NEW YORK, March 20, 2023 (GLOBE NEWSWIRE) -- FTAI Aviation Ltd. ("NASDAQ: FTAI") is considered a Passive Foreign Investment Company ("PFIC") for the period beginning on November 10, 2022 and ending on December 31, 2022. If a U.S. Holder owns a PFIC, the U.S. Holder may be required to file a Form 8621. U.S. Holders should consider making a Qualified Electing Fund ("QEF") election with respect to FTAI. FTAI will post a 2022 "PFIC Annual Information Statement" to its website at https://ir.ftaiaviation.com/tax-information. This information is necessary for U.S. Holders that wish to make a QEF election. Investors are urged to consult their tax advisors regarding implications of owning a PFIC.
On November 10, 2022, Fortress Transportation and Infrastructure Investors LLC completed the merger transaction with FTAI and FTAI Aviation Merger Sub LLC, and Fortress Transportation and Infrastructure Investors LLC shares were exchanged for shares in FTAI. FTAI shares acquired after November 10, 2022 are not subject to Schedule K-1 reporting. For FTAI shares acquired prior to the merger transaction, the 2022 Schedule K-1s will be final year K-1s.
Fortress Transportation and Infrastructure Investors LLC's 2022 Schedule K-1 tax packages are available online. FTAI shareholders may access their Schedule K-1 tax packages at https://www.taxpackagesupport.com/ftai or by visiting the Investor Center section of FTAI's website at https://ir.ftaiaviation.com/.
The mailing of 2022 Schedule K-1 tax packages will commence before March 31, 2023. For additional information, shareholders may call FTAI Tax Package Support toll free at (855) 225-9906.
About FTAI Aviation Ltd.
FTAI Aviation Ltd. owns and maintains commercial jet engines with a focus on CFM56 engines. FTAI's propriety portfolio of products, including The Module Factory and a JV to manufacture engine parts manufacturer approval, enables it to provide cost savings and flexibility to our airline, lessor, and maintenance, repair and overhaul customer base. Additionally, FTAI owns and leases jet aircraft which often facilitates the acquisition of engines at attractive prices. FTAI invests in aviation assets and aerospace products that generate strong and stable cash flows with the potential for earnings growth and asset appreciation.
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FTAI Aviation Ltd.