KBRA assigns preliminary ratings to Castlelake Aircraft Structured Trust 2026-1 (CLAS 2026-1), an aviation ABS transaction. CLAS 2026-1 represents the 12th aviation ABS transaction sponsored by Castlelake, L.P. (Castlelake, or the Company). CLAS 2026-1 will be serviced by Castlelake Aviation Holdings (Ireland) Limited (the Servicer), which is a wholly owned subsidiary of Castlelake. Since inception, the Company has invested more than $22 billion of fund equity in aviation secured financing and has raised approximately $8 billion of ABS debt across multiple financings. A company managed by Castlelake will retain the equity position in CLAS 2026-1 at closing, as it has done in its previous securitizations.

Proceeds from the Class A Notes, Class B Notes and Class C Notes (together, the Notes) will be used to acquire a portfolio of 37 assets (the Portfolio); consisting of 33 narrowbody aircraft (87.3% by value, with one E195-E2 (4.0%) classified as a narrowbody aircraft throughout the report) and four widebody aircraft (12.7%), on lease to 31 lessees located in 22 jurisdictions. As of February 28, 2026 (the Cutoff Date), the weighted average age of the Portfolio is approximately 11.6 years, and the weighted average remaining term of the initial lease contracts is approximately 4.4 years. The Portfolio has an initial value of approximately $998.0 million.

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Methodologies

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

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