SEC Form SC 13G/A filed by FTAI Aviation Ltd. (Amendment)

2/9/23 1:47:45 PM ET

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SC 13G/A 1 FTAIAviationLtdFTAI.txt MS AMENDMENT UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No.3)* FTAI Aviation Ltd. ----------------------------------------------------- (Name of Issuer) Ordinary Shares ----------------------------------------------------- (Title of Class of Securities) G3730V105 ----------------------------------------------------- (CUSIP Number) December 30, 2022 ----------------------------------------------------- (Date Of Event which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [x] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1745 (3-06) CUSIP No.G3730V105 13G Page 2 of 9 Pages -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON: I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: Morgan Stanley I.R.S. # 36-3145972 -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ] (b) [ ] -------------------------------------------------------------------------------- 3. SEC USE ONLY: -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware. -------------------------------------------------------------------------------- NUMBER OF 5. SOLE VOTING POWER: SHARES 0 BENEFICIALLY -------------------------------------------------------------- OWNED BY 6. SHARED VOTING POWER: EACH 5,217,134 REPORTING -------------------------------------------------------------- PERSON 7. SOLE DISPOSITIVE POWER: WITH: 0 -------------------------------------------------------------- 8. SHARED DISPOSITIVE POWER: 5,293,324 -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 5,293,324 -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES: [ ] -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 5.3% -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON: HC, CO -------------------------------------------------------------------------------- CUSIP No.G3730V105 13G Page 3 of 9 Pages -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON: I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: Morgan Stanley Capital Services LLC I.R.S. # 13-3292567 -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ] (b) [ ] -------------------------------------------------------------------------------- 3. SEC USE ONLY: -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware. -------------------------------------------------------------------------------- NUMBER OF 5. SOLE VOTING POWER: SHARES 0 BENEFICIALLY -------------------------------------------------------------- OWNED BY 6. SHARED VOTING POWER: EACH 5,170,707 REPORTING -------------------------------------------------------------- PERSON 7. SOLE DISPOSITIVE POWER: WITH: 0 -------------------------------------------------------------- 8. SHARED DISPOSITIVE POWER: 5,170,707 -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 5,170,707 -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES: [ ] -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 5.2% -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON: BD, CO -------------------------------------------------------------------------------- CUSIP No.G3730V105 13G Page 4 of 9 Pages -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON: I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: Morgan Stanley Strategic Investments, Inc. I.R.S. # 13-4142785 -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP: (a) [ ] (b) [ ] -------------------------------------------------------------------------------- 3. SEC USE ONLY: -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware. -------------------------------------------------------------------------------- NUMBER OF 5. SOLE VOTING POWER: SHARES 0 BENEFICIALLY -------------------------------------------------------------- OWNED BY 6. SHARED VOTING POWER: EACH 100 REPORTING -------------------------------------------------------------- PERSON 7. SOLE DISPOSITIVE POWER: WITH: 0 -------------------------------------------------------------- 8. SHARED DISPOSITIVE POWER: 100 -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON: 100 -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES: [ ] -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9): 0% -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON: CO -------------------------------------------------------------------------------- CUSIP No.G3730V105 13G Page 5 of 9 Pages -------------------------------------------------------------------------------- Item 1. (a) Name of Issuer: FTAI Aviation Ltd. -------------------------------------------------------------- (b) Address of Issuer's Principal Executive Offices: 1345 AVENUE OF THE AMERICAS 45TH FLOOR NEW YORK NY 10105 UNITED STATES OF AMERICA -------------------------------------------------------------- Item 2. (a) Name of Person Filing: (1) Morgan Stanley (2) Morgan Stanley Capital Services LLC (3) Morgan Stanley Strategic Investments, Inc. -------------------------------------------------------------- (b) Address of Principal Business Office, or if None, Residence: (1) 1585 Broadway New York, NY 10036 (2) 1585 Broadway, New York, NY 10036 (3) 1585 Broadway New York, NY 10036 -------------------------------------------------------------- (c) Citizenship: (1) Delaware. (2) Delaware. (3) Delaware. -------------------------------------------------------------- (d) Title of Class of Securities: Ordinary Shares -------------------------------------------------------------- (e) CUSIP Number: G3730V105 -------------------------------------------------------------- Item 3. If this statement is filed pursuant to Sections 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: (a) [x] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o). (b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c). (c) [ ] Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c). (d) [ ] Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) [ ] An investment adviser in accordance with Sections 240.13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or endowment fund in accordance with Section 240.13d-1(b)(1)(ii)(F); (g) [x] A parent holding company or control person in accordance with Section 240.13d-1(b)(1)(ii)(G); (h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); (j) [ ] A non-U.S. institution in accordance with section 240.13d-1(b)(1)(ii)(J); (k) [ ] Group, in accordance with sections 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with sections 240.13d-1(b)(1)(ii)(J), please specify the type of institution: Not Applicable CUSIP No.G3730V105 13G Page 6 of 9 Pages -------------------------------------------------------------------------------- Item 4. Ownership as of December 30, 2022.* (a) Amount beneficially owned: See the response(s) to Item 9 on the attached cover page(s). (b) Percent of Class: See the response(s) to Item 11 on the attached cover page(s). (c) Number of shares as to which such person has: (i) Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s). (ii) Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s). (iii) Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s). (iv) Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s). Item 5. Ownership of Five Percent or Less of a Class. (1) As of the date hereof, Morgan Stanley Strategic Investments, Inc. has ceased to be the beneficial owner of more than five percent of the class of securities. Item 6. Ownership of More Than Five Percent on Behalf of Another Person. Not Applicable Item 7. Identification and Classification of the Subsidiary which Acquired the Security Being Reported on By the Parent Holding Company. See Exhibit 99.2 Item 8. Identification and Classification of Members of the Group. Not Applicable Item 9. Notice of Dissolution of Group. Not Applicable Item 10. Certification. (1) By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. * In Accordance with the Securities and Exchange Commission Release No. 34-39538 (January 12, 1998) (the "Release"), this filing reflects the securities beneficially owned, or that may be deemed to be beneficially owned, by certain operating units (collectively, the "MS Reporting Units") of Morgan Stanley and its subsidiaries and affiliates (collectively, "MS"). This filing does not reflect securities, if any, beneficially owned by any operating units of MS whose ownership of securities is disaggregated from that of the MS Reporting Units in accordance with the Release. CUSIP No.G3730V105 13G Page 7 of 9 Pages -------------------------------------------------------------------------------- Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 09, 2023 Signature: /s/ Christopher O'Hara -------------------------------------------------------------------- Name/Title: Christopher O'Hara/Authorized Signatory, Morgan Stanley -------------------------------------------------------------------- MORGAN STANLEY Date: February 09, 2023 Signature: /s/ Christopher O'Hara -------------------------------------------------------------------- Name/Title: Christopher O'Hara/Authorized Signatory, Morgan Stanley Capital Services LLC -------------------------------------------------------------------- Morgan Stanley Capital Services LLC Date: February 09, 2023 Signature: /s/ Christina Huffman -------------------------------------------------------------------- Name/Title: Christina Huffman/Authorized Signatory, Morgan Stanley Strategic Investments, Inc. -------------------------------------------------------------------- Morgan Stanley Strategic Investments, Inc. EXHIBIT NO. EXHIBITS PAGE ----------- ---------- ---- 99.1 Joint Filing Agreement 8 99.2 Item 7 Information 9 * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001). CUSIP No.G3730V105 13G Page 8 of 9 Pages -------------------------------------------------------------------------------- EXHIBIT NO. 99.1 TO SCHEDULE 13G JOINT FILING AGREEMENT --------------------------------------------------- February 09, 2023 --------------------------------------------------- MORGAN STANLEY, Morgan Stanley Capital Services LLC and Morgan Stanley Strategic Investments, Inc. hereby agree that, unless differentiated, this Schedule 13G is filed on behalf of each of the parties. MORGAN STANLEY BY: /s/ Christopher O'Hara --------------------------------------------------------------------- Christopher O'Hara/Authorized Signatory, Morgan Stanley Morgan Stanley Capital Services LLC BY: /s/ Christopher O'Hara --------------------------------------------------------------------- Christopher O'Hara/Authorized Signatory, Morgan Stanley Capital Services LLC Morgan Stanley Strategic Investments, Inc. BY: /s/ Christina Huffman --------------------------------------------------------------------- Christina Huffman/Authorized Signatory, Morgan Stanley Strategic Investments, Inc. * Attention. Intentional misstatements or omissions of fact constitute federal criminal violations (see 18 U.S.C. 1001). CUSIP No.G3730V105 13G Page 9 of 9 Pages -------------------------------------------------------------------------------- EXHIBIT NO. 99.2 ------------------ ITEM 7 INFORMATION The securities being reported on by Morgan Stanley as a parent holding company are owned, or may be deemed to be beneficially owned, by Morgan Stanley Capital Services LLC and Morgan Stanley Strategic Investments, Inc., wholly-owned subsidiaries of Morgan Stanley.

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Date	Price Target	Rating	Analyst
5/2/2025	$123.00	Hold → Buy	Stifel
3/3/2025	$100.00 → $123.00	Buy → Hold	Stifel
1/10/2025	$190.00	Peer Perform → Outperform	Wolfe Research
12/31/2024	$180.00 → $190.00	Buy	BTIG Research
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7/26/2024	$69.00 → $132.00	Hold → Buy	Stifel
7/10/2024		Outperform → Peer Perform	Wolfe Research
6/25/2024	$120.00	Buy	Jefferies

SEC Form SC 13G/A filed by FTAI Aviation Ltd. (Amendment)

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SEC Form SC 13G/A filed by FTAI Aviation Ltd. (Amendment)

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Director Tuchman Martin bought $99,190 worth of Ordinary Shares (1,000 units at $99.19), increasing direct ownership by 0.27% to 378,009 units (SEC Form 4)

Director Robinson Ray M exercised 5,000 units of Ordinary Shares at a strike of $14.11 and covered exercise/tax liability with 784 units of Ordinary Shares, increasing direct ownership by 8% to 57,955 units (SEC Form 4)

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Director Tuchman Martin bought $99,190 worth of Ordinary Shares (1,000 units at $99.19), increasing direct ownership by 0.27% to 378,009 units (SEC Form 4)

Chief Portfolio Officer Kuperus Stacy bought $100,982 worth of Ordinary Shares (1,087 units at $92.90), increasing direct ownership by 1% to 88,423 units (SEC Form 4)

Chief Operating Officer Moreno David bought $624,113 worth of Ordinary Shares (6,580 units at $94.85), increasing direct ownership by 3% to 231,623 units (SEC Form 4)

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