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(“Holdco”) for the purpose of acquiring, managing and disposing of transportation and transportation-related equipment assets.
−Removed: We are externally managed by FIG LLC (the “Manager”), an affiliate of Fortress Investment Group LLC (“Fortress”), which has a dedicated team of experienced professionals focused on the acquisition of transportation and infrastructure assets since 2002.
−Removed: On December 27, 2017, SoftBank Group Corp.
−Removed: (“SoftBank”) acquired Fortress (the “SoftBank Merger”).
−Removed: In connection with the SoftBank Merger, Fortress operates within SoftBank as an independent business headquartered in New York.
+Added: We are externally managed by FIG LLC (the “Manager”), an affiliate of Fortress Investment Group LLC, which has a dedicated team of experienced professionals focused on the acquisition of transportation and infrastructure assets since 2002.
+Added: On May 22, 2023, Fortress and Mubadala Investment Company, through its wholly owned asset management subsidiary Mubadala Capital (“Mubadala”), announced that they have entered into definitive agreements pursuant to which, among other things, certain members of Fortress management and affiliates of Mubadala will acquire 100% of the equity of Fortress that is currently indirectly held by SoftBank Group Corp.
+Added: (“SoftBank”).
+Added: After the closing of the transaction, Fortress will continue to operate as an independent investment manager under the Fortress brand, with autonomy over investment processes and decision making, personnel and operations.
We own and acquire high quality aviation equipment that is essential for the transportation of goods and people globally.
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We believe that there are a large number of acquisition opportunities in our markets and that our Manager’s expertise and business and financing relationships, together with our access to capital, will allow us to take advantage of these opportunities.
−Removed: As of December 31, 2022, we had total consolidated assets o f $2.4 billion and total equity of $19.4 million.
+Added: As of December 31, 2023, we had total co nsolidated assets of $3.0 billion and total equity of $175.9 million.
As of December 31, 2023, our operations consisted of Aviation Leasing and Aerospace Products.
−Removed: Our Aviation Leasing business acquires assets that are designed to carry cargo or people.
+Added: Our Aviation Leasing b usiness acquires assets that are designed to carry cargo or people.
Aviation equipment assets are typically long-lived, moveable and leased by us on either operating leases or finance leases to companies that provide transportation services.
Our leases generally provide for long-term contractual cash flow with high cash-on-cash yields and include structural protections to mitigate credit risk.
−Removed: Our Aerospace Products business develops and manufactures through a joint venture, and repairs and sells, through exclusivity arrangements, aftermarket components for aircraft engines.
+Added: Our Aerospace Products business develops and manufactures through a joint venture, and repairs and sells, through our maintenance facility and exclusivity arrangements, aftermarket components for aircraft engines.
In general, we seek to own a diverse mix of high-quality aviation assets and equipment within our target sectors that generate predictable cash flows in markets that we believe provide the potential for strong long-term growth and attractive returns on deployed capital.
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We believe that as owners of both aviation and offshore assets, we have access to more opportunities and can be a more attractive counterparty to the users of our assets.
−Removed: Our Manager has significant prior experience in all of our target sectors, as well as a network of industry relationships, that we believe positions us well to make successful acquisitions and to actively manage and improve operations and cash flows of our existing and newly-acquired assets.
+Added: Our Manager has significant prior experience in all of our target sectors, as well as a network of industry relationships, that we believe positions us well to make successful acquisitions and to actively manage and
+Added: improve operations and cash flows of our existing and newly-acquired assets.
These relationships include senior executives at lessors and operators, end users of aviation and offshore energy assets, as well as banks, lenders and other asset owners.
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Our strategy is to acquire assets that are essential to the transportation of goods and people globally.
−Removed: We acquire assets that are
−Removed: used by major operators of transportation networks.
+Added: We acquire assets that are used by major operators of transportation networks.
We seek to acquire assets and businesses that we believe operate in sectors with long-term macroeconomic growth opportunities and that have significant cash flow and upside potential from earnings growth and asset appreciation.
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Aviation Leasing
−Removed: As of December 31, 2022, in our Aviation Leasing segment, we own and manage 330 aviation assets, consisting of 106 commercial aircraft and 224 engine s, including four aircraft and one engine that were still located in Ukraine and eight aircraft and seventeen engines that were still located in Russia.
+Added: As of December 31, 2023, in our Aviation Leasing segment, we own and man age 363 aviation assets, consisting of 96 commercial aircraft and 267 engines, including eight aircraft and seventeen engines that were still located in Russia.
As of December 31, 2023, 76 of our commercial aircraft and 175 of our engines were leased to operators or other third parties.
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Aerospace Products
−Removed: The Aerospace Products segment develops and manufactures through a joint venture, and repairs and sells, through exclusivity arrangements, aircraft engines and aftermarket components primarily for the CFM56-7B and CFM56-5B commercial aircraft engines.
+Added: The Aerospace Products segment develops and manufactures through a joint venture, and repairs and sells, through our maintenance facility and exclusivity arrangements, aircraft engines and aftermarket components primarily for the CFM56-7B, CFM56-5B and V2500 commercial aircraft engines.
Our engine and module sales are facilitated through The Module Factory, a dedicated commercial maintenance program, designed to focus on modular repair and refurbishment of CFM56-7B and CFM56-5B engines, performed by a third party.
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As an example, we often partner with Maintenance, Repair and Overhaul (“MRO”) facilities in the aviation sector to lease engines and support airlines’ fleet management needs.
−Removed: While we expect to hold our assets for extended periods of time, we and our Manager continually review our assets to assess whether we should sell or otherwise monetize them.
+Added: While we expect to hold our assets for extended periods of time, we and our Manager continually review our assets to assess
+Added: whether we should sell or otherwise monetize them.
Aspects that will factor into this process include relevant market conditions, the asset’s age, lease profile, relative concentration or remaining expected useful life.
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A substantial portion of our revenue has historically been derived from a small number of customers.
−Removed: As of and for the year ended December 31, 2022, no customer accounted for more than 10% of our revenue and two of our customers accounted for 20% and 12% of total accounts receivable, net.
+Added: As of and for the year ended December 31, 2023, no customer accounted for more than 10% of our revenue or total accounts receivable, net.
We derive a significant percentage of our revenue within specific sectors from a limited number of customers.
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Our Manager provides a management team and other professionals who are responsible for implementing our business strategy and performing certain services for us, subject to oversight by our board of directors.
−Removed: As of December 31, 2022, we also have approximately 40 employees at certain subsidiaries across our business segments.
+Added: As of December 31, 2023, we also have app roximately 170 employees at certain subsidiarie s across our business segments.
We consider our relationship with our employees to be good and we focus heavily on employee engagement.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.