# EDGAR Filing Document

**Accession Number:** 0001666938
**File Stem:** 0001193125-26-042478
**Filing Date:** 2026-2
**Character Count:** 20123
**Document Hash:** 7d934be8130936cc55e840730ff4aa69
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-042478.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0001193125-26-042478

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

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20260209

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

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capital Automotive LLC
- **CENTRAL INDEX KEY:** 0001666938
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 203916264
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-02684
- **FILM NUMBER:** 26610830

**BUSINESS ADDRESS:**
- **STREET 1:** 8270 GREENSBORO DR.
- **STREET 2:** SUITE 950
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102
- **BUSINESS PHONE:** 703-288-3075

**MAIL ADDRESS:**
- **STREET 1:** 8270 GREENSBORO DR.
- **STREET 2:** SUITE 950
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capital Automotive LLC
- **CENTRAL INDEX KEY:** 0001666938
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 203916264
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

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

**BUSINESS ADDRESS:**
- **STREET 1:** 8270 GREENSBORO DR.
- **STREET 2:** SUITE 950
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102
- **BUSINESS PHONE:** 703-288-3075

**MAIL ADDRESS:**
- **STREET 1:** 8270 GREENSBORO DR.
- **STREET 2:** SUITE 950
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Capital Automotive LLC
- **CENTRAL INDEX KEY:** 0001666938
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 203916264
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-02684

**BUSINESS ADDRESS:**
- **STREET 1:** 8270 GREENSBORO DR.
- **STREET 2:** SUITE 950
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102
- **BUSINESS PHONE:** 703-288-3075

**MAIL ADDRESS:**
- **STREET 1:** 8270 GREENSBORO DR.
- **STREET 2:** SUITE 950
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22102

**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 securitizer: 0001666938** 

## CARS-DB4, L.P.
**(Exact name of issuing entity as specified in its charter)** 

**Central Index Key Number of issuing entity (if applicable): 0001699005** 

**Central Index Key Number of underwriter (if applicable): Not applicable** 

**Stephanie Rochel –Senior Vice President and General Counsel, 703-394-1322** 

**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** 

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

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Attached as Exhibit 99.1 hereto is the Independent Accountants' Report on Applying Agreed-Upon Procedures, dated February 5, 2026, obtained by the securitizer, with respect to certain agreed-upon procedures performed by a third-party due diligence provider.

EXHIBIT INDEX

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| Exhibit 99.1 | [Independent Accountants' Report on Applying Agreed-Upon Procedures, dated February 5, 2026.](d57426dex991.htm) |

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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.

Date: February 9, 2026

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| | |
|:---|:---|
| **CAPITAL AUTOMOTIVE LLC** | **CAPITAL AUTOMOTIVE LLC** |
| (securitizer) | (securitizer) |
| By: Capital Automotive Real Estate Services, Inc.,<br>a Delaware corporation, its company manager | By: Capital Automotive Real Estate Services, Inc.,<br>a Delaware corporation, its company manager |
| By: | /s/ Roger Stattel |
| Name: | Roger Stattel |
| Title: | Chief Executive Officer |

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## Exhibit 99.1

**Exhibit 99.1** 

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| | |
|:---|:---|
| ![LOGO](g57426g0207053206691.jpg) | **Deloitte & Touche LLP**<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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Capital Automotive LLC

8484 Westpark Drive, Suite 200

McLean, Virginia 22102

**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 mortgaged properties and related tenant leases in connection with the proposed offering of CARS Net-Lease Mortgage Notes, Series 2026-1. Capital Automotive 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, ATLAS SP Securities, a division of Apollo Global Securities and ATLAS SP Partners, L.P. (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.

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 January 23, 2026, representatives of the Company provided us with a computer-generated data file and related record layout (the "Statistical Data File") containing data, as represented to us by the Company, as of the close of business October 31, 2025 (except as indicated below), with respect to 206 mortgaged properties (the "Mortgage Properties") and the related tenant leases (the "Tenant Leases"). The Mortgage Properties and Tenant Leases consist of (i) 176 previously securitized Mortgaged Properties (the "Initial Mortgaged Properties") and the related tenant leases associated with each Initial Mortgaged Property (the "Initial Leases") and (ii) 30 subsequent Mortgaged Properties (the "Subsequent Mortgaged Properties") and the related tenant leases associated with each Subsequent Mortgaged Property (the "Subsequent Leases").

**File Review Procedures of the Initial Mortgaged Properties:** 

For each of the Initial Mortgaged Properties, we performed certain comparisons and recomputations of the initial mortgaged property characteristics (the "Initial Mortgaged Property Characteristics") set forth on the Statistical Data File and indicated below.

**Member of**<br> Deloitte Touche Tohmatsu Limited<br>

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**Initial Mortgaged Property Characteristics** 

1. Property name 2. Property street address 3. Property city 4. Property state 5. Property zip code 6. Property county 7. Brand/usage 8. Building area (sq.ft.) 9. Land area (acreage) 10. Metropolitan Statistical Area ("MSA")<sup>\*</sup>

\* for Initial Mortgages properties that did not indicate an MSA of "Rural Area" as set forth on the Statistical Data File

We compared Initial Mortgaged Property Characteristics 1. through 9. to the corresponding information set forth on or derived from (i) 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, 2024, with respect to 205 mortgaged properties and the related tenant leases related to CARS Net-Lease Mortgage Notes, Series 2024-3 (the "2024-3 Transaction Data File") or (ii) the "Appraisal Report."

We compared Initial Mortgaged Property Characteristic 10. to the corresponding information set forth on or derived from the "US Census Bureau Website" at <u>http://www.huduser.gov</u>.

**File Review Procedures of the Initial Leases:** 

For each of the Initial Leases that did not indicate a dealer group of "\*untenanted Properties" (as set forth on the Statistical Data File), we performed certain comparisons and recomputations of the initial lease characteristics (the "Initial Lease Characteristics") set forth on the Statistical Data File and indicated below.

**Initial Lease Characteristics** 

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| | |
|:---|:---|
| 1. Tenant name<br> 2. Lease start date<br> 3. Lease expiration date<br> 4. Purchase option indicator (yes/no)<br> 5. Purchase option date (if applicable)<br> 6. Purchase option terms (if applicable)<br> 7. Remaining renewal options<br> 8. Floating rate indicator (yes/no)<br> 9. One-month Benchmark Threshold<sup>#</sup><br> 10. Master lease indicator (yes/no)<br> 11. If Master Lease/Properties included (if applicable) | 12. Original initial lease term<br> 13. Increase type<br> 14. % of CPI<br> 15. Minimum increase percentage<br> 16. Maximum increase percentage<br> 17. Increase frequency<br> 18. Right of first offer indicator (yes/no)<br> 19. Right of first negotiation (yes/no)<br> 20. Right of first refusal indicator (yes/no)<br> 21. Guarantors |

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# For floating rate leases only

We compared Initial Lease Characteristics 1. through 21. to the corresponding information set forth on or derived from the (i) 2024-3 Transaction Data File or (ii) lease agreement or any amendments thereto (collectively, the "Lease Agreement").

**File Review Procedures of the Subsequent Mortgaged Properties:** 

At the Company's instruction, for each Subsequent Mortgaged Property, we performed certain comparisons and recomputations of the mortgaged property characteristics (the "Subsequent Mortgaged Property Characteristics") set forth on or derived from the Statistical Data File and indicated below.

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**Subsequent Mortgaged Property Characteristics** 

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| | |
|:---|:---|
| 1. Property name<br> 2. Property street address<br> 3. Property city<br> 4. Property state<br> 5. Property zip code<br> 6. Property county | 7. Brand/usage<br> 8. Building area (sq.ft.)<br> 9. Land area (acreage)<br> 10. Appraised value<br> 11. MSA<sup>\*</sup><br> 12. Dealer group FCCR<sup>\*\*</sup> |

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\* for Subsequent Mortgages properties that did not indicate an MSA of "Rural Area" as set forth on the Statistical Data File

\*\* As of September 30, 2025

We compared Subsequent Mortgaged Property Characteristics 1. through 10. to the corresponding information set forth on or derived from the Appraisal Report.

We compared Subsequent Mortgaged Property Characteristic 11. to the corresponding information set forth on or derived from the US Census Bureau Website.

We compared Subsequent Mortgaged Property Characteristic 12. to the corresponding information set forth on or derived from supporting documentation, including, but not limited to, schedules, worksheets and audited or unaudited/audited financial information provided to us by representatives of the Company (collectively, the "Financial Documentation").

**File Review Procedures of the Subsequent Leases:** 

For each of the Subsequent Leases, we performed certain comparisons and recomputations of the subsequent lease characteristics (the "Subsequent Lease Characteristics") set forth on the Statistical Data File and indicated below.

**Subsequent Lease Characteristics** 

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| | |
|:---|:---|
| 1. Tenant name<br> 2. Lease start date<br> 3. Lease expiration date<br> 4. Purchase option indicator (yes/no)<br> 5. Purchase option date (if applicable)<br> 6. Purchase option terms (if applicable)<br> 7. Remaining renewal options<br> 8. Floating rate indicator (yes/no)<br> 9. One-month Benchmark threshold#<br> 10. Master lease indicator (yes/no)<br> 11. If Master Lease/Properties included (if applicable)<br> 12. Original initial lease term<br> 13. Increase type<br> 14. % of CPI | 15. Minimum increase percentage<br> 16. Maximum increase percentage<br> 17. Increase frequency<br> 18. Right of first offer indicator (yes/no)<br> 19. Right of first negotiation (yes/no)<br> 20. Right of first refusal indicator (yes/no)<br> 21. Guarantors<br> 22. Next adjustment date<br> 23. Last adjustment date<br> 24. Current annual rent/income<br> 25. Floating rate portion of current annual rent/income#<br> 26. Dealer group<br> 27. Remaining lease term |

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# For floating rate leases only

We compared Subsequent Lease Characteristics 1. through 25. to the corresponding information set forth on or derived from the Lease Agreement. Further, at your instruction, with respect to Characteristic 24. , differences of $10. 00 or less are deemed to be "in agreement" for purposes of our comparison.

We compared Subsequent Lease Characteristic 26. to a query, provided to us by the Company on January 14, 2026, from the Company's asset management system (the "Dealer Group Query").

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With respect to Subsequent Lease Characteristic 27. , we recomputed the remaining lease term as the quotient of (i) the number of days between October 31, 2025 and the lease expiration date, as set forth on the Lease Agreement, and (ii) 365. We compared such recomputed remaining lease term (rounded to the nearest second decimal) to the remaining lease term set forth on the Statistical Data File.

The mortgage property and lease documents indicated above, and any other related documents provided in support of the mortgage property and lease characteristics indicated above, were provided to us by the Company and are collectively referred to hereinafter as the "Source 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 Source Documents and 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 Source Documents. In addition, we make no representations as to whether the Source Documents are comprehensive or valid instruments and reflect the current prevailing terms with respect to the corresponding Mortgaged Properties and Tenant Leases.

**Agreed-Upon Procedures' Findings** 

The results of the foregoing procedures indicated that the Initial Mortgaged Property Characteristics, Initial Lease Characteristics, Subsequent Mortgaged Property Characteristics and Subsequent Lease Characteristics set forth on the Statistical Data File were found to be in agreement with the above-mentioned Source Documents.

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

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the mortgaged properties and related tenant leases 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 Mortgaged Properties and Tenant Leases or (iii) reasonableness of any of the aforementioned information, assumptions 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 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.

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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 LLP

February 5, 2026