# EDGAR Filing Document

**Accession Number:** 0002093299
**File Stem:** 0001193125-25-253354
**Filing Date:** 2025-10
**Character Count:** 17082
**Document Hash:** e0bf3a9ba5662c00a06aac71a5952780
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-253354.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001193125-25-253354

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251027

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

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SF ABS Parent, LLC
- **CENTRAL INDEX KEY:** 0002093299

**ORGANIZATION NAME:**
- **EIN:** 933041739
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-08044
- **FILM NUMBER:** 251424285

**BUSINESS ADDRESS:**
- **STREET 1:** 444 NORTH NASH STREET
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
- **BUSINESS PHONE:** 310-563-1700

**MAIL ADDRESS:**
- **STREET 1:** 444 NORTH NASH STREET
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SF ABS Parent, LLC
- **CENTRAL INDEX KEY:** 0002093299

**ORGANIZATION NAME:**
- **EIN:** 933041739
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 444 NORTH NASH STREET
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
- **BUSINESS PHONE:** 310-563-1700

**MAIL ADDRESS:**
- **STREET 1:** 444 NORTH NASH STREET
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SF ABS Parent, LLC
- **CENTRAL INDEX KEY:** 0002093299

**ORGANIZATION NAME:**
- **EIN:** 933041739
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 444 NORTH NASH STREET
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
- **BUSINESS PHONE:** 310-563-1700

**MAIL ADDRESS:**
- **STREET 1:** 444 NORTH NASH STREET
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM ABS-15G** 

**ASSET-BACKED SECURITIZER** 

**REPORT PURSUANT TO SECTION 15G OF** 

**THE SECURITIES EXCHANGE ACT OF 1934** 

**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________** 

**Date of Report (Date of earliest event reported) ______________________** 

**Commission File Number of securitizer: ____________________** 

**Central Index Key Number of securitizer: ___________________** 

**Name and telephone number, including area code, 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 depositor: 0002093299** 

## SF ABS Issuer, LLC
**(Exact name of issuing entity as specified in its charter)** 

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

**Central Index Key Number of underwriter (if applicable): Not applicable** 

**Avner Papouchado (310) 563-6292** 

**Name and telephone number, including area code, of the person** 

**to contact in connection with this filing** 

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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** 

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibit 99.1 to this Form ABS-15G.

**INDEX OF EXHIBITS** 

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>Exhibit 99.1</u> | [Independent Accountants' Report on Applying Agreed-Upon Procedures, dated October 24, 2025, of Deloitte.](d94187dex991.htm) |

---

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**SIGNATURES** 

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

---

| | | |
|:---|:---|:---|
| SF ABS Parent, LLC | SF ABS Parent, LLC | SF ABS Parent, LLC |
| By: | /s/ Avner Papouchado | /s/ Avner Papouchado |
|  | Name: | Avner Papouchado |
|  | Title: | President |

---

Date: October 28, 2025

## Exhibit 99.1

**Exhibit 99.1** 

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| | |
|:---|:---|
| ![LOGO](g94187g1028194702375.jpg) | **Deloitte & Touche LLP**<br> 3 Second Street<br> Suite 301<br> Harborside Plaza 10<br> Jersey City, NJ 07302<br> USA<br>Tel: +1 212 937 8202<br> www.deloitte.com |

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Serverfarm, LLC

444 N. Nash Street

El Segundo, California 90245

**Independent Accountants' Report** 

**<u>on Applying Agreed-Upon Procedures</u>**

We have performed the procedures described below, related to certain information with respect to a portfolio of customer contracts in connection with the proposed offering of SF ABS Issuer, LLC, Secured Data Center Revenue Term Notes, Series 2025-1. Serverfarm, LLC (the "Company") is responsible for the information provided to us, including the information set forth in the Statistical Data File (as defined herein).

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth in the Statistical Data File. Additionally, Morgan Stanley & Co. LLC ("Morgan Stanley" and, together with the Company, the "Specified Parties") has agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. 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. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

We performed certain procedures on earlier versions of the Statistical Data File and communicated differences prior to being provided the final Statistical Data File, which was subjected to the procedures described below.

**Agreed-Upon Procedures** 

On October 23, 2025, representatives of Morgan Stanley, on behalf of the Company, provided us with a computer-generated customer contract data file (the "Statistical Data File") and related record layout containing data, as represented to us by the Company, as of September 30, 2025, with respect to 31 customer contracts (the "Customer Contracts").

At the Company's instruction, we performed certain comparisons and recomputations for each of the Customer Contracts relating to the customer contract characteristics (the "Characteristics") set forth on the Statistical Data File and indicated below.

**Member of**<br> Deloitte Touche Tohmatsu Limited<br>

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**Characteristics** 

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| | |
|:---|:---|
| 1. Customer ID (for informational purposes only)<br> 2. Customer name<br> 3. Region<br> 4. Critical load power (CLP)/kw<br> 5. Current monthly recurring charges per kw<br> 6. Base monthly recurring charges amount<br> 7. Additional base monthly recurring charges amount (if applicable)<br> 8. Contract expiration date<br> 9. Total number of payments | 10.Contract payment frequency<br> 11.Next escalation date (month and day only)<br> 12.Escalator frequency<br> 13.Escalator rate<br> 14.Renewal options remaining<br> 15.Length of renewal options<br> 16.Ultimate parent of customer/corporate guarantor<br> 17.Contract start date<br> 18.Customer guarantor credit rating |

---

We compared Characteristics 2. through 16. to the corresponding information set forth on or derived from the agreement or any amendments thereto (collectively, the "Agreement").

We compared Characteristic 17. to the corresponding information set forth on or derived from the Agreement or the "Commencement Letter."

At the instruction of Morgan Stanley, on behalf of the Company, we accessed the "Standard & Poor's Financial Services LLC Website" (<u>https://www.standardandpoors.com</u>) on August 29, 2025. Using the ultimate parent of the customer/corporate guarantor (as set forth on the Agreement), we compared Characteristic 18. to the corresponding information set forth on Standard & Poor's Financial Services LLC Website.

For purposes of our procedures and at your instruction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to our comparison of Characteristics 8., 11. and 17., differences of 30 days or less are deemed to
be in agreement.

In addition to the procedures described above, we performed the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Customer Contracts indicated in Appendix A, we compared the "ramp schedule," "recurring
revenue schedule," "contracted base recurring revenue schedule" and "contracted next 12 months recurring revenue schedule," each as set forth on the Statistical Data File, to the corresponding information set forth on
or derived from the Agreement, for the period beginning September 1, 2025 through the related contract expiration date (as set forth on or derived from the Agreement), and found it to be in agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• for the Customer Contracts indicated in Appendix B, we compared the (i) "office recurring revenue ramp
schedule" and (ii) "12 month office recurring revenue ramp schedule," each as set forth on the Statistical Data File, to the corresponding information set forth on or derived from the Agreement, for the period beginning
September 1, 2025 through the related contract expiration date (as set forth on or derived from the Agreement), and found it to be in agreement.

The customer contract documents described above, including any information obtained from the Standard & Poor's Financial Services LLC Website, and any other related documents used in support of the Characteristics were provided to us by representatives of the Company and are collectively referred to hereinafter as the "Contract Documents." We were not requested to perform, and we did not perform, any procedures with respect to the preparation or verification of any of the information set forth on the Contract Documents and we make no representations concerning the accuracy or completeness of any of the information contained therein. In certain instances, our procedures were

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performed using data imaged facsimiles or photocopies of the Contract Documents. In addition, we make no representations as to whether the Contract Documents are comprehensive or valid instruments or reflect the current prevailing terms with respect to the corresponding Customer Contracts.

**Agreed-Upon Procedures' Findings** 

The results of the foregoing procedures indicated that the Characteristics set forth on the Statistical Data File were found to be in agreement with the above-mentioned Contract Documents.

\*\*\*\*\*\*

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the customer contracts underlying the Statistical Data File or the conformity of their characteristics with those assumed for purposes of the procedures described herein, (ii) existence or ownership of the customer contracts or (iii) reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events and circumstances that occur subsequent to the date of this report.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants ("AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the Statistical Data File. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the Company and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedure engagements are less restrictive than independence requirements for audit and other attestation services.

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

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None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the information and use of the Specified Parties identified above and is not intended to be and should not be used by anyone other than these Specified Parties.

Yours truly,

/s/ Deloitte & Touche LLP

October 24, 2025

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**Appendix A to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated October 24, 2025.** 

In applying our agreed-upon procedures as outlined above, we compared the ramp schedule, monthly recurring revenue schedule, contracted base monthly recurring revenue schedule and contracted next 12 months recurring revenue schedule, each as set forth on the Statistical Data File, to the corresponding information set forth on or derived from the Agreement, for the period beginning September 1, 2025 through the related contract expiration date (set forth on or derived from the Agreement) the following Customer Contracts:

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| | |
|:---|:---|
| **Customer ID** | **Customer ID** |
| 1 | 16 |
| 2 | 17 |
| 3 | 18 |
| 4 | 19 |
| 5 | 20 |
| 6 | 21 |
| 7 | 22 |
| 8 | 23 |
| 9 | 24 |
| 10 | 25 |
| 11 | 26 |
| 12 | 27 |
| 13 | 28 |
| 14 | 29 |
| 15 |  |

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The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.

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**Appendix B to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated October 24, 2025.** 

In applying our agreed-upon procedures as outlined above, we compared the office monthly recurring revenue ramp schedule and 12 month office recurring revenue ramp schedule, each as set forth on the Statistical Data File, to the corresponding information set forth on or derived from the Agreement, for the period beginning September 1, 2025 through the related contract expiration date (set forth on or derived from the Agreement) for the following Customer Contracts:

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| |
|:---|
| **Customer ID** |
| 4 |
| 7 |
| 13 |
| 21 |
| 23 |
| 25 |

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The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.