Sankaty Jet Capital Provides $68 Million Debt Facility to Wheels Up

Sankaty Jet Capital, a wholly owned subsidiary of AIP Capital, has committed capital through a new secured mezzanine facility

STAMFORD, Conn. and NEW YORK, May 13, 2026 /PRNewswire/ -- Sankaty Jet Capital ("Sankaty" or "the Company"), a business aviation lending platform focused on providing financing solutions for counterparties across the business aviation industry and a wholly-owned subsidiary of AIP Capital ("AIP"), and Wheels Up Experience Inc. (NYSE: UP), ("Wheels Up") a leading provider of on-demand private aviation, announced the closing of a $68 million committed secured mezzanine facility.

The capital will be used to facilitate the purchase of additional Phenom 300 and Challenger 300 Series aircraft as part of Wheels Up previously announced fleet modernization plans. The facility will be secured initially by 51 existing aircraft, representing core assets of the Wheel Up business, with a total appraised value of ~$277.8 million, and is expected to accommodate the acquisition of additional aircraft over the next 18 months.

"We are proud to commence our partnership with Wheels Up by providing a bespoke financing solution to support their fleet modernization program," said Ford von Weise, Chief Executive Officer at Sankaty.

Scott Debano, Head of Capital Markets at AIP Capital commented, "Wheels Up has solidified itself as the leading provider of on-demand private aviation. This coupled with our long-standing relationship with Delta Air Lines, which spans over two decades, created an opportunity for this transaction and we hope many more to come."

"This strategic financing with Sankaty and AIP not only provides the investment capital needed to execute our growth plan but reflects confidence in the progress we're making towards building a strong and sustainable business," said George Mattson, Chief Executive Officer at Wheels Up.

About AIP Capital
AIP Capital (AIP) is a global alternative investment manager focused on opportunities in asset-based finance including aviation and equipment finance. AIP, together with its affiliates, manages approximately $7.5 billion of assets on behalf of a diversified global investor base. The AIP team is comprised of more than 60 experienced professionals across AIP's offices in Stamford, New York City, Dublin, and Singapore.

For more information about AIP Capital or to speak with company executives, please contact investor.relations@aipcapital.com.

About Sankaty Jet Capital
Sankaty Jet Capital's (Sankaty) mission is to redefine access to business aviation capital through deep industry insight, disciplined financial expertise, and long-term partnership. Guided by more than three decades of leadership in global business aviation finance, Sankaty was created to fill a long-standing gap in the business aviation finance marketplace and is focused on providing financing solutions to underserved market segments in the business aviation industry.

For more information about Sankaty Jet Capital or to speak with company executives, please contact investor.relations@sankatyjet.com.

About Wheels UP
Wheels Up (NYSE: UP) is a leading global provider of on-demand private aviation with a large, diverse fleet and a network of safety-vetted charter operators, all committed to safety and service. Customers access charter and membership programs and premium commercial travel benefits through a strategic partnership with Delta Air Lines. Wheels Up also provides cargo services to a range of clients, including individuals and government organizations via Air Partner Cargo. With the Wheels Up app and website, members can easily search, book, and fly.

For further information, visit www.wheelsup.com.

Media Contacts

AIP Capital
investor.relations@aipcapital.com

Sankaty Jet Capital
investor.relations@sankatyjet.com

Wheels Up
ir@wheelsup.com

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