Crossroads Capital LLC, an investment management firm, published its second-quarter 2026 investor letter. A copy of the letter can be downloaded here. The Fund increased by 11.5% net of fees and expenses during the quarter. Since its founding, the fund has compounded at a net rate of 17.9%. By the end of June 2026, the fund's overall non-delta-adjusted gross and net exposures were 115.0% and 86.9%, respectively. In Q2, the S&P 500 rebounded 14.9%, its best since 2020, as market uncertainty eased. The oil market showed a transition, with Brent crude prices fluctuating. AI and semiconductors thrived, with 25% earnings growth. The quarter underscored a key principle: risk is priced continuously but resolved discontinuously. Small-cap benchmarks hit new highs, though the Magnificent 7 saw modest gains. In Q2, market activity focused on adjustments rather than facts, capitalizing on high option premiums. In addition, please check the Fund's top five holdings to know its best picks in 2026.
In its Q2 2026 investor letter, Crossroads Capital highlighted FTAI Aviation Ltd. (NASDAQ:FTAI). FTAI Aviation Ltd. (NASDAQ:FTAI) is an aviation company that owns, acquires, and sells aviation equipment. On August 19, 2026, FTAI Aviation Ltd. (NASDAQ:FTAI) closed at $210.91 per share, reflecting a market capitalization of $21.66 billion. FTAI Aviation Ltd. (NASDAQ:FTAI) posted a one‑month return of -6.95%, while its shares gained 38.10% over the past 52 weeks.
Crossroads Capital stated the following regarding FTAI Aviation Ltd. (NASDAQ:FTAI) in its Q2 2026 investor letter:
"FTAI Aviation Ltd. (NASDAQ:FTAI) entered the book eighteen months ago as a special situation, as a short seller campaign had marked the stock into the low $80s. However, it has since graduated to "emerging compounder." Today. FTAI is the leading independent MRO franchise for the CFM56, the most widely-flown engine on earth. It runs a vertically-integrated platform that manufactures "green time" (remaining usable life) by tearing down older engines and rebuilding them with proprietary PMA parts and used serviceable material into modules that swap in days rather than months. In a supply-constrained aftermarket, that speed can be the difference between an airline flying or remaining idle. FTAI captures the demand for that speed with high-margin Aerospace Products revenue layered on top of leasing, with the whole model migrating towards capital-light through its Strategic Capital vehicles.
The first quarter, reported in late April, showed the 2026 guidance of $1.625B in segment EBITDA was table stakes: Adjusted EBITDA came in at $325.6M and Aerospace Products revenue more than doubled with segment EBITDA up 70%. And 270 CFM56 modules were refurbished, up 96% year-over-year. The second quarter, reported late July, saw the Aviation Leasing segment guidance cut from $575M to $475M as part of the company's shift toward a more ***** et-light business model. With the Aerospace Products segment holdin
In its Q2 2026 investor letter, Crossroads Capital highlighted FTAI Aviation Ltd. (NASDAQ:FTAI). FTAI Aviation Ltd. (NASDAQ:FTAI) is an aviation company that owns, acquires, and sells aviation equipment. On August 19, 2026, FTAI Aviation Ltd. (NASDAQ:FTAI) closed at $210.91 per share, reflecting a market capitalization of $21.66 billion. FTAI Aviation Ltd. (NASDAQ:FTAI) posted a one‑month return of -6.95%, while its shares gained 38.10% over the past 52 weeks.
Crossroads Capital stated the following regarding FTAI Aviation Ltd. (NASDAQ:FTAI) in its Q2 2026 investor letter:
"FTAI Aviation Ltd. (NASDAQ:FTAI) entered the book eighteen months ago as a special situation, as a short seller campaign had marked the stock into the low $80s. However, it has since graduated to "emerging compounder." Today. FTAI is the leading independent MRO franchise for the CFM56, the most widely-flown engine on earth. It runs a vertically-integrated platform that manufactures "green time" (remaining usable life) by tearing down older engines and rebuilding them with proprietary PMA parts and used serviceable material into modules that swap in days rather than months. In a supply-constrained aftermarket, that speed can be the difference between an airline flying or remaining idle. FTAI captures the demand for that speed with high-margin Aerospace Products revenue layered on top of leasing, with the whole model migrating towards capital-light through its Strategic Capital vehicles.
The first quarter, reported in late April, showed the 2026 guidance of $1.625B in segment EBITDA was table stakes: Adjusted EBITDA came in at $325.6M and Aerospace Products revenue more than doubled with segment EBITDA up 70%. And 270 CFM56 modules were refurbished, up 96% year-over-year. The second quarter, reported late July, saw the Aviation Leasing segment guidance cut from $575M to $475M as part of the company's shift toward a more ***** et-light business model. With the Aerospace Products segment holdin
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