Contract analysis

1. Final Ratings 1.1 Ratings Assigned Brindoval Analytical Services Inc. has assigned the following final ratings to the classes of secured notes described below, each issued by the Co-Issuers pursuant to the Indenture: The Class A-1 Notes offered pursuant to Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), bear CUSIP G2694LAA7. The Class A-1 Notes offered pursuant to Rule 144A under

2. Transaction Summary and Key Structural Features Reviewed 2.1 Transaction Structure The transaction is structured as a broadly syndicated cash-flow collateralized loan obligation ("CLO") backed by a managed portfolio composed primarily of broadly syndicated first-lien senior secured leveraged loans. The obligors underlying such loans are predominantly domiciled in the United States, although the collateral eligibil

3. Basis of Ratings The final ratings set forth in Section 1 above are based on Brindoval's comprehensive analysis of the following factors: (a) The credit quality of the collateral pool, including the credit risk profile of the individual obligors, industry and geographic diversification, weighted average rating factor, recovery rate assumptions, and default probability distributions applicable to the portfolio; (b)

4. Rating Conditions and Assumptions 4.1 Conditions to Ratings The final ratings confirmed herein are conditioned upon each of the following: (a) Receipt of Final Transaction Documents. Brindoval has received, or will receive prior to the Closing Date, final, executed versions of the Indenture dated August 22, 2023 (as supplemented by the First Supplemental Indenture dated September 8, 2023), the Collateral Managemen

5. Ongoing Surveillance Brindoval will conduct ongoing surveillance of the ratings assigned to the Rated Notes in accordance with its CLO surveillance methodology, as updated from time to time. Surveillance activities are designed to monitor the ongoing creditworthiness of the Rated Notes in light of changes in collateral composition, portfolio credit quality, structural performance, and macroeconomic conditions. Sur

6. Limitations and Disclaimers 6.1 Nature of Ratings Brindoval's credit ratings are expressions of opinion regarding the creditworthiness of the Rated Notes and the ability of the Issuer to meet its financial obligations with respect to such Rated Notes. Brindoval's ratings are not, and should not be construed as, recommendations to purchase, sell, or hold any security, nor do they constitute investment advice of any

7. Contact Information For questions or inquiries regarding this rating confirmation, the underlying analysis, or Brindoval's ongoing surveillance of the Driftwood CLO 2023-I transaction, please contact: Anita Delgado Senior Director, Structured Finance Ratings Brindoval Analytical Services Inc. 55 Water Street, 40th Floor New York, NY 10041 Telephone: (212) 555-4810 Email: adelgado@crestviewratings.com Brian Whitfor