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KBRA Assigns Preliminary Ratings to BasePoint MCA Securitization II LLC, Series 2025-1

11 Aug 2025   |   New York

Contacts

KBRA assigns preliminary ratings to notes issued by BasePoint MCA Securitization II LLC (the “Issuer”). BasePoint MCA Securitization II LLC will issue three classes of Series 2025-1 Notes totaling $102 million.

BasePoint Capital LLC (“BasePoint” or the “Company”), a wholly-owned subsidiary of BasePoint Group, Inc., is a privately held specialty finance platform focused on providing asset-based capital solutions to non-bank originators across the consumer and commercial credit landscape. Founded in 2009 and headquartered in New York City, BasePoint has deployed over $14.5 billion in cumulative financing and maintains an active portfolio with $4.9 billion in outstanding principal balance as of Q1 2025. The firm operates through a network of dedicated lending subsidiaries and affiliates, including Pearl Capital Business Funding, LLC (the “Pearl Platform”) and Revenued LLC (the “Revenued Platform”). Pearl Platform and Revenued Platform (collectively referred to herein as “Revenued”) both originate and service merchant cash advances (“MCAs”). All collateral for BasePoint 2025-1 is originated and serviced by Revenued.

The transaction features a revolving period (the “Revolving Period”), which will end on the earlier of (i) the close of business on August 31, 2028, approximately 36 months after the initial closing date and (ii) the date on which a Rapid Amortization Event has occurred. During the Revolving Period, the Seller will transfer additional Receivables to the Issuer, who will purchase such additional Receivables so long as (a) the Issuer and the Receivables satisfy all conditions set forth in the transaction documents and (b) a Rapid Amortization Event has not occurred and is not continuing. The transaction includes Eligibility Criteria and Concentration Limits for the collateral pool.

Credit enhancement will consist of subordination (except for the Class C Notes), excess spread, a reserve account and the excess funding account.

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: 1010697