# EDGAR Filing Document

**Accession Number:** 0002085240
**File Stem:** 0001193125-25-264836
**Filing Date:** 2025-11
**Character Count:** 26280
**Document Hash:** f0bb5d1e1ccdf4359ad023e2ec024b73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-264836.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001193125-25-264836

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

**PUBLIC DOCUMENT COUNT**: 5

**CONFORMED PERIOD OF REPORT**: 20251029

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

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forward Financing LLC
- **CENTRAL INDEX KEY:** 0002085240

**ORGANIZATION NAME:**
- **EIN:** 461472077
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-08060
- **FILM NUMBER:** 251449742

**BUSINESS ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** 20TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 888.244.9099

**MAIL ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** 20TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forward Financing LLC
- **CENTRAL INDEX KEY:** 0002085240

**ORGANIZATION NAME:**
- **EIN:** 461472077
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** 20TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 888.244.9099

**MAIL ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** 20TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forward Financing LLC
- **CENTRAL INDEX KEY:** 0002085240

**ORGANIZATION NAME:**
- **EIN:** 461472077
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** 20TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109
- **BUSINESS PHONE:** 888.244.9099

**MAIL ADDRESS:**
- **STREET 1:** 53 STATE STREET
- **STREET 2:** 20TH FLOOR
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02109

**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: 0002085240** 

**FF ASSET SECURITIZATION LLC\*** 

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

**Central Index Key Number of underwriter (if applicable):** 

**Alexis Shapiro** 

**(617) 379-2593** 

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

**to contact in connection with this filing.** 

\*Forward Financing 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.

------

---

| | |
|:---|:---|
| **Item 2.01** | **<u>Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer</u>**  |

---

Attached as Exhibit 99.1 hereto is a third party due diligence report, dated October 31, 2025, obtained by the Securitizer, with respect to certain due diligence services performed by KPMG LLP.

------

**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.

---

| | |
|:---|:---|
| Forward Financing LLC | (Securitizer, Depositor or Underwriter) |
| Dated: November 4, 2025 |  |
| <u>Alexis Shapiro /s/</u> | (Signature) |
| Alexis Shapiro, Senior Vice President |  |

---

## Exhibit 99.1

**Exhibit 99.1** 

---

| | |
|:---|:---|
| ![LOGO](g25186g92c83.jpg) | KPMG LLP<br> Suite 700<br> 20 Pacifica<br> Irvine, CA 92618-3391 |

---

**Independent Accountants' Agreed-Upon Procedures Report** 

Forward Financing LLC (the "Company")

Guggenheim Securities, LLC

(together, the "Specified Parties")

Re: FF Asset Securitization LLC Asset-Backed Notes, Series 2025-1 – Data File Procedures

We have performed the procedures described below the specified attributes in an electronic data file entitled "ABS Data Tape File - 7-31-2024 (10-10-2025) - Updated Statistical Sample from KPMG Tie Out.xlsx" provided by the Company on October 14, 2025, containing information on 5,910 revenue based financings and small business loans (the "Receivables") as of July 31, 2025 (the "Data File"), which we were informed are intended to be included in the Statistical Pool of the FF Asset Securitization LLC Asset-Backed Notes, Series 2025-1. 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 their 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, percentages, and dates were within list the
thresholds, for example $1.00, 0.01%, and 0.1 years respectively.

• The term "Underwriting Application" means the Company's origination and servicing system that
contains information related to underwriting activities for the Selected Receivables (defined below).

• The term "Funding Application" means the Company's origination and servicing system that
contains information related to funding activities for the Selected Receivables.

• The term "CRM Platform" means the Company's Customer Relationship Management
("CRM") platform that contains information related to the Selected Receivables.

![LOGO](g25186g10j61.jpg)

------

![LOGO](g25186g69i86.jpg)

• The term "Statement Information" means the Company's merchant historical payment activity for
the Selected Receivables.

• The term "Syndication Percentage" means a file entitled "Syndication % Support.pdf"
provided by the Company on October 24, 2025, containing Funding Application screenshots containing information related to purchased participation interests as of October 24, 2025, for the Selected Receivables.

• The term "Risk Tier Conversion" means the Company's risk grade score mapping for new or
existing (renewal) merchants, attached as Exhibit B.

• The term "Transaction Details" means information provided by the Company on October 24, 2025,
containing additional payment information for certain Selected Receivables.

• The term "Initial Data File" means an electronic data file entitled "ABS Data Tape File 7-31-25 (v9-22-25) (Illustrative Pool for KPMG).xlsx" provided by the Company on
September 25, 2025, containing information on 6,024 revenue based financings and small business loans as of July 31, 2025 (the "Cutoff Date").

• The term "Source Documents" means files provided by the Company containing electronic records of the
Company's Underwriting Application screens, Funding Application screens, CRM Platform screens, Statement Information, Syndication Percentage, Risk Tier Conversion, and Transaction Details. We make no representation regarding the validity,
enforceability, or authenticity of such Source Documents or the execution of these documents by the merchant.

• The term "Instructions" means the instructions provided by the Company pertaining to a procedure,
attribute, or methodology.

• The term "Provided Information" means the Initial Data File, Source Documents, and Instructions.

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

A. We were instructed by the Company to select (i) the 100 largest receivables by "Principal
Outstanding, net of Syndication" field from the Initial Data File, and (ii) 100 random receivables from the Initial Data File (together, the "Selected Receivables"). 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 select from the Initial 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 Source Documents, utilizing the Instructions, as applicable. The Specified Parties indicated that the absence of any of the information in the Source Documents or the inability to agree the
indicated information from the Data File to the Source Documents for each of the attributes identified, utilizing the Instructions as applicable, constituted an exception. The Source Documents are listed in the order of priority.

---

| | |
|:---|:---|
| Attribute | Source Documents / Instructions |
| Merchant Name | "Merchant" field from the Funding Application screen<br>Variations due to truncation, punctuation, abbreviation, or capitalization are not to be considered exceptions. |
| Industry | "Industry" field from the Underwriting Application screen |

---

------

![LOGO](g25186g69i86.jpg)

---

| | |
|:---|:---|
| Attribute | Source Documents / Instructions |
| Origination Credit Score | FICO information from the Underwriting Application screen |
| Advance Date | "Advance Date" field from the Funding Application screen |
| Years in Business (at origination) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company instructed us to recompute as:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The difference between Advance Date and "Business Start Date" or "Established Date" fields from the Underwriting Application screen,<br>Or recompute as the difference between:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The recomputed SOS Start Date using the SOS Time in Business field from Underwriting Application and the Advance Date |
| Pool Outstanding Receivables Balance<br> (as of the end of the applicable Collection Period) | Recompute as the product of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Divide (a) the difference between the "Purchased Amount" field from the Funding Application screen and the sum of all payment transactions as the Cutoff Date from the Statement Information and Transaction Details by (b) RTR Ratio ("Factor Rate" field from the Funding Application screen), and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the difference between one (1) and the information from the Syndication Percentage information |
| RTR Ratio | "Factor Rate" field from the Funding Application screen |
| State | "Business Address" field from the Underwriting Application screen |
| Estimated Paid Off Date (at origination) | "Target Repayment Date" field from the Funding Application screen |
| Expected Collection Period | "Target Term" field from the Funding Application screen |
| Expected Remaining Term | Recompute as the difference in months between the Estimated Paid Off Date (at origination) and the Cutoff Date |
| Material Modification Flag (as of the end of the applicable Collection Period) (Y/N) | "Settlements" field from the CRM Platform screen |

---

------

![LOGO](g25186g69i86.jpg)

---

| | |
|:---|:---|
| Attribute | Source Documents / Instructions |
| Performance Ratio | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recompute the business days difference between Advance Date and the Cutoff Date<br>In the event the recomputed business day difference above is less than or equal to ten (10) days, Performance Ratio is to be considered 100%. If not, recompute as follows:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Sum of all payment transactions amounts as of the Cutoff Date from the Statement Information divided by the product of:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. " Contractual Payment Amount" field from the Funding Application screen, and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The number of contractually expected payments recomputed from the days between the "First Payment Date" field from the Funding Application screen and Cutoff Date<br>In the event "Payment Frequency" field from the Statements Information file indicates "Daily," exclude holidays from the recomputation. |
| Days Past Due Status (as of the end of the applicable Collection Period) | If the "Payment Frequency" field from the Data File is equal to "Daily," consider the Days Past Due Status as follows:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If Missed Payment Factor equals to zero (0), consider Days Past Due Status to be "Current";<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If Missed Payment Factor is less than 22, consider Days Past Due Status to be "1-30";<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. If Missed Payment Factor is less or equal to 44, consider Days Past Due Status to be "31-60"; and,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. If Missed Payment Factor is greater than 44, consider Days Past Due Status to be "61+." |

---

------

![LOGO](g25186g69i86.jpg)

---

| | |
|:---|:---|
| Attribute | Source Documents / Instructions |
|  | If the "Payment Frequency" field from the Data File is equal to "Daily," consider the Days Past Due Status as follows:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If Missed Payment Factor equals to zero (0), consider Days Past Due Status to be "Current";<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If Missed Payment Factor is less than 22, consider Days Past Due Status to be "1-30";<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. If Missed Payment Factor is less or equal to 44, consider Days Past Due Status to be "31-60"; and,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. If Missed Payment Factor is greater than 44, consider Days Past Due Status to be "61+." |
| Missed Payment Factor | The Company instructed us to recompute as follows:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the difference between (i) sum of all payment transactions amounts as of the Cutoff Date from the Statement Information and (ii) the product of "Contractual Payment Amount" field from the Funding Application screen and the number of payments recomputed as the days between the "First Payment Date" field from the Funding Application screen and Cutoff Date, divided by<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the "Contractual Payment Amount" field from the Funding Application screen.<br>In the event "Payment Frequency" field from the Statements Information file indicates "Daily," exclude holidays from the recomputation. |
| Past Due Amount | Recompute as the product of the "Contractual Payment Amount" field in the Funding Application screen and the Missed Payment Factor |
| Deal Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If "Deal Category" field from the Underwriting Application screen indicates "New Sales," consider the Deal Type to be a "New Deal";<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If "Deal Category" field from the Underwriting Application screen indicates "Renewal," consider the Deal Type to be a "Renewal"; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. If "Deal Category" field from the Underwriting Application screen indicates "PIF," consider the Deal Type to be a "Renewal." |
| Risk Tier | "Risk Grade Score" field from the Underwriting Application screen and the Risk Tier Conversion |

---

We found such information to be in agreement without exception.

------

![LOGO](g25186g69i86.jpg)

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, 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

October 31, 2025

------

**Exhibit A** 

**The Selected Receivables** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected**<br> **Receivable**<br> **Number** | **Receivable<br>Number** | **Selected<br>Receivable<br>Number** | **Receivable<br>Number** | **Selected<br>Receivable<br>Number** | **Receivable<br>Number** | **Selected<br>Receivable<br>Number** | **Receivable<br>Number** |
| 1 | 20251001 | 51 | 20251051 | 101 | 20251101 | 151 | 20251151 |
| 2 | 20251002 | 52 | 20251052 | 102 | 20251102 | 152 | 20251152 |
| 3 | 20251003 | 53 | 20251053 | 103 | 20251103 | 153 | 20251153 |
| 4 | 20251004 | 54 | 20251054 | 104 | 20251104 | 154 | 20251154 |
| 5 | 20251005 | 55 | 20251055 | 105 | 20251105 | 155 | 20251155 |
| 6 | 20251006 | 56 | 20251056 | 106 | 20251106 | 156 | 20251156 |
| 7 | 20251007 | 57 | 20251057 | 107 | 20251107 | 157 | 20251157 |
| 8 | 20251008 | 58 | 20251058 | 108 | 20251108 | 158 | 20251158 |
| 9 | 20251009 | 59 | 20251059 | 109 | 20251109 | 159 | 20251159 |
| 10 | 20251010 | 60 | 20251060 | 110 | 20251110 | 160 | 20251160 |
| 11 | 20251011 | 61 | 20251061 | 111 | 20251111 | 161 | 20251161 |
| 12 | 20251012 | 62 | 20251062 | 112 | 20251112 | 162 | 20251162 |
| 13 | 20251013 | 63 | 20251063 | 113 | 20251113 | 163 | 20251163 |
| 14 | 20251014 | 64 | 20251064 | 114 | 20251114 | 164 | 20251164 |
| 15 | 20251015 | 65 | 20251065 | 115 | 20251115 | 165 | 20251165 |
| 16 | 20251016 | 66 | 20251066 | 116 | 20251116 | 166 | 20251166 |
| 17 | 20251017 | 67 | 20251067 | 117 | 20251117 | 167 | 20251167 |
| 18 | 20251018 | 68 | 20251068 | 118 | 20251118 | 168 | 20251168 |
| 19 | 20251019 | 69 | 20251069 | 119 | 20251119 | 169 | 20251169 |
| 20 | 20251020 | 70 | 20251070 | 120 | 20251120 | 170 | 20251170 |
| 21 | 20251021 | 71 | 20251071 | 121 | 20251121 | 171 | 20251171 |
| 22 | 20251022 | 72 | 20251072 | 122 | 20251122 | 172 | 20251172 |
| 23 | 20251023 | 73 | 20251073 | 123 | 20251123 | 173 | 20251173 |
| 24 | 20251024 | 74 | 20251074 | 124 | 20251124 | 174 | 20251174 |
| 25 | 20251025 | 75 | 20251075 | 125 | 20251125 | 175 | 20251175 |
| 26 | 20251026 | 76 | 20251076 | 126 | 20251126 | 176 | 20251176 |
| 27 | 20251027 | 77 | 20251077 | 127 | 20251127 | 177 | 20251177 |
| 28 | 20251028 | 78 | 20251078 | 128 | 20251128 | 178 | 20251178 |
| 29 | 20251029 | 79 | 20251079 | 129 | 20251129 | 179 | 20251179 |
| 30 | 20251030 | 80 | 20251080 | 130 | 20251130 | 180 | 20251180 |
| 31 | 20251031 | 81 | 20251081 | 131 | 20251131 | 181 | 20251181 |
| 32 | 20251032 | 82 | 20251082 | 132 | 20251132 | 182 | 20251182 |
| 33 | 20251033 | 83 | 20251083 | 133 | 20251133 | 183 | 20251183 |
| 34 | 20251034 | 84 | 20251084 | 134 | 20251134 | 184 | 20251184 |
| 35 | 20251035 | 85 | 20251085 | 135 | 20251135 | 185 | 20251185 |
| 36 | 20251036 | 86 | 20251086 | 136 | 20251136 | 186 | 20251186 |
| 37 | 20251037 | 87 | 20251087 | 137 | 20251137 | 187 | 20251187 |
| 38 | 20251038 | 88 | 20251088 | 138 | 20251138 | 188 | 20251188 |
| 39 | 20251039 | 89 | 20251089 | 139 | 20251139 | 189 | 20251189 |
| 40 | 20251040 | 90 | 20251090 | 140 | 20251140 | 190 | 20251190 |
| 41 | 20251041 | 91 | 20251091 | 141 | 20251141 | 191 | 20251191 |
| 42 | 20251042 | 92 | 20251092 | 142 | 20251142 | 192 | 20251192 |
| 43 | 20251043 | 93 | 20251093 | 143 | 20251143 | 193 | 20251193 |
| 44 | 20251044 | 94 | 20251094 | 144 | 20251144 | 194 | 20251194 |
| 45 | 20251045 | 95 | 20251095 | 145 | 20251145 | 195 | 20251195 |
| 46 | 20251046 | 96 | 20251096 | 146 | 20251146 | 196 | 20251196 |
| 47 | 20251047 | 97 | 20251097 | 147 | 20251147 | 197 | 20251197 |
| 48 | 20251048 | 98 | 20251098 | 148 | 20251148 | 198 | 20251198 |
| 49 | 20251049 | 99 | 20251099 | 149 | 20251149 | 199 | 20251199 |
| 50 | 20251050 | 100 | 20251100 | 150 | 20251150 | 200 | 20251200 |

---

Note: The Company has assigned a unique Receivable ID number to each Receivable in the Data File. The Receivable Numbers referred to in this Exhibit are not the actual Receivable ID numbers.

------

**Exhibit B** 

**Risk Tier Conversion** 

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| | | | |
|:---|:---|:---|:---|
| **New** | | | |
| **V7 Risk Grade** | <br>**Risk Tier** | **Renewal**<br>**Composite Score V2** | <br>**Risk Tier** |
|  1 | 5 | 1 | 5 |
|  2 | 5 | 2 | 5 |
|  3 | 5 | 3 | 5 |
|  4 | 4 | 4 | 5 |
|  5 | 4 | 5 | 5 |
|  6 | 4 | 6 | 5 |
|  7 | 3 | 7 | 5 |
|  8 | 3 | 8 | 5 |
|  9 | 2 | 9 | 5 |
|  10 | 1 | 10 | 5 |
|  11 | 1 | 11 | 5 |
|  12 | 1 | 12 | 5 |
|  |  | 13 | 5 |
|  |  | 14 | 5 |
|  |  | 15 | 5 |
|  |  | 16 | 5 |
|  |  | 17 | 4 |
|  |  | 18 | 4 |
|  |  | 19 | 4 |
|  |  | 20 | 3 |
|  |  | 21 | 3 |
|  |  | 22 | 2 |
|  |  | 23 | 2 |
|  |  | 24 | 2 |
|  |  | 25 | 2 |
|  |  | 26 | 1 |
|  |  | 27 | 1 |
|  |  | 28 | 1 |
|  |  | 29 | 1 |
|  |  | 30 | 1 |
|  |  | 31 | 1 |

---