Press Release|ABS
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KBRA Assigns Preliminary Ratings to LMDV Issuer Co. LLC, Series 2025-1

3 Dec 2025   |   New York

Contacts

KBRA assigns preliminary ratings to three classes of notes from LMDV Issuer Co. LLC, Series 2025-1, a communications infrastructure securitization (CIS) that is primarily collateralized by ground leases and rooftop easements underlying or related to wireless infrastructure and related contracts.

The Series 2025-1 Notes issued by LMDV Issuer Co. LLC (the Issuer) represent the first public securitization for the Issuer. Landmark Dividend, LLC (Landmark, the Company or the Manager) previously issued a KBRA-rated securitization backed by billboard ground lease assets in August 2025. The transaction structure is a master trust, and as such, the indenture permits the issuance of additional classes and series of notes subject to certain conditions including rating agency confirmation. The proceeds from the sale of the Notes will be used to repay existing indebtedness, pay transaction fees and for general corporate purposes including a distribution to the Parent.

To access ratings and relevant documents, click here.

Click here to view the report.

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.

Doc ID: 1012543