KBRA assigns preliminary ratings to NBC Funding LLC (NBC 2025-1), Series 2025-1 Class A-1 Notes and Class A-2 Notes, a whole business securitization (WBS). NBC 2025-1 represents the Issuer’s fourth issuance out of the existing master trust. In conjunction with the issuance of NBC 2025-1, the Series 2021-1 A-2 Notes and Series 2021-1 Class B Notes are expected to be refinanced at which time KBRA will withdraw the ratings. At that time KBRA also anticipates affirming the ratings on the Issuer’s outstanding Series 2021-1 A-1-VFN Notes, Series 2021-1 A-1-LR Notes, and the Series 2024-1 A-2 Notes (the Existing Notes and, together with the Series 2025-1 Notes, the Notes). The ratings are consistent with the results of our cash flow analysis following the addition of the Series 2025-1 Notes.

Nothing Bundt Franchising, LLC (NBC or the Company) is the Manager and operator, while NBC Franchisor LLC is the franchisor, of bakeries under the Nothing Bundt Cakes brand. The Company was founded in 1997 and is headquartered in Addison, TX. The NBC system includes 688 bakeries across 43 states and Canada as of Q1 2025. System-wide sales totaled approximately $876 million for the twelve months ending March 31, 2025 (LTM Q1 2025) and the system is approximately 99% franchised.

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Methodologies

• ABS: Whole Business Securitization (WBS) ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1010256

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