# EDGAR Filing Document

**Accession Number:** 0001828922
**File Stem:** 0001193125-25-305056
**Filing Date:** 2025-12
**Character Count:** 20762
**Document Hash:** 513daa5b214953b5165a2d122790b49a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-305056.hdr.sgml**: 20251202

**ACCESSION NUMBER**: 0001193125-25-305056

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251202

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

**FILED AS OF DATE**: 20251202

**DATE AS OF CHANGE**: 20251202

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dext ABS Funding, LLC
- **CENTRAL INDEX KEY:** 0001828922

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-05259
- **FILM NUMBER:** 251542691

**BUSINESS ADDRESS:**
- **STREET 1:** 5285 MEADOWS RD
- **STREET 2:** SUITE 335
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035
- **BUSINESS PHONE:** 9717132937

**MAIL ADDRESS:**
- **STREET 1:** 5285 MEADOWS RD
- **STREET 2:** SUITE 335
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dext ABS Funding, LLC
- **CENTRAL INDEX KEY:** 0001828922

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 5285 MEADOWS RD
- **STREET 2:** SUITE 335
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035
- **BUSINESS PHONE:** 9717132937

**MAIL ADDRESS:**
- **STREET 1:** 5285 MEADOWS RD
- **STREET 2:** SUITE 335
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Dext ABS Funding, LLC
- **CENTRAL INDEX KEY:** 0001828922

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-05259

**BUSINESS ADDRESS:**
- **STREET 1:** 5285 MEADOWS RD
- **STREET 2:** SUITE 335
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035
- **BUSINESS PHONE:** 9717132937

**MAIL ADDRESS:**
- **STREET 1:** 5285 MEADOWS RD
- **STREET 2:** SUITE 335
- **CITY:** LAKE OSWEGO
- **STATE:** OR
- **ZIP:** 97035

**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 _______** 

**(Exact name of securitizer as specified in its charter)** 

**Date of Report (Date of earliest event reported)<u> </u>** 

**Commission File Number of securitizer:<u> </u>** 

**Central Index Key Number of securitizer:<u> </u>** 

**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)** 

## Dext ABS 2025-2, LLC
**(Exact name of issuing entity as specified in its charter)** 

**Central Index Key Number of depositor (if applicable): <u>0001828922</u>** 

**Central Index Key Number of issuing entity (if applicable): <u>Not Applicable</u>** 

**Central Index Key Number of underwriter (if applicable): <u>Not Applicable</u>** 

**Conrad Nilsen, (971) 371-2398** 

**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** 

Attached as Exhibit 99.1 hereto is the Independent Accountants' Report on Applying Agreed-Upon Procedures, dated November 21, 2025, with respect to certain agreed-upon procedures performed by Deloitte & Touche LLP.

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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.

Dated: December 2, 2025

---

| | |
|:---|:---|
| **DEXT ABS FUNDING, LLC** | **DEXT ABS FUNDING, LLC** |
| (Depositor) | (Depositor) |
| By: | /s/ Conrad Nilsen |

---

Name: Conrad Nilsen <br> Title: Treasurer and Senior Officer in Charge of Securitization

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**EXHIBIT INDEX** 

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| | |
|:---|:---|
| Exhibit No. | Description |
| **Exhibit 99.1** | [Independent Accountants' Report on Applying Agreed-Upon Procedures, dated November 21, 2025.](d80699dex991.htm) |

---

## Exhibit 99.1

**Exhibit 99.1** 

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| | |
|:---|:---|
| ![LOGO](g80699g1125121708345.jpg) <br>Dext Capital, LLC<br> 5500 Meadows Road, Suite 300<br> Lake Oswego, Oregon 97035 | **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 |

---

**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 equipment contracts in connection with the proposed offering of Dext ABS 2025-2, LLC, Asset Backed Notes. Dext Capital, 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, Truist Securities, Inc. ("Truist 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.

**Agreed-Upon Procedures** 

On November 6, 2025, representatives of Truist, on behalf of the Company, provided us with a computer generated equipment contract data file and related record layout containing data, as represented to us by the Company, as of the close of business October 31, 2025, with respect to 4,173 equipment contracts (the "Statistical Data File").

At the Company's instruction, we randomly selected 160 equipment contracts from the Statistical Data File and performed certain comparisons and recomputations for each of the Sample Contracts relating to the equipment contract characteristics (the "Characteristics") set forth on the Statistical Data File and indicated below.

**Characteristics** 

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| | |
|:---|:---|
|  1.Contract number (informational purposes only)<br> 2.Customer name<br> 3.State<br> 4.Equipment type<br> 5.Payment amount | 6.Equipment cost<br> 7.Contract month of origination<br> 8.Residual value<br> 9.Contract term<br> 10.Current customer rate |

---

We compared Characteristics 2. and 3. to the corresponding information set forth on or derived from the lease agreement or any amendments thereto (collectively, the "Lease Agreement");

**Member of** 

Deloitte Touche Tohmatsu Limited

------

Characteristic 4. to the Lease Agreement or the "Invoice;" Characteristics 5. through 7. to the corresponding information set forth on or derived from Lease Agreement, "Payment Schedule" or the "Portfolio Acquisition Schedule;" Characteristic 8. to the "Purchase Option Addendum" or the Payment Schedule; Characteristic 9. to the Payment Schedule or Portfolio Acquisition Schedule; and Characteristic 10. to a query from the Company's servicing system (the "Current Customer Rate Query"), provided to us on November 13, 2025 by representatives of the Company.

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 Characteristic 3., for the Sample Contracts indicated in Appendix A, we noted a
difference with respect to the state set forth on the Statistical Data File when compared to the state set forth on the Lease Agreement. For these Sample Contracts, we were instructed to perform an additional procedure and compare the state set
forth on the Statistical Data File to the corresponding information set forth on screen shots from the Company's servicing system (the "Servicing System Screen Shots");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to our comparison of Characteristic 6., for the Sample Contracts indicated in Appendix B, we noted a
difference with respect to the equipment cost set forth on the Statistical Data File when compared to the equipment cost set forth on the Payment Schedule. For these Sample Contracts, we were instructed to perform an additional procedure and compare
the equipment cost set forth on the Statistical Data File to the corresponding information set forth on the Servicing System Screen Shots;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to our comparison of Characteristic 7., for the Sample Contracts indicated in Appendix C, we noted a
difference with respect to the contract month of origination set forth on the Statistical Data File when compared to the contract month of origination set forth on the Lease Agreement. For these Sample Contracts, we were instructed to perform an
additional procedure and compare the contract month of origination set forth on the Statistical Data File to the corresponding information set forth on the Servicing System Screen Shots;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to our comparison of Characteristic 8., for the Sample Contracts indicated in Appendix D, we noted a
difference with respect to the residual value set forth on the Statistical Data File when compared to the residual value set forth on the Payment Schedule. For these Sample Contracts, we were instructed to perform an additional procedure and compare
the residual value set forth on the Statistical Data File to the corresponding information set forth on the Servicing System Screen Shots; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• with respect to our comparison of Characteristic 9., differences of one month are deemed to be "in
agreement." Further, for the Sample Contracts indicated in Appendix E, we noted a difference with respect to the contract term set forth on the Statistical Data File when compared to the contract term set forth on the Payment Schedule. For
these Sample Contracts, we were instructed to perform an additional procedure and compare the contract term set forth on the Statistical Data File to the corresponding information set forth on the Servicing System Screen Shots.

The equipment contract documents referred to above, including any information obtained from the indicated systems, and any other documents used in support of the Characteristics, were provided to us by representatives of the Company and are collectively referred to hereinafter as the "Equipment 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 Equipment 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 photocopies or data imaged facsimiles of the Equipment Documents. In addition, we make no representations as to whether the Equipment Documents are comprehensive or valid instruments or reflect the current prevailing terms with respect to the corresponding Sample Contracts.

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**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 Equipment Documents, except as indicated in Appendix F. Supplemental information is contained in Appendix G.

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

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the equipment 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 equipment 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.

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.

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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

November 21, 2025

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**Appendix A to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated November 21, 2025.** 

In applying our agreed-upon procedures as outlined above, we performed an additional procedure with respect to Characteristic 3. for the following Sample Contracts:

100-0005747-024 <br> 100-0012395-004

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 November 21, 2025.** 

In applying our agreed-upon procedures as outlined above, we performed an additional procedure with respect to Characteristic 6. for the following Sample Contracts:

100-0011872-004 <br> 100-0014479-001

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 C to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated November 21, 2025.** 

In applying our agreed-upon procedures as outlined above, we performed an additional procedure with respect to Characteristic 7. for the following Sample Contracts:

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| |
|:---|
| 100-0010602-001 |
| 100-0010646-001 |
| 100-0010668-001 |
| 100-0014370-001 |
| 100-0014377-001 |

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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 D to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated November 21, 2025.** 

In applying our agreed-upon procedures as outlined above, we performed an additional procedure with respect to Characteristic 8. for the following Sample Contracts:

100-0014200-001 <br> 100-0014370-001

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 E to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated November 21, 2025.** 

In applying our agreed-upon procedures as outlined above, we performed an additional procedure with respect to Characteristic 9. for the following Sample Contracts:

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| |
|:---|
| 100-0012690-001 |
| 100-0012724-001 |
| 100-0013197-001 |

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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 F to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated November 21, 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 | Three differences in contract month of origination. |

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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 G to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated November 21, 2025.** 

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Exception<br>Description<br>Number** | **Sample Contract<br>Number** | **Characteristic** | **Characteristic set forth<br>on the Statistical Data<br>File** | **Characteristic set forth on or<br>derived from the Equipment<br>Documents** |
| 1 | 100-0013418-001 | Contract month of origination | September | August |
| 1 | 100-0013780-001 | Contract month of origination | October | September |
| 1 | 100-0014040-001 | Contract month of origination | October | September |

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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.