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ABS Technical Titan We attach our latest ABS Technical Titan slide deck, discussthe recent events in the solar ABS market and our takeawaysfrom the Barclays Dallas Auto Servicer Tour. Anuj Jain, CFA+1 212 412 1404anuj.jain2@barclays.comBCI, US •Solar ABS: The two recent bankruptcy filings from Solar Mosaic and Sunnova have raised•questions about the servicing of the customer contracts and itseffectson the ABS deals. Therecent events are not a service termination event for Sunnova deals, but they are for Mosaic,as it is the named servicer. However, both the companies have indicated that they intend to maintain their servicingoperations during the bankruptcy process, and loan servicing is likely to remainuninterrupted in the near term, even for the MSAIC deals. Regardless, a servicer termination isnot an event of default by itself and should noteffectthe payment priority waterfall. We alsopublished some of our thoughts on the topic in the last week's ABS Technical Titan andThoughts on Sunnova ABS. We have not seen any actions from the rating agencies on deals from either of thesecompanies or in the broader sector. Secondary trading also remains muted, with volumes lastweek lower than the week prior. •We attended theBarclays Dallas Auto Servicer Tourlast week and highlight some key•takeaways: °Most lenders mentioned positive movements in delinquency trends, despiteaffordability°remaining stretched. The topic of student loan payment resumption and delinquencyreporting also arose. While the performance is expected to deteriorate for those borrowers,the magnitude is not clear as the priority of auto payments is generally pretty high. °On the macro front, a common question among investors was theeffectoftariffs,but there°remains a lot of uncertainty. That said, most lenders are seeing improving trends in usedcar prices and recovery rates, and we expect that to continue with highertariffs. °Other topics included the use of AI and reporting of secured credit cards and BNPL loans.°While most companies are using AI in some shape or form, those that are highly regulatedare taking a much more measured approach. Overall, companies expect to reap substantialefficienciesfrom the use of AI. °As for secured credit cards, it is challenging, but lenders are finding ways to adjust their°underwriting to account for this. Likewise, most of the BNPL data are not yet reported, Thisdocument is intended for institutional investors and is not subject to all of theindependence and disclosure standards applicable to debt research reports prepared for retailinvestors under U.S. FINRA Rule 2242. Barclays trades the securities covered in this report for itsown account and on a discretionary basis on behalf of certain clients. Such trading interestsmay be contrary to the recommendationsofferedin this report. Please see analyst certifications and important disclosures beginning on page 3.Completed: 16-Jun-25, 14:36 GMTReleased: 16-Jun-25, 14:40 GMTRestricted - External making it hard for lenders to account for that. However, some BNPL firms have recentlystarted reporting some data. Technicals over the past week •ABS primary issuance was near the historical average•last week, with $5.8bn pricing (3y avg = $5.3bn). Thetrailing four-week ABS primary volume remains abovethe historical average, at $30.1bn. ABS Technical Titan16 June 2025•ABS Trace volumes were near the historical average last week, at a $4.7bn total weekly•volume (3y wkly avg = $4.6bn).•Broad US fixed income funds, equity funds and HY credit funds saw inflows last week, while IG•credit funds posted minor outflows•Volatility increased across rates, equity, IG credit and HY credit markets last week. Rate•volatility remains elevated compared with history.•Last week, IG ABS dealer balance sheets increased by $510mn and they are light over the•trailing six months, while non-IG ABS dealer balance sheets increased by $121mn and arelight over the past six months.•ABS downgrades remained elevated last week, while negative watch actions came down.••Moody’s last week downgraded several FFELP bonds.• The authoring research analyst would like to thank Pulkit Khandelwal and Rushikesh Nalawadefortheir assistance in connection with the preparation of this report. Analyst(s) Certification(s): I, Anuj Jain, CFA, hereby certify (1) that the views expressed in this research report accurately reflect my personal views about any or all of the subjectsecurities or issuers referred to in this research report and (2) no part of my compensation was, is or will be directly or indirectly related to the specificrecommendations or views expressed in this research report. Important Disclosures: Barclays Research is produced by the Investment Bank of Barclays Bank PLC and itsaffiliates(collectively and each individually, "Barclays"). All authors contributing to this research report are Research Analysts unless otherwise indicated. The publication date at the top of the report reflectsthe