DBMS 2025-1 DAC: 02 January 2026

The Issuer will make payments on the Notes and the Issuer Loan from payments of principal and interest received by the Issuer under a loan advanced by, among others, the Loan Sellers to the Borrowers pursuant to the Senior Facilities Agreement. On the Closing Date, the Issuer will acquire from the Loan Sellers an interest of £438,694,000 of the outstanding principal amount of the Loan (representing 81.44% in the aggregate Loan as of the Closing Date).

Morgan Stanley Bank NA, as an Original Lender, will retain on the Closing Date an interest of £100,000,000 of the outstanding principal amount of the Loan (representing 18.56% in the aggregate Loan as of the Closing Date).

The Loan is secured by a property portfolio consisting of 64 properties across England and Scotland, comprised of 59 standing logistics properties (primarily last-mile logistics assets and multi-let estates), 4 development land properties (primarily a singular 110-acre site) and 1 retail park property. The properties offer approximately 7,000,000 sqft of gross leasable area, which is let to over 400 unique tenants in over 644 units at an average occupancy level of 90%. The property portfolio generates £45.2 million of Gross Rental Income and £42.2 million of pre-rent-free net operating income with a weighted average unexpired lease term to expiry of 5.2 years and a weighted average unexpired lease term to first break of 3.6 years.

UK, EU & US Risk Retention: For the purposes of satisfying the UK, EU and US risk retention requirements, MSBNA as the Initial Issuer Lender and a majority-owned affiliate of the Retaining Sponsor will, pursuant to the Issuer Loan Agreement, advance a sterling loan to the Issuer on or about the Closing Date. As at the Closing Date, the principal amount of the Issuer Loan will be £23,319,473.68, being equal to not less than 5% of the sum of (i) the aggregate principal amount outstanding of the Notes and (ii) the principal amount of the Issuer Loan on the Closing Date.

Compare/contrast: UK Logistics 2025-2, Taurus 2025-2 UK DAC