Securitization Primers: Fiber ABS Issuer Guide

Research evidence excerpt

Securitization Primers: Fiber ABS Issuer Guide

prise fiber often reports circuits or contracts; providers FIBER, FLF, LPATH, UNIT, ZAYO

with multiple services may report billing items. Issuers may report contracts, circuits, or billing items; providers with multiple

services may report billing items instead of circuits.

Route Miles - Physical miles of fiber route, regardless of how many strands are in the cable. FIBER, HWIRE, UNIT, ZAYO

Fiber Miles - Route miles multiplied by the number of fiber strands in the cable. ZAYO

Last Mile - The final portion of the network that connects the provider’s local fiber infrastructure directly to the end customer

location, such as a home, business, DC, HOA community, or cell tower. In FTTP / FTTH networks, the last mile is the fiber

connection from the access network to the customer premises.

Backhaul -The transport connection that carries traffic from a local access point, such as a cell tower or enterprise edge

location, back to the provider’s core network. In fiber ABS, backhaul is most relevant for wireless tower, enterprise, carrier,

and data center connectivity assets.

Fiber Specific Formula Cheat Sheet

Annualized Run Rate Net Operating Income (ARRNOI) = Total Annualized Run Rate Recurring Revenue (ARRRR) - LTM Total Operating Expenses - Annual CapEx - Management Fees

Senior Debt Service Coverage Ratio (Senior DSCR) = ARRNOI / (Annual Interest of Senior Class Notes + Annual Fees)

** Note: Some deals include Class B interest in addition to Class A interest for senior class interest calculations

Debt Service Coverage Ratio (DCSR) = ARRNOI / (Total Annual Interest + Annual Fees)

Total Leverage = Aggregate Outstandings Balance of all Series Notes / ARRNOI

*** Note DSCR and Leverage Multiples are as of June 2026 servicer report.