Marathon Asset Management, a global credit manager, announced the closing of MAST 2026-1, a $615 million aircraft securitization. MAST 2026-1 features a portfolio of 27 Airbus and Boeing narrowbody aircraft on operating leases with 18 different lessees. Lessees are domiciled across 15 countries, offering broad global geographic diversification with 41% of exposure in Europe, 29% in the Americas, 22% in Asia-Pacific, and 8% in MENA. The portfolios weighted average age is approximately 9.5 years and weighted average remaining initial lease term is approximately 5.8 years.
Marathon’s leadership in aviation finance spans 20+ years with a specialized team dedicated to robust origination, rigorous underwriting, proactive asset management and capital markets expertise. MAST 2026-1 exemplifies the strength of Marathon’s aviation finance platform, which has invested in more than 230 assets to date, focusing on highly in-demand commercial aircraft and engines leased to airlines worldwide.
“This transaction demonstrates the strength of our team, our deep experience in aircraft leasing investments, and the high quality of the underlying assets” said Joseph Thorstenson, Managing Director and Head of Marathon’s aviation strategy. “As the global aviation industry continues to experience strong travel demand alongside a shortage of the most in-demand aircraft, we remain focused on identifying attractive investment opportunities in the sector and delivering sustained, long-term value for our investors.”
“Marathon's leadership in Asset-Based Lending stems from our rigorous approach to originating investments secured by mission-critical assets across a diversified range of strategies, including Global Transportation — spanning Aviation, Maritime, and On-Ground Logistics,” said Ed Cong, Co-Head of Asset-Based Lending at Marathon. “MAST 2026-1 reflects the depth of our aviation expertise, established through decades of investing success, and our expertise in structuring innovative financing solutions.”
This issuance was structured with a senior tranche of investment grade debt, A rated by both Kroll Bond Rating Agency and Fitch Ratings. Funds advised by Marathon will retain the non-senior tranches of the securitization.