Core Points - KBRA has assigned preliminary ratings to three classes of notes from Planet Fitness Master Issuer LLC, Series 2025-1, indicating a whole business securitization [1] - The Series 2025-1 Notes issuance will lead to the repayment of Series 2022-1, Class A-2-I Notes, with KBRA planning to withdraw those ratings [1] - The ratings are based on cash flow analysis and are expected to affirm existing ratings on other series of notes [1] Company Overview - Planet Fitness Holdings, Inc. operates the Planet Fitness system, known for its affordable fitness memberships starting at $15 per month, with a premium Black Card option at $24.99 per month [2] - As of September 30, 2025, Planet Fitness has a total of 2,795 clubs, including 2,514 franchised locations and 281 company-owned locations across the U.S. and internationally [2] - The pledged collateral for the securitization consists of 2,631 locations in the U.S. and territories, with approximately 90% being franchised by unit count [2] - For the twelve months ending September 30, 2025, the company generated approximately $5.2 billion in systemwide sales [2]

Core Insights - PK AirFinance has successfully closed its largest aircraft loan asset-backed securitization to date, issuing approximately $827 million in debt through the PK ALIFT LOAN FUNDING 7 Series 2025-2 [1][2] Group 1: Transaction Details - PKAIR 2025-2 is the fourth commercial aircraft loan ABS issuance by PK since July 2024, contributing to a cumulative total of approximately $2.8 billion in ABS transactions over the past fifteen months [2] - This transaction is notable for being the first commercial aircraft loan ABS issuance to receive a 'Big Three' AAA rating in over 20 years, with Fitch assigning 'AAA' and 'AA' ratings to the A and B tranches, respectively [2] - The issuance was oversubscribed and attracted broad participation from capital markets participants, including a diverse range of institutional investors [3] Group 2: Asset and Security Details - The notes are secured by a portfolio of 107 senior-secured aviation loans across 42 unique obligors, with first priority liens on approximately $1.4 billion in underlying metal value [3] - The transaction involved multiple rating agencies, including Fitch, KBRA, and DBRS, highlighting the credibility and strength of the issuance [4] Group 3: Company Perspective - The CEO of PK AirFinance expressed enthusiasm about the transaction, emphasizing it as a key milestone for the PKAIR program and a testament to the company's track record in aviation finance [4] - The company aims to enhance its ability to provide flexible and competitive financing options to airline and lessor clients in the long term [4]