15 companies met our criteria from the 20 10-K annual reports filed with the SEC on 26 June 2026. To qualify, a company must have filed an annual 10-K report on the target date and have a prior-year 10-K available for a direct year-over-year comparison. A prior-year filing was not available for Nissan Auto Receivables 2025-A Owner Trust, Nissan Auto Lease Trust 2025-B, Macquarie Infrastructure Fund, L.P., Nissan Auto Receivables 2025-B Owner Trust and Nissan Auto Lease Trust 2026-A, so they are excluded from the ranking.
SEC What Changed Methodology
Each company is scored on how similar its current annual filing text is to the prior year. Scores run from 0 to 1 — a score of 1 means the language is essentially unchanged; a lower score means more has changed. We flag three sections that carry the most disclosure signal: Business, Risk Factors, and MD&A. Recent research suggests that lower scores indicate that a company has made significant changes to their filings, these changes are often buried in the filings. If a company was to report positive news, they would likely do so in the form of a press release or statement on their website. The large changers have often underperformed in the market, while the stable-language filers have earned positive abnormal returns.
Key Takeaways
- Beyond Air, Inc. (High) — Beyond Air’s biggest year-over-year change is a more urgent Nasdaq compliance and financing picture, with delisting risk still hanging over the stock.
- Cineverse Corp. (High) — Cineverse is leaning on new debt and equity to fund a business that is burning more cash and now carries materially higher dilution and leverage risk.
- KEWAUNEE SCIENTIFIC CORP /DE/ (Medium) — Kewaunee is signaling that Nu Aire is now the core growth engine, and the key question is whether the acquisition can deliver enough scale and cash flow to justify the added leverage.
- PCS Edventures!, Inc. (Medium) — The key signal is that PCS is using a buyback and new operating leadership to support the stock and execution, not to announce a new business direction.
- KORN FERRY (Low) — Korn Ferry is sharpening its story around integrated workforce transformation, which could deepen client relationships even though the filing does not show a major new business model shift.
- EMERSON RADIO CORP (Low) — This filing is mostly housekeeping: Emerson Radio added new disclosure standards but did not signal a material change in business risk or performance.
- Nissan Auto Lease Trust 2024-A (Low) — This 10-K comparison is essentially administrative and does not indicate a material change in risk or strategy.
- Nissan Auto Lease Trust 2024-B (Low) — This is a housekeeping update to the trust structure, not a material change in the investment story.
- Nissan Auto Receivables 2022-A Owner Trust (Low) — The filing is effectively unchanged and does not signal any new risk or strategy shift for the receivables trust.
- Nissan Auto Receivables 2022-B Owner Trust (Low) — This filing is essentially a housekeeping update, with no material change to the trust’s business model or strategy.
- Nissan Auto Receivables 2023-B Owner Trust (Low) — This filing is effectively a clean rollover with no new material risk signal for the receivables trust.
- Nissan Auto Receivables 2024-A Owner Trust (Low) — This 10-K update looks immaterial for investors because it appears to be a documentation refresh, not a new risk or strategy change.
- Nissan Auto Lease Trust 2025-A (Low) — This is a largely administrative update that confirms the new 2025-A securitization structure, with no material new risk signal.
- Nissan Auto Receivables 2023-A Owner Trust (Low) — This 10-K update is essentially administrative, with no material new risk or strategy signal for investors.
- Nissan Auto Receivables 2024-B Owner Trust (Low) — This 10-K comparison is mostly administrative, with updated 2024 trust documents but no meaningful new risk or strategy signal.
Ranking Table
| Rank | Company | CIK | Full Filing Similarity | Business Similarity | Risk Factors Similarity | MD&A Similarity | Most Changed Section | Assessment |
|---|---|---|---|---|---|---|---|---|
| 1 | Beyond Air, Inc. | 1641631 | 0.891 | 1 | 1 | 1 | Business | high |
| 2 | Cineverse Corp. | 1173204 | 0.996 | 0.991 | 0.983 | 0.997 | Risk Factors | high |
| 3 | KEWAUNEE SCIENTIFIC CORP /DE/ | 55529 | 0.976 | 0.999 | 0.997 | 0.987 | MD&A | medium |
| 4 | PCS Edventures!, Inc. | 1122020 | 0.991 | 0.993 | 0.993 | 0.994 | Business | medium |
| 5 | KORN FERRY | 56679 | 0.995 | 0.982 | 0.998 | 0.998 | Business | low |
| 6 | EMERSON RADIO CORP | 32621 | 0.998 | 1 | 0.983 | 1 | Risk Factors | low |
| 7 | Nissan Auto Lease Trust 2024-A | 1999583 | 0.995 | 0.994 | 0.994 | n/a | Risk Factors | low |
| 8 | Nissan Auto Lease Trust 2024-B | 2029406 | 0.995 | 0.994 | 0.994 | n/a | Risk Factors | low |
| 9 | Nissan Auto Receivables 2022-A Owner Trust | 1905655 | 0.995 | 0.994 | 0.994 | n/a | Risk Factors | low |
| 10 | Nissan Auto Receivables 2022-B Owner Trust | 1941405 | 0.995 | 0.995 | 0.995 | n/a | Risk Factors | low |
| 11 | Nissan Auto Receivables 2023-B Owner Trust | 1995403 | 0.996 | 0.995 | 0.995 | n/a | Risk Factors | low |
| 12 | Nissan Auto Receivables 2024-A Owner Trust | 2017943 | 0.996 | 0.995 | 0.995 | n/a | Risk Factors | low |
| 13 | Nissan Auto Lease Trust 2025-A | 2050756 | 0.996 | 0.995 | 0.995 | n/a | Risk Factors | low |
| 14 | Nissan Auto Receivables 2023-A Owner Trust | 1971902 | 0.996 | 0.995 | 0.995 | n/a | Risk Factors | low |
| 15 | Nissan Auto Receivables 2024-B Owner Trust | 2035264 | 0.996 | 0.995 | 0.995 | n/a | Risk Factors | low |
Beyond Air, Inc.
| Rank | 1 |
|---|---|
| Lowest similarity section | Business |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Beyond Air’s filing adds more explicit detail around its Nasdaq bid-price problem and the steps needed to avoid delisting. It also shows the company leaned on a mix of ATM sales, warrants, related-party funding, and a new note to raise cash, while the workforce shrank year over year. Taken together, the update points to ongoing liquidity pressure and a still-fragile listing situation.
Main Changes
- The Business section now says Nasdaq gave the company until August 4, 2025 to regain compliance with the bid price rule, and that a reverse stock split must be completed at least ten business days before that deadline if used.
- New language adds that if Beyond Air regains compliance, it will be subject to a one-year Discretionary Panel Monitor; any new listing deficiency during that period could trigger an immediate delisting determination without another compliance plan.
- The company also updated its human capital count to 54 employees from 61, indicating a smaller workforce year over year.
- MD&A now shows 2026 financing came from ATM sales, warrant inducement proceeds, related-party loans, a $12.0 million Streeterville note, and an institutional equity/warrant deal, replacing the prior year’s heavier use of loan proceeds and larger equity raises.
Watch Items
- The Nasdaq bid-price issue remains unresolved, so the stock still faces delisting risk if management cannot lift the share price or execute a reverse split in time.
- The new monitoring period raises the stakes even after compliance is restored, because another deficiency could lead to a faster delisting process.
- The financing mix suggests continued dependence on dilutive capital and debt to fund operations, which matters for future shareholder dilution and balance-sheet flexibility.
Important Filing Changes
No material section-level wording change was large enough to quote from the compared sections.
Cineverse Corp.
| Rank | 2 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | high |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Cineverse’s filing shows a much tighter liquidity picture than last year. The company now has negative working capital, more debt outstanding, and it raised both equity and convertible notes in 2026 to fund operations and growth. It also broadened its business description to emphasize advertising, media services, and CTV, suggesting a push beyond pure streaming distribution.
Main Changes
- The company moved from positive working capital of $3.6 million to negative working capital of $(12.2) million, while cash used in operations widened to $26.5 million from $17.4 million.
- The East West Bank revolver went from $0 outstanding to $9.4 million outstanding, and the filing now says the facility can be increased to $15.0 million only with lender approval.
- Cineverse added a February 2026 public offering of 1.725 million shares for about $3.45 million gross and a $13.0 million convertible note financing at 9% interest with a $2.00 conversion price.
- The business description now says the company seeks revenue from ‘advertising, subscriptions, merchandising, and services’ and positions itself in the ‘streaming, media services and CTV advertising’ channel, versus prior wording focused on streaming channels.
Watch Items
- The new financing stack suggests management is prioritizing liquidity, but the added debt and convertibles increase leverage and future dilution risk.
- Negative working capital and higher operating cash burn point to a tighter balance sheet, making covenant compliance and refinancing capacity more important.
- The broader business framing toward CTV advertising and media services signals a push to diversify revenue, which could improve growth but also raises execution risk.
Important Filing Changes
Liquidity and Capital Resources We have incurred net losses historically. For the year ended March 31, 2025, we have net income attributable to common stockholders of $3.2 million. As of March 31, 2025, we had an accumulated deficit of $500.9 million and net cash provided by operations for the fiscal year ended March 31, 2025 was $17.4 million.
Liquidity and Capital Resources We have incurred net losses historically. For the year ended March 31, 2026, we have net loss attributable to common stockholders of $(9.2) million. As of March 31, 2026, we had an accumulated deficit of $510.1 million and net cash used in operations for the fiscal year ended March 31, 2026 was $26.5 million.
For the year ended March 31, 2025, we have net income attributable to common stockholders of $3.2 million. As of March 31, 2025, we had an accumulated deficit of $500.9 million and net cash provided by operations for the fiscal year ended March 31, 2025 was $17.4 million. Although we have positive working capital of $3.6 million as of March 31, 2025, we may continue to generate net losses for the foreseeable future.
For the year ended March 31, 2026, we have net loss attributable to common stockholders of $(9.2) million. As of March 31, 2026, we had an accumulated deficit of $510.1 million and net cash used in operations for the fiscal year ended March 31, 2026 was $26.5 million. We have negative working capital of $(12.2) million as of March 31, 2026, we may continue to generate net losses for the foreseeable future.
The Company has a long legacy in using technology to transform the entertainment industry and played a pioneering role in transitioning movie screens from traditional analog film prints to digital distribution. Over the past several years, Cineverse has transformed itself from being a digital cinema equipment and physical content distributor to a leading independent streaming company, and we continue to push the bounds of our industry with innovative technology offerings. Cineverse is a premier streaming technology and entertainment company with its core business operating as (i) a portfolio of owned and operated streaming channels with enthusiast fan bases; (ii) a large-scale global aggregator and full-service distributor of feature films and television programs; and (iii) a proprietary technology software-as-a-service platform for over-the-top (“OTT”) app development and content distribution through subscription video-on-demand ("SVOD"), dedicated ad-supported ("AVOD"), ad-supported streaming linear ("FAST") channels, social…
The Company has a long legacy in using technology to transform the entertainment industry and played a pioneering role in transitioning movie screens from traditional analog film prints to digital distribution. In recent years, Cineverse has transformed itself into a leading technology and independent streaming company. Cineverse is a premier technology and entertainment company with its core streaming business operating as (i) a portfolio of owned and operated streaming channels with enthusiast fan bases; (ii) a large-scale global aggregator and full-service distributor of feature films and television programs; and (iii) a proprietary technology software-as-a-service platform for over-the-top (“OTT”) app development and content distribution through subscription video-on-demand ("SVOD"), dedicated ad-supported ("AVOD"), ad-supported streaming linear ("FAST") channels, social video streaming services, and audio podcasts.
KEWAUNEE SCIENTIFIC CORP /DE/
| Rank | 3 |
|---|---|
| Lowest similarity section | MD&A |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Kewaunee’s new filing leans harder into the Nu Aire acquisition as the central strategic event, highlighting the expanded product portfolio and broader geographic reach it brings. Management also extended its liquidity outlook by a year, saying current funding sources should cover needs through fiscal 2027. The overall message is that the company is now focused on integrating the deal and converting it into growth rather than just closing it.
Main Changes
- MD&A now says the Nu Aire deal was completed in November 2024 and funded with $23.0 million of seller notes plus cash from a $20.0 million revolving credit facility and a $15.0 million term loan from PNC, replacing the prior description of the financing mix.
- The company added that Nu Aire broadened its product set into biological safety cabinets, airflow products, incubators, freezers and isolators, and brought distribution partners in regions where Kewaunee previously had no presence.
- Liquidity guidance was pushed out: management now says existing sources, including the PNC revolver, should fund operations and capital spending through fiscal 2027, versus fiscal 2026 in the prior filing.
- The risk discussion continues to flag acquisition integration, but the new filing keeps the emphasis on realizing Nu Aire benefits and managing a larger, more complex business.
Watch Items
- The longer liquidity runway suggests management is more comfortable with post-deal leverage and cash generation, but investors should watch whether debt service and integration costs pressure flexibility.
- Nu Aire is being positioned as a strategic growth platform, so execution on cross-selling, channel expansion and product integration will be key to whether the acquisition earns its cost of capital.
- The added international distribution presence could support growth, but it also increases exposure to foreign operations and execution risk.
Important Filing Changes
The Company’s corporate headquarters are located in Statesville, North Carolina. Sales offices are located in the United States, India, Saudi Arabia, and Singapore. Three manufacturing facilities are located in Statesville and one facility is located in Plymouth, Minnesota, with additional manufacturing capabilities in Long Lake, Minnesota, serving the domestic and international markets, and one manufacturing facility is located in Bangalore, India serving the local, Asian, and African markets.
The Company’s corporate headquarters are located in Statesville, North Carolina. Sales offices are located in the United States, Spain, India, Saudi Arabia, and Singapore. Three manufacturing facilities are located in Statesville and one facility is located in Plymouth, Minnesota, with additional manufacturing capabilities in Long Lake, Minnesota, serving the domestic and international markets, and one manufacturing facility is located in Bangalore, India serving the local, Asian, and African markets.
Such materials and products are purchased from multiple suppliers and are typically readily available. On November 1, 2024, the Company completed an acquisition of Nu Aire. The Company purchased all of the outstanding capital stock of Nu Aire for $55.0 million, subject to certain customary adjustments for debt, cash, transaction expenses, and net working capital. $23.0 million of the purchase price payable at closing of the Transaction was funded pursuant to subordinated seller notes.
Such materials and products are purchased from multiple suppliers and are typically readily available. In November 2024, the Company completed an acquisition of Nu Aire (the "Transaction"). The Company purchased all of the outstanding capital stock of Nu Aire for $55.0 million, subject to certain customary adjustments for debt, cash, transaction expenses, and net working capital. $23.0 million of the purchase price payable at closing of the Transaction was funded pursuant to subordinated seller notes.
While our Board of Directors authorized a share repurchase program that does not have an expiration date, the program does not obligate us to acquire any particular amount of Common Stock and it may be terminated at any time. We cannot guarantee that the program will be fully consummated, that it will enhance long-term stockholder value, or that it will successfully mitigate the dilutive effect of employee equity awards. Any repurchases will reduce the amount of cash we have available to fund working capital, capital expenditures, strategic acquisitions or business opportunities, and other general corporate requirements.
With the constant evolution of workforce dynamics, if we do not manage these changes effectively, it could materially adversely affect our culture, reputation, and operational flexibility. We cannot guarantee that our share repurchase program will enhance long-term stockholder value, or that it will successfully mitigate the dilutive effect of employee equity awards. While our Board of Directors authorized a share repurchase program that does not have an expiration date, the program does not obligate us to acquire any particular amount of Common Stock and it may be terminated at any time.
PCS Edventures!, Inc.
| Rank | 4 |
|---|---|
| Lowest similarity section | Business |
| Assessment | medium |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
PCS Edventures’ filing adds several corporate updates to the Business section, most notably a new share repurchase program and the appointment of a chief operating officer. It also references a later Definitive 14C filing, but the risk section remains unchanged and still says the company is not required to provide risk factor disclosure as a smaller reporting company. Overall, the changes point more to governance and capital allocation than to a shift in the core education product strategy.
Main Changes
- The Business section now adds a new April 10, 2025 share repurchase authorization for up to 10 million shares pre-reverse split, or 833,334 shares after the reverse split.
- The filing adds a September 15, 2025 appointment of Suzanne DeZego as Chief Operating Officer, expanding the disclosed operating leadership team.
- The Business section now includes a March 23, 2026 Definitive 14C filing reference, showing additional corporate action disclosure not present in the prior filing.
- The Risk Factors section still says, "As a smaller reporting company, we are not required to respond to this Item," with no new risk factors added.
Watch Items
- The buyback suggests management sees the stock as undervalued or wants to support the share price, but it also uses cash that could otherwise fund growth.
- Adding a COO can signal a push to tighten execution and scale operations, which matters for a small education products business.
- No new risk factors were added, so the filing does not show a fresh risk escalation despite the governance and capital allocation updates.
Important Filing Changes
Hackett was Chairman of the Board and CEO at the time of this transition and remains in those positions with the Company. The Company’s Board of Directors determined that it was in the best interests of the shareholders of the Company to register its common stock pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and return to its former status as a “fully-reporting” entity with the Commission given the Company’s improved financial condition and management’s desire to improve the Company’s reporting quality to shareholders. Accordingly, the Company filed a Form 10 Registration Statement with the Commission on October 3, 2023, which became effective December 4, 2023 (the “Form 10 Registration Statement”).
Iddings to the Board of Directors, bringing the Board members to three (3) Directors. On April 10, 2025, the Board of Directors announced that it had authorized a share repurchase program allowing the Company to repurchase up to 10 million shares (pre-reverse split) of its common stock over the next three (3) years. The post-reverse split amount of the share repurchase program is 833,334 shares of common stock.
Most vendors pass a portion of the tariff amount onto their customers, including us. In some cases, we have negotiated to split the tariff amount with the vendor. Tariffs are a relatively new development, and we are proactively assessing the impact of them on our costs.
On April 10, 2025, the Board of Directors announced that it had authorized a share repurchase program allowing the Company to repurchase up to 10 million shares (pre-reverse split) of its common stock over the next three (3) years. The post-reverse split amount of the share repurchase program is 833,334 shares of common stock. On September 15, 2025, the Company announced the appointment of Suzanne DeZego as its Chief Operating Officer.
KORN FERRY
| Rank | 5 |
|---|---|
| Lowest similarity section | Business |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Korn Ferry’s business description now leans harder into being an end-to-end workforce and organizational transformation partner, not just a talent services firm. The company also highlighted a high-profile LA28 partnership and refreshed RPO operating metrics, signaling continued emphasis on integrated, multi-year client relationships. Overall, the filing reads as a positioning upgrade rather than a major strategic pivot.
Main Changes
- The company rewrote its overview to say it "powers individual and business performance" and that it works across the full organization, from strategy and leadership to hiring, development, rewards, and future workforce models.
- It added a stronger emphasis on integrated, multi-year client relationships and said clients increasingly engage Korn Ferry through "a broad range of offerings and scalable delivery models."
- The filing added a new external proof point: in fiscal 2026 Korn Ferry became a Founding Partner of the LA28 Olympic and Paralympic Games and the Official Talent and Organizational Consulting Partner.
- The RPO section updated operating metrics, including fiscal 2026 fee revenue of $367.1 million, Adjusted EBITDA of $57.7 million, and more than 250 enterprise clients, versus fiscal 2025 figures in the prior filing.
Watch Items
- The broader positioning suggests Korn Ferry wants to be viewed less as a point-solution recruiter and more as a strategic partner across the talent lifecycle, which could support larger, stickier engagements.
- The LA28 partnership is a visible brand win that may help sales credibility, but investors should watch whether it translates into incremental revenue or remains mostly marketing value.
- The updated RPO metrics show modest revenue and EBITDA growth, but the lower share of new-logo business implies more reliance on existing client relationships.
Important Filing Changes
Business Company Overview Korn Ferry (referred to herein as the “Company” or in the first-person notations “we,” “our,” and “us”) is a global consulting firm that powers performance. We help unlock the potential in people and unleash transformation across organizations—synchronizing strategy, operations, and talent to accelerate performance, fuel growth, and inspire a legacy of change.
Business Company Overview Korn Ferry (referred to herein as the “Company” or in the first-person notations “we,” “our” and “us”) is a global consulting firm that powers individual and business performance. The impact we create spans entire organizations, but it always starts with people.
Today, we deliver a broad range of offerings across the talent lifecycle, combining deep expertise with scalable delivery models to meet the needs of organizations at every stage of growth. What Sets Korn Ferry Apart At Korn Ferry, performance starts with people. Our talent, industry expertise, global reach, and specialized solutions come together to solve our clients’ toughest performance challenges.
Business Company Overview Korn Ferry (referred to herein as the “Company” or in the first-person notations “we,” “our” and “us”) is a global consulting firm that powers individual and business performance. The impact we create spans entire organizations, but it always starts with people. In every market and every technology shift, strategy sets direction, but people make it happen.
Our business, financial condition or results of operations could be materially adversely affected by the occurrence of any of these risks. Moreover, some of the factors, events, and contingencies discussed below may have occurred in the past, but the disclosures below are not representations as to whether or not the factors, events or contingencies have occurred in the past and instead reflect our beliefs and opinions as to the factors, events, or contingencies that could materially and adversely affect us in the future. Risks Related to Our Business We face significant competition.
Risk Factors The discussion below describes the material factors, events, and uncertainties that make an investment in our securities risky, and these risk factors should be considered carefully together with all other information in this Annual Report, including the financial statements and notes thereto. Statements in this section are based on the Company’s beliefs and opinions regarding matters that could materially adversely affect the Company in the future. References to past events are provided by way of example only and are not intended to be a complete listing or representation as to whether or not such factors have occurred in the past.
EMERSON RADIO CORP
| Rank | 6 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
Emerson Radio’s year-over-year filing changes are mostly about accounting updates, not a shift in the business. The company says it adopted new standards for credit-loss and tax disclosures, and that neither had a material impact on results or cash flow. The risk-factor section remains centered on the same operating pressures, including customer concentration, supplier dependence, inventory management, and cybersecurity.
Main Changes
- The company added that it adopted ASU 2025-05 for the three and nine months ended December 31, 2025, saying the new credit-loss practical expedient "did not have a material impact" on financial condition, results of operations or cash flows.
- It also added that ASU 2023-09 on income tax disclosures was adopted "on a prospective basis effective March 31, 2026," with enhanced tax disclosures starting in fiscal 2026 and prior periods not recast.
- The new filing keeps the same core risk-factor and forward-looking language around cybersecurity, customer concentration, suppliers, inventory, and cash flow, with no new substantive risk added in the supplied excerpts.
Watch Items
- The new accounting adoptions appear disclosure-driven rather than operational, suggesting no near-term earnings or liquidity impact from these standards.
- Management’s note that the tax disclosure update is prospective and non-recast means investors should expect more detail going forward, but not a change to historical results.
- Because the risk-factor language is largely unchanged, the bigger investor focus remains on execution, customer retention, and cash generation rather than a new risk escalation.
Important Filing Changes
Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our COO. The Board may receive reports from our IT Department and/or Management concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Chief Operating Officer (“COO”).
Our cybersecurity incident response processes are designed to escalate certain cybersecurity incidents to members of management depending on the circumstances, including our COO. The Board may receive reports from our IT Department and/or management concerning the Company’s significant cybersecurity threats and risks and the processes the Company has implemented to address them. Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Chief Operating Officer (“COO”).
The Board may receive reports from our IT Department and/or Management concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Chief Operating Officer (“COO”). Our COO, assisted by our Senior Vice President for Operations, is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel.
Our COO and Senior Vice President for Operations are responsible for reviewing security assessments and other security-related reports. Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our cybersecurity risk assessment and management processes are implemented and maintained by certain Company management, including our Chief Operating Officer (“COO”). Our COO, assisted by our Senior Vice President for Operations, is responsible for hiring appropriate personnel, helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, and communicating key priorities to relevant personnel.
Nissan Auto Lease Trust 2024-A
| Rank | 7 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
This filing update is mostly housekeeping. The trust refreshed exhibit references to the current 2024 transaction documents and added formation/conversion references for the related Nissan-Infiniti entities, but it does not show a meaningful change in the risk profile. The Risk Factors section appears substantively the same.
Main Changes
- The filing updates entity references in the exhibits from older 2016/2021 incorporation references to the 2024 securitization documents, including the January 24, 2024 Indenture and related series supplements.
- It adds new exhibit references for the Nissan-Infiniti LT LLC conversion and formation documents, including the "Certificate of Conversion to Limited Liability Company" and "Certificate of Formation of Nissan-Infiniti LT LLC."
- The Risk Factors section itself appears unchanged in substance; the supplied comparison shows no new risk language, removed risk language, or revised risk disclosures.
Watch Items
- The changes look administrative rather than economic, so they do not by themselves signal a shift in credit quality or collateral performance.
- The added 2024 transaction documents confirm the trust remains active and tied to the current lease securitization structure.
- Investors should still monitor future filings for any actual additions to risk disclosures, since none are evident in this comparison.
Important Filing Changes
333-258304-06) 10.5 Series Certificate Transfer Agreement, dated as of January 24, 2024, by and between NALL II, as depositor, and the Issuing Entity, as transferee (incorporated by reference to Exhibit 10.5 of Form 8-K, dated January 25, 2024, File No. 333-258304-06) 10.6 Series Certificate Sale Agreement, dated as of January 24, 2024, by and between NILT LLC, as transferor and NALL II, as transferee (incorporated by reference to Exhibit 10.6 of Form 8-K, dated January 25, 2024, File No. 333-258304-06) 10.7 Asset Representations Review Agreement, dated as of January 24, 2024, among the Issuing Entity, NMAC, as sponsor and servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (incorporated by reference to Exhibit 10.7 of Form 8-K, dated January 25, 2024, File No.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Formation of Nissan Auto Leasing LLC II (“NALL II”) (incorporated by reference to Exhibit 3.1 of Form SF-3, dated July 30, 2021, File No. 333-258304) 3.2 Limited Liability Company Agreement of NALL II (incorporated by reference to Exhibit 3.2 of Form SF-3, dated July 30, 2021, File No.
333-230960-04) 10.10 Amended and Restated Servicing Agreement, dated as of April 1, 2021, between the Titling Company, NILT LLC and NMAC, as servicer (incorporated by reference to Exhibit 10.3 of Form 8-K, dated April 6, 2021, File No. 333-230960-04) 10.11 Limited Liability Company Agreement of NILT LLC, dated as of April 1, 2021 (incorporated by reference to Exhibit 10.5 of Form 8-K, dated April 6, 2021, File No. 333-230960-04) 4 31.1 Certification of Senior Officer in Charge of the Servicing Function of the Servicer Pursuant to Rule 15d-14(d) 33.1 Report on Assessment of Compliance With Applicable Servicing Criteria for Asset-Backed Securities of Nissan Motor Acceptance Company LLC 33.2 Managements Assertion on Compliance With Regulation AB (U.S.
3.1 Certificate of Formation of Nissan Auto Leasing LLC II (“NALL II”) (incorporated by reference to Exhibit 3.1 of Form SF-3, dated July 30, 2021, File No. 333-258304) 3.2 Limited Liability Company Agreement of NALL II (incorporated by reference to Exhibit 3.2 of Form SF-3, dated July 30, 2021, File No. 333-258304) 3.3 Certificate of Conversion to Limited Liability Company of Nissan-Infiniti LT LLC (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 6, 2021, File No.
333-258304-06) 10.5 Series Certificate Transfer Agreement, dated as of January 24, 2024, by and between NALL II, as depositor, and the Issuing Entity, as transferee (incorporated by reference to Exhibit 10.5 of Form 8-K, dated January 25, 2024, File No. 333-258304-06) 10.6 Series Certificate Sale Agreement, dated as of January 24, 2024, by and between NILT LLC, as transferor and NALL II, as transferee (incorporated by reference to Exhibit 10.6 of Form 8-K, dated January 25, 2024, File No. 333-258304-06) 10.7 Asset Representations Review Agreement, dated as of January 24, 2024, among the Issuing Entity, NMAC, as sponsor and servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (incorporated by reference to Exhibit 10.7 of Form 8-K, dated January 25, 2024, File No.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Formation of Nissan Auto Leasing LLC II (“NALL II”) (incorporated by reference to Exhibit 3.1 of Form SF-3, dated July 30, 2021, File No. 333-258304) 3.2 Limited Liability Company Agreement of NALL II (incorporated by reference to Exhibit 3.2 of Form SF-3, dated July 30, 2021, File No.
Nissan Auto Lease Trust 2024-B
| Rank | 8 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
This filing mostly updates the trust’s entity and exhibit references, including Nissan-Infiniti LT LLC and related formation/conversion documents. The core business description and overall securitization setup appear unchanged, so the update looks administrative rather than strategic. There is no sign here of a new operating direction or a material change in the trust’s risk profile.
Main Changes
- The filing now names and describes the titling company as "NILT LLC, as member of Nissan-Infiniti LT LLC," whereas the prior filing referenced only NALL II-related entities in the exhibit list.
- New exhibit references were added for "Certificate of Conversion to Limited Liability Company of Nissan-Infiniti LT LLC" and "Certificate of Formation of Nissan-Infiniti LT LLC," expanding the entity history disclosed in the filing.
- The business section still reads as a standard securitization structure with the same omitted sections and no new operating description or strategy language.
Watch Items
- The added Nissan-Infiniti entity references suggest a structural or naming update in the securitization chain, which matters for understanding legal ownership and servicing flow.
- Because the core business description did not change, this looks more like an administrative refresh than a shift in credit or asset strategy.
- Investors should still monitor whether future filings introduce any changes to collateral composition, servicing, or trust mechanics.
Important Filing Changes
333-258304-07) 10.5 Series Certificate Transfer Agreement, dated as of July 24, 2024, by and between NALL II, as depositor, and the Issuing Entity, as transferee (incorporated by reference to Exhibit 10.5 of Form 8-K, dated July 25, 2024, File No. 333-258304-07) 10.6 Series Certificate Sale Agreement, dated as of July 24, 2024, by and between NILT LLC, as transferor and NALL II, as transferee (incorporated by reference to Exhibit 10.6 of Form 8-K, dated July 25, 2024, File No. 333-258304-07) 10.7 Asset Representations Review Agreement, dated as of July 24, 2024, among the Issuing Entity, NMAC, as sponsor and servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (incorporated by reference to Exhibit 10.7 of Form 8-K, dated July 25, 2024, File No.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Formation of Nissan Auto Leasing LLC II (“NALL II”) (incorporated by reference to Exhibit 3.1 of Form SF-3, dated July 30, 2021, File No. 333-258304) 3.2 Limited Liability Company Agreement of NALL II (incorporated by reference to Exhibit 3.2 of Form SF-3, dated July 30, 2021, File No.
333-230960-04) 10.10 Amended and Restated Servicing Agreement, dated as of April 1, 2021, between the Titling Company, NILT LLC and NMAC, as servicer (incorporated by reference to Exhibit 10.3 of Form 8-K, dated April 6, 2021, File No. 333-230960-04) 10.11 Limited Liability Company Agreement of NILT LLC, dated as of April 1, 2021 (incorporated by reference to Exhibit 10.5 of Form 8-K, dated April 6, 2021, File No. 333-230960-04) 31.1 Certification of Senior Officer in Charge of the Servicing Function of the Servicer Pursuant to Rule 15d-14(d) 33.1 Report on Assessment of Compliance With Applicable Servicing Criteria for Asset-Backed Securities of Nissan Motor Acceptance Company LLC 4 33.2 Managements Assertion on Compliance With Regulation AB (U.S.
3.1 Certificate of Formation of Nissan Auto Leasing LLC II (“NALL II”) (incorporated by reference to Exhibit 3.1 of Form SF-3, dated July 30, 2021, File No. 333-258304) 3.2 Limited Liability Company Agreement of NALL II (incorporated by reference to Exhibit 3.2 of Form SF-3, dated July 30, 2021, File No. 333-258304) 3.3 Certificate of Conversion to Limited Liability Company of Nissan-Infiniti LT LLC (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 6, 2021, File No.
333-258304-07) 10.5 Series Certificate Transfer Agreement, dated as of July 24, 2024, by and between NALL II, as depositor, and the Issuing Entity, as transferee (incorporated by reference to Exhibit 10.5 of Form 8-K, dated July 25, 2024, File No. 333-258304-07) 10.6 Series Certificate Sale Agreement, dated as of July 24, 2024, by and between NILT LLC, as transferor and NALL II, as transferee (incorporated by reference to Exhibit 10.6 of Form 8-K, dated July 25, 2024, File No. 333-258304-07) 10.7 Asset Representations Review Agreement, dated as of July 24, 2024, among the Issuing Entity, NMAC, as sponsor and servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (incorporated by reference to Exhibit 10.7 of Form 8-K, dated July 25, 2024, File No.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Formation of Nissan Auto Leasing LLC II (“NALL II”) (incorporated by reference to Exhibit 3.1 of Form SF-3, dated July 30, 2021, File No. 333-258304) 3.2 Limited Liability Company Agreement of NALL II (incorporated by reference to Exhibit 3.2 of Form SF-3, dated July 30, 2021, File No.
Nissan Auto Receivables 2022-A Owner Trust
| Rank | 9 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
This year’s filing comparison shows essentially no substantive change in the trust’s risk disclosures or business description. The document keeps the same boilerplate structure and does not add any new risks, strategy shifts, or warning signs. For investors, that means the trust’s profile appears stable based on the filing text alone.
Main Changes
- The Risk Factors section still lists the same core items, including cybersecurity, properties, legal proceedings, and unresolved staff comments, with no new risk category added.
- The filing continues to say "Nothing to report" for unresolved staff comments, mine safety disclosures, other information, and foreign jurisdictions that prevent inspections.
- The Business section remains a standard securitization-style description and does not introduce a new operating strategy or asset mix.
Watch Items
- No new risk language suggests the trust did not disclose a fresh credit, liquidity, or servicing issue in this filing comparison.
- The absence of business-model changes indicates the structure remains a static receivables trust rather than an actively changing operating company.
- Investors should still monitor the underlying auto loan performance and servicer execution, since those are the real drivers of cash flow despite the lack of filing changes.
Important Filing Changes
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 7, 2021, File No.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 7, 2021, File No. 333-255899) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (“NMAC”), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 7, 2021, File No.
Nissan Auto Receivables 2022-B Owner Trust
| Rank | 10 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
This year’s filing does not show a meaningful change in the trust’s business. The updates are mostly housekeeping, with the same securitization structure and the same core transaction documents referenced. For investors, that means the trust’s setup and purpose appear unchanged.
Main Changes
- The filing keeps the same core business description: the trust remains a securitization vehicle tied to Nissan auto receivables, with no new operating strategy or product line disclosed.
- The Business section still points readers to the same omitted items and exhibits, including the indenture, purchase agreement, sale and servicing agreement, and administration agreement.
- The only notable edits are reference updates and formatting differences, such as revised incorporation-by-reference citations and minor wording/typography changes.
Watch Items
- No new business direction was added, so investors should not read this filing as a signal of a change in the trust’s role or asset mix.
- Because the trust is a structured finance vehicle, the lack of substantive business changes suggests the key investor focus remains on collateral performance and deal mechanics rather than operations.
- Any future material shift would likely show up first in the transaction documents or risk disclosures, not in the business description.
Important Filing Changes
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 7, 2021, File No.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 7, 2021, File No. 333-255899) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (“NMAC”), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 7, 2021, File No.
Nissan Auto Receivables 2023-B Owner Trust
| Rank | 11 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
This year’s filing comparison shows essentially no substantive change in the trust’s risk disclosure. The company kept the same core sections and boilerplate, with only minor reference and formatting updates in the exhibit and filing index areas. For investors, that usually means no new warning signs were introduced in this 10-K.
Main Changes
- The Risk Factors section still points to Item 1A and Item 1C Cybersecurity, with no new risk categories added or removed in the supplied excerpts.
- The filing keeps the standard statement that Item 1B Unresolved Staff Comments and Item 4 Mine Safety Disclosures have ‘Nothing to report.’
- The exhibit list and omitted-item references were updated for formatting and cross-reference details, but the underlying trust structure and disclosure framework are unchanged.
Watch Items
- No new risk language suggests the trust is not signaling a fresh credit, liquidity, or servicing issue in this filing comparison.
- Because this is an asset-backed trust, investors should still watch future filings for any added delinquency, servicer, or collateral-performance risks.
- The absence of substantive risk updates points to a stable disclosure posture rather than a change in deal economics.
Important Filing Changes
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 7, 2021, File No.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 7, 2021, File No. 333-255899) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (“NMAC”), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 7, 2021, File No.
Nissan Auto Receivables 2024-A Owner Trust
| Rank | 12 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
This filing comparison shows mostly housekeeping updates, not a shift in the trust’s business or risk profile. The Business section remains boilerplate for a securitization vehicle, and the Risk Factors section does not show any new investor-relevant risks in the excerpts provided. The main visible changes are refreshed exhibit references tied to the 2024 transaction documents.
Main Changes
- The Business section still says the company is a securitization trust and continues to omit most operating-company items, with no new business model or strategy language added.
- In Risk Factors, the section heading and surrounding disclosure remain the same; the supplied excerpts do not show any new risks added or old risks removed.
- Several exhibit cross-references were refreshed, including the formation and trust documents now pointing to newer filing references, but the underlying documents described are unchanged.
Watch Items
- The lack of substantive risk-factor additions suggests no new credit, servicing, or structural concern was highlighted in this filing comparison.
- Updated exhibit references point to the 2024 securitization transaction, which matters mainly as a documentation refresh rather than a change in trust economics.
- Because this is an asset-backed trust, investors should still watch for any future changes in collateral performance or servicing terms, even though none are evident here.
Important Filing Changes
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 16, 2024, File No.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 16, 2024, File No. 333-279448) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (“NMAC”), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 16, 2024, File No.
Nissan Auto Lease Trust 2025-A
| Rank | 13 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
This filing update is mostly about bringing the trust’s exhibit references and transaction documents current for the 2025-A series. The core business description did not materially change, and there is no new risk disclosure suggesting a shift in credit profile or strategy. The main signal is that the securitization structure has been refreshed with new deal documents and counterparties tied to the 2025-A issuance.
Main Changes
- The filing now references the 2025-A transaction documents, including the "2025-A Series Supplement," "2025-A Series Servicing Supplement," and related trust and transfer agreements dated January 22, 2025.
- The exhibit list was updated to point to newer source filings, replacing older references such as the February 26, 2016 Form SF-3 citation with October 11, 2024 and January 23, 2025 references.
- The Business section still remains omitted, but the exhibit package now reflects the current Nissan Auto Lease Trust 2025-A structure and parties.
Watch Items
- The updated exhibit references confirm the trust is operating under a new 2025-A securitization series, which matters for understanding the current asset pool and deal terms.
- Because the changes are mostly document and reference updates, there is no clear sign of a new operating risk or strategy shift in this comparison.
- Investors should watch future filings for performance of the 2025-A lease pool, since that will matter more than these administrative updates.
Important Filing Changes
333-282606-02) 10.5 Series Certificate Transfer Agreement, dated as of January 22, 2025, by and between NALL II, as depositor, and the Issuing Entity, as transferee (incorporated by reference to Exhibit 10.5 of Form 8-K, dated January 23, 2025, File No. 333-282606-02) 10.6 Series Certificate Sale Agreement, dated as of January 22, 2025, by and between NILT LLC, as transferor and NALL II, as transferee (incorporated by reference to Exhibit 10.6 of Form 8-K, dated January 23, 2025, File No. 333-282606-02) 10.7 Asset Representations Review Agreement, dated as of January 22, 2025, among the Issuing Entity, NMAC, as sponsor and servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (incorporated by reference to Exhibit 10.7 of Form 8-K, dated January 23, 2025, File No.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Formation of Nissan Auto Leasing LLC II (“NALL II”) (incorporated by reference to Exhibit 3.1 of Form SF-3, dated October 11, 2024, File No. 333-282606) 3.2 Limited Liability Company Agreement of NALL II (incorporated by reference to Exhibit 3.2 of Form SF-3, dated October 11, 2024, File No.
333-230960-04) 10.10 Amended and Restated Servicing Agreement, dated as of April 1, 2021, between the Titling Company, NILT LLC and NMAC, as servicer (incorporated by reference to Exhibit 10.3 of Form 8-K, dated April 6, 2021, File No. 333-230960-04) 10.11 Limited Liability Company Agreement of NILT LLC, dated as of April 1, 2021 (incorporated by reference to Exhibit 10.5 of Form 8-K, dated April 6, 2021, File No. 333-230960-04) 31.1 Certification of Senior Officer in Charge of the Servicing Function of the Servicer Pursuant to Rule 15d-14(d) 4 33.1 Report on Assessment of Compliance With Applicable Servicing Criteria for Asset-Backed Securities of Nissan Motor Acceptance Company LLC 33.2 Managements Assertion on Compliance With Regulation AB (U.S.
3.1 Certificate of Formation of Nissan Auto Leasing LLC II (“NALL II”) (incorporated by reference to Exhibit 3.1 of Form SF-3, dated October 11, 2024, File No. 333-282606) 3.2 Limited Liability Company Agreement of NALL II (incorporated by reference to Exhibit 3.2 of Form SF-3, dated October 11, 2024, File No. 333-282606) 3.3 Certificate of Conversion to Limited Liability Company of Nissan-Infiniti LT LLC (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 6, 2021, File No.
333-282606-02) 10.5 Series Certificate Transfer Agreement, dated as of January 22, 2025, by and between NALL II, as depositor, and the Issuing Entity, as transferee (incorporated by reference to Exhibit 10.5 of Form 8-K, dated January 23, 2025, File No. 333-282606-02) 10.6 Series Certificate Sale Agreement, dated as of January 22, 2025, by and between NILT LLC, as transferor and NALL II, as transferee (incorporated by reference to Exhibit 10.6 of Form 8-K, dated January 23, 2025, File No. 333-282606-02) 10.7 Asset Representations Review Agreement, dated as of January 22, 2025, among the Issuing Entity, NMAC, as sponsor and servicer, and Clayton Fixed Income Services LLC, as asset representations reviewer (incorporated by reference to Exhibit 10.7 of Form 8-K, dated January 23, 2025, File No.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Formation of Nissan Auto Leasing LLC II (“NALL II”) (incorporated by reference to Exhibit 3.1 of Form SF-3, dated October 11, 2024, File No. 333-282606) 3.2 Limited Liability Company Agreement of NALL II (incorporated by reference to Exhibit 3.2 of Form SF-3, dated October 11, 2024, File No.
Nissan Auto Receivables 2023-A Owner Trust
| Rank | 14 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
This filing comparison shows mostly housekeeping updates rather than a meaningful shift in the trust’s business or risk profile. The Business and Risk Factors sections continue to describe a securitization vehicle with omitted operating-company disclosures, and the changes are largely to exhibit references and formatting. There is no clear sign of new credit stress, strategy change, or going-concern concern in the supplied text.
Main Changes
- The Business section still says the filing omits Item 1 because this is a securitization trust, with no new operating business description added.
- The Risk Factors section remains a standard placeholder for the trust structure; no new risks were added or removed in the supplied excerpts.
- Several exhibit cross-references were updated, including the trust agreement and related transaction documents, but the underlying deal structure appears unchanged.
Watch Items
- The lack of substantive business or risk-factor expansion suggests no new strategic direction or credit concern was disclosed in this filing.
- Updated exhibit references matter mainly for document traceability, not for economics, unless they reflect a new transaction or amendment elsewhere in the filing.
- For ABS investors, the key question is whether future filings introduce pool performance, servicing, or liquidity stress; this comparison does not show that yet.
Important Filing Changes
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 7, 2021, File No.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 7, 2021, File No. 333-255899) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (“NMAC”), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 7, 2021, File No.
Nissan Auto Receivables 2024-B Owner Trust
| Rank | 15 |
|---|---|
| Lowest similarity section | Risk Factors |
| Assessment | low |
| SEC filings | 2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text) |
This filing mainly refreshes the trust’s exhibit references and transaction documents for the 2024 securitization. The core business and risk presentation remain essentially unchanged in the excerpts provided. For investors, this looks like a housekeeping update tied to the new deal structure rather than a shift in credit profile.
Main Changes
- The Business section still says the core items are omitted under Form 10-K instructions, but the exhibit references were refreshed to the 2024 securitization documents.
- The filing now cites the May 16, 2024 Form SF-3 for the Certificate of Formation and Limited Liability Company Agreement, replacing older 8-K references in those exhibit cross-references.
- The trust agreement exhibit is updated to an "Amended and Restated Trust Agreement" dated October 23, 2024, reflecting the current transaction structure.
Watch Items
- The updated exhibit trail points to a new 2024 issuance package, which matters because it confirms the trust is operating under the latest securitization documents.
- No new operating business, risk, or liquidity disclosure appears in the supplied excerpts, so the filing change looks administrative rather than fundamental.
- Investors should still monitor the underlying auto receivables performance and deal-level credit support, since those are the real drivers of ABS risk.
Important Filing Changes
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 16, 2024, File No.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 16, 2024, File No. 333-279448) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (“NMAC”), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 333-229287-04) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.2 of Form 8-K, dated April 7, 2021, and filed by NARC II LLC with the SEC on April 7, 2021, File No. 333-229287-04) 3.3 Limited Liability Company Agreement of NARC II LLC, dated as of April 1, 2021, entered into by Nissan Motor Acceptance Company LLC (NMAC), as the sole equity member, and Kevin P.
The following exhibits are filed as part of this annual report or, where indicated, were heretofore filed and are hereby incorporated by reference. 3.1 Certificate of Conversion to Limited Liability Company of Nissan Auto Receivables Company II LLC (“NARC II LLC”) (incorporated by reference to Exhibit 3.1 of Form 8-K, dated April 7, 2021, File No. 333-51224-01) 3.2 Certificate of Formation of NARC II LLC (incorporated by reference to Exhibit 3.1 of Form SF-3, dated May 16, 2024, File No.
Why SEC Filing Changes Matter
Research by Cohen et al. (Lazy Prices, 2020) — using the complete history of SEC filings from 1995 to 2014 — shows that when firms make active changes to their annual disclosures, those changes convey an important signal about future operations and returns. A portfolio that shorted "changers" and bought "non-changers" earned over 22% per year in annual alpha historically. Changes to the Risk Factors section, Business description, and language referring to the executive team were especially informative. Critically, these returns accrued gradually as information was later revealed through news and earnings — not at the time of filing — suggesting many investors remain inattentive to these simple, public signals. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.
For more like this, see the full SEC What Changed archive, browse more equity research reports, or subscribe to Quantitative Research Notes for new filing-change alerts as soon as they publish.
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