Press Release|ABS
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KBRA Takes Rating Actions on Mosaic Solar Loans LLC & Mosaic Solar Loan Trust Transactions

19 Feb 2026   |   New York

Contacts

KBRA affirms its ratings on 31 classes of notes and downgrades its ratings on 19 classes of notes issued from 16 securitizations collateralized by residential solar loans originated by Solar Mosaic LLC (“Mosaic”). Concurrently, KBRA removed the eight Watch Placements across five transactions. KBRA’s analysis, which considered performance to date and changes mentioned in the Company Overview section below, indicated that existing credit enhancement for the notes is sufficient to support the affirmed ratings. The 19 downgrades reflect ongoing deterioration in collateral credit performance and a decrease in overcollateralization and credit enhancement since last review. The downgrades to CCC(sf) and below reflect the increased risk of principal loss since the last review.

The ratings were initially placed on Watch Downgrade on October 14, 2025 due performance deterioration and the increase in senior transaction fees following the execution of Administration Agreements between FB Solar Admin LLC (“FB Solar”) and each outstanding Issuer for these outstanding Mosaic transaction. On September 18, 2025, new Administration Agreements were executed between each Issuer and FB Solar, a subsidiary of Forbright Bank. As part of the new agreements, the Administrator is owed a higher monthly Administration Fee than before Mosaic’s bankruptcy, along with newly added uncapped fees related to tax authority audits, rating agency coordination, tax preparation and filing, and litigation involving the Issuer, Underlying Trust or Underlying Trust Estate. KBRA also considered the above changes and deterioration in performance to date, in conducting its review.

The data used for this review is as of the January 2026 distribution date (December 2025 collection period). To date, the securities have received timely interest payments.

Click here to view the report.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

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.

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