Sage AR Funding 2026 No.1 PLC: 06 March 2026

The Issuer will make payments on the Notes from payments of principal and interest received by the Issuer under the Loans advanced by the Issuer pursuant to the Cardamom Facility Agreement and the Saffron Facility Agreement.

The Loans will each be secured by, among other things, a portfolio of residential rented properties owned by Sage Rented Limited and located in the United Kingdom.

As at the Closing Date SRL has six wholly owned subsidiary companies, being the Cardamom Company, the Saffron Company, Sage Borrower AR1 Limited, Sage Borrower AR2 Limited, Sage Borrower AR3 Limited and Sage Borrower AR4 Limited. SRL's primary business objects are to deliver high-quality, well-managed and customer-focussed affordable housing. The principal activity of SRL is the ownership and management of housing for social lettings.

As of the cut-off date (31 October 2025) the Property Portfolio comprises 1,958 completed affordable and social housing units across 116 development sites in England, totalling 4,105 beds. The Property Portfolio generates £19.43m GRI (Gross Rental Income) and £14.77m NOI (Net Operating Income) annually. The Property Portfolio is highly granular, with the top 10 developments (by MVSTT) accounting for 27.7% of portfolio GRI, 28.2% of MVSTT and 28.9% of EUVSH. No development site accounts for more than 7.3% of the Property Portfolio by MVSTT.

UK & EU Risk Retention: Sage Rented Limited, as originator, will retain (either itself or acting through a wholly owned subsidiary) a material net economic interest of not less than 5% in the securitisation in accordance with the text of Article 6(1) of Regulation (EU) 2017/2402. As at the Closing Date, such retained material net economic interest will comprise the first loss tranche, by way of a subscription by Sage Rented Limited of the Class R Notes.

Compare/contrast: Sage AR Funding 2025 No.1 plc