CNH Equipment Trust 2024-B Annual Report: How It Performed This Year

This report looks at the CNH Equipment Trust 2024-B. It covers its operations and compliance for the fiscal year ending December 31, 2025.

First Look: What Is CNH Equipment Trust 2024-B?

The annual report (a 10-K filing) for the year ending December 31, 2025, explains something important. CNH Equipment Trust 2024-B is not a regular company. It does not have publicly traded stock. Investors do not buy shares in it.

Instead, this is a "Trust." It is a special company (SPV) created for securitization. Its main job is to manage a group of financial assets. These are equipment loans and leases. CNH Industrial Capital America LLC (the "Sponsor") first created these loans and leases. The Trust then sold "asset-backed notes" to investors. These notes act like bonds. They totaled about $908.97 million. Future payments from the equipment loans and leases directly back these notes. This setup helps CNH Industrial Capital America LLC. It turns hard-to-sell receivables into marketable investments. This gives them diverse funding and helps manage their finances. Investors in this Trust usually hold these notes. They receive payments from the underlying loans and leases.

Who's involved?

• CNH Capital Receivables LLC (the "Depositor") created the Trust. This special company helps move assets from the Sponsor to the Trust. This ensures a "true sale" for legal and accounting reasons.
• CNH Industrial Capital America LLC (the "Sponsor") created the equipment loans and leases. It handles the initial loan approvals, customer service, and asset quality in the Trust.
• New Holland Credit Company, LLC (the "Servicer") is a key operating company. It manages the equipment loans and leases daily. This includes billing, collecting payments, handling late payments, processing defaults, and managing repossessions. The Servicer's work directly affects the money available to noteholders.
• Wilmington Trust Company acts as the Trustee for the Trust. It holds the assets for the noteholders. It also makes sure all parties follow the trust agreement's rules.
• Citibank, N.A. is the Indenture Trustee for the notes. This company represents the noteholders' interests. It oversees money flow. It ensures the Servicer sends collections correctly. It distributes payments to investors as agreed. It also holds the collateral for the noteholders.

How Was It Managed This Year (Ended December 31, 2025)?

CNH Equipment Trust 2024-B is not a regular company. So, its annual report focuses on operations. It checks if the parties managing the assets and money follow the rules.

There is good news here. Deloitte & Touche LLP, a large independent accounting firm, audited the Servicer, New Holland Credit Company, LLC. They checked its compliance with "servicing criteria" rules under SEC Regulation AB. These rules cover many activities vital to managing securitized assets. For the full year ending December 31, 2025, Deloitte & Touche LLP confirmed this. New Holland Credit Company, LLC, as Servicer for the CNH Equipment Trust Platform (including the 2024-B Trust), fully followed these rules. This audit usually reviews loan creation, payment handling, record-keeping, and late payment management. It also checks investor reports. New Holland Credit Company's President also certified that the company met all its duties under the Sale and Servicing Agreement for the same 12-month period, as regulations require.

Also, KPMG LLP, another leading independent accounting firm, audited Citibank, N.A. Citibank acts as the Indenture Trustee and paying agent. Citibank's role is vital. It manages the actual money flow. It ensures payments from equipment loans are received and then sent to investors. KPMG specifically checked Citibank's compliance with "servicing criteria" under SEC Regulation AB. This was for the CNH Equipment Trust Platform, including the 2024-B Trust. For the year ending December 31, 2025, KPMG LLP confirmed this. Citibank, N.A. fully followed these rules for its activities, especially for its key payment sending duties.

These independent reports from two large accounting firms reassure investors. They confirm that the basic processes work well. These include collecting payments from equipment loans, managing those assets, and sending money to noteholders. Everything runs smoothly and effectively. It also fully follows regulations and agreements. This strong operation is key to stable and reliable cash flow from these investments.

Is This a Good Investment for You?

Based only on this summary, the CNH Equipment Trust 2024-B's operations look excellent. This is for the year ending December 31, 2025. Independent reports from Deloitte & Touche LLP and KPMG LLP, plus the Servicer's own certification, offer strong reassurance. They show that managing the equipment loans and sending money to noteholders works well. It also follows SEC Regulation AB and all agreements. This strong operation is key to stable and predictable cash flow from an asset-backed security.

But to truly decide if the asset-backed notes from CNH Equipment Trust 2024-B are a "good investment" for you, you need a deeper look. This means checking:

• Detailed Asset Performance Data: Specific numbers like how many loans are late (30-59 days, 60-89 days, 90+ days past due). Also, total losses, how fast loans are paid off early, and money recovered from defaulted assets. These directly affect the cash flow for noteholders.
• Credit Protection Levels: The amount and type of built-in safeguards. For example, overcollateralization (when assets are worth more than the notes). Also, the money in reserve accounts and the subordination structure. This means different note types have different payment priorities.
• Note Details: The interest rates, maturity dates, and payment order for the different note types the Trust issued.
• Credit Ratings: Independent opinions from rating agencies (like S&P, Moody's, Fitch). They assess how likely it is that principal and interest payments will be made on time.
• Economic Forecast: The general economy and trends in farming and construction equipment. These can affect borrowers' ability to repay loans.
• Your Investor Profile: Your personal comfort with risk, need for quick cash, and investment goals.

This summary confirms key structural and compliance points. For a complete picture of the investment's quality and expected cash flow, you'll find detailed financial data on the assets and specifics on the note types in the full 10-K filing's exhibits, prospectus, and regular servicer reports.