On January 15, 2024, prominent investment research firm Muddy Waters published a report titled "FTAI Aviation: Financial Engineering and Accounting Manipulation in the MRO Business." Based on an investigation that included consulting an industry expert with 20+ years of experience (that was also a former FTAI Aviation executive) and other industry insiders, Muddy Waters claims that FTAI Aviation has been recording one-time engine sales as Maintenance Repair & Overhaul (MRO) revenue in its Aerospace Products segment. Muddy Waters states that this has enabled the company to present a misleading narrative of growth in its Aerospace Products revenue, which has benefited insider sellers. The research firm estimates that the majority of FTAI Aviation's adjusted EBITDA in the Aerospace Products segment comes from gains on sales, which are less recurring in nature, and that FTAI Aviation engaged in channel stuffing to inflate its 2023 financial results.