Business: FTAI Aviation Ltd formerly, Fortress Transportation & Infrastructure Investors LLC, 9.50% Fixed-Rate Reset Series D Cumulative Perpetual Redeemable Preferred Shares, liquidation preference $25 per share, redeemable at the issuer's option on or after 06/15/2028 at $25 per share plus accrued and unpaid dividends, and with no stated maturity. <p> Cumulative distributions of the Annual Fixed Dividend Rate will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on 1st calendar day of the month of the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The Annual Fixed Dividend Rate will be 9.50% until the first redemption date, then it will be equal to the sum of the five-year treasury rate on the applicable fixed rate calculation date plus 5.162%, resetting every 5 years thereafter on applicable fixed rate calculation date (see prospectus for more details). <p> Dividends paid by preferreds issued by foreign companies classified as Passive Foreign Investment Company (PFIC) are NOT eligible for the preferential 15% to 20% tax rate on dividends and, since they are issued by a foreign company, are NOT eligible for the dividends received deduction for corporate holders. This company may lose its PFIC designation in this or a future tax year (see page S-33 of the prospectus for further information). <p> This security is possibly subject to an early call as a result of the occurrence of a Rating Event at $25.50 (102%) plus accrued and unpaid interest; at $25.25 (101%) plus accrued and unpaid interest if a tax redemption event occurs (see prospectus for further information). <p> If a Change of Control occurs and the issuer does not give notice prior to the 31st day following the Change of Control to redeem all the outstanding shares, the distribution rate per annum on the shares will increase by 5.00%, beginning on the 31st day following such Change of Control. <p> This security was rated as B1 by Moody’s and NOT rated by S&P at the date of its IPO. This security was rated as B by Fitch Ratings Co. at the date of its IPO. In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below.