# EDGAR Filing Document

**Accession Number:** 0001891106
**File Stem:** 0001213900-25-055906
**Filing Date:** 2025-6
**Character Count:** 15083
**Document Hash:** 7f853a779b4f9bcd47f6a8bb4731c47f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-055906.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0001213900-25-055906

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

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20250620

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

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Channel Partners Capital, LLC
- **CENTRAL INDEX KEY:** 0001891106

**ORGANIZATION NAME:**
- **EIN:** 452626785
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-05880
- **FILM NUMBER:** 251059559

**BUSINESS ADDRESS:**
- **STREET 1:** 1100 WAYZATA BOULEVARD
- **STREET 2:** # 305
- **CITY:** MINNETONKA
- **STATE:** MN
- **ZIP:** 55305
- **BUSINESS PHONE:** (612) 430-1280

**MAIL ADDRESS:**
- **STREET 1:** 1100 WAYZATA BOULEVARD
- **STREET 2:** # 305
- **CITY:** MINNETONKA
- **STATE:** MN
- **ZIP:** 55305
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Channel Partners Capital, LLC
- **CENTRAL INDEX KEY:** 0001891106

**ORGANIZATION NAME:**
- **EIN:** 452626785
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 1100 WAYZATA BOULEVARD
- **STREET 2:** # 305
- **CITY:** MINNETONKA
- **STATE:** MN
- **ZIP:** 55305
- **BUSINESS PHONE:** (612) 430-1280

**MAIL ADDRESS:**
- **STREET 1:** 1100 WAYZATA BOULEVARD
- **STREET 2:** # 305
- **CITY:** MINNETONKA
- **STATE:** MN
- **ZIP:** 55305
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Channel Partners Capital, LLC
- **CENTRAL INDEX KEY:** 0001891106

**ORGANIZATION NAME:**
- **EIN:** 452626785
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-05880

**BUSINESS ADDRESS:**
- **STREET 1:** 1100 WAYZATA BOULEVARD
- **STREET 2:** # 305
- **CITY:** MINNETONKA
- **STATE:** MN
- **ZIP:** 55305
- **BUSINESS PHONE:** (612) 430-1280

**MAIL ADDRESS:**
- **STREET 1:** 1100 WAYZATA BOULEVARD
- **STREET 2:** # 305
- **CITY:** MINNETONKA
- **STATE:** MN
- **ZIP:** 55305

**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 depositors: 0001891106

&nbsp;&nbsp;CPC Asset Securitization IV, 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): N/A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Mike McConnell (952) 960-8419</u> 

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

contact in connection with this filing

**INFORMATION TO BE INCLUDED IN THE REPORT**

**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 third party due diligence report, dated June 19, 2025, obtained by the Securitizer, with respect to certain due diligence services performed by Grant Thornton LLP.

 **SIGNATURE**

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.

Date: June 20, 2025

---

| | |
|:---|:---|
| Channel Partners Capital, LLC (Securitizer) | Channel Partners Capital, LLC (Securitizer) |
| By: | /s/ Mike McConnell |
| Name: | Mike McConnell |
| Title: | Vice President |

---

**EXHIBIT INDEX**

<u><u>Exhibit Number</u></u> <u><u>Description</u></u> <br>Exhibit 99.1 [Diligence Report of Grant Thornton LLP, dated June 19, 2025](ea024628801_ex99-1.htm)

## Exhibit 99.1

**Exhibit 99.1**

![](ex99-1_002.jpg)

---

| | |
|:---|:---|
| ![](ex99-1_001.jpg) |  |
| **GRANT THORNTON LLP**<br>4695 MacArthur Court, Suite 1600 | **REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS** |
| Newport Beach, CA 92660-1873 |  |
| **D** +1 949 553 1600<br> **F** +1 949 553 0168 |  |
|  | Board of Directors and Management of Channel Partners Capital, LLC, CPC Asset Securitization IV, LLC, Truist Securities, Inc and Guggenheim Securities, LLC: |
|  | We have performed the procedures enumerated below, on certain information with respect to attributes of Channel Partners Capital, LLC's (the "Company) business advances and business loans as of May 31, 2025 (the "Subject Matter") related to CPC Asset Securitization IV, LLC's (the "Issuer") issuance of Notes (the "Securitization Transaction"). The Company is responsible for the Data File (as defined herein) accurately representing the information included in the underlying asset documents and the disclosed assumptions and methodologies. |
|  | The Company has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting specified parties in evaluating the Subject Matter. This report may not be suitable for any other purpose. Additionally, the Issuer, Truist Securities, Inc. ("Truist") and Guggenheim Securities, LLC ("Guggenheim", and together with Truist, the Issuer and Company, the "Specified Parties") have agreed to and acknowledged that the procedures performed are appropriate for their purposes. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. |
|  | Consequently, we make no representation regarding the appropriateness of the procedures enumerated below either for the purpose for which this report has been requested or for any other purpose. |
|  | The procedures we performed on the business advances and business loans and our findings are as follows: |
|  | For the purposes of all agreed-upon procedures, we were instructed by the Company that: |
| (i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;differences of less than or equal to $1.00, 0.01 (numbers and years) or 0.01%, as applicable, were in agreement. |

---

---

| | |
|:---|:---|
| ![](ex99-1_004.jpg) | ![](ex99-1_003.jpg) |
| **GT.COM** | Grant Thornton LLP is a U.S. member firm of Grant Thornton International Ltd (GTIL). GTIL and each of its member firms are separate legal entities and are not a worldwide partnership. |

---

![](ex99-1_002.jpg)<sub>2</sub>

 Unless otherwise indicated, the following are defined for the purposes of our procedures:

 **Due diligence agreed-upon procedures**

 On June 9, 2025, and with updates through June 17, 2025, the Company provided us with a computer readable Data File (the "Data File") containing certain characteristics of the business advances and business loans (the "Assets") included in the Securitization. We performed the procedures indicated below on the Assets.

 As instructed by Truist, on behalf of the Company, Grant Thornton selected the largest 100 assets and another 100 assets on a random basis from the Data File. For each of the selected Assets, we performed comparisons for certain characteristics (as identified in Exhibit 1) to certain available Source Documents.

 The procedures we performed on the Assets are listed below:

 **Exhibit 1**

 **Characteristics:**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Characteristic** | &nbsp;&nbsp;**Source Document** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Business name | &nbsp;&nbsp;Salesforce |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Industry | &nbsp;&nbsp;Salesforce |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;FICO Score (at time of application) | &nbsp;&nbsp;Salesforce |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Inception date | &nbsp;&nbsp;Contract Agreement |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Years in business (at time of application) | &nbsp;&nbsp;Salesforce |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Outstanding Receivables Balance or Unamortized Purchase Amount (as of the end of the applicable Collection Period) | &nbsp;&nbsp;Salesforce / Aspire |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Contract Sell Rate | &nbsp;&nbsp;Salesforce |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;State of business address | &nbsp;&nbsp;Contract Agreement |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Expected maturity date (Business Loans only) | &nbsp;&nbsp;Salesforce |

---

![](ex99-1_002.jpg)<sub>3</sub>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Business Term or Underwritten Collection Period | &nbsp;&nbsp;Contract Agreement |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Remaining Term or Underwritten Collection Period | &nbsp;&nbsp;Contract Agreement / Salesforce |
| &nbsp;&nbsp;12 | &nbsp;&nbsp;Material Modification flag (as of the end of the applicable Collection Period) (Y/N) | &nbsp;&nbsp;Aspire |
| &nbsp;&nbsp;13 | &nbsp;&nbsp;Electronic vs. non-electronic payments | &nbsp;&nbsp;Salesforce |
| &nbsp;&nbsp;14 | &nbsp;&nbsp;Delinquency status (as of the end of the applicable Collection Period) | &nbsp;&nbsp;Salesforce |
| &nbsp;&nbsp;15 | &nbsp;&nbsp;Past due amount | &nbsp;&nbsp;Salesforce |
| &nbsp;&nbsp;16 | &nbsp;&nbsp;Pacing | &nbsp;&nbsp;Salesforce / Aspire |
| &nbsp;&nbsp;17 | &nbsp;&nbsp;Missed payment factor | &nbsp;&nbsp;Salesforce |
| &nbsp;&nbsp;18 | &nbsp;&nbsp;Product Type | &nbsp;&nbsp;Contract Agreement |

---

---

| |
|:---|
| The Company instructed us to use the following methodology: |
| For Characteristics 1 through 4, 8 and 9, 12 through 15, and 18, we compared and agreed the information to the Source Documents. For Characteristics 5 through 7, 10 and 11, and 16 and 17, we recomputed and agreed the information to the Source Documents. |
| For "Years in business (at time of application)", we were instructed by the Company to recompute such characteristic using the following methodology: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Funded Date - Inception Date) / 365 |
| For "Outstanding Receivables Balance or Unamortized Purchase Amount (as of the end of the applicable Collection Period)", we were instructed by the Company to recompute such characteristic using the following methodology: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment Amount - Payments made up to and including the cut-off date |
| For "Contract Sell Rate", we were instructed by the Company to recompute such characteristic using the following methodology: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment Amount / Funding Amount |
| For "Business Term or Underwritten Collection Period", we were instructed by the Company to recompute such characteristic using the following methodology: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Payment Frequency is weekly, divide the number of payments by 52 and multiply by 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Payment Frequency is monthly, multiply the number of payments by 1 |
| For "Remaining Term or Underwritten Collection Period", we were instructed by the Company to recompute such characteristic using the following methodology: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Days since first invoice / 21 assumed business days per month |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Days since first invoice = Total Term (days) – Business days since first invoice due date |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Term (days) = Total Term (months) \* 21 assumed business days per month |

---

![](ex99-1_002.jpg)<sub>4</sub>

 For "Electronic vs. non-electronic payments", we were instructed by the Company, that if the Region field within the Account Information section has the text "Elite", the value is ISO. If the Region field has any other text, the value is ELC.

 For "Pacing", we were instructed by the Company to recompute such characteristic using the following methodology:

 For "Missed payment factor", we were instructed by the Company to recompute such characteristic using the following methodology:

 We noted no unresolved discrepancies between the Data File and the Source Documents.

 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. We were not engaged to and did not conduct an examination or review, the objective of which would be the expression of an opinion or conclusion, respectively, on the Subject Matter. 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.

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

![](ex99-1_002.jpg)<sub>5</sub>

 We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.

 This report is intended solely for the information and use of the Specified Parties. It is not intended to be, and should not be, used by anyone other than these specified parties, including investors and rating agencies, who are not identified as specified parties but who may have access to this report as required by law or regulation.

 /s/ GRANT THORNTON LLP

 Newport Beach, California

 June 19, 2025