<div id="readability-page-1"><div>Fitch Ratings-Austin-05 December 2025:Fitch Ratings has assigned expected ratings and Rating Outlooks to the CIFC Funding 2021-II, Ltd. reset transaction.CIFC Funding 2021-II, Ltd----A-1-R ; Long Term Rating; Expected Rating; NR(EXP) sf----A-2-R ; Long Term Rating; Expected Rating; AAA(EXP) sf; Rating Outlook Stable----B-R ; Long Term Rating; Expected Rating; AA(EXP) sf; Rating Outlook Stable----C-R ; Long Term Rating; Expected Rating; A(EXP) sf; Rating Outlook Stable----D-1-R ; Long Term Rating; Expected Rating; BBB-(EXP) sf; Rating Outlook Stable----D-2-R ; Long Term Rating; Expected Rating; BBB-(EXP) sf; Rating Outlook Stable----E-R ; Long Term Rating; Expected Rating; BB-(EXP) sf; Rating Outlook Stable----Subordinated ; Long Term Rating; Expected Rating; NR(EXP) sfTransaction SummaryCIFC Funding 2021-II, 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 23.7, 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 95.5% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 72.86% 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 11.25% 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-1-R, between 'BBB+sf' and 'AA+sf' for class A-2-R, between 'BB+sf' and 'A+sf' for class B-R, between 'B+sf' and 'BBB+sf' for class C-R, between less than 'B-sf' and 'BB+sf' for class D-1-R, and between less than 'B-sf' and 'BB+sf' for class D-2-R and between less than 'B-sf' and 'B+sf' for class E-R.Factors that Could, Individually or Collectively, Lead to Positive Rating Action/UpgradeUpgrade scenarios are not applicable to the class A-1-R and class A-2-R 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-R, 'AAsf' for class C-R, 'Asf' for class D-1-R, and 'A-sf' for class D-2-R and 'BBB+sf' for class E-R.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.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 was not prepared for this transaction, although Offering Documents for this market sector typically do include it. 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 2021-II, Ltd.In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. For more information on Fitch's ESG Relevance Scores, visit https://www.fitchratings.com/topics/esg/productsContacts:Primary Rating AnalystCarolyn Melendez,Associate Director+1 512 215 3736carolyn.melendez@fitchratings.comFitch Ratings, Inc.2600 Via Fortuna, Suite 330Austin, TX 78746Secondary Rating AnalystLance Pettus,Associate Director+1 512 215 3725lance.pettus@fitchratings.comSurveillance Rating AnalystCarolyn Melendez,Associate Director+1 512 215 3736carolyn.melendez@fitchratings.comFitch Ratings, Inc.2600 Via Fortuna, Suite 330Austin, TX 78746Committee 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 2021-II, Ltd. reset transaction, managed by CIFC Asset Management LLC. The transaction involves a $500 million portfolio of first lien senior secured leveraged loans. Ratings range from AAA(EXP) sf to BB-(EXP) sf, with stable outlooks. Key factors include asset credit quality, security, portfolio composition, and cash flow analysis. Sensitivity to recovery and default rates could affect ratings. No third-party due diligence was reviewed for this rating action.

Fitch to Rate CIFC Funding 2021-II, Ltd. Reset Transaction; Publishes Presale Report