FTAI Aviation Ltd.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On September 15, 2026, our Board of Directors authorized a Share Repurchase Program, which allows for the repurchase of up to $500.0 million of the Company’s outstanding ordinary shares. Our Share Repurchase Program may be effected from time to time, depending on market conditions and other factors, through open market purchases and privately negotiated transactions.

On October 27, 2026, the Company’s Board of Directors approved a $500.0 million increase to the Company’s share repurchase program, bringing the total authorization to $1.0 billion.

The Share Repurchase Program will end on the earlier of the date of completion of the repurchases and September 30, 2027. The table below details the repurchases that were made under the program during the three months ended September 30, 2026.

During the three months ended September 30, 2026, we repurchased 260,156 ordinary shares pursuant to our publicly announced share repurchase program at an aggregate cost of $49.95 million and an average price of $192.00 per ordinary share. At September 30, 2026, $450.1 million remained available for repurchase under the share repurchase program. Subsequent to September 30, 2026 and through the period ended October 30, 2026, we repurchased 187,178 ordinary shares at an aggregate cost of $30.0 million and an average price of $160.27 per ordinary share. In the future, we may authorize additional purchase activities under the currently authorized share repurchase program, increase the amount authorized under the share repurchase program, or adopt additional trading plans. Our decision to repurchase ordinary shares will depend on, among other matters, the market price of the ordinary shares and our capital requirements.