World Omni 2022-B Trust Reports Stable Operations, Trustee Faces RMBS Suits

TL;DR

**This auto ABS trust is stable, but keep an eye on U.S. Bank's legal woes – they could ripple through the securitization market.**

AI Summary

World Omni Auto Receivables Trust 2022-B, a securitization entity, filed its 10-K for the fiscal year ended December 31, 2025, indicating no significant changes in its core business of holding auto receivables. The Trust reported no single obligor represents 10% or more of its pool assets, suggesting a diversified risk profile within its asset-backed structure. There are no external credit enhancements or derivative instruments requiring disclosure under Regulation AB Item 1114(b)(2) and Item 1115(b), respectively. Key risks highlighted include ongoing legal proceedings against U.S. Bank National Association, the parent of the Indenture Trustee, related to residential mortgage-backed securities (RMBS) and student loan trusts, though U.S. Bank denies liability and is vigorously contesting these claims. World Omni Financial Corp. acts as the Sponsor, Originator, and primary Servicer, and its wholly-owned subsidiary, World Omni Auto Receivables LLC, holds a 100% ownership interest in the Trust through the Certificates. Both the Sponsor and the Indenture Trustee reported no material instances of noncompliance with applicable servicing criteria under Item 1122 of Regulation AB, as confirmed by their respective Servicing Reports and Attestation Reports from PricewaterhouseCoopers LLP and Ernst & Young LLP.

Why It Matters

This 10-K provides transparency into the performance and structural integrity of an auto asset-backed security (ABS) trust, World Omni Auto Receivables Trust 2022-B. For investors, the absence of significant obligor concentration and external credit enhancements means the trust's performance is directly tied to the underlying auto loan pool. The ongoing legal challenges faced by U.S. Bank, the Indenture Trustee's parent, in RMBS and student loan cases, while not directly involving this auto trust, could signal broader operational or reputational risks for a key counterparty in the securitization market. This competitive context is crucial as it highlights potential systemic vulnerabilities within the financial services sector that could indirectly impact investor confidence in other securitized products.

Risk Assessment

Risk Level: medium — The risk level is medium due to the significant legal proceedings against U.S. Bank National Association, the parent of the Indenture Trustee, as detailed in Item 1117 of Regulation AB. These lawsuits, primarily concerning RMBS and student loan trusts, allege failures by U.S. Bank in its trustee capacity, which could impact its ability to perform its duties for World Omni Auto Receivables Trust 2022-B or damage its reputation, even though U.S. Bank denies liability and is contesting the claims.

Analyst Insight

Investors should monitor the legal proceedings against U.S. Bank National Association closely, as adverse outcomes could affect the Indenture Trustee's operational stability or market perception. While the trust itself appears stable with no significant obligor concentration, understanding the health of key counterparties like the Indenture Trustee is crucial for assessing overall securitization risk.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• 10% — maximum percentage of pool assets represented by a single obligor (No single obligor represents 10% or more of the pool assets, indicating diversification.)
• 100% — ownership interest in the Trust (World Omni Auto Receivables LLC has a 100% ownership interest in the Trust through the Certificates.)
• 2025-12-31 — fiscal year end date (The 10-K covers the fiscal year ended December 31, 2025.)
• 2026-03-23 — filing date (The 10-K was filed on March 23, 2026.)
• 2018-03-09 — date of NCMSLT Action filing (The National Collegiate Student Loan Master Trust I, et al. v. U.S. Bank National Association, et al. lawsuit was filed on March 9, 2018.)

Key Players & Entities

• World Omni Auto Receivables Trust 2022-B (company) — issuing entity
• World Omni Auto Receivables LLC (company) — depositor and 100% owner of the Trust
• World Omni Financial Corp. (company) — sponsor, originator, and primary servicer
• U.S. Bank Trust Company, National Association (company) — indenture trustee
• U.S. Bank National Association (company) — parent of the indenture trustee, facing legal proceedings
• Michael Hollis (person) — Group Vice President and Assistant Secretary of World Omni Financial Corp.
• PricewaterhouseCoopers LLP (company) — independent registered public accounting firm for World Omni Financial Corp.
• Ernst & Young LLP (company) — independent registered public accounting firm for U.S. Bank National Association and U.S. Bank Trust Company, National Association
• Delaware Court of Chancery (regulator) — court handling the NCMSLT Action
• SEC (regulator) — Securities and Exchange Commission

FAQ

Risk Factors

• Litigation Against Indenture Trustee [medium — legal]: The Indenture Trustee, U.S. Bank National Association, is involved in ongoing legal proceedings related to residential mortgage-backed securities and student loan trusts. While U.S. Bank denies liability and is contesting these claims, any adverse outcome could potentially impact the trustee's ability to fulfill its duties, indirectly affecting the Trust.

Industry Context

The auto finance industry, particularly the securitization of auto receivables, operates within a dynamic credit environment. While demand for auto loans remains robust, rising interest rates and potential economic slowdowns can increase default risks. Securitization provides a crucial funding mechanism for originators, allowing them to transfer risk and access capital markets efficiently. However, the performance of these trusts is highly sensitive to the credit quality of the underlying obligors and the effectiveness of servicing operations.

Regulatory Implications

The Trust's structure and disclosures are governed by Regulation AB. The absence of external credit enhancements or derivatives simplifies compliance in those specific areas. However, the ongoing litigation involving the Indenture Trustee introduces a potential indirect regulatory risk if it impacts the trustee's operational capacity or reputation.

What Investors Should Do

1. Monitor litigation against U.S. Bank National Association.
2. Review the Omnibus Amendment to the Sale and Servicing Agreement.
3. Confirm continued compliance with Regulation AB servicing criteria.

Key Dates

• 2022-05-24: Underwriting Agreement — Established the terms for the securitization of auto receivables for the 2022-B Trust.
• 2022-06-01: Sale and Servicing Agreement and Indenture — Outlined the operational framework and legal structure for the Trust's assets and servicing.
• 2024-12-04: Certificate of Formation and LLC Agreements for Depositor Filed — Updated the corporate structure of the depositor entity.
• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2026-01-13: Omnibus Amendment to Sale and Servicing Agreement — Indicates potential modifications to the servicing arrangements post-issuance.
• 2026-03-23: 10-K Filing Date — The date the annual report was officially submitted, providing the latest overview of the Trust's status.

Glossary

Securitization Entity

A legal entity created to pool assets and issue securities backed by those assets. (World Omni Auto Receivables Trust 2022-B is a securitization entity holding auto loan receivables.)

Indenture Trustee

A financial institution appointed to act on behalf of bondholders, ensuring the issuer complies with the terms of the indenture agreement. (U.S. Bank National Association serves as the Indenture Trustee, and its legal issues are a noted risk.)

Sponsor

The entity that originates or purchases the assets to be securitized and initiates the securitization process. (World Omni Financial Corp. is the Sponsor of the Trust.)

Servicer

The entity responsible for managing the underlying assets, including collecting payments, handling delinquencies, and performing other administrative tasks. (World Omni Financial Corp. is the primary Servicer for the auto receivables.)

Regulation AB

A set of rules issued by the SEC governing the disclosure and reporting requirements for asset-backed securities. (The filing references specific items within Regulation AB concerning disclosures about credit enhancements, derivatives, and servicing criteria.)

Servicing Criteria

A set of standards established by the SEC for assessing the compliance of servicers in asset-backed securities transactions. (Both the Sponsor and Indenture Trustee reported compliance with applicable servicing criteria.)

Year-Over-Year Comparison

This 10-K filing for the fiscal year ended December 31, 2025, indicates a stable operational status for World Omni Auto Receivables Trust 2022-B, with no significant changes in its core business. The absence of specific financial statements or detailed operational discussions in the provided excerpts suggests a focus on structural and contractual disclosures rather than performance metrics compared to a prior year. The key development noted is the Omnibus Amendment to the Sale and Servicing Agreement filed in January 2026, which may represent a change from prior servicing arrangements.

Filing Documents

• tm261230d2_10k.htm (10-K) — 72KB
• tm261230d2_ex31-1.htm (EX-31.1) — 7KB
• tm261230d2_ex33-1.htm (EX-33.1) — 70KB
• tm261230d2_ex33-2.htm (EX-33.2) — 46KB
• tm261230d2_ex34-1.htm (EX-34.1) — 7KB
• tm261230d2_ex34-2.htm (EX-34.2) — 7KB
• tm261230d2_ex35-1.htm (EX-35.1) — 5KB
• tm261230d2_ex34-1img002.jpg (GRAPHIC) — 3KB
• tm261230d2_ex34-2img002.jpg (GRAPHIC) — 7KB
• 0001104659-26-033259.txt ( ) — 229KB

Business

Item 1. Business. Not Applicable.

Risk Factors

Item 1A. Risk Factors. Not Applicable.

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. None.

Cybersecurity

Item 1C. Cybersecurity. Not Applicable.

Properties

Item 2. Properties. Not Applicable. Item 3. Legal Proceedings. Not Applicable.

[Reserved]

Item 4. [Reserved]. Substitute Information Provided in Accordance with General Instruction J to Form 10-K:

(B) OF REGULATION AB. SIGNIFICANT OBLIGORS OF POOL ASSETS

ITEM 1112(B) OF REGULATION AB. SIGNIFICANT OBLIGORS OF POOL ASSETS (FINANCIAL INFORMATION). No single obligor represents 10% or more of the pool assets held by World Omni Auto Receivables Trust 2022-B (the “Trust”).

(B)(2) OF REGULATION AB. CREDIT ENHANCEMENT AND OTHER

ITEM 1114(B)(2) OF REGULATION AB. CREDIT ENHANCEMENT AND OTHER SUPPORT, EXCEPT FOR CERTAIN DERIVATIVES INSTRUMENTS (INFORMATION REGARDING SIGNIFICANT ENHANCEMENT PROVIDERS). No entity or group of affiliated entities provides any external credit enhancement or other support with respect to either payment on the pool assets held by the Trust or payments on the notes (the “Notes”) or certificates (the “Certificates”) issued by the Trust.

(B) OF REGULATION AB. CERTAIN DERIVATIVE INSTRUMENTS

ITEM 1115(B) OF REGULATION AB. CERTAIN DERIVATIVE INSTRUMENTS (FINANCIAL INFORMATION). Based on the standards set forth in Item 1115(b) of Regulation AB, no information is required in response to this item.

OF REGULATION AB. LEGAL PROCEEDINGS

ITEM 1117 OF REGULATION AB. LEGAL PROCEEDINGS. The following events have been brought to our attention by U.S. Bank Trust Company, National Association, in its capacity as indenture trustee (the “Indenture Trustee”): U.S. Bank National Association (“U.S. Bank”), which is the parent of the Indenture Trustee, and other large financial institutions have been sued in their capacity as trustee or successor trustee for certain residential mortgage backed securities ("RMBS") trusts. The complaints, primarily filed by investors or investor groups against U.S. Bank and similar institutions, allege the trustees caused losses to investors as a result of alleged failures by the sponsors, mortgage loan sellers and servicers to comply with the governing agreements for these RMBS trusts. Plaintiffs generally assert causes of action based upon the trustees’ purported failures to enforce repurchase obligations of mortgage loan sellers for alleged breaches of representations and warranties, notify securityholders of purported events of default allegedly caused by breaches of servicing standards by mortgage loan servicers and abide by a heightened standard of care following alleged events of default. U.S. Bank denies liability and believes that it has performed its obligations under the RMBS trusts in good faith, that its actions were not the cause of losses to investors, that it has meritorious defenses, and it has contested and intends to continue contesting the plaintiffs’ claims vigorously. However, U.S. Bank cannot assure you as to the outcome of any of the litigation, or the possible impact of these litigations on the trustee or the RMBS trusts. On March 9, 2018, a law firm purporting to represent fifteen Delaware statutory trusts (the “DSTs”) that issued securities backed by student loans (the “Student Loans”) filed a lawsuit in the Delaware Court of Chancery against U.S. Bank in its capacities as indentu

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. Not applicable.

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. Not applicable.

Financial Statements

Item 8. Financial Statements and Supplementary Data. Not applicable.

Changes In and

Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure. Not applicable.

Controls and Procedures

Item 9A. Controls and Procedures. Not applicable.

Other Information

Item 9B. Other Information. No other information.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. Not applicable. PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. Not applicable because there are no directors or executive officers of the registrant.

Executive Compensation

Item 11. Executive Compensation. Not applicable.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. Not Applicable.

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. Not applicable.

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. Not applicable. Substitute Information Provided in Accordance with General Instruction J to Form 10-K:

OF REGULATION AB. AFFILIATIONS AND CERTAIN RELATIONSHIPS

ITEM 1119 OF REGULATION AB. AFFILIATIONS AND CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS. The Sponsor is the originator, as contemplated by Item 1110 of Regulation AB, of all of the pool assets owned by the Trust. The Sponsor is also the primary servicer. The Depositor is a wholly-owned subsidiary of the Sponsor and, therefore, a wholly-owned subsidiary of the originator and the primary servicer. Through its purchase of the Certificates, the Depositor has acquired a 100% ownership interest in the Trust; therefore, the Trust is an affiliated party of the Depositor and, indirectly, of the Sponsor (including in its role as originator and primary servicer). The Indenture Trustee is not affiliated with any of the Sponsor (including in its role as originator and primary servicer), the Depositor or the Trust. There are no significant obligors, external enhancement or support providers, or other material parties related to the Notes or Certificates. In addition, there are no business relationships, agreements, arrangements, transactions or understandings outside the ordinary course of business or on terms other than would be obtained in an arm’s length transaction with an unrelated party, apart from the transaction involving the issuance of the Notes and Certificates by the Trust, between the Sponsor, the Depositor or the Trust and any of the parties mentioned in this Item.

OF REGULATION AB. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA

ITEM 1122 OF REGULATION AB. COMPLIANCE WITH APPLICABLE SERVICING CRITERIA. The Sponsor (in its role as servicer) and the Indenture Trustee (collectively, the “Servicing Parties”) have each been identified by the registrant as parties participating in the servicing function with respect to the asset pool held by the Trust. Each of the Servicing Parties has completed a report on an assessment of compliance with the servicing criteria applicable to it under Item 1122 of Regulation AB (each, a “Servicing Report”), which Servicing Reports are attached as exhibits to this Form 10-K. In addition, each of the Servicing Parties has provided an attestation report (each, an “Attestation Report”) by one or more registered public accounting firms, which reports are also attached as exhibits to this Form 10-K. Neither of the Servicing Reports prepared by the Servicing Parties, or the corresponding Attestation Reports, has identified any material instance of noncompliance with the servicing criteria applicable to the respective Servicing Party.

OF REGULATION AB. SERVICER COMPLIANCE STATEMENT

ITEM 1123 OF REGULATION AB. SERVICER COMPLIANCE STATEMENT. The Sponsor (in its role as servicer) has been identified by the registrant as servicer with respect to the asset pool held by the Trust. The Sponsor has completed a statement of compliance (a “Compliance Statement”), signed by an authorized officer of the Sponsor. The Compliance Statement is attached as an exhibit to this Form 10-K. PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. (a)(1) Not applicable. (a)(2) Not applicable. (a)(3) See Item 15(b) below. (b) The following documents are included as part of, or incorporated by reference to, this annual report: Exhibit No. 1.1 Underwriting Agreement, dated as of May 24, 2022, relating to the Trust. Incorporated by reference to Exhibit 1.1 to the Registrant’s Current Report on Form 8-K, Registration File Number 333-261470-02, filed with the Commission on May 26, 2022. 3.1 Certificate of Formation of the Depositor. Incorporated by reference to Exhibit 3.1 to the Registrant’s Form SF-3, Registration File Number 333-283578, filed with the Commission on December 4, 2024. 3.2 Certificate of Amendment of Certificate of Formation of the Depositor. Incorporated by reference to Exhibit 3.2 to the Registrant’s Form SF-3, Registration File Number 333-283578, filed with the Commission on December 4, 2024. 3.3 Limited Liability Company Agreement of the Depositor. Incorporated by reference to Exhibit 3.3 to the Registrant’s Form SF-3, Registration File Number 333-283578, filed with the Commission on December 4, 2024. 3.4 Amendment No. 1 to Limited Liability Company Agreement of the Depositor. Incorporated by reference to Exhibit 3.4 to the Registrant’s Form SF-3, Registration File Number 333-283578, filed with the Commission on December 4, 2024. 3.5 Amendment No. 2 to Limited Liability Company Agreement of the Depositor. Incorporated by reference to Exhibit 3.5 to the Registrant’s Form SF-3, Registration File Number 333-283578, filed with the Commission on December 4, 2024 . 4.1 Sale and Servicing Agreement, dated as of June 1, 2022, relating to the Trust. Incorporated by reference to Exhibit 4.1 to the Registrant’s Current Report on Form 8-K, Registration File Number 333-261470-02, filed with the Commission on June 1, 2022. 4.2 Omnibus Amendment to Sale and Servicing Agreement, dated as of Jan

Form 10-K Summary

Item 16. Form 10-K Summary. None.

SIGNATURES

SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. World Omni Auto Receivables Trust 2022-B By: World Omni Financial Corp., as Servicer on behalf of the Trust Date: March 23, 2026 /s/ Michael Hollis Michael Hollis Group Vice President and Assistant Secretary (Senior officer in charge of the servicing function) World Omni Financial Corp. (Servicer on behalf of the Trust) Supplemental Information to be Furnished With Reports Filed Pursuant to Section 15(d) of the Act by Registrants Which Have Not Registered Securities Pursuant to Section 12 of the Act. No annual report or proxy materials have been sent to security holders and no such report or proxy materials are to be furnished to security holders subsequent to the filing of this Annual Report on Form 10-K.

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View this 10-K filing on SEC EDGAR