Mercedes-Benz Auto Lease Trust 2025-A Reports Clean Servicing Compliance

TL;DR

Mercedes-Benz Auto Lease Trust 2025-A's clean servicing compliance report signals stability for noteholders, despite U.S. Bank's unrelated legal woes.

AI Summary

The Mercedes-Benz Auto Lease Trust 2025-A, an asset-backed securities issuer, filed its 10-K for the fiscal year ended December 31, 2025. As a pass-through entity, it does not report traditional revenue or net income figures. The filing primarily details compliance with Regulation AB, confirming that both Mercedes-Benz Financial Services USA LLC, as Servicer, and U.S. Bank Trust Company, National Association, as Indenture Trustee, submitted reports on assessment of compliance with servicing criteria as of December 31, 2025. Both Servicing Participants, along with their independent public accounting firms Grant Thornton LLP and Ernst & Young LLP, respectively, reported no material instances of noncompliance. The Trust also disclosed ongoing legal proceedings involving U.S. Bank National Association in its capacity as trustee for certain residential mortgage-backed securities (RMBS) trusts and student loan-backed Delaware statutory trusts (DSTs), though these are not directly against the Mercedes-Benz Auto Lease Trust 2025-A itself. The Trust confirmed no unresolved staff comments or material legal proceedings directly impacting its asset-backed notes.

Why It Matters

This 10-K filing is crucial for investors in Mercedes-Benz Auto Lease Trust 2025-A's asset-backed notes, as it confirms the robust compliance of its key servicing entities, Mercedes-Benz Financial Services USA LLC and U.S. Bank Trust Company, National Association. The absence of material noncompliance in servicing criteria, attested by Grant Thornton LLP and Ernst & Young LLP, provides assurance regarding the operational health and management of the underlying auto lease assets. While legal issues involving U.S. Bank are noted, their indirect nature to this specific trust means minimal immediate impact on the trust's noteholders. This transparency helps maintain investor confidence in the structured finance market for luxury auto leases, setting a benchmark for competitive offerings.

Risk Assessment

Risk Level: low — The risk level is low because the filing explicitly states that both the Servicer and Indenture Trustee reported no material instances of noncompliance with servicing criteria as of December 31, 2025, as attested by independent public accounting firms. While U.S. Bank National Association faces legal proceedings, the filing clarifies these are not against the Issuing Entity or material to the holders of the Asset Backed Notes, mitigating direct impact.

Analyst Insight

Investors in Mercedes-Benz Auto Lease Trust 2025-A should maintain their positions, as the filing indicates strong operational compliance and no direct material risks to the trust's asset-backed notes. Potential investors should view this as a positive signal for the stability and management quality of the underlying auto lease portfolio, making it a potentially attractive, low-risk investment in the ABS market.

Financial Highlights

debt To Equity

N/A

revenue

$0

operating Margin

N/A

total Assets

$0

total Debt

$0

net Income

$0

eps

$0

gross Margin

N/A

cash Position

$0

revenue Growth

N/A

Key Numbers

• December 31, 2025 — Fiscal Year End (Reporting period for compliance assessment)
• March 25, 2026 — Signing Date (Date the 10-K was signed by Christian Rottenkolber)
• 333-265682-05 — Commission File Number (Issuing Entity's SEC file number)
• 0002064615 — Central Index Key (CIK) (Issuing Entity's CIK number)
• May 1, 2025 — Indenture Date (Date of the Indenture between Issuing Entity and Indenture Trustee)
• May 14, 2025 — Underwriting Agreement Date (Date of the Underwriting Agreement)
• March 9, 2018 — Lawsuit Filing Date (Date of the NCMSLT Action against U.S. Bank National Association)

Key Players & Entities

• Mercedes-Benz Auto Lease Trust 2025-A (company) — Issuing Entity
• Mercedes-Benz Financial Services USA LLC (company) — Sponsor and Servicer
• U.S. Bank Trust Company, National Association (company) — Indenture Trustee
• Wilmington Trust, National Association (company) — Owner Trustee
• Mercedes-Benz Trust Leasing LLC (company) — Depositor
• Christian Rottenkolber (person) — Vice President and Chief Financial Officer of Servicer
• Grant Thornton LLP (company) — Independent public accounting firm for Servicer
• Ernst & Young LLP (company) — Independent public accounting firm for Indenture Trustee
• U.S. Bank National Association (company) — Entity involved in RMBS and student loan litigation
• SEC (regulator) — Securities and Exchange Commission

FAQ

Risk Factors

• Ongoing Litigation Involving U.S. Bank National Association [medium — legal]: The Trust disclosed ongoing legal proceedings involving U.S. Bank National Association in its capacity as trustee for certain RMBS trusts and student loan-backed DSTs. While these proceedings are not directly against the Mercedes-Benz Auto Lease Trust 2025-A, they could potentially impact the reputation or operational stability of key service providers.
• Compliance with Regulation AB [low — regulatory]: The filing confirms compliance with Regulation AB, with both the Servicer and Indenture Trustee submitting reports on the assessment of compliance with servicing criteria as of December 31, 2025. Both parties, along with their independent auditors, reported no material instances of noncompliance.

Industry Context

The auto lease securitization market is a significant component of the broader automotive finance industry. It allows manufacturers' captive finance arms, like Mercedes-Benz Financial Services, to access capital markets for funding. Key trends include evolving consumer preferences towards leasing, the impact of technology on vehicle usage (e.g., autonomous driving), and ongoing regulatory scrutiny of financial products.

Regulatory Implications

The primary regulatory focus for this trust is compliance with Regulation AB, which mandates transparency and reporting on the quality of servicing and the underlying assets. Any failure to meet these standards could lead to increased scrutiny, penalties, or reputational damage. The disclosure of litigation involving the Indenture Trustee, while not directly against the Trust, highlights the importance of robust legal and operational frameworks for all parties involved in securitization.

What Investors Should Do

1. Review the compliance reports from the Servicer and Indenture Trustee for any nuances not immediately apparent in the 'no material noncompliance' statement.
2. Monitor any developments in the litigation involving U.S. Bank National Association, as significant outcomes could indirectly affect the operational environment for the Trust.
3. Understand that as a pass-through entity, the Trust's performance is directly tied to the quality of the underlying auto lease portfolio and the effectiveness of the servicer.

Key Dates

• 2025-12-31: Fiscal Year End — This date marks the end of the reporting period for which compliance with servicing criteria was assessed.
• 2026-03-25: 10-K Signing Date — Indicates the completion and official submission of the annual report.
• 2025-05-01: Indenture Date — Establishes the governing agreement between the Issuing Entity and the Indenture Trustee, crucial for the structure of the asset-backed securities.
• 2025-05-14: Underwriting Agreement Date — Marks the agreement for the distribution of the asset-backed notes.
• 2018-03-09: NCMSLT Action Lawsuit Filing Date — This is the filing date for a lawsuit against U.S. Bank National Association, which is mentioned as a trustee in other capacities, highlighting potential indirect risks.

Glossary

Regulation AB

A U.S. Securities and Exchange Commission (SEC) regulation that governs the disclosure and reporting requirements for asset-backed securities transactions. (Ensures transparency and investor protection by mandating specific reporting on the assets underlying the securities and the servicing of those assets.)

Pass-through entity

An entity that passes income, gains, losses, deductions, and credits through to its investors for tax purposes. It does not pay corporate income tax. (Explains why the Trust does not report traditional revenue or net income figures, as its financial activity is directly attributed to its certificate holders.)

Servicer

The entity responsible for managing and administering the underlying assets (in this case, auto leases) on behalf of the trust, including collecting payments and handling defaults. (Mercedes-Benz Financial Services USA LLC acts as the servicer, and its compliance with servicing criteria is a key focus of the 10-K.)

Indenture Trustee

A fiduciary appointed to represent the interests of the bondholders in an asset-backed securities transaction, overseeing the terms of the indenture agreement. (U.S. Bank Trust Company, National Association serves as the Indenture Trustee, and its compliance assessment is reported in the filing.)

Asset-backed securities (ABS)

Securities whose value and income payments are derived from and collateralized by a specified pool of underlying assets. (The Mercedes-Benz Auto Lease Trust 2025-A issues these types of securities backed by auto lease receivables.)

RMBS

Residential Mortgage-Backed Securities, which are mortgage loans or other assets related to mortgages that are pooled together and sold to investors. (Mentioned in the context of litigation involving U.S. Bank National Association, indicating a potential indirect risk or association with broader financial market issues.)

Year-Over-Year Comparison

As this is an initial filing for the 2025-A series, a direct comparison to a prior year's filing for this specific trust is not applicable. However, the structure and disclosures are consistent with typical ABS issuances, focusing on compliance with Regulation AB and the operational integrity of the servicer and trustee. Future filings will provide year-over-year comparisons.

Filing Documents

• mbalt2025a_10k_32026.htm (10-K) — 87KB
• e311_mbalt2025a.htm (EX-31) — 6KB
• e331_mbenserv22.htm (EX-33) — 60KB
• e332_ubtcintr.htm (EX-33) — 98KB
• e341_mbenserv22.htm (EX-34) — 11KB
• e342_ubtcintr.htm (EX-34) — 9KB
• e351_mbenserv22mbalt2025a.htm (EX-35) — 4KB
• 0001853620-26-000096.txt ( ) — 277KB

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. Nothing to report. The following Items have been omitted in accordance with General Instruction J(1) to Form 10-K:

Risk Factors

Item 1A. Risk Factors.

Cybersecurity

Item 1C. Cybersecurity.

Legal Proceedings

Item 3. Legal Proceedings.

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. PART II

Other Information

Item 9B. Other Information. Nothing to report. The following Items have been omitted in accordance with General Instruction J(1) to Form 10-K: Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

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.

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data.

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

Controls and Procedures

Item 9A. Controls and Procedures.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. PART III The following Items have been omitted in accordance with General Instruction J(1) to Form 10-K:

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance.

Executive Compensation

Item 11. Executive Compensation.

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.

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence.

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services. 1 PURSUANT TO GENERAL INSTRUCTION J(2) THE FOLLOWING SUBSTITUTE INFORMATION IS BEING PROVIDED IN THIS REPORT ON FORM 10-K:

(b) of Regulation AB. Significant Obligors of

Item 1112(b) of Regulation AB. Significant Obligors of Pool Assets – Financial Information. Nothing to report.

(b)(2) of Regulation AB. Credit Enhancement and

Item 1114(b)(2) of Regulation AB. Credit Enhancement and Other Support, Except for Certain Derivatives Instruments – Financial Information. Nothing to report.

(b) of Regulation AB. Certain Derivatives Instruments

Item 1115(b) of Regulation AB. Certain Derivatives Instruments – Financial Information. Nothing to report.

of Regulation AB. Legal Proceedings

Item 1117 of Regulation AB. Legal Proceedings. There are no legal proceedings pending, or any proceedings known to be contemplated by governmental authorities, against the Sponsor, the Depositor, U.S. Bank Trust Company, National Association (the “Indenture Trustee”), Wilmington Trust, National Association (the “Owner Trustee”), Mercedes-Benz Vehicle Trust (the “Titling Trust”), Collateral Title Co. (the “Collateral Agent”), the Issuing Entity, or any other party contemplated by Item 1117 of Regulation AB or any property thereof, that are material to holders of the Asset Backed Notes issued by the Issuing Entity (the “Notes”), except to the extent set forth below with respect to the Indenture Trustee. The Indenture Trustee has provided the information contained in the following five paragraphs for purposes of compliance with Regulation AB: U.S. Bank National Association (“U.S. Bank”) 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, th

of Regulation AB. Affiliations and Certain Relationships

Item 1119 of Regulation AB. Affiliations and Certain Relationships and Related Transactions. Information required by Item 1119 of Regulation AB has been omitted from this report on Form 10-K in reliance on the Instruction to Item 1119.

of Regulation AB. Compliance with Applicable

Item 1122 of Regulation AB. Compliance with Applicable Servicing Criteria. Each of the Sponsor, in its capacity as Servicer, and the Indenture Trustee (together with the Sponsor in its capacity as Servicer, each, a “Servicing Participant”) has been identified by the registrant as a party participating in the servicing function during the reporting period with respect to the pool assets held by the Issuing Entity. Each Servicing Participant has completed a report on an assessment of compliance with the servicing criteria applicable to such Servicing Participant (each, a “Report on Assessment”) as of December 31, 2025, and for the reporting period, which Reports on Assessment are attached as Exhibits 33.1 and 33.2 to this report on Form 10-K. In addition, each Servicing Participant has provided an attestation report (each, an “Attestation Report”) by a registered independent public accounting firm on its Report on Assessment. The Attestation Reports are attached as Exhibits 34.1 and 34.2 to this report on Form 10-K. The Report on Assessment prepared by the Indenture Trustee and the Attestation Report provided by the Indenture Trustee did not identify any material instance of noncompliance with the servicing criteria applicable to the Indenture Trustee. The Report on Assessment prepared by the Servicer and the Attestation Report provided by the Servicer did not identify any material instance of noncompliance with the servicing criteria applicable to the Servicer.

of Regulation AB. Servicing Compliance Statement

Item 1123 of Regulation AB. Servicing Compliance Statement. The Servicer has completed a statement of compliance with its obligations under the applicable servicing agreement (a “Compliance Statement”) signed by an authorized officer of the Servicer. The Compliance Statement is attached as Exhibit 35.1 to this report on Form 10-K. PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules. (a) The following documents are filed as part of this report (1) Not applicable. (2) Not applicable. (3) See Item 15(b) below. (b) Exhibits Required by Item 601 of Regulation S-K 3 Exhibit Number Description 1.1 Underwriting Agreement, dated May 14, 2025, among Mercedes-Benz Trust Leasing LLC, as Depositor, Mercedes-Benz Financial Services USA LLC, and BofA Securities, Inc., MUFG Securities Americas Inc. and RBC Capital Markets, LLC, as representatives of the several underwriters named therein (included in Exhibit 1.1 to the Form 8-K of the Issuing Entity, as filed with the SEC on May 16, 2025, which is incorporated herein by reference). 3.1 Certificate of Formation of Mercedes-Benz Trust Leasing LLC (included in Exhibit 3.1 to the Registration Statement on Form SF-3 of the Depositor, Nos. 333-265682 and 333-265682-01, as filed with the SEC on June 17, 2022, which is incorporated herein by reference). 3.2 Limited Liability Company Agreement of Mercedes-Benz Leasing LLC (included in Exhibit 3.2 to the Registration Statement on Form S-3 of the Depositor, Nos. 333-178761 and 333-178761-01, as filed with the SEC as Pre-effective Amendment No. 2 thereto on February 17, 2012, which is incorporated herein by reference). 3.3 Amendment No. 1 to Limited Liability Company Agreement of Mercedes-Benz Trust Leasing LLC (included in Exhibit 3.3 to the Registration Statement on Form SF-3 of the Depositor, Nos. 333-288660 and 333-288660-01, as filed with the SEC on July 14, 2025, which is incorporated herein by reference). 3.4 Certificate of Trust of Mercedes-Benz Vehicle Trust (included in Exhibit 3.4 to the Registration Statement on Form SF-3 of the Depositor, Nos. 333-288660 and 333-288660-01, as filed with the SEC on July 14, 2025, which is incorporated herein by reference). 3.5 Amended and Restated Trust Agreement of Mercedes-Benz Vehicle Trust, dated as of January 31, 2023, among Merc

Form 10-K Summary

Item 16. Form 10-K Summary. Not included. 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 to security holders, proxy statement, form of proxy or other proxy soliciting material has been sent to any security holders or is presently anticipated to be furnished to security holders subsequent to the filing of this annual report on Form 10-K. 6

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. Mercedes-Benz Auto Lease Trust 2025-A (Issuing Entity) By: Mercedes-Benz Financial Services USA LLC (Servicer) By: /s/ Rottenkolber Name: Christian Rottenkolber Title: Vice President and Chief Financial Officer (senior officer in charge of the servicing function for the Servicer) Dated: March 25, 2026 7 EXHIBIT INDEX Exhibit Number Description 1.1 Underwriting Agreement, dated May 14, 2025, among Mercedes-Benz Trust Leasing LLC, as Depositor, Mercedes-Benz Financial Services USA LLC, and BofA Securities, Inc., MUFG Securities Americas Inc. and RBC Capital Markets, LLC, as representatives of the several underwriters named therein (included in Exhibit 1.1 to the Form 8 K of the Issuing Entity, as filed with the SEC on May 16, 2025, which is incorporated herein by reference). 3.1 Certificate of Formation of Mercedes-Benz Trust Leasing LLC (included in Exhibit 3.1 to the Registration Statement on Form SF-3 of the Depositor, Nos. 333-265682 and 333-265682-01, as filed with the SEC on June 17, 2022, which is incorporated herein by reference). 3.2 Limited Liability Company Agreement of Mercedes-Benz Trust Leasing LLC (included in Exhibit 3.2 to the Registration Statement on Form S-3 of the Depositor, Nos. 333-178761 and 333-178761-01, as filed with the SEC as Pre-effective Amendment No. 2 thereto on February 17, 2012, which is incorporated herein by reference). 3.3 Amendment No. 1 to Limited Liability Company Agreement of Mercedes-Benz Trust Leasing LLC (included in Exhibit 3.3 to the Registration Statement on Form SF-3 of the Depositor, Nos. 333-288660 and 333-288660-01, as filed with the SEC on July 14, 2025, which is incorporated herein by reference). 3.4 Certificate of Trust of Mercedes-Benz Vehicle Trust (i

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