company’s Board of Directors or its designee. Your duties may be changed from time to time and you agree that you will not accept other employment while working for the Company. You will devote your full working time to the Company. Location of Employment: You will be an employee of the Company at its office in New York, New York, although you acknowledge that you may be required to travel from time to time for business reasons, as reasonably requested by the Company. Exhibit 10.14

2 Salary: Your base salary will be paid at the rate of $200,000 per annum, payable in accordance with the regular payroll practices of the Company as in effect from time to time. The Company reserves the right to (i) modify its payroll practices and payroll schedule at its sole discretion and (ii) adjust your base salary from time to time. Your base salary will constitute your compensation for all hours worked, regardless of the number of hours worded in any work week. 401k True-up: To the extent applicable, the Company will make a cash payment to you in an amount equal to the gross amount (as determined by the Company in its sole discretion) of any unvested amounts under the Fortress Investment Group LLC 401(k) you forfeited as a result of your resignation from FIG LLC. Vested Deferred Compensation: To the extent applicable, the Company will make a cash payment to you in an amount equal to the gross amount (as determined by the Company in its sole discretion) of any deferred compensation amounts that you forfeited as a result of your resignation from FIG LLC. Such cash payment will be paid to you at the same time, and subject to the same terms and conditions (including continued employment), as if you had remained employed at FIG LLC following the Start Date. Discretionary Annual Bonuses: You are eligible to receive, as additional compensation, a discretionary annual bonus with respect to each year you are employed by the Company (including, without pro-ration, for 2024), which discretionary bonus (if any) will be paid no later than March 15 of the immediately subsequent calendar year. Payment of a discretionary bonus in any given fiscal or calendar year does not entitle you to additional compensation or any such bonus in any subsequent year. In order to be eligible for any such bonus while employed at the Company, you must be an active employee at, and not have given or received notice of termination prior to, the time of the bonus payment. Benefits: Effective on the Start Date, you (and your spouse, registered domestic partner and/or eligible dependents, if any) shall be entitled to participate in the same manner as other similarly situated employees of the Company in the employee benefit plans that are generally made available to similarly situated employees of the Company, subject to satisfying the applicable eligibility requirements. Your participation will be subject to the terms of the applicable plan documents and generally applicable Company policies. Notwithstanding the foregoing, the Company may modify or terminate any employee benefit plan at any time, at the Company’s sole discretion.

3 Paid Time Off: During your employment, you will be entitled to paid time off (“Paid Time Off”) in accordance with the Company’s policy applicable to employees, as amended from time to time. Accrued But Unused Paid Time Off: To the extent applicable, the Company will make a cash payment to you in an amount equal to the dollar value (as determined by the Company in its sole discretion) of any accrued and unused 2024 Paid Time Off days you forfeited as a result of your resignation from FIG LLC. Representation: You represent that on the Start Date, you will be free to accept employment hereunder without any contractual restrictions, express or implied, with respect to any of your prior employers. You represent that you have not taken or otherwise misappropriated and you do not have in your possession or control any confidential and proprietary information belonging to any of your prior employers or connected with or derived from your services to prior employers, except for information relating to the business (the “FTAI Aviation Business”) of FTAI Aviation Ltd. (“FTAI Aviation”). You represent that you have returned to all prior employers any and all such confidential and proprietary information, except to the extent relating to the FTAI Aviation Business. You further acknowledge that the Company has informed you that you are not to use or cause the use of such confidential or proprietary information in any manner whatsoever in connection with your employment by the Company, except to the extent relating to the FTAI Aviation Business. You agree that you will not use such information, except to the extent relating to the FTAI Aviation Business. You represent that you are not currently a party to any pending or threatened litigation or arbitration, including with any current or former employer or business associate. In the event that you become a party to any pending or threatened litigation or arbitration after the date on which you sign this Letter Agreement but prior to your Start Date and at all times thereafter while you are employed by the Company, you shall promptly provide the Company with notice of such, in writing. You shall indemnify and hold harmless the Company from any and all claims arising from any breach of the representations and warranties in this paragraph. You represent that you understand that this Letter Agreement sets forth the terms and conditions of your employment relationship with the Company and as such, you have no express or implied right to be treated the same as or more favorably than any other employee of the Company, FTAI Aviation and any entity that is controlled by FTAI Aviation (each a “Controlled Affiliate”) with respect to any matter set forth herein based on the terms or conditions of such person’s employment relationship with the Company, FTAI Aviation or any Controlled Affiliate. You further agree to keep the

4 terms of this Letter Agreement confidential and not to disclose any of the terms or conditions hereof to any other person, including any employee of the Company, other than to your attorney or accountant or, upon the advice of counsel after notice to the Company, as may be required by law, except to the extent such disclosure is protected or expressly permitted by applicable law. Set-off: You hereby acknowledge and agree, without limiting the Company’s rights otherwise available at law or in equity, that, to the extent permitted by law, any or all amounts or other consideration payable by the Company, FTAI Aviation or any Controlled Affiliate pursuant to the provisions hereof or pursuant to any other agreement with the Company, FTAI Aviation or any Controlled Affiliate, may be set-off against any or all amounts or other consideration payable by you to the Company, FTAI Aviation or any Controlled Affiliate hereunder or under any other agreement between you and the Company, FTAI Aviation or any Controlled Affiliate; provided that any such set-off does not result in a penalty under Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”). Policies and Procedures: You agree to comply fully with all Company policies and procedures applicable to employees, as amended and implemented from time to time, including, without limitation, tax, regulatory and compliance procedures. Employment Relationship; Notice Period: This Letter Agreement is not a contract of employment for any specific period of time, and subject to any notice provisions herein, your employment is “at will” and may be terminated by you or by the Company at any time for any reason or no reason whatsoever. In each case where the term “Company” is used in this Letter Agreement it shall mean, in addition to the Company, FTAI Aviation or any Controlled Affiliate to the extent you may be employed on a full-time basis at the applicable time by such entity. You agree that effective as of any separation from service with the Company, you will have been deemed to resign from all positions you may hold with the Company and its affiliates (including any board memberships), and will take any actions that may be reasonably required to effectuate such resignation, without prejudice against any rights you may otherwise have under this Agreement. You agree to provide the Company with at least 90 days’ advance written notice of your resignation of employment (the “Notice Period,” which Notice Period shall be considered a “Protective Covenant” (as hereinafter defined) for purposes of this Letter Agreement). The Company may, in its sole discretion, direct you to cease performing your duties, refrain from entering the Company’s offices and/or restrict your access to Company

5 systems, trade secrets and confidential information, in each case during all or part of the Notice Period. During the Notice Period, you shall continue to be an employee of the Company, the Company shall continue to pay you your base salary and benefits, and you shall be entitled to all other benefits and entitlements as an employee until the end of the Notice Period (although you acknowledge that (i) you shall not be entitled to receive any bonus not already paid prior to the commencement of the Notice Period; (ii) your base salary, benefits, and entitlements shall cease if you breach any of your agreements with or obligations to the Company, FTAI Aviation or any Controlled Affiliate, including, without limitation, those “Protective Covenants” set forth below and incorporated herein; (iii) your Paid Time Off will be treated in accordance with the Company’s policies then in effect; and (iv) such Notice Period shall be disregarded for purposes of the vesting of equity and/or deferred cash awards, if any). Protective Covenants: You acknowledge that, from the Start Date and during the period of your employment hereunder, you will be provided with access to secret, proprietary and confidential information, knowledge and data relating to the Company, FTAI Aviation and its Controlled Affiliates and/or any joint venture to which the Company, FTAI Aviation or any of its Controlled Affiliates is a party and their respective businesses, specialized training, and/or will meet and develop relationships with potential and existing suppliers, financing sources, customers, clients, and employees of the Company, FTAI Aviation and its Controlled Affiliates or any joint venture to which the Company, FTAI Aviation or any of its Controlled Affiliates is a party. You acknowledge that the Company, FTAI Aviation and its Controlled Affiliates are engaged in a highly competitive business and that the success of the Company, FTAI Aviation and its Controlled Affiliates in the marketplace depends upon its goodwill and reputation, and that you will develop such goodwill and reputation through substantial investment by the Company, FTAI Aviation and its Controlled Affiliates. You agree and acknowledge that reasonable limits on your ability to engage in activities competitive with the Company, FTAI Aviation and its Controlled Affiliates are warranted to protect their substantial investments in developing and maintaining their status in the marketplace, reputation and goodwill. You further acknowledge and agree that (i) the foregoing makes it necessary for the protection of the Company’s, FTAI Aviation’s and its Controlled Affiliates’ goodwill that you comply with the provisions of these Protective Covenants, (ii) this offer of employment would not have been extended to you if you had not agreed to comply with the provisions of these Protective Covenants, and (iii) the restrictions set forth in these Protective Covenants are reasonable.

6 You shall not, without the advance written approval of the Company, directly or indirectly, serve as an executive professional, supervisor or manager to, provide strategic consulting or advice to, or control the operations of, a Competing Business which operates in the Restricted Territory (each as hereinafter defined), or, if you are in a sales or marketing position with access to customer and/or pricing information, provide sales or marketing or similar services for, a Competing Business during (i) the period of your employment hereunder and (ii) if you resign your employment for any reason or are terminated for Cause (as hereinafter defined), the twelve (12) month period immediately following the effective date of your termination of employment (which twelve (12) month period shall be inclusive of the Notice Period (as defined above)); provided, however, that if a Competing Business operates both within and outside the Restricted Territory, you shall not be prevented from providing services to the Competing Business solely with respect to its operations outside the Restricted Territory, so long as (A) such services do not relate to the governance, strategy, development, management, sales or operations of any business segment within the Restricted Territory, and (B) you do not provide or receive any confidential information, or participate in any communication, related to the business segment of the Competing Business operating within the Restricted Territory. For purposes of this Letter Agreement, “Competing Business” means any business, individual, partner, firm, corporation, or other entity or joint venture of entities engaged in, or preparing to engage in (including through owning or taking steps to own a third party that is or would be) any aviation-related business of the Company, FTAI Aviation or any Controlled Affiliate, and “Restricted Territory” means the United States, North America, South America, Asia, Europe, Africa and Australia. You hereby agree that during the period of your employment hereunder and for the eighteen (18) month period immediately following the termination of such employment for any reason, you shall not, directly or indirectly (including by assisting or aiding any third party): (a) recruit, solicit or induce any non-clerical employee or employees of the Company, FTAI Aviation or any Controlled Affiliate or any joint venture to which the Company, FTAI Aviation or any Controlled Affiliate is a party to terminate their employment with, or otherwise cease their relationship with, the Company, FTAI Aviation or any Controlled Affiliate or any joint venture to which the Company, FTAI Aviation or any Controlled Affiliate is a party, or in hiring or assisting another person or entity to hire any non-clerical employee of the Company, FTAI Aviation or any Controlled Affiliate or any joint venture to which the Company, FTAI

7 Aviation or any Controlled Affiliate is a party or any person who within six (6) months before had been a non-clerical employee of the Company, FTAI Aviation or any Controlled Affiliate or any joint venture to which the Company, FTAI Aviation or any Controlled Affiliate is a party and was recruited or solicited for such employment or other retention while an employee of the Company, FTAI Aviation or any Controlled Affiliate or any joint venture to which the Company, FTAI Aviation or any Controlled Affiliate is a party (other than any of the foregoing activities engaged in with the prior written approval of the Company); or (b) solicit, induce or encourage or attempt to persuade any agent, supplier or customer of the Company, FTAI Aviation or any Controlled Affiliate or any joint venture to which the Company, FTAI Aviation or any Controlled Affiliate is a party to reduce or terminate such agency or business relationship; provided that the provisions of this Letter Agreement shall not prohibit solicitation by you of any such agent, supplier or customer to the extent that such solicitation does not relate to a Competing Business. You hereby agree that you shall not make, or cause to be made, any statement or communicate any information (whether oral or written) that disparages or reflects negatively on the Company, its affiliates or any of their respective founders or senior management members. Nothing contained in this Letter Agreement shall limit any common law or statutory obligation that you may have to the Company, FTAI Aviation or any Controlled Affiliate. As a condition of employment, you will be required to sign a confidentiality and proprietary rights agreement, in a form acceptable to the Company, and that agreement shall remain in full force and effect after it is executed and following termination of your employment for any reason with the Company or FTAI Aviation or any Controlled Affiliate. The obligations set forth in such agreement shall be considered “Protective Covenants” for purposes of this Letter Agreement and are incorporated herein by reference. The provisions set forth above in (or incorporated into) this “Protective Covenants” section, together with the Notice Period above, are collectively referred to in this Letter Agreement as the “Protective Covenants” (and each is a “Protective Covenant”). You acknowledge and agree that each of the Protective Covenants is reasonable as to duration, terms and geographical area and that the same

8 protects the legitimate interests of, as the case may be, the Company or FTAI Aviation and its Controlled Affiliates (including, but not limited to, their confidential information, customer lists, the goodwill of their businesses, investments in special training or techniques provided by the Company or FTAI Aviation or any Controlled Affiliate to your and their relationships with customers, employees, agents and suppliers), imposes no undue hardship on you, is not injurious to the public, and that, notwithstanding any provision in this Letter Agreement to the contrary, any violation of the Protective Covenants shall be specifically enforceable in any court of competent jurisdiction without the need to prove the inadequacy of monetary damages or post a bond. You acknowledge and agree that a portion of the compensation provided to you under this Letter Agreement will be provided in consideration of the Protective Covenants, the sufficiency of which consideration is hereby acknowledged. If any Protective Covenant as applied to you or to any circumstance is adjudged by a court with competent jurisdiction to be invalid or unenforceable, the same shall in no way affect any other circumstance or the validity or enforceability of any other Protective Covenant. If the scope of any such provision, or any part thereof, is too broad to permit enforcement of such provision to its full extent, you agree that the court making such determination shall have the power to reduce the duration and/or area of such provision, and/or to delete specific words or phrases, and in its reduced form, such provision shall then be enforceable and shall be enforced. Each of the Protective Covenants shall be construed as an agreement independent of any other provisions in this Letter Agreement. For purposes of this Letter Agreement, “Cause” means (i) your commission of an act of fraud or dishonesty in the course of your service to the Company; (ii) your indictment, conviction or entering of a plea of nolo contendere for a crime constituting a felony or in respect of any act of fraud or dishonesty; (iii) your commission of an act which would make you subject to being enjoined, suspended, barred or otherwise disciplined for violation of federal or state securities laws, rules or regulations, including a statutory disqualification; (iv) your gross negligence or willful misconduct in connection with your employment by the Company; (v) your breach of any restriction set forth in (or otherwise herein incorporated by reference into) the section above entitled “Protective Covenants;” or (vi) your commission of any material breach of any of the provisions or covenants (excluding the covenants set forth in or incorporated into the “Protective Covenant” section above) set forth herein; provided, however, that discharge pursuant to this clause (vi) shall not constitute discharge for “Cause” unless you have received written notice from the Company stating the nature of such breach and affording you an

9 opportunity to correct fully the act(s) or omission(s), if such a breach is capable of correction, described in such notice within ten (10) days following your receipt of such notice. Arbitration: You agree to submit any claims arising out of this Letter Agreement or your employment and termination thereof to binding arbitration in accordance with the terms of Exhibit A, which are hereby incorporated herein by reference. By executing this Letter Agreement, both you and the Company acknowledge that (a) arbitration pursuant to the terms set forth in Exhibit A shall be the sole and exclusive means of resolving any claims between you and the Company arising out of or relating to this Letter Agreement or your employment and termination thereof (except as provided in Exhibit A) and (b) you are relinquishing your right to a jury trial. Governing Law: This Letter Agreement will be covered by and construed in accordance with the laws of New York, without regard to the conflicts of laws provisions thereof. WITH REGARDS TO (I) THOSE CLAIMS EXCLUDED FROM BINDING ARBITRATION (AS SET FORTH IN EXHIBIT A, SECTION (C)); AND (II) APPLICATIONS FOR INJUNCTIVE RELIEF (AS DESCRIBED IN EXHIBIT A, SECTION (A)), YOU HEREBY AGREE THAT EXCLUSIVE JURISDICTION WILL BE IN A COURT OF COMPETENT JURISDICTION IN THE CITY OF NEW YORK AND WAIVE OBJECTION TO THE JURISDICTION OR TO THE LAYING OF VENUE IN ANY SUCH COURT. Section 409A: The intent of the parties to this Letter Agreement is that payments and benefits hereunder comply with, or are exempt from, Section 409A and, accordingly, to the maximum extent permitted, this Letter Agreement shall be administered, interpreted and construed in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. The Company does not guarantee you any particular tax treatment relating to the payments and benefits under this Letter Agreement. In no event shall the Company be liable for, or be required to indemnify you for, your liability for taxes or penalties under Section 409A or otherwise. Notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, you shall not be considered to have terminated employment with the Company for purposes of this Letter Agreement, and no payment shall be due to you under this Letter Agreement, until you would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A. Any payments described in this Letter Agreement that are due within the “short-term deferral period” as defined in Section 409A shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything to the

10 contrary in this Letter Agreement, if you are a “specified employee” (as defined in Section 409A(a)(2)(B)(i)) and are entitled to receive a payment on separation from service that is subject to Section 409A, the payment may not be made earlier than six months following the date of your separation from service if required by Section 409A, in which case, the accumulated postponed amount shall be paid in a lump sum on the first business date after the earlier of (i) the date that is six (6) months following such separation from service and (ii) your death. Each amount and installment to be paid or benefit to be provided to you pursuant to this Letter Agreement shall be construed as a separate identified payment for purposes of Section 409A. Miscellaneous; Acknowledge- ments; Protective Covenants Severable; Remedies Cumulative; Subsequent Employment Notice; Obligations; No Waiver; Cooperation; Withholding: Notwithstanding the provisions of Exhibit A, if you commit a breach or are about to commit a breach, of any of the Protective Covenants provisions hereof, the Company, FTAI Aviation and its Controlled Affiliates shall have the right to have the provisions of this Letter Agreement specifically enforced by any court having equity jurisdiction without being required to post bond or other security and without having to prove the inadequacy of the available remedies at law, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Company, FTAI Aviation or its Controlled Affiliates and that money damages will not provide an adequate remedy to the Company, FTAI Aviation or its Controlled Affiliates. In addition, the Company, FTAI Aviation or its Controlled Affiliates may take all such other actions and remedies available to it under law or in equity, and, pursuant to this Letter Agreement shall be entitled to such damages as it can show it has sustained by reason of such breach. The parties acknowledge that (i) the type and periods of restriction imposed in the Protective Covenants are fair and reasonable and are reasonably required in order to protect and maintain the proprietary interests of the Company, FTAI Aviation and its Controlled Affiliates or other legitimate business interests and the goodwill associated with the business of any of the foregoing; (ii) the time, scope, geographic area and other provisions of the Protective Covenants have been specifically negotiated by sophisticated commercial parties, who have each had the opportunity to consult with legal counsel; and (iii) because of the nature of the business engaged in by the Company, FTAI Aviation and its Controlled Affiliates and the fact investments can be and are made by the Company, FTAI Aviation and its Controlled Affiliates wherever they are located, it is impractical and unreasonable to place a geographic limitation on the agreements made by you.

11 If any of the covenants contained in the Protective Covenants, or any part thereof, is held to be unenforceable by reason of it extending for too great a period of time or over too great a geographic area or by reason of it being too extensive in any other respect, the parties agree (x) such covenant shall be interpreted to extend only over the maximum period of time for which it may be enforceable and/or over the maximum geographic areas as to which it may be enforceable and/or over the maximum extent in all other respects as to which it may be enforceable, all as determined by the court making such determination and (y) in its reduced form, such covenant shall then be enforceable, but such reduced form of covenant shall only apply with respect to the operation of such covenant in the particular jurisdiction in or for which such adjudication is made. Each of the covenants and agreements contained in the Protective Covenants is separate, distinct and severable. All rights, remedies and benefits expressly provided for in this Letter Agreement are cumulative and are not exclusive of any rights, remedies or benefits provided for by law or in this Letter Agreement, and the exercise of any remedy by a party hereto shall not be deemed an election to the exclusion of any other remedy (any such claim by the other party being hereby waived). The existence of any claim, demand, action or cause of action of you against the Company, FTAI Aviation or any Controlled Affiliate, whether predicated on this Letter Agreement or otherwise, shall not constitute a defense to the enforcement by the Company, FTAI Aviation or any Controlled Affiliate of each Protective Covenant. The unenforceability of any Protective Covenant shall not affect the validity or enforceability of any other Protective Covenant or any other provision or provisions of this Letter Agreement. The temporal duration of the Protective Covenants shall not expire, and shall be tolled, during any period in which you are in violation of any of such Protective Covenants, and all such restrictions shall automatically be extended by the period of your violation of any such restrictions. Prior to accepting employment with any person, firm, corporation or other entity during your employment by the Company, FTAI Aviation or any Controlled Affiliate (in anticipation of commencing such new employment after terminating your employment with the Company) or any period thereafter that you are subject to any of the Protective Covenants, you shall (i) notify the prospective employer in writing of your obligations under such provisions and (ii) within thirty days after your commencement of employment with any new employer, shall simultaneously provide a copy

12 of such written notice to an officer of the Company of such new employment, identifying such new employer. The failure of a party to this Letter Agreement to insist upon strict adherence to any term hereof on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Letter Agreement. This Letter Agreement, and all of your rights and duties hereunder, shall not be assignable or delegable by you. Any purported assignment or delegation by you in violation of the foregoing shall be null and void ab initio and of no further force and effect. This Letter Agreement may be assigned by the Company to any affiliate of the Company, FTAI Aviation or any manager of FTAI Aviation or to a person or entity which is an affiliate or successor in interest to all or substantially all of the business operations of the Company. Upon such assignment, the rights and obligations of the Company hereunder shall become the rights and obligations of such affiliate person or entity. You shall provide reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during your employment. This provision shall survive any termination of this Letter Agreement. The Company may withhold from any amounts and benefits due to you under this Letter Agreement such Federal, state and local taxes as may be required or permitted to be withheld pursuant to any applicable law or regulation. This Letter Agreement and Exhibit A contain the entire understanding of the parties and may be modified only in a document signed by the parties and referring explicitly to this Letter Agreement. If any provision of this Letter Agreement or Exhibit A is determined to be unenforceable, it may be severed and the remainder of this Letter Agreement or Exhibit A shall not be adversely affected thereby. Moreover, if any one or more of the provisions contained in this Letter Agreement or Exhibit A is held to be unenforceable, any such provision will be construed by limiting and reducing it so as to be enforceable to the maximum extent compatible with applicable law. In executing this Letter Agreement, you represent that you have not relied on any representation or statement not set forth herein, and you expressly disavow any reliance upon any such representations or statements. Without limitation to the foregoing, you represent that you

13 understand that you shall not be entitled to any equity interest, profits interest or other interest in the Company, FTAI Aviation, any Controlled Affiliate, or any manager of FTAI Aviation or any of its affiliates, except in another writing signed by the Company. FTAI Aviation and its Controlled Affiliates are intended beneficiaries under this Letter Agreement. [signatures on the following page.]

S-1 If you agree with the terms of this Letter Agreement and accept this offer of employment, please sign and date this Letter Agreement in the space provided below and return a copy to the Company to indicate your acceptance. This Letter Agreement may be signed in counterparts, each of which shall be deemed an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. Sincerely, FTAI Aviation LLC By: _/s/Eun (Angela) Nam________ Name: Eun (Angela) Nam Title: Chief Financial Officer AGREED AND ACCEPTED AS OF August __8___, 2024: _/s/BoHee Yoon_________________ BoHee Yoon

A-1 Exhibit A Arbitration (a) You and the Company agree that we shall first attempt to settle any controversy, dispute or claim arising out of or relating to your compensation, your employment or the termination thereof or the Letter Agreement or breach thereof (including, without limitation, any claim regarding or related to the interpretation, scope, effect, enforcement, termination, extension, breach, legality, remedies and other aspects of the Letter Agreement or the conduct and communications of us regarding the Letter Agreement and the subject matter of the Letter Agreement) through good faith negotiation. Any such controversy, dispute or claim, as described in the preceding sentence, will be referred to herein as a “Dispute”. If such negotiations fail to reach a resolution of the Dispute within forty-five (45) days after a party initially provides written notice (either by letter or electronically) of any such Dispute either party may initiate arbitration proceedings in accordance with this Exhibit A. The parties agree to resolve any Dispute by binding arbitration administered by Judicial Arbitration and Mediation Services, Inc. (“JAMS”) or a successor organization, for binding arbitration located in New York City, New York by a single arbitrator pursuant to its Employment Arbitration Rules & Procedures. The JAMS Employment Arbitration Rules & Procedures are available online at https://www.jamsadr.com/rules-employment-arbitration/. Except as otherwise authorized by applicable law, all awards of the arbitrator shall be binding and non-appealable. The arbitrator’s final award shall be in writing made and delivered to the parties within thirty (30) calendar days following the close of the hearing and shall provide a reasoned basis for the resolution of any Dispute and any relief provided. Judgment upon the award of the arbitrator may be entered in any court having jurisdiction. The arbitrator shall apply New York law to the merits of any Dispute, without reference to the rules of conflicts of law applicable therein. The arbitrator shall be bound by and strictly enforce the terms of the Letter Agreement and this Exhibit and, except as expressly provided for in Section (m) of this Exhibit A, may not limit, expand or otherwise modify their terms. The arbitrator may grant injunctions or other relief. Notwithstanding anything else set forth herein, the Company shall not be precluded from applying to a proper court for injunctive relief by reason of the prior or subsequent commencement of an arbitration proceeding as herein provided, including without limitation, with respect to any Dispute relating to the Protective Covenants under the Letter Agreement or any confidentiality obligations under your Confidentiality and Proprietary Rights Agreement. (b) You acknowledge that you have read and understand this Exhibit A to the Letter Agreement. You understand that by signing the Letter Agreement, you agree to submit any Dispute to binding arbitration, and that this arbitration provision constitutes a waiver of your rights to a jury trial and relates to the resolution of all Disputes relating to all aspects of the employer/employee relationship to the greatest extent permitted by law, including but not limited to the following: (i) Any and all claims for wrongful discharge of employment, breach of contract, both express and implied; breach of the covenant of good faith and fair dealing,

A-2 both express and implied; negligent or intentional infliction of emotional distress; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; and defamation; (ii) Any and all claims for violation of any federal, state or municipal statute, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Equal Pay Act, the Employee Retirement Income Security Act, as amended, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Americans with Disabilities Act of 1990, the Family and Medical Leave Act of 1993, the Fair Labor Standards Act, the New York City Administrative Code, the New York Labor Law, the New York Human Rights Law, and the New York City Human Rights Law; (iii) Any and all claims arising out of or relating to your compensation, including without limitation, any carried interest, points interest, or any equity based incentive plan or award agreement, all such claims to be governed by the terms and conditions of any such plan or award agreement; and (iv) Any and all claims arising out of any other federal, state or local laws or regulations relating to employment, harassment or employment discrimination. (c) The following Disputes are excluded from mandatory arbitration under this Letter Agreement: (i) claims for workers’ compensation benefits, unemployment insurance, or state or federal disability insurance; and (ii) any other dispute or claim that has been expressly excluded from arbitration by statute or other applicable law that is not preempted by the Federal Arbitration Act. Nothing in this Letter Agreement should be interpreted as restricting or prohibiting you from filing a charge or complaint with the U.S. Equal Employment Opportunity Commission, the National Labor Relations Board, the Department of Labor, the Occupational Safety and Health Commission, any other federal, state, or local administrative agency charged with investigating and/or prosecuting complaints under any applicable, federal, state, or municipal law or regulation. A federal, state, or local agency would also be entitled to investigate the charge in accordance with applicable law. However, any Dispute that is covered by this Letter Agreement but not resolved through the federal, state, or local agency proceedings must be submitted to arbitration in accordance with this Letter Agreement. (d) You further understand that other options such as federal and state administrative remedies and judicial remedies exist and acknowledge and agree that by signing the Letter

A-3 Agreement and agreeing to the terms of this Exhibit A, with the sole exception of any Disputes expressly excluded from arbitration in Section (c) of this Exhibit A, these remedies are forever precluded and that regardless of the nature of your complaint(s), you acknowledge and agree that such complaint(s) can only be resolved by arbitration. (e) It is understood and agreed that, unless expressly authorized by statutory law, the arbitrator shall not have the right or authority to enter any award of punitive damages. (f) The fees and expenses of the arbitrator and all other expenses of the arbitration shall be borne by the parties equally. Each party shall bear the expenses of its own counsel, experts, and presentation of proof. (g) The substance and result of any arbitration under this Exhibit A to the Letter Agreement and all information and documents disclosed in any such arbitration by any person shall be treated as confidential (and as Proprietary Information under the Confidentiality and Proprietary Rights Agreement subject to the terms thereof), except that disclosures may be made to the extent necessary (i) to enforce a final settlement agreement between the parties or (ii) to obtain and secure enforcement, or a judgment on, an award issued pursuant to this Exhibit A to the Letter Agreement. (h) Class, Collective, and Representative Action Waiver - You agree that, with respect to any claims that are subject to arbitration under Section (b) of this Exhibit A to the Letter Agreement, in any forum whether arbitration or otherwise, you shall not be entitled to (i) join or consolidate claims by other individuals or entities against the Company, including but not limited to by becoming a member of a class in a class action; (ii) arbitrate any claim as a representative or participate in a class, representative, multi-plaintiff, or collective action or (iii) bring any such claim in a private attorney general capacity. Any attempt to proceed in arbitration, court or any other forum on anything other than an individual basis shall be void ab initio and be precluded by every tribunal in which any such action is brought. If, despite the parties’ express intent to proceed only in individual arbitration, a court nonetheless orders that a class, collective, mass or other representative or joint action should proceed, in no event will such action proceed in an arbitration forum and may proceed only in court. Any issue concerning the validity or enforceability of this class, collective and representative action waiver must be decided only by a court and an arbitrator shall not have authority to consider the issue of the validity or enforceability of this Section (h). (i) Time Limitation on Filing Claims - The parties hereby acknowledge and agree that, unless prohibited by law, any arbitration, suit, action or other proceeding relating to this Exhibit A must be brought within the shorter of: (i) the statute of limitations that is applicable to the claim(s) upon which the arbitration, suit, action or other legal proceeding is sought or required; or (ii) two (2) years after the occurrence of the act or omission that is the subject of the arbitration, suit, action or other legal proceeding. Any failure to file a demand for arbitration within this time frame and according to these rules shall constitute a waiver of all rights to raise

A-4 any claim in any forum arising out of any dispute that was subject to arbitration. All such untimely claims shall be deemed barred by the applicable statute of limitations. The date of the filing is the date on which written notice by the party seeking arbitration stating that party’s intention to arbitrate is received by JAMS. (j) In the event any notice is required to be given under the terms of this Exhibit A, it shall be delivered in writing, if to you, to your last known address, and if to the Company, to the attention of the General Counsel of the Company. (k) If any provision of this Exhibit A is determined to be invalid or unenforceable, either in its entirety or by virtue of its scope or application to given circumstances, such provision shall be deemed modified to the extent necessary to render the same valid, or as not applicable to the given circumstances, or will be deleted from this Exhibit A, as the situation may require, and this Exhibit A shall be construed and enforced as if such provision had been included herein as so modified in scope or application, or had not been included herein, as the case may be, it being the stated intention of the parties that had they known of such invalidity or unenforceability at the time of entering into this Exhibit A, they would have nevertheless contracted upon the terms contained herein, either excluding such provisions, or including such provisions, only to the maximum scope and application permitted by law, as the case may be. The parties expressly acknowledge and agree that it is their intent that the inclusion or exclusion of no provision or provisions is to interfere with or negate the arbitration and class/collective waiver provision of this Exhibit A and this Exhibit A is to be modified in scope and application in every instance needed to permit the enforceability of those provisions. In the event such total or partial invalidity or unenforceability of any provision of this Exhibit A exists only with respect to the laws of a particular jurisdiction, this Section will operate upon such provision only to the extent that the laws of such jurisdiction are applicable to such provision. (l) Except as otherwise expressly set forth herein, all capitalized defined terms shall have the same meaning as set forth in the Letter Agreement. (m) You and the Company agree that the Company is engaged in interstate commerce and that the Federal Arbitration Act shall govern the interpretation and enforcement of, and all proceedings pursuant to, this Exhibit A and that the arbitrator shall apply New York law to the merits of any Dispute. AGREED TO AND ACCEPTED: _/s/BoHee Yoon_______________ BoHee Yoon _August 8, 2024_______________ Date

KE 135035790.8 Certain identified information has been excluded from this exhibit because it is both not material and is the type that the registrant treats as private or confidential. Information that was omitted has been noted in the document with a placeholder identified by the mark “[***]”. AMENDED AND RESTATED AGREEMENT OF EXEMPTED LIMITED PARTNERSHIP OF FTAI AIRCRAFT LEASING (2025) GP L.P. Exhibit 10.17

i [***]

AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF FTAI AIRCRAFT LEASING (2025) GP L.P. THIS AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (as amended, restated, supplemented, waived or otherwise modified from time to time in accordance with its terms, this “Agreement”) of FTAI Aircraft Leasing (2025) GP L.P., a Cayman Islands exempted limited partnership (the “Partnership”), dated [●], 2026, is made and entered into by and among the General Partner and the Limited Partners. The General Partner, the Initial Limited Partner (as defined below) and the Limited Partners are sometimes referred to herein individually as a “Partner” and collectively as the “Partners.” Certain capitalized terms used herein are defined in Section 1.7. WHEREAS, the Partnership was formed pursuant to an Initial Agreement of Exempted Limited Partnership of the Partnership, dated December 9, 2024 (the “Initial Agreement”), entered into by and between the General Partner, as general partner, and David Moreno, as the sole limited partner (the “Initial Limited Partner”) and registered as an exempted limited partnership in the Cayman Islands, evidenced by the Certificate of Registration; and WHEREAS, the parties hereto desire to enter into this Agreement to reflect the admission of additional limited partners and to amend and restate the Initial Agreement in its entirety as hereinafter set forth. NOW, THEREFORE, the parties hereto agree as follows: ARTICLE I GENERAL PROVISIONS; CAPITAL CONTRIBUTIONS; DEFINITIONS 1.1 Continuation. [***] 1.2 Name. [***] 1.3 Purpose. [***] 1.4 Registered Office. [***] 1.5 Capital Contributions. [***] 1.6 [Reserved] 1.7 Definitions. For purposes of this Agreement: [***] “Active Limited Partner” means, as modified by Section 11.5(c)(ii), any Limited Partner designated as such by the General Partner who is serving as an employee of, or is otherwise

2 providing services on a full business time basis (or on such other basis approved by the General Partner) to, the Partnership, the General Partner, the FTAI Servicer, FTAI and/or their respective affiliates with respect to the Partnership’s activities (in each case, only for so long as such Person continues to serve as an employee of, or otherwise provide services on such basis to, any such Person). “Active FTAI Person” means any individual who is serving as an employee of, or is otherwise providing services on a full business time basis (or on such other basis approved by the General Partner) to, the Partnership, the General Partner, the FTAI Servicer, FTAI and/or their respective affiliates with respect to the Partnership’s activities (in each case, only for so long as such Person continues to serve as an employee of, or otherwise provide services on such basis to, any such Person). [***] “Cause” means, with respect to any Active Limited Partner, (i) commission of an act of fraud or dishonesty in the course of such Active Limited Partner’s (or its Affiliated Service Provider’s) service to the Fund, the Partnership Group, the General Partner, the FTAI Servicer, FTAI or any of their respective affiliates, (ii) indictment, conviction of or entering of a plea of nolo contendere for a crime constituting a felony or in respect of any act of fraud or dishonesty, (iii) commission of an act which would make such Active Limited Partner (or its Affiliated Service Provider) or any FTAI Entity subject to being enjoined, suspended, barred or otherwise disciplined for violation of any securities laws (whether federal, state or foreign), rules or regulations, including a statutory disqualification, (iv) gross negligence or willful misconduct in connection with such Active Limited Partner’s (or its Affiliated Service Provider’s) service to the Fund, the Partnership Group, the General Partner, the FTAI Servicer, FTAI or any of their respective affiliates, (v) breach of any restriction set forth in, or re-executed and reaffirmed in, Section 11.1 (or any restrictive covenant obligations otherwise applicable to such Active Limited Partner or its Affiliated Service Provider under any written agreement with the FTAI Servicer, FTAI or any of their respective affiliates), (vi) material, willful breach of this Agreement (including, without limitation, any obligations pursuant to Section 3.3) or any other written agreement between such Active Limited Partner (or its Affiliated Service Provider) and the FTAI Servicer, FTAI or any of their respective affiliates, in any such case (except as otherwise expressly provided herein), (vii) any action or omission in which such Active Limited Partner would not be entitled to exculpation and indemnification pursuant to Section 11.3, (viii) willful failure to comply with any material policies or procedures of the FTAI Servicer, FTAI or any of their respective affiliates as in effect from time to time; provided that such Active Limited Partner (or its Affiliated Service Provider) shall have been delivered a copy of such policies or notice that they have been posted on a website maintained by the FTAI Servicer, FTAI or any of their respective affiliates prior to such compliance failure, (ix) failure to perform the material duties in connection with such Active Limited Partner’s (or its Affiliated Service Provider’s) position or role with the Fund, the Partnership Group, the General Partner, the FTAI Servicer, FTAI or any of their respective affiliates, or (x) any other action or omission by such Active Limited Partner resulting in a material breach of the Partnership’s obligations under the Fund Agreement or any other action resulting in a “Cause Event” under the Fund Agreement; provided that, with respect to matters in clauses (viii) and (ix) above, the General Partner will provide written notice to such Active Limited Partner

3 setting forth, in reasonable detail, the specific facts constituting such failure, and Cause shall not exist in this regard if such Active Limited Partner (or its Affiliated Service Provider) is capable of remedying, and remedies, the failure referenced in the applicable clause no later than ten (10) days following delivery of such written notice (provided that such Active Limited Partner (or its Affiliated Service Provider) shall not be given more than one (1) opportunity in the aggregate to remedy failures described in the applicable clause). Any action by an Affiliated Service Provider that would constitute “Cause” if committed by an Active Limited Partner shall constitute “Cause” with respect to the Limited Partner or Terminated Partner affiliated with such Affiliated Service Provider. Notwithstanding the foregoing, in the event of any conflict between this definition of “Cause” and the definition of “Cause” (or any analogous term) set forth in any grant letter, award agreement or similar agreement between an Active Limited Partner (or its Affiliated Service Provider) and the FTAI Servicer, FTAI or any of their respective affiliates, the definition set forth in such grant letter, award agreement or similar agreement shall control for purposes of determining whether “Cause” exists with respect to such Active Limited Partner; provided that the General Partner shall have sole discretion to interpret and resolve any such conflict, including the determination of whether a conflict exists between such definitions. [***] “Change in Control” means the occurrence of any of the following events, unless the General Partner determines that such event shall not constitute a Change in Control for purposes of this Agreement: (1) any person (for purposes of this definition, as defined in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof) is or becomes the beneficial owner (for purposes of this definition, as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of FTAI representing 30% or more of the combined voting power of the then outstanding securities of FTAI, excluding (A) any person who becomes such a beneficial owner in connection with a transaction described in clause (I) of paragraph (2) below, and (B) any person who becomes such a beneficial owner through the issuance of such securities with respect to purchases made directly from FTAI; or (2) there is consummated a merger or consolidation of FTAI or any direct or indirect subsidiary of FTAI with any other corporation or other entity, other than (I) a merger or consolidation which results in the voting securities of FTAI outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of FTAI or any its subsidiaries, 50% or more of the combined voting power of the securities of FTAI or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (II) a merger or consolidation effected to implement a recapitalization of FTAI (or similar transaction) in which no person is or becomes the beneficial owner, directly or indirectly, of securities of FTAI (not including in the securities beneficially owned by such person

4 any securities acquired directly from FTAI or its affiliates) representing 30% or more of the combined voting power of the then outstanding securities of FTAI; or (3) the shareholders of FTAI approve a plan of complete liquidation or dissolution of FTAI or there is consummated an agreement for the sale or disposition by FTAI of all or substantially all of the assets of FTAI. [***] “Designated Senior Partners” means each Partner to the extent designated as a “Designated Senior Partner” by the General Partner with respect to all or any provisions of this Agreement; provided that, to the extent any employment agreement, grant letter, award agreement or similar agreement between such Partner (or its Affiliated Service Provider) and the General Partner, the FTAI Servicer, FTAI or any of their respective affiliates contains terms that address the subject matter of the provisions of this Agreement for which such Partner has been designated as a Designated Senior Partner, the terms of such employment agreement, grant letter, award agreement or similar agreement shall supersede and control over the corresponding provisions of this Agreement with respect to such Partner. “Disability” means, with respect to any Active Limited Partner and as determined by the General Partner, such Active Limited Partner’s (or, if applicable, its Affiliated Service Provider’s) inability to perform a substantial portion of such Person’s duties and obligations to the Fund, the Partnership Group, the General Partner, the FTAI Servicer, FTAI or any of their respective affiliates arising out of any physical disability or mental incapacity or other disability that is reasonably expected by the General Partner to last longer than 180 days during any 12 month period. [***] “FTAI” means FTAI Aviation Ltd., a Cayman Islands limited liability company, together with its Affiliates. “FTAI Entities” means, collectively, the Partnership, the General Partner, FTAI, the FTAI Servicer, the FTAI Entity Funds, and each of their respective general partners, managers or other controlling entities. “FTAI Entity Funds” means, collectively, the Fund and any successor investment funds, investment partnerships, and similar investment entities (including parallel funds, feeder funds, master funds, executive funds and alternative investment vehicles of the foregoing Persons) formed and any joint ventures, in each such case, operated or managed, directly or indirectly, by the General Partner, the FTAI Servicer or any other Person under common control with either of them. “FTAI Entity Person” means each Active Limited Partner, Terminated Partner who was previously an Active Limited Partner and each Affiliated Service Provider.

5 “FTAI Servicer” means, collectively, FTAI Aircraft Leasing DAC, an Irish designated activity company, and FTAI Aircraft Leasing LLC, a Delaware limited liability company, or any other Person serving as the FTAI Servicer (as defined in the Fund Agreement) or so designated by the General Partner at such time. “Fund” has the meaning set forth in Section 1.3. “Fund Agreement” means the Amended and Restated Agreement of Limited Partnership of FTAI Aircraft Leasing SPV (2025) LP and, except where the context otherwise requires (e.g., for purposes of Section 1.8), the agreement of limited partnership (or similar governing agreement) of each other Person comprising the Fund, each as amended, restated, supplemented, waived or otherwise modified from time to time in accordance with their respective terms. “Fund Capital Commitment” means, with respect to each Partner and Terminated Partner, the aggregate amount set forth opposite such Person’s name in the column captioned “Fund Capital Commitment” on Schedule 1 hereto, as such Schedule 1 may be (i) amended from time to time by the General Partner; provided that no such amendment of a Person’s Fund Capital Commitment shall be effective against such Person without such Person’s consent, or (ii) modified from time to time by the General Partner to reflect increases or decreases in a Partner’s or Terminated Partner’s Fund Capital Commitment pursuant to the terms hereof (including Sections 5.6, 5.15 and 11.2). “Fund Capital Proceeds” means, for any period, (i) all proceeds received by the Partnership from the Fund on account of the Partnership’s commitment to the Fund (but not including proceeds described in clause (i) of the definition of “Profit Participation Proceeds”) and from the Partnership’s investment or holding of such proceeds, minus (ii) all expenses incurred by the Partnership attributable to the Partnership’s investment or holding of proceeds described in clause (i), minus (iii) any amounts paid by the Partnership in respect of any All Partner Give Back Obligation described in Section 3.3(d)(i). [***] “General Partner” means FTAI Aircraft Leasing (2025) UGP, Ltd., a Cayman Islands exempted limited company, in its capacity as general partner of the Partnership, and any successor general partner of the Partnership in its capacity as general partner of the Partnership. [***] “Good Reason” means, with respect to any Active Limited Partner, the occurrence, without the prior written consent of such Active Limited Partner (or its Affiliated Service Provider), of any of the following events: (i) a material diminution in such Active Limited Partner’s (or its Affiliated Service Provider’s) title, status, duties, responsibilities or authority with the Fund, the Partnership Group, the General Partner, the FTAI Servicer, FTAI or any of their respective affiliates, or (ii) a requirement that such Active Limited Partner (or its Affiliated Service Provider) work primarily from an office or geographic location that is beyond a fifty (50) mile radius from the office or geographic location at which such Active Limited Partner (or its Affiliated Service Provider) primarily works as of the date such Person became an Active Limited Partner (or, if later, as of the date of the most recent amendment to this Agreement in which such Person’s role was established

6 or modified) (provided that such requirement results in an increase in such Person’s commute); provided that Good Reason shall be deemed not to have occurred unless (A) such Active Limited Partner notifies the General Partner in writing of the first occurrence of the Good Reason event within ninety (90) days of the first occurrence of such event, (B) in the case of clause (i) above, such Active Limited Partner cooperates in good faith with the General Partner’s efforts, for a period of not less than thirty (30) days following such notice (the “Good Reason Cure Period”), to remedy the Good Reason event, and notwithstanding such efforts, the Good Reason event continues to exist after the end of the Good Reason Cure Period, and (C) such Active Limited Partner ceases to serve as an Active Limited Partner (or causes its Affiliated Service Provider to cease providing services) within thirty (30) days after providing such notice (or, in the case of clause (i) above, within thirty (30) days after the end of the Good Reason Cure Period). In the case of clause (i) above, if the General Partner cures the Good Reason event during the Good Reason Cure Period, Good Reason shall be deemed not to have occurred. Any event described in clauses (i) or (ii) above experienced by an Affiliated Service Provider that would constitute “Good Reason” if experienced by the applicable Active Limited Partner shall constitute “Good Reason” with respect to the Limited Partner affiliated with such Affiliated Service Provider. [***] “Profit Participation Commitment” means, with respect to each Partner and Terminated Partner, the aggregate amount set forth opposite such Person’s name in the column captioned “Profit Participation Commitment” on Schedule 1 hereto, as such Schedule 1 may be (i) amended from time to time by the General Partner; provided that no such amendment of a Person’s Profit Participation Commitment shall be effective against such Person without such Person’s consent unless the General Partner determines that, in light of anticipated working capital needs of the Partnership, it is necessary, desirable or appropriate to increase the Profit Participation Commitments of all Partners and Terminated Partners on a pro rata basis (based on existing Profit Participation Commitments), whereupon no such consent by such Person shall be required, or (ii) modified from time to time by the General Partner to reflect increases or decreases in a Partner’s or Terminated Partner’s Profit Participation Commitment pursuant to the terms hereof (including Section 11.2). “Profit Participation Percentages” for the Partners and Terminated Partners initially shall be as set forth on Schedule 2 hereto. Except as otherwise provided in Sections 5.4, 5.6, 5.8 and 11.2, the Profit Participation Percentages of the Partners and Terminated Partners may be altered only by the General Partner; provided that, except as otherwise provided in such Sections the Profit Participation Percentage of any Partner or Terminated Partner may not be reduced without the consent of such Person. The Profit Participation Percentages for any New Limited Partners admitted to the Partnership shall be determined as provided in Section 5.4. “Profit Participation Proceeds” means, for any period, (i) all proceeds received by the Partnership from the Fund on account of the Profit Participation, minus (ii) all expenses incurred by the Partnership attributable to the Partnership’s investment or holding of proceeds described in clause (i). [***]

7 “Restricted Geographic Area” means, with respect to a Person (other than a Designated Senior Partner), the United States, Canada, Europe and any other geographic area in which any FTAI Entity has conducted, or plans on conducting, business as of the date such Person ceases to be an Active FTAI Person. “Restricted Time Period” means, with respect to a Person (other than a Designated Senior Partner), the period during which such Person has a relationship with and/or is employed by one or more of the FTAI Entities, and for a period of three months from the date such Active Limited Partner becomes a Terminated Partner or such Affiliated Service Provider ceases to be an Active FTAI Person. [***] “Terminated Partner” means any Person who (i) has ceased to be a Limited Partner pursuant to Section 5.5, (ii) is the estate of or successor in interest to a Partner or Terminated Partner that has died or ceased to exist, or (iii) is a transferee of an interest in the Partnership who was not a Limited Partner at the time of the transfer, and was not subsequently admitted pursuant to Section 5.3(b) as a Limited Partner. [***] ARTICLE II CAPITAL ACCOUNTS [***] ARTICLE III DISTRIBUTIONS 3.1 Distributions. Profit Participation. Subject to Sections 5.6, 5.7, 5.14, 11.2 and 11.3, and subject to Section 3.2(h), Profit Participation Proceeds shall be distributed to the Partners and Terminated Partners pro rata according to their respective Profit Participation Percentages. (b) Fund Capital Proceeds. Subject to Sections 5.6, 5.7, 5.14, 11.2 and 11.3, and subject to Section 3.2(h), Fund Capital Proceeds shall be distributed to the Partners and Terminated Partners pro rata according to their respective Fund Capital Commitments, except as otherwise agreed between any Partner or Terminated Partner and the General Partner. The General Partner shall have full authority, without the consent of any Person, including any Partner, to amend this Agreement as the General Partner deems necessary or appropriate in its sole discretion to facilitate the provisions of this paragraph, and/or to interpret any provision of this Agreement, whether or not so amended, to give effect to the intent of this paragraph. (c) [Reserved] (d) Short-Term Investment Income. Subject to Sections 5.6, 5.7, 5.14, 11.2 and 11.3, Short-Term Investment Income shall be distributed to the Partners and Terminated Partners pro

8 rata according to their respective interests in the assets generating such Short-Term Investment Income, as determined by the General Partner. (e) Return of Profit Participation Commitments. Except as otherwise provided in Section 5.6(g), any distribution representing a return of Capital Contributions with respect to Profit Participation Commitments shall be made pro rata among the Partners and Terminated Partners on the basis of each Person’s net Capital Contributions with respect to Profit Participation Commitments. (f) [Reserved] (g) Distributions of cash, securities and/or other property received by the Partnership shall be made to all Partners and Terminated Partners from time to time as determined by the General Partner; provided that, unless otherwise determined by the General Partner, each Partner and Terminated Partner shall be entitled to receive quarterly distributions pursuant to this Section 3.1(g) as soon as is reasonably feasible, but in no event later than January 10, April 10, June 10 and September 10 of each calendar year (or such other date five days before estimated tax payments are due from individuals for U.S. federal income tax purposes), equal to the anticipated taxes on the share of taxable income allocated to such Person by the Partnership for the fiscal quarter to which such date relates, assuming the highest applicable marginal U.S. federal, state and local rates applicable to any Partner or Terminated Partner, taking into account the deductibility of U.S. state and local taxes and determined without regard to any capped deductions, subject to any applicable limitations on deductibility, and the character of the income, gains, losses or deductions, and subject to the availability of cash after setting aside appropriate reserves for anticipated or contingent obligations, losses and commitments of the Partnership. Distributions made pursuant to this Section 3.1(g) shall be treated as advances of distributions under the provisions of this Article III (other than this Section 3.1(g)) and shall be taken into account in determining the amount of all future distributions to each Partner and Terminated Partner. [***] 3.2 Return of Distributions. Subject to the provisions of Section 4(3) of the Partnership Act: (a) If the Partnership is obligated or, the General Partner determines that in the future the Partnership may become obligated, in each case under Section 9.4(c) of the Fund Agreement (a “General Partner Give Back Obligation”) or Section 4.5 of the Fund Agreement (an “All Partner Give Back Obligation”) to give back to the Fund or its partners all or a portion of the distributions received by the Partnership from the Fund, or the Partnership incurs a Fund Liability or Net Extraordinary Expense, the General Partner may call for such additional amount as is necessary (whether or not such obligations are immediately due and payable under the Fund Agreement) to satisfy such obligations, in which case each Partner and Terminated Partner shall contribute to the Partnership, when and as called, such Person’s pro rata share of the amount called as determined pursuant to Sections 3.2(b) and 3.2(c); provided that in no event shall a Partner or Terminated Partner be obligated to contribute to the Partnership pursuant to this Section 3.2 an aggregate amount that exceeds the lesser of (i) the aggregate amount of distributions (excluding distributions pursuant to Section 1.5(b)(i) and (ii), guaranteed payments, if any, distributions of Short-Term

9 Investment Income, and distributions equal to such Person’s aggregate Tax Amount) received by such Person from the Partnership pursuant to this Agreement, and (ii) such Person’s pro rata share of the amounts called hereunder as determined pursuant to Sections 3.2(b) and 3.2(c). For the avoidance of doubt, the General Partner is permitted to require the Partners and Terminated Partners to return distributions to the Partnership and/or cause the Partnership to return distributions to the Fund prior to the time such amounts are required to be contributed pursuant to Section 9.4(c) or Section 4.5 of the Fund Agreement in order to reduce or eliminate any obligation that might arise thereafter to return such amounts. If any amount returned pursuant to this Section 3.2(a) is not used to pay or set aside reserves to pay a General Partner Give Back Obligation, an All Partner Give Back Obligation, a Fund Liability or a Net Extraordinary Expense, such amount shall be distributed by the General Partner among the Partners and Terminated Partners in accordance with how their contributions to the Partnership pursuant to this Section 3.2(a) would have been reduced if such amount had not been called, as determined by the General Partner. Each Partner and Terminated Partner shall promptly contribute in cash to the Partnership any amounts called from it in compliance with this Section 3.2. (b) Any contribution required to fund a General Partner Give Back Obligation, a Fund Liability or a Net Extraordinary Expense shall be made by the Partners and Terminated Partners pro rata according to the respective amounts of Profit Participation Proceeds (net of respective amounts of distributions equal to Tax Amounts and any previous contributions pursuant to this Section 3.2(b) or Section 3.2(c)(ii) with respect thereto) received by or on behalf of such Persons and not returned to or recouped by the Partnership pursuant to Section 5.6(d). (c) Any contribution required to fund an All Partner Give Back Obligation shall be made by the Partners and Terminated Partners in the following proportions: (i) All contributions made by the Partnership with respect to Fund Capital Commitments shall be funded by the Partners and Terminated Partners pro rata according to their respective Fund Capital Commitments. (ii) All contributions made by the Partnership with respect to Profit Participation Proceeds shall be funded by the Partners and Terminated Partners pro rata according to the respective amounts of distributions of Profit Participation Proceeds received by or on behalf of such Persons and not returned to or recouped by the Partnership pursuant to Section 3.2(b), this Section 3.2(c)(ii) or Section 5.6(d). (d) Notwithstanding anything herein to the contrary, in no event shall the Partners and Terminated Partners be obligated pursuant to this Section 3.2 to contribute to the Partnership (i) an aggregate amount with respect to the General Partner Give Back Obligation in excess of the aggregate amount the Partnership is obligated or, as determined by the General Partner, may be obligated to contribute to the Fund pursuant to Section 9.4(c) of the Fund Agreement or (ii) an aggregate amount with respect to the All Partner Give Back Obligation in excess of the aggregate amount the Partnership is obligated or, as determined by the General Partner, may be obligated to contribute to the Fund pursuant to Section 4.5 of the Fund Agreement.

10 (e) Any amounts contributed by a Partner or a Terminated Partner pursuant to this Section 3.2 shall be credited to such Person’s Capital Account but shall not constitute a Capital Contribution hereunder. (f) For all purposes of this Section 3.2, all determinations and calculations with respect to distributions of Profit Participation Proceeds and Fund Capital Proceeds shall be made by disregarding (i) any increase in such distributions attributable to any appreciation of or any dividends or other income with respect to any property after it is distributed by the Fund to the Partnership and (ii) any reduction in such distributions attributable to depreciation of or other losses or expenses with respect to any property after it is distributed by the Fund to the Partnership. For the avoidance of doubt, the General Partner shall be entitled to adjust obligations of any Person pursuant to this Section 3.3 in order to appropriately take into account the applicable Profit Participation Proceeds to which such obligation relates, the application of any applicable Tax Amount, and the application and sharing of an “after-tax” limitation contained in the Fund Agreement. (g) For all purposes of this Section 3.2, all distributions of Profit Participation Proceeds returned to the Fund (or to any limited partner of the Fund) by a Partner or Terminated Partner pursuant to, and in accordance with, the Undertaking shall be deemed to have been contributed to the Partnership, and shall be characterized as having been paid to the Partnership, pursuant to, and in accordance with, this Section 3.2. The provisions of this Section 3.2 shall be interpreted in such a manner as to avoid any duplication of payments by a Partner or Terminated Partner with respect to such Person’s share of a General Partner Give Back Obligation as a result of any payments made by such Person pursuant to this Section 3.2 or the Undertaking. The General Partner may increase or decrease the obligation of any Person in order to comply with this Section 3.2(g) and to avoid unjust enrichment or an inequitable result. (h) Notwithstanding anything to the contrary in this Agreement: (i) Any and all Fund Capital Proceeds received by the Partnership after a contribution is made pursuant to Section 3.2(c)(i) shall be distributed to the Partners and the Terminated Partners pro rata according to the contributions made by them pursuant to Section 3.2(c)(i) (determined net of any amounts distributed pursuant to this Section 3.2(h)(i)), until each of them has received an amount equal to the aggregate contributions made by them pursuant to Section 3.2(c)(i). (ii) Any and all Profit Participation Proceeds received by the Partnership after a contribution is made pursuant to Section 3.3(b) or 3.2(c)(ii) shall be distributed to the Partners and the Terminated Partners pro rata according to the contributions made by them pursuant to Sections 3.3(b) and 3.2(c)(ii) (determined net of any amounts distributed pursuant to this Section 3.2(h)(ii)), until each of them has received an amount equal to the aggregate contributions made by them pursuant to Sections 3.3(b) and 3.2(c)(ii). 3.3 [Reserved]. 3.4 Survival of Give Back Obligations. A Partner’s or Terminated Partner’s obligation to make contributions to the Partnership under Section 3.2 shall survive the dissolution,

11 liquidation, winding up and termination of the Partnership. The General Partner in its sole discretion may determine to retain and use any amounts that would otherwise be distributable to a Partner or Terminated Partner pursuant to Section 3.2 to pay all or any part of any obligation of any Partner or Terminated Partner described in Section 3.2. The General Partner may pursue and enforce all rights and remedies the Partnership may have against each Partner and Terminated Partner under Section 3.2 and this Section 3.4, including instituting a lawsuit to collect such contribution with interest from the date such contribution was required to be paid under Section 3.2 calculated at a rate equal to the Base Rate plus six percentage points per annum (but not in excess of the highest rate per annum permitted by law). [***] ARTICLE IV MANAGEMENT / GENERAL PARTNER [***] ARTICLE V LIMITED PARTNERS AND TERMINATED PARTNERS 5.1 Limited Liability. [***] 5.2 Conflicts of Interest; Compliance with Policies and Procedures. [***] 5.3 Transfer of Limited Partnership Interest; No Withdrawal of Funds or Loans. [***] 5.4 Admission of New Limited Partners. [***] 5.5 Withdrawal, Expulsion or Other Termination of Partners. (a) An Active Limited Partner shall cease to be an Active Limited Partner (i) upon such Active Limited Partner’s death, Disability or withdrawal or (ii) in the case of an Active Limited Partner other than an individual, upon the bankruptcy or dissolution of such Active Limited Partner or upon the death, Disability or withdrawal of such Person’s Affiliated Service Provider. (b) At any time, an Active Limited Partner (other than if the General Partner agrees otherwise in connection with such Active Limited Partner) may be terminated as an Active Limited Partner with or without Cause by the General Partner. (c) [Reserved.] (d) If an Active Limited Partner ceases to be an Active Limited Partner for any reason, such Partner simultaneously, and automatically without further action, shall cease to be a Limited Partner and shall become a Terminated Partner. (e) Subject to Section 5.7(f), no Limited Partner shall voluntarily withdraw as a limited partner from the Partnership or voluntarily otherwise cease to be an Active Limited Partner or Active FTAI Person unless such Person has given the Partnership written notice at least 60 days

12 in advance of the effective date of such event. Any Limited Partner who withdraws as a limited partner from the Partnership shall remain a party hereto and shall become a Terminated Partner effective as of the effective date of such withdrawal; provided, however, that such Limited Partner shall cease any and all vesting under this Agreement upon the date on which such Limited Partner provides notice to the Partnership of such Limited Partner’s intent to withdraw or voluntarily otherwise ceases to be an Active Limited Partner or Active FTAI Person. (f) [Reserved] (g) A Limited Partner shall cease to be a Limited Partner as a result of the permitted Transfer of all of such Person’s interest in the Partnership. (h) [Reserved] (i) Unless otherwise determined by the General Partner, in the event a Limited Partner withdraws from the Partnership, is expelled from the Partnership or otherwise ceases to be a Limited Partner for any reason, such Limited Partner shall, and in the case of any Investment Vehicle Partner, such Person’s Affiliated Service Provider shall, immediately resign any and all positions as a director, officer and employee (and any other similar position) of the Partnership, the General Partner, the FTAI Servicer, the Fund, each Portfolio Acquisition, each Portfolio Acquisition subsidiary, each of their respective affiliates, and each Person in which such Limited Partner or such Affiliated Service Provider, as applicable, serves at the request of the Partnership or an affiliate of the Partnership. (j) Except as otherwise agreed in writing by the General Partner, prior to or simultaneously with a Limited Partner becoming a Terminated Partner, such Person shall (i) return to the General Partner all identification badges, keys, credit cards, entry cards, technology and other items that are the property of the Partnership, the General Partner, the FTAI Servicer or any other member of the FTAI Entities and (ii) deliver to the Partnership all memoranda, notes, plans, records, reports, and other documents (and all copies thereof), whether in paper, electronic, magnetic or computer form, relating to any Covered Person (or any of its business), in each case that such Person may then possess or have under such Person’s control, whether at such Person’s residence, office or elsewhere (other than copies of agreements with any Covered Person to which such Person is a party). If the Partnership requests, such Person shall provide written confirmation that such Person has returned all such materials. 5.6 Share of a Terminated Partner. Notwithstanding anything contained in this Agreement to the contrary: (a) Except as otherwise expressly provided in this Agreement, in the event that a Limited Partner (or the estate or successor in interest of a Limited Partner) becomes a Terminated Partner, such Terminated Partner with respect to the interests such Person held as a Limited Partner only shall retain (as a Terminated Partner): (i) such Terminated Partner’s Vested Profit Participation Percentage in Profit Participation Proceeds; and

13 (ii) subject to Section 5.6(c) and Section 5.15, such Terminated Partner’s share of Fund Capital Proceeds, Short-Term Investment Income, Fund Liabilities, Net Extraordinary Expenses and any Give Back Obligation distributed or incurred by the Partnership after such Terminated Partner’s termination. (b) A Terminated Partner’s “Vested Profit Participation Percentage”, which shall apply to all Acquisitions, shall be either (i) the product determined by multiplying (A) such Person’s Profit Participation Percentage on the date of such Person’s termination by (B) the cumulative portion of such Person’s Profit Participation Percentage that has vested as of the date of such Person’s termination pursuant to Schedule 3 hereto or such other vesting schedule in effect for such Person as previously determined by the General Partner with such Person’s consent or (ii) such higher percentage (which shall not exceed such Person’s Profit Participation Percentage on the date of such Person’s termination) as may be determined by the General Partner; provided that, solely for purposes of calculating the Reallocated Amount with respect to any particular distribution using Profit Participation Percentages in its determination, the Profit Participation Percentage used in clause (A) above shall be such Terminated Partner’s Profit Participation Percentage at the time of such distribution. (c) Subject to Section 5.15, if a Limited Partner becomes a Terminated Partner for any reason (other than if such Person becomes a Terminated Partner for Cause) prior to having funded such Person’s full required Fund Capital Commitment to the Partnership, such Terminated Partner shall no longer be obligated to continue to fund the unfunded portion of such Person’s Fund Capital Commitment, with such unfunded portion of such Person’s Fund Capital Commitment being re- allocated to the General Partner or its designee as of the date of such termination. In addition, each Terminated Partner shall remain obligated to fund such Person’s share of any General Partner Give Back Obligation and, subject to the immediately preceding sentence, any All Partner Give Back Obligation in accordance with Section 3.2. For the avoidance of doubt, notwithstanding anything to the contrary herein, each of the parties hereto hereby acknowledges and agrees that given that a Terminated Partner’s respective Fund Capital Commitment may be adjusted and/or otherwise deemed reduced pursuant to this Section 5.6 with a corresponding aggregate increase to the Fund Capital Commitments of the General Partner or its designee, the parties hereto hereby agree that the General Partner in its sole and absolute discretion (subject to not having a material adverse effect on the Person at issue) shall have the right to make any determinations, interpretations, adjustments, amendments, modifications, supplements and or/waivers to this Agreement (for the avoidance of doubt including to the Schedules hereto) in order to reflect and/or effectuate (x) the foregoing in an equitable manner and (y) items related to the foregoing such as (and by no means limited to) Fund Capital Commitments, Fund Capital Proceeds, Short-Term Investment Income, Fund Liabilities, Net Extraordinary Expenses, the All Partner Give Back Obligation and related terms, provisions and determinations, including corresponding adjustments and/or modifications to account for the fact that (A) Fund Capital Proceeds distributed to the Partnership from the Fund may not be in respect of Acquisitions in which such Terminated Partner has funded a Fund Capital Commitment (and vice versa in the case of the General Partner or its designee) and/or (B) Fund Capital Proceeds arising from, and the All Partner Give Back Obligation in respect of, Acquisitions for which there are one or more follow-on investments comprising such Acquisition, which Acquisition is funded in part by a Terminated Partner’s funded Fund Capital Commitment and in part based on the unfunded Fund Capital Commitment re-allocated pursuant to this Section 5.6,

14 shall be treated as multiple investments to the extent that this Section 5.6(c) is implemented with each applicable Person being attributed (and all relevant determinations based on) such Person’s funded Fund Capital Commitment with respect to the applicable portion of such Acquisition attributable to such Person’s funded Fund Capital Commitment with respect thereto, it being understood that this sentence is meant to provide the General Partner with the unilateral right to take into account differences in Fund Capital Commitments and Fund Capital Proceeds (and related terms and items) arising from the fact that such items may not apply on a whole fund basis given that a Terminated Partner may only be responsible for satisfying such Person’s funded Fund Capital Commitment, and may correspondingly have his unfunded Fund Capital Commitment re- allocated to the General Partner or its designee, in each case pursuant to the terms of this Agreement. (d) If a Limited Partner becomes a Terminated Partner for any reason prior to the time such Person’s Profit Participation Percentage has fully vested pursuant to this Section 5.6 and Schedule 3 hereto or such other vesting schedule in effect for such Person pursuant to this Agreement, then (without duplication) such Person’s Reallocated Amount shall be, when and as determined by the General Partner, recovered by reducing all or any portion of future amounts that would otherwise be distributed to such Person; provided that the aggregate amount recovered from such Person pursuant to the foregoing shall not exceed such Person’s Reallocated Amount. If a Terminated Partner’s Reallocated Amount is not fully recovered pursuant to the preceding sentence, then the General Partner may determine that such Person shall be personally obligated to refund to the Partnership such unrecovered portion of the Reallocated Amount. A Terminated Partner shall be personally obligated to refund to the Partnership any amount pursuant to this Section 5.6(d) when and as determined by the General Partner. In no event shall a Terminated Partner’s obligations pursuant to this Section 5.6(d) exceed the amount of distributions of Profit Participation Proceeds actually received by such Person, less an amount equal to such Person’s Tax Amount. The amounts recovered from a Terminated Partner pursuant to this Section 5.6(d) shall be reallocated and, when and as determined by the General Partner, distributed in accordance with Section 5.8. For purposes of this Section 5.6(d), each time that a Terminated Partner’s Reallocated Amount is recouped either by such Terminated Partner actually refunding all or any portion of such Reallocated Amount or by the Partnership actually reducing distributions on account of all or any portion of such Terminated Partner’s Reallocated Amount, in each case as set forth herein, such Terminated Partner shall be deemed to have returned to the Partnership pursuant to this Section 5.6(d) a portion of such Reallocated Amount equal to the amount of such actual recoupment at such time. A Terminated Partner’s “Reallocated Amount” means an amount equal to the excess, if any, of (1) the aggregate amount of distributions of Profit Participation Proceeds made to such Terminated Partner (and not returned to the Partnership pursuant to Section 3.2(b) or 3.2(c)(ii)) prior to such Terminated Partner’s termination over (2) the amount that would have been distributed to such Terminated Partner if such Terminated Partner’s Profit Participation Percentage at the time of each such distribution had been equal to such Person’s Vested Profit Participation Percentage. (e) [Reserved] (f) [Reserved]

15 (g) Within 24 months after a Partner (or the estate or successor in interest to a Partner) becomes a Terminated Partner for any reason, such Terminated Partner’s Profit Participation Commitment shall be reduced to an amount equal to the product of (i) such Terminated Partner’s Profit Participation Commitment immediately before the reduction, multiplied by (ii) a fraction, not greater than 1, (A) the numerator of which is such Terminated Partner’s Vested Profit Participation Percentage at the time of the reduction, and (B) the denominator of which is such Terminated Partner’s Profit Participation Percentage immediately prior to such Person becoming a Terminated Partner. Any Capital Contributions such Terminated Partner has made to the Partnership with respect to such Terminated Partner’s Profit Participation Commitment in excess of such Terminated Partner’s Profit Participation Commitment as reduced by this Section 5.6(g) shall be refunded (in each case, according to a timing schedule determined by the General Partner); provided that the operation of this provision may be postponed by the General Partner during any period when the Partnership requires such amounts for working capital. 5.7 Termination of a Limited Partner. (a) The substitution, death, disability, withdrawal, incapacity, incompetency, dissolution (whether voluntary or involuntary), bankruptcy or other termination of a Limited Partner shall not, in and of itself, affect the existence of the Partnership, and the remaining Partners shall continue the business of the Partnership under the terms of this Agreement. Except as may otherwise be provided by law in connection with the dissolution, liquidation and final winding-up of the Partnership, each Limited Partner hereby irrevocably waives any and all rights that it may have to maintain an action for partition of any of the Partnership’s property. A Terminated Partner is not a Partner or Limited Partner for purposes of this Agreement and shall have no rights under this Agreement or with respect to the Partnership, except as otherwise expressly provided herein. (b) A Terminated Partner’s continuing share of the Partnership’s income, expenses, gains, losses, deductions, credits, etc. shall not be regarded as a Partnership interest (except for U.S. federal, state and local income tax purposes) but instead shall represent only such Person’s continuing right to receive a portion of the distributions, if any, made by the Partnership. A Terminated Partner shall not be entitled to participate in any Partnership decision or determination (including voting or consent rights with respect to amendments to this Agreement or otherwise, except as expressly provided herein). Such Terminated Partner’s successors and assigns shall acquire only such Person’s rights to distributions, exculpation and indemnification pursuant to the terms of this Agreement and such Person’s obligations set forth in this Agreement. (c) Notwithstanding any other provision of this Agreement, if any distribution is made or any liability, loss, deduction, credit or expense is incurred after a Limited Partner becomes a Terminated Partner and such distribution is made pursuant to Section 3.1 or such item of liability, loss, deduction, credit or expense is borne by the Partners and the Terminated Partners pursuant to Article III, in each case according to Profit Participation Percentages, (i) a Terminated Partner’s “share” shall be determined on the basis of such Terminated Partner’s Vested Profit Participation Percentage in such distributions or items of liability, loss, deduction, credit or expense and (ii) a Limited Partner’s “share” shall be determined on the basis of such Limited Partner’s Profit Participation Percentage in such distributions or items of liability, loss, deduction, credit or expense.

16 (d) Distributions to a Terminated Partner in accordance with the provisions of this Agreement as determined by the General Partner shall constitute full and final settlement of any and all claims that such Terminated Partner might otherwise assert against the Partnership, the General Partner, the FTAI Servicer or any of their respective affiliates or any of the respective partners, members, directors, officers, stockholders, employees, agents, successors and assigns of any of the foregoing (other than for unpaid salary and employee benefits accrued prior to the date of such Person’s termination), individually or in their official capacities, on account of such Terminated Partner’s termination as a Partner and all matters pertaining thereto. (e) [Reserved] (f) If elected by the General Partner, to the extent a Terminated Partner’s Fund Capital Commitment, Profit Participation Commitment and Vested Profit Participation Percentage are each zero, such Person (i) shall cease to be a Terminated Partner hereunder, (ii) shall no longer be a party to this Agreement, and (iii) unless otherwise agreed by such Person and the General Partner, (A) shall have no rights under this Agreement, other than the right to indemnification and exculpation pursuant to Sections 11.3(c) and 11.3(d) as if such Person had remained as a Terminated Partner, and (B) shall have no obligations under this Agreement, other than obligations for prior breaches of this Agreement and obligations pursuant to Sections 3.2, 5.14 and 11.1 as if such Person had remained as a Terminated Partner. 5.8 Reallocation of Interests After Termination of a Limited Partner. In the event a Limited Partner ceases to be a Limited Partner for any reason, unless otherwise determined by the General Partner, such Person’s non-vested Profit Participation Percentage and such Person’s Reallocated Amount (i.e., the interest that such former Limited Partner is not entitled to retain pursuant to Section 5.6) shall be reallocated to the General Partner. 5.9 Time and Attention. [***] 5.10 Transaction and Monitoring Fees. [***] 5.11 Co-Investments. [***] 5.12 Negative Capital Account. [***] 5.13 Acknowledgement of Risks. [***] 5.14 Offset Arrangement. [***] 5.15 Purchase of Terminated Partner’s Interest. Notwithstanding any other provision of this Agreement, in the event that any Active Limited Partner becomes a Terminated Partner for any reason, the General Partner may, by giving written notice thereof within 180 days of such termination, purchase the Unvested Percentage of such terminated Active Limited Partner’s (a “Subject Terminated Partner”) capital interest in the Partnership (excluding such Person’s interest with respect to the Profit Participation Proceeds (“Capital Interest”)). The “Unvested Percentage”

17 shall be the percentage equal to 100%, minus the percentage described in Section 5.6(b)(i)(B) or Section 5.6(b)(ii), as applicable. (b) The purchase price for the Unvested Percentage of the Capital Interest shall be an amount equal to the greater of (i) the Unvested Percentage, multiplied by (ii) the excess, if any, of (A) the aggregate amount of Capital Contributions in respect of Fund Capital Commitments made by the Subject Terminated Partner to the Partnership over (B) the aggregate amount of distributions in respect of Fund Capital Commitments to such Person representing a return of capital received by such Subject Terminated Partner. (c) The closing of the purchase transaction pursuant to this Section 5.15 shall be consummated within 210 days of termination. On or prior to such closing, each purchasing Partner shall pay such Person’s pro rata share of the purchase price by certified check or wire transfer of immediately available funds, at such Person’s election. Effective upon the closing of such transaction, (i) the Fund Capital Commitment of the General Partner shall be increased by the Unvested Percentage of the Subject Terminated Partner’s Fund Capital Commitment and the Subject Terminated Partner’s Fund Capital Commitment shall be decreased by such amount; and (ii) the Capital Account of the Subject Terminated Partner shall be decreased by an amount equal to (A) such Subject Terminated Partner’s Capital Account with respect to his Capital Interest only, multiplied by (B) the Unvested Percentage, and the General Partner’s Capital Account shall be increased by such amount, appropriately adjusted as determined by the General Partner to reflect the overall economic arrangements hereunder. (d) The General Partner with respect to the General Partner’s increased Fund Capital Commitment and the Subject Terminated Partner with respect to such Person’s remaining Fund Capital Commitment shall be deemed to have made Capital Contributions with respect to such increased or remaining Fund Capital Commitment, as applicable, in an amount equal to the Funded Percentage of such Fund Capital Commitment. For purposes of the foregoing, the “Funded Percentage” shall be a fraction, (i) the numerator of which is the Subject Terminated Partner’s aggregate Capital Contributions in respect of Fund Capital Commitments to the Partnership prior to giving effect to this Section 5.15 and (ii) the denominator of which shall be the Subject Terminated Partner’s Fund Capital Commitment prior to reduction pursuant to this Section 5.15. [***] ARTICLE VI [RESERVED] ARTICLE VII DURATION; TERMINATION 7.1 Duration. [***] 7.2 Liquidation of Partnership Interests. (a) Upon dissolution, the affairs of the Partnership shall be wound up in an orderly manner. The General Partner (or such Person(s) designated by the General Partner) shall be the

18 liquidator(s) to wind up the affairs of the Partnership pursuant to this Agreement and the Partnership Act. (b) Upon dissolution of the Partnership, a final allocation of all items of income, gain, deduction, loss and expense shall be made in accordance with Article II and all other relevant provisions hereof and the Partnership’s liabilities and obligations to its creditors shall be satisfied to the extent required by the Partnership Act (whether by payment or the making of reasonable provision for payment) prior to any distributions to the Partners and the Terminated Partners. After such payment or reasonable provision for payment of all debts and contingent obligations of the Partnership, the remaining assets, if any, shall be distributed among the Partners and the Terminated Partners in accordance with their respective Capital Accounts. (c) Following the termination, liquidation and winding up of the Partnership in accordance with this Section 7.2, the Partnership shall dissolve for purposes of the Partnership Act upon the filing of a final notice of dissolution with the Registrar of Exempted Limited Partnerships of the Cayman Islands in accordance with the applicable provisions of the Partnership Act. ARTICLE VIII VALUATION [***] ARTICLE IX BOOKS OF ACCOUNT [***] ARTICLE X CERTIFICATE OF EXEMPTED LIMITED PARTNERSHIP; POWER OF ATTORNEY [***] ARTICLE XI MISCELLANEOUS 11.1 Formation of New Fund; Use of Partnership’s Name; Intellectual Property; Confidentiality; Non-Disclosure; Investment Performance; No-Hire; Non-Solicitation; Non-Interference; Non-Competition; Cooperation and Non-Disparagement. (a) Formation of New Fund. [***] (b) Use of Partnership’s Name. [***] (c) Intellectual Property. [***] (d) Confidential Information; Non-Disclosure.

19 (i) Each Partner, Terminated Partner and Affiliated Service Provider acknowledges and agrees that all Confidential Information is the property of the Partnership and/or other Covered Persons. Unless the General Partner otherwise provides its prior written consent and subject to the other provisions of this Section 11.1(d), each Partner, Terminated Partner and Affiliated Service Provider shall not, and shall not permit such Person’s affiliates to, directly or indirectly use, rely on, disclose, divulge, furnish or make accessible to anyone any Confidential Information, except in each case as (and only to the extent) necessary or required by law or such Person’s duties and responsibilities to any Covered Person or as otherwise permitted in any applicable document governing the ownership or use of the Intellectual Property. In the event a Partner, Terminated Partner or Affiliated Service Provider or any of such Person’s affiliates shall be required by law to make any disclosure of any Confidential Information other than as necessary or required by such Person’s duties and responsibilities to any Covered Person or as permitted in any applicable document governing the ownership or use of the Intellectual Property, such Person shall notify the Partnership in writing at least five business days prior to the required disclosure of such Confidential Information of the basis for, and the extent of, the required disclosure and shall cooperate with the FTAI Servicer, the General Partner and the Partnership to preserve in full the confidentiality of any and all Confidential Information disclosed pursuant to this Section 11.1(d). Except as otherwise agreed in writing by the General Partner, prior to or simultaneously with a Partner becoming a Terminated Partner or an Affiliated Service Provider ceasing to be an Active FTAI Person, such Person shall (i) return to the General Partner all identification badges, keys, credit cards, entry cards, technology and other items that are the property of the Partnership, the General Partner, the FTAI Servicer or any other member of the FTAI Entities and (ii) deliver to the Partnership all memoranda, notes, plans, records, reports, and other documents (and all copies thereof), whether in paper, electronic, magnetic or computer form, relating to any Covered Person (or any of its business) that such Person may then possess or have under such Person’s control, whether at such Person’s residence, office or elsewhere other than a copy of agreements with any Covered Person to which such Person is a party. If the FTAI Servicer or the General Partner requests, such Person shall provide written confirmation that such Person has returned all such materials. (ii) Each FTAI Entity Person shall protect and preserve as confidential during such Person’s relationship and/or employment with the FTAI Entities, and at all times after termination of the relationship and/or employment, all of the Confidential Information at any time known to such Person or at any time in such Person’s possession or control. Each FTAI Entity Person agrees that he or she shall not, at any time during or following his or her relationship and/or employment with the FTAI Entities, except in the course of performing his or her obligations on behalf of the FTAI Entities and in the pursuit of the business of the FTAI Entities, disclose or use any Confidential Information. (iii) Notwithstanding anything in the Agreement to the contrary, each Active Limited Partner, Terminated Partner and Affiliated Service Provider hereby agrees that any investment opportunity that such Person works on, identifies or becomes aware of at any time preceding the time that such Person ceases to be an Active Limited Partner or an Active FTAI Person, as applicable, is the property of the Partnership and that such

20 opportunity may not be pursued by such Person directly or indirectly in any manner without the Partnership’s prior written consent. (iv) Each Partner, Terminated Partner and Affiliated Service Provider shall not be held criminally or civilly liable under any U.S. federal or state trade secret law for the disclosure of a trade secret that (A) is made (I) in confidence to a U.S. federal, state or local government official, either directly or indirectly, or to an attorney and (II) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Nothing in this Agreement is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by 18 U.S.C. § 1833(b). Accordingly, each Partner, Terminated Partner and Affiliated Service Provider has the right to disclose in confidence trade secrets to U.S. federal, state and local government officials, or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law. Such parties also have the right to disclose trade secrets in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal and protected from public disclosure. No Partner, Terminated Partner or Affiliated Service Provider needs any prior authorization to make any such reports or disclosures, and is not required to notify anyone that he or she has made such reports or disclosures. (v) Each Partner, Terminated Partner and Affiliated Service Provider shall not be prohibited from (i) reporting possible violations of federal law or regulation to any government agency or entity or self-regulatory organization or making disclosures that are protected under the whistleblower provisions of federal law or regulation or recovering any U.S. Securities and Exchange Commission whistleblower awards, (ii) supplying truthful information to any government authority or in response to any lawful subpoena or other legal process, (iii) cooperating or speaking with law enforcement, the U.S. Equal Employment Opportunity Commission, the U.S. Securities and Exchange Commission, a local commission on human rights, or other government agency, or from speaking with the Person’s attorneys, or (iv) discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that such Person has reason to believe is unlawful. (e) Investment Performance. Without limiting the generality of Section 11.1(d), each Partner, Terminated Partner and Affiliated Service Provider acknowledges and agrees that investment performance information and the investment track record of each of the FTAI Entities and each investment by a FTAI Entity is the property of the FTAI Servicer and/or its affiliates. Unless the General Partner otherwise provides its prior written consent (which consent may be withheld by the General Partner in its sole discretion), each Partner, Terminated Partner and Affiliated Service Provider shall not, and shall not permit such Person’s affiliates to, directly or indirectly use, rely on, market, promote or otherwise trade on or claim as his, her or its own, disclose, divulge, furnish or make accessible to anyone such investment performance information, except in each case (i) as (and only to the extent) required by law or (ii) as reasonably required in connection with such Person’s duties and responsibilities to the FTAI Entities. In the event a Partner, Terminated Partner or Affiliated Service Provider or any of such Person’s affiliates shall be required by law to make any disclosure of such investment performance information other than

21 as reasonably required in connection with such Person’s duties and responsibilities to the FTAI Entities, such Person shall notify the General Partner in writing at least ten business days prior to the required disclosure of such investment performance information of the basis for, and the extent of, the required disclosure and shall cooperate with the Partnership and the General Partner to preserve in full the confidentiality of any and all portions of such investment performance information to the maximum extent not prohibited under applicable law. (f) No-Hire; Non-Solicitation; Non-Interference. Each FTAI Entity Person (other than a Designated Senior Partner) hereby covenants and agrees that such Person shall not, during the Restricted Time Period and within the Restricted Geographic Area, without the prior written approval of the General Partner, which may be withheld in its sole and absolute discretion, directly or indirectly, either as an individual or for or on behalf of another Person (whether as an officer, director, member, partner, shareholder, employee, agent, consultant or adviser of another Person or otherwise): (i) hire or engage or assist in hiring or engaging, directly or indirectly, any individual who is then, or was at any time during the twelve months preceding such date, an officer, director, member, partner, shareholder, employee, agent, consultant or adviser (which in this context means an individual that as of such date spends, or at any time during the twelve months preceding such date spent, a majority of such Person’s business time on matters for the FTAI Entities and does not include institutions (e.g., an accounting firm, investment banking firm, etc.) or individuals working on behalf of institutions) of a FTAI Entity other than on behalf of a FTAI Entity or of any airline or lessee doing business with a FTAI Entity during such twelve month period, provided that such restriction in this clause (i) shall apply only if such officer, director, member, partner, shareholder, employee, agent, consultant or adviser subsequently engages in any activity that pertains to aviation investing on behalf of any Person other than a FTAI Entity; or (ii) solicit, induce, recruit or encourage, attempt to solicit, induce, recruit or encourage or assist or otherwise participate in soliciting, inducing, recruiting or encouraging, directly or indirectly, any individual who is then an existing officer, director, member, partner, shareholder, employee, agent, consultant or adviser (which in this context means an individual that as of such date spends, or at any time during the twelve months preceding such date spent, a majority of such Person’s business time on matters for the FTAI Entities and does not include institutions (e.g., an accounting firm, investment banking firm, etc.) or individuals working on behalf of institutions) of a FTAI Entity or of any airline or lessee doing business with a FTAI Entity during such twelve month period, provided that such restriction in this clause (ii) shall apply only if such officer, director, member, partner, shareholder, employee, agent, consultant or adviser subsequently engages in any activity that pertains to aviation investing on behalf of any Person other than a FTAI Entity; or (iii) interfere or attempt to interfere with or assist any Person in interfering or attempting to interfere with any Person doing business with the FTAI Entities, or in any way affect the business relationship existing between the FTAI Entities and such Person or adversely affect any of the FTAI Entities’ business dealings. (g) Non-Competition. Each Partner (other than a Designated Senior Partner) hereby covenants and agrees that during the period which such Partner has a relationship with and/or is employed by one or more of the FTAI Entities and during the Restricted Time Period and within the Restricted Geographic Area, such Person shall not, without the prior written approval of the General Partner, directly or indirectly, either as an individual or an employee, agent, officer, director, shareholder, partner or member of another Person, engage in any activity that pertains to

22 investing in aviation assets on behalf of any Person other than an FTAI Entity. The parties hereto hereby acknowledge and agree that any Person (other than a Designated Senior Partner) to whom this Section 11.1(g) is being enforced by the General Partner (in its sole discretion) shall be entitled to such Person’s then existing base salary (net of any withholdings and other amounts customarily netted out of such Person’s base salary prior to becoming a Terminated Partner) paid by FTAI or its affiliate consistent with its ordinary payment practices in existence as of such time for the duration of such Restricted Time Period.] (h) Cooperation. Each FTAI Entity Person (other than a Designated Senior Partner) hereby covenants and agrees to, without payment of any additional compensation (other than reimbursement of reasonable out-of-pocket expenses), cooperate with, and make himself or herself reasonably available to assist, the FTAI Entities in connection with (i) any internal and/or independent review of any such Person’s financial policies, procedures and activities in respect of any or all periods during which such Active Limited Partner, Terminated Partner or Affiliated Service Provider was employed or engaged by or an owner of any such Person or any of its predecessors or affiliates, (ii) providing information or serving as a witness in any investigation, audit, litigation, arbitration, or governmental or other administrative proceeding involving any of such Persons, (iii) providing any and all documents, materials or information in such Person’s possession relating to such investigation, audit, litigation, arbitration, or governmental or other administrative proceeding, and (iv) testifying truthfully in any such investigation, audit, litigation, arbitration, or governmental or other administrative proceeding, including assisting and cooperating with such Persons’ respective attorneys and advisors in connection with any of the foregoing litigation, arbitration, or governmental or other administrative proceedings. Notwithstanding the foregoing, no Active Limited Partner, Terminated Partner or Affiliated Service Provider shall be required to comply with the immediately preceding sentence in connection with any litigation matters arising between such Person and the Partnership or any FTAI Entity relating to the terms of this Agreement, any applicable employment agreement with such Person or such Person’s employment or duties. No Active Limited Partner, Terminated Partner or Affiliated Service Provider shall do any act that would violate the terms of this Agreement or do any act that would make it impossible to carry on the business of the Partnership. (i) Non-Disparagement. Each Limited Partner (other than a Designated Senior Partner) hereby covenants and agrees not to make, encourage or otherwise facilitate (including (i) encouraging or suggesting that another Person make, encourage or otherwise facilitate, or (ii) encouraging or suggesting that another Person encourage or otherwise facilitate yet another Person that such Active Limited Partner, Terminated Partner or Affiliated Service Provider reasonably believes would make, encourage or otherwise facilitate) any written or oral derogatory statement or communication (including in response to reference calls by current or potential investors or potential or prospective business counterparts such as airlines, aviation lessors, OEMs, and/or MROs), or any statement or communication that could reasonably be viewed as derogatory, about the Partnership, the General Partner, the FTAI Servicer, any FTAI Entity, any Active Limited Partner, any Affiliated Service Provider that is an Active FTAI Person, the Fund or any existing or successor fund, except as required by law. Notwithstanding the foregoing, nothing in this Agreement shall prevent any Person from (i) responding to any incorrect, disparaging or derogatory statement (oral or written) or to any communication that could reasonably be expected to injure such Person’s reputation, or (ii) making any truthful statement to the extent required by

23 law or by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with actual or apparent jurisdiction to order such Person to disclose or make accessible such information. [***] * * * * *

IN WITNESS WHEREOF, this Agreement has been executed and unconditionally delivered by the General Partner and the Limited Partners as a deed effective as of the date first above written and is effective with respect to each other party hereto as of the date that such party first acquired a commitment. PARTNERSHIP: FTAI AIRCRAFT LEASING (2025) GP L.P. By: FTAI AIRCRAFT LEASING (2025) UGP, LTD., its general partner By: Name: Title:

INITIAL LIMITED PARTNER: [***]

LIMITED PARTNERS: [Name]

SCHEDULE 1 [***]

SCHEDULE 2 PROFIT PARTICIPATION PERCENTAGES Partner Profit Participation Percentage TOTAL 100.00%

SCHEDULE 3 VESTING Date Cumulative Amount of Profit Participation Percentage That Is Vested in Profit Participation Proceeds upon Withdrawal or Termination December 30, 2024 0% June 30, 2026 (the “First Vesting Date”) 25% The first anniversary of the First Vesting Date 50% The second anniversary of the First Vesting Date 75% The third anniversary of the First Vesting Date 100% Upon Complete Realization of the Fund’s Entire Portfolio 100% The following provisions supersede, modify and/or clarify (as applicable) the foregoing table: * Each Person shall be 100% vested in any distribution of Profit Participation Proceeds actually received by such Person, subject to the terms of this Agreement, including Section 5.6. * For the avoidance of doubt, a Limited Partner must be an Active Limited Partner (and not a Terminated Partner) on the applicable vesting date set forth in the table immediately above in order for the corresponding portion of its Profit Participation Percentage to vest, and no portion of such Profit Participation Percentage shall vest with respect to any vesting date on which such Limited Partner is not an Active Limited Partner. (1) Subject to the prior application of the other notes hereto and notwithstanding anything in this Schedule 3 to the contrary: (a) if a Limited Partner becomes a Terminated Partner as a result of death or Disability (a “Death/Disability Termination”), such Person’s Profit Participation Percentage shall remain outstanding following such termination and shall continue to vest in accordance with the vesting schedule set forth in this Schedule 3 as if such Person had remained an Active Limited Partner; (b) if a Limited Partner becomes a Terminated Partner as a result of involuntary termination without Cause or termination by such Limited Partner for Good Reason (a “Qualifying Involuntary Termination” and, together with a Death/Disability Termination, each a “Qualifying Termination”), such Person’s Vested Profit Participation Percentage shall be deemed to be accelerated to a pro-rata portion of such Person’s Profit Participation Percentage, calculated based on the ratio of (x) the number of days elapsed from December 30, 2024 through the date such Person became a Terminated Partner to (y) the total number of days from December 30, 2024 through the fourth anniversary of the First Vesting Date; and (c) following a Change in Control of FTAI, the Profit Participation Percentage of each Active Limited Partner shall remain outstanding and continue to vest in accordance with the vesting schedule set forth in this Schedule 3; provided that (i) if the successor to FTAI does not assume, convert or replace such Limited Partner’s Profit Participation Percentage, such Person’s Vested

Profit Participation Percentage shall be deemed to be accelerated to 100% vested upon the closing date of the Change in Control, or (ii) if the successor to FTAI assumes, converts or replaces such Limited Partner’s Profit Participation Percentage and such Limited Partner becomes a Terminated Partner as a result of a Qualifying Termination within twelve (12) months following the closing date of the Change in Control, such Person’s Vested Profit Participation Percentage shall be deemed to be accelerated to 100% vested upon the date such Person becomes a Terminated Partner. Any acceleration of vesting pursuant to this Note (1) shall be subject to such Person’s (or such Person’s personal representatives’, as applicable) execution and delivery to the General Partner (and non-revocation and effectiveness of) a general release of claims in a form satisfactory to the General Partner within sixty (60) days following the date such Person becomes a Terminated Partner or the closing date of the Change in Control, as applicable. (2) Notwithstanding anything in this Schedule 3 to the contrary, the Vested Profit Participation Percentage of any Limited Partner who is an Active Limited Partner as of the date of the final distribution of the assets of the Fund pursuant to Section 9.4(b) of the Fund Agreement shall be 100% of such Person’s Profit Participation Percentage as of such date. (3) Subject to the prior application of the other notes hereto and the terms of this Agreement, notwithstanding anything contained in this Schedule 3 to the contrary, (i) if an Active Limited Partner resigns or otherwise withdraws from the Partnership voluntarily, or is terminated without Cause, such Person shall retain his Vested Profit Participation Percentage as of the date such Person became a Terminated Partner and (ii) if an Active Limited Partner is terminated as an Active Limited Partner with Cause or violates such Person’s covenants under Section 11.1 of this Agreement prior to, in connection with or after such Person becomes a Terminated Partner, such Person’s Vested Profit Participation Percentage shall be 0%.

SCHEDULE 4 [RESERVED]

SCHEDULE 5 [***]

SCHEDULE 6 [***]


	PART I - FINANCIAL INFORMATION
Item 1.	Unaudited Consolidated Financial Statements of FTAI Aviation Ltd.	5
	Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	5
	Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025	6
	Consolidated Statements of Changes in Equity for the three months ended March 31, 2026 and 2025	7
	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025	8
	Notes to Consolidated Financial Statements	10
	Note 1: Organization	10
	Note 2: Summary of Significant Accounting Policies	10

	Note 3: Leasing Equipment, net	14
	Note 4: Investments	15
	Note 5: Intangible Assets and Liabilities, net	16
	Note 6: Debt, net	17
	Note 7: Fair Value Measurements	17
	Note 8: Equity-Based Compensation	18
	Note 9: Income Taxes	19
	Note 10: Affiliate Transactions and Former Management Agreement	20
	Note 11: Segment Information	22
	Note 12: Earnings per Share and Equity	27
	Note 13: Commitments and Contingencies	27

	Note 14: Subsequent Events	27
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	42

	PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	42
Item 1A.	Risk Factors	42
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	58
Item 3.	Defaults Upon Senior Securities	58
Item 4.	Mine Safety Disclosures	58
Item 5.	Other Information	58
Item 6.	Exhibits	59


		(Unaudited)
	Notes	March 31, 2026		December 31, 2025
Assets
Current Assets
Cash and cash equivalents	2	$	412,240	$	300,476
Accounts receivable, net (1)	2	176,873		209,907
Inventory, net	2	1,364,256		1,193,773
Assets held for sale	2	75,703		—
Other current assets (2)	2	561,202		408,364
Total current assets		2,590,274		2,112,520
Leasing equipment, net	3	1,248,793		1,545,804
Property, plant, and equipment, net	2	122,136		120,068
Investments	4	313,039		314,156
Intangible assets, net	5	12,872		19,929
Goodwill	2	94,221		94,221
Other non-current assets		147,576		167,060
Total assets		$	4,528,911	$	4,373,758

Liabilities
Current Liabilities
Accounts payable		$	203,751	$	208,224
Accrued liabilities		136,503		90,009
Current maintenance deposits	2	21,546		25,439
Current security deposits		12,354		14,001
Liabilities held for sale	2	23,420		—
Other current liabilities	2	96,774		62,202
Total current liabilities		494,348		399,875
Long-term debt, net	6	3,451,087		3,448,891
Non-current maintenance deposits	2	21,764		46,237
Non-current security deposits	2	9,003		15,211
Other non-current liabilities		121,033		129,370
Total liabilities		$	4,097,235	$	4,039,584

Commitments and contingencies	13

Equity
Ordinary shares ($0.01 par value per share; 2,000,000,000 shares authorized; 102,580,660 and 102,573,283 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)		$	1,026	$	1,026
Preferred shares ($0.01 par value per share; 200,000,000 shares authorized; 6,800,000 and 6,800,000 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively)		68		68
Additional paid in capital		54,911		50,567
Retained earnings		375,671		282,513
Shareholders' equity		431,676		334,174
Total liabilities and equity		$	4,528,911	$	4,373,758


		Three Months Ended March 31,
	Notes	2026		2025
Revenues
Aerospace products revenue	2	$	522,585	$	264,425
MRE Contract revenue	2, 10	221,230		100,638
Lease income	2	39,892		68,440
Maintenance revenue	2	30,599		49,607
Asset sales revenue	2	10,184		18,939
Other revenue (1)		6,207		31
Total revenues	11	830,697		502,080

Expenses
Cost of sales		524,268		248,714
Operating expenses	2	64,987		32,438
General and administrative		2,413		3,116
Acquisition and transaction expenses		16,361		7,292


Depreciation and amortization	3, 5	52,289		59,562

Total expenses		660,318		351,122

Other (expense) income
Interest expense		(61,407)		(62,040)

Equity in losses of unconsolidated entities (2)	4	(2,363)		(7,614)
Gain on sale to the 2025 Partnership		15,168		10,870
Other income		47,582		33,071
Total other expense		(1,020)		(25,713)
Income before income taxes		169,359		125,245
Provision for income taxes	9	31,460		22,859
Net income		137,899		102,386
Less: Dividends on preferred shares		3,709		6,115
Less: Loss on redemption of preferred shares		—		6,327
Net income attributable to shareholders		$	134,190	$	89,944

Earnings per share:	12
Basic		$	1.31	$	0.88
Diluted		$	1.29	$	0.87

Weighted average shares outstanding:
Basic		102,575,500		102,552,436
Diluted		104,255,902		103,159,051


	Three Months Ended March 31, 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


	Three Months Ended March 31, 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


			☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	March 31, 2026 (unaudited)		December 31, 2025
Notes receivable	$	259,652	$	216,298
Prepaid expenses including prepayments for maintenance that has not yet been incurred	187,240		79,806
Financing receivable resulting from failed sale-leaseback transactions	32,815		37,740




Other	81,495		74,520
Other current assets	$	561,202	$	408,364


	March 31, 2026 (unaudited)		December 31, 2025
Customer deposits and advanced payments	47,871		$	33,755
Tax liabilities	34,224		15,264
Other	14,679		13,183
Other current liabilities	$	96,774	$	62,202


	March 31, 2026 (unaudited)
Leasing equipment, net	$	75,683

Other non-current assets	20
Assets held for sale	$	75,703

Current maintenance deposits	$	5,349

Non-current maintenance deposits	10,479
Non-current security deposits	1,364
Other non-current liabilities	6,228
Liabilities held for sale	$	23,420


	Three Months Ended March 31,
(in thousands)	2026		2025

Cost of modules and parts sold sourced from engines originally within leasing equipment	$	1,686	$	10,130
Transfers of engines from leasing equipment to inventory for manufacturing and sale	89,629		67,815
Transfers of inventory to leasing equipment for rebuilding and sale of engines	(102,932)		(85,928)
Total outflows related to manufacturing modules and parts - included in net cash used in operating activities	(215,888)		(159,607)
Cash received for assets sold sourced from leasing equipment - inflow included in net cash used in operating activities	11,217		21,182
Cash received for sales of leasing equipment that include components sourced from inventory - inflow included in net cash provided by investing activities	280,667		145,450
Cash paid for engine and aircraft inventory - outflow included in net cash used in operating activities	(156,339)		(15,835)




	March 31, 2026 (unaudited)		December 31, 2025
Leasing equipment	$	1,638,528	$	2,057,624
Less: Accumulated depreciation	(389,735)		(511,820)
Leasing equipment, net	$	1,248,793	$	1,545,804


			Carrying Value
	Investment	Ownership Percentage	March 31, 2026 (unaudited)		December 31, 2025
Advanced Engine Repair JV	Equity method	25%	$	22,368	$	22,429
2025 Partnership	Equity method	19%	279,417		281,740
QuickTurn Europe	Equity method	50%	10,008		9,987
Other	Various	Various	1,246		—

			$	313,039	$	314,156


	March 31, 2026 (unaudited)		December 31, 2025
Intangible assets
Acquired favorable lease intangibles	$	4,322	$	17,245
Less: Accumulated amortization	(2,689)		(8,935)
Acquired favorable lease intangibles, net	1,633		8,310
Acquired customer relationships	12,607		12,607
Less: Accumulated amortization	(1,368)		(988)
Acquired customer relationships, net	11,239		11,619
Total intangible assets, net	$	12,872	$	19,929

Intangible liabilities
Acquired unfavorable lease intangibles	$	5,970	$	7,688
Less: Accumulated amortization	(2,106)		(2,132)
Acquired unfavorable lease intangibles, net	$	3,864	$	5,556


			Weighted Average Amortization Period
Lease intangibles			2.6 years
Customer relationships			10.4 years
Total intangible assets			7.9 years


Remainder of 2026	$	561
2027	356
2028	989
2029	1,161
2030	1,097
Thereafter	4,844
Total	$	9,008


	March 31, 2026
Remainder of 2026	$	86,638
2027	94,043
2028	75,910
2029	51,088
2030	38,972
Thereafter	49,452
Total	$	396,103


	Classification in Consolidated Statements of Operations	Three Months Ended March 31,
		2026		2025
Lease intangibles	Lease income	$	337	$	3,206
Customer relationships	Depreciation and amortization	378		95
Total		$	715	3,301


	March 31, 2026 (unaudited)				December 31, 2025
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable
Revolving Credit Facility (1)	$	—	(i) Base Rate + 1.75%; or (ii) Adjusted Term SOFR Rate + 2.75%	5/22/27	$	—
Total loans payable	—				—
Bonds payable
Senior Notes due 2028 (2)	1,000,895		5.50%	5/1/28	1,000,995
Senior Notes due 2030 (3)	497,575		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)	497,844		5.88%	4/15/33	497,784
Total bonds payable	3,496,314				3,496,249
Debt	3,496,314				3,496,249
Less: Debt issuance costs	(45,227)				(47,358)
Total debt, net	$	3,451,087			$	3,448,891

Total debt due within one year	$	—			$	—


	March 31, 2026 (unaudited)		December 31, 2025
Senior Notes due 2028	$	1,000,520	$	1,001,880
Senior Notes due 2030	522,765		531,735
Senior Notes due 2031	717,752		737,618
Senior Notes due 2032	823,184		842,240
Senior Notes due 2033	491,755		508,525


	Three Months Ended March 31,				Remaining Expense To Be Recognized, If All Vesting Conditions Are Met	Weighted Average Remaining Contractual Term (in years)
	2026		2025
Stock Options	$	127	$	127			$	1,143	7.4 years
Performance shares	3,810		3,262				43,924		2.6 years
Restricted Shares	2,410		1,500				24,786		1.5 years
Total	$	6,347	$	4,889			$	69,853


	Three Months Ended March 31, 2026
	Aerospace Products		Aviation Leasing		Corporate and Other		Eliminations		Total
Revenues
Aerospace products revenue	$	522,585	$	—	$	—	$	—	$	522,585
MRE Contract revenue	221,230		—		—		—		221,230
Lease income	—		39,892		—		—		39,892
Maintenance revenue	—		30,599		—		—		30,599
Asset sales revenue	—		10,184		—		—		10,184
Other revenue (1)	—		6,207		—		—		6,207
Total revenues	743,815		86,882		—		—		830,697

Expenses
Cost of sales	511,012		13,256		—		—		524,268
Operating expenses	10,839		10,275		43,873		—		64,987
General and administrative	—		—		2,413		—		2,413
Acquisition and transaction expenses	(15)		4,186		12,190		—		16,361
Depreciation and amortization	4,678		46,485		1,126		—		52,289
Total expenses	526,514		74,202		59,602		—		660,318

Other income (expense)
Interest expense	—		—		(61,407)		—		(61,407)
Equity in (losses) earnings of unconsolidated entities (2)	(40)		7,677		—		(10,000)		(2,363)
Gain on sale to the 2025 Partnership	—		15,168		—		—		15,168
Other income	171		47,239		172		—		47,582
Total other income (expense)	131		70,084		(61,235)		(10,000)		(1,020)
Income (loss) before income taxes	217,432		82,764		(120,837)		(10,000)		169,359
Provision for (benefit from) income taxes	33,697		18,326		(20,563)		—		31,460
Net income (loss)	183,735		64,438		(100,274)		(10,000)		137,899
Less: Dividends on preferred shares	—		—		3,709		—		3,709

Net income (loss) attributable to shareholders	$	183,735	$	64,438	$	(103,983)	$	(10,000)	$	134,190


	March 31, 2026 (unaudited)		December 31, 2025
Property, plant and equipment and leasing equipment, net
Africa	$	16,067	$	17,174
Asia	264,808		323,542
Europe	436,767		587,359
North America	414,617		480,977
South America	238,670		256,820
Total property, plant and equipment and leasing equipment, net (1)	$	1,370,929	$	1,665,872


	Three Months Ended March 31,
(in thousands, except share and per share data)	2026		2025
Net income	$	137,899	$	102,386
Less: Dividends on preferred shares	3,709		6,115
Less: Loss on redemption of preferred shares	—		6,327
Net income attributable to shareholders	$	134,190	$	89,944
Weighted Average Ordinary Shares Outstanding - Basic	102,575,500		102,552,436
Weighted Average Ordinary Shares Outstanding - Diluted	104,255,902		103,159,051

Earnings per share:
Basic	$	1.31	$	0.88
Diluted	$	1.29	$	0.87


	Three Months Ended March 31,				Change
(in thousands)	2026		2025
Revenues
Aerospace products revenue	$	522,585	$	264,425	$	258,160
MRE Contract revenue	221,230		100,638		120,592
Lease income	39,892		68,440		(28,548)
Maintenance revenue	30,599		49,607		(19,008)
Asset sales revenue	10,184		18,939		(8,755)
Other revenue (1)	6,207		31		6,176
Total revenues	830,697		502,080		328,617

Expenses
Cost of sales	524,268		248,714		275,554
Operating expenses	64,987		32,438		32,549
General and administrative	2,413		3,116		(703)
Acquisition and transaction expenses	16,361		7,292		9,069


Depreciation and amortization	52,289		59,562		(7,273)

Total expenses	660,318		351,122		309,196

Other (expense) income
Interest expense	(61,407)		(62,040)		633
Equity in losses of unconsolidated entities (2)	(2,363)		(7,614)		5,251

Gain on sale to the 2025 Partnership	15,168		10,870		4,298
Other income	47,582		33,071		14,511
Total other expense	(1,020)		(25,713)		24,693
Income before income taxes	169,359		125,245		44,114
Provision for income taxes	31,460		22,859		8,601
Net income	137,899		102,386		35,513
Less: Dividends on preferred shares	3,709		6,115		(2,406)
Less: Loss on redemption of preferred shares	—		6,327		(6,327)
Net income attributable to shareholders	$	134,190	$	89,944	$	44,246


Aviation Assets	Widebody	Narrowbody	Total
Aircraft
Assets at January 1, 2026	5	42	47
Purchases	—	—	—
Sales	—	(9)	(9)
Transfers	—	(1)	(1)
Insurance settlement - Russia assets	(3)	(5)	(8)
Assets at March 31, 2026	2	27	29

Engines
Assets at January 1, 2026	18	225	243
Purchases	1	9	10
Sales	—	(1)	(1)
Transfers	(1)	(33)	(34)
Insurance settlement - Russia assets	(10)	(7)	(17)
Assets at March 31, 2026	8	193	201


			Exhibit No.						Description
			2.1						Agreement and Plan of Merger, dated as of August 12, 2022, by and among, FTAI, the Company and FTAI Aviation Merger Sub LLC (incorporated by reference to Annex A to FTAI’s Registration Statement on Form S-4, filed on October 11, 2022).
			2.2						Separation and Distribution Agreement, dated as of August 1, 2022, between FTAI Infrastructure Inc. and the Company (incorporated by reference to Exhibit 2.1 of the Company’s Current Report on Form 8-K, filed on August 1, 2022).
			3.1						Amended and Restated Memorandum and Articles of Association of the Company (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K, filed on November 14, 2022).
			3.2						Share Designation with respect to the 8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares (included as part of Exhibit 3.1 hereto).
			3.3						Share Designation with respect to the 9.500% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares of FTAI Aviation Ltd. (incorporated by reference to Exhibit 4.1 of the Company’s Registration Statement on Form 8-A, filed on March 15, 2023).
			3.4						Form of Certificate representing the 8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares of FTAI Aviation Ltd. (included as part of Exhibit 3.1 hereto).
			3.5						Form of certificate representing the 9.500% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares of FTAI Aviation Ltd. (incorporated by reference to Exhibit 4.2 of the Company’s Registration Statement on Form 8-A, filed on March 15, 2023).
			4.1						Indenture, dated April 12, 2021, between the Company and U.S. Bank National Association, as trustee, relating to the Company’s 5.50% senior unsecured notes due 2028 (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K, filed on April 12, 2021).
			4.2						Form of global note representing the Company’s 5.50% senior unsecured notes due 2028 (included in Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on April 12, 2021).
			4.3						First Supplemental Indenture, dated as of September 24, 2021, between the Company and U.S. Bank National Association, as trustee, relating to the Company’s 5.50% senior unsecured notes due 2028 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on September 24, 2021).
			4.4						2028 Notes Guarantee, dated November 10, 2022 (incorporated by reference to Exhibit 4.3 of the Company’s Current Report on Form 8-K, filed on November 14, 2022).
			4.5						Second Supplemental Indenture, dated as of January 28, 2022, between FTAI Italia DAC and U.S. Bank Trust Company, National Association, as trustee, relating to the Company’s 5.50% senior unsecured notes due 2028. (incorporated in Exhibit 4.5 of the Company’s Quarterly Report on Form 10-Q, filed on May 5, 2025).
			4.6						Third Supplemental Indenture, dated as of March 18, 2022, among AirOpCo 1ET Bermuda Ltd., AVSA Leasing 2, AVSA Leasing 4, AIRCOL 13, AIRCOL 20, AIRCOL 25, Wells Fargo Trust Company, National Association, not in its individual capacity but solely as owner trustee of MSN 5280 Trust, MSN 5333 Trust, MSN 5068 Trust, MSN 5406 Trust, Airlease Twenty Nine Limited, Airsal 2, Airsal 3 and Airsal 7, Wilmington Trust Company, a Delaware trust company, not in its individual capacity but solely as owner trustee of Aircol 26, Aircol 38, Aircol 33, Aircol 37, Aircol 35 and Aircol 36 and U.S. Bank Trust Company, National Association, as trustee, relating to the Company’s 5.50% senior unsecured notes due 2028. (incorporated in Exhibit 4.6 of the Company’s Quarterly Report on Form 10-Q, filed on May 5, 2025).
			4.7						Fourth Supplemental Indenture, dated as of February 21, 2025, between FTAI Aviation Ireland Holdings DAC and U.S. Bank Trust Company, National Association, as trustee, relating to the Company’s 5.50% senior unsecured notes due 2028. (incorporated in Exhibit 4.7 of the Company’s Quarterly Report on Form 10-Q, filed on May 5, 2025).
			4.8						Indenture, dated November 21, 2023, between the Company and U.S. Bank National Association, as trustee, relating to the Company’s 7.875% senior unsecured notes due 2030 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on November 22, 2023).
			4.9						Form of global note representing the Company’s 7.875% senior unsecured notes due 2030 (included in Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on November 22, 2023).
			4.10						First Supplemental Indenture, dated as of February 21, 2025, between FTAI Aviation Ireland Holdings DAC and U.S. Bank Trust Company, National Association, as trustee, relating to the Company’s 7.875% senior unsecured notes due 2030. (incorporated in Exhibit 4.10 of the Company’s Quarterly Report on Form 10-Q, filed on May 5, 2025).
			4.11						Indenture, dated April 11, 2024, among Fortress Transportation and Infrastructure Investors LLC, the Company as guarantor, and U.S. Bank Trust Company, National Association, as trustee, relating to the Company’s 7.000% senior unsecured notes due 2031 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on April 11, 2024).
			4.12						Form of global note representing the Company’s 7.000% senior unsecured notes due 2031 (included in Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on April 11, 2024).
			4.13						First Supplemental Indenture, dated as of February 21, 2025, between FTAI Aviation Ireland Holdings DAC and U.S. Bank Trust Company, National Association, as trustee, relating to the Company’s 7.000% senior unsecured notes due 2031. (incorporated in Exhibit 4.13 of the Company’s Quarterly Report on Form 10-Q, filed on May 5, 2025).
			4.14						Indenture, dated as of June 17, 2024, among Fortress Transportation and Infrastructure Investors LLC, FTAI Aviation Ltd. as guarantor, and U.S. Bank Trust Company, National Association, as trustee relating to the Company’s 7.000% senior unsecured notes due 2032 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on June 17, 2024).
			4.15						Form of global note representing the Company’s 7.000% senior unsecured notes due 2032 (included in Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on June 17, 2024).
			4.16						First Supplemental Indenture, dated as of February 21, 2025, between FTAI Aviation Ireland Holdings DAC and U.S. Bank Trust Company, National Association, as trustee, relating to the Company’s 7.000% senior unsecured notes due 2032. (incorporated in Exhibit 4.16 of the Company’s Quarterly Report on Form 10-Q, filed on May 5, 2025).
			4.17						Indenture, dated as of October 9, 2024, among Fortress Transportation and Infrastructure Investors LLC, FTAI Aviation Ltd. as guarantor, and U.S. Bank Trust Company, National Association, as trustee relating to the Company’s 5.875% senior unsecured notes due 2033 (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on October 9, 2024).


	Exhibit No.	Description
	4.18	Form of global note representing the Company’s 5.875% senior unsecured notes due 2033 (included in Exhibit 4.1 of the Company’s Current Report on Form 8-K, filed on October 9, 2024).
	4.19	First Supplemental Indenture, dated as of February 21, 2025, between FTAI Aviation Ireland Holdings DAC and U.S. Bank Trust Company, National Association, as trustee, relating to the Company’s 5.875% senior unsecured notes due 2033. (incorporated in Exhibit 4.19 of the Company’s Quarterly Report on Form 10-Q, filed on May 5, 2025).
	4.20	Description of Securities Registered under Section 12 of the Exchange Act (incorporated by reference to Exhibit 4.13 of the Company’s Annual Report on Form 10-K, filed on March 3, 2025).
†	10.1	FTAI Aviation Ltd. Nonqualified Stock Option and Incentive Award Plan, dated as of February 23, 2023 (incorporated in Exhibit 10.4 of the Company’s Annual Report on Form 10-K, filed on February 27, 2023).
	10.2	FTAI Aviation Ltd. 2025 Omnibus Incentive Plan, effective as of May 29, 2025 (incorporated by reference to Annex A of the Company’s Definitive Proxy Statement on Schedule 14A, filed on April 16, 2025).
†	10.3	Form of FTAI Aviation Ltd. Director and Officer Indemnification Agreement (incorporated by reference to Exhibit 10.6 to the Company’s Registration Statement on Form S-4, filed on October 4, 2022).
†	10.4	Form of Director Award Agreement pursuant to the FTAI Aviation Ltd. Nonqualified Stock Option and Incentive Plan (incorporated by reference to Exhibit 10.7 to the Company’s Registration Statement on Form S-4, filed on October 4, 2022).
†	10.5	Form of Non-Director Award Agreement under the FTAI Aviation Ltd. Nonqualified Stock Option and Incentive Award Plan (incorporated by reference to Exhibit 10.8 to the Company’s Registration Statement on Form S-4, filed on October 4, 2022).
†	10.6	Form of Restricted Stock Unit Award Agreement under the FTAI Aviation Ltd. Nonqualified Stock Option and Incentive Award Plan (incorporated in Exhibit 10.5 of the Company’s Quarterly Report on Form 10-Q, filed on August 9, 2024).
	10.7	Trademark License Agreement, dated as of August 1, 2022, between Fortress Transportation and Infrastructure Investors LLC and FTAI Infrastructure Inc. (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K, filed on August 1, 2022).
*	10.8	Third Amended and Restated Credit Agreement, dated as of May 22, 2024, between the Company, the lenders and issuing banks from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent. (incorporated by reference to Exhibit 10.7 of the Company’s Quarterly Report on Form 10-Q, filed on August 9, 2024).
	10.9	Revolver Guarantee, dated November 10, 2022 (incorporated by reference to Exhibit 4.4 of the Company’s Current Report on Form 8-K, filed on November 14, 2022).
*	10.10	Internalization Agreement, dated May 28, 2024, by and among FTAI Aviation Ltd., FIG LLC and Fortress Worldwide Transportation and Infrastructure Master GP LLC (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, filed on May 28, 2024).
†	10.11	Letter Agreement, dated May 27, 2024, by and among FTAI Aviation LLC, FTAI Aviation Ltd. and Joseph P. Adams, Jr. (incorporated by reference to Exhibit 10.11 of the Company’s Quarterly Report on Form 10-Q, filed on August 9, 2024).
†	10.12	Letter Agreement, dated February 28, 2020, by and between FTAI Aviation LLC and David Moreno.
†	10.13	Letter Agreement, dated February 28, 2020, by and between FTAI Aviation LLC and Stacy Kuperus.
†	10.14	Letter Agreement, dated August 8, 2024, by and between FTAI Aviation LLC and BoHee Yoon.
*#	10.15	Sixth Amended and Restated Aircraft Sale and Purchase Agreement, dated as of February 10, 2026, between certain subsidiaries of the Company, as the sellers, and FTAI Aircraft Leasing Ireland (2025) DAC and FTAI Aircraft Leasing Bermuda (2025) Ltd., as the buyers. (incorporated in Exhibit 10.12 of the Company’s Annual Report on Form 10-K, filed on February 27, 2026).
*#	10.16	Amended and Restated Beneficial Interest Sale and Purchase Agreement, dated as of April 30, 2025, between certain subsidiaries of the Company, as the sellers, and FTAI Aircraft Leasing US (2025) LLC, FTAI Aircraft Leasing Ireland (2025) DAC and FTAI Aircraft Leasing Bermuda (2025) Ltd., as the buyers. (incorporated in Exhibit 10.14 of the Company’s Quarterly Report on Form 10-Q, filed on May 5, 2025).
*#	10.17	Form of Amended and Restated Agreement of Exempted Limited Partnership of FTAI Aircraft Leasing (2025) GP L.P.
	31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	31.2	Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
	32.1	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	32.2	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
	101	The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) Consolidated Balance Sheets; (ii) Consolidated Statements of Operations; (iii) Consolidated Statements of Changes in Equity; (iv) Consolidated Statements of Cash Flows; and (v) Notes to Consolidated Financial Statements.
	104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
†	Management contracts and compensatory plans or arrangements.
*	Certain schedules or similar attachments to this exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K.
#	Certain portions of this exhibit have been omitted in accordance with Item 601(b)(10)(iv) of Regulation S-K.


May 1, 2026						/s/ Joseph P. Adams, Jr.
(Date)						Joseph P. Adams, Jr.
						Chief Executive Officer


May 1, 2026						/s/ Nicholas McAleese
(Date)						Nicholas McAleese
						Chief Financial Officer