<div id="readability-page-1"><div>Fitch Ratings-New York-25 November 2025:Fitch Ratings has assigned expected ratings and Rating Outlooks to CIFC Funding 2025-VIII, Ltd.CIFC Funding 2025-VIII, Ltd.----A-1 ; Long Term Rating; Expected Rating; NR(EXP) sf----A-2 ; Long Term Rating; Expected Rating; AAA(EXP) sf; Rating Outlook Stable----B ; Long Term Rating; Expected Rating; AA(EXP) sf; Rating Outlook Stable----C ; Long Term Rating; Expected Rating; A(EXP) sf; Rating Outlook Stable----D-1 ; Long Term Rating; Expected Rating; BBB+(EXP) sf; Rating Outlook Stable----D-2 ; Long Term Rating; Expected Rating; BBB-(EXP) sf; Rating Outlook Stable----D-3 ; Long Term Rating; Expected Rating; BBB-(EXP) sf; Rating Outlook Stable----E ; Long Term Rating; Expected Rating; BB-(EXP) sf; Rating Outlook Stable----Subordinated Notes ; Long Term Rating; Expected Rating; NR(EXP) sfTransaction SummaryCIFC Funding 2025-VIII, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by CIFC Asset Management LLC. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $500 million of primarily first lien senior secured leveraged loans.KEY RATING DRIVERSAsset Credit Quality: The average credit quality of the indicative portfolio is 'B', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 23.89, and will be managed to a WARF covenant from a Fitch test matrix. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard U.S. CLO structural features.Asset Security: The indicative portfolio consists of 100% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 74.8% and will be managed to a WARR covenant from a Fitch test matrix.Portfolio Composition: The largest three industries may comprise up to 45% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs.Portfolio Management: The transaction has a 5.1-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels.Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings.The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods.RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/DowngradeVariability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'BBB+sf' and 'AA+sf' for class A-2, between 'BB+sf' and 'A+sf' for class B, between 'B+sf' and 'BBB+sf' for class C, between less than 'B-sf' and 'BBB-sf' for class D-1, between less than 'B-sf' and 'BB+sf' for class D-2, and between less than 'B-sf' and 'BB+sf' for class D-3 and between less than 'B-sf' and 'BB-sf' for class E.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/UpgradeUpgrade scenarios are not applicable to the class A-2 notes as these notes are in the highest rating category of 'AAAsf'.Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B, 'AAsf' for class C, 'A+sf' for class D-1, 'Asf' for class D-2, and 'A-sf' for class D-3 and 'BBB+sf' for class E.USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action.DATA ADEQUACYThe majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other nationally recognized statistical rating organizations and/or European Securities and Markets Authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assess the asset portfolio information.Overall, Fitch's assessment of the asset pool information relied upon for its rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. REPRESENTATIONS, WARRANTIES AND ENFORCEMENT MECHANISMS A description of the transaction's representations, warranties and enforcement mechanisms (RW&amp;Es) that are disclosed in the offering document and which relate to the underlying asset pool is available by clicking the link to the Appendix. Offering documents for this market sector do not typically include RW&amp;Es that are available to investors and that relate to the asset pool underlying the security. However, the offering document for this transaction included a draft of the indenture as an appendix, which contains RW&amp;Es related to the underlying asset pool. For further information, please see Fitch's Special Report titled 'Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions'.ESG ConsiderationsFitch does not provide ESG relevance scores for CIFC Funding 2025-VIII, Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose in the key rating drivers any ESG factor which has a significant impact on the rating on an individual basis. For more information on Fitch's ESG Relevance Scores, visit the Fitch Ratings ESG Relevance Scores page.Contacts:Primary Rating AnalystJames Kim,Associate Director+1 212 908 0612james.kim@fitchratings.comFitch Ratings, Inc.Hearst Tower 300 W. 57th StreetNew York, NY 10019Secondary Rating AnalystChen Chen,Associate Director+1 647 693 3078chen.chen@fitchratings.comSurveillance Rating AnalystJames Kim,Associate Director+1 212 908 0612james.kim@fitchratings.comFitch Ratings, Inc.Hearst Tower 300 W. 57th StreetNew York, NY 10019Committee ChairpersonLaurent Chane-Kon,Managing Director+1 646 582 3752laurent.chane-kon@fitchratings.comMEDIA RELATIONS: Anne Wilhelm, New York, Tel: +1 212 908 0334, Email: anne.wilhelm@thefitchgroup.comAdditional information is available on www.fitchratings.comApplicable ModelNumbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).CLO – Fitch Stressed Portfolio Model, v2.4.0 (1)Global CLO Cash Flow Model, v1.4.1 (1)Portfolio Credit Model, v2.17.1 (1)ADDITIONAL DISCLOSURESDodd-Frank Rating Information Disclosure FormSolicitation StatusAdditional Disclosures For Unsolicited Credit RatingsEndorsement StatusEndorsement PolicyALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. 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CIFC

Fitch Ratings has assigned expected ratings to CIFC Funding 2025-VIII, Ltd., a CLO managed by CIFC Asset Management LLC. The ratings range from AAA(EXP) sf to BB-(EXP) sf, with stable outlooks. The CLO will finance a $500 million portfolio of first lien senior secured loans. Key factors include asset credit quality, security, portfolio composition, and cash flow analysis. Sensitivity to changes in recovery and default rates could affect ratings. No third-party due diligence was reviewed for this rating action.

Fitch to Rate CIFC Funding 2025-VIII, Ltd.; Publishes Presale Report