Summary

• Tourlite Fund, LP returned 16.9% for the First Quarter of 2026, delivering annualized returns of 11.9% since inception compared to 11.2% for the S&P 500.
• The ongoing closure of the Strait of Hormuz continues to constrain the global oil market, causing inflationary fears that act as a persistent headwind for the aerospace sector.
• Montana Aerospace currently trades at less than 7x 2027E EBITDA, a staggering discount compared to its peer group’s low-to-mid teens multiple, and offers a significant margin of safety.
• FTAI Aviation continues capturing market share, currently representing approximately 12% of the CFM56 aftermarket, up from 5% just two years ago, as it targets 25% long-term market share.
• FTAI Infrastructure executed the first major step in its asset monetization strategy by announcing the sale of its Long Ridge power asset for a total enterprise value of $1.52 billion.

To Our Partners

Tourlite Fund, LP returned 16.9% for the First Quarter of 2026. Since inception, the Fund has delivered annualized returns of 11.9%, compared to 11.2% for the S&P 500 and 6.3% for the Russell 2000.

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