European Loan Conduit No. 41 (AESIR): 24 February 2026

The Issuer will make payments on the Notes and the Issuer Loan from payments of principal and interest received by the Issuer under its interest in the loans advanced by the Lender to the Borrower pursuant to the Facility Agreement, with the portion of the Loan held by the Issuer being the securitised loan. On the Closing Date, the Issuer will acquire a 94.4% interest in the Loan.

The Loan will be secured by, among other things, a portfolio of 20 logistics properties, of which 19 are located in the United Kingdom and one is located in the Republic of Ireland. The UK assets are mainly in England besides one asset in Northern Ireland. Those assets based in England are distributed across the country, with 26% by Gross Leasable Area ("GLA") in the East Midlands, 25% by GLA in Yorkshire and the North-East and 21% by GLA in the West Midlands. The Property Portfolio generates £27.1M of gross rental income ("GRI") with a weighted average unexpired lease term to expiry ("WAULTE") of 8.2 years and a weighted average unexpired lease term to first break ("WAULTB") of 6.6 years.

UK, EU & US Risk Retention: For the purposes of satisfying US and EU risk retention requirements and the UK retention rules, Morgan Stanley Principal Funding Inc will, pursuant to the Issuer Loan Agreement, advance a loan to the Issuer on the Closing Date. As at the Closing Date, the principal amount of the Issuer Loan will be equal to £15,003,000, being equal to no 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: DBMS 2025-1 DAC, UK Logistics 2025-2