# EDGAR Filing Document

**Accession Number:** 0001756073
**File Stem:** 0001104659-26-018465
**Filing Date:** 2026-2
**Character Count:** 21017
**Document Hash:** 578df3aa74738c58dfe3a341a5fb2099
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-018465.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001104659-26-018465

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

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20260223

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

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Retail Capital LLC
- **CENTRAL INDEX KEY:** 0001756073

**ORGANIZATION NAME:**
- **EIN:** 471419528
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-04145
- **FILM NUMBER:** 26663007

**BUSINESS ADDRESS:**
- **STREET 1:** 1250 KIRTS BOULEVARD, SUITE 100
- **CITY:** TROY
- **STATE:** MI
- **ZIP:** 48084
- **BUSINESS PHONE:** 248-633-1272

**MAIL ADDRESS:**
- **STREET 1:** 1250 KIRTS BOULEVARD, SUITE 100
- **CITY:** TROY
- **STATE:** MI
- **ZIP:** 48084
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Retail Capital LLC
- **CENTRAL INDEX KEY:** 0001756073

**ORGANIZATION NAME:**
- **EIN:** 471419528
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 1250 KIRTS BOULEVARD, SUITE 100
- **CITY:** TROY
- **STATE:** MI
- **ZIP:** 48084
- **BUSINESS PHONE:** 248-633-1272

**MAIL ADDRESS:**
- **STREET 1:** 1250 KIRTS BOULEVARD, SUITE 100
- **CITY:** TROY
- **STATE:** MI
- **ZIP:** 48084
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Retail Capital LLC
- **CENTRAL INDEX KEY:** 0001756073

**ORGANIZATION NAME:**
- **EIN:** 471419528
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-04145

**BUSINESS ADDRESS:**
- **STREET 1:** 1250 KIRTS BOULEVARD, SUITE 100
- **CITY:** TROY
- **STATE:** MI
- **ZIP:** 48084
- **BUSINESS PHONE:** 248-633-1272

**MAIL ADDRESS:**
- **STREET 1:** 1250 KIRTS BOULEVARD, SUITE 100
- **CITY:** TROY
- **STATE:** MI
- **ZIP:** 48084

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): _____________

(Exact name of securitizer as specified in its charter)

    <br> (Commission File Number of securitizer) (Central Index Key Number of securitizer)

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 depositor: <u>0001756073</u> 

Credibly Asset Securitization II LLC\*<br> (Exact name of issuing entity as specified in its charter)<br>

Central Index Key Number of issuing entity (if applicable):<u> </u>

Central Index Key Number of underwriter (if applicable):<u> </u>

<u>Joshua Creem, (248) 633-1272</u>

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

\* Retail Capital LLC, as sponsor/securitizer/depositor, is filing this Form ABS-15G in respect of the issuance of asset-backed securities by the above referenced issuing entity.

**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**

See Independent Accountants' Report on Applying Agreed-Upon Procedures dated February 19, 2026 attached as [Exhibit 99.1](tm266925d1_ex99-1.htm) to this report.

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.

---

| | | |
|:---|:---|:---|
| RETAIL CAPITAL LLC | RETAIL CAPITAL LLC | RETAIL CAPITAL LLC |
| (Depositor) | (Depositor) | (Depositor) |
| By: | /s/ Michael Seneski | /s/ Michael Seneski |
|  | Name: | Michael Seneski |
|  | Title: | Chief Financial Officer |

---

Date: February 23, 2026.

## Exhibit 99.1

**Exhibit 99.1**

![](tm266925d1_ex99-1img01.jpg)

**Independent Accountants' Agreed Upon Procedures Report**

Retail Capital LLC d/b/a Credibly (the "Company")<br> Truist Securities, Inc.<br> (together, the "Specified Parties")

Re: Credibly Asset Securitization II LLC, Series 2026-1 – Data File Procedures

We have performed the procedures described below on the specified attributes in an electronic data file entitled "Statistical Eligble_Pool_As_of_31stDec25 - V4 (1.22.2026).xlsx" provided by the Company on January 22, 2026, containing information on 2,591 receivables secured by small business loans and merchant cash advances (the "Receivables") as of December 31, 2025 (the "Data File"), which we were informed are intended to be included as collateral in the offering by Credibly Asset Securitization II LLC, Series 2026-1. The Company is responsible for the specified attributes identified by the Company in the Data File.

The Specified Parties have agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of assisting specified parties in evaluating the accuracy of the specified attributes in the Data File. This report may not be suitable for any other purpose. No other parties have agreed to or acknowledged the appropriateness of these procedures for the intended purpose or any other purpose.

The procedures performed may not address all the items of interest to a specified party of this report and may not meet the needs of all specified parties of this report and, as such, specified parties are responsible for determining whether the procedures performed are appropriate for their purposes. We make no representation regarding the appropriateness of the procedures either for the intended purpose or for any other purpose.

Unless otherwise stated, the following definitions have been adopted in presenting our procedures and findings:

· The term "compared" means compared to the information shown and found it to be in agreement, unless otherwise stated.
Such compared information was deemed to be in agreement if differences were within the reporting threshold.

· The term "recomputed" means recalculated and compared the result to the information shown and found it to be in agreement,
unless otherwise stated. Such recomputed information was deemed to be in agreement if differences were within the reporting threshold.

· The term "reporting threshold" means that dollar amounts were within $1.00 and Business Age was within one (1) month.

· The term "Recap System" means the Company's origination and servicing system.

· The term "Receivable File" means the following information sources provided by the Company for each of the Selected Receivables
(defined below):

- Electronic records on the following screens in the Recap System: Amortization Schedule screen, Business Info screen, Client Info screen, Deal Info screen, Funding Credit Pull screen, Transaction History screen, and UW Summary screen.

- Receivable Purchase Agreement (including any Weekly Remittance Addendum thereto), Business Loan and Security Agreement (including any Weekly Repayment Addendum thereto), all of which we accessed through the Recap System.

![](tm266925d1_ex99-1img02.jpg)

![](tm266925d1_ex99-1img03.jpg)

· The term "Additional Documents" means:

Electronic email correspondence from the Company on February 17, 2026, listing product names in the Recap System corresponding to each Product Type appearing in the Data File (the "Product Listings") and range of risk scores corresponding to each Risk Score Band appearing in the Data File (the "Risk Score Ranges")

- Electronic data file entitled "Credibly 2026-1 LFR Selected Samples (1.22 Tape)_YeildCalcs.xlsx" provided by the Company on February 17, 2026, containing the receivable yield calculation methodology for the Receivables (the "Receivable Yield Calculation Methodology").

· The term "Instructions" means the instructions provided by the Company pertaining to a procedure, attribute, methodology,
or value, as described in Exhibit B.

· The term "Provided Information" means the Receivable File, Additional Documents, and Instructions.

The procedures we were instructed by the Company to perform are as follows:

A. We randomly selected a sample of 200 Receivables from the Data File (the "Selected Receivables") using a random sampling
tool. A listing of the Selected Receivables is attached hereto as Exhibit A. For purposes of this procedure, the Company did not inform
us of the basis they used to determine the number of Receivables we were instructed to randomly select from the Data File.

B. For each Selected Receivable, we compared or recomputed the specified attributes in the Data File listed
below to or using the corresponding information included in the Receivable File or Additional Documents, utilizing the Instructions, as
applicable. The Company indicated that the absence of any of the information in the Receivable File or Additional Documents or the inability
to agree the indicated information from the Data File to the Receivable File or Additional Documents for each of the attributes identified,
utilizing the Instructions as applicable, constituted an exception. The Receivable File information is listed in the order of priority.

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Attributes</u> | &nbsp;&nbsp;<u>Provided Information</u> |
| &nbsp;&nbsp;Merchant Name | &nbsp;&nbsp;"ID" field on Business Info screen |
| &nbsp;&nbsp;State | &nbsp;&nbsp;"State Incorporated" field or "Billing State" field on Business Info screen or "State" field on Client Info screen. |
| &nbsp;&nbsp;FICO | &nbsp;&nbsp;"FICO" field on UW Summary screen, "Credit Score" field on the Funding Credit Pull screen, "FICO" field on Client Info screen, and Instructions |
| &nbsp;&nbsp;Payment/Remittance Frequency | &nbsp;&nbsp;"Current Frequency" field on Deal Info screen, Repayment Plan stated in Receivable Purchase Agreement, Weekly Remittance Addendum to Receivable Purchase Agreement, Business Loan and Security Agreement, or Weekly Repayment Addendum to Business Loan and Security Agreement |
| &nbsp;&nbsp;Remaining Funding Amount | &nbsp;&nbsp;"Remaining Principal" field on Amortization Schedule screen; "Actual Unremitted Contract Amount" field, "Advance Remaining" field, and "Principal Balance" field on Transaction History screen, "Factor" field and "Syndication Percentage" field on Deal Info screen, and Instructions |
| &nbsp;&nbsp;Rate/Factor | &nbsp;&nbsp;"Factor" field on Deal Info screen |
| &nbsp;&nbsp;Product Type | &nbsp;&nbsp;"Deal Type" field on Deal Info screen and the Product Listings |

---

![](tm266925d1_ex99-1img03.jpg)

<u>Attributes</u> <u>Provided Information</u>

SIC Code "SIC" field on Business Info screen

Risk Score Band Risk Score stated in the Data File and the Risk Score Ranges

Business Funded Date "Funded Date" field on Deal Info screen

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Age | Instructions |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Calculated Receivable Yield | Instructions |

---

We found such information to be in agreement without exception.

We were engaged by the Company to perform this agreed-upon procedures engagement. We conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants, which involves us performing the specific procedures agreed to and acknowledged above and reporting on findings based on performing those procedures. 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 specified attributes in the Data File. 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.

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.

The procedures performed were applied based on the information included in the Data File, and Provided Information, without verification or evaluation of such information by us; therefore, we express no opinion or any other form of assurance regarding (i) the reasonableness of the information provided to us by the Company (ii) the physical existence of the Receivables, (iii) the reliability or accuracy of the Provided Information which was used in our procedures, or (iv) matters of legal interpretation.

The procedures performed were not intended to address, nor did they address: (i) the conformity of the origination of the Receivables to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) the value of collateral securing any such Receivables being securitized, (iii) the compliance of the originator of the Receivables with federal, state, and local laws and regulations, or (iv) any other factor or characteristic of the Receivables 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. The procedures performed were not intended to satisfy any criteria for due diligence published by the nationally recognized statistical rating organizations ("NRSROs").

The terms of our engagement are such that we have no responsibility to update this report because of events and circumstances that may subsequently occur.

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 any other person or entity, including investors or the NRSROs, who are not identified in the report as the Specified Parties but may have access to this report as required by law or regulation.

/s/ KPMG LLP

Irvine, California<br> February 19, 2026

**Exhibit A - The Selected Receivables**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected <br> Receivable #** | **Receivable <br> Number<sup>1</sup>** | **Selected <br> Receivable #** | **Receivable <br> Number**<sup>1</sup>** | **Selected <br> Receivable #** | **Receivable <br> Number**<sup>1</sup>** | **Selected <br> Receivable #** | **Receivable <br> Number**<sup>1</sup>** |
| 1 | 20261001 | 51 | 20261051 | 101 | 20261101 | 151 | 20261151 |
| 2 | 20261002 | 52 | 20261052 | 102 | 20261102 | 152 | 20261152 |
| 3 | 20261003 | 53 | 20261053 | 103 | 20261103 | 153 | 20261153 |
| 4 | 20261004 | 54 | 20261054 | 104 | 20261104 | 154 | 20261154 |
| 5 | 20261005 | 55 | 20261055 | 105 | 20261105 | 155 | 20261155 |
| 6 | 20261006 | 56 | 20261056 | 106 | 20261106 | 156 | 20261156 |
| 7 | 20261007 | 57 | 20261057 | 107 | 20261107 | 157 | 20261157 |
| 8 | 20261008 | 58 | 20261058 | 108 | 20261108 | 158 | 20261158 |
| 9 | 20261009 | 59 | 20261059 | 109 | 20261109 | 159 | 20261159 |
| 10 | 20261010 | 60 | 20261060 | 110 | 20261110 | 160 | 20261160 |
| 11 | 20261011 | 61 | 20261061 | 111 | 20261111 | 161 | 20261161 |
| 12 | 20261012 | 62 | 20261062 | 112 | 20261112 | 162 | 20261162 |
| 13 | 20261013 | 63 | 20261063 | 113 | 20261113 | 163 | 20261163 |
| 14 | 20261014 | 64 | 20261064 | 114 | 20261114 | 164 | 20261164 |
| 15 | 20261015 | 65 | 20261065 | 115 | 20261115 | 165 | 20261165 |
| 16 | 20261016 | 66 | 20261066 | 116 | 20261116 | 166 | 20261166 |
| 17 | 20261017 | 67 | 20261067 | 117 | 20261117 | 167 | 20261167 |
| 18 | 20261018 | 68 | 20261068 | 118 | 20261118 | 168 | 20261168 |
| 19 | 20261019 | 69 | 20261069 | 119 | 20261119 | 169 | 20261169 |
| 20 | 20261020 | 70 | 20261070 | 120 | 20261120 | 170 | 20261170 |
| 21 | 20261021 | 71 | 20261071 | 121 | 20261121 | 171 | 20261171 |
| 22 | 20261022 | 72 | 20261072 | 122 | 20261122 | 172 | 20261172 |
| 23 | 20261023 | 73 | 20261073 | 123 | 20261123 | 173 | 20261173 |
| 24 | 20261024 | 74 | 20261074 | 124 | 20261126 | 174 | 20261174 |
| 25 | 20261025 | 75 | 20261075 | 125 | 20261125 | 175 | 20261175 |
| 26 | 20261026 | 76 | 20261076 | 126 | 20261126 | 176 | 20261176 |
| 27 | 20261027 | 77 | 20261077 | 127 | 20261127 | 177 | 20261177 |
| 28 | 20261028 | 78 | 20261078 | 128 | 20261128 | 178 | 20261178 |
| 29 | 20261029 | 79 | 20261079 | 129 | 20261129 | 179 | 20261179 |
| 30 | 20261030 | 80 | 20261080 | 130 | 20261130 | 180 | 20261180 |
| 31 | 20261031 | 81 | 20261081 | 131 | 20261131 | 181 | 20261181 |
| 32 | 20261032 | 82 | 20261082 | 132 | 20261132 | 182 | 20261182 |
| 33 | 20261033 | 83 | 20261083 | 133 | 20261133 | 183 | 20261183 |
| 34 | 20261034 | 84 | 20261084 | 134 | 20261134 | 184 | 20261184 |
| 35 | 20261035 | 85 | 20261085 | 135 | 20261135 | 185 | 20261185 |
| 36 | 20261036 | 86 | 20261086 | 136 | 20261136 | 186 | 20261186 |
| 37 | 20261037 | 87 | 20261087 | 137 | 20261137 | 187 | 20261187 |
| 38 | 20261038 | 88 | 20261088 | 138 | 20261138 | 188 | 20261188 |
| 39 | 20261039 | 89 | 20261089 | 139 | 20261139 | 189 | 20261189 |
| 40 | 20261040 | 90 | 20261090 | 140 | 20261140 | 190 | 20261190 |
| 41 | 20261041 | 91 | 20261091 | 141 | 20261141 | 191 | 20261191 |
| 42 | 20261042 | 92 | 20261092 | 142 | 20261142 | 192 | 20261192 |
| 43 | 20261043 | 93 | 20261093 | 143 | 20261143 | 193 | 20261193 |
| 44 | 20261044 | 94 | 20261094 | 144 | 20261144 | 194 | 20261194 |
| 45 | 20261045 | 95 | 20261095 | 145 | 20261145 | 195 | 20261195 |
| 46 | 20261046 | 96 | 20261096 | 146 | 20261146 | 196 | 20261196 |
| 47 | 20261047 | 97 | 20261097 | 147 | 20261147 | 197 | 20261197 |
| 48 | 20261048 | 98 | 20261098 | 148 | 20261148 | 198 | 20261198 |
| 49 | 20261049 | 99 | 20261099 | 149 | 20261149 | 199 | 20261199 |
| 50 | 20261050 | 100 | 20261100 | 150 | 20261150 | 200 | 20261200 |

---

<sup>1</sup> The Company has assigned a unique six-digit Receivable Number to each Receivable in the Data File. The Receivable Numbers referred to in this Exhibit are not the actual Receivable Numbers.

**Exhibit B - Instructions**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Attribute** | &nbsp;&nbsp;**Instructions** |
| &nbsp;&nbsp;FICO | &nbsp;&nbsp; In the event there were multiple FICO scores or credit scores within the same UW Summary screen, Funding Credit Pull screen, or Client Info screen, recompute the average score of:<br>· Multiple scores in "FICO" field on the UW Summary screen, or<br>· Multiple scores in "Credit Score" field on the Funding Credit Pull screen, or<br>· Multiple scores in "FICO" field on the Client Info screen, or<br>· the most current score in the "FICO" field on the UW Summary screen and the most current score in the "Credit Score" field on the Funding Credit Pull screen.<br>|
| &nbsp;&nbsp;Remaining Funding Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applicable only to Selected Receivables with deal type "ACH," "Split," and "Daily Remit Loan" as shown on Deal Info screen. Compare or recompute as follows:<br>· For "ACH" and "Split" deal types:<br>o compare to the "Advance Remaining" amount on Transaction History screen, or<br>o recompute by dividing the Actual Unremitted Contract Amount on Transaction History screen by the Factor on Deal Info screen, and multiplying by the Syndication Percentage on Deal Info screen.<br>· For "Daily Remit Loan" deal type:<br>o compare to the Remaining Principal on Amortization Schedule screen or Principal Balance on Transaction History screen, or<br>o recompute by multiplying the Principal Balance on Amortization Schedule screen by the Syndication Percentage on Deal Info screen.<br>|
| &nbsp;&nbsp;Business Age | Recompute as the number of months between the Funded Date on Deal Info screen and Business Start Date on Business Info screen. |
| &nbsp;&nbsp;Calculated Receivable Yield | Recompute using the information stated in the Data File in columns "Turn," "RTR Amount," "Advance Amount," and "Origination Fee 2" related to the Selected Receivable and the Receivable Yield Calculation Methodology. |

---