NOTICE OF PUBLIC FORECLOSURE SALE - Mustang Funding, LLC, Mustang Specialty Funding II, LLC, and Mustang Special Situations 1, LLC

ORION PIP LLC, a Delaware limited liability company, as collateral agent (or any of its successors or assigns, the “Agent”), hereby gives notice that it will offer for sale (the “Sale”) at a public auction (the “Auction”) under the New York Uniform Commercial Code (the “UCC”) the following property of Mustang Funding, LLC (the “Senior Term Loan Borrower”), and its subsidiary guarantors, Mustang Specialty Funding II, LLC (“MSF2”), and Mustang Special Situations 1, LLC (“MSS1” and, collectively with MSF2, the “Guarantors”): all Collateral, other than certain limited exclusions (as identified in the Pledge and Security Agreement by and among the Senior Term Loan Borrower, the Guarantors, and the Agent, dated as of December 28, 2022 (the “Senior Term Loan Security Agreement”)). The Collateral to be sold at the Auction is as defined in the UCC or, if undefined therein, in the Senior Secured Credit and Guaranty Agreement, by and among the Senior Term Loan Borrower, the Guarantors, and the Agent and the Lenders party thereto, dated as of December 28, 2022 (the “Senior Term Loan Credit Agreement”) and the other documents executed in connection with or otherwise related to the Senior Term Loan Credit Agreement (collectively, the “Senior Term Loan Credit Documents”). The Agent and the lenders party to the Senior Term Loan Credit Agreement are referred to herein as the “Secured Parties.”

The Collateral to be sold at the Auction constitutes substantially all of the Senior Term Loan Borrower’s and each Guarantor’s assets, including but not limited to, all: Accounts (including, without limitation, all accounts receivables), Books, Money, cash and currency (including Cash Equivalents), Chattel Paper, Documents and Documents of Title, Contracts together with all Contract Rights, Deposit Accounts and all other demand, deposit, time, savings, cash management, passbook and similar account maintained by the Senior Term Loan Borrower and each such Guarantor with any bank or other financial institution, Financial Assets, General Intangibles (including Payment Intangibles), Fixtures, Goods, Instruments, Intellectual Property (including all the right to sue or otherwise recover for any past, present and future infringement, dilution, misappropriation, or other violation or impairment thereof, and all Proceeds of the foregoing, including without limitation licenses fees, royalties, income, payments, claims, damages and proceeds of suit, now or hereafter due and/or payable with respect thereto), Investment Related Property, Letters of Credit and Letter of Credit Rights, Commercial Tort Claims, Equipment, Inventory, policies and certificates of insurance, Collateral Records, Collateral Support and Supporting Obligations relating to any of the foregoing, and all Proceeds, products, accessions, rents and profits of or in respect of any of the foregoing.

The bids made at the Auction must be accompanied by evidence satisfactory to the Agent, in its sole and absolute discretion, of the bidder’s ability to make payment of the purchase price.  Prospective bidders must also be willing to execute a confidentiality agreement before obtaining additional information.  Additional terms of sale shall be provided upon request to any prospective bidder – see contact details below.  

The Agent is and shall be a qualified bidder and shall be allowed to credit bid amounts due and owing to it by the Senior Term Loan Borrower and the Guarantors in connection with any bids it may make with respect to the Collateral.

All of the Collateral will be sold pursuant to a bill of sale and such other appropriate transfer documents, if any, as the Agent deems appropriate on an “as is, where is” and “with faults” basis and without recourse, representations, or warranties of any kind or nature whatsoever, including, without limitation, any representation or warranty of merchantability or fitness for a particular purpose. Specifically, but without limitation of the foregoing, there will be no warranty relating to title, possession, quiet enjoyment, or the like made or given.

This Auction is being held to enforce the Secured Parties’ rights in the Collateral pursuant to the Senior Term Loan Credit Documents in order to satisfy in full the indebtedness of the Senior Term Loan Borrower and the Guarantors to the Secured Parties incurred pursuant to the Senior Term Loan Credit Documents, which indebtedness is in an amount of at least $20,924,388 (as of March 9, 2026).

The Auction will take place beginning on Thursday, April 30, 2026 at 11:00 A.M. (New York, New York time) (the “Auction Date”) virtually at a link to be furnished in advance to all interested parties, in accordance with the aforementioned additional terms of sale, which may be obtained by contacting the person named below.

The Sale is a sale pursuant to foreclosure upon the Agent’s security interests in the Collateral and will be conducted in accordance with Section 9-610 of the UCC. The Sale, if made, shall be to the highest and best bidder.  All persons attending the Sale will be given an opportunity to bid on a competitive basis.  The Agent may offer the Collateral for sale, and may sell the Collateral, as a unit or in parcels and by way of one or more contracts, even though the sales price thereof may be in excess of the amount remaining unpaid on the Obligations. The Agent may adjourn and recommence the Sale, in its discretion, within the legal hours for a public sale.  The purchase price shall be paid in cash or certified funds at closing, which will be at the conclusion of all bidding unless otherwise agreed by the Agent at the time of sale.  The Agent reserves the right, in its discretion, to reject any and all bids and to submit a credit bid or bids for any or all of the Collateral.  After receipt of bids for the Collateral in its entirety or a portion thereof, the Agent in its discretion may solicit, receive and accept bids for each item of the Collateral.