KBRA assigns preliminary ratings to the Series 2026-1, Class A-1, Class A-2 Notes, Class B Notes and Class C Notes (the Series 2026-1 Notes) from Diamond Infrastructure Funding LLC (the Issuer), a communications infrastructure securitization.

The transaction represents a refinancing of the Issuer’s existing Series 2021-1 Secured Cellular Site Revenue Notes. The transaction is structured under a master indenture that permits the issuance of additional series and classes of notes subject to certain conditions including rating agency confirmation. The proceeds from the sale of the Series 2026-1 Term Notes will be used to repay the existing Series 2021-1 Notes in full, fund certain reserve accounts, fund distributions by the Issuer, (including, without limitation, to pay distributions or dividends to equity owners and repay certain indebtedness of affiliates), and for general corporate purposes.

The primary business of the Company is to acquire, own and manage real property interests and rights underlying or relating to wireless communications infrastructure, including fee simple interests, easements, ground leases, licenses and other site interests. These assets generate cash flow primarily through tenant leases and contractual rights associated with the underlying cellular sites.

As of August 31, 2026 (the Cut-off Date), the collateral pool includes 2,379 Cellular Sites supporting 2,813 Tenant Leases and generating approximately $70.9 million of Annualized Gross Revenue, $68.9 million of Annualized Run Rate Revenue (ARRR) and $67.7 million of Annualized Run Rate Net Cash Flow (ARRNCF). Approximately 52.6% of ARRR is attributable to wireless carrier/telephony tenants, 44.7% to tower operators and 2.8% to government and other tenants. The portfolio consists of approximately 71.0% Easement Sites, 26.3% Agreement Sites and 2.7% Fee Sites by ARRR.

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Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Information on certain affiliations between directors of KBRA Ratings and rated entities or related third parties can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the US Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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