KBRA assigns preliminary ratings to FTAI MRE 2026-2 Cayman Limited and FTAI MRE 2026-2 US LLC (MRE 2026-2 or the Issuer), an aviation ABS transaction. MRE 2026-2 represents the second aviation ABS transaction sponsored by FTAI Aviation (FTAI, or the Company). MRE 2026-2 will be serviced by FTAI Aircraft Leasing DAC, FTAI AirOpCo UK Ltd, and FTAI Aircraft Leasing LLC (FTAI Aircraft Leasing, or the Servicers), which are wholly owned subsidiaries of FTAI Aviation. The Company has a $17 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 2026-2 at closing.

Proceeds from the Series A Notes and Series B Notes (together, the Notes) will be used to acquire a portfolio of 46 assets (the Portfolio); consisting of 45 narrowbody aircraft (97.9% by value) and one narrowbody freighter aircraft (2.1%), on lease to 26 lessees located in 20 jurisdictions. As of October 31, 2026 (the Cutoff Date), the weighted average age of the Portfolio is approximately 14.5 years, and the weighted average remaining term of the initial lease contracts is approximately 4.3 years. The Portfolio has an initial value of approximately $856.2 million based on the average of the half-life base values provided by three third party appraisers as of September 2026, which were adjusted for actual maintenance conditions and specifications by a third-party maintenance provider as of October 2026.

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Methodologies

• ABS: Aviation ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology

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: 1017732

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