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Despite higher net exposure, Tourlite Capital's percentage of idiosyncratic risk remained in the ~80% range.

Montana Aerospace currently trades at less than 7x 2027E EBITDA, a staggering discount compared to its peer group’s low-to-mid teens multiple.

FTAI Aviation continues capturing market share, currently ~12% of the CFM56 aftermarket, up from 5% just two years ago.

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.

Tourlite Capital expects the highly anticipated SpaceX IPO will create a particularly favorable setup for shorting high multiple, speculative stocks.

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The following segment was excerpted from the Tourlite Capital Q1 2026 Investor Letter.

During the quarter, our average dollar net exposure was 33% and beta-adjusted net exposure was 43%.…