<div id="readability-page-1"><div>KBRA Assigns Preliminary Rating to MRE 2026-1 KBRA assigns a preliminary rating to FTAI MRE 2026-1 Cayman Limited and FTAI MRE 2026-1 US LLC (MRE 2026-1), an aviation ABS transaction. MRE 2026-1 represents the first aviation ABS transaction sponsored by FTAI Aviation (FTAI, or the Company). MRE 2026-1 will be serviced by FTAI Aircraft Leasing LLC, FTAI Aircraft Leasing DAC, and FTAI AirOpCo UK Ltd (FTAI Aircraft Leasing, or the Servicers), which is a wholly owned subsidiary of FTAI Aviation. The Company has a $25 billion market capitalization and currently owns and manages approximately $9 billion of aircraft engines and parts. Affiliates of FTAI will retain the equity position in MRE 2026-1 at closing. Proceeds from the Series A Notes and Series B Notes (together, the Notes) will be used to acquire a portfolio of 48 assets (the Portfolio); consisting of 43 narrowbody aircraft (90.6% by value) and five narrowbody freighter aircraft (9.4%), on lease to 23 lessees located in 19 jurisdictions. As of April 30, 2026 (the Cutoff Date), the weighted average age of the Portfolio is approximately 15.6 years, and the weighted average remaining term of the initial lease contracts is approximately 4.0 years. The Portfolio has an initial value of approximately $825.6 million. To access ratings and relevant documents, click here. Click here to view the report. Methodologies <ul> <li> ABS: Aviation ABS Global Rating Methodology </li> <li> Structured Finance: Global Structured Finance Counterparty Methodology </li> </ul> Disclosures Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above. A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here. Information on the meaning of each rating category can be located here. Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com. About KBRA Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S. Doc ID: 1015052 <img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1tc3RyMyZzdHk9MjAyNjA1MTg4NTcxMjlyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1tc3RyMyZzdHk9MjAyNjA1MTg4NTcxMjlyMQ"/> Analytical Contacts Michael Lepri, Senior Director (Lead Analyst) +1 646-731-3389 michael.lepri@kbra.com Alan Greenblatt, Managing Director +1 646-731-2496 alan.greenblatt@kbra.com Teddy DeClue, Analyst +1 646-731-3364 teddy.declue@kbra.com Zara Shirazi, Managing Director +1 646-731-3326 zara.shirazi@kbra.com Killian Walsh, Managing Director (Rating Committee Chair) +353 1 588 1184 killian.walsh@kbra.com Business Development Contact Arielle Smelkinson, Senior Director +1 646-731-2369 arielle.smelkinson@kbra.com View source version on businesswire.com: https://www.businesswire.com/news/home/20260518857129/en/</div></div>

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KBRA has assigned a preliminary rating to FTAI MRE 2026-1, the first aviation ABS transaction by FTAI Aviation. The transaction involves a portfolio of 48 assets, primarily narrowbody aircraft, valued at approximately $825.6 million. FTAI has a market cap of $25 billion and manages around $9 billion in aircraft engines and parts. Proceeds from the Series A and B Notes will fund the acquisition of these assets, which are leased to 23 lessees across 19 jurisdictions.