Ecmc Group Inc.

“Ecmc group, ecmc, education, and foundation are nonprofit 501(c)(3) corporations and are exempt from federal and state income taxes. Holdings and its subsidiaries are taxable entities and account for deferred tax assets and liabilities under the liability method. Deferred tax liabilities are recognized for temporary differences that will result in taxable amounts in future years. Deferred tax assets are recognized for deductible temporary differences and tax operating loss and tax credit carry forwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. With few exceptions, group is no longer subject to u.s. Federal, state or local income tax examinations by tax authorities for the years before 2019. In the event of any current or future tax assessments, holdings and its subsidiaries have elected to record the income taxes and any related interest and penalties as income tax expense on group's consolidated statements of activities.”

“$156,848,382 floating rate class a notes secured borrowing of ecmc group student loan trust 2016-1. $205,474,765 floating rate class a notes secured borrowing of ecmc group student loan trust 2017-1. $247,857,425 floating rate class a notes secured borrowing of ecmc group student loan trust 2017-2. $244,035,139 floating rate class a notes secured borrowing of ecmc group student loan trust 2018-1. $175,784,724 floating rate class a notes secured borrowing of ecmc group student loan trust 2018-2. $175,242,276 floating rate class a notes secured borrowing of ecmc group student loan trust 2019-1. $196,586,641 floating rate class a notes secured borrowing of ecmc group student loan trust 2020-1. $200,272,495 floating rate class a notes secured borrowing of ecmc group student loan trust 2020-2. $192,662,973 floating rate class a notes secured borrowing of ecmc group student loan trust 2020-3. $210,625,754 floating rate class a notes secured borrowing of ecmc group student loan trust 2021-1. Ecmc group student loan trust 2016-1, ecmc group student loan trust 2017-1, ecmc group student loan trust 2017-2, ecmc group student loan trust 2018-1, ecmc group student loan trust 2018-2, ecmc group student loan trust 2019-1, ecmc group student loan trust 2020-1, ecmc group student loan trust 2020-2, ecmc group student loan trust 2020-3 and ecmc group student loan trust 2021-1, are delaware statutory trusts, that purchase student loans and accrued interest from patriot student loan capital, llc and securitize the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot student loan capital, llc, a disregarded entity of ecmc group, inc., holds the primary beneficial interest in the trust. Ecmc group, inc. Is the primary beneficiary of the securitization trust and is required to consolidate the trust.”

“$1,678,888,241. At december 31, 2023, ecmc foundation was a participant in the ecmc group, inc. Apportioned investment pool ("apportioned investment pool"). A portion of ecmc group, inc.'s assets are held in the ecmc group, inc. Investment portfolio asset pool, which is managed by ecmc group, inc. Participation in the apportioned investment pool is available to ecmc group, inc. And its eligible subsidiaries. Investments in the apportioned investment pool represent an ownership interest in the investment pool, not in the underlying assets themselves, and are generally redeemable to the eligible subsidiary upon request. Unapportioned investments, net, are not subject to participation by ecmc group, inc.'s subsidiaries.”