Court filing

Statement of Financial Affairs — Kabbage Asset Securitization LLC — In re KServicing

Record facts

Court	U.S. Bankruptcy Court for the District of Delaware
Filed	2022-10-24

U.S. Bankruptcy Court for the District of Delaware · No. 22-10951 · Doc. 149 · 2022-10-24 · Docket on CourtListener

Summary

The Statement of Financial Affairs for Kabbage Asset Securitization LLC, Case No. 22-10953, filed October 24, 2022 as Doc 149 in the jointly administered chapter 11 cases of Kabbage, Inc. d/b/a KServicing, et al., Case No. 22-10951, in the U.S. Bankruptcy Court for the District of Delaware. The filing opens with the debtors' Global Notes and Statements of Limitations, Methodology, and Disclaimers, submitted under section 521 of the Bankruptcy Code and rule 1007 of the Federal Rules of Bankruptcy Procedure. Those notes record that each debtor commenced a voluntary chapter 11 case on October 3, 2022 and that joint administration was ordered October 4, 2022. Part 13 of the Official Form 207, on the debtor's business or connections to any business, answers questions 31 and 32 as None, and Part 14 carries the signature and declaration of the interim chief financial officer. It is 53 pages.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

Case No: 22-10953
Kabbage Asset Securitization LLC
Chapter 11
(Jointly Administered)
In re
Debtors.
)
)
)
)
)
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KABBAGE, INC. d/b/a KSERVICING, et al.,
22-10951
STATEMENT OF FINANCIAL AFFAIRS FOR
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
Case No
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 1 of 53

UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE

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)
In re

)

Chapter 11
)
KABBAGE, INC. d/b/a KSERVICING, et al.,
)

Case No. 22-10951
)
Debtors.

)

(Jointly Administered)
)
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GLOBAL NOTES AND STATEMENTS OF LIMITATIONS, METHODOLOGY,
AND DISCLAIMERS REGARDING THE DEBTORS’ SCHEDULES OF
ASSETS AND LIABILITIES AND STATEMENTS OF FINANCIAL AFFAIRS

Kabbage, Inc. d/b/a/ KServicing (“KServicing”) and certain of its affiliates, as debtors and
debtors in possession (collectively, the “Debtors” or the “Company”), are filing their respective
Schedules of Assets and Liabilities (each, a “Schedule,” and, collectively, the “Schedules”) and
Statements of Financial Affairs (each, a “Statement” or “SOFA” and, collectively, the
“Statements” or “SOFAs”) in the United States Bankruptcy Court for the District of Delaware
(the “Bankruptcy Court”) pursuant to section 521 of chapter 11 of title 11 of the United States
Code (the “Bankruptcy Code”) and rule 1007 of the Federal Rules of Bankruptcy Procedure (the
“Bankruptcy Rules”).

These Global Notes and Statements of Limitations, Methodology, and Disclaimers
Regarding the Debtors’ Schedules of Assets and Liabilities and Statements of Financial Affairs
(collectively, the “Global Notes”) pertain to, are incorporated by reference in, and comprise an
integral part of all the Schedules and Statements. The Global Notes are in addition to the specific
notes set forth below with respect to particular Schedules and Statements (the “Specific Notes,”
and, together with the Global Notes, the “Notes”). These Global Notes should be referred to, and
referenced in connection with, any review of the Schedules and Statements.

The Debtors’ management prepared the Schedules and Statements with the assistance of
their advisors and other professionals and have necessarily relied upon the efforts, statements,
advice, and representations of personnel of the Debtors and the Debtors’ advisors and other
professionals.

The Schedules and Statements are unaudited and subject to potential adjustment. In
preparing the Schedules and Statements, the Debtors relied on financial data derived from their
books and records that was available at the time of preparation. The Debtors’ management team
and advisors have made reasonable efforts to ensure that the Schedules and Statements are as
accurate and complete as possible under the circumstances; however, subsequent information or
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 2 of 53

discovery may result in material changes to the Schedules and Statements, and inadvertent errors
or omissions may exist. Particularly certain of the information relevant for the Schedules and
Statements may not currently be in the Debtors’ possession, custody or control despite on-going
good faith efforts to obtain it. Notwithstanding any such discovery, new information, or errors
or omissions, the Debtors do not undertake any obligation or commitment to update, modify,
revise, or re-categorize the Schedules and Statements, except as required under the Bankruptcy
Code. The Debtors and their agents, attorneys, and financial advisors do not guarantee or warrant
the accuracy or completeness of the data that is provided herein and shall not be liable for any
loss or injury, whether foreseeable or not, arising out of or caused in whole or in part by the acts,
errors, or omissions, whether negligent or otherwise, in procuring, compiling, collecting,
interpreting, reporting, communicating, or delivering the information contained herein.

The Schedules, Statements, and Notes should not be relied upon by any persons for
information relating to current or future financial conditions, events, or performance of
any of the Debtors.

1.
Reservation of Rights. The Debtors reserve all rights to amend or supplement the
Schedules and Statements from time to time, in all respects, as may be necessary or
appropriate, including (a) with respect to the description or designation of any “Claim”
of the Debtor(s) against which the Claim is asserted, (b) the right to dispute or otherwise
assert offsets or defenses to any claim reflected on the Schedules and Statements as to
amount, liability, classification, identity of debtor, (c) to otherwise subsequently designate
any claim as “disputed,” “contingent,” or “unliquidated” or (d) object to the extent,
validity, enforceability, priority or avoidability of any Claim. Furthermore, nothing
contained in the Schedules, Statements, or Notes shall constitute a waiver of any of the
Debtors’ rights or an admission with respect to their chapter 11 cases, including, but not
limited to, any issues involving objections to claims, substantive consolidation, equitable
subordination, defenses, characterization or re-characterization of contracts and leases,
assumption or rejection of contracts and leases under the provisions of chapter 3 of the
Bankruptcy Code, causes of action arising under the provisions of chapter 5 of the
Bankruptcy Code, or any other relevant applicable laws to recover assets or avoid
transfers.

2.
Description of the Cases. On October 3, 2022 (the “Commencement Date”), each of
the Debtors commenced a voluntary case under chapter 11 of the Bankruptcy Code. The
Debtors are authorized to operate their businesses and manage their properties as debtors
in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. On
October 4, 2022, the Bankruptcy Court entered an order authorizing the joint
administration of these cases pursuant to Bankruptcy Rule 1015(b). As of the date hereof,
no trustee, examiner, or statutory committee of creditors has been appointed in these
chapter 11 cases.

3.
Basis of Presentation. For financial reporting purposes, the Debtors historically prepare
consolidated financial statements, which include information for Kabbage, Inc and its
affiliates. The Schedules and Statements are unaudited and reflect the Debtors’
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 3 of 53

reasonable efforts to report certain financial information of each Debtor on an
unconsolidated basis. These Schedules and Statements neither purport to represent
financial statements prepared in accordance with Generally Accepted Accounting
Principles in the United States (“GAAP”), nor are they intended to be fully reconciled
with the financial statements of each Debtor.

To the extent applicable, the Debtors attempted to attribute the assets and liabilities,
certain required financial information, and various cash disbursements to the particular
Debtor entity. However, because the Debtors’ accounting systems, policies, and practices
were developed for consolidated reporting purposes, rather than reporting by legal entity,
it is possible that not all assets, liabilities or amounts of cash disbursements have been
recorded with the correct legal entity on the Schedules and Statements. Accordingly, the
Debtors reserve all rights to supplement and/or amend the Schedules and Statements in
this regard.

Given, among other things, the uncertainty surrounding the valuation of certain assets and
liabilities, a Debtor may report more assets than liabilities. Such report shall not constitute
an admission that such Debtor was solvent on the Commencement Date or at any time
before or after the Commencement Date. Likewise, a Debtor reporting more liabilities
than assets shall not constitute an admission that such Debtor was insolvent at the
Commencement Date or any time before or after the Commencement Date.

4.
Reporting Date. The Debtors completed a normal fiscal close for the period ending
September 30, 2022 (the “Reporting Date”). Consequently, to simplify the reporting,
the reported asset values in Schedules A and B, with the exception of estimated cash
balances, align with the asset values as of the Reporting Date, and the liability values in
Schedules D, E, and F are as of the Commencement Date, adjusted for authorized
payments under the First Day Orders (as defined below). Estimated cash balances
presented in Schedule A reflect bank balances as of the Commencement Date.
5.
Current Values. Other than estimated bank cash balances, the assets and liabilities of
each Debtor are listed as the book value of the asset or liability in the respective Debtor’s
accounting books and records. Unless otherwise noted, the value ascribed in the Debtor’s
books is reflected in the Schedules and Statements.

6.
Confidentiality. In line with the relief granted in the Order (I) Authorizing the Debtors
to (A) File and Maintain Consolidated Creditor lists, and (B) Redact Certain Personal
Identification Information for Individuals, (II) Approving Special Electronic Noticing
Procedures, and (III) Granting Related Relief [Docket No. 77] (the “Creditor Matrix
Order”) and to protect the privacy of certain parties, including, among others, the
Debtors’ borrowers and/or employees, certain identifying information, such as mailing
addresses of individuals, was redacted from the Schedules and SOFAs.

Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 4 of 53

7.
Consolidated Entity Accounts Payable and Disbursement Systems. As described in
the Cash Management Motion,1 the Debtors utilize an integrated, centralized cash
management system in the ordinary course of business to collect, concentrate, and
disburse funds generated by their operations (the “Cash Management System”).

8.
Accuracy. Although the Debtors have made reasonable efforts to file complete and
accurate Schedules and Statements, inadvertent errors or omissions may exist. The
Debtors reserve all rights to amend and/or supplement the Schedules and Statements as is
necessary or appropriate. The financial information disclosed herein was not prepared in
accordance with federal or state securities laws or other applicable non-bankruptcy law
or in lieu of complying with any periodic reporting requirements thereunder. Persons and
entities trading in or otherwise purchasing, selling, or transferring the claims against or
equity interests in the Debtors should evaluate this financial information in light of the
purposes for which it was prepared. The Debtors are not liable for and undertake no
responsibility to indicate variations from securities laws or for any evaluations of the
Debtors based on this financial information or any other information.

9.
Net Book Value of Assets. In many instances, current market valuations are not
maintained by or readily available to the Debtors. It would be prohibitively expensive,
unduly burdensome, and an inefficient use of estate resources for the Debtors to obtain
current market valuations for all assets. As such, wherever possible, unless otherwise
indicated, net book values as of the Reporting Date are presented. When necessary, the
Debtors have indicated that the value of certain assets is “Unknown” or “Undetermined.”
Amounts ultimately realized may vary materially from net book value (or other value so
ascribed). Accordingly, the Debtors reserve all rights to amend, supplement, and adjust
the asset values set forth in the Schedules and Statements. As applicable, office furniture
and computer equipment assets that fully have been depreciated or amortized, or were
expensed, have no net book value, and, therefore, are not included in the Schedules and
Statements.

10.
Currency. All amounts shown in the Schedules and Statements are in U.S. Dollars,
unless otherwise indicated.

11.
Payment of Prepetition Claims Pursuant to First Day Orders. Shortly after the
Commencement Date, the Bankruptcy Court entered orders (the “First Day Orders”)
authorizing, but not directing, the Debtors to, among other things, pay prepetition
(a) amounts owed to certain vendors necessary to continue servicing and subservicing
PPP Loans and Legacy Loans in the ordinary course; (b) insurance obligations;
(c) employee wages, salaries, and related items, including employee benefit programs and
contractor workforce obligations; and (d) taxes and assessments. Where the Schedules
and Statements list creditors and set forth the Debtors’ scheduled amounts attributable to
such claims, such scheduled amounts reflect balances owed as of the Commencement

1 Motion of Debtors For Entry of Interim and Final Orders (I) Authorizing Debtors to (A) Continue Using Existing
Cash Management System, Bank Accounts, and Business Forms, (B) Implement changes to Cash Management in
the Ordinary Course of Business; and (II) Granting Related Relief [Docket No. 12] (the “Cash Management
Motion”).
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 5 of 53

Date. To the extent any adjustments are necessary for any payments made on account of
such claims following the commencement of these chapter 11 cases pursuant to the
authority granted to the Debtors by the Bankruptcy Court under the First Day Orders, such
adjustments have been included in the Schedules and Statements unless otherwise noted
on the applicable Schedule or Statement. The Debtors reserve the right to amend the
Schedules and Statements to reflect payments made pursuant to the First Day Orders that
may not be represented in the attached Schedules and Statements.

12.
Other Paid Claims. To the extent the Debtors have reached any postpetition
settlement with any party in interest, the terms of such settlement will prevail, supersede
amounts listed in the Schedules and Statements, and shall be enforceable by all parties,
subject to Bankruptcy Court approval. To the extent the Debtors pay any of the claims
listed in the Schedules and Statements pursuant to any orders entered by the Bankruptcy
Court, the Debtors reserve all rights to amend and supplement the Schedules and
Statements and take other action, including but not limited to filing claims objections,
as is necessary and appropriate to avoid overpayment or duplicate payment for such
liabilities.

13.
Setoffs. Given the nature of the Debtors business, they do not routinely incur setoffs
from suppliers and/or other third parties. Therefore, setoffs and other similar rights may
have not been accounted for when scheduling certain amounts. Any setoff of a
prepetition debt to be applied against the Debtors is subject to the automatic stay and
must comply with the Bankruptcy Code.

14.
Excluded Assets and Liabilities. Certain liabilities resulting from accruals and
liabilities recognized in accordance with GAAP and/or estimates of long-term liabilities
either are not payable at this time or have not yet been reported. Therefore, they do not
represent specific claims as of the Commencement Date and are not otherwise set forth
in the Schedules. Additionally, certain deferred assets, charges, accounts or reserves
recorded for GAAP reporting purposes only and certain assets with a net book value of
zero are not included in the Schedules. Excluded categories of assets and liabilities
include, but are not limited to, charged off loans, deferred revenue, and certain reserves.
Other immaterial assets and liabilities may have been excluded.

15.
Insiders. Persons listed as “insiders” have been included for informational purposes
only and the inclusion of them in the Schedules and Statements shall not constitute an
admission that such persons are insiders for purposes of section 101(31) of the
Bankruptcy Code. Moreover, the Debtors do not take any position with respect to: (a)
an insider’s influence over the control of the Debtors; (b) the management
responsibilities or functions or any such insider; (c) the decision making or corporate
authority of any such insider; or (d) whether the Debtors or any such insider could
successfully argue that he or she is not an “insider” under applicable law or with respect
to any theories or liability or for any other purpose.

16.
Intellectual Property Rights. Exclusion of any intellectual property shall not be
construed as an admission that such intellectual property rights have been abandoned,
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terminated, assigned, expired by their terms, or otherwise transferred pursuant to a sale,
acquisition, or other transaction.

17.
Debtors’ Reservation of Rights. Nothing contained in the Schedules, Statements, or
Notes shall constitute a waiver of rights with respect to these chapter 11 cases,
including, but not limited to, the following:

a. The Debtors reserve the right to dispute and to assert setoff rights,
counterclaims, and defenses to any claim reflected on the Schedules as to
amount, liability, and classification, and to otherwise subsequently amend the
Schedules to designate any claim as “disputed,” “contingent,” or
“unliquidated.”

b. The listing of a claim (a) on Schedule D as “secured,” (b) on Schedule E as
“priority,” or (c) on Schedule F as “unsecured priority” does not constitute an
admission by the Debtors of the legal rights of the claimant, or a waiver of the
Debtors’ rights to recharacterize or reclassify such claim or contract pursuant to
a schedule amendment or otherwise. Moreover, although the Debtors may have
scheduled claims of various creditors as secured claims, no current valuation of
the Debtors’ assets in which such creditors may have a security interest has been
undertaken. Except as provided in an order of the Bankruptcy Court, the
Debtors reserve all rights to dispute and challenge the secured nature or amount
of any such creditor’s claims or the characterization of the structure of any
transaction, or any document or instrument related to such creditor’s claim.

c. In the ordinary course of their businesses, the Debtors may lease computer
equipment from certain third-party lessors for use in the daily operation of their
business. Any such leases are set forth on Schedule G and any current amount
due under such leases that were outstanding as of the Commencement Date is
listed on Schedule F. The property subject to any of such leases is not reflected
in either Schedule A or Schedule B as either owned property or assets of the
Debtor nor is such property reflected in the Debtor’s Statement as property or
assets of third parties within the control of the Debtor. Nothing in the Schedules
is or shall be construed as an admission or determination as to the legal status
of any lease (including whether any lease is a true lease or a financing
arrangement), and the Debtors reserve all rights with respect to any of such
issues, including the recharacterization thereof.

d. The claims of individual creditors for, among other things, goods, products,
services or taxes are listed as the amounts entered on the Debtors’ books and
records and may not reflect credits, allowances or other adjustments due from
such creditors to the Debtors. The Debtors reserve all of their rights with regard
to such credits, allowances and other adjustments, including the right to assert
claims objections and/or setoffs with respect to the same.

e. The Debtors’ businesses are part of a single enterprise. Although the Debtors
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have exercised their reasonable efforts to ensure the accuracy of their Schedules
and Statements, they nevertheless may contain errors and omissions. The
Debtors hereby reserve all rights to dispute the validity, status, and
enforceability of any contracts, agreements, and leases set forth on the
Schedules and Statements, and to amend and supplement the Schedules and
Statements as necessary.

f. The Debtors further reserve all rights, claims, and causes of action with respect
to the contracts and agreements listed on the Schedules and Statements,
including, but not limited to, the right to dispute and challenge the
characterization or the structure of any transaction, document, and instrument
related to a creditor’s claim.

g. Listing a contract or lease on the Schedules and Statements shall not be deemed
an admission that such contract is an executory contract, such lease is an
unexpired lease, or that either necessarily is a binding, valid, and enforceable
contract. The Debtors hereby expressly reserve the right to assert that any
contract listed on the Schedules and Statements does not constitute an executory
contract within the meaning of section 365 of the Bankruptcy Code, as well as
the right to assert that any lease so listed does not constitute an unexpired lease
within the meaning of section 365 of the Bankruptcy Code.

h. To timely close the books and records of the Debtors as of September 30, 2022
or the Commencement Date, as applicable, and to prepare such information on
a legal entity basis, the Debtors were required to make certain estimates and
assumptions that affect the reported amounts of assets and liabilities and
reported revenue and expenses. The Debtors reserve all rights to amend the
reported amounts of assets, liabilities, reported revenue and expenses to reflect
changes in those estimates and assumptions.

18.
Addresses of Employees. The Debtors have redacted the addresses of the Debtors’
current and former employees in accordance with the Creditor Matrix Order. The
Debtors have served and will continue to serve all necessary notices, including notice
of the claims bar date, to the actual address of each of the Debtors’ employees in
accordance with the Creditor Matrix Order.

Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 8 of 53

Specific Notes with Respect to the Debtors’ Schedules of Assets and Liabilities

1. Schedules A/B

Part 1. As set forth more fully in the Cash Management Motion, the Debtors fund their
operations as of the Commencement Date through 15 bank accounts maintained by
KServicing. The bank balances listed in the Cash Management Motion are as of the close
of business on September 30, 2022; however, some of the funds included in these balances
are owed to other parties and therefore the Debtors’ unencumbered cash balance is less
than the total bank balances. Bank balances listed on Schedule AB Part 1-3 are as of the
Commencement Date. As of the Commencement Date, the Debtors had approximately
$11 million of unencumbered cash.
Part 2. Certain prepaid or amortized assets are listed in Part 2 in accordance with the
Debtors’ books and records. The amounts listed in Part 2 do not necessarily reflect assets
the Debtors will be able to collect or realize. The amounts listed in Part 2 include, among
other things, prepaid insurance, taxes, software licenses, and other vendors related to loan
servicing operations.

The Debtors also maintain a security deposit in connection with the Debtors’ non-
residential real property lease. This deposit is included in the Schedules for the
appropriate legal entity.

Part 3. The Debtors’ accounts receivable information includes receivables from the
Debtors’ unpledged loan portfolios, including receivables from KServicing owned
Paycheck Protection Program loans (the “KS PPP Loans”) and Legacy Loans, customers,
vendors, or other outside parties. The Debtors do not indicate the age of accounts
receivables in these Schedules and Statements. The accounts receivable balances in this
section exclude (a) certain intercompany related receivables that the Debtors are not able
to collect on, (b) the receivable from Customer Bank and (c) Paycheck Protection Program
Liquidity Facility (the “PPPLF”) loans pledged to the Federal Reserve Bank of San
Francisco (the “Reserve Bank””), which are reported under other Notes receivable, Part
11-71.

Part 4. Any of the Debtors’ ownership interests in subsidiaries are listed in Schedule A/B,
Part 4 as zero, because each of the subsidiary entities are dormant, and no recovery is
contemplated.

Part 7. The Debtors have office furniture and computer equipment assets that have been
expensed, have no net book value, and, therefore, are not included in the Schedules and
Statements.

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Part 9. Property leased by the Debtors is listed in Schedule G and is not listed in Part 9
of Schedule A/B.

Part 10. Part 10 identifies the various trademarks and licenses owned and maintained by
the Debtors. Part 10 also includes a best effort listing of the Debtors’ registered internet
domains and websites. Any assets identified in Part 10 were excluded assets in the sale of
the Debtors’ assets to affiliates of American Express or licensed back to the Debtors by
affiliates of American Express. The act of not listing any specific domain or website is
not a relinquishing of ownership.

Part 11.

i. Notes Receivable. The Notes Receivables reflected in the Schedules and
Statements are comprised of certain receivables the Debtors assert exist
against or from (a) Biz2Credit for referral fees, (b) Customer Bank for
uncollected referral and related service fees, (c) excess amounts lent to certain
PPP borrowers due to difficulties in accounting for federal, state, and local
taxes when calculating a borrower’s overall payroll costs (“Excess Salt
Recoupment”), (d) PPP loan maturity amounts that were advanced to the
Reserve Bank for the respective loan maturity dates for certain loans for which
the Debtors had not yet received full forgiveness payment, guaranty purchase
payment, or full borrower repayment (“Out-of-Pocket 24 Month Maturities
Recoupment”) and (e) the PPPLF loans pledged as collateral for the Reserve
Bank. Any alleged claims related to Notes Receivables are included on
Schedule E/F.

ii. Unused net operating losses (NOLs). The Debtors have net operating losses
however the timing and the use of such credits cannot be determined at this
time. As a result, the current value is listed as “undetermined.” The use of the
word “undetermined” does not reflect the potential materiality of deferred
value.

iii. Other contingent and unliquidated claims or causes of action of every nature.
In the ordinary course of business, the Debtors may have accrued, or may
subsequently accrue, certain rights to counterclaims, cross-claims, setoffs, and
refunds with suppliers, among other claims. Additionally, certain of the
Debtors may be party to pending litigation in which the Debtors have asserted,
or may assert, claims as plaintiffs, or counter-claims and/or cross-claims as
defendants.

Despite exercising their reasonable efforts to identify all known assets, the
Debtors may not have listed all their causes of action or potential causes
of action against third parties as assets in their Schedules, including, but not
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limited to, avoidance actions arising under chapter 5 of the Bankruptcy Code
and actions under other relevant non-bankruptcy laws to recover assets. The
Debtors reserve all rights with respect to any claims and causes of action they
may have. Neither these Notes nor the Schedules shall be deemed a waiver of
any such claims or causes of action or to prejudice or impair the assertion
thereof in any way.

2. Schedule D. The claims listed on Schedule D arose and were incurred on various dates. A
determination of the date upon which each claim arose or was incurred would be unduly
burdensome and cost prohibitive. Accordingly, not all such dates are included for each claim.
To the best of the Debtors’ knowledge, all claims listed on Schedule D arose, or were incurred
before the Commencement Date. Except as otherwise agreed or stated pursuant to a
stipulation, agreed order, or other order entered by the Bankruptcy Court that is or becomes
final, the Debtors and their estates reserve their rights to dispute and challenge the validity,
perfection, or immunity from avoidance of any lien purported to be granted or perfected in any
specific asset to a creditor listed on Schedule D of any Debtor and, subject to the foregoing
limitations, note as follows: (a) although the Debtors may have scheduled claims of various
creditors as secured claims, no current valuation of the Debtors’ assets in which such
creditors may have a lien has been undertaken; (b) the Debtors reserve all rights to dispute
and challenge the secured nature of any creditor’s claim or the characterization of the structure
of any such transaction or any document or instrument related to such creditor’s claim; (c) the
descriptions provided on Schedule D are intended to be a summary; and (d) claim amounts do
not account for interest, if any. Reference to the applicable agreements and related documents
is necessary for a complete description of the collateral and the nature, extent, and priority of
any liens.

Except as specifically stated herein, real property lessors and other parties which may hold
security deposits or other security interests have not been listed on Schedule D. The Debtors
have not listed on Schedule D any parties whose claims may be secured through rights of setoff,
deposits, or advance payments posted by, or on behalf of, the Debtors, or judgment or statutory
lien rights.

3. Schedules E/F

a. Part 1. The claims listed on Part 1 arose and were incurred on various dates. A
determination of the date upon which each claim arose or was incurred would be
unduly burdensome and cost prohibitive. Accordingly, no such dates are included
for each claim listed on Part1. To the best of the Debtors’ knowledge, all claims
listed on Part 1arose or were incurred before the Commencement Date. The Debtors
have not listed any tax, wage, or wage-related obligations that the Debtors have paid
pursuant to First Day Orders on Part 1. The Debtors reserve their right to dispute or
challenge whether creditors listed on Part 1 are entitled to priority claims under the
Bankruptcy Code.

Claims owing to various taxing authorities to which the Debtors potentially may be
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 11 of 53

liable are included on Part 1. Certain of such claims, however, may be subject to
reconciliation and/or the Debtors may otherwise be unable to determine with
certainty the amount of the remaining claims listed on Part 1. Therefore, the Debtors
have listed all such claims as contingent and unliquidated, pending final resolution
of ongoing audits or other outstanding issues.

b. Part 2. The Debtors have exercised their reasonable efforts to list all liabilities on Part
2 of each applicable Debtor. As a result of the Debtors’ consolidated operations,
however, Part 2 for each Debtor should be reviewed in these cases for a complete
understanding of the unsecured claims against the Debtors. Certain creditors listed
on Part 2 may owe amounts to the Debtors, and, as such, the Debtors may have valid
setoff and recoupment rights with respect to such amounts. The amounts listed on
Part 2 may not reflect any such right of setoff or recoupment, and the Debtors reserve
all rights to assert the same and to dispute and challenge any setoff and/or recoupment
rights that may be asserted against the Debtors by a creditor. Additionally, certain
creditors may assert liens against the Debtors for amounts listed on Part 2. The
Debtors reserve their right to dispute and challenge the validity, perfection, and
immunity from avoidance of any lien purported to be perfected by a creditor listed
on Part 2 of any Debtor. In addition, certain parties may assert that claims listed on
Part 2 are entitled to priority under 11 U.S.C. § 503(b)(9).
The Debtors have made reasonable efforts to include all unsecured creditors on Part 2
including, but not limited to, trade creditors, landlords, utility companies, consultants,
and other service providers. The Debtors, however, believe that there are instances
where creditors have yet to provide proper invoices for prepetition goods or services.
While the Debtors maintain general accruals to account for these liabilities in
accordance with GAAP, these amounts are estimates and have not been included on
Part 2.
Part 2 also contains information regarding pending litigation involving the Debtors.
In certain instances, the relevant Debtor that is the subject of the litigation is unclear
or undetermined. To the extent that litigation involving a particular Debtor has been
identified, however, such information is included on that Debtor’s Schedule E/F. The
amounts for these potential claims are listed as undetermined and marked as
contingent, unliquidated, and disputed in the Schedules. See Specific Note, SOFA 7
for a description of the litigation listed in Part 2.
Part 2 does not include certain balances including deferred revenue, accruals and/or
reserves. Such amounts are, however, reflected on the Debtors’ books and records as
required in accordance with GAAP. Such accruals primarily represent estimates of
liabilities and do not represent specific claims as of the Commencement Date.
The claims of individual creditors may not reflect credits and/or allowances due from
creditors to the applicable Debtor. The Debtors reserve all of their rights with respect
to any such credits and/or allowances, including the right to assert objections and/or
setoffs or recoupments with respect to same.
The Bankruptcy Court has authorized the Debtors to pay, in their discretion, certain
non-priority unsecured claims, pursuant to the First Day Orders. To the extent
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 12 of 53

practicable, each Debtor’s Schedule E/F is intended to reflect the balance as of the
Commencement Date, adjusted for postpetition payments under some or all of the
First Day Orders. Each Debtor’s Schedule E/F will reflect some of the Debtor’s
payment of certain claims pursuant to the First Day Orders, and, to the extent an
unsecured claim has been paid or may be paid, it is possible such claim is not included
on Schedule E/F. Certain Debtors may pay additional claims listed on Schedule E/F
during these chapter 11 cases pursuant to the First Day Orders and other orders of the
Bankruptcy Court and the Debtors reserve all of their rights to amend Schedule E/F
to reflect such payments or to modify the claims register to account for the satisfaction
of such claims. Additionally, Schedule E/F does not include potential rejection
damage claims, if any, of the counterparties to executory contracts and unexpired
leases that have been, or may be, rejected.

4. Schedule G. Although reasonable efforts have been made to ensure the accuracy of
Schedule G regarding executory contracts and unexpired leases (collectively, the
“Agreements”), the Debtors’ review process of the Agreements is ongoing and inadvertent
errors, omissions, or over-inclusion may have occurred. The Debtors may have entered into
various other types of Agreements in the ordinary course of their businesses, such as
indemnity agreements, supplemental agreements, amendments/letter agreements, non-
compete agreements, and confidentiality agreements which may not be set forth in Schedule
G. Omission of a contract or agreement from Schedule G does not constitute an admission
that such omitted contract or agreement is not an executory contract or unexpired lease.
Schedule G may be amended at any time to add any omitted Agreements. Likewise, the
listing of an Agreement on Schedule G does not constitute an admission that such Agreement
is an executory contract or unexpired lease or that such Agreement was in effect on the
Commencement Date or is valid or enforceable. The Agreements listed on Schedule G may
have expired or may have been modified, amended, or supplemented from time to time by
various amendments, restatements, waivers, estoppel certificates, letters and other
documents, instruments, and agreements which may not be listed on Schedule G.

To the extent short-term service orders that are oral in nature, such orders have not been
included in Schedule G.

Any and all of the Debtors’ rights, claims and causes of action with respect to the Agreements
listed on Schedule G are hereby reserved and preserved, and as such, the Debtors hereby
reserve all of their rights to (a) dispute the validity, status, or enforceability of any
Agreements set forth on Schedule G, (b) dispute or challenge the characterization of the
structure of any transaction, or any document or instrument related to a creditor’s claim,
including, but not limited to, the Agreements listed on Schedule G, and (c) amend or
supplement such Schedule as necessary.

Certain of the Agreements listed on Schedule G may have been entered into by or on behalf
of more than one of the Debtors. Additionally, the specific Debtor obligor(s) to certain of
the Agreements could not be specifically ascertained in every circumstance. In such cases,
the Debtors have made reasonable efforts to identify the correct Debtor’s Schedule G on
which to list the Agreement.
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 13 of 53

5. Schedule H. In the ordinary course of their businesses, the Debtors are involved in pending
or threatened litigation and claims arising out of the conduct of their businesses. Some of
these matters may involve multiple plaintiffs and defendants, some or all of whom may assert
cross-claims and counter-claims against other parties. Subject to these Global and Specific
Notes, any known litigation and/or claims have been listed on Kabbage, Inc’s Schedule F
and SOFA Part 3. Such litigation may be inclusive of other Debtor affiliates and as such,
they have not been set forth individually on Schedule H. Furthermore, the Debtors may not
have identified on Schedule H certain guarantees that are embedded in the Debtors’
contracts, leases, secured financings, debt instruments, and other such agreements. No claim
set forth on the Schedules and Statements of any Debtor is intended to acknowledge claims
of creditors that are otherwise satisfied or discharged by other Debtors or non-Debtors. Due
to their voluminous nature, and to avoid unnecessary duplication, the Debtors have not
included on Schedule H debts for which more than one Debtor may be liable if such debts
were already reflected on Schedule E/F or Schedule G for the respective Debtors subject to
such debt. The Debtors reserve all of their rights to amend the Schedules to the extent that
additional guarantees are identified, or such guarantees are discovered to have expired or be
unenforceable.
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 14 of 53

Specific Notes With Respect to the Debtors’ Statements of Financial Affairs

1.
SOFA 1. The income stated in the Debtors’ response to SOFA 1 represents gross
revenue. The Debtors’ fiscal year ends on the last day of each calendar year:

• FY 2020: Comprised of consolidated revenues for fiscal year ended December 31,
2020.

• FY 2021: Comprised of consolidated revenues for fiscal year ended December 31,
2021.

• FY 2022: Comprised of 9 months ending September 30, 2022.

2.
SOFA 3.
As described in the Cash Management Motion, the Debtors utilize their integrated,
centralized Cash Management System to collect, concentrate, and disburse funds
generated by their operations. The obligations of the Debtors are paid by and through
KServicing.
The Debtors routinely remit payments in the ordinary course of business to borrowers
or the Small Business Administration for overpayments made by borrowers on loans
that have already been forgiven or guaranty purchased by the SBA, as applicable.
These Schedules and Statements do not list such payments made in the ordinary course
of business as described in the Motion of Debtors for Interim and Final Orders
Authorizing Debtors to (I) Continue Servicing and Subservicing Activities and (II)
Perform Related Obligations [Docket No. 11].
The payments disclosed in SOFA 3 are based on payments made by the Debtors with
payment dates from July 6, 2022 to October 3, 2022. The actual dates that cash cleared
the Debtors’ bank accounts were not considered. Most payments are made either by
wire or ACH and the actual dates that cash cleared the Debtors’ bank accounts may
vary depending on whether payment was made via wire versus ACH.

The response to SOFA 3 excludes disbursements or transfers listed on SOFA 4.
All payments listed on SOFA 11 are not also listed on SOFA 3.
3.
SOFA 4. The payroll-related amounts shown in response to SOFA 4 are gross amounts
that do not include reductions for amounts including employee taxes or benefit
withholdings. To the extent that insiders receive benefits, such as work-related
allowances, those payments have been included as expense reimbursements to the
extent paid directly to the employee. The Debtors also provide corporate-paid credit
cards and reimburse direct business expenses incurred by insiders. Such business
expenses have not been included in SOFA 4. As authorized by Creditor Matrix Order,
home addresses for individuals identified as insiders have been redacted.
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 15 of 53

4.
SOFA 7. The Debtors were engaged in the business of servicing PPP loans following
the enactment of the CARES Act. While the Debtors remained diligent in
understanding and implementing updated guidance and serviced the PPP loans in a
complaint manner, their servicing efforts were the subject of heightened scrutiny, and
they were subsequently implicated in various investigations, disputes, and
administrative proceedings. Information provided in response to SOFA 7 includes
those investigations, disputes, and administrative proceedings that are formally
recognized by an administrative, judicial, or other adjudicative forum. In addition, at
any time, the Debtors may be subject to numerous third party subpoenas, which are not
listed in the response to SOFA 7. While the Debtors believe they were diligent in their
efforts in completing SOFA 7, it is possible that certain matters that may be responsive
to this question may have been inadvertently excluded in the Debtors’ response to
SOFA 7. The Debtors reserve all of their rights to amend or supplement their response
to SOFA 7.

Further, the Debtors reserve all of their rights and defenses with respect to any and all
matters listed in SOFA 7. The listing of any such matters shall not constitute an
admission by the Debtors of any liabilities or that the actions, matters or other
proceedings were correctly filed against the Debtors or any affiliates of the Debtors.
The Debtors also reserve their rights to assert that neither the Debtors nor any affiliate
of the Debtors is an appropriate party to such matters, actions or other proceedings.

5.
SOFA 11. All payments for services of any persons or entities that provided
consultation concerning debt counseling or restructuring services, relief under the
Bankruptcy Code, or preparation of a petition in bankruptcy within one year
immediately preceding the Commencement Date are listed on that Debtor’s response
to SOFA 11. Additional information regarding the Debtors’ retention of professional
service firms is more fully described in individual retention applications and related
orders.

6.
SOFA 13. As reflected on SOFA 13, on or around October 15, 2020, the Debtors sold
substantially all of their assets to affiliates of American Express in exchange for
approximately $750,000,000 (the “Purchase Price”). The substantial majority of the
Purchase Price was paid to shareholders of the Debtors and the balance of the Purchase
Price was used to, among other things, pay transaction costs, employee obligations and
the Debtors’ go-forward working capital obligations.

7.
SOFA 14. The corporate headquarters was transferred to affiliates of American
Express in connection with sale of Debtors’ assets in October 2020. During the COVID-
19 pandemic the offices remained primarily unused as a safety measure. On March 1,
2022, upon entering into a new non-residential lease, the Debtors began utilizing their
current office space.

8.
SOFA 16. In the ordinary course of business in connection with their origination and
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 16 of 53

servicing businesses, the Debtors collect certain personally identifiable information
(“PII”), including but not limited to, their borrowers’ names, business names, personal
and business addresses, date of birth, email, social security numbers or EIN, bank
accounts and phone numbers. A list of categories of collected PII is included in the
response to SOFA 16. The Debtors maintain a privacy policy regarding the use of PII.

9.
SOFA 25. The Debtors used their reasonable efforts to identify the beginning and
ending dates of all businesses in which the Debtors were an owner, partner, member or
otherwise a person in control within the six years immediately preceding the
Commencement Date. The nature for operations for some of the businesses is unknown
to current management.

10.
SOFA 26. The Debtors provided financial statements in the ordinary course of business
to certain parties for business, statutory, credit, financing and other reasons. Recipients
include, among others, regulatory agencies, financial institutions, investment banks,
debtholders and their legal and financial advisors. Financial statements have also been
provided to other parties as requested, subject to customary non-disclosure
requirements where applicable.

11.
SOFA 30. Any and all known payments, distributions or withdrawals to insiders of the
Debtors in the year before the Commencement Date have been listed in response to
SOFA 4.

Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 17 of 53

1. Gross Revenue from business
Identify the Beginning and Ending Dates of the Debtor’s Fiscal Year,
which may be a Calendar Year
Sources of Revenue
(Check all that apply)
Gross Revenue
(Before Deductions and
Exclusions)
None
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 1:
Income
From
MM/DD/YYYY
MM/DD/YYYY
to
Operating a business
Other
Page 1 of 1 to Question 1
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 18 of 53

2. Non-business revenue
Description of Sources of Revenue
Gross Revenue
(Before Deductions and
Exclusions)
None
Include revenue regardless of whether that revenue is taxable. Non-business income may include interest, dividends, money
collected from lawsuits, and royalties. List each source and the gross revenue for each separately. Do not include revenue listed
in line 1.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 1:
Income
From
MM/DD/YYYY
MM/DD/YYYY
to
Page 1 of 1 to Question 2
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 19 of 53

Kabbage Asset Securitization LLC
Case Number:
22-10953
None
3. Certain payments or transfers to creditors within 90 days before filing this case
List payments or transfers-including expense reimbursements-to any creditor, other than regular employee compensation,
within 90 days before filing this case unless the aggregate value of all property transferred to that creditor is less than $7,575.
(This amount may be adjusted on 4/01/25 and every 3 years after that with respect to cases filed on or after the date of
adjustment.)
Creditor's Name and Address
Dates
Total Amount or
Value
Reasons for Payment
or Transfer
Part 2:
List Certain Transfers Made Before Filing for Bankruptcy
NONE
3.1
Other
Services
Suppliers or vendors
Secured debt
Unsecured loan repayment
TOTAL
$0
$0
TOTAL
Page 1 of 1 to Question 3
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 20 of 53

None
4. Payments or other transfers of property made within 1 year before filing this case that benefited any insider
List payments or transfers, including expense reimbursements, made within 1 year before filing this case on debts owed to an
insider or guaranteed or cosigned by an insider unless the aggregate value of all property transferred to or for the benefit of
the insider is less than $7,575. (This amount may be adjusted on 4/01/25 and every 3 years after that with respect to cases
filed on or after the date of adjustment.) Do not include any payments listed in line 3. Insiders include officers, directors, and
anyone in control of a corporate debtor and their relatives; general partners of a partnership debtor and their relatives;
affiliates of the debtor and insiders of such affiliates; and any managing agent of the debtor. 11 U.S.C. § 101(31).
Kabbage Asset Securitization LLC
Case Number:
22-10953
Insider's Name and Address and Relationship to Debtor
Dates
Amount
Reason for Payment
Part 2:
List Certain Transfers Made Before Filing for Bankruptcy
NONE
4.1
TOTAL
$0
$0
TOTAL
Page 1 of 1 to Question 4
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 21 of 53

None
5. Repossessions, foreclosures, and returns
List all property of the debtor that was obtained by a creditor within 1 year before filing this case, including property
repossessed by a creditor, sold at a foreclosure sale, transferred by a deed in lieu of foreclosure, or returned to the seller. Do
not include property listed in line 6.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Creditor's Name and Address
Description of the Property
Date Action
was Taken
Value of Property
Part 2:
List Certain Transfers Made Before Filing for Bankruptcy
NONE
$0
1
5.
$0
TOTAL
Page 1 of 1 to Question 5
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 22 of 53

6. Setoffs
List any creditor, including a bank or financial institution, that within 90 days before filing this case set off or otherwise took
anything from an account of the debtor without permission or refused to make a payment at the debtor's direction from an
account of the debtor because the debtor owed a debt.
None
Kabbage Asset Securitization LLC
Case Number:
22-10953
Creditor's Name and Address
Description of Action Creditor Took
Date Action
Taken
Account
Number
Amount
Part 2:
List Certain Transfers Made Before Filing for Bankruptcy
NONE
$0
1
6.
$0
TOTAL
Page 1 of 1 to Question 6
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 23 of 53

None
7. Legal actions, administrative proceedings, court actions, executions, attachments, or governmental audits
List the legal actions, proceedings, investigations, arbitrations, mediations, and audits by federal or state agencies in which the
debtor was involved in any capacity - within 1 year before filing this case.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Caption of Suit and Case Number
Nature of Proceeding
Court or Agency and Address
Status of Case
Part 3:
Legal Actions or Assignments
NONE
1
7.
Page 1 of 1 to Question 7
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 24 of 53

8. Assignments and receivership
None
List any property in the hands of an assignee for the benefit of creditors during the 120 days before filing this case and any property in the hands of a receiver,
custodian, or other court-appointed officer within 1 year before filing this case.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Custodian's Name and Address
Court Name and Address
Case Title and Number
Date
Description of Property
Value
Part 3:
Legal Actions or Assignments
NONE
1
8.
Page 1 of 1 to Question 8
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 25 of 53

Recipient’s
Relationship to
Debtor
Recipient’s Name and Address
9. List all gifts or charitable contributions the debtor gave to a recipient within 2 years before filing this case unless the
aggregate value of the gifts to that recipient is less than $1,000
Dates Given
None
Description of the
Gifts or
Contributions
Value
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 4:
Certain Gifts and Charitable Contributions
NONE
1
9.
Page 1 of 1 to Question 9
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 26 of 53

None
10. All losses from fire, theft, or other casualty within 1 year before filing this case.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Description of Property
Amount of
Payments Received
Date of
Loss
Property Value
How Loss Occurred
Part 5:
Certain Losses
If you have received payments to cover the loss, for example, from
insurance, govertnment compensation, or tort liability, list the total
received. List unpaid claims on Official Form 106A/B (Schedule A/B:
Assets - Real and Personal Property).
NONE
$0
1
10.
$0
TOTAL
Page 1 of 1 to Question 10
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 27 of 53

11. Payments related to bankruptcy
Who was Paid or Who Received the Transfer?
Address
None
List any payments of money or other transfers of property made by the debtor or person acting on behalf of the debtor within 1 year before the filing of this case to
another person or entity, including attorneys, that the debtor consulted about debt consolidation or restructuring, seeking bankruptcy relief, or filing a bankruptcy case.
Email / Website
Who Made the Payment,
if not Debtor?
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 6:
Certain Payments or Transfers
If not Money, Describe any
Property Transferred
Dates
Total Amount or
Value
NONE
$0
1
11.
Page 1 of 1 to Question 11
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 28 of 53

12. Self-settled trusts of which the debtor is a beneficiary
Name of Trust or Device
Describe any Property Transferred
Dates Transfers
were Made
None
List any payments or transfers of property made by the debtor or a person acting on behalf of the debtor within 10 years
before the filing of this case to a self-settled trust or similar device.
Do not include transfers already listed on this statement.
Total Amount / Value
Trustee
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 6:
Certain Payments or Transfers
NONE
$0
1
12.
Page 1 of 1 to Question 12
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 29 of 53

None
13. Transfers not already listed on this statement
List any transfers of money or other property - by sale, trade, or any other means - made by the debtor or a person acting on
behalf of the debtor within 2 years before the filing of this case to another person, other than property transferred in the ordinary
course of business or financial affairs. Include both outright transfers and transfers made as security. Do not include gifts or
transfers previously listed on this statement.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Description of Property
Date Transfer
was Made
Total Amount
or Value
Name and Address of Transferee, Relationship to Debtor
Part 6:
Certain Payments or Transfers
NONE
$0
1
13.
$0
TOTAL
Page 1 of 1 to Question 13
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 30 of 53

Does not apply
14. Previous addresses
List all previous addresses used by the debtor within 3 years before filing this case and the dates the addresses were used.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Dates of Occupancy
Address
Part 7:
Previous Locations
MIDTOWN SPV, LLC , 730 PEACHTREE ST. SUITE 1100,
ATLANTA , GA 30308
From:
10/15/2020
To:
1
14.
Page 1 of 1 to Question 14
UNKNOWN
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 31 of 53

Facility Name and Address
15. Health Care bankruptcies
Is the debtor primarily engaged in offering services and facilities for:
- diagnosing or treating injury, deformity, or disease, or
- providing any surgical, psychiatric, drug treatment, or obstetric care?
No. Go to Part 9.
Yes. Fill in the information below.
Nature of the Business
Operation, Including
Type of Services the
Debtor Provides
Location Where Patient
Records are Maintained
(if Different from Facility
Address). If Electronic,
Identify any Service
Provider.
If Debtor
Provides Meals
and Housing,
Number of
Patients in
Debtor’s Care
How are
Records
Kept?
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 8:
Health Care Bankruptcies
NONE
Paper
Electronic
1
15.
Page 1 of 1 to Question 15
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 32 of 53

16. Does the debtor collect and retain personally identifiable information of customers?
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 9:
Personally Identifiable Information
No.
Yes. State the nature of the information collected and retained.
Does the debtor have a privacy policy about that information?
Yes
No
Page 1 of 1 to Question 16
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 33 of 53

17. Within 6 years before filing this case, have any employees of the debtor been participants in any ERISA, 401(k),
403(b), or other pension or profit-sharing plan made available by the debtor as an employee benefit?
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 9:
Personally Identifiable Information
No. Go to Part 10.
No. Go to Part 10.
Yes. Does the debtor serve as plan administrator?
Has the plan been terminated?
Yes. Fill in below:
Yes
No
Describe:
EIN:
Page 1 of 1 to Question 17
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 34 of 53

None
18. Closed financial accounts
Within 1 year before filing this case, were any financial accounts or instruments held in the debtor's name, or for the debtor's
benefit, closed, sold, moved, or transferred?
Kabbage Asset Securitization LLC
Case Number:
22-10953
Financial Institution Name and Address
Last 4 Digits of
Acct Number
Type of Account
Date of Closing
Last
Balance
Include checking, savings, money market, or other financial accounts; certificates of deposit; and shares in banks, credit
unions, brokerage houses, cooperatives, associations, and other financial institutions.
Part 10:
Certain Financial Accounts, Safe Deposit Boxes, and Storage Units
NONE
1
18.
Page 1 of 1 to Question 18
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 35 of 53

19. Safe deposit boxes
Depository Institution Name and Address
None
List any safe deposit box or other depository for securities, cash, or other valuables the debtor now has or did have within 1
year before filing this case.
Does Debtor still
have it?
Names of Anyone with Access to it and
Address
Description of the
Contents
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 10:
Certain Financial Accounts, Safe Deposit Boxes, and Storage Units
NONE
No
Yes
1
19.
Page 1 of 1 to Question 19
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 36 of 53

Facility Name and Address
20. Off-premises storage
List any property kept in storage units or warehouses within 1 year before filing this case. Do not include facilities that are in
a part of a building in which the debtor does business.
None
Names of Anyone
with Access to it
Address
Description of the
Contents
Does Debtor
still have it?
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 10:
Certain Financial Accounts, Safe Deposit Boxes, and Storage Units
NONE
Yes
No
1
20.
Page 1 of 1 to Question 20
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 37 of 53

21. Property held for another
Owner’s Name and Address
None
List any property that the debtor holds or controls that another entity owns. Include any property borrowed from, being stored
for, or held in trust. Do not list leased or rented property.
Value
Location of the Property
Description of the
Property
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 11:
Property the Debtor Holds or Controls That the Debtor Does Not Own
NONE
1
21.
Page 1 of 1 to Question 21
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 38 of 53

No
22. Has the debtor been a party in any judicial or administrative proceeding under any environmental law? Include
settlements and orders.
Yes. Provide details below.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Case Title and Case Number
Court or Agency Name and Address
Nature of Proceeding
Status
Part 12:
Details About Environmental Information
For the purpose of Part 12, the following definitions apply:
Environmental law means any statute or governmental regulation that concerns pollution, contamination, or hazardous
material, regardless of the medium affected (air, land, water, or any other medium).
Site means any location, facility, or property, including disposal sites, that the debtor now owns, operates, or utilizes or that
the debtor formerly owned, operated, or utilized.
Hazardous material means anything than an environmental law defines as hazardous or toxic, or describes as a pollutant,
contaminant, or a similary harmful substance.
Report all notices, releases, and proceedings known, regardless of when they occurred.
NONE
1
22.
Page 1 of 1 to Question 22
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 39 of 53

23. Has any governmental unit otherwise notified the debtor that the debtor may be liable under or in violation of an environmental law?
No
Yes. Provide details below.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Site Name and Address
Governmental Unit Name and Address
Environmental Law, if Known
Date of Notice
Part 12:
Details About Environmental Information
For the purpose of Part 12, the following definitions apply:
Environmental law means any statute or governmental regulation that concerns pollution, contamination, or hazardous material, regardless of the medium
affected (air, land, water, or any other medium).
Site means any location, facility, or property, including disposal sites, that the debtor now owns, operates, or utilizes or that the debtor formerly owned, operated,
or utilized.
Hazardous material means anything than an environmental law defines as hazardous or toxic, or describes as a pollutant, contaminant, or a similary harmful
substance.
Report all notices, releases, and proceedings known, regardless of when they occurred.
NONE
1
23.
Page 1 of 1 to Question 23
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 40 of 53

24. Has the debtor notified any governmental unit of any release of hazardous material?
No
Yes. Provide details below.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Site Name and Address
Governmental Unit Name and Address
Environmental Law, if Known
Date of Notice
Part 12:
Details About Environmental Information
For the purpose of Part 12, the followig definitions apply:
Environmental law means any statute or governmental regulation that concerns pollution, contamination, or hazardous material, regardless of the medium
affected (air, land, water, or any other medium).
Site means any location, facility, or property, including disposal sites, that the debtor now owns, operates, or utilizes or that the debtor formerly owned, operated,
or utilized.
Hazardous material means anything than an environmental law defines as hazardous or toxic, or describes as a pollutant, contaminant, or a similary harmful
substance.
Report all notices, releases, and proceedings known, regardless of when they occurred.
NONE
1
24.
Page 1 of 1 to Question 24
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 41 of 53

25. Other businesses in which the debtor has or has had an interest
Employer Identification
Number
None
List any business for which the debtor was an owner, partner, member, or otherwise a person in control within 6 years before
filing this case.
Include this information even if already listed in the Schedules.
Business Name and Address
Describe the Nature of the
Business
Dates Business
Existed
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 13:
Details About the Debtor's Business or Connections to Any Business
Do not include SSN or ITIN
NONE
25.1
Page 1 of 1 to Question 25
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 42 of 53

26. Books, records, and financial statements
None
26a. List all accountants and bookkeepers who maintained the debtor’s books and records within 2 years before filing this case.
Name and Address
Dates of Service
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 13:
Details About the Debtor's Business or Connections to Any Business
NONE
From:
To:
1
26a.
Page 1 of 1 to Question 26a.
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 43 of 53

None
26b. List all firms or individuals who have audited, compiled, or reviewed debtor’s books of account and records or prepared a
financial statement within 2 years before filing this case.
Name and Address
Dates of Service
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 13:
Details About the Debtor's Business or Connections to Any Business
26. Books, records, and financial statements
NONE
From:
To:
1
26b.
Page 1 of 1 to Question 26b.
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 44 of 53

26. Books, records, and financial statements
None
26c. List all firms or individuals who were in possession of the debtor’s books of account and records when this case is filed.
Name and Address
If any Books of Account and Records are
Unavailable, Explain Why
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 13:
Details About the Debtor's Business or Connections to Any Business
NONE
1
26c.
Page 1 of 1 to Question 26c.
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 45 of 53

26. Books, records, and financial statements
None
26d. List all financial institutions, creditors, and other parties, including mercantile and trade agencies, to whom the debtor
issued a financial statement within 2 years before filing this case.
Name and Address
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 13:
Details About the Debtor's Business or Connections to Any Business
NONE
1
26d.
Page 1 of 1 to Question 26d.
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 46 of 53

27. Inventories
No
Have any inventories of the debtor’s property been taken within 2 years before filing this case?
Name of the Person who
Supervised the Taking of the
Inventory
Dollar Amount
Yes. Give the details about the two most recent inventories.
Name and Address of the Person
who has Possession of Inventory
Records
Date of Inventory
Kabbage Asset Securitization LLC
Case Number:
22-10953
Part 13:
Details About the Debtor's Business or Connections to Any Business
Basis
NONE
1
27.
Page 1 of 1 to Question 27
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 47 of 53

28. List the debtor's officers, directors, managing members, general partners, members in control, controlling
shareholders, or other people in control of the debtor at the time of the filing of this case.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Name and Address
Positition and Nature of any Interest
Percent of Interest, if any
Part 13:
Details About the Debtor's Business or Connections to Any Business
INTERIM CFO
DAVID WALKER
925B PEACHTREE STREET NE, SUITE 383
ATLANTA, GA 30309
1
28.
VP - OPERATIONS
DONNA EVANS
925B PEACHTREE STREET NE, SUITE 383
ATLANTA, GA 30309
2
28.
GENERAL COUNSEL & SECRETARY
HOLLY LOISEAU
925B PEACHTREE STREET NE, SUITE 383
ATLANTA, GA 30309
3
28.
INDEPENDENT MANAGER
JOHN HEBERT
925B PEACHTREE STREET NE, SUITE 383
ATLANTA, GA 30309
4
28.
MANAGER
KABBAGE, INC. DBA KSERVICING
925B PEACHTREE STREET NE, SUITE 383
ATLANTA, GA 30309
100.00%
5
28.
PRESIDENT AND CEO
LAQUISHA MILNER
925B PEACHTREE STREET NE, SUITE 383
ATLANTA, GA 30309
6
28.
DEPUTY GENERAL COUNSEL & ASSISTANT
SECRETARY
SALIM KAFITI
925B PEACHTREE STREET NE, SUITE 383
ATLANTA, GA 30309
7
28.
Page 1 of 1 to Question 28
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 48 of 53

29. Within 1 year before the filing of this case, did the debtor have officers, directors, managing members, general
partners, members in control of the debtor, or shareholders in control of the debtor who no longer hold these
positions?
No
Yes. Identify below.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Name and Address
Position and Nature of Interest
Period During Which Position Was Held
Part 13:
Details About the Debtor's Business or Connections to Any Business
NONE
From:
To:
1
29.
Page 1 of 1 to Question 29
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 49 of 53

30. Payments, Distributions, or Withdrawals Credited or Given to Insiders
Within 1 year before filing this case, did the debtor provide an insider with value in any form, including salary, other
compensation, draws, bonuses, loans, credits on loans, stock redemptions, and options exercised?
Kabbage Asset Securitization LLC
Case Number:
22-10953
Name and Address of Recipient and Relationship to Debtor
Amount
Reason for Providing the Value
Part 13:
Details About the Debtor's Business or Connections to Any Business
No
Yes. Identify below.
Dates
NONE
1
30.
TOTAL
$0
$0
TOTAL
Page 1 of 1 to Question 30
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 50 of 53

31. Within 6 years before filing this case, has the debtor been a member of any consolidated group for tax purposes?
No
Yes. Identify below.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Employer Identification Number of the Parent Corporation
Name of Parent Corporation
Part 13:
Details About the Debtor's Business or Connections to Any Business
NONE
EIN:
1
31.
Page 1 of 1 to Question 31
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 51 of 53

32. Within 6 years before filing this case, has the debtor as an employer been responsible for contributing to a
pension fund?
No
Yes. Identify below.
Kabbage Asset Securitization LLC
Case Number:
22-10953
Employer Identification Number of the Pension Fund
Name of Pension Fund
Part 13:
Details About the Debtor's Business or Connections to Any Business
NONE
EIN:
1
32.
Page 1 of 1 to Question 32
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 52 of 53

Kabbage Asset Securitization LLC
Signature:
Executed on:
Name and Title
/s/ David Walker
David Walker, Interim CFO
Part 14:
Signature and Declaration
Warning -- Bankruptcy fraud is a serious crime. Making a false statement, concealing property, or obtaining money
or property by fraud in connection with a bankruptcy case can result in fines up to $500,000 or imprisonment for up to
20 years, or both. 18 U.S.C. §§ 152, 1341, 1519, and 3571.
I have examined the information in this Statement of Financial Affairs and any attachments and have a resonable belief that the
information is true and correct.
I declare under penalty of perjury that the foregoing is true and correct.
Are additional pages to the Statement of Financial Affairs for Non-Individuals Filing for Bankruptcy (Official Form 207) attached?
Case Number:
22-10953
X
No
Yes
10/24/2022
Case 22-10951-CTG Doc 149 Filed 10/24/22 Page 53 of 53

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Statement of Financial Affairs — Kabbage Asset Securitization LLC — In re KServicing

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