Apollo Global Management, Inc. ( APO ) shares are trading higher today. The company’s aviation lending platform, PK AirFinance, closed its first aircraft loan asset-backed securitization, PK ALIFT LOAN FUNDING 3 Series 2024-1.

PKAIR 2024-1 issued over $622 million in notes to acquire economic rights to a portfolio of aviation loans through a 100% series limited partnership interest in a PK-managed origination vehicle.

PK ALIFT 2024-1 is the first commercial aircraft loan ABS issuance of 2024 and the first AAA-rated aviation ABS public issuance in over 20 years.

PK credits this milestone to the quality of the portfolio assets, management team, and servicing platform. Both KBRA and DBRS rated the issuance.

Gary Rothschild, CEO of PK AirFinance, stated, “This transaction – supported by a AAA rating – is a testament to PK’s demonstrated track record within aviation finance, the strength and diversity of our collateral pool and our comprehensive servicing capabilities.”

“We believe the PKAIR shelf will further enhance our ability to provide flexible, competitive financings to our airline and lessor clients over the long term.”

Investors can gain exposure to the stock via EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF and WBI BullBear Quality 3000 ETF ( WBIL ) .

Price Action: APO shares are up 0.96% at $120.36 at the last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.