Sage AR Funding 2026 No.2 PLC: 26 June 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 Iris Facility Agreement and the Daffodil 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 nine wholly owned subsidiary companies: the Iris Company, the Daffodil Company, Sage Borrower AR1 Limited, Sage Borrower AR2 Limited, Sage Borrower AR3 Limited, Sage Borrower AR4 Limited, Sage Borrower AR5 Limited, Sage Borrower AR6 Limited, and Sage Borrower AR9 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, the Iris Property Portfolio comprises 1,447 completed affordable and social housing units across 105 development sites in England, totalling 2,918 beds. The Iris Property Portfolio generates £15.50m GRI (Gross Rental Income) and £11.78m NOI (Net Operating Income) annually. The Daffodil Property Portfolio comprises 1,361 completed affordable and social housing units across 73 development sites in England, totalling 2,866 beds. The Daffodil Property Portfolio generates £12.56m GRI (Gross Rental Income) and £9.55m NOI (Net Operating Income) annually.

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 2026 No.1 PLC