KBRA Assigns Preliminary Ratings to Sunrun Lucius Issuer 2025-3, LLC

Group 1 - KBRA assigns preliminary ratings to three classes of notes issued by Sunrun Lucius Issuer 2025-3, LLC, which are collateralized by a diversified pool of 29,929 leases and power purchase agreements (PPAs) related to residential solar photovoltaic installations [1][2] - The total Aggregate Discounted Solar Asset Balance (ADSAB) is approximately $694.3 million, calculated using a discount rate of 7.5% [1] - The largest geographic concentrations of the portfolio are California, Massachusetts, and Puerto Rico, representing about 50.9% of the number of PV Systems and approximately 61.3% of the ADSAB [2] Group 2 - The portfolio consists of approximately 73.1% PPA agreements and 26.9% lease agreements by ADSAB, with weighted average original and remaining tenors of 297 months and 285 months, respectively [2] - The weighted average FICO score of the underlying customers of the PV Systems is 743, indicating a relatively high credit quality among the customer base [2]