[sheet: Cover]

Field	Value
Document Title	Closing Memorandum & Checklist
Transaction	Belmont Ridge Equipment Trust 2024-A — $48,000,000 Tap Issuance of Class A-2 Notes
Issuer	Belmont Ridge Equipment Trust 2024-A (Delaware statutory trust)
Originator / Servicer	Belmont Ridge Bank, National Association
Lead Underwriter / Bookrunner	Ashford Capital Markets LLC
Indenture Trustee / Paying Agent	Meridian Fiduciary Services, Inc.
Owner Trustee	Keyline Trust Company, National Association
Issuer's Counsel	Calderwood & Harkness LLP
Issuer's Delaware Counsel	Whitfield & Donahue LLP
Underwriter's Counsel	Hargrove, Sato & Chen LLP
Independent Accountants	Velthorn Accounting Group LLP
Rating Agencies	Pinnacle Ratings Group Inc. / Crestline Ratings International LLC
Back-Up Servicer	Redwood Servicing Solutions LLC
CUSIP	07839LAB3
ISIN	US07839LAB36
SEC Registration Statement No.	333-276891
Prospectus Supplement Rule	424(b)(5)
Tap Par Amount	$48,000,000
Issue Price	100.125%
Gross Proceeds	$48,060,000
Underwriting discount	$144,000 (30 bps)
Net Proceeds to Trust	$47,916,000
Coupon	5.78% per annum (fixed); Benchmark + 210 bps
Day Count Convention	30/360

Payment Frequency	Monthly, 15th of each month
Post-Tap Class A-2 Outstanding	$268,000,000
Post-Tap Series 2024-A Total Outstanding	$398,000,000
Signing / Pricing Date	April 19, 2024
Prospectus Supplement Filed	April 22, 2024
Original Target Closing Date	May 10, 2024
Actual Closing / Funding Date	May 17, 2024
First Payment Date	June 15, 2024
Legal Final Maturity	January 15, 2029
Governing Law	New York
Prepared By	Hannah Brinkley / Carlos Espinoza — Calderwood & Harkness LLP
Reviewed By	Francesca Morano — Calderwood & Harkness LLP
Last Updated	May 17, 2024

[sheet: Closing Checklist]

Item No.	Category	Document / Deliverable	Description	Responsible Party	Executed By / Signatory	Execution / Delivery Date	Status	Notes
A-1	A. Transaction Documents	Supplemental Indenture No. 2 to the Indenture dated January 29, 2024	Execution version — supplements the Indenture to authorize $48,000,000 additional Class A-2 Notes; among Trust 2024-A (Issuer), BRB (Servicer), and Meridian Fiduciary Services, Inc. (Indenture Trustee)	Calderwood & Harkness LLP (drafter); BRB / Meridian (signatories)	Derek Ashworth (BRB); Meridian authorized signatory	April 19, 2024	Complete	Filed with closing binder; CUSIP 07839LAB3
A-2	A. Transaction Documents	Amendment No. 1 to Sale and Servicing Agreement	Execution version — adds tap pool receivables (1,247 contracts; $49,344,000 aggregate discounted balance) to Trust asset base; adjusts OC target to 4.50% ($17,910,000) and reserve to 1.00% ($3,980,000) for post-tap $398M note balance; among BRB (Originator/Servicer), Trust 2024-A, and Meridian	Calderwood & Harkness LLP (drafter); BRB / Meridian (signatories)	Derek Ashworth (BRB); Meridian authorized signatory	April 19, 2024	Complete	Servicing fee 0.50% p.a.; Redwood Servicing Solutions LLC confirmed as Back-Up Servicer at $7,500/month
A-3	A. Transaction Documents	Underwriting Agreement	Execution version — purchase by Ashford Capital Markets LLC of $48,000,000 Class A-2 Notes at 100.125%; gross proceeds $48,060,000; underwriting discount $144,000 (30 bps); net proceeds $47,916,000; settlement May 17, 2024	Calderwood & Harkness LLP (drafter); BRB / Ashford (signatories)	Derek Ashworth (BRB); Julian Voss (Ashford)	April 19, 2024	Complete	Ashford CRD No. 284756
A-4	A. Transaction Documents	Prospectus Supplement (Rule 424(b)(5))	Filed with the SEC under Registration Statement No. 333-276891	Calderwood & Harkness LLP / BRB	Margaret Yuen (BRB)	April 22, 2024	Complete	EDGAR filing confirmed
B-1	B. Opinions	Issuer's Counsel Opinion — Calderwood & Harkness LLP	Enforceability opinions on Supplemental Indenture No. 2, Amendment No. 1 to SSA, and Underwriting Agreement (New York law); 10b-5 negative assurance re: Prospectus Supplement; Investment Company Act opinion; due authorization of Tap Notes	Calderwood & Harkness LLP	Francesca Morano, Partner	May 17, 2024	Complete	Addressed to Trust 2024-A, BRB, Ashford Capital Markets LLC, and Meridian Fiduciary Services, Inc.
B-2	B. Opinions	Delaware Counsel Opinion — Whitfield & Donahue LLP	Due formation and valid existence of Trust as Delaware statutory trust; true-sale characterization of lease receivable transfer; enforceability of Trust Agreement (dated January 22, 2024) and Supplemental Indenture No. 2 under Delaware law; non-consolidation opinion	Whitfield & Donahue LLP	Robert Whitfield, Partner	May 17, 2024	Complete	Flat fee $25,000; addressed to Ashford and Meridian per C&H request letter dated April 25, 2024
B-3	B. Opinions	Underwriter's Counsel Opinion — Hargrove, Sato & Chen LLP	Opinion of counsel to Ashford Capital Markets LLC in connection with the tap issuance; enforceability and securities law matters	Hargrove, Sato & Chen LLP	Nina Hargrove, Partner	May 17, 2024	Complete	Estimated fees $95,000
C-1	C. Certificates	Officer's Certificate of BRB	Certifies reps/warranties true and correct as of closing; no Event of Default or Servicer Default; tap pool (1,247 leases, $49,344,000 discounted balance) satisfies eligibility criteria; rating confirmations received; BRB compliance with OCC Charter No. 91-4428	Calderwood & Harkness LLP (drafter); BRB (signatory)	Derek Ashworth, Treasurer & Head of Capital Markets	May 17, 2024	Complete	Delivered pursuant to Section 4(a) of Underwriting Agreement
C-2	C. Certificates	Secretary's Certificate of BRB	Certifies incumbency of BRB officers, authenticity of organizational documents, and adoption of board resolutions authorizing the tap issuance	BRB	BRB Corporate Secretary	May 17, 2024	Complete	Attached: certified resolutions, certificate of authority
C-3	C. Certificates	Good Standing Certificate — Belmont Ridge Bank NA	Certificate of good standing / existence from the OCC for BRB (OCC Charter No. 91-4428)	BRB	OCC	May 2024	Complete	Dated within 30 days of closing
C-4	C. Certificates	Good Standing Certificate — Belmont Ridge Equipment Trust 2024-A	Certificate of good standing from Delaware Secretary of State for the Trust (formed January 8, 2024)	Whitfield & Donahue LLP / Capitol Trust Services LLC (registered agent at 1209 Orange Street, Wilmington, DE 19801)	Delaware Secretary of State	May 2024	Complete	Trust EIN: 88-4231957
C-5	C. Certificates	Good Standing Certificate — Meridian Fiduciary Services, Inc.	Certificate of good standing from Delaware Secretary of State	Meridian	Delaware Secretary of State	May 2024	Complete
C-6	C. Certificates	Good Standing Certificate — Ashford Capital Markets LLC	Certificate of good standing from Delaware Secretary of State	Ashford	Delaware Secretary of State	May 2024	Complete
D-1	D. Rating Agency Confirmations	Pinnacle Ratings Group Inc. — Rating Confirmation Letter	Confirmation that tap issuance does not result in downgrade or withdrawal of AAA(sf) rating on Class A-2 Notes	BRB (requestor via letter dated April 8, 2024, signed by Priya Ranganathan); Pinnacle (confirming party)	Lisa Okoro, Senior Director, Structured Finance	May 2024	Complete	Combined rating agency fees (Pinnacle + Crestline): $75,000
D-2	D. Rating Agency Confirmations	Crestline Ratings International LLC — Rating Confirmation Letter	Confirmation that tap issuance does not result in downgrade or withdrawal of Aaa(sf) rating on Class A-2 Notes	BRB (requestor via letter dated April 8, 2024, signed by Priya Ranganathan); Crestline (confirming party)	Thomas Pratt, VP, ABS Ratings	May 2024	Complete	Combined rating agency fees (Pinnacle + Crestline): $75,000
E-1	E. Accountant's Letters	Velthorn Accounting Group LLP — Bring-Down Comfort Letter	Bring-down of original comfort letter dated April 19, 2024; confirms no information requiring modification of pool-level statistical data or BRB financial information in Prospectus Supplement; addressed to BRB and Ashford Capital Markets LLC	Velthorn Accounting Group LLP	Angela Ferris, Audit Partner	May 17, 2024	Complete	Requested by C&H letter dated May 13, 2024 (Hannah Brinkley to Angela Ferris); flat fee $40,000 (inclusive of original comfort letter and AUP)
E-2	E. Accountant's Letters	Velthorn Accounting Group LLP — Agreed-Upon Procedures (AUP) Letter	AUP with respect to pool-level data included in Prospectus Supplement	Velthorn Accounting Group LLP	Angela Ferris, Audit Partner	April 19, 2024	Complete	Fee included in $40,000 flat fee
F-1	F. Regulatory and Corporate	OCC Non-Objection	Confirmation from the OCC that BRB's participation in the tap issuance is consistent with its charter and applicable regulations	BRB	OCC	Prior to closing	Complete	OCC Charter No. 91-4428
F-2	F. Regulatory and Corporate	BRB Board Resolutions	Resolutions of the Board of Directors of BRB authorizing the tap issuance, execution of Supplemental Indenture No. 2, Amendment No. 1 to SSA, and Underwriting Agreement	BRB	BRB Board of Directors	Prior to signing	Complete	Attached to Secretary's Certificate
F-3	F. Regulatory and Corporate	Trust Agreement (reference copy)	Trust Agreement dated January 22, 2024 between BRB and Keyline Trust Company, N.A. (Owner Trustee), establishing Belmont Ridge Equipment Trust 2024-A	On file	—	January 22, 2024	Complete — On File	Reference document; Keyline HQ: 2100 Market Street, Suite 800, Philadelphia, PA 19103
F-4	F. Regulatory and Corporate	Original Indenture (reference copy)	Indenture dated January 29, 2024 among Trust 2024-A, BRB, and Meridian	On file	—	January 29, 2024	Complete — On File	Original Series 2024-A: $350M total ($130M A-1 + $220M A-2)
F-5	F. Regulatory and Corporate	Original Sale and Servicing Agreement (reference copy)	Sale and Servicing Agreement dated January 29, 2024 among BRB, Trust 2024-A, and Meridian	On file	—	January 29, 2024	Complete — On File	Reference document
G-1	G. Funds Flow	Wire Transfer — Net Proceeds to Trust Collection Account	Net proceeds of $47,916,000 wired from Ashford Capital Markets LLC to Trust collection account at Meridian Fiduciary Services, Inc. (101 Barclay Street, 12th Floor, New York, NY 10007)	Ashford / Meridian	—	May 17, 2024	Complete	Gross proceeds $48,060,000 less underwriting discount $144,000 = $47,916,000
G-2	G. Funds Flow	Confirmation of Receipt — Meridian Fiduciary Services, Inc.	Written confirmation from Meridian that net proceeds of $47,916,000 have been received in the Trust collection account	Meridian	—	May 17, 2024	Complete

G-3

[sheet: Key Parties & Contacts]

Party	Full Legal Name	Role in Transaction	Key Contact	Title	Address	Jurisdiction
BRB	Belmont Ridge Bank, National Association	Originator / Servicer / Issuer (through Trust)	Derek Ashworth; Margaret Yuen; Priya Ranganathan	Treasurer & Head of Capital Markets; CFO; SVP, Structured Finance	600 Lexington Avenue, 32nd Floor, New York, NY 10022	US (OCC Charter No. 91-4428)
Trust 2024-A	Belmont Ridge Equipment Trust 2024-A	Issuing Entity	—	—	c/o Capitol Trust Services LLC, 1209 Orange Street, Wilmington, DE 19801	Delaware (statutory trust; EIN 88-4231957)
Keyline	Keyline Trust Company, National Association	Owner Trustee	—	—	2100 Market Street, Suite 800, Philadelphia, PA 19103	Pennsylvania
Meridian	Meridian Fiduciary Services, Inc.	Indenture Trustee / Paying Agent / Calculation Agent / Note Registrar	—	—	101 Barclay Street, 12th Floor, New York, NY 10007	Delaware
Ashford	Ashford Capital Markets LLC	Sole Bookrunner / Lead Underwriter	Julian Voss	Managing Director, ABS Syndicate	383 Madison Avenue, 22nd Floor, New York, NY 10179	Delaware (CRD No. 284756)
Calderwood & Harkness	Calderwood & Harkness LLP	Issuer's Counsel	Francesca Morano (Responsible Partner); Samuel Eklund (Billing Partner); Carlos Espinoza (Lead Associate); Hannah Brinkley (Working Associate)	Various	250 Park Avenue, 40th Floor, New York, NY 10177	New York
Whitfield & Donahue	Whitfield & Donahue LLP	Issuer's Delaware Counsel	Robert Whitfield	Partner	1000 North King Street, Suite 500, Wilmington, DE 19801	Delaware
Hargrove, Sato & Chen	Hargrove, Sato & Chen LLP	Underwriter's Counsel	Nina Hargrove	Partner, Structured Finance	1585 Broadway, 28th Floor, New York, NY 10036	New York
Velthorn	Velthorn Accounting Group LLP	Independent Accountants	Angela Ferris	Audit Partner	345 Hudson Street, 14th Floor, New York, NY 10014	New York
Pinnacle	Pinnacle Ratings Group Inc.	Rating Agency	Lisa Okoro	Senior Director, Structured Finance	7 World Trade Center, 38th Floor, New York, NY 10006	Delaware (NRSRO)
Crestline	Crestline Ratings International LLC	Rating Agency	Thomas Pratt	VP, ABS Ratings	55 Water Street, Suite 3100, New York, NY 10041	Delaware (NRSRO)
Redwood	Redwood Servicing Solutions LLC	Back-Up Servicer	Patricia Hahn	SVP, Backup Servicing	500 West Monroe Street, Suite 3600, Chicago, IL 60661	Illinois
Capitol Trust	Capitol Trust Services LLC	Registered Agent (Trust)	—	—	1209 Orange Street, Wilmington, DE 19801	Delaware
Northvale	Northvale Asset Management LP	Investor ($20,000,000 allocation)	David Murata	Portfolio Manager, ABS	399 Park Avenue, 17th Floor, New York, NY 10022	Delaware
Summit Creek	Summit Creek Capital Advisors LLC	Investor ($16,000,000 allocation)	Elaine Whitmore	Head of Structured Credit	200 Clarendon Street, 45th Floor, Boston, MA 02116	Delaware
Iron Gate	Iron Gate Insurance Company	Investor ($12,000,000 allocation)	Raymond Solis	CIO	1 Beacon Street, Suite 2200, Boston, MA 02108	Massachusetts

[sheet: Key Dates]

Date	Event	Notes
January 8, 2024	Trust Formation	Belmont Ridge Equipment Trust 2024-A formed as Delaware statutory trust
January 15, 2024	Base Prospectus / Shelf Registration Filed	SEC Registration Statement No. 333-276891
January 22, 2024	Trust Agreement Executed	Between BRB and Keyline Trust Company, N.A.
January 29, 2024	Original Series 2024-A Closing; Indenture Executed	Original issuance: $350M total ($130M A-1, $220M A-2)
February 13, 2024	Calderwood & Harkness Engagement Opened	For tap issuance; estimated legal fees capped at $185,000
April 8, 2024	Rating Agency Confirmation Request Sent	Letter from Priya Ranganathan to Pinnacle and Crestline
April 19, 2024	Signing / Pricing Date	Supplemental Indenture No. 2, Underwriting Agreement, and Amendment No. 1 to SSA executed; pricing at 100.125%
April 22, 2024	Prospectus Supplement Filed	Filed under Rule 424(b)(5)
April 25, 2024	Delaware Counsel Opinion Request Letter Sent	C&H (Carlos Espinoza) to Whitfield & Donahue (Robert Whitfield)
May 10, 2024	Original Target Closing Date	Closing delayed to May 17, 2024
May 13, 2024	Bring-Down Comfort Letter Request Sent	C&H (Hannah Brinkley) to Velthorn (Angela Ferris)
May 17, 2024	Actual Closing / Funding Date	Net proceeds $47,916,000 wired to Trust collection account at Meridian; all deliverables complete
June 15, 2024	First Payment Date (Tap Notes)	Monthly payments on the 15th; record date = last business day of preceding month
January 15, 2029	Legal Final Maturity — Class A-2 Notes

[sheet: Deal Economics]

Category	Item	Amount / Value	Basis / Calculation
Tap Issuance	Par Amount	$48,000,000	Fixed deal value
Tap Issuance	Issue Price	100.125%	Market premium
Tap Issuance	Gross Proceeds	$48,060,000	$48,000,000 × 1.00125
Tap Issuance	Underwriting discount (Ashford)	$144,000	30 bps on $48,000,000 par
Tap Issuance	Net Proceeds to Trust	$47,916,000	$48,060,000 − $144,000
Tap Issuance	Coupon (Fixed)	5.78% per annum	SOFR swap 3.68% + 210 bps; 30/360
Tap Issuance	Spread over Benchmark	210 bps	Fixed
Tap Issuance	Yield to WAL	~5.74%	Reflects issue price premium
Capital Structure	Original Class A-1 Outstanding	$130,000,000	Floating; money-market tranche
Capital Structure	Original Class A-2 Outstanding	$220,000,000	Fixed; term tranche
Capital Structure	Tap Addition (Class A-2)	$48,000,000	This issuance
Capital Structure	Post-Tap Class A-2 Outstanding	$268,000,000	$220,000,000 + $48,000,000
Capital Structure	Post-Tap Series 2024-A Total	$398,000,000	$130,000,000 + $268,000,000
Credit Enhancement	Overcollateralization Target	$17,910,000 (4.50%)	$398,000,000 × 4.50%
Credit Enhancement	Reserve Account	$3,980,000 (1.00%)	$398,000,000 × 1.00%
Credit Enhancement	Excess Spread (annualized)	0.86%	WA lease rate 7.14% − coupon 5.78% − servicing fee 0.50%
Tap Pool Collateral	Aggregate discounted Receivable Balance	$49,344,000
Tap Pool Collateral	Number of Lease Contracts	1,247
Tap Pool Collateral	WA Original Term	42.6 months
Tap Pool Collateral	WA Remaining Term	36.8 months
Tap Pool Collateral	WA Seasoning	5.8 months	42.6 − 36.8
Tap Pool Collateral	WA Implicit Lease Rate	7.14%
Tap Pool Collateral	Average discounted Balance per Lease	$39,570.17	$49,344,000 ÷ 1,247
Tap Pool Collateral	Top 10 Obligors Concentration	4.3%

Tap Pool Collateral	OC on Tap Tranche	$1,344,000 (≈2.72%)	$49,344,000 − $48,000,000
Fees	Underwriting discount (Ashford)	$144,000	30 bps on $48M par
Fees	Rating Agency Fees (Pinnacle + Crestline)	$75,000	Flat (tap surveillance + new-issue)
Fees	Trustee / Paying Agent (Meridian) — Annual Incremental	$12,500	Annual incremental for tap
Fees	Legal Fees — Calderwood & Harkness LLP (est.)	$185,000	Hourly, capped
Fees	Legal Fees — Hargrove, Sato & Chen LLP (est.)	$95,000	Hourly
Fees	Legal Fees — Whitfield & Donahue LLP	$25,000	Flat
Fees	Accountant Fees — Velthorn Accounting Group LLP	$40,000	Flat (comfort letter + AUP)
Fees	Printing & EDGAR Filing	$18,000	Flat
Fees	Total Estimated Deal Costs	$594,500	$144,000 + $75,000 + $12,500 + $185,000 + $95,000 + $25,000 + $40,000 + $18,000
Servicing	Servicer Fee (BRB)	0.50% per annum	On outstanding pool balance; paid monthly
Servicing	Back-Up Servicer Fee (Redwood)	$90,000/year ($7,500/month)	$7,500 × 12 = $90,000
Ratings	Pinnacle Ratings Group Inc.	AAA(sf)	Class A-2 Notes (original and tap)
Ratings	Crestline Ratings International LLC	Aaa(sf)	Class A-2 Notes (original and tap)

[sheet: Post-Closing Items]

Item No.	Post-Closing Deliverable	Responsible Party	Deadline	Status	Notes
PC-1	Prospectus Supplement — SEC Filing Confirmation	BRB / Calderwood & Harkness LLP	Confirmed April 22, 2024	Complete	Filed under Rule 424(b)(5); Registration Statement No. 333-276891
PC-2	Form ABS-EE Filing with SEC (EDGAR)	BRB / Calderwood & Harkness LLP	Within required filing period post-closing	Pending	Asset-level data filing
PC-3	Closing Binder Assembly	Calderwood & Harkness LLP (Hannah Brinkley / Carlos Espinoza)	30 days post-closing (June 16, 2024)	In Progress	Compilation of all executed documents, opinions, certificates, and confirmations
PC-4	Distribution of Final Closing Binder to Parties	Calderwood & Harkness LLP	Upon completion of PC-3	Pending	Electronic and physical copies to BRB, Ashford, Meridian, Keyline
PC-5	First Payment Date — Tap Notes	Meridian Fiduciary Services, Inc. (Paying Agent)	June 15, 2024	Pending	Monthly payment on 15th; record date = last business day of May 2024

[sheet: Cover]
Field | Value
Document Title | Closing Memorandum & Checklist
Transaction | Belmont Ridge Equipment Trust 2024-A — $48,000,000 Tap Issuance of Class A-2 Notes
Issuer | Belmont Ridge Equipment Trust 2024-A (Delaware statutory trust)
Originator / Servicer | Belmont Ridge Bank, National Association
Lead Underwriter / Bookrunner | Ashford Capital Markets LLC
Indenture Trustee / Paying Agent | Meridian Fiduciary Services, Inc.
Owner Trustee | Keyline Trust Company, National Association
Issuer's Counsel | Calderwood & Harkness LLP
Issuer's Delaware Counsel | Whitfield & Donahue LLP
Underwriter's Counsel | Hargrove, Sato & Chen LLP
Independent Accountants | Velthorn Accounting Group LLP
Rating Agencies | Pinnacle Ratings Group Inc. / Crestline Ratings International LLC
Back-Up Servicer | Redwood Servicing Solutions LLC
CUSIP | 07839LAB3
ISIN | US07839LAB36
SEC Registration Statement No. | 333-276891
Prospectus Supplement Rule | 424(b)(5)
Tap Par Amount | $48,000,000
Issue Price | 100.125%
Gross Proceeds | $48,060,000
Underwriting discount | $144,000 (30 bps)
Net Proceeds to Trust | $47,916,000
Coupon | 5.78% per annum (fixed); Benchmark + 210 bps
Day Count Convention | 30/360
Payment Frequency | Monthly, 15th of each month
Post-Tap Class A-2 Outstanding | $268,000,000
Post-Tap Series 2024-A Total Outstanding | $398,000,000
Signing / Pricing Date | April 19, 2024
Prospectus Supplement Filed | April 22, 2024
Original Target Closing Date | May 10, 2024
Actual Closing / Funding Date | May 17, 2024
First Payment Date | June 15, 2024
Legal Final Maturity | January 15, 2029
Governing Law | New York
Prepared By | Hannah Brinkley / Carlos Espinoza — Calderwood & Harkness LLP
Reviewed By | Francesca Morano — Calderwood & Harkness LLP
Last Updated | May 17, 2024
[sheet: Closing Checklist]
Item No. | Category | Document / Deliverable | Description | Responsible Party | Executed By / Signatory | Execution / Delivery Date | Status | Notes
A-1 | A. Transaction Documents | Supplemental Indenture No. 2 to the Indenture dated January 29, 2024 | Execution version — supplements the Indenture to authorize $48,000,000 additional Class A-2 Notes; among Trust 2024-A (Issuer), BRB (Servicer), and Meridian Fiduciary Services, Inc. (Indenture Trustee) | Calderwood & Harkness LLP (drafter); BRB / Meridian (signatories) | Derek Ashworth (BRB); Meridian authorized signatory | April 19, 2024 | Complete | Filed with closing binder; CUSIP 07839LAB3
A-2 | A. Transaction Documents | Amendment No. 1 to Sale and Servicing Agreement | Execution version — adds tap pool receivables (1,247 contracts; $49,344,000 aggregate discounted balance) to Trust asset base; adjusts OC target to 4.50% ($17,910,000) and reserve to 1.00% ($3,980,000) for post-tap $398M note balance; among BRB (Originator/Servicer), Trust 2024-A, and Meridian | Calderwood & Harkness LLP (drafter); BRB / Meridian (signatories) | Derek Ashworth (BRB); Meridian authorized signatory | April 19, 2024 | Complete | Servicing fee 0.50% p.a.; Redwood Servicing Solutions LLC confirmed as Back-Up Servicer at $7,500/month
A-3 | A. Transaction Documents | Underwriting Agreement | Execution version — purchase by Ashford Capital Markets LLC of $48,000,000 Class A-2 Notes at 100.125%; gross proceeds $48,060,000; underwriting discount $144,000 (30 bps); net proceeds $47,916,000; settlement May 17, 2024 | Calderwood & Harkness LLP (drafter); BRB / Ashford (signatories) | Derek Ashworth (BRB); Julian Voss (Ashford) | April 19, 2024 | Complete | Ashford CRD No. 284756
A-4 | A. Transaction Documents | Prospectus Supplement (Rule 424(b)(5)) | Filed with the SEC under Registration Statement No. 333-276891 | Calderwood & Harkness LLP / BRB | Margaret Yuen (BRB) | April 22, 2024 | Complete | EDGAR filing confirmed
B-1 | B. Opinions | Issuer's Counsel Opinion — Calderwood & Harkness LLP | Enforceability opinions on Supplemental Indenture No. 2, Amendment No. 1 to SSA, and Underwriting Agreement (New York law); 10b-5 negative assurance re: Prospectus Supplement; Investment Company Act opinion; due authorization of Tap Notes | Calderwood & Harkness LLP | Francesca Morano, Partner | May 17, 2024 | Complete | Addressed to Trust 2024-A, BRB, Ashford Capital Markets LLC, and Meridian Fiduciary Services, Inc.
B-2 | B. Opinions | Delaware Counsel Opinion — Whitfield & Donahue LLP | Due formation and valid existence of Trust as Delaware statutory trust; true-sale characterization of lease receivable transfer; enforceability of Trust Agreement (dated January 22, 2024) and Supplemental Indenture No. 2 under Delaware law; non-consolidation opinion | Whitfield & Donahue LLP | Robert Whitfield, Partner | May 17, 2024 | Complete | Flat fee $25,000; addressed to Ashford and Meridian per C&H request letter dated April 25, 2024
B-3 | B. Opinions | Underwriter's Counsel Opinion — Hargrove, Sato & Chen LLP | Opinion of counsel to Ashford Capital Markets LLC in connection with the tap issuance; enforceability and securities law matters | Hargrove, Sato & Chen LLP | Nina Hargrove, Partner | May 17, 2024 | Complete | Estimated fees $95,000
C-1 | C. Certificates | Officer's Certificate of BRB | Certifies reps/warranties true and correct as of closing; no Event of Default or Servicer Default; tap pool (1,247 leases, $49,344,000 discounted balance) satisfies eligibility criteria; rating confirmations received; BRB compliance with OCC Charter No. 91-4428 | Calderwood & Harkness LLP (drafter); BRB (signatory) | Derek Ashworth, Treasurer & Head of Capital Markets | May 17, 2024 | Complete | Delivered pursuant to Section 4(a) of Underwriting Agreement
C-2 | C. Certificates | Secretary's Certificate of BRB | Certifies incumbency of BRB officers, authenticity of organizational documents, and adoption of board resolutions authorizing the tap issuance | BRB | BRB Corporate Secretary | May 17, 2024 | Complete | Attached: certified resolutions, certificate of authority
C-3 | C. Certificates | Good Standing Certificate — Belmont Ridge Bank NA | Certificate of good standing / existence from the OCC for BRB (OCC Charter No. 91-4428) | BRB | OCC | May 2024 | Complete | Dated within 30 days of closing
C-4 | C. Certificates | Good Standing Certificate — Belmont Ridge Equipment Trust 2024-A | Certificate of good standing from Delaware Secretary of State for the Trust (formed January 8, 2024) | Whitfield & Donahue LLP / Capitol Trust Services LLC (registered agent at 1209 Orange Street, Wilmington, DE 19801) | Delaware Secretary of State | May 2024 | Complete | Trust EIN: 88-4231957
C-5 | C. Certificates | Good Standing Certificate — Meridian Fiduciary Services, Inc. | Certificate of good standing from Delaware Secretary of State | Meridian | Delaware Secretary of State | May 2024 | Complete
C-6 | C. Certificates | Good Standing Certificate — Ashford Capital Markets LLC | Certificate of good standing from Delaware Secretary of State | Ashford | Delaware Secretary of State | May 2024 | Complete
D-1 | D. Rating Agency Confirmations | Pinnacle Ratings Group Inc. — Rating Confirmation Letter | Confirmation that tap issuance does not result in downgrade or withdrawal of AAA(sf) rating on Class A-2 Notes | BRB (requestor via letter dated April 8, 2024, signed by Priya Ranganathan); Pinnacle (confirming party) | Lisa Okoro, Senior Director, Structured Finance | May 2024 | Complete | Combined rating agency fees (Pinnacle + Crestline): $75,000
D-2 | D. Rating Agency Confirmations | Crestline Ratings International LLC — Rating Confirmation Letter | Confirmation that tap issuance does not result in downgrade or withdrawal of Aaa(sf) rating on Class A-2 Notes | BRB (requestor via letter dated April 8, 2024, signed by Priya Ranganathan); Crestline (confirming party) | Thomas Pratt, VP, ABS Ratings | May 2024 | Complete | Combined rating agency fees (Pinnacle + Crestline): $75,000
E-1 | E. Accountant's Letters | Velthorn Accounting Group LLP — Bring-Down Comfort Letter | Bring-down of original comfort letter dated April 19, 2024; confirms no information requiring modification of pool-level statistical data or BRB financial information in Prospectus Supplement; addressed to BRB and Ashford Capital Markets LLC | Velthorn Accounting Group LLP | Angela Ferris, Audit Partner | May 17, 2024 | Complete | Requested by C&H letter dated May 13, 2024 (Hannah Brinkley to Angela Ferris); flat fee $40,000 (inclusive of original comfort letter and AUP)
E-2 | E. Accountant's Letters | Velthorn Accounting Group LLP — Agreed-Upon Procedures (AUP) Letter | AUP with respect to pool-level data included in Prospectus Supplement | Velthorn Accounting Group LLP | Angela Ferris, Audit Partner | April 19, 2024 | Complete | Fee included in $40,000 flat fee
F-1 | F. Regulatory and Corporate | OCC Non-Objection | Confirmation from the OCC that BRB's participation in the tap issuance is consistent with its charter and applicable regulations | BRB | OCC | Prior to closing | Complete | OCC Charter No. 91-4428
F-2 | F. Regulatory and Corporate | BRB Board Resolutions | Resolutions of the Board of Directors of BRB authorizing the tap issuance, execution of Supplemental Indenture No. 2, Amendment No. 1 to SSA, and Underwriting Agreement | BRB | BRB Board of Directors | Prior to signing | Complete | Attached to Secretary's Certificate
F-3 | F. Regulatory and Corporate | Trust Agreement (reference copy) | Trust Agreement dated January 22, 2024 between BRB and Keyline Trust Company, N.A. (Owner Trustee), establishing Belmont Ridge Equipment Trust 2024-A | On file | — | January 22, 2024 | Complete — On File | Reference document; Keyline HQ: 2100 Market Street, Suite 800, Philadelphia, PA 19103
F-4 | F. Regulatory and Corporate | Original Indenture (reference copy) | Indenture dated January 29, 2024 among Trust 2024-A, BRB, and Meridian | On file | — | January 29, 2024 | Complete — On File | Original Series 2024-A: $350M total ($130M A-1 + $220M A-2)
F-5 | F. Regulatory and Corporate | Original Sale and Servicing Agreement (reference copy) | Sale and Servicing Agreement dated January 29, 2024 among BRB, Trust 2024-A, and Meridian | On file | — | January 29, 2024 | Complete — On File | Reference document
G-1 | G. Funds Flow | Wire Transfer — Net Proceeds to Trust Collection Account | Net proceeds of $47,916,000 wired from Ashford Capital Markets LLC to Trust collection account at Meridian Fiduciary Services, Inc. (101 Barclay Street, 12th Floor, New York, NY 10007) | Ashford / Meridian | — | May 17, 2024 | Complete | Gross proceeds $48,060,000 less underwriting discount $144,000 = $47,916,000
G-2 | G. Funds Flow | Confirmation of Receipt — Meridian Fiduciary Services, Inc. | Written confirmation from Meridian that net proceeds of $47,916,000 have been received in the Trust collection account | Meridian | — | May 17, 2024 | Complete
G-3 | G. Funds Flow | Purchase of Additional Eligible Receivables | Application of net proceeds to purchase additional eligible equipment-lease receivables from BRB per Amendment No. 1 to SSA; tap pool: 1,247 contracts, $49,344,000 aggregate discounted receivable balance | BRB / Trust 2024-A | — | May 17, 2024 | Complete | Overcollateralization on tap tranche: $49,344,000 − $48,000,000 = $1,344,000 (≈2.72%)
[sheet: Key Parties & Contacts]
Party | Full Legal Name | Role in Transaction | Key Contact | Title | Address | Jurisdiction
BRB | Belmont Ridge Bank, National Association | Originator / Servicer / Issuer (through Trust) | Derek Ashworth; Margaret Yuen; Priya Ranganathan | Treasurer & Head of Capital Markets; CFO; SVP, Structured Finance | 600 Lexington Avenue, 32nd Floor, New York, NY 10022 | US (OCC Charter No. 91-4428)
Trust 2024-A | Belmont Ridge Equipment Trust 2024-A | Issuing Entity | — | — | c/o Capitol Trust Services LLC, 1209 Orange Street, Wilmington, DE 19801 | Delaware (statutory trust; EIN 88-4231957)
Keyline | Keyline Trust Company, National Association | Owner Trustee | — | — | 2100 Market Street, Suite 800, Philadelphia, PA 19103 | Pennsylvania
Meridian | Meridian Fiduciary Services, Inc. | Indenture Trustee / Paying Agent / Calculation Agent / Note Registrar | — | — | 101 Barclay Street, 12th Floor, New York, NY 10007 | Delaware
Ashford | Ashford Capital Markets LLC | Sole Bookrunner / Lead Underwriter | Julian Voss | Managing Director, ABS Syndicate | 383 Madison Avenue, 22nd Floor, New York, NY 10179 | Delaware (CRD No. 284756)
Calderwood & Harkness | Calderwood & Harkness LLP | Issuer's Counsel | Francesca Morano (Responsible Partner); Samuel Eklund (Billing Partner); Carlos Espinoza (Lead Associate); Hannah Brinkley (Working Associate) | Various | 250 Park Avenue, 40th Floor, New York, NY 10177 | New York
Whitfield & Donahue | Whitfield & Donahue LLP | Issuer's Delaware Counsel | Robert Whitfield | Partner | 1000 North King Street, Suite 500, Wilmington, DE 19801 | Delaware
Hargrove, Sato & Chen | Hargrove, Sato & Chen LLP | Underwriter's Counsel | Nina Hargrove | Partner, Structured Finance | 1585 Broadway, 28th Floor, New York, NY 10036 | New York
Velthorn | Velthorn Accounting Group LLP | Independent Accountants | Angela Ferris | Audit Partner | 345 Hudson Street, 14th Floor, New York, NY 10014 | New York
Pinnacle | Pinnacle Ratings Group Inc. | Rating Agency | Lisa Okoro | Senior Director, Structured Finance | 7 World Trade Center, 38th Floor, New York, NY 10006 | Delaware (NRSRO)
Crestline | Crestline Ratings International LLC | Rating Agency | Thomas Pratt | VP, ABS Ratings | 55 Water Street, Suite 3100, New York, NY 10041 | Delaware (NRSRO)
Redwood | Redwood Servicing Solutions LLC | Back-Up Servicer | Patricia Hahn | SVP, Backup Servicing | 500 West Monroe Street, Suite 3600, Chicago, IL 60661 | Illinois
Capitol Trust | Capitol Trust Services LLC | Registered Agent (Trust) | — | — | 1209 Orange Street, Wilmington, DE 19801 | Delaware
Northvale | Northvale Asset Management LP | Investor ($20,000,000 allocation) | David Murata | Portfolio Manager, ABS | 399 Park Avenue, 17th Floor, New York, NY 10022 | Delaware
Summit Creek | Summit Creek Capital Advisors LLC | Investor ($16,000,000 allocation) | Elaine Whitmore | Head of Structured Credit | 200 Clarendon Street, 45th Floor, Boston, MA 02116 | Delaware
Iron Gate | Iron Gate Insurance Company | Investor ($12,000,000 allocation) | Raymond Solis | CIO | 1 Beacon Street, Suite 2200, Boston, MA 02108 | Massachusetts
[sheet: Key Dates]
Date | Event | Notes
January 8, 2024 | Trust Formation | Belmont Ridge Equipment Trust 2024-A formed as Delaware statutory trust
January 15, 2024 | Base Prospectus / Shelf Registration Filed | SEC Registration Statement No. 333-276891
January 22, 2024 | Trust Agreement Executed | Between BRB and Keyline Trust Company, N.A.
January 29, 2024 | Original Series 2024-A Closing; Indenture Executed | Original issuance: $350M total ($130M A-1, $220M A-2)
February 13, 2024 | Calderwood & Harkness Engagement Opened | For tap issuance; estimated legal fees capped at $185,000
April 8, 2024 | Rating Agency Confirmation Request Sent | Letter from Priya Ranganathan to Pinnacle and Crestline
April 19, 2024 | Signing / Pricing Date | Supplemental Indenture No. 2, Underwriting Agreement, and Amendment No. 1 to SSA executed; pricing at 100.125%
April 22, 2024 | Prospectus Supplement Filed | Filed under Rule 424(b)(5)
April 25, 2024 | Delaware Counsel Opinion Request Letter Sent | C&H (Carlos Espinoza) to Whitfield & Donahue (Robert Whitfield)
May 10, 2024 | Original Target Closing Date | Closing delayed to May 17, 2024
May 13, 2024 | Bring-Down Comfort Letter Request Sent | C&H (Hannah Brinkley) to Velthorn (Angela Ferris)
May 17, 2024 | Actual Closing / Funding Date | Net proceeds $47,916,000 wired to Trust collection account at Meridian; all deliverables complete
June 15, 2024 | First Payment Date (Tap Notes) | Monthly payments on the 15th; record date = last business day of preceding month
January 15, 2029 | Legal Final Maturity — Class A-2 Notes
[sheet: Deal Economics]
Category | Item | Amount / Value | Basis / Calculation
Tap Issuance | Par Amount | $48,000,000 | Fixed deal value
Tap Issuance | Issue Price | 100.125% | Market premium
Tap Issuance | Gross Proceeds | $48,060,000 | $48,000,000 × 1.00125
Tap Issuance | Underwriting discount (Ashford) | $144,000 | 30 bps on $48,000,000 par
Tap Issuance | Net Proceeds to Trust | $47,916,000 | $48,060,000 − $144,000
Tap Issuance | Coupon (Fixed) | 5.78% per annum | SOFR swap 3.68% + 210 bps; 30/360
Tap Issuance | Spread over Benchmark | 210 bps | Fixed
Tap Issuance | Yield to WAL | ~5.74% | Reflects issue price premium
Capital Structure | Original Class A-1 Outstanding | $130,000,000 | Floating; money-market tranche
Capital Structure | Original Class A-2 Outstanding | $220,000,000 | Fixed; term tranche
Capital Structure | Tap Addition (Class A-2) | $48,000,000 | This issuance
Capital Structure | Post-Tap Class A-2 Outstanding | $268,000,000 | $220,000,000 + $48,000,000
Capital Structure | Post-Tap Series 2024-A Total | $398,000,000 | $130,000,000 + $268,000,000
Credit Enhancement | Overcollateralization Target | $17,910,000 (4.50%) | $398,000,000 × 4.50%
Credit Enhancement | Reserve Account | $3,980,000 (1.00%) | $398,000,000 × 1.00%
Credit Enhancement | Excess Spread (annualized) | 0.86% | WA lease rate 7.14% − coupon 5.78% − servicing fee 0.50%
Tap Pool Collateral | Aggregate discounted Receivable Balance | $49,344,000
Tap Pool Collateral | Number of Lease Contracts | 1,247
Tap Pool Collateral | WA Original Term | 42.6 months
Tap Pool Collateral | WA Remaining Term | 36.8 months
Tap Pool Collateral | WA Seasoning | 5.8 months | 42.6 − 36.8
Tap Pool Collateral | WA Implicit Lease Rate | 7.14%
Tap Pool Collateral | Average discounted Balance per Lease | $39,570.17 | $49,344,000 ÷ 1,247
Tap Pool Collateral | Top 10 Obligors Concentration | 4.3%
Tap Pool Collateral | OC on Tap Tranche | $1,344,000 (≈2.72%) | $49,344,000 − $48,000,000
Fees | Underwriting discount (Ashford) | $144,000 | 30 bps on $48M par
Fees | Rating Agency Fees (Pinnacle + Crestline) | $75,000 | Flat (tap surveillance + new-issue)
Fees | Trustee / Paying Agent (Meridian) — Annual Incremental | $12,500 | Annual incremental for tap
Fees | Legal Fees — Calderwood & Harkness LLP (est.) | $185,000 | Hourly, capped
Fees | Legal Fees — Hargrove, Sato & Chen LLP (est.) | $95,000 | Hourly
Fees | Legal Fees — Whitfield & Donahue LLP | $25,000 | Flat
Fees | Accountant Fees — Velthorn Accounting Group LLP | $40,000 | Flat (comfort letter + AUP)
Fees | Printing & EDGAR Filing | $18,000 | Flat
Fees | Total Estimated Deal Costs | $594,500 | $144,000 + $75,000 + $12,500 + $185,000 + $95,000 + $25,000 + $40,000 + $18,000
Servicing | Servicer Fee (BRB) | 0.50% per annum | On outstanding pool balance; paid monthly
Servicing | Back-Up Servicer Fee (Redwood) | $90,000/year ($7,500/month) | $7,500 × 12 = $90,000
Ratings | Pinnacle Ratings Group Inc. | AAA(sf) | Class A-2 Notes (original and tap)
Ratings | Crestline Ratings International LLC | Aaa(sf) | Class A-2 Notes (original and tap)
[sheet: Post-Closing Items]
Item No. | Post-Closing Deliverable | Responsible Party | Deadline | Status | Notes
PC-1 | Prospectus Supplement — SEC Filing Confirmation | BRB / Calderwood & Harkness LLP | Confirmed April 22, 2024 | Complete | Filed under Rule 424(b)(5); Registration Statement No. 333-276891
PC-2 | Form ABS-EE Filing with SEC (EDGAR) | BRB / Calderwood & Harkness LLP | Within required filing period post-closing | Pending | Asset-level data filing
PC-3 | Closing Binder Assembly | Calderwood & Harkness LLP (Hannah Brinkley / Carlos Espinoza) | 30 days post-closing (June 16, 2024) | In Progress | Compilation of all executed documents, opinions, certificates, and confirmations
PC-4 | Distribution of Final Closing Binder to Parties | Calderwood & Harkness LLP | Upon completion of PC-3 | Pending | Electronic and physical copies to BRB, Ashford, Meridian, Keyline
PC-5 | First Payment Date — Tap Notes | Meridian Fiduciary Services, Inc. (Paying Agent) | June 15, 2024 | Pending | Monthly payment on 15th; record date = last business day of May 2024

[sheet: Cover]

Record

Parties

Dates

Amounts