# EDGAR Filing Document

**Accession Number:** 0001966585
**File Stem:** 0000945621-25-001184
**Filing Date:** 2025-12
**Character Count:** 33002
**Document Hash:** 253a90c19face5edea2d51c29a9ea437
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000945621-25-001184.hdr.sgml**: 20251209

**ACCESSION NUMBER**: 0000945621-25-001184

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251209

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20251209

**DATE AS OF CHANGE**: 20251209

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Monroe Capital Private Credit Master Fund V SCSp SICAV-RAIF
- **CENTRAL INDEX KEY:** 0001966585

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-08153
- **FILM NUMBER:** 251559789

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MONROE CAPITAL LLC
- **STREET 2:** 155 NORTH WACKER DRIVE, FLOOR 35
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 523-2372

**MAIL ADDRESS:**
- **STREET 1:** C/O MONROE CAPITAL LLC
- **STREET 2:** 155 NORTH WACKER DRIVE, FLOOR 35
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Monroe Capital Private Credit Master Fund V SCSp SICAV-RAIF
- **CENTRAL INDEX KEY:** 0001966585

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MONROE CAPITAL LLC
- **STREET 2:** 155 NORTH WACKER DRIVE, FLOOR 35
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 523-2372

**MAIL ADDRESS:**
- **STREET 1:** C/O MONROE CAPITAL LLC
- **STREET 2:** 155 NORTH WACKER DRIVE, FLOOR 35
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Monroe Capital Private Credit Master Fund V SCSp SICAV-RAIF
- **CENTRAL INDEX KEY:** 0001966585

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** N4
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** C/O MONROE CAPITAL LLC
- **STREET 2:** 155 NORTH WACKER DRIVE, FLOOR 35
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 523-2372

**MAIL ADDRESS:**
- **STREET 1:** C/O MONROE CAPITAL LLC
- **STREET 2:** 155 NORTH WACKER DRIVE, FLOOR 35
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549<br>FORM ABS-15G<br>ASSET-BACKED SECURITIZER<br> REPORT PURSUANT TO SECTION 15G<br> OF THE SECURITIES EXCHANGE ACT OF 1934**

<br> Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

☐ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period _________ to __________ <br>

Date of Report (Date of earliest event reported): ___________

Commission File Number of securitizer: ___________

Central Index Key Number of securitizer: ___________

  <br> (Name and telephone number, including area code,<br> of the person to contact in connection with this filing)

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1): ☐

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i): ☐

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii): ☐

☒ Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2).

Central Index Key Number of securitizer: 0001966585

<u> Monroe Capital ABS Funding III, LP </u> <br> (Exact name of issuing entity as specified in its charter) <br>

Central Index Key Number of issuing entity (if applicable): N/A

Central Index Key Number of underwriter (if applicable): N/A

<u> Theodore L. Koenig, (312) 258-8300 </u> <br> (Name and telephone number, including area code,<br> of the person to contact in connection with this filing)

------

#### INFORMATION TO BE INCLUDED IN THE REPORT

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| | |
|:---|:---|
| **PART I** | **REPRESENTATION AND WARRANTY INFORMATION** |

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N/A

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| | |
|:---|:---|
| **PART II** | **FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS** |

---

#### Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer
Attached as Exhibit 99.1 hereto is a Report of Independent Accountants on Applying Agreed-Upon Procedures, dated November 21, 2025, which report sets forth the findings of Ernst & Young LLP with respect to certain agreed-upon procedures performed by Ernst & Young LLP.

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| Date: December 9, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; Monroe Capital Private Credit Master Fund V SCSp SICAV-RAIF<br> (Securitizer)<br>By: <u>/s/ Theodore L. Koenig &nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Name: Theodore L. Koenig<br> Title: Authorized Signatory |

---

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#### EXHIBIT INDEX
Exhibit Number Description

Exhibit 99.1 Report of Independent Accountants on Applying Agreed-Upon Procedures, dated November 21, 2025.

## Exhibit 99.1

![](aupmcafiiiprepricing15g.jpg)

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![](image00006.jpg)

Report of Independent Accountants

on Applying Agreed-Upon Procedures

Monroe Capital ABS Funding III, LP

c/o The Corporation Trust Company

1209 Orange Street, Wilmington

New Castle County, Delaware 19801

Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe Capital ABS Funding III, LP

We have performed the procedures enumerated in Attachment A, which were agreed to and acknowledged as appropriate by the addressee of this report, Monroe Capital Management Advisors, LLC (the "Collateral Manager") and Jefferies LLC (the "Initial Purchaser" or "Jefferies" and, collectively with the addressee and the Collateral Manager, the "Specified Parties"), for the intended purpose of assisting the Specified Parties in evaluating the accuracy of certain information with respect to Monroe Capital ABS Funding III, LP's (the "Issuer" or "Engaging Party") portfolio of middle market loans, recurring revenue loans and participation interests therein (the "Collateral Obligations") on an electronic data file and related decodes prepared by Jefferies pursuant to the Draft Governing Documents (as defined herein). This agreed-upon procedures engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (the "AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the Specified Parties have agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. No other party acknowledged the appropriateness of the procedures. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. The appropriateness of these procedures is solely the responsibility of the Specified Parties identified in this report. We make no representation regarding the appropriateness of the procedures described in Attachment A, either for the purpose for which this report has been requested or for any other purpose.

We are required to be independent of the Issuer and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement. Independence requirements for agreed-upon procedures engagements are less restrictive than independence requirements for audit and other attestation services.

Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Draft Governing Documents (as defined herein).

The procedures performed and our associated findings are included in Attachment A.

For the purpose of the procedures described in this report, Jefferies, on behalf of the Issuer, provided us with an electronic data file labeled as "MCAF 2025-1 - Loan Tape 9.30.25 (Nov - EY Tape)" and related decodes (the "Data File") that contains information related to the 30 September 2025 (the "Pricing Cut-off Date") on 47 Collateral Obligations and 2 additional hypothetical loans which are identified as "Hypo Asset 1" and "Hypo Asset 2", under the "Issuer" column in the Data File (the "Hypothetical Collateral Obligations" and, together with the Collateral Obligations, the "Planned Collateral Obligations").

A member firm of Ernst & Young Global Limited

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| | |
|:---|:---|
| ![](image00007.jpg) <br>| Monroe Capital ABS Funding III, LP<br> Page 2<br>|

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For the purpose of the procedures described in this report, the Collateral Manager, on behalf of the Issuer, provided us with the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. An electronic data file labeled as "MCAF 2025-1 - Loan Tape 9.30.25 (Data Tape)v4.xlsx" (the "Loan Tape") which the Collateral Manager indicated was
 internally generated from their books and records and contains certain loan level information for the Collateral Obligations as of the Pricing Cut-off Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. A copy of a preliminary offering circular (the "Preliminary Offering Circular"), a draft copy of which we received dated 7 November 2025 related to the
 offering of the Issuer's Notes (as defined below),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A copy of an indenture to be entered into between the Issuer and U.S. Bank Trust Company, National Association (the "Trustee"), a draft copy of which we
 received dated 15 November 2025 (the "Draft Indenture" and, together with the Preliminary Offering Circular, the "Draft Governing Documents"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Copies of certain Collateral Obligations' asset monitoring reports which the Collateral Manager indicated were internally generated from their books and
 records and contain certain loan level information for such Collateral Obligations as well as certain financial information of the obligors of such Collateral Obligations (each, an "Asset Monitoring Report"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Copies of internally generated screenshots that contain information on certain Collateral Obligations' which the Collateral Manager indicated is the relevant
 loan level information from their books and records for such Collateral Obligations (each, an "Internal Screenshot"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Copies of final credit agreements and amendments or supplements thereto (each, a "Credit Agreement") for the Sample Collateral Obligations (as defined
 herein),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Copies of certain rate set notices, which include certain global notices that the Collateral Manager indicated contain the relevant information applicable
 globally for the corresponding Sample Collateral Obligations (as defined herein) and are the relevant documents for the Issuer (each, a "Rate Set Notice"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Copies of financial statement reports (each, a "Financial Statement") for the obligors of the Sample Collateral Obligations (as defined herein) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Instructions, assumptions and methodologies (the "Assumptions"), which are shown on the attached Exhibit 1 of Attachment A.

The information provided by Jefferies and the Collateral Manager, each on behalf of the Issuer, excluding the Data File, is collectively referred to herein as the "Source Documents".

The procedures in Attachment A were limited to comparing certain information that is further described in Attachment A. We performed no procedures on any other information on the Data File and Pricing Date Data File (as defined on Attachment A). The Issuer is responsible for the information contained in the Data File, Pricing Date Data File (as defined on Attachment A), Source Documents, Exhibit 1 to Attachment A and the determination of the instructions, assumptions and methodologies that are described herein. We were not requested to perform, and we have not performed, any further procedures than those listed in Attachment A with respect to the preparation or verification of any of the information set forth on the Data File or Pricing Date Data File (as defined on Attachment A). We have not verified, and we make no representations as to the accuracy, completeness or reasonableness of the Source Documents, or any other information obtained or provided to us. We make no representations and express no opinion or conclusion as to: (a) the existence of the Planned Collateral Obligations, (b) questions of legal or tax interpretation, (c) the appropriateness of the requirements of the Draft Governing Documents, (d) the accuracy, completeness or reasonableness of the assumptions and methodologies set forth in the Draft Governing Documents, (e) the accuracy, completeness or reasonableness of the information provided to us by the Jefferies, on behalf of the Issuer or (f) the accuracy, completeness or reasonableness of the information provided to us by the Collateral Manager, on behalf of the Issuer.

A member firm of Ernst & Young Global Limited

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|:---|:---|
| ![](image00007.jpg) <br>| Monroe Capital ABS Funding III, LP<br> Page 3<br>|

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This report does not constitute a legal determination as to the Issuer's compliance with the Draft Governing Documents' specified requirements. We undertake no responsibility to update this report for events and circumstances occurring after the date hereof.

We were not engaged to, and did not, conduct an examination to express an opinion or a review to express a conclusion in accordance with attestation standards established by the AICPA, on any of the items referred to herein. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

This agreed-upon procedures engagement was not conducted for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Satisfying any criteria for due diligence published by a nationally recognized statistical rating organization or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Making any findings with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Whether the origination of the Planned Collateral Obligations conformed to, or deviated from, stated underwriting or credit extension guidelines, standards, criteria, or other requirements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The value of the collateral securing the Planned Collateral Obligations,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Whether the originator of the Planned Collateral Obligations complied with federal, state or local laws or regulations or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Any other factor or characteristic of the Planned Collateral Obligations that would be material to the likelihood that the issuer of the asset-backed security will pay interest and principal in accordance with applicable terms and conditions.

This report is intended solely for the use of the Specified Parties and is not intended to be, and should not be, used by anyone other than these Specified Parties. It is not intended to be, and should not be, used by any other person or entity, including investors and credit rating agencies, who are not identified in this report as Specified Parties.

/s/ Ernst & Young LLP

21 November 2025

A member firm of Ernst & Young Global Limited

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|:---|:---|
| ![](image00007.jpg) <br>| **Attachment A**<br> Page 1 of 6<br>|

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#### Background
For the purpose of the procedures described in this Attachment A, the Draft Governing Documents relate to the issuance of Issuer's Secured Notes and the Issuer's Subordinated Notes (together with the Secured Notes, the "Notes").

The Collateral Manager, on behalf of the Issuer, indicated that the Planned Collateral Obligations on the Pricing Date Data File (as defined herein) represent the Collateral Obligations and the anticipated Principal Balance for each Collateral Obligation that the Issuer is expected to own or acquire by the Closing Date (as defined in the Draft Governing Documents). Furthermore, the Collateral Manager, on behalf of the Issuer, indicated that the Collateral Obligations ultimately owned or acquired on the Closing Date (as defined in the Draft Governing Documents) may not include all the Planned Collateral Obligations listed on the Pricing Date Data File (as defined herein) and may include other Collateral Obligations acquired after the Pricing Cut-off Date (as defined herein). The procedures we performed were limited to comparing certain information on the Collateral Obligations on the Pricing Date Data File (as defined herein) and no procedures were performed on the Hypothetical Collateral Obligations.

A member firm of Ernst & Young Global Limited

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|:---|:---|
| ![](image00007.jpg) <br>| **Attachment A**<br> Page 2 of 6<br>|

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#### Procedures we performed and our associated findings
The procedures we performed and our associated findings were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We obtained from Jefferies, on behalf of the Issuer, the Data File containing information on the Planned Collateral Obligations as of the
 Pricing Cut-off Date. We compared the Characteristics (as defined herein) and Sample Characteristics (as defined herein) indicated below, as shown on the Data File, for the
 corresponding Collateral Obligations as indicated below, to the corresponding information on the Source Documents, Data Sources (as defined herein) and Additional Data Sources (as defined herein) as indicated below and
 Jefferies adjusted the information on the Data File to correct for differences we noted in performing the procedures described below, subject to any qualifications and exceptions stated in the Assumptions on Exhibit 1 to
 Attachment A. The Data File, as so adjusted, is herein referred to as the "Pricing Date Data File."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Collateral Manager, on behalf of the Issuer, provided a sample of three Collateral Obligations as shown in the Pricing Date Data File (each,
 a "Sample Collateral Obligation"), on which to perform the procedures as indicated in Item 5. below. For the purpose of this procedure, the Collateral Manager, on behalf of the Issuer, did not inform us as to the basis
 for how they determined the number of the Sample Collateral Obligations or the methodology they used to select the Sample Collateral Obligations from the Pricing Date Data File. The resulting Sample Collateral
 Obligations, as identified on the Pricing Date Data File, are:

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| |
|:---|
| **<u>Sample Collateral Obligations</u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Bluesight, Inc. |
| BTRS Holdings Inc. |
| Douglas Holdings, Inc. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For each Collateral Obligation included in the Pricing Date Data File, we compared the following characteristics, if applicable,
 (the "Characteristics") listed in the table below, and as shown on the Pricing Date Data File, with the corresponding information we obtained or derived on or after the Pricing Cut-off Date using certain Assumptions on
 Exhibit 1 to Attachment A and the following data sources (each, a "Data Source"), as applicable: (a) Loan Tape, (b) Asset Monitoring Reports and (c) Internal Screenshots. Where more than one Data Source is listed for a
 Characteristic, the Issuer instructed us to note agreement if the value on the Pricing Date Data File for the Characteristic agreed with the corresponding information on at least one of the Data Sources that are listed
 for such Characteristic. We performed no procedures to reconcile any differences that may exist between various Data Sources for any of the Characteristics.

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| | |
|:---|:---|
| **<u>Characteristics</u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **<u>Data Sources</u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuer<br> (labeled as "Issuer" on the Pricing Date Data File) | Asset Monitoring Reports, Internal Screenshots |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lien Position<br> (labeled as "Lien Position" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring Revenue Loan (y/n)<br> (labeled as "RRL" on the Pricing Date Data File) | Loan Tape |

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A member firm of Ernst & Young Global Limited

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|:---|:---|
| ![](image00007.jpg) <br>| **Attachment A**<br> Page 3 of 6<br>|

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3. (continued)

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| | |
|:---|:---|
| **<u>Characteristics</u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **<u>Data Sources</u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity date<br> (labeled as "Maturity" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Country<br> (labeled as "Country" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industry<br> (labeled as "Industry" on the Pricing Date Data File | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupon Type<br> (labeled as "Coupon Type" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR Spread<br> (labeled as "Spread" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR Floor Rate<br> (labeled as "Floor" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK Spread<br> (labeled as "PIK %" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment frequency<br> (labeled as "Frequency" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenants (y/n)<br> (labeled as "Covenants" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monroe Rating<br> (labeled as "Monroe Rating" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current LTV<br> (labeled as "Current LTV" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of Date for Financials<br> (labeled as "As of Date for Financials" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Indebtedness<br> (labeled as "Current Senior Indebtedness ($MMs)" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Indebtedness<br> (labeled as "Current Total Indebtedness ($MMs)" on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM Adjusted 1st Lien EBITDA Debt (current)<br> (labeled as "LTM Adj 1st Lien EBITDA Debt Mult (current)" for Collateral Obligations that are not Recurring Revenue Loans on the Pricing Date Data File) | Loan Tape |

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A member firm of Ernst & Young Global Limited

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|:---|:---|
| ![](image00007.jpg) <br>| **Attachment A**<br> Page 4 of 6<br>|

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3. (continued)

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| | |
|:---|:---|
| **<u>Characteristics</u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **<u>Data Sources</u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM Adjusted 1st Lien RR Debt (current)<br> (labeled as "LTM Adj 1st Lien RR Debt Mult (current)" for Collateral Obligations that are Recurring Revenue Loans on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM EBITDA Adjusted<br> (labeled as "LTM EBITDA Adj" for Collateral Obligations that are not Recurring Revenue Loans on the Pricing Date Data File) | Loan Tape |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM Recurring Revenue<br> (labeled as "LTM Recurring Revenue" for Collateral Obligations that are Recurring Revenue Loans on the Pricing Date Data File) | Loan Tape |

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All Characteristics were in agreement.

In performing this procedure, we were instructed by the Issuer to ignore differences that appeared to be due to abbreviation, truncation or punctuation or differences that are within (i) +/- $100.00 or less, (ii) +/- 0.1x or less, (iii) +/- 0.01% or less or (iv) +/- 30 days or less.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For each Collateral Obligation included in the Pricing Date Data File, we compared the Principal Balance (labeled as "Principal
 Balance" in the Pricing Date Data File) by obligor (labeled as "Issuer" in the Pricing Date Data File) to the corresponding balance as shown on the Loan Tape and noted that the Principal Balance for each
 Collateral Obligation included in the Pricing Date Data File was in agreement with the corresponding aggregate balance on the Loan Tape. In performing this procedure, we were instructed by the Issuer to ignore
 differences of +/- $1.00 or less for each Collateral Obligation's aggregated balance and in the aggregate for all Collateral Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. For each Sample Collateral Obligation included in the Pricing Date Data File, we compared the following characteristics, if
 applicable, (the "Sample Characteristics") listed in the table below, and as shown on the Pricing Date Data File, with the corresponding information we obtained or derived on or after the Pricing Cut-off Date
 using certain Assumptions on Exhibit 1 to Attachment A, information on the Pricing Date Data File and the following data sources (each, an "Additional Data Source"), as applicable: (a) Credit Agreements,
 (b) Rate Set Notices and (c) Financial Statements. We performed no procedures to reconcile any differences that may exist between various Additional Data Sources for any of the Sample Characteristics.

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| | |
|:---|:---|
| **<u>Sample Characteristics</u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **<u>Additional Data Sources</u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Issuer<br> (labeled as "Issuer" on the Pricing Date Data File) | <br> Credit Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lien Position<br> (labeled as "Lien Position" on the Pricing Date Data File) | Credit Agreements |

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A member firm of Ernst & Young Global Limited

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|:---|:---|
| ![](image00007.jpg) <br>| **Attachment A**<br> Page 5 of 6<br>|

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5. (continued)

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| | |
|:---|:---|
|  **<u>Sample Characteristics</u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | **<u>Additional Data Sources</u>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recurring Revenue Loan (y/n)<br> (labeled as "RRL" on the Pricing Date Data File) | Credit Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturity Date<br> (labeled as "Maturity" on the Pricing Date Data File) | Credit Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Country<br> (labeled as "Country" on the Pricing Date Data File) | Credit Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coupon Type<br> (labeled as "Coupon Type" on the Pricing Date Data File) | Credit Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR Spread<br> (labeled as "Spread" on the Pricing Date Data File) | Rate Set Notices |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR Floor Rate<br> (labeled as "Floor" on the Pricing Date Data File) | Credit Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PIK Spread<br> (labeled as "PIK %" on the Pricing Date Data File) | Rate Set Notice |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenants (y/n)<br> (labeled as "Covenants" on the Pricing Date Data File) | Credit Agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of Date for Financials<br> (labeled as "As of Date for Financials" on the Pricing Date Data File) | Financial Statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Indebtedness<br> (labeled as "Current Senior Indebtedness ($MMs)" on the Pricing Date Data File) | Financial Statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Indebtedness<br> (labeled as "Current Total Indebtedness ($MMs)" on the Pricing Date Data File) | Financial Statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM Adjusted 1st Lien RR Debt (current)<br> (labeled as "LTM Adj 1st Lien RR Debt Mult (current)" for the Collateral Obligation that is a Recurring Revenue Loan on the Pricing Date Data File) | Financial Statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LTM Recurring Revenue<br> (labeled as "LTM Recurring Revenue" for the Collateral Obligation that is a Recurring Revenue Loan on the Pricing Date Data File) | Financial Statements |

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Except for the information provided in the Assumptions on Exhibit 1 to Attachment A, all Sample Characteristics were in agreement.

A member firm of Ernst & Young Global Limited

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| | |
|:---|:---|
| ![](image00007.jpg) <br>| **Attachment A**<br> Page 6 of 6<br>|

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5. (continued)

In performing this procedure, we were instructed by the Collateral Manager, on behalf of the Issuer, not to compare the "LTM EBITDA Adjusted" and "LTM Adjusted 1st Lien EBITDA Debt (current)" Sample Characteristics as they are not applicable for the Sample Collateral Obligations and as such there are no values shown in the Pricing Date Data File. We were also instructed by the Collateral Manager, on behalf of the Issuer, not to compare the "Current LTV" Sample Characteristic as supporting documents could not be provided for the Sample Collateral Obligations. We performed no procedures to test the validity or accuracy of this information.

In performing this procedure, we were instructed by the Issuer to ignore differences that appeared to be due to abbreviation, truncation or punctuation or differences that are within (i) +/- $100.00 or less, (ii) +/- 0.1x or less, (iii) +/- 0.01% or less or (iv) +/- 30 days or less.

In performing these procedures, we were instructed by the Collateral Manager, on behalf of the Issuer, not to perform any procedures on the Hypothetical Collateral Obligations. We performed no other procedures on any other information on the Pricing Date Data File.

A member firm of Ernst & Young Global Limited

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#### Exhibit 1 to Attachment A

#### <br>

**#### Assumptions
(refer to Items 1., 3. and 5.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For the purpose of comparing the "Issuer" Characteristic and the "Issuer" Sample Characteristic, the Collateral Manager, on behalf of the Issuer, instructed us to use either the obligor, the parent company of the obligor or a co-borrower with the obligor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the purpose of comparing the "Senior Indebtedness", "Total Indebtedness" and "LTM Recurring Revenue" Sample Characteristics, the Collateral Manager, on behalf of the Issuer, indicated that the corresponding values shown on the Financial Statements are shown in thousands ('000s) for all Collateral Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For the purpose of comparing the "Maturity Date" Sample Characteristic, the Collateral Manager, on behalf of the Issuer, indicated that all the Sample Collateral Obligations are Initial Term Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For the purpose of comparing the "Current LTV" Sample Characteristic, the Collateral Manager, on behalf of the Issuer, indicated that supporting documents could not be provided for the following Sample Collateral Obligations, as identified on the Pricing Date Data File, and the values on the Pricing Date Data File as shown below are correct. We performed no procedures to test the validity or accuracy of this information:

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| | |
|:---|:---|
| Sample Collateral Obligation | Value |
|  Bluesight, Inc. | 43.26% |
|  BTRS Holdings Inc. | 21.41% |
|  Douglas Holdings, Inc. | 30.19% |

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**<br>