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KBRA Assigns Preliminary Ratings to Elm 2018-2 Trust

September 27, 2018

NEW YORK--(BUSINESS WIRE)--Sep 27, 2018--Kroll Bond Rating Agency (KBRA) assigns preliminary ratings to three classes of debt (the “Debt”) issued by Elm 2018-2 Trust.

Elm 2018-2 Trust (the “Issuer” or “Elm 2018-2”) will issue the Class A-1 Senior Secured Revolving Floating Rate Senior Advances, the Class A-2 Senior Secured Fixed Rate Senior Notes and the Class B Fixed Rate Subordinated Notes (collectively, the “Debt”).

The Debt is secured by an initial pool (the “Initial Loans”) comprised primarily of:

The Initial Loans were originated by MidCap Financial Trust (the “Originator”) and will be serviced by MidCap Financial Services Capital Management, LLC (“MidCap Financial” or the “Servicer”). This transaction is the second ABS securitization for the Originator and Servicer, collectively referred to as “MidCap” or the “Company.”

Founded in 2008, MidCap is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries. The Company provides a broad array of products intended to finance growth and manage working capital. MidCap has focused on the direct origination of life sciences loans, technology loans, asset-backed loans, leveraged loans, real estate loans and lender finance loans.

KBRA analyzed the transaction using KBRA’s , published on November 28, 2017.

For complete details on the analysis, please see KBRA’s pre-sale report, , which was published at .

Representations & Warranties Disclosure

All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report available .

Related Publications: (available at )

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus, is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider, and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

View source version on businesswire.com:https://www.businesswire.com/news/home/20180927005679/en/

CONTACT: Kroll Bond Rating Agency

Analytical:

Alan Greenblatt, Director

(646) 731-2496

agreenblatt@kbra.com

or

John Lampasona, Director

(646) 731-2318

jlampasona@kbra.com

or

Caitlin Colvin, Senior Director

(646) 731-2465

ccolvin@kbra.com

or

Abby Barkwell, Associate Director

(646) 731-3304

abarkwell@kbra.com

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE INSURANCE

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2018.

PUB: 09/27/2018 11:52 AM/DISC: 09/27/2018 11:52 AM

http://www.businesswire.com/news/home/20180927005679/en

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