CNH Equipment Trust 2022-C Annual Report - How They Did This Year

Let's understand how CNH Equipment Trust 2022-C did this past year. I'll explain the important parts simply. This helps you decide if it fits your investments.

Let's explore what this trust does and how it performed!

What is CNH Equipment Trust 2022-C?

CNH Equipment Trust 2022-C isn't a typical company. It's a special financial setup, called a securitization vehicle. It started in October 2022. It issues "asset-backed notes," which are like loans to investors. These notes are backed by many equipment loans or leases. This setup helps CNH Industrial Capital turn customer loans into investments you can buy.

Here's how it works:

• The Sponsor: CNH Industrial Capital America LLC, part of CNH Industrial N.V. (NYSE: CNHI), makes loans. Customers use these loans to buy tractors, construction equipment, or farm machinery. These loans create the income for the trust.
• The Depositor/Seller: CNH Capital Receivables LLC then sells these loans to the Trust. This sale is usually a "true sale." This protects the loans if the seller faces bankruptcy.
• The Trust: The Trust then uses these loans as backing to issue notes to investors. In November 2022, it issued notes worth $720,280,000. These notes often come in different classes, called tranches. They have varying priority, credit ratings (like AAA, AA, A), and interest rates. This lets investors pick their preferred risk and return. The initial pool of loans backing these notes was at least this amount. It was often higher to provide extra security, called overcollateralization. When you invest, you get principal and interest payments. These come from the money paid on the equipment loans.
• The Servicer: New Holland Credit Company, LLC (NHCC) collects payments from these equipment loans. It also manages late payments and keeps things running smoothly. Their efficient work ensures noteholders get paid on time.
• The Trustee: Wilmington Trust Company holds the assets for noteholders. It makes sure the trust follows its rules.
• The Indenture Trustee: Citibank, N.A. is the Indenture Trustee. It represents noteholders' interests. It also ensures the Servicer and Trust follow the Indenture. This legal contract outlines everyone's rights and duties.

So, investing in CNH Equipment Trust 2022-C means you invest in many equipment loans. Your returns come from those loan payments, not from a company's profits.

How Did They Do This Year (Fiscal Year Ended December 31, 2025)?

This report covers the fiscal year ending December 31, 2025. It mainly focuses on compliance and operations. These are vital for an asset-backed security to run smoothly.

Good news! New Holland Credit Company (NHCC), the Servicer, confirmed they did their job well. On March 19, 2026, President Douglas MacLeod signed a "Servicer Compliance Statement." It confirmed NHCC met all its duties under the Servicing Agreement. This applies to managing equipment loans for the year ending December 31, 2025. They followed all important rules. They followed all rules for servicing these assets. This includes collecting payments, handling defaults, and sending money to the trust. SEC regulations like Regulation AB require this.

The Indenture Trustee, Citibank, N.A., also reported compliance. They confirmed they met their duties under the Indenture. Independent accounting firms, like Deloitte & Touche and KPMG, also checked their work. These firms often perform "Agreed-Upon Procedures" (AUP) or "Attestation Reports." These reports check the servicer's activities. Their reviews found no major issues or problems in loan management. This is good news. It means the system managing your investment's loans works correctly. This reduces operational risk for noteholders.

Important Considerations for Investors

It's crucial for investors to understand the inherent risks of asset-backed securities, which include:

• Credit Risk: The main risk is that borrowers (customers with equipment loans) might not pay them back. This directly affects the money available to pay noteholders. How bad losses are depends on the repossessed equipment's value.
• Prepayment Risk: Borrowers might pay off their loans early. This happens if they refinance or sell equipment. This lowers credit risk. But investors get their principal back sooner than expected. They might then have to reinvest at lower interest rates. This is called reinvestment risk.
• Interest Rate Risk: For notes with floating interest rates, rising rates can increase the trust's funding cost. They can also affect the market value of fixed-rate notes.
• Liquidity Risk: The market for selling these notes can sometimes be slow. This makes it hard to sell notes fast without affecting their price.
• Servicer Performance Risk: This report confirms compliance. But if the servicer fails to collect payments or manage defaults later, it could hurt the trust's performance.
• Economic Downturn Risk: An economic slowdown can cause higher unemployment. It can also reduce business activity and equipment demand. This increases loan defaults.

For a full view of financial details and risks, check the original prospectus. This document (like Form S-3 or 424B5) was filed when the notes were issued. It details the initial loan pool, credit support (like overcollateralization, reserve accounts, or subordination), and all risk factors. You can find ongoing performance data in monthly or quarterly investor reports. This includes late payment rates, loss rates, and early payment speeds. Look for these in Form 10-D filings with the SEC.

Overall Takeaway

This report confirms the operational health of CNH Equipment Trust 2022-C. New Holland Credit Company manages and services the equipment loans. The Indenture Trustee oversees this. All were in good order for the fiscal year ending December 31, 2025. For note investors, this compliance matters. It shows processes are followed to collect and distribute payments on time. This reduces operational risk.

This report focuses on administrative health. For a full investment picture, check performance reports (like Form 10-D filings). These detail actual money flows, late payment rates, loss rates, and other loan pool metrics. These numbers are key to judging your investment's credit quality and financial health.