BlackRock Elbert CLO V, LLC: Rating Report

On August 12, 2019, DBRS, Inc. (DBRS) assigned the above ratings to the Class A-R Loans due August 2027 (the Loans), the Class B Notes due August 2027, and the Class C Notes due August 2027 (together, with the Class B Notes, the Secured Notes) to be issued by BlackRock Elbert CLO V, LLC (the Borrower, Issuer, and/or Elbert CLO V), an exempted company incorporated with limited liability under the laws of the State of Delaware. The Loans, together with the Secured Notes, comprise the Debt. The Subordinated Notes (together with the Secured Notes, the Notes) are unrated and will act as additional subordination for the transaction.