John Deere Owner Trust 2024 Annual Report: Key Insights for Investors

The John Deere Owner Trust 2024's latest annual report (Form 10-K for the fiscal year ended November 2, 2025) offers a unique perspective for investors. This isn't a typical company filing; it details a specialized financial entity. Let's explore what this report reveals about the Trust.

Business Overview: A Unique Financial Entity

The John Deere Owner Trust 2024 does not sell tractors or manufacture equipment. Instead, it operates as a specialized financial vehicle, commonly known as an "asset-backed securities" (ABS) trust. Imagine it as a dedicated pool of loans originated by John Deere Capital Corporation (the financial arm of Deere & Company) to customers purchasing John Deere equipment. The Trust then issues securities to investors, and the payments from these customer loans repay those investors. The Trust's primary role is to manage these financial assets.

Financial Performance: A Different Perspective

For an ABS trust, performance and financial health depend primarily on the underlying loan portfolio's health and its ability to generate consistent cash flow for investors. The Servicer's confirmed compliance (discussed below) indicates effective management of the operational aspects crucial for maintaining these cash flows.

Risk Factors

Investors in asset-backed securities should always understand the potential risks. For a trust like John Deere Owner Trust 2024, these typically involve:

• Credit Risk: The possibility that John Deere equipment customers (borrowers) may default on their loan payments, which would impact the Trust's cash flow.
• Prepayment Risk: Loans being repaid sooner than anticipated, potentially affecting investor yields.
• Servicer Risk: The chance that John Deere Capital Corporation, as the Servicer, might not effectively manage the loan portfolio. The confirmed compliance in this report significantly mitigates this specific risk.
• Economic Conditions: Broader economic downturns could hinder borrowers' ability to repay loans.
• Interest Rate Risk: Fluctuations in interest rates could affect the value of the underlying loans or the Trust's capacity to issue new securities.

Management Discussion: Servicer Compliance Confirmed

The most crucial information in this report concerns the management of the underlying loans. John Deere Capital Corporation serves as the "Servicer," responsible for collecting payments, addressing customer inquiries, and overseeing the loan portfolio.

For the period from October 28, 2024, to November 2, 2025, John Deere Capital Corporation, through its Assistant Secretary Steve Morrissey, formally confirmed its material compliance with the specific rules and obligations (known as "Applicable Servicing Criteria") for managing these loans. This confirmation is highly positive for investors, signifying that the procedures for collecting payments and handling accounts were followed correctly and efficiently.

Providing an additional layer of independent assurance, Deloitte & Touche LLP, an independent accounting firm, reviewed this assessment and verified John Deere Capital Corporation's compliance. This independent verification offers comfort that the loan servicing is being handled as expected.

This confirmed material compliance by John Deere Capital Corporation as the Servicer stands out as the primary operational highlight. It signals smooth operations in managing the loan portfolio—a positive indicator for the Trust's stability.

Future Outlook: A Passive Entity

The Trust operates as a passive entity, meaning its "strategy" is intrinsically linked to the effective servicing of its loan portfolio. Rajesh Kalathur, President of John Deere Capital Corporation, signed the report in his capacity as Servicer for the Trust. Its performance will primarily hinge on the continued health of the underlying loan portfolio and the broader economic environment.

Competitive Position: Not Applicable

The concept of 'competitive position,' as understood in traditional business, does not apply to an entity like John Deere Owner Trust 2024. The Trust functions as a passive financial vehicle, designed to hold and manage a specific pool of customer loans and distribute payments to investors. It does not compete for customers, products, or services in any market. The Trust's 'strength' or 'position' stems solely from the quality and performance of its underlying loan portfolio and the effectiveness of John Deere Capital Corporation, its Servicer, in managing those assets.

In Summary for Investors

This annual report primarily confirms the operational integrity of John Deere Owner Trust 2024. It highlights the diligent servicing of its loan portfolio by John Deere Capital Corporation, a process independently verified by Deloitte & Touche LLP. This confirmed compliance serves as a crucial indicator of stability for investors in this asset-backed security. Investors should understand the inherent risks associated with ABS investments.