Armada EURO CLO X DAC: 12 April 2026

The assets securing the Debt will consist primarily of a portfolio of Senior Obligations, Mezzanine Obligations and High Yield Bonds, and will be managed by Brigade Capital Europe Management LLP.

Armada Euro CLO X DAC will issue Class A Senior Secured Floating Rate Notes due 2038, Class B Senior Secured Floating Rate Notes due 2039, Class C Senior Secured Deferrable Floating Rate Notes due 2039, Class D Senior Secured Deferrable Floating Rate Notes due 2039, Class E Senior Secured Deferrable Floating Rate Notes due 2039, Class F Senior Secured Deferrable Floating Rate Notes due 2039 and Subordinated Notes due 2039.

The Notes will be offered by the Issuer through BNP Paribas or an affiliate thereof in its capacity as initial purchaser and arranger for the offering of such Notes.

The Issuer anticipates that, by the Issue Date, it will have purchased or committed to purchase Collateral Obligations the Aggregate Principal Balance of which is equal to at least €324,000,000, which is approximately 81% of the Target Par Amount.

EU & UK Risk Retention: The Retention Holder (Brigade Capital Europe Management LLP) will retain, on an ongoing basis, a material net economic interest of not less than 5% in the securitisation in accordance with the applicable Retention Requirements, and the risk retention is disclosed to the Institutional Investor.

US Risk Retention: It should be assumed that no party involved in the transaction will obtain on the Issue Date and retain any Notes intended to satisfy the US Risk Retention Rules based on the LSTA decision