Apollo PK Air Management is seeing the launch of its sixth aviation loan securitization this month, raising an expected $890.9 million from the capital markets.

The transaction, PK ALIFT Loan Funding 9 will use the proceeds to buy a portfolio of 42 loan facilities, made up of 110 loans. A majority of them are limited recourse loans, 67.3% by loan balance, while 32.7% of the loans are full recourse, by balance, according to Kroll Bond Rating Agency.

KBRA finds that the 76 narrowbody aircraft, 20 engines, seven freighter aircraft and seven widebody aircraft are on lease to 39 lessees located in 28 jurisdictions. As of July 2026, the underlying assets have a weighted average of 9.2 years, aside from the engines.

KBRA also notes that PK ALIFT 9's applicable percentage of the appraised value of the portfolio is about $1.3 billion, based on the average of the half-life base values provided by third-party appraisers as of April 2026.

PK ALIFT 9, slated to close on July 31, and will issue five classes of notes. All the notes are expected to be fixed rate except for the variable rate notes in the senior A-F tranche, KBRA said. All the notes have a legal final maturity date of February 2044, according to the rating agency.

Redding Ridge Asset Management, Mizuho Securities and RBC Capital Markets are the deal's structuring agents, KBRA said. RBC Capital Markets BNP Paribas Securities, Apollo Global Securities and others.

The deal will repay principal on a monthly basis, with senior expenses and fees first, unpaid interest payments on the class A and class B notes, then amounts to satisfy the coverage tests or to fund a principal reserve, if any, KBRA said.

Interest collections will be made monthly through the waterfall to pay senior expenses and fees, according to the rating agency.

The transaction structure also includes an Interest Coverage Ratio test. If the ICR test level is below the applicable threshold, then all remaining funds after the payment of interest on classes that are senior to the classes involved will be repaid sequentially until the shortfall is resolved.

KBRA assigns AAA to the A-F and A tranches; and AA, A, and BB- to classes B, C, and D, respectively.