Press Release|Structured Credit
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KBRA Places One Class from Shawnee 1892 LLC on Watch Downgrade

14 Nov 2025   |   New York

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KBRA has placed the rating of the Class E-RR notes of Shawnee 1892 LLC (“Shawnee 1892”) on Watch Downgrade due to tightening excess interest and par erosion in the transaction.

Shawnee 1892 is a collateralized loan obligation (CLO) managed and serviced by Eldridge Structured Credit Advisors, LLC (“Eldridge” or the “servicer”), formerly known as Panagram Structured Asset Management LLC, which closed in September 2020. KBRA rated the reset notes in December 2022, and the transaction reset for the second time in November 2024. The transaction is static with no active management and no reinvestment period. All principal proceeds are used to repay the rated notes sequentially.

The table below displays the current capital structure and watch placement associated with this review. To date, the securities have received timely interest payments. We anticipate increasing pressure on excess spread as lower cost liabilities amortize, leaving higher cost liabilities outstanding. It is likely that the Shawnee 1892 Class E-RR notes will begin deferring interest in the near term, as the class E overcollateralization test cushion tightens.

24-Nov Curr 25-Nov To Class A-RR 536,080 363,115 67.74% 3mS + 1.75% 31.30% 37.60% AAA (sf) — Class B-RR 71,200 71,200 100.00% 3mS + 2.15% 22.10% 25.40% AA (sf) — Class C-RR (1) 53,080 53,080 100.00% 3mS + 2.75% 15.30% 16.30% A (sf) — Class D-RR (1) 50,180 50,180 100.00% 3mS + 5.00% 8.90% 7.60% BBB- (sf) — Class E-RR (1) 18,000 18,000 100.00% 3mS + 9.00% 6.60% 4.50% BB- (sf) BB- (sf) / Watch Downgrade (1)   Class C, D, and E Notes can defer interest without triggering an EOD and do not accrue interest on deferred interest amounts (2)   Par Subordination = 1 minus (Cumulative Liabilities / Total Performing Assets) Initial Amount ($000s) Current Amount ($000s) Note Factor Interest Rate Par Sub (%) (2) KBRA Rating Class
Source: KBRA

The collateral in Shawnee 1892 primarily consists of both middle market and broadly syndicated leveraged loans issued by corporate obligors diversified across sectors.

As of the October 2025 trustee report, the total portfolio par amount is $599.10 million with exposure to 62 obligors. The K-WARF of the portfolio is 3286, increased from 3206 as of 2024 reset, and CCC (%) increased from 14.9% in November 2024 to 21.7%. Based on monthly trustee reporting, the cushion on the class E overcollateralization test has tightened to 1.45% from 4.00% as of 2024 reset.

KBRA will continue to monitor the performance of the transaction and update and/or resolve the Watch Placements within 90 days.

To access ratings and relevant documents, click here.

Methodologies

Disclosures

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1012319