KBRA assigns preliminary ratings to three classes of notes issued by Business Jet Securities 2026-1, LLC Secured Notes, Series 2026-1 (BJETS 2026-1), a business jet ABS transaction. BJETS 2026-1 is the ninth business jet ABS transaction sponsored and serviced by Global Jet Capital, Inc. (GJC). BJETS 2026-1 is collateralized by lease payments due for business jet aircraft subject to an operating lease, and payments due for loans and finance leases secured by business jet aircraft, as well as the economic ownership of each business jet aircraft subject to an operating lease. GJC will retain the equity position in BJETS 2026-1 as it has done in previous securitizations.

As of March 31, 2026, the portfolio consists of 28 business jet aircraft (the Portfolio), with 25 unique obligors with a weighted average age of 5.4 years, weighted average remaining term of 5.5 years, and weighted average original term of 7.0 years. At closing, the Portfolio has an aggregate asset value of approximately $813.6 million.

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Methodologies

• Structured Finance: Global Structured Finance Counterparty Methodology
• ABS: General Global Rating Methodology for Asset Backed Securities

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: 1015282

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