Form 10-D Filings

What Is SEC Form 10-D?

SEC Form 10-D is an Exchange Act filing used by asset-backed issuers to provide periodic distribution reports pursuant to Rule 13a-17 or Rule 15d-17. It is used to report information about distributions made or scheduled to be made to investors and related performance information for the underlying asset pool, as required by the governing documents for the asset-backed securities.

This form is typically filed by issuing entities in asset-backed securities transactions, such as securitization trusts, after each required distribution date. The report provides ongoing visibility into cash flows, distribution amounts, and pool-level performance data during the reporting period and is filed in addition to any other Exchange Act reporting that may apply.

Form 10-D supports transparency by giving investors recurring information about distributions and the performance of assets underlying a securitization. Because these reports may be filed repeatedly throughout the life of an ABS transaction, they can help analysts identify changes in cash flows, delinquencies, losses, and other transaction-level developments over time.

Key elements typically found in SEC Form 10-D include:

• Name of the issuing entity and applicable securities class
• Distribution date and reporting period covered by the report
• Distribution amounts paid or payable and related calculations
• Pool performance information for the underlying asset pool
• Material changes affecting distributions or transaction performance, if applicable
• Exhibits and supporting information required by the form and governing documents

Investors and compliance teams following recurring ABS disclosures can use SEC Filing Real-time Alerts to monitor newly submitted Form 10-D reports and related securitization filings.

SEC Form 10-D Filing Deadlines

SEC Form 10-D has specific timing requirements that asset-backed issuers must follow after each required distribution date. These deadlines are important to maintain Exchange Act reporting compliance and provide timely distribution reporting to investors.

Researchers examining a particular issuing entity can also use the SEC Filer Directory to identify filers and review their broader SEC submission histories alongside recurring Form 10-D reports.

Key Things to Know About Form 10-D Filing Rules

• Asset-Backed Issuer Reporting Form: Form 10-D is used specifically for periodic distribution reporting by asset-backed issuers under Rule 13a-17 or Rule 15d-17.
• Deadline Is Tied to the Distribution Date: A distribution report on Form 10-D must be filed within 15 days after each required distribution date, as specified in the governing documents.
• Focuses on Distributions and Pool Performance: The form is designed to disclose distribution-related information and periodic performance data for the underlying asset pool relevant to the distribution period.
• Filed Repeatedly, Not Just Once: Form 10-D is filed on an ongoing basis for each required distribution date during the period the issuing entity remains subject to the reporting requirement.
• Often Filed Alongside Other ABS-Related Reports: Depending on the transaction and reporting triggers, asset-backed issuers may also file other Exchange Act reports in addition to Form 10-D to address different disclosure requirements.