Marathon Asset Management announced the closing of MAST 2026-1, a $615 million aircraft securitization backed by a diversified portfolio of commercial aircraft leased to airlines around the world.
The securitization includes a portfolio of 27 Airbus and Boeing narrowbody aircraft currently on operating leases with 18 different airline lessees across 15 countries. The portfolio provides broad geographic diversification, with 41% of exposure in Europe, 29% in the Americas, 22% in Asia-Pacific, and 8% in the Middle East and North Africa region. The aircraft portfolio has a weighted average age of approximately 9.5 years and a weighted average remaining initial lease term of about 5.8 years.
The transaction was structured with a senior tranche of investment-grade debt rated A by both Kroll Bond Rating Agency and Fitch Ratings. Funds advised by Marathon will retain the non-senior tranches of the securitization.
Marathon said the deal highlights the strength of its aviation finance platform, which has more than two decades of experience and has invested in over 230 aviation assets, focusing on in-demand commercial aircraft and engines leased to airlines worldwide.
The firm emphasized that strong global travel demand combined with supply shortages of new aircraft continues to create attractive investment opportunities in aviation assets.
Founded in 1998, Marathon Asset Management is a global asset manager specializing in private and public credit markets, with more than $24 billion in assets under management. The company operates dedicated investment programs spanning asset-based lending, direct lending, opportunistic credit, and public credit strategies.
In January 2026, Marathon entered into a definitive agreement to be acquired by entities controlled by CVC Capital Partners, a global private markets investment firm.
KEY QUOTES:
“This transaction demonstrates the strength of our team, our deep experience in aircraft leasing investments, and the high quality of the underlying assets. 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.”
Joseph Thorstenson, Managing Director And Head Of Aviation Strategy At Marathon Asset Management
“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. MAST 2026-1 reflects the depth of our aviation expertise, established through decades of investing success, and our expertise in structuring innovative financing solutions.”
Ed Cong, Co-Head Of Asset-Based Lending At Marathon Asset Management
