# EDGAR Filing Document

**Accession Number:** 0001999470
**File Stem:** 0001193125-25-210630
**Filing Date:** 2025-9
**Character Count:** 23027
**Document Hash:** ce4ae4d1c985417044632a8ed41a0bba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-210630.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001193125-25-210630

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250915

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

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APL TOPCO DESIGNATED ACTIVITY CO
- **CENTRAL INDEX KEY:** 0001999470

**ORGANIZATION NAME:**
- **EIN:** 981667051
- **STATE OF INCORPORATION:** L2
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-06880
- **FILM NUMBER:** 251329080

**BUSINESS ADDRESS:**
- **STREET 1:** 5TH FLOOR, THE EXCHANGE
- **STREET 2:** GEORGE'S DOCK, IFSC
- **CITY:** DUBLIN
- **STATE:** L2
- **ZIP:** 1
- **BUSINESS PHONE:** 35314706600

**MAIL ADDRESS:**
- **STREET 1:** 5TH FLOOR, THE EXCHANGE
- **STREET 2:** GEORGE'S DOCK, IFSC
- **CITY:** DUBLIN
- **STATE:** L2
- **ZIP:** 1
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APL TOPCO DESIGNATED ACTIVITY CO
- **CENTRAL INDEX KEY:** 0001999470

**ORGANIZATION NAME:**
- **EIN:** 981667051
- **STATE OF INCORPORATION:** L2
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 5TH FLOOR, THE EXCHANGE
- **STREET 2:** GEORGE'S DOCK, IFSC
- **CITY:** DUBLIN
- **STATE:** L2
- **ZIP:** 1
- **BUSINESS PHONE:** 35314706600

**MAIL ADDRESS:**
- **STREET 1:** 5TH FLOOR, THE EXCHANGE
- **STREET 2:** GEORGE'S DOCK, IFSC
- **CITY:** DUBLIN
- **STATE:** L2
- **ZIP:** 1
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APL TOPCO DESIGNATED ACTIVITY CO
- **CENTRAL INDEX KEY:** 0001999470

**ORGANIZATION NAME:**
- **EIN:** 981667051
- **STATE OF INCORPORATION:** L2
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-06880

**BUSINESS ADDRESS:**
- **STREET 1:** 5TH FLOOR, THE EXCHANGE
- **STREET 2:** GEORGE'S DOCK, IFSC
- **CITY:** DUBLIN
- **STATE:** L2
- **ZIP:** 1
- **BUSINESS PHONE:** 35314706600

**MAIL ADDRESS:**
- **STREET 1:** 5TH FLOOR, THE EXCHANGE
- **STREET 2:** GEORGE'S DOCK, IFSC
- **CITY:** DUBLIN
- **STATE:** L2
- **ZIP:** 1

**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<u> </u> to<u> </u>** 

**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: 0001999470** 

## APL Finance 2023-1 Designated Activity Company
**(Exact name of issuing entity as specified in its charter)** 

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

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

**Christian Currivan** 

**+353 1 470 6600** 

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

**to contact in connection with this filing** 

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**INFORMATION TO BE INCLUDED IN THE REPORT** 

**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 an Exhibit to this Form ABS-15G. Please see Exhibit 99.1 for the related information.

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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: September 22, 2025 | **APL Topco Designated Activity Company** | **APL Topco Designated Activity Company** |
|  | (Depositor) | (Depositor) |
|  | By: | /s/ Christian Currivan |
|  | Name: | Christian Currivan |
|  | Title: | Director |

---

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| Exhibit<br>Number | Description |
| Exhibit 99.1 | [Independent Accountants' Report on Applying Agreed-Upon Procedures, dated September 17, 2025 of Deloitte & Touche LLP](d73823dex991.htm) |

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## Exhibit 99.1

**Exhibit 99.1** 

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| | |
|:---|:---|
| ![LOGO](g73823g76h97.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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APL Topco Designated Activity Company

5<sup>th</sup> Floor

The Exchange George's Dock IFSC

Dublin 1, Ireland

**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 aircraft credit facilities in connection with the proposed offering of notes and certificates by APL Finance 2023-1 Designated Activity Company and APL Finance 2023-1 LLC, Fixed Rate Secured Notes Series 2025-1. APL Topco Designated Activity Company (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, Citigroup Global Markets Inc. ("Citigroup"), ATLAS SP Securities, a division of Apollo Global Securities, LLC ("ATLAS"), ATLAS SP Partners, L.P., Morgan Stanley & Co. LLC and Davidson Kempner Capital Management LP (collectively with the Company, the "Specified Parties") have 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 September 11, 2025, representatives of Citigroup, on behalf of the Company, provided us with a computer-generated data file and related record layout containing data, as represented to us by the Company, as of the close of business July 31, 2025, with respect to 26 aviation loans and the related aircraft and engines and aircraft and engine leases (collectively, the "Aviation Assets") (the "Statistical Data File"). At the Company's instruction, we performed certain comparisons and recomputations for the Aviation Assets relating to the aviation contract characteristics (the "Characteristics") set forth on the Statistical Data File and indicated below.

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| |
|:---|
| **Member of** |
| Deloitte Touche Tohmatsu Limited |

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**Characteristics** 

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| | |
|:---|:---|
| 1. Loan Number (for informational purposes only)<br> 2. Loan ID (for informational purposes only)<br> 3. Recourse<br> 4. Loan start date<br> 5. Loan maturity date<br> 6. Initial loan term<br> 7. Initial loan balance<br> 8. Loan balance<br> 9. Balloon amount<br> 10.Current interest rate type<br> 11.Current all-in interest rate<br> 12.Margin<br> 13.MSN<br> 14.Rent<br> 15.Underlying collateral<br> 16.Tech Gen<br> 17.Asset category<br> 18.Borrower/lessor<br> 19.Underlying lessee<br> 20.Lessee country<br> 21.Lessee region<br> 22.Lease start date<br> 23.Lease expiration date<br> 24.Security deposit<br> 25.Security deposit type<br> 26.Maintenance reserve balance<br> 27.Forecasted maintenance reserve balance at maturity<br> 28.Forecasted end of lease payment at maturity<br> 29.Maintenance reserve balance at origination<br> 30.Maintenance adjustment at loan origination<br> 31.Date of manufacture | 32.AVITAS half-life current market value<br> 33.AVITAS half-life base value at origination<br> 34.CV half-life current market value<br> 35.CV half-life base value at origination<br> 36.MBA half-life current market value<br> 37.MBA half-life base value at origination<br> 38.IBA half-life base value at origination (if applicable)<br> 39.BK half-life base value at origination (if applicable)<br> 40.AVITAS half-life base value at maturity<br> 41.CV half-life base value at maturity<br> 42.MBA half-life base value at maturity<br> 43.Current AVITAS half-life base value<br> 44.Current CV half-life base value<br> 45.Current MBA half-life base value<br> 46.Remaining loan term<br> 47.Lease term remaining post loan maturity<br> 48.Post-loan maturity lease cash flow (as applicable)<br> 49.Current average half-life base value<br> 50.Average half-life current market value<br> 51.Average half-life base value at origination<br> 52.Average half-life base value at maturity<br> 53.Average maintenance adjusted base value at origination<br> 54.Net LTV at loan origination<br> 55.Half-life current market value LTV<br> 56.Net half-life current market value LTV<br> 57.Current half-life base value LTV<br> 58.Net current half-life base value LTV<br> 59. LTV at maturity<br> 60.Net LTV at maturity<br> 61.Aircraft age\* |

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\* For Aviation Assets that did not indicate an asset category of "engine" as set forth on the Lease Agreement (as defined below)

We compared Characteristics 3. through 12. to the corresponding information set forth on or derived from the applicable loan agreement, loan supplement or any amendments thereto (each, a "Loan Agreement").

We compared Characteristics 13. through 25. to the corresponding information set forth on or derived from the applicable lease agreement or any amendments thereto (each, a "Lease Agreement").

We compared Characteristics 26. through 30. to the corresponding information set forth on the applicable "CV Report."

We compared Characteristics 31. through 45. to the corresponding information set forth on the MBA Appraisal Report, AVITAS Appraisal Report, CV Appraisal Report, IBA Appraisal Report or BK Appraisal Report (as applicable) (each, an "Appraisal Report").

We compared Characteristic 46. to the number of months between (i) July 31, 2025 and (ii) the loan maturity date (as set forth on the applicable Loan Agreement).

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We compared Characteristic 47. to the number of months between (a) the loan maturity date (as set forth on the applicable Loan Agreement) and (b) the lease expiration date (as set forth on the applicable Lease Agreement).

We compared Characteristic 48. to the product of (i) the rent (as set forth on the applicable Lease Agreement) and (ii) lease term remaining post loan maturity (as determined above).

We compared Characteristic 49. to the average of (i) the current AVITAS half-life base value, (ii) the current CV half-life base value and (iii) the current MBA half-life base value (each as set forth on the applicable Appraisal Report).

We compared Characteristic 50. to the average of (i) the AVITAS half-life current market value, (ii) the CV half-life current market value and (iii) the MBA half-life current market value (each as set forth on the applicable Appraisal Report).

We compared Characteristic 51. to the average of (i) the AVITAS half-life base value at origination, (ii) the CV half-life base value at origination, (iii) the MBA half-life base value at origination, (iv) the IBA half-life base value at origination (if applicable) and (v) the BK half-life base value at origination (if applicable) (each as set forth on the applicable Appraisal Report).

We compared Characteristic 52. to the average of (i) the AVITAS half-life base value at maturity, (ii) the CV half-life base value at maturity and (iii) the MBA half-life base value at maturity (each as set forth on the applicable Appraisal Report).

We compared Characteristic 53. to the sum of the (i) average half-life base value at origination (as set determined above) and (ii) maintenance adjustment at loan origination (as set forth on the CV Report).

We compared Characteristic 54. to the quotient of (i) the loan balance (as set forth on the applicable Loan Agreement) minus the sum of (a) the security deposit (as set forth on the applicable Lease Agreement) and (b) the maintenance reserve balance at origination (as set forth on the applicable CV Report) and (ii) the average maintenance adjusted base value at origination (as determined above).

We compared Characteristic 55. to the quotient of (i) the loan balance (as set forth on the applicable Loan Agreement) and (ii) the average half-life current market value (as determined above).

We compared Characteristic 56. to the quotient of (i) the loan balance (as set forth on the applicable Loan Agreement) minus the sum of (a) the security deposit (as set forth on the applicable Lease Agreement) and (b) the maintenance reserve balance at origination (as set forth on the applicable CV Report) and (ii) the average half-life current market value (as determined above).

We compared Characteristic 57. to the quotient of (i) the loan balance (as set forth on the applicable Loan Agreement) and (ii) the current average half-life base value (as determined above).

We compared Characteristic 58. to the quotient of (i) the loan balance (as set forth on the applicable Loan Agreement) minus the sum of (a) the security deposit (as set forth on the applicable Lease Agreement) and (b) the maintenance reserve balance at origination (as set forth on the applicable CV Report) and (ii) the current average half-life base value (as determined above).

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We compared Characteristic 59. to the quotient of (i) the balloon amount (as set forth on the applicable Loan Agreement) and (ii) the average half-life base value at maturity (as determined above).

We compared Characteristic 60. to the quotient of (i) the balloon amount (as set forth on the applicable Loan Agreement) minus the sum of (a) the forecasted maintenance reserve balance at maturity (as set forth on the applicable CV Report), (b) the forecasted end of lease payment at maturity (as set forth on the applicable CV Report) and (c) the post-loan maturity lease cash flow (as determined above) and (ii) the average half-life base value at maturity (as determined above).

We compared Characteristic 61. to the number of years between (a) July 31, 2025 and (b) the date of manufacture (as set forth on the applicable Appraisal).

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., 9., 14., 24., and 26. through 30, differences of $1.00 or
less are deemed to be "in agreement."

The aviation contract documents described above, including any information obtained from the indicated systems, 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 "Aviation 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 Aviation Documents and we make no representations concerning the accuracy or completeness of any of the information contained therein. In certain instances, our procedures were performed using data imaged facsimiles or photocopies of the Aviation Documents. In addition, we make no representations as to whether the Aviation Documents are comprehensive or valid instruments or reflect the current prevailing terms with respect to the corresponding Aviation Assets.

**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 Aviation Documents, except as indicated in Appendix A. Supplemental information is contained in Appendix B.

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

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the assets or underlying documentation 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 Aviation Assets 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 or 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

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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.

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

September 17, 2025

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**Appendix A to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated September 17, 2025.** 

In applying our agreed-upon procedures as outlined above, we observed the following:

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| | |
|:---|:---|
| **Exception<br>Description<br>Number** | **Exception Description** |
| 1 | One instance where we were unable to verify the loan start date. |
| 2 | One instance where we were unable to verify the loan maturity date. |
| 3 | One instance where we were unable to verify the loan balance. |
| 4 | One instance where we were unable to verify the rent. |
| 5 | One instance where we were unable to verify the current all in interest rate. |
| 6 | Four instances where we were unable to verify the lease start date. |
| 7 | Four instances where we were unable to verify the lease expiration date. |
| 8 | One instance where we were unable to verify the security deposit. |

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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 September 17, 2025** 

<u>Supplemental Information Related to the Findings Set Forth on Appendix A</u> 

In applying our agreed-upon procedures as outlined above, we were unable to verify the following Characteristics with the Aviation Documents provided:

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| | | |
|:---|:---|:---|
| **Exception**<br> **Description**<br> **Number** | **Aviation Asset<br>number** | **Characteristic not verified** |
| 1 | 26 | Loan start date |
| 2 | 26 | Loan maturity date |
| 3 | 26 | Loan balance |
| 4 | 26 | Rent |
| 5 | 26 | Current all-in interest rate |
| 6 | 20 | Lease start date |
| 6 | 21 | Lease start date |
| 6 | 22 | Lease start date |
| 6 | 26 | Lease start date |
| 7 | 20 | Lease expiration date |
| 7 | 21 | Lease expiration date |
| 7 | 22 | Lease expiration date |
| 7 | 26 | Lease expiration date |
| 8 | 26 | Security deposit |

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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.