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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Sunday, January 21, 2024, Vol. 28, No. 20

                            Headlines

A10 BRIDGE 2019-B: DBRS Cuts Class F Certs Rating to C
AMERICAN CREDIT 2024-1: S&P Assigns Prelim 'BB-' Rating on E Notes
ANGEL OAK 2024-1: Fitch Assigns 'B(EXP)sf' Rating on Cl. B-2 Notes
ARIVO ACCEPTANCE: DBRS Places 4 Credit Rating Under Review
BARINGS CLO 2023-IV: S&P Assigns BB- (sf) Rating on Class E Notes

BASEPOINT MCA 2023-1: DBRS Gives Prov. BB Rating on Class B Notes
BRIDGECREST LENDING 2024-1: S&P Assigns BB (sf) Rating on E Notes
BX TRUST 2021-LBA: DBRS Confirms B(low) Rating on 2 Classes
CHESTNUT NOTES: DBRS Confirms B Rating on Class D Notes
CHURCHILL CLO-III: S&P Assigns Prelim BB- (sf) Rating on E Notes

CITIGROUP COMMERCIAL 2020-555: DBRS Confirms B Rating on G Certs
COMM 2014-UBS3: DBRS Cuts Class F Certs Rating to C
CORNHUSKER FUNDING 1A: DBRS Confirms B Rating on Class C Notes
CORNHUSKER FUNDING 1B: DBRS Confirms B Rating on Class C Notes
DIAMETER CAPITAL 4: S&P Assigns BB- (sf) Rating on Class D-R Notes

ELEMENTS NOTES: DBRS Confirms B Rating on Class D Notes
ELLINGTON CLO IV: Moody's Lowers Rating on 2 Tranches to B2
GEMINI NOTES: DBRS Confirms B Rating on Class D Notes
GS MORTGAGE 2010-C1: DBRS Confirms C Rating on Class D Certs
GS MORTGAGE 2013-GC10: DBRS Confirms C Rating on Class F Certs

JORDAN NOTES: DBRS Confirms B Rating on Class D Notes
JP MORGAN 2021-410T: DBRS Cuts Class D Certs Rating to B
KSL COMMERCIAL 2023-HT: DBRS Finalizes BB(high) on HRR Certs
LENDMARK FUNDING: DBRS Confirms Ratings on Five Trust Transactions
MERCHANTS FLEET 2023-1: DBRS Confirms BB Rating on Class E Notes

MF1 2020-FL4: DBRS Confirms B(low) Rating on Class G Notes
NATIXIS COMMERCIAL 2019-NEMA: DBRS Cuts Rating on 3 Classes to CCC
NLT 2023-1: DBRS Finalizes B Rating on Class B-2 Notes
NPC FUNDING IX: DBRS Confirms BB(low) Rating on 2 Loan Classes
OAKTREE CLO 2022-2: S&P Assigns BB-(sf) Rating on Class E-R Notes

PRPM 2023-NQM3: DBRS Gives Prov. B(high) Rating on Class B2 Certs
RIPPLE NOTES: DBRS Confirms B Rating on Class D Notes
SEQUOIA MORTGAGE 2024-1: DBRS Gives Prov. BB Rating on B-4 Certs
TIDAL NOTES: DBRS Confirms B Rating on Class D Notes
VELOCITY COMMERCIAL 2024-1: DBRS Gives Prov. BB(low) on 3 Tranches

WFRBS COMMERCIAL 2013-C18: DBRS Cuts Class F Certs Rating to D
WFRBS COMMERCIAL 2014-C20: DBRS Confirms C Rating on 3 Classes
WFRBS COMMERCIAL 2014-C20: Moody's Cuts Cl. C Certs Rating to Caa3
[*] DBRS Reviews 526 Classes From 22 US RMBS Transactions
[*] Moody's Upgrades Ratings on $221MM of US RMBS Issued 2002-2007


                            *********

A10 BRIDGE 2019-B: DBRS Cuts Class F Certs Rating to C
------------------------------------------------------
DBRS, Inc. downgraded its credit rating on one class of Commercial
Mortgage Pass-Through Certificates, Series 2019-B issued by A10
Bridge Asset Financing 2019-B, LLC as follows:

-- Class F to C (sf) from B (high) (sf)

DBRS Morningstar also confirmed its credit ratings on two classes
as follows:

-- Class D at A (sf)
-- Class E at BB (high) (sf)

The trends on Class D and Class E are Stable. The credit rating on
Class F does not carry a trend.

The credit rating downgrade reflects the increased risks to the
pool as four loans, representing 77.5% of the current trust
balance, are delinquent and in special servicing. In its current
analysis, DBRS Morningstar projected the resolution of three loans
would result in realized losses to the trust, reducing the unrated
equity piece to a minimal amount and bringing the credit support to
Class F to less than 1.0%. In conjunction with this press release,
DBRS Morningstar has published a Surveillance Performance Update
report with in-depth analysis and credit metrics for the
transaction and with business plan updates on select loans.

Among the four specially serviced loans in the pool include the two
largest loans in the transaction, which share sponsorship and
represent 49.5% of the current pool balance. The largest loan,
Gowanus Assemblage (Prospectus ID#4, 26.1% of the current pool
balance), is secured by a mixed-use property in Brooklyn, New York.
At issuance, the borrower planned to renovate the multibuilding
property and re-lease it at market rates. The loan has been
delinquent since May 2020 when the former coworking space tenant
ceased paying rent. According to the servicer, attempts to locate
and summarize the guarantor's assets in an attempt to enforce
guarantees on the loan have been prolonged as the guarantor
continues to file appeals. While the trust was previously awarded a
judgment by the courts for the full loan amount, it is unclear if
and when any amounts will be collected, though the servicer remains
optimistic. The servicer noted the resolution process and potential
collection of funds is not expected until at least the second half
of 2024, which will result in a further increase of property
protection and debt service advances. Through November 2023, the
current exposure on the loan, including outstanding principal, debt
service advances, property protection advances, and default
interest, totals $31.7 million with the senior portion totaling
$26.0 million. The property received an updated appraisal value of
$11.6 million in March 2023, suggesting the trust loan of $16.4
million is likely to realize a significant loss upon ultimate
resolution of the loan.

The second-largest loan in special servicing, 46-48 Lispenard
(Prospectus ID#5, 22.4% of the current pool balance), is secured by
a five-unit luxury multifamily property in Manhattan, New York. The
loan has also been delinquent since May 2020. According to an
update from the servicer, the lender took title to the property in
November 2023 and expects to market the three unoccupied
condominium units for sale in Q1 2024. It is unclear when the
lender will be able to market the two remaining occupied units for
sale as there could be a lengthy legal process if the current
tenants do not vacate voluntarily, which could take up to a year or
longer, according to the servicer. The servicer also noted the
units require capital expenditure improvements, estimated at a
total cost of approximately $0.5 million. The current total
exposure on the loan totals $30.3 million with the senior portion
totaling $26.6 million. The property received an updated appraisal
value of $22.8 million in March 2023, suggesting the trust loan of
$14.0 million is likely to realize a loss upon ultimate resolution
of the loan.

The initial collateral pool consisted of 44 loans secured by
cash-flowing assets, many of which were in a period of transition
with plans to stabilize and improve the asset value. The
transaction included a 24-month reinvestment period that expired in
September 2021, at which point the bonds began to amortize
sequentially with loan repayment and scheduled loan amortization.
As of December 2023, the transaction consists of six loans, secured
by six properties, with a cumulative trust balance of $62.6
million. There has been collateral reduction of 80.4% since
issuance. Since DBRS Morningstar's previous credit rating actions
on the outstanding classes in January 2023, four loans with a
former cumulative trust balance of $22.5 million have successfully
repaid from the trust.

Two of the remaining loans, representing 28.1% of the current trust
balance, are secured by office properties, both of which are in
special serving. Other collateral property types include two
multifamily properties, representing 30.6% of the current trust
balance, one mixed-use property, representing 26.7% of the current
trust balance, and one industrial property, representing 14.7% of
the current trust balance. In terms of property location, two loans
are in urban markets with DBRS Morningstar Market Ranks of 7 and 8.
While properties in urban markets have historically benefited from
greater liquidity and investor demand, both loans, representing
48.5% of the current trust balance, are currently in special
servicing and have been delinquent since May 2020. The majority of
the remaining collateralized properties are in suburban markets
(three loans, representing 42.7% of the current trust balance).

Five of the six remaining loans were structured with future funding
components totaling $11.9 million to assist the individual
borrowers in the respective business plans, which included funds
for property renovations, accretive leasing costs, and
performance-based earn-outs. Through November 2023, the lender had
advanced a total of $4.5 million to four individual borrowers. Only
two of the remaining loans in the pool have remaining future
funding dollars outstanding, totaling $4.7 million; however, as
both loans are in special servicing, DBRS Morningstar does not
expect that any further advances will be provided to the individual
borrowers. The majority of these funds, $4.5 million, are allocated
to the borrower of the 20 Waterview Boulevard loan, which is
secured by an office property in Parsippany, New Jersey. The funds
were meant to assist the borrower in its leasing efforts; however,
the borrower is behind in its business plan and the loan
transferred to special servicing in May 2023 for imminent default.
The servicer is currently pursuing foreclosure and obtaining an
updated appraised value. The updated property valuation is expected
to be above the current cumulative loan balance and outstanding
advances of $13.5 million. The servicer also retains $2.4 million
of cash reserves, providing additional credit support to the loan.

As of December 2023, one loan, Appling Farms (14.7% of the current
pool balance), is on the servicer's watchlist, for the upcoming
January 2024 loan maturity. The loan is secured by an industrial
property in Memphis, Tennessee, with recent performance metrics
indicating the property is stabilized. As such, DBRS Morningstar
expects the borrower to successfully execute its exit strategy
prior to the loan's maturity date.

Notes: All figures are in U.S. dollars unless otherwise noted.


AMERICAN CREDIT 2024-1: S&P Assigns Prelim 'BB-' Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to American
Credit Acceptance Receivables Trust 2024-1's (ACAR 2024-1)
automobile receivables-backed notes.

The note issuance is an asset-backed securities (ABS) transaction
backed by subprime auto loan receivables.

The preliminary ratings are based on information as of Jan. 17,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- The availability of approximately 64.3%, 57.5%, 46.1%, 37.5%,
and 32.8% credit support (hard credit enhancement and haircut to
excess spread) for the class A, B, C, D, and E notes, respectively,
based on stressed cash flow scenarios. These credit support levels
provide at least 2.35x, 2.10x, 1.59x, 1.37x, and 1.20x coverage of
S&P's expected cumulative net loss of 27.25% for the class A, B, C,
D, and E notes, respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(1.37x S&P's expected loss level), all else being equal, its
preliminary 'AAA (sf)', 'AA (sf)', 'A- (sf)', 'BBB (sf)', and 'BB-
(sf)' ratings on the class A, B, C, D, and E notes, respectively,
will remain within its credit stability limits.

-- The timely payment of interest and principal by the designated
legal final maturity dates under S&P's stressed cash flow modeling
scenarios, which it believes are appropriate for the assigned
preliminary ratings.

-- The collateral characteristics of the series' subprime
automobile loans, S&P's view of the credit risk of the collateral,
and its updated macroeconomic forecast and forward-looking view of
the auto finance sector.

-- The series' bank accounts at Wells Fargo Bank N.A. (Wells
Fargo), which do not constrain the preliminary ratings.

-- S&P's operational risk assessment of American Credit Acceptance
LLC as servicer, and its view of the company's underwriting and
backup servicing arrangement with Computershare Trust Co. N.A.

-- S&P's assessment of the transaction's potential exposure to
environmental, social, and governance credit factors, which are in
line with its sector benchmark.

-- The transaction's payment and legal structures.

  Preliminary Ratings Assigned

  American Credit Acceptance Receivables Trust 2024-1

  Class A, $170.66 million: AAA (sf)
  Class B, $38.87 million: AA (sf)
  Class C, $76.13 million: A- (sf)
  Class D, $59.80 million: BBB (sf)
  Class E, $41.40 million: BB- (sf)



ANGEL OAK 2024-1: Fitch Assigns 'B(EXP)sf' Rating on Cl. B-2 Notes
------------------------------------------------------------------
Fitch Ratings has assigned expected ratings to Angel Oak Mortgage
Trust 2024-1 (AOMT 2024-1).

   Entity/Debt       Rating           
   -----------       ------            
AOMT 2024-1

   A-1           LT  AAA(EXP)sf   Expected Rating
   A-2           LT  AA(EXP)sf    Expected Rating
   A-3           LT  A(EXP)sf     Expected Rating
   M-1           LT  BBB-(EXP)sf  Expected Rating
   B-1           LT  BB(EXP)sf    Expected Rating
   B-2           LT  B(EXP)sf     Expected Rating
   B-3           LT  NR(EXP)sf    Expected Rating
   A-IO-S        LT  NR(EXP)sf    Expected Rating
   XS            LT  NR(EXP)sf    Expected Rating
   R             LT  NR(EXP)sf    Expected Rating

TRANSACTION SUMMARY

Fitch Ratings expects to rate the RMBS to be issued by Angel Oak
Mortgage Trust 2024-1, series 2024-1 (AOMT 2024-1), as indicated.
The certificates are supported by 619 loans with a balance of
$268.88 million as of the cutoff date. This represents the 34th
Fitch-rated AOMT transaction, and the first Fitch-rated AOMT
transaction in 2024.

The certificates are secured by mortgage loans mainly originated by
Angel Oak Mortgage Solutions LLC (AOMS) and Angel Oak Home Loans
LLC (AOHL). Of the loans, 63.0% are designated as non-qualified
mortgage (non-QM) loans and 37.0% are investment properties not
subject to the Ability to Repay (ATR) Rule.

There is no Libor exposure in this transaction, as there are no ARM
loans in the pool and the certificates do not have Libor exposure.
The class A-1, A-2 and A-3 certificates are fixed-rate, are capped
at the net weighted average coupon (WAC) and have a step-up
feature. The class M-1 certificates are based on the net WAC. The
class B-1, B-2 and B-3 certificates are principal-only classes and
are not entitled to receive payments of interest. In addition, the
waterfall will prioritize interest payments to the A-1, A-2 and/or
A-3 classes prior to principal.

KEY RATING DRIVERS

Updated Sustainable Home Prices (Negative): Due to Fitch's updated
view on sustainable home prices, it views the home price values of
this pool as 9.0% above a long-term sustainable level (versus 9.42%
on a national level as of 2Q23, up 1.82% since last quarter).
Housing affordability is the worst it has been in decades, driven
by both high interest rates and elevated home prices. Home prices
increased 1.87% yoy nationally as of October 2023, despite modest
regional declines, but are still being supported by limited
inventory.

Non-QM Credit Quality (Mixed): The collateral consists of 619 loans
totaling $268.88 million and seasoned at approximately 22 months in
aggregate, according to Fitch, and 20 months, per the transaction
documents.

The borrowers have a relatively strong credit profile, with a 744
non-zero FICO and a 40.6% debt to income (DTI) ratio (both as
determined by Fitch). They also have relatively moderate leverage,
with an original combined loan to value (CLTV) ratio of 72.6%, as
determined by Fitch, which translates to a Fitch-calculated
sustainable LTV (sLTV) of 73.1%.

Per Fitch's analysis, of the pool, 63.0% represent loans of which
the borrower maintains a primary or secondary residence, while the
remaining 37.0% comprise investor properties. In Fitch's analysis,
it considered the 11 loans to foreign nationals to be investor
occupied, which explains the discrepancy between the
Fitch-determined figures and those in the transaction documents for
the investor and owner occupancy.

Fitch determined that 11.4% of the loans were originated through a
retail channel.

Additionally, 63.0% are designated as non-QM, while the remaining
37.0% are exempt from QM status, as they are investor loans.

The pool contains 47 loans over $1.0 million, with the largest
amounting to $3.00 million.

Loans on investor properties (11.2% underwritten to borrower's
credit profile and 25.8% comprising investor cash flow and no-ratio
loans) represent 37.0% of the pool, as determined by Fitch. None of
the loans have a junior lien in addition to the first lien mortgage
in the pool. There are no second lien loans in the pool, as 100% of
the pool consists of first lien mortgages. Further, only 4.5% of
the borrowers were viewed by Fitch as having a prior credit event
in the past seven years. In Fitch's analysis, it also considers
loans with deferred balances as having subordinate financing. In
this transaction, no loans have deferred balances; therefore, Fitch
does not view any loans in the pool to have subordinate financing.
Fitch viewed no loans with subordinate financing as a positive
aspect of the transaction.

Fitch determined that 11 of the loans in the pool are to foreign
nationals. Fitch treats loans to foreign nationals as investor
occupied, coded as no documentation, for employment and income
documentation, and removed the liquid reserves. If a credit score
is not available, Fitch uses a credit score of 650 for such
borrowers.

Although the borrowers' credit quality is higher than that of AOMT
transactions securitized in 2023 and 2022, the pool's
characteristics resemble those of nonprime collateral and,
therefore, the pool was analyzed using Fitch's nonprime model.

The largest concentration of loans is in California (32.2%),
followed by Florida and Texas. The largest MSA is Los Angeles
(15.2%), followed by Miami (12.9%) and San Francisco (3.6%). The
top three MSAs account for 31.7% of the pool. As a result, no
penalty was applied for geographic concentration.

Loan Documentation (Negative): Fitch determined that 94.4% of the
loans in the pool were underwritten to borrowers with less than
full documentation. Per the transaction documents, 93.9% of the
loans in the pool were underwritten to borrowers with less than
full documentation. Fitch may consider a loan to be less than a
full documentation loan, based on its review of the loan program
and the documentation details provided in the loan tape, which may
explain any discrepancy between Fitch's percentage and figures in
the transaction documents.

Of the loans underwritten to borrowers with less than full
documentation, Fitch determined that 66.3% were underwritten to a
12-month or 24-month business or personal bank statement program
for verifying income, which is not consistent with the previously
applicable Appendix Q standards and Fitch's view of a full
documentation program. To reflect the additional risk, Fitch
increases the probability of default (PD) by 1.5x on bank statement
loans. In addition to loans underwritten to a bank statement
program, 25.8% constitute a debt service coverage ratio (DSCR)
product, and 1.5% are an asset qualifier product.

None of the loans in the pool are no-ratio DSCR loans. For no-ratio
loans, employment and income are considered to be no documentation
in Fitch's analysis, and Fitch assumes a DTI ratio of 100%. This is
in addition to the loans being treated as investor-occupied.

Limited Advancing (Mixed): The deal is structured to six months of
servicer advances for delinquent principal and interest (P&I). The
limited advancing reduces loss severities, as a lower amount is
repaid to the servicer when a loan liquidates and liquidation
proceeds are prioritized to cover principal repayment over accrued
but unpaid interest. The downside is the additional stress on the
structure, as liquidity is limited in the event of large and
extended delinquencies (DQs).

Modified Sequential-Payment Structure (Neutral): The structure
distributes collected principal pro rata among the class A
certificates while excluding the mezzanine and subordinate
certificates from principal until all three A classes are reduced
to zero. To the extent that either a cumulative loss trigger event
or a DQ trigger event occurs in a given period, principal will be
distributed sequentially to class A-1, A-2 and A-3 certificates
until they are reduced to zero.

There is limited excess spread in the transaction available to
reimburse for losses or interest shortfalls should they occur.
However, excess spread will be reduced on and after the
distribution date in February 2028, since the class A certificates
have a step-up coupon feature whereby the coupon rate will be the
lesser of (i) the applicable fixed rate plus 1.000% and (ii) the
net WAC rate. To offset the impact of the class A certificates'
step-up coupon feature, the B classes are principal-only classes
and are not entitled to receive interest. This feature is
supportive of classes A-1 and A-2 being paid timely interest at the
step-up coupon rate and class A-3 being paid ultimate interest at
the step-up coupon rate.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

Fitch incorporates a sensitivity analysis to demonstrate how the
ratings would react to steeper market value declines (MVDs) than
assumed at the MSA level. Sensitivity analyses was conducted at the
state and national levels to assess the effect of higher MVDs for
the subject pool as well as lower MVDs, illustrated by a gain in
home prices.

This defined negative rating sensitivity analysis demonstrates how
the ratings would react to steeper MVDs at the national level. The
analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the
model-projected 40.9% at 'AAAsf'. The analysis indicates that there
is some potential rating migration with higher MVDs for all rated
classes, compared with the model projection. Specifically, a 10%
additional decline in home prices would lower all rated classes by
one full category.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

Fitch incorporates a sensitivity analysis to demonstrate how the
ratings would react to steeper MVDs than assumed at the MSA level.
Sensitivity analyses was conducted at the state and national levels
to assess the effect of higher MVDs for the subject pool as well as
lower MVDs, illustrated by a gain in home prices.

This defined positive rating sensitivity analysis demonstrates how
the ratings would react to positive home price growth of 10% with
no assumed overvaluation. Excluding the senior class, which is
already rated 'AAAsf', the analysis indicates there is potential
positive rating migration for all of the rated classes.
Specifically, a 10% gain in home prices would result in a full
category upgrade for the rated class excluding those being assigned
ratings of 'AAAsf'.

This section provides insight into the model-implied sensitivities
the transaction faces when one assumption is modified, while
holding others equal. The modeling process uses the modification of
these variables to reflect asset performance in up and down
environments. The results should only be considered as one
potential outcome, as the transaction is exposed to multiple
dynamic risk factors. It should not be used as an indicator of
possible future performance.

USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as
prepared by Consolidated Analytics and Infinity. The third-party
due diligence described in Form 15E focused on three areas:
compliance review, credit review and valuation review. Fitch
considered this information in its analysis and, as a result, did
not make any adjustments to its analysis due to the due diligence
findings. Based on the results of the 100% due diligence performed
on the pool, the overall expected loss was reduced by 0.41%.

DATA ADEQUACY

Fitch relied on an independent third-party due diligence review
performed on 100% of the loans. The third-party due diligence was
consistent with Fitch's "U.S. RMBS Rating Criteria." The sponsor
engaged Consolidated Analytics and Infinity to perform the review.
Loans reviewed under these engagements were given compliance,
credit and valuation grades and assigned initial grades for each
subcategory.

An exception and waiver report was provided to Fitch, indicating
the pool of reviewed loans has a number of exceptions and waivers.
Fitch determined that the exceptions and waivers do not materially
affect the overall credit risk of the loans due to the presence of
compensating factors such as having liquid reserves or FICO above
guideline requirements or LTV or DTI lower than guideline
requirement. Therefore, no adjustments were needed to compensate
for these occurrences.

Fitch also utilized data files that were made available by the
issuer on its SEC Rule 17g-5 designated website. The loan-level
information Fitch received was provided in the American
Securitization Forum's (ASF) data layout format.

The ASF data tape layout was established with input from various
industry participants, including rating agencies, issuers,
originators, investors and others, to produce an industry standard
for the pool-level data in support of the U.S. RMBS securitization
market. The data contained in the data tape layout were populated
by the due diligence company and no material discrepancies were
noted.

ESG CONSIDERATIONS

The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.


ARIVO ACCEPTANCE: DBRS Places 4 Credit Rating Under Review
----------------------------------------------------------
DBRS, Inc. upgraded three credit ratings, confirmed seven credit
ratings, and placed four credit ratings Under Review with Negative
Implications from four Arivo Acceptance Auto Loan Receivables Trust
transactions as follows:

Arivo Acceptance Auto Loan Receivables Trust 2019-1:

-- Class B confirmed at AAA (sf)
-- Class C upgraded to AAA (sf) from AA (sf)

Arivo Acceptance Auto Loan Receivables Trust 2021-1:

-- Class A confirmed at AAA (sf)
-- Class B upgraded to AAA (sf) from AA (sf)
-- Class C upgraded to A (sf) from BBB (sf)
-- Class D confirmed at BB (sf)

Arivo Acceptance Auto Loan Receivables Trust 2022-1:

-- Class A confirmed at AA (high) (sf)
-- Class B confirmed at A (high) (sf)
-- Class C rated BBB (sf), placed Under Review with Negative
Implications
-- Class D rated BB (sf), placed Under Review with Negative
Implications

Arivo Acceptance Auto Loan Receivables Trust 2022-2:

-- Class A Notes confirmed at AA (sf)
-- Class B Notes confirmed at A (sf)
-- Class C Notes rated BBB (sf), placed Under Review with Negative
Implications

-- Class D Notes rated BB (sf), placed Under Review with Negative
Implications

The credit rating actions are based on the following analytical
considerations:

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns - December 2023 Update, published on December 19,
2023. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse COVID-19 pandemic scenarios,
which were first published in April 2020.

-- The collateral performance to date and DBRS Morningstar's
assessment of future performance. As of the November 2023 payment
date, Arivo Acceptance Auto Loan Receivables Trust 2022-1 and Arivo
Acceptance Auto Loan Receivables Trust 2022-2 have amortized to
pool factors of 55.21% and 74.71%, respectively, and have current
cumulative net losses (CNLs) to date of 8.62% and 7.79%,
respectively. Current CNLs are tracking well above DBRS
Morningstar's initial base-case loss expectations of 9.40% and
9.10%, respectively. While credit enhancement (CE) has increased
for all outstanding notes in Arivo Acceptance Auto Loan Receivables
Trust 2022-1, the CE growth in Arivo Acceptance Auto Loan
Receivables Trust 2022-2's Class A Notes, Class B Notes, and Class
C Notes has been minimal and CE has declined for the Class D
Notes.

-- Because of weaker-than-expected performance, DBRS Morningstar
has revised the base-case loss expectation for Arivo Acceptance
Auto Loan Receivables Trust 2022-1 and Arivo Acceptance Auto Loan
Receivables Trust 2022-2 to 16.50% and 16.75%, respectively. As a
result, the current level of hard CE and estimated excess spread
may be insufficient to support the current credit ratings on the
Class C Notes and the Class D Notes from Arivo Acceptance Auto Loan
Receivables Trust 2022-1 and Arivo Acceptance Auto Loan Receivables
Trust 2022-2. Consequently, DBRS Morningstar has placed the current
credit ratings on the aforementioned classes Under Review with
Negative Implications. While CNLs are tracking well above initial
expectations, the Class A Notes and the Class B Notes for the
aforementioned transactions have benefited from deleveraging and
have sufficient CE commensurate with the current credit ratings,
and DBRS Morningstar has confirmed the credit ratings on these
classes.

-- As of the November 2023 payment date, Arivo Acceptance Auto
Loan Receivables Trust 2022-1 has a current overcollateralization
(OC) amount of 9.26% relative to the target of 13.70% of the
outstanding receivables balance. Arivo Acceptance Auto Loan
Receivables Trust 2022-2 has a current OC amount of 5.07% relative
to the target of 12.00% of the outstanding receivables balance.
Additionally, both transactions are structured to include a fully
funded non-declining cash collateral account (CCA) of 1.00% and
1.25% of the initial aggregate pool balance of Arivo Acceptance
Auto Loan Receivables Trust 2022-1 and Arivo Acceptance Auto Loan
Receivables Trust 2022-2, respectively. As both transactions
amortize, the CCA percentage will increase as it will represent a
larger portion of available CE.

-- The transaction parties' capabilities with regard to
originating, underwriting, and servicing.

Notes: The principal methodology applicable to the credit ratings
is DBRS Morningstar Master U.S. ABS Surveillance.


BARINGS CLO 2023-IV: S&P Assigns BB- (sf) Rating on Class E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to Barings CLO Ltd.
2023-IV/Barings CLO 2023-IV LLC's floating-rate debt.

The debt issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term loans.
The transaction is managed by Barings LLC.

The ratings reflect S&P's view of:

-- The collateral pool's diversification;

-- The credit enhancement provided through subordination, excess
spread, and overcollateralization;

-- The experience of the collateral manager's team, which can
affect the performance of the rated debt through portfolio
identification and ongoing management; and

-- The transaction's legal structure, which is expected to be
bankruptcy remote.

  Ratings Assigned

  Barings CLO Ltd. 2023-IV/Barings CLO 2023-IV LLC

  Class A, $320.00 million: AAA (sf)
  Class B, $57.50 million: AA (sf)
  Class C (deferrable), $32.50 million: A (sf)
  Class D (deferrable), $30.00 million: BBB- (sf)
  Class E (deferrable), $17.50 million: BB- (sf)
  Subordinated notes, $51.30 million: Not rated



BASEPOINT MCA 2023-1: DBRS Gives Prov. BB Rating on Class B Notes
-----------------------------------------------------------------
DBRS, Inc. assigned provisional ratings to the following classes of
expandable notes (collectively, the Notes) to be issued by
BasePoint MCA Securitization LLC as follows:

-- $85,544,000 Series 2023-1 Class A Notes at BBB (sf)
-- $14,790,000 Series 2023-1 Class B Notes at BB (sf)

The provisional ratings are based on DBRS Morningstar's review of
the following analytical considerations:

-- The transaction's capital structure and available credit
enhancement. Subordination, overcollateralization (OC), cash held
in the Reserve Account and available excess spread, as well as
other structural provisions create credit enhancement levels which
are sufficient to support DBRS Morningstar's stressed cumulative
gross loss (CGL) hurdle rate assumptions of 38.292% and 29.030%,
respectively, for each of the BBB (sf) and BB (sf) rating
categories. The respective stressed cumulative net loss (CNL)
hurdle rates for the Class A and Class B Notes are 34.01% and
25.25%. The required OC during the revolving period will be equal
to 10.05% of the collateral pool balance. The Notes will amortize
sequentially on a "full turbo" basis during the amortization
period.

-- The transaction parties' capabilities with regard to
originating, underwriting, and servicing of merchant cash advances
and small business loans. DBRS Morningstar performed an operational
review of BasePoint, Carmel Solution, and each of the Originators
(Fora, Samson, and Pearl/Revenued) and found each of them to be
acceptable for their respective role contemplated in the
transaction. CBIZ MHM, LLC (acting as the Administrator) will,
among other things, conduct a monthly data file review of a sample
of 100 Receivables from the Master Servicer's month-end data file
and compare, confirm or calculate, as applicable, 17 data fields
with reference to either source documentation or the Master
Servicer's (or the applicable Originator's) underlying operating
system or database. The heightened data error rate may ultimately
result in the occurrence of a Rapid Amortization Event.

-- A review by DBRS Morningstar of the historical performance
going back to 2015 with regard to Advance Receivables originated by
Pearl and Samson in addition to a review of the historical
performance of the Advance Receivables purchased by CRA Funding 1,
LLC from each Originator. These data sets were further supplemented
by a review of historical performance data for the recent term ABS
transactions sponsored by Fora Financial LLC.

-- A review of the initial collateral pool as of the Statistical
Cut-Off Date of Sept. 29, 2023. The receivables are relatively
short-term in nature, with a weighted average (WA) original
expected collection term of 11.3 months, and a WA remaining
expected collection term of 8.7 months. The collateral has a WA
right-to-receive (RTR) Ratio of 1.32x, with a WA Calculated
Receivables Yield at Origination of 61.6%, and a Performance Ratio
(calculated as total collections divided by total expected
collections) of 94.7%.

-- Collateral eligibility requirements and concentration limits
that ensure a minimum RTR (the amount a Merchant agrees to pay to
an Originator relative to the amount of advance received by a
Merchant from such Originator) for the collateral pool of 1.265x
and the Performance Ratio (collections received over collections
originally expected to be received) of at least 80%, as well as the
consistent credit quality and diversity of the collateral pool
backing the notes during the revolving period. The collateral
concentration limits and eligibility criteria cover original
expected collection term, original funded amount, exposure to each
individual Originator, Merchant time in business, receivables
yield, and other metrics.

-- Rapid Amortization Events which are designed to protect
noteholders in the event of weaker-than-expected collateral
performance, including a breach of the following collateral
performance triggers: (1) Three-Month Weighted Average Calculated
Receivables Yield of less than 30.00%, (2) Three-Month Weighted
Average Excess Spread of less than 4.00%, and (3) Three-Month
Average Delinquency Ratio greater than 15.00%.

-- The legal structure and expected legal opinions that will
address the true sale of the receivables, the nonconsolidation of
the assets of the Issuer, that the Indenture Trustee has a valid
first-priority security interest in the assets, and consistency
with DBRS Morningstar's "Legal Criteria for U.S. Structured
Finance".

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary "Baseline Macroeconomic Scenarios for
Rated Sovereigns: December 2023 Update," published on December 19,
2023. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse Coronavirus Disease (COVID-19)
pandemic scenarios, which were first published in April 2020.

DBRS Morningstar's credit rating on the securities referenced
herein addresses the credit risk associated with the identified
financial obligations in accordance with the relevant transaction
documents. The associated financial obligations for each of the
rated notes are the related Interest Payment and the related
Principal Balance.

DBRS Morningstar's credit rating does not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations. The associated contractual payment obligations that
are not financial obligations for each of the rated notes are the
interest on any unpaid Interest Payment and the indemnification of
noteholders by the Backup Master Servicer.

DBRS Morningstar's long-term credit ratings provide opinions on
risk of default. DBRS Morningstar considers risk of default to be
the risk that an issuer will fail to satisfy the financial
obligations in accordance with the terms under which a long-term
obligation has been issued. The DBRS Morningstar short-term debt
rating scale provides an opinion on the risk that an issuer will
not meet its short-term financial obligations in a timely manner.

Notes: All figures are in U.S. dollars unless otherwise noted.


BRIDGECREST LENDING 2024-1: S&P Assigns BB (sf) Rating on E Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Bridgecrest
Lending Auto Securitization Trust 2024-1's automobile
receivables-backed notes.

The note issuance is an asset-backed securities (ABS) transaction
backed by subprime auto loan receivables.

The preliminary ratings are based on information as of Jan. 11,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect S&P's view of:

-- The availability of approximately 62.71%, 57.39%, 47.63%,
38.65%, and 34.74% credit support (hard credit enhancement and a
haircut to excess spread) for the class A (collectively, A-1, A-2,
and A-3), B, C, D, and E notes, respectively, based on stressed
breakeven cash flow scenarios. These credit support levels provide
at least 2.37x, 2.12x, 1.72x, 1.38x, and 1.25x coverage of S&P's
expected cumulative net loss of 25.50% for the class A, B, C, D,
and E notes, respectively.

-- The expectation that under a moderate ('BBB') stress scenario
(1.38x S&P's expected loss level), all else being equal, its
preliminary 'A-1+ (sf)', 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB
(sf)', and 'BB (sf)' ratings on the class A-1, A-2/A-3, B, C, D,
and E notes, respectively, will be within its credit stability
limits.

-- The timely payment of interest and principal by the designated
legal final maturity dates under our stressed cash flow modeling
scenarios that S&P believes are appropriate for the assigned
preliminary ratings.

-- The collateral characteristics of the subprime auto loans,
S&P's view of the credit risk of the collateral, and its updated
macroeconomic forecast and forward-looking view of the auto finance
sector.

-- The series' bank accounts at Wells Fargo Bank N.A.
(A+/Stable/A-1), which do not constrain the preliminary ratings.

-- S&P's operational risk assessment of Bridgecrest Acceptance
Corp. as servicer, along with its view of the originator's
underwriting and the backup servicing arrangement with
Computershare Trust Co. N.A. (BBB/Stable/--).

-- S&P's assessment of the transaction's potential exposure to
environmental, social, and governance credit factors that are in
line with its sector benchmark.

-- The transaction's payment and legal structure.

  Preliminary Ratings Assigned

  Bridgecrest Lending Auto Securitization Trust 2024-1
  
  Class A-1, $48.573 million ($59.261 million if upsized): A-1+
(sf)
  Class A-2, $100.776 million ($122.619 million if upsized): AAA
(sf)
  Class A-3, $100.776 million ($122.619 million if upsized): AAA
(sf)
  Class B, $53.475 million ($65.100 million if upsized): AA (sf)
  Class C, $73.600 million ($89.600 million if upsized): A (sf)
  Class D, $77.050 million ($93.800 million if upsized): BBB (sf)
  Class E, $31.625 million ($38.500 million if upsized): BB (sf)



BX TRUST 2021-LBA: DBRS Confirms B(low) Rating on 2 Classes
------------------------------------------------------------
DBRS Limited confirmed the credit ratings on the following classes
of Commercial Mortgage Pass-Through Certificates, Series 2021-LBA
issued by BX Trust 2021-LBA:

-- Class A-V at AAA (sf)
-- Class B-V at AA (high) (sf)
-- Class C-V at AA (low) (sf)
-- Class D-V at A (sf)
-- Class E-V at BBB (low) (sf)
-- Class F-V at BB (low) (sf)
-- Class G-V at B (low) (sf)
-- Class X-V-NCP at A (high) (sf)
-- Class A-JV at AAA (sf)
-- Class B-JV at AA (high) (sf)
-- Class C-JV at AA (low) (sf)
-- Class D-JV at A (low) (sf)
-- Class E-JV at BBB (low) (sf)
-- Class F-JV at BB (low) (sf)
-- Class G-JV at B (low) (sf)
-- Class X-JV-NCP at A (sf)

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction, which remains in line with
Morningstar DBRS' expectations as evidenced by the most recent net
cash flow (NCF) and stable occupancy rate. The transaction consists
of two separate, uncrossed portfolios of assets, Pool 1 (Fund V; 16
assets) and Pool 2 (Fund JV; 35 assets), each of which supports the
payments on its respective series of certificates. Generally, each
of the portfolios consists of functional bulk warehouse product
that exhibits strong functionality metrics and favorable locations
within major industrial markets.

Since last review, one property was released from Fund V,
representing an 8.6% collateral reduction since issuance. Both
mortgage loans have a partial pro rata/sequential-pay structure,
which allows for pro rata paydowns for the first 30.0% of the
unpaid principal balance at a release premium of 105.0% of the
allocated loan amount, which increases to 110.0% for the remaining
70.0% of the principal balance. Both loans, which are floating-rate
loans, are currently on the servicer's watchlist for their upcoming
maturity in February 2024, but the loans have four one-year
extension options remaining.

Morningstar DBRS remains concerned with the elevated rollover risk
throughout the fully extended loan term for both portfolios. At
issuance, leases representing approximately 72.5% and 87.1% of
Morningstar DBRS' base rent were scheduled to roll through the
fully extended loan term across the Fund V and Fund JV portfolios,
respectively. However, this risk is mitigated by the success of
e-commerce as consumer demand for faster and ultimately same-day
shipping times becomes commonplace.

Fund V consists of 16 industrial properties, totaling approximately
2.6 million square feet (sf) in four states (Arizona, California,
Oregon, and Washington), and reported an occupancy rate of 100%
with an NCF of $20.3 million per the trailing 12 months (T-12)
ended June 30, 2023, financials, compared with the Morningstar DBRS
NCF of $19.8 million at issuance for the 16 remaining properties.
Fund JV consists of 35 industrial properties, totaling about 6.6
million sf in six states (Washington, Nevada, California, Utah,
Texas, and Colorado) and reported an occupancy rate of 98.0% with
an annualized NCF of $45.4 million, per the Q2 2023 reporting,
compared with the Morningstar DBRS NCF of $34.1 million at
issuance. The underlying properties consist mainly of warehouse and
distribution facilities with comparatively low proportions of
office square footage. These property types have generally
performed well given the continued dominance of e-commerce and
demand for industrial space. The pool is located across several
well-performing West Coast markets, with a geographic concentration
in Southern California.

In the analysis for this review, Morningstar DBRS updated its NCF
assumption to exclude the released property, resulting in an
updated figure of $19.8 million for Fund V. The capitalization rate
of 6.75% applied at issuance stayed the same, resulting in a
Morningstar DBRS value of $293.7 million, a variance of -40.9% from
the issuance appraised value of $496.8 million for the Fund V
portfolio. The Morningstar DBRS value implies a loan-to-value ratio
(LTV) of 104.7%. Morningstar DBRS maintained the issuance analysis
for Fund JV, which was based on the Morningstar DBRS NCF of $34.1
million and a capitalization rate of 7.0%, resulting in a
Morningstar DBRS value of $487.3 million. The Morningstar DBRS
value reflects a 45.9% haircut from the issuance appraised value of
$900.0 million and an LTV of 113.9%. Morningstar DBRS maintained
the positive qualitative adjustments for Fund V and Fund JV
totaling 8.5% and 8.0%, respectively, to reflect the low cash flow
volatility, good property quality, and strong market fundamentals.

Morningstar DBRS penalizes transactions with this structure as it
is credit negative, particularly at the top of the capital stack.
Under a partial pro rata paydown structure, deleveraging of the
senior notes through the release of individual properties occurs at
a slower pace compared with a sequential-pay structure. The
borrower can also release individual properties across both
portfolios with customary requirements.

The sponsors under the mortgage loans are joint-venture
partnerships between Blackstone Real Estate Income Trust, Inc.
(BREIT) and LBA Logistics. BREIT is an affiliate of The Blackstone
Group, Inc. (Blackstone), whose real estate group was founded in
1991 and has a global real estate portfolio valued at $579 billion.
Blackstone is also one of the world's largest industrial landlords.
LBA Logistics is the industrial arm of LBA Realty LLC, a real
estate investment and management company with a diverse portfolio
of industrial properties across the United States.

Notes: All figures are in U.S. dollars unless otherwise noted.


CHESTNUT NOTES: DBRS Confirms B Rating on Class D Notes
-------------------------------------------------------
DBRS Morningstar confirmed the following provisional credit ratings
on the Class A Notes, the Class B Notes, the Class C Notes, and the
Class D Notes (together, the Secured Notes) issued by Chestnut
Notes Issuer LLC. The Secured Notes are issued pursuant to the
Indenture, dated July 28, 2023, entered into between Chestnut Notes
Issuer LLC, as the Issuer and U.S. Bank Trust Company, National
Association, as Trustee:

-- Class A Notes at A (sf)
-- Class B Notes at BBB (sf)
-- Class C Notes at BB (low) (sf)
-- Class D Notes at B (sf)

At the same time, DBRS Morningstar removed the Under Review with
Developing Implications designations of the provisional credit
ratings, where they were placed on November 9, 2023.

The provisional credit rating on the Class A Notes addresses the
timely payment of interest (excluding any Defaulted Interest, as
defined in the Indenture) and the ultimate return of principal on
or before the Stated Maturity (as defined in the Indenture). The
provisional credit ratings on the Class B Notes, the Class C Notes,
and the Class D Notes address the ultimate payment of interest
(excluding any Defaulted Interest, as defined in the Indenture) and
the ultimate return of principal on or before the Stated Maturity
(as defined in the Indenture).

CREDIT RATING RATIONALE/DESCRIPTION

The credit rating actions are a result of DBRS Morningstar's review
of the transaction performance by applying the "Global Methodology
for Rating CLOs and Corporate CDOs" (the CLO Methodology), released
on October 22, 2023. On November 9, 2023, the credit ratings were
placed Under Review with Developing Implications to allow for DBRS
Morningstar to review the credit ratings using the CLO Methodology.
The Stated Maturity is July 25, 2035. The Reinvestment Period ends
on July 25, 2027. DBRS Morningstar expects to finalize its
provisional credit ratings on the Secured Notes on or after the
Effective Date, when the Eligibility Criteria, including the
Collateral Quality Tests are in compliance.

The Secured Notes are collateralized primarily by a portfolio of
U.S. middle-market corporate loans. Chestnut Notes Issuer LLC is
managed by 26North Direct Lending II LP, an affiliate of 26North
Partners LP. DBRS Morningstar considers 26North Direct Lending II
LP to be an acceptable middle-market corporate loan manager.

In its analysis, DBRS Morningstar considered the following aspects
of the transaction:

(1) The Indenture, dated as of July 28, 2023.
(2) The integrity of the transaction structure.
(3) DBRS Morningstar's assessment of the portfolio quality.
(4) Adequate credit enhancement to withstand projected collateral
loss rates under various cash flow stress scenarios.
(5) DBRS Morningstar's assessment of the origination, servicing,
and middle-market corporate loan management capabilities of 26North
Direct Lending II LP.

DBRS Morningstar monitors transaction performance metrics based on
the periodicity of the transaction's reporting. The performance
metrics include Collateral Quality Tests, Coverage Tests,
Concentration Limitations, and Performing Collateral Par. As of
October 31, 2023, the Borrower is failing each of the Interest
Coverage Ratio Tests and the Diversity Score Test, as the
transaction is still in its ramp up period and has not yet reached
the Effective Date. There were no defaulted obligations registered
in the underlying portfolio as of the October 31, 2023 trustee
report date. The current transaction performance is within DBRS
Morningstar's expectation, which supports the credit rating
confirmations on the Secured Notes.

Notes: All figures are in U.S. dollars unless otherwise noted.


CHURCHILL CLO-III: S&P Assigns Prelim BB- (sf) Rating on E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to Churchill
MMSLF CLO-III L.P./Churchill MMSLF CLO-III LLC's floating-rate
debt.

The debt issuance is a CLO securitization governed by investment
criteria and backed primarily by broadly syndicated
speculative-grade (rated 'BB+' or lower) senior secured term loans.
The transaction is managed by Churchill Asset Management LLC, which
is a subsidiary of Nuveen Private Capital LLC, which is an indirect
subsidiary, of Nuveen LLC, which in turn is a subsidiary of
Teachers Insurance and Annuity Association of America.

The preliminary ratings are based on information as of Jan. 17,
2024. Subsequent information may result in the assignment of final
ratings that differ from the preliminary ratings.

The preliminary ratings reflect:

-- S&P's view of the collateral pool's diversification;

-- The credit enhancement provided through subordination, excess
spread, and overcollateralization;

-- The experience of the collateral manager's team, which can
affect the performance of the rated notes through portfolio
identification and ongoing management; and

-- The transaction's legal structure, which is expected to be
bankruptcy remote.

  Preliminary Ratings Assigned

  Churchill MMSLF CLO-III L.P./Churchill MMSLF CLO-III LLC

  Class X, $3.00 million: AAA (sf)
  Class A, $234.00 million: AAA (sf)
  Class B, $50.00 million: AA (sf)
  Class C (deferrable), $24.00 million: A (sf)
  Class D (deferrable), $20.00 million: BBB- (sf)
  Class E (deferrable), $24.00 million: BB- (sf)
  Subordinated notes, $42.53 million: Not rated



CITIGROUP COMMERCIAL 2020-555: DBRS Confirms B Rating on G Certs
----------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on all classes of the
Commercial Mortgage Pass-Through Certificates, Series 2020-555
issued by Citigroup Commercial Mortgage Trust 2020-555 as follows:

-- Class A at AAA (sf)
-- Class B at AAA (sf)
-- Class C at AA (high) (sf)
-- Class X at AA (sf)
-- Class D at AA (low) (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (low) (sf)
-- Class G at B (sf)

All trends are Stable.

The credit rating confirmations reflect the stable performance of
the transaction, which has remained in line with DBRS Morningstar's
expectations since issuance, evidenced by the strong occupancy and
healthy debt service coverage ratio of 96.2% and 2.89 times,
respectively, as of the most recent servicer reporting in September
2023.

The transaction is secured by the leasehold interest in 55 10th
Avenue, a Class A luxury high-rise apartment in the Midtown West
submarket of Manhattan, New York. The property consists of 598
apartment units, of which 150 are affordable housing under section
421-A; a charter school occupying nearly 110,000 square feet across
eight floors; and ground-floor retail. The property features a
rooftop terrace, two fitness centers, a yoga studio, and a bowling
alley, among other high-end amenities. Units feature luxurious
finishes, including oversized windows, quartz countertops, and
stainless-steel appliances. The building sits just north of the
Hudson Yards development, with good proximity to the Port Authority
Bus Terminal and multiple subway lines.

The $400 million whole loan consists of $213.4 million of senior
debt and $136.6 million of junior debt held in the trust, along
with an additional $50.0 million of senior companion loan notes and
$140 million of mezzanine debt held outside the trust. Whole-loan
proceeds were used to repay existing debt, funded upfront reserves,
and paid closing costs and stub interest. The interest-only (IO)
loan has a fixed interest rate and is structured with a 10-year
term.

According to the September 2023 rent roll, overall property
occupancy was 96.2%, relatively in line with the issuance occupancy
rate of 95.0%. The subject's market-rent units were 95.7% occupied
with an average rental rate of $5,883 per unit, while the
rent-stabilized units were 94.7% occupied with average rental rates
of $1,197 per unit. These figures are relatively in line with the
DBRS Morningstar concluded rental rates for the market-rent and
rent-stabilized units of $5,925 per unit and $1,127 per unit,
respectively. The commercial space remains 100% occupied with an
average rental rate of $35 per square foot. The collateral
continues to benefit from strong submarket fundamentals with Reis
reporting the Q3 2023 Midtown West submarket multifamily vacancy
and average effective rental rate at 4.6% and $5,508 per unit,
respectively.

Based on the servicer reported financials as of September 2023, the
loan reported a trailing 12-month (T-12) net cash flow (NCF) of
$27.1 million compared with the YE2022 NCF of $25.6 million and the
DBRS Morningstar NCF of $25.2 million. At issuance, DBRS
Morningstar derived a value of $430.8 million based on the DBRS
Morningstar NCF of $25.2 million and a capitalization rate of
5.85%, which is a 51.3% haircut from the issuance appraised value
of $885.2 million. The resulting DBRS Morningstar loan-to-value
(LTV) ratio was 92.8% on the mortgage loan and 125.3% when
factoring in the mezzanine loan. Positive qualitative adjustments
totaling 5.00% were applied to the LTV sizing at issuance to
account for limited cash flow volatility because of the property's
historically high occupancy, as well as the property's
above-average quality and good location within Midtown Manhattan.

While some rent-stabilized multifamily properties in the subject's
submarket have recently struggled with expense increases that have
outpaced their ability to place upward pressure on rents due to
legal constraints, the subject property benefits from a substantial
tax abatement in exchange for providing affordable housing to the
local community far outsizing the impacts of inflated expenses and
the foregone rent associated with the rent-stabilized units. In the
first 10 years alone, full taxes would have been $135.1 million,
while the abated taxes should approximate $1.8 million, or 1.3% of
the full tax amount. The percentage of full taxes owed under the
abatement declines gradually over time, and the abatement remains
fully in place through 2053.

Notes: All figures are in U.S. dollars unless otherwise noted.


COMM 2014-UBS3: DBRS Cuts Class F Certs Rating to C
---------------------------------------------------
DBRS Limited downgraded its credit ratings on seven classes of
Commercial Mortgage Pass-Through Certificates, Series 2014-UBS3
issued by COMM 2014-UBS3 Mortgage Trust as follows:

-- Class B to A (sf) from AA (sf)
-- Class X-B to BBB (sf) from A (high) (sf)
-- Class C to BBB (low) (sf) from A (sf)
-- Class PEZ to BBB (low) (sf) from A (sf)
-- Class D to BB (sf) from BBB (low) (sf)
-- Class E to CCC (sf) from BB (sf)
-- Class F to C (sf) from CCC (sf)

In addition, DBRS Morningstar confirmed its credit ratings on the
remaining classes as follows:

-- Class A-3 at AAA (sf)
-- Class A-4 at AAA (sf)
-- Class A-M at AAA (sf)
-- Class X-A at AAA (sf)
-- Class G at C (sf)

DBRS Morningstar changed the trends on Classes B, X-B, C, PEZ, and
D to Negative from Stable. Classes E, F, and G have credit ratings
that do not typically carry a trend in commercial mortgage-backed
securities (CMBS) credit ratings. The trends on Classes A-3, A-4,
A-M, and X-A are Stable.

The credit rating downgrades reflect DBRS Morningstar's increased
loss projections since the last credit rating action, primarily
attributed to two loans in special servicing that have received
updated appraisals, which have indicated value deterioration beyond
DBRS Morningstar's prior expectations. Additionally, as the deal is
in wind-down, with all remaining loans scheduled to mature in the
near term, DBRS Morningstar notes increased default risk for
maturing loans exhibiting weak credit metrics. The Negative trends
reflect the potential for additional defaults and future value
decline.

As of the December 2023 remittance, 36 of the original 49 loans
remain in the pool, representing a collateral reduction of 24.0%
since issuance. Thirteen loans, representing 21.8% of the pool,
have been fully defeased. As the transaction is in wind-down with
the vast majority of loans scheduled to mature in the first half of
2024, DBRS Morningstar's credit ratings are based on a
recoverability analysis. Loss expectations are driven by two loans
in special servicing, 1100 Superior Avenue (Prospectus ID#6, 5.7%
of the pool) and Executive Center IV (Prospectus ID#45, 0.4% of the
pool). DBRS Morningstar considered a liquidation scenario for both
of these assets based on a stress to the most recent appraised
values. In addition, four loans, representing an additional 30.6%
of the pool, exhibit elevated levels of distress and thus are
exposed to significant refinance risk as they near maturity.

1100 Superior Avenue is a Class B, 576,766-square-foot (sf) office
property in downtown Cleveland, Ohio. The loan transferred to the
special servicer in July 2021 for imminent monetary default
following long-standing occupancy concerns and difficulties
backfilling vacant space. As of the October 2023 rent roll, the
subject was 54.2% occupied. The largest tenant is the James B
Oswald Company (17.5% of the net rentable area (NRA), lease expiry
in July 2025) with no remaining tenant making up more than 9% of
the NRA. The asset became real estate owned in January 2023. The
most recent appraisal, dated August 2023, valued the property at
$16.7 million, down from the December 2022 appraised value of $26.0
million. Given the continued decline in value, the softening
submarket, and the asset's high vacancy, DBRS Morningstar
anticipates a significant loss at disposition, representing nearly
the full loan amount.

The State Farm Portfolio (Prospectus ID#2, 12.4% of the pool) is
pari passu with the COMM 2014-UBS4 (rated by DBRS Morningstar),
COMM 2014-UBS5 (rated by DBRS Morningstar), and MSBAM 2014-C16
transactions and is secured by a portfolio of 14
cross-collateralized, cross-defaulted office properties in 11
different states. The loan transferred to the special servicer in
September 2023 but remains current on its debt service payments.
Although DBRS Morningstar did not analyze this loan with a
liquidation scenario, given that the current workout strategy is
noted as full payoff, DBRS Morningstar remains cautious about the
loan's prospects of refinance given that the underlying assets are
dark. At issuance, the properties were 100% occupied by State Farm
Mutual Automobile Insurance Company (State Farm) with all but two
of the leases running through 2028. While the leases remain in
place and State Farm continues to make rent payments on all
properties, it has physically vacated every property. The loan has
an anticipated repayment date in April 2024, after which it is
scheduled to hyper amortize until April 2029. Rental income is
currently covering debt service with a reported YE2022 debt service
coverage ratio of 2.06 times.

Recent servicer commentary indicates that ongoing discussions
include potential partial defeasance, payoff of the loan,
modification, or property releases. DBRS Morningstar has asked for
further clarification on the noted workout strategies. Although the
evidence of borrower cooperation and various workout strategies are
promising, DBRS Morningstar considers the loan at increased risk of
maturity default given the large exposure to office space in
secondary markets and full vacancy of the underlying assets. Should
this loan default, DBRS Morningstar expects that an updated
appraisal will indicate significant value decline.

Other loans of concern not currently in special servicing include
Equitable Plaza (Prospectus ID#3, 11.0% of the pool) and the Solo
Cup loan (Prospectus ID#7, 5.9% of the pool). Equitable Plaza is
secured by a 688,292-sf office property in the Park Mile submarket
of Los Angeles. Occupancy has been in decline, dropping to 55.3% as
of June 2023 from 67% at YE2021 and 82% at YE2020. As of the June
2023 rent roll, leases representing an additional 27.4% of the NRA
are scheduled to expire by YE2024, posing risk for additional
vacancy. The tenancy at the subject is quite granular, with no
single tenant comprising more than 5.0% of the total NRA. Given the
historical lack of leasing activity and concentrated rollover in
the near to medium term, DBRS Morningstar notes an increased level
of credit risk as the loan approaches maturity in June 2024.

The Solo Cup loan is secured by a 1.6 million-sf warehouse and
distribution facility in University Park, Illinois, approximately
30 miles south of the Chicago central business district. The
subject was formerly leased to sole tenant Sweetheart Cup Company,
whose lease expired in September 2023. The tenant elected not to
exercise its extension option and reportedly vacated the property,
although the December 2023 servicer commentary noted the borrower
is in negotiations with the tenant to renew the lease on different
terms. While the property is easily demisable and in a core Midwest
market, the combination of the space being 100% vacant with an
upcoming February 2024 maturity puts the loan at increased risk of
default.

Notes: All figures are in U.S dollars unless otherwise noted.


CORNHUSKER FUNDING 1A: DBRS Confirms B Rating on Class C Notes
--------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on the Class A Notes, the
Class B Notes, and the Class C Notes (collectively, the Notes)
issued by Cornhusker Funding 1A LLC (the Issuer), pursuant to the
terms of the Indenture, dated as of April 22, 2022, between the
Issuer and U.S. Bank Trust Company, National Association as
follows:

-- Class A Notes at BBB (sf)
-- Class B Notes at BB (sf)
-- Class C Notes at B (sf)

At the same time, DBRS Morningstar removed the Under Review with
Developing Implications status of the credit ratings, where they
were placed on November 9, 2023.

The ratings on the Class A Notes, the Class B Notes, and the Class
C Notes address the ultimate payment of interest and ultimate
payment of principal on or before the Stated Maturity (as defined
in the Indenture).

The Notes are collateralized primarily by a portfolio of U.S.
middle-market corporate loans. The Issuer is managed by Mount Logan
Management, LLC (Mount Logan), which is a subsidiary of Mount Logan
Capital Inc. DBRS Morningstar considers Mount Logan to be an
acceptable collateralized loan obligation (CLO) manager.

Notes: All figures are in U.S. dollars unless otherwise noted.


CORNHUSKER FUNDING 1B: DBRS Confirms B Rating on Class C Notes
--------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on the Class A Notes, the
Class B Notes, and the Class C Notes (collectively, the Notes)
issued by Cornhusker Funding 1B LLC (the Issuer), pursuant to the
terms of the Indenture, dated as of April 22, 2022, between the
Issuer and U.S. Bank Trust Company, National Association as
follows:

-- Class A Notes at BBB (sf)
-- Class B Notes at BB (sf)
-- Class C Notes at B (sf)

At the same time, DBRS Morningstar removed the Under Review with
Developing Implications status of the credit ratings, where they
were placed on November 9, 2023.

The ratings on the Class A Notes, the Class B Notes, and the Class
C Notes address the ultimate payment of interest and ultimate
payment of principal on or before the Stated Maturity (as defined
in the Indenture).

The Notes are collateralized primarily by a portfolio of U.S.
middle-market corporate loans. The Issuer is managed by Mount Logan
Management, LLC (Mount Logan), which is a subsidiary of Mount Logan
Capital Inc. DBRS Morningstar considers Mount Logan to be an
acceptable collateralized loan obligation (CLO) manager.

CREDIT RATING RATIONALE/DESCRIPTION

The credit rating actions are a result of DBRS Morningstar's review
of the transaction performance and application of the "Global
Methodology for Rating CLOs and Corporate CDOs" (the CLO
Methodology), released on October 22, 2023. On November 9, 2023,
the credit ratings were placed Under Review with Developing
Implications to allow DBRS Morningstar to review the credit ratings
using the CLO Methodology. The Reinvestment Period ends on April 8,
2030. The Stated Maturity is September 15, 2036.

Notes: All figures are in U.S. dollars unless otherwise noted.


DIAMETER CAPITAL 4: S&P Assigns BB- (sf) Rating on Class D-R Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2A-R,
A-2B-R, B-R, C-1-R, C-2-R, and D-R replacement notes from Diameter
Capital CLO 4 Ltd./Diameter Capital CLO 4 LLC, a collateralized
loan obligation (CLO) originally issued in January 2023 that is
managed by Diameter CLO Advisors LLC.

On the Jan. 16, 2024, refinancing date, the proceeds from the
replacement notes were used to redeem the original notes. At that
time, S&P withdrew its ratings on the original notes and assigned
ratings to the replacement notes.

The replacement notes were issued via a supplemental indenture,
which outlines the terms of the replacement notes. According to the
supplemental indenture:

-- The replacement class A-1-R, A-2A-R, A-2B-R, B-R, C-1-R, C-2-R,
and D-R notes were issued at a lower spread than the original
notes.

-- The reinvestment period will be extended three years.

-- The stated maturity will be extended one year.

-- Of the identified underlying collateral obligations, 99.70%
have credit ratings (which may include confidential ratings,
private ratings, and credit estimates) assigned by S&P Global
Ratings.

-- Of the identified underlying collateral obligations, 91.78%
have recovery ratings (which may include confidential and private
ratings) assigned by S&P Global Ratings.

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults, and
recoveries upon default, under various interest rate and
macroeconomic scenarios. Our analysis also considered the
transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches.

"We will continue to review whether, in our view, the ratings
assigned to the notes remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Ratings Assigned

  Diameter Capital CLO 4 Ltd./Diameter Capital CLO 4 LLC

  Class A-1-R, $300.00 million: AAA (sf)
  Class A-2A-R, $62.50 million: AA (sf)
  Class A-2B-R, $10.00 million: AA (sf)
  Class B-R (deferrable), $34.00 million: A (sf)
  Class C-1-R (deferrable), $22.50 million: BBB (sf)
  Class C-2-R (deferrable), $6.00 million: BBB- (sf)
  Class D-R (deferrable), $16.25 million: BB- (sf)
  Subordinated notes, $42.85 million: Not rated

  Ratings Withdrawn

  Diameter Capital CLO 4 Ltd./Diameter Capital CLO 4 LLC

  Class A-1 to NR from AAA (sf)
  Class A-1L loans to NR from AAA (sf)
  Class A-1N to NR from AAA (sf)
  Class A-2A to NR from AA (sf)
  Class A-2B to NR from AA (sf)
  Class B (deferrable) to NR from A (sf)
  Class C-1 (deferrable)to NR from BBB (sf)
  Class C-2 (deferrable) to NR from BBB- (sf)
  Class D (deferrable) to NR from BB- (sf)



ELEMENTS NOTES: DBRS Confirms B Rating on Class D Notes
-------------------------------------------------------
DBRS Morningstar confirmed the following provisional credit ratings
on the Class A Notes, the Class B Notes, the Class C Notes, and the
Class D Notes (together, the Secured Notes) issued by Element Notes
Issuer LLC. The Secured Notes are issued pursuant to the Indenture,
dated July 28, 2023, entered into between Element Notes Issuer LLC,
as the Issuer and U.S. Bank Trust Company, National Association, as
Trustee:

-- Class A Notes at A (sf)
-- Class B Notes at BBB (sf)
-- Class C Notes at BB (low) (sf)
-- Class D Notes at B (sf)

At the same time, DBRS Morningstar removed the Under Review with
Developing Implications designations of the provisional credit
ratings, where they were placed on November 9, 2023.

The provisional credit rating on the Class A Notes addresses the
timely payment of interest (excluding any Defaulted Interest, as
defined in the Indenture) and the ultimate return of principal on
or before the Stated Maturity (as defined in the Indenture). The
provisional credit ratings on the Class B Notes, the Class C Notes,
and the Class D Notes address the ultimate payment of interest
(excluding any Defaulted Interest, as defined in the Indenture) and
the ultimate return of principal on or before the Stated Maturity
(as defined in the Indenture).

CREDIT RATING RATIONALE/DESCRIPTION

The credit rating actions are a result of DBRS Morningstar's review
of the transaction performance by applying the "Global Methodology
for Rating CLOs and Corporate CDOs" (the CLO Methodology), released
on October 22, 2023. On November 9, 2023, the credit ratings were
placed Under Review with Developing Implications to allow for DBRS
Morningstar to review the credit ratings using the CLO Methodology.
The Stated Maturity is July 25, 2035. The Reinvestment Period ends
on July 25, 2027. DBRS Morningstar expects to finalize its
provisional credit ratings on the Secured Notes on or after the
Effective Date, when the Eligibility Criteria, including the
Collateral Quality Tests are in compliance.

The Secured Notes are collateralized primarily by a portfolio of
U.S. middle-market corporate loans. Element Notes Issuer LLC is
managed by 26North Direct Lending II LP, an affiliate of 26 North
Partners LP. DBRS Morningstar considers 26North Direct Lending II
LP to be an acceptable middle-market corporate loan manager.

In its analysis, DBRS Morningstar considered the following aspects
of the transaction:
(1) The Indenture, dated as of July 28, 2023.
(2) The integrity of the transaction structure.
(3) DBRS Morningstar's assessment of the portfolio quality.
(4) Adequate credit enhancement to withstand projected collateral
loss rates under various cash flow stress scenarios.
(5) DBRS Morningstar's assessment of the origination, servicing,
and middle-market corporate loan management capabilities of 26North
Direct Lending II LP.

DBRS Morningstar monitors transaction performance metrics based on
the periodicity of the transaction's reporting. The performance
metrics include Collateral Quality Tests, Coverage Tests,
Concentration Limitations, and Performing Collateral Par. As of
November 30, 2023, the Borrower is failing each of the Interest
Coverage Ratio Tests and the Diversity Score Test, as the
transaction is still in its ramp up period and has not yet reached
the Effective Date. There were no defaulted obligations registered
in the underlying portfolio as of the November 30, 2023 trustee
report date. The current transaction performance is within DBRS
Morningstar's expectation, which supports the credit rating
confirmations on the Secured Notes.

Notes: All figures are in U.S. dollars unless otherwise noted.


ELLINGTON CLO IV: Moody's Lowers Rating on 2 Tranches to B2
-----------------------------------------------------------
Moody's Investors Service has upgraded the ratings on the following
notes issued by Ellington CLO IV, Ltd.:

US$32,775,000 Class D-1 Secured Deferrable Floating Rate Notes due
2029 (the "Class D-1 Notes"), Upgraded to A1 (sf); previously on
May 22, 2023 Upgraded to A2 (sf)

US$5,700,000 Class D-2-R Secured Deferrable Fixed Rate Notes due
2029 (the "Class D-2-R Notes"), Upgraded to A1 (sf); previously on
May 22, 2023 Upgraded to A2 (sf)

Moody's has also downgraded the ratings on the following notes:

US$44,450,000 Class E-1 Secured Deferrable Floating Rate Notes due
2029 (the "Class E-1 Notes"), Downgraded to B2 (sf); previously on
July 31, 2020 Confirmed at Ba3 (sf)

US$3,050,000 Class E-2-R Secured Deferrable Fixed Rate Notes due
2029 (the "Class E-2-R Notes"), Downgraded to B2 (sf); previously
on June 17, 2021 Assigned Ba3 (sf)

US$6,975,000 Class F-1 Secured Deferrable Floating Rate Notes due
2029 (the "Class F-1 Notes"), Downgraded to Caa3 (sf); previously
on May 22, 2023 Downgraded to Caa1 (sf)

US$150,000 Class F-2 Secured Deferrable Fixed Rate Notes due 2029
(the "Class F-2 Notes"), Downgraded to Caa3 (sf); previously on May
22, 2023 Downgraded to Caa1 (sf)

Ellington CLO IV, Ltd., originally issued in March 2019 and
partially refinanced in June 2021, is a managed cashflow CLO. The
notes are collateralized primarily by a portfolio of broadly
syndicated senior secured corporate loans. The transaction's
reinvestment period ended in April 2021.

A comprehensive review of all credit ratings for the respective
transaction has been conducted during a rating committee.

RATINGS RATIONALE

The upgrade rating actions on the Class D-1 and Class D-2-R notes
are primarily a result of deleveraging of the senior notes since
May 2023. The Class A-R notes have been paid down by approximately
84.1% or $32.5 million since then.

The downgrade rating actions on the Class E-1, Class E-2-R, Class
F-1 and Class F-2 notes reflect the specific risks to the notes
posed by par loss observed in the underlying CLO portfolio. Based
on Moody's calculation, the OC ratios for the Class E and Class F
notes are currently 104.61% and 100.07% versus May 2023 levels of
113.53% and 109.60%, respectively.

No actions were taken on the Class A-R, Class B-R and Class C-R
notes because their expected losses remain commensurate with their
current ratings, after taking into account the CLO's latest
portfolio information, its relevant structural features and its
actual over-collateralization and interest coverage levels.

Moody's modeled the transaction using a cash flow model based on
the Binomial Expansion Technique, as described in "Moody's Global
Approach to Rating Collateralized Loan Obligations."

The key model inputs Moody's used in its analysis, such as par,
weighted average rating factor, diversity score, weighted average
spread, and weighted average recovery rate, are based on its
published methodology and could differ from the trustee's reported
numbers. For modeling purposes, Moody's used the following
base-case assumptions:

Performing par and principal proceeds balance: $152,163,576

Defaulted par: $56,446,229

Diversity Score: 20

Weighted Average Rating Factor (WARF): 4380

Weighted Average Spread (WAS) (before accounting for reference rate
floors): 4.96 %

Weighted Average Coupon (WAC): 10.00%

Weighted Average Recovery Rate (WARR): 44.38%

Weighted Average Life (WAL): 2.6 years

Par haircut in OC tests and interest diversion test in base case
downgrade scenario: 5.37%

In addition to base case analysis, Moody's ran additional scenarios
where outcomes could diverge from the base case. The additional
scenarios consider one or more factors individually or in
combination, and include: defaults by obligors whose low ratings or
debt prices suggest distress, defaults by obligors with potential
refinancing risk, deterioration in the credit quality of the
underlying portfolio, decrease in overall WAS or net interest
income, lower recoveries on defaulted assets.

Methodology Used for the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Collateralized Loan Obligations" published in
December 2021.            

Factors that Would Lead to an Upgrade or Downgrade of the Ratings:

The performance of the rated notes is subject to uncertainty. The
performance of the rated notes is sensitive to the performance of
the underlying portfolio, which in turn depends on economic and
credit conditions that may change. The Manager's investment
decisions and management of the transaction will also affect the
performance of the rated notes.


GEMINI NOTES: DBRS Confirms B Rating on Class D Notes
-----------------------------------------------------
DBRS Morningstar confirmed the following provisional credit ratings
on the Class A Notes, the Class B Notes, the Class C Notes, and the
Class D Notes (together, the Secured Notes) issued by Gemini Notes
Issuer LLC. The Secured Notes are issued pursuant to the Indenture,
dated July 28, 2023, entered into between Gemini Notes Issuer LLC,
as the Issuer and U.S. Bank Trust Company, National Association, as
Trustee:

-- Class A Notes at A (sf)
-- Class B Notes at BBB (sf)
-- Class C Notes at BB (low) (sf)
-- Class D Notes at B (sf)

At the same time, DBRS Morningstar removed the Under Review with
Developing Implications designations of the provisional credit
ratings, where they were placed on November 9, 2023.

The provisional credit rating on the Class A Notes addresses the
timely payment of interest (excluding any Defaulted Interest, as
defined in the Indenture) and the ultimate return of principal on
or before the Stated Maturity (as defined in the Indenture). The
provisional credit ratings on the Class B Notes, the Class C Notes,
and the Class D Notes address the ultimate payment of interest
(excluding any Defaulted Interest, as defined in the Indenture) and
the ultimate return of principal on or before the Stated Maturity
(as defined in the Indenture).

CREDIT RATING RATIONALE/DESCRIPTION

The credit rating actions are a result of DBRS Morningstar's review
of the transaction performance by applying the "Global Methodology
for Rating CLOs and Corporate CDOs" (the CLO Methodology), released
on October 22, 2023. On November 9, 2023, the credit ratings were
placed Under Review with Developing Implications to allow for DBRS
Morningstar to review the credit ratings using the CLO Methodology.
The Stated Maturity is July 25, 2035. The Reinvestment Period ends
on July 25, 2027. DBRS Morningstar expects to finalize its
provisional credit ratings on the Secured Notes on or after the
Effective Date, when the Eligibility Criteria, including the
Collateral Quality Tests are in compliance.

The Secured Notes are collateralized primarily by a portfolio of
U.S. middle-market corporate loans. Gemini Notes Issuer LLC is
managed by 26North Direct Lending II LP, an affiliate of 26 North
Partners LP. DBRS Morningstar considers 26 North Direct Lending II
LP to be an acceptable middle-market corporate loan manager.

In its analysis, DBRS Morningstar considered the following aspects
of the transaction:
(1) The Indenture, dated as of July 28, 2023.
(2) The integrity of the transaction structure.
(3) DBRS Morningstar's assessment of the portfolio quality.
(4) Adequate credit enhancement to withstand projected collateral
loss rates under various cash flow stress scenarios.
(5) DBRS Morningstar's assessment of the origination, servicing,
and middle-market corporate loan management capabilities of 26North
Direct Lending II LP.

DBRS Morningstar monitors transaction performance metrics based on
the periodicity of the transaction's reporting. The performance
metrics include Collateral Quality Tests, Coverage Tests,
Concentration Limitations, and Performing Collateral Par. As of
October 31, 2023, the Borrower is failing each of the Interest
Coverage Ratio Tests and the Diversity Score Test, as the
transaction is still in its ramp up period and has not yet reached
the Effective Date. There were no defaulted obligations registered
in the underlying portfolio as of the October 31, 2023 trustee
report date. The current transaction performance is within DBRS
Morningstar's expectation, which supports the credit rating
confirmations on the Secured Notes.

Notes: All figures are in U.S. dollars unless otherwise noted.


GS MORTGAGE 2010-C1: DBRS Confirms C Rating on Class D Certs
------------------------------------------------------------
DBRS Limited confirmed its credit ratings on all classes of the
Commercial Mortgage Pass-Through Certificates, Series 2010-C1
issued by GS Mortgage Securities Trust, 2010-C1 as follows:

-- Class B at AAA (sf)
-- Class C at A (high) (sf)
-- Class D at C (sf)

The trends on Classes B and C are Stable. Class D is assigned a
credit rating that does not typically carry a trend in commercial
mortgage-backed securities (CMBS) credit ratings.

The credit rating confirmations reflect the stable performance
outlook and recoverability expectations for the two remaining loans
in the transaction, Mall at Johnson City (Prospectus ID#6, 53.9% of
current pool balance) and Grand Central Mall (Prospectus ID#7,
46.1% of the current pool balance). As the pool continues to wind
down, DBRS Morningstar looked to a recovery analysis for the loans.
Both properties were reappraised in 2019 and 2020, with values that
were below issuance figures but still above the outstanding loan
amounts. Even with a haircut to the most recent values, the
recoverability analysis suggested the two most senior rated
certificates in the pool are generally well protected against loss
considering the $37.7 million of cushion below Class C, therefore
supporting the credit rating confirmations and Stable trends.

The sponsor for both loans is Washington Prime Group Inc. (WPG), a
real estate investment trust that invests primarily in retail
properties. WPG had filed for Chapter 11 bankruptcy protection in
June 2021 but emerged in October 2021 upon reorganizing its
business. Both of the subject properties were considered core
assets at the time of the bankruptcy filing, suggesting a
longer-term commitment as compared with those categorized in lower
tiers.

Mall at Johnson City is a regional mall in Johnson City, Tennessee,
located approximately 120 miles from Knoxville. The loan was
modified in December 2019 to extend the maturity to May 2023, with
two one-year extension options available, and the first option was
exercised and extended the maturity to May 2024. In order to
exercise an extension, the borrower was required to pass a debt
yield test of 11.5% based on the net operating income (NOI) and pay
a fee to the special servicer. As of the most recent financial
reporting, the loan would meet the required threshold needed to
satisfy the second extension option, with a YE2022 and trailing
nine months (T-9) ending September 2023 annualized NOI debt yield
of 16.7% and 15.5%, respectively. Other terms of the modification
required the borrower to make a $5.0 million principal curtailment
that was due in May 2020, deposit an additional $10.0 million into
various reserves, and remain in cash management.

According to the September 2023 rent roll, the occupancy rate at
the property was 97.4%, marginally higher than the prior year's
figure of 96.7%. Anchor tenants include JCPenney, Belk Home Store,
Belk for Her, and Dick's Sporting Goods. Tenant rollover risk
within the next 12 months is minimal at 6.2% of the net rentable
area (NRA). Forever 21 (4.3% of NRA) had a lease expiration in
January 2023 but continues to be open for business, suggesting the
tenant is likely on a month-to-month lease; however, the rent roll
indicates that the tenant does not pay any base rent at the
property. Tenant sales of $242.65 per square foot (psf) for the
trailing 12-month (T-12) period ending August 31, 2023, were higher
than the previously reported figure of $192.59 for the T-12 period
ending August 31, 2022. Annualized net cash flow (NCF) for the T-9
period ending September 30, 2023, was reported to be $5.9 million
(a debt service coverage ratio (DSCR) of 1.78 times (x)), lower
than the YE2022 figure of $6.4 million (a DSCR of 1.93x), but
relatively in line with the YE2021 figure of $5.8 million (a DSCR
of 1.75x). The subject was last appraised in September 2019 at a
value of $52.0 million; although a decline from the issuance value
of $88.5 million, it still covers the outstanding loan balance of
$40.7 million.

Grand Central Mall is a regional mall in Vienna, West Virginia,
which is located along the Ohio-West Virginia border. The loan was
modified to extend the maturity to July 2023, with two additional
one-year extension options, pursuant to the loan meeting an 11.0%
NOI debt yield. The borrower has exercised its first one-year
extension option, pushing the current maturity date to July 2024.
As of the most recent financial reporting, the loan would meet the
required threshold to satisfy the second extension option, with a
YE2022 and T-9 period ending September 30, 2023, annualized NOI
debt yield of 22.8% and 22.5%, respectively. Per the September 2023
rent roll, the property was 98.1% occupied. The three largest
tenants are JC Penney, Belk, and Dunham's Sporting Goods. Scheduled
lease rollover within the next 12 months is minimal, with leases
representing 3.6% of NRA set to roll. Tenant sales of $187.91 psf
are below the prior year's figure of $209.84 psf; however, NCF for
the T-9 period ending September 30, 2023, was reported to be $6.7
million (DSCR of 2.06x), in line with the YE2022 figure of $6.8
million (a DSCR of 2.09x), and higher than the issuance figure of
$6.3 million (DSCR of 1.95x). The property was last appraised in
May 2020 at a value of $45.0 million, a decline from the issuance
value of $83.5 million but still above the outstanding loan amount
of $34.8 million.

Notes: All figures are in U.S. dollars unless otherwise noted.


GS MORTGAGE 2013-GC10: DBRS Confirms C Rating on Class F Certs
--------------------------------------------------------------
DBRS Limited confirmed the credit ratings on all classes of
Commercial Mortgage Pass-Through Certificates, Series 2013-GC10
issued by GS Mortgage Securities Trust 2013-GC10 as follows:

-- Class X-B at AA low (sf)
-- Class C at A high (sf)
-- Class D at BBB (sf)
-- Class E at CCC (sf)
-- Class F at C (sf)

All trends are Stable, except for Classes E and F, which have
credit ratings that do not generally carry a trend in commercial
mortgage-backed security (CMBS) credit ratings. Although the
transaction is in wind down, with significant credit support in the
remaining structure for the Class C and D certificates, as well as
the full balance of the unrated first loss Class G certificate
remaining with no losses incurred by the pool to date, DBRS
Morningstar notes all three remaining loans in the pool are
exhibiting increased credit risks due to performance declines
and/or recent defaults. As such, the analysis for this review
considered liquidation scenarios for all three loans and, based on
those scenarios, DBRS Morningstar expects losses will be realized
through the Class F certificate. The resulting reduction in credit
support, as well as the transaction's concentrated exposure to the
remaining collateral, support the rating confirmations with this
review.

As of the December 2023 remittance, the transaction had an
aggregate balance of $126.5 million, representing a collateral
reduction of 85.3% since issuance. Two loans, One Technology Plaza
(Prospectus ID#13, 9.6% of the current pool balance) and 701
Technology Drive (Prospectus ID#15, 10.0% of the current pool
balance), are in special servicing. The Empire Hotel & Retail loan
is secured by a full-service hotel and ground-floor retail space in
New York. The loan was previously in special servicing between June
2021 and September 2022, when it was returned to the master
servicer after a loan modification was granted that included a
principal paydown of 5.0%, and a conversion to interest-only
payments for the remainder of the term, as well as a reduction in
interest rate for 18 months. This modification contributed to the
interest shortfalls that previously affected Class E (until May
2023) and remain outstanding for the Class F certificate. Half of
the past due interest was repaid at the closing of the loan
modification, with the remainder to be repaid at maturity, with the
balance fully guaranteed by the guarantor. The loan modification
also included a two-year maturity extension option, which the
borrower has exercised; the loan is now scheduled to mature in
January 2025. Moreover, the loan modification required all excess
cash to be swept into a reserve account, which reported a balance
of $17.2 million as of the December 2023 reserve report, with a
total of $25.2 million held across reserves.

The subject was most recently valued at $165.0 million in July
2022, representing an increase from the August 2021 value of $137.0
million, but still a 58.0% decline from the issuance value of
$393.0 million and representative of a loan-to-value (LTV) ratio of
98.5% (based on the outstanding whole-loan balance as of the
December 2023 remittance). As of the most recent STR report, the
property reported a trailing 12 (T-12) months ended September 30,
2023, occupancy rate, average daily rate (ADR), and revenue per
available room (RevPAR) of 79.4%, $267.18, and $212.14,
respectively. While these figures are comparable to pre-pandemic
figures from December 2019, the property is still underperforming
its competitive set with RevPAR penetration of 90.5%. The T-12
ended June 30, 2023, financial statement analysis showed a debt
service coverage ratio (DSCR) of 1.18 times (x), compared with
YE2022 DSCR of 1.06x, and YE2021 DSCR of -0.12x. While the
improvements in performance are noteworthy, the DSCR remains quite
low and the high LTV based on the July 2022 appraisal is indicative
of significantly increased risks for this loan. Based on a
liquidation scenario that considered a haircut to the 2022
appraisal, DBRS Morningstar expects a loss will be realized at the
loan's ultimate resolution.

The One Technology Plaza loan (Prospectus ID#13; 9.6% of the pool
balance) is secured by an office property in Peoria, Illinois, and
was transferred to special servicing in December 2021 for imminent
monetary default. The loan became real-estate owned as of March
2023 and was listed for sale in October 2023 but failed to trade.
Though a recent rent roll was not provided, according to listings
on Commercial Search, 95,381 square feet (sf) at the subject is
currently being advertised for leasing, implying an estimated
occupancy rate of 35.6%. The subject was reappraised in August 2023
at $5.4 million, representing a 76.2% decline from the issuance
value of $22.7 million and representing an LTV ratio of 218.9% on
the loan's remaining balance. Based on a significant haircut to the
updated value, which was derived based on the property location and
lack of investor demand for the property type in that market, DBRS
Morningstar believes the loss severity will approach 90% at
resolution.

Notes: All figures are in U.S. dollars unless otherwise noted.


JORDAN NOTES: DBRS Confirms B Rating on Class D Notes
-----------------------------------------------------
DBRS Morningstar confirmed the following provisional credit ratings
on the Class A Notes, the Class B Notes, the Class C Notes, and the
Class D Notes (together, the Secured Notes) issued by Jordan Notes
Issuer LLC. The Secured Notes are issued pursuant to the Indenture,
dated July 28, 2023, entered into between Jordan Notes Issuer LLC,
as the Issuer and U.S. Bank Trust Company, National Association, as
Trustee:

-- Class A Notes at A (sf)
-- Class B Notes at BBB (sf)
-- Class C Notes at BB (low) (sf)
-- Class D Notes at B (sf)

At the same time, DBRS Morningstar removed the Under Review with
Developing Implications designations of the provisional credit
ratings, where they were placed on November 9, 2023.

The provisional credit rating on the Class A Notes addresses the
timely payment of interest (excluding any Defaulted Interest, as
defined in the Indenture) and the ultimate return of principal on
or before the Stated Maturity (as defined in the Indenture). The
provisional credit ratings on the Class B Notes, the Class C Notes,
and the Class D Notes address the ultimate payment of interest
(excluding any Defaulted Interest, as defined in the Indenture) and
the ultimate return of principal on or before the Stated Maturity
(as defined in the Indenture).

CREDIT RATING RATIONALE/DESCRIPTION

The credit rating actions are a result of DBRS Morningstar's review
of the transaction performance by applying the "Global Methodology
for Rating CLOs and Corporate CDOs" (the CLO Methodology), released
on October 22, 2023. On November 9, 2023, the credit ratings were
placed Under Review with Developing Implications to allow for DBRS
Morningstar to review the credit ratings using the CLO Methodology.
The Stated Maturity is July 25, 2035. The Reinvestment Period ends
on July 25, 2027. DBRS Morningstar expects to finalize its
provisional credit ratings on the Secured Notes on or after the
Effective Date, when the Eligibility Criteria, including the
Collateral Quality Tests are in compliance.

The Secured Notes are collateralized primarily by a portfolio of
U.S. middle-market corporate loans. Jordan Notes Issuer LLC is
managed by 26 North Direct Lending II LP, an affiliate of 26North
Partners LP. DBRS Morningstar considers 26North Direct Lending II
LP to be an acceptable middle-market corporate loan manager.

Notes: All figures are in U.S. dollars unless otherwise noted.


JP MORGAN 2021-410T: DBRS Cuts Class D Certs Rating to B
--------------------------------------------------------
DBRS Limited downgraded its credit ratings on three classes of
Commercial Mortgage Pass-Through Certificates, Series 2021-410T
issued by J.P. Morgan Chase Commercial Mortgage Securities Trust
2021-410T as follows:

-- Class C to BB (sf) from A (low) (sf)
-- Class D to B (sf) from BBB (high) (sf)
-- Class HRR to B (low) (sf) from BBB (sf)

In addition, DBRS Morningstar confirmed its credit ratings on the
remaining classes as follows:

-- Class A at AAA (sf)
-- Class B at AA (low) (sf)
-- Class X-A at AA (sf)

The credit ratings on all classes have been removed from Under
Review with Negative Implications, where they were placed on March
24, 2023. All classes carry Negative trends.

The transaction is collateralized by a 20-story, Class A office
building in Manhattan's Hudson Yards submarket on 10th Avenue
between 33rd Street and 34th Street. The credit rating downgrades
and Negative trends reflect the increased risks to the transaction,
following the early lease termination of the property's
second-largest tenant, First Republic Bank (First Republic). In May
2023, the U.S. government announced it had taken control of First
Republic and sold the bank to JPMorgan Chase Bank, N.A. (JPM; rated
AA with a Stable trend by DBRS Morningstar and most recently
confirmed on December 6, 2023). JPM bought most of First Republic's
assets in May 2023 but did not acquire the subject lease. The
Federal Deposit Insurance Corporation (FDIC) took possession of
First Republic's 211,521 square foot (sf) lease in September 2023
and ultimately negotiated a termination agreement with the
landlord, 601W Companies. First Republic's lease formerly
represented 33.5% of the property's net rentable area (NRA).

At issuance, DBRS Morningstar considered First Republic to be a
long-term, investment-grade tenant, with credit given to rent steps
in the tenant's lease over the loan term. As part of this review,
DBRS Morningstar reanalyzed the collateral's cash flow stream based
on the in-place tenancy and expected lease-up costs of the vacant
First Republic space. The analysis concluded to a stabilized
occupancy rate of 85.0%, with the resulting as-is value decline
suggesting that the lower rated certificates in the pool could be
exposed to loss, as further detailed below. The exposure to
potential loss is further amplified by the transaction's structure
as Classes HRR and D are both quite small relative to the rest of
the classes in the structure, with credit enhancement of less than
5.0% for the Class D certificate. The Class C balance of $126.0
million is substantial, further supporting DBRS Morningstar's
analysis, which continues to imply that the higher-rated
certificates (Classes A and B) are generally well insulated against
loss with credit enhancement levels of 44.0% and 30.0%,
respectively. Additional mitigating factors that support the rating
confirmations include strong institutional sponsorship, a prime
location in a premier New York office market, and the lack of
significant rollover risk during the remaining loan term. Moreover,
the loan's anticipated repayment date (ARD) in January 2028, will
provide the sponsor a fair amount of time to backfill First
Republic's vacant space and work toward stabilization.

The collateral property, which totals 631,944 sf, was originally
built in 1927 and recently underwent a complete redevelopment
overseen by the prior owner, SL Green, in 2020. The current
sponsor, 601W Companies, acquired the property, formerly known as
the Master Printers Building, for $952.5 million from SL Green.
Whole loan proceeds of $705 million consist of seven senior A notes
totaling $408 million, one junior B note totaling $157 million, a
senior mezzanine loan totaling $20 million, and one junior
mezzanine loan totaling $120 million. Six of the seven senior A
notes and the junior B note are securitized in this transaction.
The loan is interest only (IO) throughout its fully extended
10-year term. The terms of the ARD require that, should the loan
remain outstanding beyond that date, it will incur additional
interest and will begin hyper-amortizing, with the fully extended
maturity date occurring in March 2032. However, should the former
First Republic space remain vacant, DBRS Morningstar notes that
there would likely be no excess cash flow available to
hyper-amortize the loan.

The two largest remaining tenants at the property are Amazon.com,
Inc. (Amazon) (53.1% of the NRA, lease expiry in May 2037) and
Related (11.3% of the NRA, lease expiry in 2045). Both tenants have
termination options beginning in 2030 and every subsequent five
years. Related can terminate its lease with 18 months' notice and
no termination penalty. Amazon will be eligible to exercise its
one-time termination option in 2032, approximately four years after
the anticipated repayment date in 2028 and during the year of the
loan's maturity. Amazon's termination fee would be equal to the sum
of unamortized brokerage commissions, landlord's contribution, rent
abatement applicable to terminated premises, and six months' fixed
annual rent for the terminated premises. The loan is currently cash
managed as a result of First Republic's lease termination. Per the
loan agreement, in the event of a tenant trigger, the lender will
continue to sweep excess cash until such time the cumulative amount
being held in the excess cash flow reserve fund exceeds $100 per
sf. While structural features, such as lockbox triggers and cash
flow sweeps, help to mitigate some of these concerns, it is
important to note that these mechanisms do not always result in a
significant (or at times any) monetary hedge. Although the property
is expected to generate positive cash flow, even after First
Republic's departure, the cash flow sweep is unlikely to produce a
meaningful monetary cushion, given the amount of excess cash
available, if any, will be limited.

The servicer reported a trailing nine months ended September 2023
occupancy rate of 98.2% and net cash flow (NCF) (annualized) of
$46.2 million, with a debt service coverage ratio (DSCR) of 2.12
times (x). These figures do not reflect First Republic's departure
and as such, the property's physical occupancy rate is likely
65.0%. First Republic formerly accounted for 38.0% of the base
rent, suggesting that the DSCR has declined considerably. DBRS
Morningstar estimates the coverage now remains marginally above
breakeven at approximately 1.1x. According to Q3 2023 Reis data,
Class A properties within a one-mile radius reported vacancy and
average rental rates of 10.0% and $84.05 per square foot (psf),
respectively, compared with the subject property's average rental
rate of $81.85 psf.

Despite the generally challenging economic conditions and the
adoption of remote and hybrid, work which continues to place
downward pressure on the office sector, DBRS Morningstar believes
that the ultimate beneficiaries will be higher quality assets with
well capitalized sponsors that can weather short-to-medium term
disruptions. With this review, DBRS Morningstar considered a
stabilized property value of $539.3 million, which is a -19.0% and
-44.0% variance from the DBRS Morningstar value and appraised value
derived at issuance, respectively. The updated DBRS Morningstar
value implies a loan-to-value (LTV) ratio of 75.7% on the senior
debt, and an LTV of 105.0% based on the total mortgage debt amount
of $565.0 million (compared with the LTV of 85.0%, based on the
DBRS Morningstar value at issuance). The leverage increases
substantially to an all-in DBRS Morningstar LTV of 131.0% when
factoring in both the senior and junior mezzanine loans. With this
credit rating action, DBRS Morningstar removed the positive
qualitative adjustment of 2.75% applied at issuance for low cash
flow volatility and maintained positive qualitative adjustments to
the LTV sizing benchmarks totaling 5.0% to account for property
quality and market fundamentals.

The DBRS Morningstar rating assigned to Classes A, B, and C are
higher than the results implied by the LTV sizing benchmarks by
more than three notches. The variance is warranted given the
higher-rated certificates are generally well insulated against loss
as suggested by the value analysis for this review. In addition,
the loan's ARD in January 2028 will provide the sponsor a fair
amount of time to backfill First Republic's vacant space and work
toward stabilization. DBRS Morningstar will continue to monitor
this transaction for updates.

Notes: All figures are in U.S. dollars unless otherwise noted.


KSL COMMERCIAL 2023-HT: DBRS Finalizes BB(high) on HRR Certs
------------------------------------------------------------
DBRS, Inc. finalized its provisional ratings on the following
classes of Commercial Mortgage Pass-Through Certificates, Series
2023-HT (the Certificates) issued by KSL Commercial Mortgage Trust
2023-HT.

-- Class A at AAA (sf)
-- Class X-CP at AAA (sf)
-- Class X-NCP at AAA (sf)
-- Class B at AA (high)
-- Class C at AA (low)
-- Class D at A (low)
-- Class E at BBB (low)
-- Class HRR at BB (high)

All trends are Stable.

The KSL Commercial Mortgage Trust 2023-HT (KSL 2023-HT) transaction
is secured by the fee-simple and/or leasehold interests in 19
hospitality properties across six states and Washington, D.C. The
portfolio consists of 3,102 total keys, including seven properties
(732 keys, representing 29.0% of ALA). As independent brands; six
properties (1,228 keys, representing 38.5% of ALA) operating under
the Marriott brand family; three properties (549 keys, representing
15.3% of ALA) operating under the Hilton brand family; two
properties (365 keys, representing 11.3% of ALA) operating under
the Hyatt brand family; and one property (228 keys, representing
5.9% of ALA) operating under the IHG brand family. The properties
were constructed between 1904 and 2015 and have a WA year built of
1990 and WA renovation year of 2020.

The subject financing of $736.0 million, along with a $204.0
mezzanine loan, $375.6 equity infusion from the transaction
sponsor, and $47.4 million of rolled preferred equity from the
seller, Hersha Hospitality Trust, will facilitate the $1.18 billion
acquisition price, establish a $25.5 million upfront PIP reserve,
and cover closing and financing costs totaling approximately $157.4
million. The loan is a two-year floating-rate (one-month Secured
Overnight Financing Rate (SOFR) plus 3.668% per annum) IO mortgage
loan with three one-year extension options. The Borrower is
expected to purchase an interest rate cap agreement through
December 15, 2025, with a one-month Term SOFR strike price of
3.911%.

The transaction sponsor is an affiliate of KSL Capital Partners
(KSL). KSL is a private equity firm specializing in equity and debt
investing in U.S. and international travel and leisure enterprises,
spread across five primary sectors: hospitality, recreation, clubs,
real estate, and travel services. KSL has been an industry leader
for its 30 years of operation by strategically acquiring lodging
and leisure-oriented assets and implementing management to help
drive cash flow. Since 2005, KSL has raised more than $21 billion
worth of capital commitments that focus solely on its travel and
leisure endeavors, investing in more than 150 businesses across the
world.

The properties in the portfolio were constructed between 1904 and
2015. Since 2016, approximately $194.6 million in capex was
invested in the properties. An additional $34.6 million ($30,687
per room) of planned capex is budgeted for six of the properties
for 2024 through 2026. The planned capex is part of brand-mandated
PIPs over the fully extended five-year loan term, which will
partially be funded by a $25.5 million upfront PIP reserve. In
addition to the upfront PIP reserve, the loan has been structured
with a $10.0 million LOC from the sponsor to fund the remaining
portion of the planned renovations. Once/if performed, these
improvements would allow the portfolio to maintain its competitive
position and improve its overall financial performance. DBRS
Morningstar applied a $10.0 million DBRS Morningstar value
adjustment to recognize the PIP shortfall during the initial loan
term.

The properties by NCF for the T-12 period ended October 31, 2023,
are The Envoy Hotel, Autograph Collection, which represents
approximately 9.8% of the T-12 October 2023 NCF; The Cadillac Hotel
& Beach Club, Autograph Collection, which represents approximately
9.7% of the T-12 October 2023 NCF; and the Hilton Garden Inn New
York-Midtown East, which represents approximately 9.1% of the T-12
October 2023 NCF. No other property represents more than
approximately 9.0% of portfolio NCF. The properties average
approximately 163 keys and the largest hotel, The Cadillac Hotel &
Beach Club, Autograph Collection, contains 357 keys, or
approximately 11.5% of the total aggregate keys in the portfolio.
The portfolio is located across six states and Washington, D.C.,
with the largest concentration by ALA in New York and Florida,
which account for approximately 35.0% and 24.3% of the loan balance
by ALA, respectively. The third-largest concentration is in
Pennsylvania, which accounts for approximately 11.5% of the loan
balance by ALA, with no other state accounting for more than 10.0%
of the loan balance by ALA. Most of these markets represent DBRS
Market rank of 7 or 8 with a weighted average Market rank of 6.1.
The locations within these markets are primarily
high-barrier-to-entry urban markets that benefit from increased
liquidity driven by consistently strong investor demand, even
during times of economic stress.

In 2019, prior to the Coronavirus Disease (COVID-19) pandemic, the
portfolio averaged 82.6% occupancy and reported WA ADR and RevPAR
of $249.31 and $205.88, respectively. While occupancy has declined,
the sponsor has been successful in recovering ADR to above its
pre-pandemic historical average. As of the T-12 period ended
October 31, 2023, WA RevPAR penetration for the portfolio was
102.1% based on occupancy of 72.8%, ADR of $292.34, and RevPAR of
$212.96. Based on a stabilized occupancy of 74.5% and ADR of
$291.42, DBRS Morningstar concluded RevPAR of $216.97. DBRS
Morningstar's concluded NCF and value for the portfolio reflect a
stabilized occupancy assumption of 74.5%, which is above the
portfolio's 72.8% occupancy for the T-12 period ended October 31,
2023, but still well below the 82.6% achieved in 2019. The
portfolio NCFs of $85.9 million and $84.2 million reported as of
YE2022 and the T-12 period ended October 31, 2023, respectively,
which is significantly higher than the -$11.2 million and $46.7
million NCFs reported as of YE2020 and YE2021, respectively. While
the portfolio NCF decline from YE2022 to the T-12 period, this is
the result of ongoing renovations at a number of the properties,
particularly the Winter Haven Hotel being completely closed and not
reopening until the end of November 2023. As of the T-12 ended
October 31, 2023, the portfolio has surpassed pre-pandemic RevPAR
levels by 3.4%, which is depressed as several of the properties
have not been able to capitalize on on-going renovations. DBRS
Morningstar elected to stabilize the portfolio and assumed
occupancy generally in line with 2024 projections for the
stabilizing assets, given that these figures are more conservative
compared with the assets' pre-pandemic performance, the nationally
recognized brand affiliation of the properties as well as their
steady pre-pandemic operating history, experienced management by
nationally recognized management companies, strong overall
locations and KSL's sponsorship. Although certain assets in the
portfolio that are more reliant on business and group demand
experience a slower recovery, others that are more focused on
transient customers continue to see rapid improvement.

DBRS Morningstar's credit rating on the Certificates addresses the
credit risk associated with the identified financial obligations in
accordance with the relevant transaction documents. The associated
financial obligations are listed at the end of this Press Release.

DBRS Morningstar's credit rating does not address non-payment risk
associated with contractual payment obligations contemplated in the
applicable transaction document(s) that are not financial
obligations. For example, Yield Maintenance Premium.

DBRS Morningstar's long-term credit ratings provide opinions on
risk of default. DBRS Morningstar considers risk of default to be
the risk that an issuer will fail to satisfy the financial
obligations in accordance with the terms under which a long-term
obligation has been issued. The DBRS Morningstar short-term debt
rating scale provides an opinion on the risk that an issuer will
not meet its short-term financial obligations in a timely manner.

Notes: All figures are in U.S. dollars unless otherwise noted.


LENDMARK FUNDING: DBRS Confirms Ratings on Five Trust Transactions
------------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on five Lendmark Funding
Trust transactions.

The Ratings are:

Debt Rated  Rating            Action
----------  ------            ------
Lendmark Funding Trust 2020-2

Class A    AA (sf)            Confirmed
Class B    A (sf)             Confirmed
Class C    BBB (high) (sf)    Confirmed
Class D    BB (high) (sf)     Confirmed

Lendmark Funding Trust 2021-1

Class A    AA (sf)            Confirmed
Class B    A (sf)             Confirmed
Class C    BBB (sf)           Confirmed
Class D    BB (sf)            Confirmed

Lendmark Funding Trust 2021-2

Class A    AA (sf)            Confirmed
Class B    A (high) (sf)      Confirmed
Class C    BBB (high) (sf)    Confirmed
Class D    BB (high) (sf)     Confirmed

Lendmark Funding Trust 2022-1

Class A    AAA (sf)          Confirmed
Class B    AAA (sf)          Confirmed
Class C    AA (high) (sf)    Confirmed
Class D    A (sf)            Confirmed
Class E    BBB (low) (sf)    Confirmed

Lendmark Funding Trust 2023-1

Class A Notes   AAA (sf)     Confirmed
Class B Notes   AA (sf)      Confirmed
Class C Notes   A (sf)       Confirmed
Class D Notes   BBB (sf)     Confirmed

The confirmations are based on the following analytical
considerations:

-- The transaction assumptions consider DBRS Morningstar's
baseline macroeconomic scenarios for rated sovereign economies,
available in its commentary Baseline Macroeconomic Scenarios For
Rated Sovereigns - December 2023 Update, published on December 19,
2023. These baseline macroeconomic scenarios replace DBRS
Morningstar's moderate and adverse COVID-19 pandemic scenarios,
which were first published in April 2020.

-- The level of hard credit enhancement in the form of
overcollateralization, subordination, and amounts held in reserve
fund available in the transactions. Hard credit enhancement and
estimated excess spread are sufficient to support DBRS
Morningstar's current rating levels.

-- The collateral performance to date and DBRS Morningstar's
assessment of future performance.

-- The transaction parties' capabilities with regard to
origination, underwriting, and servicing.


MERCHANTS FLEET 2023-1: DBRS Confirms BB Rating on Class E Notes
----------------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on eight securities issued
by two Merchants Fleet Funding LLC transactions as follows:

-- Merchants Fleet Funding LLC, Series 2022-2, Class A at AAA
(sf)
-- Merchants Fleet Funding LLC, Series 2022-2, Class B at AA (sf)
-- Merchants Fleet Funding LLC, Series 2022-2, Class C at A (sf)
-- Merchants Fleet Funding LLC, Series 2023-1, Class A Notes at
AAA (sf)
-- Merchants Fleet Funding LLC, Series 2023-1, Class B Notes at AA
(sf)
-- Merchants Fleet Funding LLC, Series 2023-1, Class C Notes at A
(sf)
-- Merchants Fleet Funding LLC, Series 2023-1, Class D Notes at
BBB (sf)
-- Merchants Fleet Funding LLC, Series 2023-1, Class E Notes at BB
(sf)

The confirmations are based on the following analytical
considerations:

-- The transaction assumptions consider Morningstar DBRS' baseline
macroeconomic scenarios for rated sovereign economies, available in
its commentary "Baseline Macroeconomic Scenarios for Rated
Sovereigns: December 2023 Update," published on December 19, 2023.
These baseline macroeconomic scenarios replace Morningstar DBRS'
moderate and adverse COVID-19 pandemic scenarios, which were first
published in April 2020.

-- The transactions' capital structure and form and sufficiency of
available credit enhancement.

-- The transaction parties' capabilities with regard to
origination, underwriting, and servicing.

-- The credit quality of the collateral pool and historical
performance, with low delinquencies and charge-offs to date.

-- The credit ratings address timely payment of interest on the
notes as well as the ultimate payment of principal by legal final
maturity.


MF1 2020-FL4: DBRS Confirms B(low) Rating on Class G Notes
----------------------------------------------------------
DBRS, Inc. confirmed its credit ratings on the following classes of
notes issued by MF1 2020-FL4, Ltd.:

-- Class A at AAA (sf)
-- Class A-S at AAA (sf)
-- Class B at AA (low) (sf)
-- Class C at A (low) (sf)
-- Class D at BBB (sf)
-- Class E at BBB (low) (sf)
-- Class F at BB (low) (sf)
-- Class G at B (low) (sf)

All trends are Stable.

The credit rating confirmations reflect the overall stable
performance of the transaction, which has largely remained in line
with DBRS Morningstar's expectations as the trust continues to be
primarily secured by multifamily collateral. While select loans
have exhibited performance concerns, including delinquency issues
and transfers to special servicing, increased collateral reduction
provides additional credit support to the rated bonds. In
conjunction with this press release, DBRS Morningstar has published
a Surveillance Performance Update report with in-depth analysis and
credit metrics for the transaction and with business plan updates
on select loans.

The initial collateral consisted of 22 floating-rate mortgages
secured by 29 transitional multifamily properties with a cut-off
date balance totaling approximately $783.3 million. Most of the
loans were in a period of transition with plans to stabilize
performance and improve the asset value. The transaction included
an 18-month reinvestment period that expired in May 2022, at which
point the bonds began to amortize sequentially with loan repayment
and scheduled loan amortization. Since the expiration of the
reinvestment period, the transaction has paid down by 26.6% through
December 2023 reporting.

The pool currently comprises 24 loans secured by 46 properties with
a cumulative trust balance of $697.4 million. Since the previous
DBRS Morningstar rating action in March 2023, two loans with a
prior cumulative trust balance of $69.3 million have successfully
repaid from the pool.

The transaction is concentrated by multifamily properties as 22
loans, representing 92.5% of the current pool balance, are secured
by multifamily properties while the remaining two loans are secured
by senior-housing properties. The pool is primarily secured by
properties in suburban markets, with 18 loans, representing 64.7%
of the pool, assigned a DBRS Morningstar Market Rank of 3, 4, or 5.
An additional five loans, representing 31.5% of the pool, are
secured by properties in urban markets, with a DBRS Morningstar
Market Rank of 6 or 7. The remaining loan, representing 3.8% of the
pool, is backed by a property with a DBRS Morningstar Market Rank
of 2, denoting a tertiary market.

Through November 2023, the lender had advanced cumulative loan
future funding of $158.3 million to 22 of the 24 outstanding
individual borrowers to aid in property stabilization efforts. The
largest advance, $19.0 million, had been made to the borrower of
the Parkview at Collingswood loan, which is secured by a
1,030-unit, high-rise style apartment community located in
Collingswood, New Jersey. The advanced funds have been used to fund
the borrower's extensive $27.5 million planned capital expenditure
(capex) plan across the portfolio. The Q3 2023 collateral manager
report noted the borrower had completed 563 unit upgrades with
another 49 units in progress. Of the renovated units, 346 units
have achieved rental premiums of $291 per unit compared with
in-place rental rates at issuance.

An additional $90.8 million of loan future funding allocated to 15
of the outstanding individual borrowers remains available. The vast
majority of available funding ($58.0 million) is allocated across
the two portfolio loans sponsored by Veritas, ranging from $24.6
million for the SF Multifamily Portfolio II loan to $9.1 million
for the LA Multifamily Portfolio II loan. The business plan for
each loan is similar, with funds available to renovate properties
with a small portion of dollars allocated for potential
performance-based earnouts.

As of the December 2023 remittance, four loans, representing 17.6%
of the pool are in special servicing. The largest loan in special
servicing, The Edison (Prospectus ID#7; 4.9% of the pool), is
secured by a 223-unit mid-rise apartment building in Chicago's
Edgewater neighborhood. The loan transferred to special servicing
in August 2022 for payment default, which was compounded as the
borrower was unable to secure take-out financing upon the loan's
final maturity date in November 2022. The lender is expected to
take title to the property in January 2024 via a deed-in-lieu
foreclosure resolution strategy. The property was 79.0% occupied as
of August 2023, down from 87.0% as of December 2022; however,
according to the collateral manager, the receiver has successfully
addressed tenant delinquency issues as the rental collection rate
was reported to be above 90.0%. To reflect the current status of
the loan and the unknowns surrounding the ultimate resolution
timing, in its current analysis, DBRS Morningstar analyzed the loan
with an elevated probability of default, resulting in a loan
expected loss in excess of three times the overall expected loss
for the pool.

The three remaining loans in special servicing are sponsored by
Tides Equities (Tides), including Maravilla Apartments, ($45.5
million, 6.5% of the pool), Palm Valley ($28.4 million, 4.1% of the
pool), and Superstition Vista ($14.7 million, 2.1% of the pool).
The loans transferred to special servicing in August 2023 due to
imminent monetary default as the sponsor experienced performance
issues across its commercial real estate portfolio. The loans were
modified in October 2023, requiring the borrower to make deposits
into various reserves including accounts payable reserves, interest
reserves and interest rate cap reserves. The interest reserves also
have a replenishment requirement, which is a sponsor guaranty under
each loan. In return for these deposits, the lender will allow the
borrower to defer a portion of each loan's monthly interest rate
payment of up to 50.0% of the loan's contractual interest rate
margin during the first 12 months and up to 25.0% of the margin
rate for the following 12 months. Any deferred amounts will be
capitalized and added to the respective outstanding loan balance.
Additionally, the debt yield property performance tests to qualify
for loan extension options were removed, and the related loan
extension fees were waived. In its analysis, DBRS Morningstar
increased the probability of default across all three loans, which
resulted in individual loan expected loss figures of approximately
two times the expected loss for the overall pool.

As of the December 2023 remittance, there are 15 loans on the
servicer's watchlist, representing 58.7% of the current trust
balance. The loans have primarily been flagged for below breakeven
debt service coverage ratios, occupancy concerns, and upcoming loan
maturity. Performance declines noted in the pool are expected to be
temporary as multifamily units are being taken offline by
respective borrowers to complete interior renovations and increase
cash flow; however, DBRS Morningstar also notes the challenges
borrowers continue to face with increased debt service payments on
floating-rate debt, which may increase the likelihood of loan
delinquency. In the next six months, 12 loans, representing 49.8%
of the current trust balance, are scheduled to mature; however, all
of the loans with the exception of the 144 West Street loan, have
available extension options remaining to the individual borrowers.

Notes: All figures are in U.S. dollars unless otherwise noted.


NATIXIS COMMERCIAL 2019-NEMA: DBRS Cuts Rating on 3 Classes to CCC
------------------------------------------------------------------
DBRS Limited downgraded its credit ratings on the Commercial
Mortgage Pass-Through Certificates, Series 2019-NEMA issued by
Natixis Commercial Mortgage Securities Trust 2019-NEMA as follows:

-- Class A to A (sf) from AAA (sf)
-- Class B to BBB (low) (sf) from AAA (sf)
-- Class X to BB (sf) from AA (high) (sf)
-- Class C to BB (low) (sf) from AA (sf)
-- Class V-ABC to BB (low) from AA (sf)
-- Class V2 to CCC (sf) from BBB (sf)
-- Class D to CCC (sf) from BBB (sf)
-- Class V-D to CCC (sf) from BBB (sf)

The trends on Classes A, B, C, X, and V-ABC are Stable. Classes D,
V2, and V-D have credit ratings that typically do not carry trends
in commercial mortgage-backed securities (CMBS) credit ratings.

The credit rating downgrades reflect the current credit outlook for
the underlying loan, which transferred to special servicing in
August 2023 and became delinquent on payments in September 2023.
The special servicer has provided an updated appraisal for the
collateral property that reflected an as-is value that was
approximately 50.0% lower than at the appraised value at issuance
and suggests the whole loan is underwater with a loan-to-value
ratio (LTV) of well more than 100%.

The transaction consists of a $199.0 million first-lien mortgage
loan secured by NEMA San Francisco, a 754-unit Class A luxury
apartment complex with 11,184 square feet of commercial retail
space, located in the South of Market (SoMa) submarket. The trust
loan is part of a $384.0 million whole loan and consists of a
$130.0 million senior A-1 note and a $69.0 million
senior-subordinate A-B note. Outside of the trust, there is $75.0
million of additional debt that is pari passu to the A-1 note, as
well as $110 million in subordinate B notes. The trust loan has a
10-year term and pays interest only (IO) for the full term until
its maturity on February 10, 2029.

In August 2023, the loan transferred to special servicing following
imminent monetary default when the borrower was unable to pay
operating expenses after the payment of debt service. The borrower
and lender are in discussions regarding a loan modification that
includes reduced interest rates for the junior B notes and
additional equity contributions from the borrower to fund capital
expenditures. The borrower previously invested $20.0 million in
order to pay B note debt service; however, the servicer noted that
the borrower will not contribute additional funding unless a loan
modification is executed. As of the November 2023 remittance, $3.0
million was being held in reserves. The special servicer noted that
the workout strategy will involve dual-tracking the appointment of
a receiver and continuing discussions with the borrower for a loan
modification. The loan first became delinquent in September 2023
and remains due for that payment and all due thereafter; as of the
November 2023 remittance, the Class D certificate has accrued
approximately $90,000 in interest shortfalls.

An updated appraisal dated September 26, 2023, valued the
collateral at $279.0 million, a 48.9% decline from the issuance
appraised value of $543.6 million and below the current whole-loan
balance of $384.0 million. The appraiser attributed the collateral
property's underperformance to various factors including the
increase in crime and homelessness in downtown San Francisco,
changes in in-person workplace dynamics, and the disruption of the
technology sector driven by mass layoffs and higher interest rates.
In its analysis, DBRS Morningstar applied a conservative 15.0%
haircut to the appraised value to reflect the potential for further
value declines and underperformance, resulting in a stressed value
of $237.2 million. The implied value of $314,589 per unit compares
with sales of five Class A multifamily establishments in the San
Francisco area, which reported an average per unit sale price of
$382,565, according to the appraisal report. When the LTV Sizing
was updated with the $237.2 million value, the resulting benchmarks
suggested downgrade pressure across the capital stack, supporting
the credit rating downgrade actions taken with this review. As the
borrower appears committed to injecting additional capital as part
of a resolution strategy, the Stable trends are warranted but DBRS
Morningstar will closely monitor progress on the workout and notes
the trends could be changed if negotiations deteriorate and a
foreclosure action is anticipated.

The appraised value decline is also a reflection of the performance
declines for the property since issuance, a factor that previously
contributed to Negative trends being placed on Classes D, V2, and
V-D by DBRS Morningstar in April 2023. According to the September
2023 financials, the annualized net cash flow (NCF) remained in
line with the YE2022 NCF at $13.2 million (reflecting a debt
service coverage ratio (DSCR) of 0.72 times (x)), more than the
YE2021 figure of $10.9 million (a DSCR of 0.60x) but less than the
DBRS Morningstar NCF of $20.1 million derived in 2020. Since 2019,
in-place cash flows have been insufficient to cover the $18.3
million annual debt service, a gap that has continued to grow amid
Coronavirus Disease (COVID-19) pandemic-related hardships and
shifts in workplace dynamics. The primary cause for the decrease in
cash flows stems from depressed rental rates and increases in rent
concessions that were initiated during the pandemic. Occupancy was
relatively unchanged from 93.9% at DBRS Morningstar's last review
in April 2023 while average per unit rental rates increased to
$3,318 from $3,183 for the same period. By means of comparison,
Reis reported Q3 2023 SoMa submarket asking and effective rental
rates of $3,671 and $3,519, respectively, compared with the Q3 2022
figures of $3,776 and $3,631, respectively.

Notes: All figures are in U.S. dollars unless otherwise noted.


NLT 2023-1: DBRS Finalizes B Rating on Class B-2 Notes
------------------------------------------------------
DBRS, Inc. finalized its provisional credit ratings on the
Mortgage-Backed Notes, Series 2023-1 (the Notes) issued by NLT
2023-1 Trust (the Trust) as follows:

-- $125.8 million Class A-1 at AAA (sf)
-- $10.9 million Class A-2 at AA (sf)
-- $8.1 million Class A-3 at A (sf)
-- $6.8 million Class M-1 at BBB (sf)
-- $4.2 million Class B-1 at BB (sf)
-- $3.7 million Class B-2 at B (sf)

The AAA (sf) rating on the Class A-1 Notes reflects 27.00% of
credit enhancement provided by the subordinate notes. The AA (sf),
A (sf), BBB (sf), BB (sf), and B (sf) ratings reflect 20.65%,
15.95%, 12.00%, 9.55%, and 7.40% of credit enhancement,
respectively.

Other than the specified classes above, DBRS Morningstar does not
rate any other classes in this transaction.

This transaction is a securitization of a portfolio of seasoned
performing and reperforming first-lien residential mortgages funded
by the issuance of the Notes. The Notes are backed by 547 loans
with a total principal balance of $172,334,522, which includes the
deferred principal balance of $1,278,010, as of the Cut-Off Date
(October 31, 2023).

DBRS Morningstar calculated the portfolio to be approximately 40
months seasoned, though the ages of the loans are quite diverse,
ranging from three months to 358 months. The majority of the loans
(73.1%) had origination guideline or document deficiencies, which
prevented them from being sold to Fannie Mae, Freddie Mac, or
another purchaser, and the loans were subsequently put back to the
sellers. In its analysis, DBRS Morningstar assessed such defects
and applied certain penalties, consequently increasing expected
losses on the mortgage pool.

As of the Cut-Off Date, 97.5% of the loans are current (including
0.5% bankruptcy-performing loans), and 2.0% of the loans are 30
days delinquent under the Mortgage Bankers Association (MBA)
delinquency method. Under the MBA delinquency method, 75.2% and
89.6% of the mortgage loans have been zero times 30 days delinquent
for the past 24 months and 12 months, respectively.

In the portfolio, 10.2% of the mortgage loans are modified. The
modifications happened more than two years ago for 52.2% of the
loans that DBRS Morningstar classified as modified. Within the
pool, 44 mortgages have an aggregate non-interest-bearing deferred
amount of $1,278,010, which comprises 0.7% of the total principal
balance.

NLT 2023-1 represents the first rated scratch & dent securitization
for the Sponsor, Nomura Corporate Funding Americas, LLC (NCFA),
with mostly seasoned performing and reperforming residential
mortgage loans. The Sponsor is registered with the U.S. Securities
and Exchange Commission and incorporated in the state of Delaware.
NCFA has been purchasing reperforming loans (RPLs) since 2014.

The Sellers, NWL Company, LLC and NNPL Trust Series 2012-1,
acquired the mortgage loans from multiple originators. The Sellers
will then contribute the loans to the Trust through an affiliate,
Nomura Asset Depositor Company, LLC. (the Depositor). As the
Sponsor, NCFA or one of its majority-owned affiliates will acquire
and retain a 5% eligible vertical interest in each class of Notes
(other than the Class R Notes) and the Trust certificate to satisfy
the credit risk retention requirements. The loans were originated
and previously serviced by various entities.

As of the Cut-Off Date, all the loans are being serviced by Fay
Servicing, LLC. There will not be any advancing of delinquent
principal and interest (P&I) on any mortgages by the Servicer or
any other party to the transaction; however, the Servicer is
obligated to make advances in respect of homeowners association
fees in super lien states and, in certain cases, taxes and
insurance as well as reasonable costs and expenses incurred in the
course of servicing and disposing of properties.

When the aggregate pool balance is reduced to less than 10% of the
balance as of the Cut-Off Date, the Class XS or the redemption
right holder may purchase all of the mortgage loans and real estate
owned properties from the Issuer, as long as the aggregate proceeds
meet a minimum price that meets or exceeds par plus interest.

The transaction employs a sequential-pay cash flow structure.
Principal proceeds can be used to cover interest shortfalls on the
Notes, but such shortfalls on Class A-3 and more subordinate P&I
bonds will not be paid from principal proceeds until the more
senior classes are retired.

Notes: All figures are in U.S. dollars unless otherwise noted.


NPC FUNDING IX: DBRS Confirms BB(low) Rating on 2 Loan Classes
---------------------------------------------------------------
DBRS, Inc. confirmed the following credit ratings on the Funded
Class B-1 Loans, the Funded Class B-2 Loans, and the Funded Class C
Loans (together, the Loans) issued by NPC Funding IX Ltd as
follows:

-- Funded Class B-1 Loans at BBB (low) (sf)
-- Funded Class B-2 Loans at BB (low) (sf)
-- Funded Class C Loans at BB (low) (sf)

At the same time, DBRS Morningstar removes the credit rating on the
Loans from Under Review with Developing Implications status, where
they had been placed on November 9, 2023.

The Loans were issued pursuant to the Revolving Loan Agreement
dated as of July 30, 2021, as amended pursuant to the First
Amendment to the Revolving Loan Agreement, dated as of September
30, 2021; the Second Amendment to the Revolving Loan Agreement,
dated as of March 18, 2022; and the Third Amendment to the
Revolving Loan Agreement, dated as of August 17, 2023, by and among
NPC Funding IX Ltd. as Borrower; First Eagle Alternative Credit,
LLC (First Eagle) as Collateral Manager; U.S. Bank, N.A. as
Collateral Custodian; Royal Bank of Canada as Administrative Agent
and Revolving Lender; the Lenders and the collateralized loan
obligation (CLO) Subsidiary from time to time thereto.

The credit ratings on the Loans address the ultimate payment of
interest (excluding the Subordinated Loan Interest Amount as
defined in the amended Revolving Loan Agreement) and the ultimate
payment of principal on or before the Facility Maturity Date (as
defined in the amended Revolving Loan Agreement). For the avoidance
of doubt, the ratings do not address the repayment of the Cure
Amounts (as defined in the amended Revolving Loan Agreement).

CREDIT RATING RATIONALE

The credit rating actions are a result of DBRS Morningstar's review
of the transaction performance by applying the "Global Methodology
for Rating CLOs and Corporate CDOs" (the CLO Methodology), released
on October 22, 2023. On November 9, 2023, the credit ratings were
placed Under Review with Developing Implications to allow DBRS
Morningstar to review the credit ratings using the CLO Methodology.
The Aggregation Period end date is June 17, 2024. The Stated
Maturity Date is December 25, 2031.

The Loans are collateralized primarily by a portfolio of U.S.
broadly syndicated corporate loans. First Eagle is the Collateral
Manager for this transaction. DBRS Morningstar considers First
Eagle to be an acceptable CLO collateral manager.

Notes: All figures are in U.S. dollars unless otherwise noted.


OAKTREE CLO 2022-2: S&P Assigns BB-(sf) Rating on Class E-R Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its ratings to the class A-1-R, A-2-R,
B-R, C-R, D-R, and E-R replacement debt from Oaktree CLO 2022-2
Ltd./Oaktree CLO 2022-2 LLC, a CLO originally issued in 2022 that
is managed by Oaktree Capital Management L.P. At the same time, S&P
withdrew its ratings on the class A-1, A-2, B, C, D, and E debt
following payment in full.

The replacement debt was issued via a supplemental indenture, which
outlines the terms of the replacement debt. According to the
supplemental indenture, the new class A-1-R, A-2-R, B-R, C-R, D-R,
and E-R debt refinanced the class A-1, A-2, B, C, D, and E debt,
respectively.

  Replacement And Refinanced Debt Issuances

  Replacement debt

-- Class A-1-R, $300.0 million: Three-month CME term SOFR + 1.55%

-- Class A-2-R, $15.0 million: Three-month CME term SOFR + 1.80%

-- Class B-R, $65.0 million: Three-month CME term SOFR + 2.15%

-- Class C-R (deferrable), $30.0 million: Three-month CME term
SOFR + 2.70%

-- Class D-R (deferrable), $30.0 million: Three-month CME term
SOFR + 4.50%

-- Class E-R (deferrable), $15.5 million: Three-month CME term
SOFR + 7.75%

  Refinanced debt

-- Class A-1, $300.0 million: Three-month CME term SOFR + 2.00%

-- Class A-2, $15.0 million: Three-month CME term SOFR + 2.30%

-- Class B, $65.0 million: Three-month CME term SOFR + 2.75%

-- Class C (deferrable), $30.0 million: Three-month CME term SOFR
+ 3.50%

-- Class D (deferrable), $30.0 million: Three-month CME term SOFR
+ 4.62%

-- Class E (deferrable), $15.0 million: Three-month CME term SOFR
+ 8.34%

S&P said, "Our review of this transaction included a cash flow
analysis, based on the portfolio and transaction data in the
trustee report, to estimate future performance. In line with our
criteria, our cash flow scenarios applied forward-looking
assumptions on the expected timing and pattern of defaults and the
recoveries upon default under various interest rate and
macroeconomic scenarios. Our analysis also considered the
transaction's ability to pay timely interest and/or ultimate
principal to each of the rated tranches. The results of the cash
flow analysis (and other qualitative factors, as applicable)
demonstrated, in our view, that the outstanding rated classes all
have adequate credit enhancement available at the rating levels
associated with the rating actions.

"We will continue to review whether, in our view, the ratings
assigned to the debt remain consistent with the credit enhancement
available to support them and take rating actions as we deem
necessary."

  Rating Assigned

  Oaktree CLO 2022-2 Ltd./Oaktree CLO 2022-2 LLC

  Class A-1-R, $300.0 million: AAA (sf)
  Class A-2-R, $15.0 million: AAA (sf)
  Class B-R, $65.0 million: AA (sf)
  Class C-R, $30.0 million: A (sf)
  Class D-R, $30.0 million: BBB- (sf)
  Class E-R, $15.5 million: BB- (sf)

  Rating Withdrawn

  Oaktree CLO 2022-2 Ltd./Oaktree CLO 2022-2 LLC

  Class A-1 to not rated from 'AAA (sf)'
  Class A-2 to not rated from 'AAA (sf)'
  Class B to not rated from 'AA (sf)'
  Class C to not rated from 'A (sf)'
  Class D to not rated from 'BBB- (sf)'
  Class E to not rated from 'BB- (sf)'

  Other Outstanding Debt

  Oaktree CLO 2022-2 Ltd./Oaktree CLO 2022-2 LLC

  Subordinated notes: Not rated



PRPM 2023-NQM3: DBRS Gives Prov. B(high) Rating on Class B2 Certs
-----------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the following
Mortgage-Backed Certificates, Series 2023-NQM32 (the Certificates)
to be issued by PRPM 2023-NQM3 Trust (the Issuer):

-- $156.0 million Class A-1 at AAA (sf)
-- $16.7 million Class A-2 at AA (high) (sf)
-- $19.3 million Class A-3 at A (high) (sf)
-- $12.4 million Class M-1 at BBB (high) (sf)
-- $8.3 million Class B-1 at BB (high) (sf)
-- $8.4 million Class B-2 at B (high) (sf)

The AAA (sf) credit rating on the Class A-1 Notes reflects 34.00%
of credit enhancement provided by subordinated notes. The AA (high)
(sf), A (high) (sf), BBB (high) (sf), BB (high) (sf), and B (high)
(sf) credit ratings reflect 26.95%, 18.80%, 13.55%, 10.05%, and
6.50% of credit enhancement, respectively.

Other than the specified classes above, DBRS Morningstar does not
rate any other classes in this transaction.

This transaction is a securitization of a portfolio of fixed- and
adjustable-rate expanded prime and nonprime first-lien residential
mortgages funded by the issuance of the Mortgage Pass-Through
Certificates, Series 2023-NQM3 (the Certificates). The Certificates
are backed by 516 mortgage loans with a total principal balance of
$236,428,733 as of the Cut-Off Date (November 30, 2023).

PRPM 2023-NQM3 represents the fourth securitization issued from the
PRPM NQM shelf, which is backed by both non-qualified mortgages
(non-QM) and business purpose investment property loans
underwritten using debt service coverage ratios (DSCR). PRP-LB
2023-NQM3, LLC, a fund owned by the aggregator, Balbec Capital LP &
PRP Advisors, LLC (PRP), serves as the Sponsor of this
transaction.

Nexera Holding LLC doing business as Newfi Lending (23.0%) is the
top originator for the mortgage pool. The remaining originators
each comprise less than 10.0% of the mortgage loans. Fay Servicing,
LLC (100.0%) is the Servicer of the loans in this transaction. PRP
acts as the Servicing Administrator. U.S. Bank Trust Company,
National Association (rated AA (high) with a Negative trend by DBRS
Morningstar) will act as the Trustee and Securities Administrator.
U.S. Bank National Association will act as the Custodian.

For 31.7% of the pool, the mortgage loans were underwritten to
program guidelines for business-purpose loans that are designed to
rely on property value, the mortgagor's credit profile, and the
DSCR, where applicable. In addition, 13.6% of the pool comprise
investment property loans underwritten using debt-to-income ratios
(DTI). Because these loans were made to investors for business
purposes, they are exempt from the Consumer Financial Protection
Bureau's Ability-to-Repay (ATR) rules and TILA/RESPA Integrated
Disclosure rule.

For 45.4% of the pool, the mortgage loan were originated to satisfy
the Consumer Financial Protection Bureau's (CFPB) Ability-to-Repay
(ATR) rules, but were made to borrowers who generally do not
qualify for agency, government, or private-label nonagency prime
jumbo products for various reasons. In accordance with the QM)/ATR
rules, these loans are designated as non-QM. Remaining loans
subject to the ATR rules are designated as QM Safe Harbor (4.4%),
and QM Rebuttable Presumption (4.9%) by UPB.

The Depositor, a majority-owned affiliate of the Sponsor, will
retain the Class B-3 and XS Certificates, representing an eligible
horizontal interest of at least 5% of the aggregate fair value of
the Certificates to satisfy the credit risk-retention requirements
under Section 15G of the Securities Exchange Act of 1934 and the
regulations promulgated thereunder. Such retention aligns Sponsor
and investor interest in the capital structure.

On or after the earlier of (1) the distribution date in January
2027 or (2) the date when the aggregate unpaid principal balance
(UPB) of the mortgage loans is reduced to 30% of the Cut-Off Date
balance, the Depositor, at its option, may redeem all of the
outstanding Certificates at a price equal to the class balances of
the related Certificates plus accrued and unpaid interest,
including any Cap Carryover Amounts, any post-closing deferred
amounts, and other fees, expenses, indemnification, and
reimbursement amounts described in the transaction documents
(Optional Redemption). An Optional Redemption will be followed by a
qualified liquidation.

The Sponsor will have the option, but not the obligation, to
repurchase any mortgage loan that becomes 60 or more days
delinquent under the Mortgage Bankers Association (MBA) method at
the Repurchase Price (par plus interest), provided that such
repurchases in aggregate do not exceed 10% of the total principal
balance as of the Cut-Off Date.

For this transaction, the Servicer will not fund advances of
delinquent principal and interest (P&I) on any mortgage. However,
the Servicer are obligated to make advances in respect of taxes,
insurance premiums, and reasonable costs incurred in the course of
servicing and disposing of properties (servicing advances).

The transaction employs a sequential-pay cash flow structure with a
pro rata principal distribution among the senior classes (Class
A-1, A-2, and A-3) subject to certain performance triggers related
to cumulative losses or delinquencies exceeding a specified
threshold (Trigger Event). After a Trigger Event, principal
proceeds can be used to cover interest shortfalls on Class A-1 and
then A-2 before being applied sequentially to amortize the balances
of the certificates (IIPP). For all other classes, principal
proceeds can be used to cover interest shortfalls after the more
senior classes are paid in full (IPIP).

Monthly Excess Cash Flow can be used to cover realized losses
before being allocated to unpaid Cap Carryover Amounts due to Class
A-1, A-2, and A-3. For this transaction, the Class A-1, A-2, and
A-3 fixed rates step up by 100 basis points on and after the
payment date in February 2028. On or after February 2028, interest
and principal otherwise payable to the Class B-3 may also be used
to pay Cap Carryover Amounts.

Notes: All figures are in U.S. dollars unless otherwise noted.


RIPPLE NOTES: DBRS Confirms B Rating on Class D Notes
-----------------------------------------------------
DBRS Morningstar confirmed the following provisional credit ratings
on the Class A Notes, the Class B Notes, the Class C Notes, and the
Class D Notes (together, the Secured Notes) issued by Ripple Notes
Issuer LLC. The Secured Notes are issued pursuant to the Indenture,
dated July 28, 2023, entered into between Ripple Notes Issuer LLC,
as the Issuer and U.S. Bank Trust Company, National Association, as
Trustee:

-- Class A Notes at A (sf)
-- Class B Notes at BBB (sf)
-- Class C Notes at BB (low) (sf)
-- Class D Notes at B (sf)

At the same time, DBRS Morningstar removed the Under Review with
Developing Implications designations of the provisional credit
ratings, where they were placed on November 9, 2023.

The provisional credit rating on the Class A Notes addresses the
timely payment of interest (excluding any Defaulted Interest, as
defined in the Indenture) and the ultimate return of principal on
or before the Stated Maturity (as defined in the Indenture). The
provisional credit ratings on the Class B Notes, the Class C Notes,
and the Class D Notes address the ultimate payment of interest
(excluding any Defaulted Interest, as defined in the Indenture) and
the ultimate return of principal on or before the Stated Maturity
(as defined in the Indenture).

CREDIT RATING RATIONALE/DESCRIPTION

The credit rating actions are a result of DBRS Morningstar's review
of the transaction performance by applying the "Global Methodology
for Rating CLOs and Corporate CDOs" (the CLO Methodology), released
on October 22, 2023. On November 9, 2023, the credit ratings were
placed Under Review with Developing Implications to allow for DBRS
Morningstar to review the credit ratings using the CLO Methodology.
The Stated Maturity is July 25, 2035. The Reinvestment Period ends
on July 25, 2027. DBRS Morningstar expects to finalize its
provisional credit ratings on the Secured Notes on or after the
Effective Date, when the Eligibility Criteria, including the
Collateral Quality Tests are in compliance.

The Secured Notes are collateralized primarily by a portfolio of
U.S. middle-market corporate loans. Ripple Notes Issuer LLC is
managed by 26North Direct Lending II LP, an affiliate of 26North
Partners LP. DBRS Morningstar considers 26North Direct Lending II
LP to be an acceptable middle-market corporate loan manager.

Notes: All figures are in U.S. dollars unless otherwise noted.


SEQUOIA MORTGAGE 2024-1: DBRS Gives Prov. BB Rating on B-4 Certs
----------------------------------------------------------------
DBRS, Inc. assigned the following provisional credit ratings to
Mortgage Pass-Through Certificates, Series 2024-1 (the
Certificates) to be issued by Sequoia Mortgage Trust 2024-1:

-- $374.7 million Class A-1 at AAA (sf)
-- $374.7 million Class A-2 at AAA (sf)
-- $374.7 million Class A-3 at AAA (sf)
-- $281.0 million Class A-4 at AAA (sf)
-- $281.0 million Class A-5 at AAA (sf)
-- $281.0 million Class A-6 at AAA (sf)
-- $93.7 million Class A-7 at AAA (sf)
-- $93.7 million Class A-8 at AAA (sf)
-- $93.7 million Class A-9 at AAA (sf)
-- $224.8 million Class A-10 at AAA (sf)
-- $224.8 million Class A-11 at AAA (sf)
-- $224.8 million Class A-12 at AAA (sf)
-- $149.9 million Class A-13 at AAA (sf)
-- $149.9 million Class A-14 at AAA (sf)
-- $149.9 million Class A-15 at AAA (sf)
-- $56.2 million Class A-16 at AAA (sf)
-- $56.2 million Class A-17 at AAA (sf)
-- $56.2 million Class A-18 at AAA (sf)
-- $44.1 million Class A-19 at AAA (sf)
-- $44.1 million Class A-20 at AAA (sf)
-- $44.1 million Class A-21 at AAA (sf)
-- $418.8 million Class A-22 at AAA (sf)
-- $418.8 million Class A-23 at AAA (sf)
-- $418.8 million Class A-24 at AAA (sf)
-- $418.8 million Class A-25 at AAA (sf)
-- $418.8 million Class A-IO1 at AAA (sf)
-- $374.7 million Class A-IO2 at AAA (sf)
-- $374.7 million Class A-IO3 at AAA (sf)
-- $374.7 million Class A-IO4 at AAA (sf)
-- $281.0 million Class A-IO5 at AAA (sf)
-- $281.0 million Class A-IO6 at AAA (sf)
-- $281.0 million Class A-IO7 at AAA (sf)
-- $93.7 million Class A-IO8 at AAA (sf)
-- $93.7 million Class A-IO9 at AAA (sf)
-- $93.7 million Class A-IO10 at AAA (sf)
-- $224.8 million Class A-IO11 at AAA (sf)
-- $224.8 million Class A-IO12 at AAA (sf)
-- $224.8 million Class A-IO13 at AAA (sf)
-- $149.9 million Class A-IO14 at AAA (sf)
-- $149.9 million Class A-IO15 at AAA (sf)
-- $149.9 million Class A-IO16 at AAA (sf)
-- $56.2 million Class A-IO17 at AAA (sf)
-- $56.2 million Class A-IO18 at AAA (sf)
-- $56.2 million Class A-IO19 at AAA (sf)
-- $44.1 million Class A-IO20 at AAA (sf)
-- $44.1 million Class A-IO21 at AAA (sf)
-- $44.1 million Class A-IO22 at AAA (sf)
-- $418.8 million Class A-IO23 at AAA (sf)
-- $418.8 million Class A-IO24 at AAA (sf)
-- $418.8 million Class A-IO25 at AAA (sf)
-- $418.8 million Class A-IO26 at AAA (sf)
-- $9.9 million Class B-1 at AA (sf)
-- $4.6 million Class B-2 at A (sf)
-- $3.5 million Class B-3 at BBB (sf)
-- $1.3 million Class B-4 at BB (sf)

Classes A-IO1, A-IO2, A-IO3, A-IO4, A-IO5, A-IO6, A-IO7, A-IO8,
A-IO9, A-IO10, A-IO11, A-IO12, A-IO13, A-IO14, A-IO15, A-IO16,
A-IO17, A-IO18, A-IO19, A-IO20, A-IO21, A-IO22, A-IO23, A-IO24,
A-IO25, and A-IO26 are interest-only (IO) certificates. The class
balances represent notional amounts.

Classes A-1, A-2, A-3, A-4, A-5, A-6, A-7, A-8, A-10, A-11, A-13,
A-14, A-15, A-16, A-17, A-19, A-20, A-22, A-23, A-24, A-25, A-IO2,
A-IO3, A-IO4, A-IO5, A-IO6, A-IO7, A-IO8, A-IO11, A-IO14, A-IO15,
A-IO16, A-IO17, A-IO20, A-IO23, A-IO24, A-IO25, and A-IO26 are
exchangeable certificates. These classes can be exchanged for
combinations of initial exchangeable certificates as specified in
the offering documents.

Classes A-1, A-2, A-3, A-4, A-5, A-6, A-7, A-8, A-9, A-10, A-11,
A-12, A-13, A-14, A-15, A-16, A-17, and A-18 are super senior
notes. These classes benefit from additional protection from the
senior support notes (Classes A-19, A-20, and A-21) with respect to
loss allocation.

The AAA (sf) credit ratings on the certificates reflect 5.00% of
credit enhancement provided by subordinated notes. The AA (sf), A
(sf), BBB (sf), and BB (sf) credit ratings reflect 2.75%, 1.70%,
0.90%, and 0.60% credit enhancement, respectively.

Other than the specified classes above, Morningstar DBRS does not
rate any other classes in this transaction.

The transaction is a securitization of a portfolio of first-lien,
fixed-rate prime residential mortgages funded by the issuance of
the Certificates. The Certificates are backed by 410 loans with a
total principal balance of $440,855,395 as of the Cut-Off Date
(January 1, 2024).

Redwood Residential Acquisition Corporation (RRAC), as Seller,
acquired the loans from various originators, each comprising less
than 15.0% of the pool. Select Portfolio Servicing, Inc. will
service all the mortgage loans in the pool.

The pool consists of fully amortizing fixed-rate mortgages with
original terms to maturity of primarily 30 years and a
weighted-average loan age of seven months. The loans were generally
underwritten in accordance with the acquisition criteria related to
the below RRAC programs.

-- Select: traditional, nonagency, prime jumbo mortgage loans.

-- Select AUS: traditional, nonagency, prime jumbo mortgage loans
that were underwritten using an automated underwriting system (AUS)
designated by Fannie Mae and Freddie Mac (the GSEs), but may be
ineligible for purchase by such Agencies because of loan size.

-- Choice: RRAC's expanded credit origination program.

None of the loans are conforming mortgages that are eligible for
purchase by the GSEs. All of the loans in the pool were originated
in accordance with the new Qualified Mortgage rule.

The Servicing Administrator (or the Master Servicer or the
Securities Administrator, as applicable) will fund advances of
delinquent principal and interest (P&I) on any mortgage until such
loan becomes 120 days delinquent (stop advance loan). In addition,
the Servicing Administrator is obligated to fund servicing advances
in respect of taxes, insurance premiums, and reasonable costs
incurred in the course of servicing and disposing properties. The
transaction incorporates a fixed servicing fee.

The transaction employs a senior-subordinate, shifting-interest
cash flow structure that incorporates performance triggers and
credit enhancement floors.

The interest entitlements for each class in this transaction are
reduced reverse sequentially by the delinquent interest that would
have accrued on the stop advance loans. In other words, investors
are not entitled to any interest on such severely delinquent
mortgages, unless such interest amounts are recovered. The
delinquent interest recovery amounts, if any, will be distributed
sequentially to the P&I certificates.

The representations and warranties (R&W) framework is generally
similar to other Morningstar DBRS-rated prime jumbo
securitizations. Such framework incorporates R&W that substantially
conform to Morningstar DBRS criteria, automatic breach reviews when
loans become seriously delinquent, unrated R&W providers with a
Seller backstop, independent evaluator review, no knowledge
qualifiers, and no sunsets on any R&W.

Notes: All figures are in U.S. dollars unless otherwise noted.


TIDAL NOTES: DBRS Confirms B Rating on Class D Notes
----------------------------------------------------
DBRS Morningstar confirmed the following provisional credit ratings
on the Class A Notes, the Class B Notes, the Class C Notes, and the
Class D Notes (together, the Secured Notes) issued by Tidal Notes
Issuer LLC. The Secured Notes are issued pursuant to the Indenture,
dated July 28, 2023, entered into between Tidal Notes Issuer LLC,
as the Issuer and U.S. Bank Trust Company, National Association, as
Trustee:

-- Class A Notes at A (sf)
-- Class B Notes at BBB (sf)
-- Class C Notes at BB (low) (sf)
-- Class D Notes at B (sf)

At the same time, DBRS Morningstar removed the Under Review with
Developing Implications designations of the provisional credit
ratings, where they were placed on November 9, 2023.

The provisional credit rating on the Class A Notes addresses the
timely payment of interest (excluding any Defaulted Interest, as
defined in the Indenture) and the ultimate return of principal on
or before the Stated Maturity (as defined in the Indenture). The
provisional credit ratings on the Class B Notes, the Class C Notes,
and the Class D Notes address the ultimate payment of interest
(excluding any Defaulted Interest, as defined in the Indenture) and
the ultimate return of principal on or before the Stated Maturity
(as defined in the Indenture).

CREDIT RATING RATIONALE/DESCRIPTION

The credit rating actions are a result of DBRS Morningstar's review
of the transaction performance by applying the "Global Methodology
for Rating CLOs and Corporate CDOs" (the CLO Methodology), released
on October 22, 2023. On November 9, 2023, the credit ratings were
placed Under Review with Developing Implications to allow for DBRS
Morningstar to review the credit ratings using the CLO Methodology.
The Stated Maturity is July 25, 2035. The Reinvestment Period ends
on July 25, 2027. DBRS Morningstar expects to finalize its
provisional credit ratings on the Secured Notes on or after the
Effective Date, when the Eligibility Criteria, including the
Collateral Quality Tests are in compliance.

The Secured Notes are collateralized primarily by a portfolio of
U.S. middle-market corporate loans. Tidal Notes Issuer LLC is
managed by 26North Direct Lending II LP, an affiliate of 26North
Partners LP. DBRS Morningstar considers 26North Direct Lending II
LP to be an acceptable middle-market corporate loan manager.

Notes: All figures are in U.S. dollars unless otherwise noted.


VELOCITY COMMERCIAL 2024-1: DBRS Gives Prov. BB(low) on 3 Tranches
------------------------------------------------------------------
DBRS, Inc. assigned provisional credit ratings to the
Mortgage-Backed Certificates, Series 2024-1 (the Certificates) to
be issued by Velocity Commercial Capital Loan Trust 2024-1 (VCC
2024-1 or the Issuer) as follows:

-- $136.2 million Class A at AAA (sf)
-- $13.3 million Class M-1 at AA (low) (sf)
-- $12.9 million Class M-2 at A (low) (sf)
-- $16.8 million Class M-3 at BBB (sf)
-- $19.8 million Class M-4 at BB (high) (sf)
-- $10.8 million Class M-5 at BB (low) (sf)
-- $136.2 million Class A-S at AAA (sf)
-- $136.2 million Class A-IO at AAA (sf)
-- $13.3 million Class M1-A at AA (low) (sf)
-- $13.3 million Class M1-IO at AA (low) (sf)
-- $12.9 million Class M2-A at A (low) (sf)
-- $12.9 million Class M2-IO at A (low) (sf)
-- $16.8 million Class M3-A at BBB (sf)
-- $16.8 million Class M3-IO at BBB (sf)
-- $19.8 million Class M4-A at BB (high) (sf)
-- $19.8 million Class M4-IO at BB (high) (sf)
-- $10.8 million Class M5-A at BB (low) (sf)
-- $10.8 million Class M5-IO at BB (low) (sf)

Classes A-IO, M1-IO, M2-IO, M3-IO, M4-IO and M5-IO are
interest-only (IO) certificates. The class balances represent
notional amounts.

Classes A, M-1, M-2, M-3, M-4 and M-5 are exchangeable
certificates. These classes can be exchanged for combinations of
initial exchangeable certificates as specified in the offering
documents.

The AAA (sf) credit ratings on the Certificates reflect 38.40% of
credit enhancement (CE) provided by subordinated certificates. The
AA (low) (sf), A (low) (sf), BBB (sf), BB (high) (sf), and BB (low)
(sf) credit ratings reflect 32.40%, 26.55%, 18.95%, 10.00%, and
5.10% of CE, respectively.

Other than the specified classes above, Morningstar DBRS does not
rate any other classes in this transaction.

VCC 2024-1 is a securitization of a portfolio of newly originated
and seasoned fixed-rate, first-lien residential mortgages
collateralized by investor properties with one to four units
(residential investor loans) and small-balance commercial mortgages
(SBC) collateralized by various types of commercial, multifamily
rental, and mixed-use properties. The securitization is funded by
the issuance of the Mortgage-Backed Certificates, Series 2024-1
(the Certificates). The Certificates are backed by 530 mortgage
loans with a total principal balance of $221,140,088 as of the
Cut-Off Date (December 1, 2024).

Approximately 61.8% of the pool comprises residential investor
loans and about 38.2% comprises SBC loans. Most of the loans in
this securitization (92.9%) were originated by Velocity Commercial
Capital, LLC (Velocity or VCC). The remaining nine loans (7.1%)
were originated by New Day Commercial Capital, LLC (New Day), which
is a wholly owned subsidiary of Velocity, which is a wholly owned
subsidiary of Velocity Financial, Inc. The loans were generally
underwritten to program guidelines for business-purpose loans where
the lender generally expects the property (or its value) to be the
primary source of repayment (No Ratio). The lender reviews the
mortgagor's credit profile, though it does not rely on the
borrower's income to make its credit decision. However, the lender
considers the property-level cash flows or minimum debt-service
coverage ratio (DSCR) in underwriting SBC loans with balances more
than USD 750,000 for purchase transactions and more than USD
500,000 for refinance transactions. Because the loans were made to
investors for business purposes, they are exempt from the Consumer
Financial Protection Bureau's Ability-to-Repay (ATR) rules and
TILA-RESPA Integrated Disclosure rule.

PHH Mortgage Corporation (PMC) will service all loans within the
pool for a servicing fee of 0.30% per annum. New Day will act as
subservicer for the nine New Day originated loans, and PHH will
also act as Backup Servicer for these loans. In the event that New
Day fails to service these loans in accordance with the related
subservicing agreement, PHH will terminate the subservicing
agreement and commence directly servicing such Mortgage Loans
within 30 days. In addition, Velocity will act as a Special
Servicer servicing the loans that defaulted or became 60 or more
days delinquent under the Mortgage Bankers Association (MBA) method
and other loans, as defined in the transaction documents (Specially
Serviced Mortgage Loans). The Special Servicer will be entitled to
receive compensation based on an annual fee of 0.75% and the
balance of Specially Serviced Loans. Also, the Special Servicer is
entitled to a liquidation fee equal to 2.00% of the net proceeds
from the liquidation of a Specially Serviced Mortgage Loan, as
described in the transaction documents.

The Servicer will fund advances of delinquent principal and
interest (P&I) until the advances are deemed unrecoverable. Also,
the Servicer is obligated to make advances with respect to taxes,
insurance premiums, and reasonable costs incurred in the course of
servicing and disposing properties.

U.S. Bank National Association (U.S. Bank; rated AA (high) with a
Negative trend by Morningstar DBRS) will act as the Custodian. U.S.
Bank Trust Company, National Association will act as the Trustee.

The Seller, directly or indirectly through a majority-owned
affiliate, is expected to retain an eligible horizontal residual
interest consisting of Class XS Certificates, collectively
representing at least 5% of the fair value of all Certificates, to
satisfy the credit risk-retention requirements under Section 15G of
the Securities Exchange Act of 1934 and the regulations promulgated
thereunder. Such retention aligns Sponsor and investor interest in
the capital structure.

On or after the later of (1) the three-year anniversary of the
Closing Date or (2) the date when the aggregate stated principal
balance of the mortgage loans is reduced to 30% of the Closing Date
balance, the Depositor may purchase all outstanding Certificates
(Optional Purchase) at a price equal to the sum of the remaining
aggregate balance of the Certificates plus accrued and unpaid
interest, and any fees, expenses, and indemnity payments due and
unpaid to the transaction parties, including any unreimbursed P&I
and servicing advances, and other amounts due as applicable. The
Optional Purchase will be conducted concurrently with a qualified
liquidation of the Issuer.

Additionally, if on any date on which the unpaid mortgage loan
balance and the value of (REO) properties has declined to less than
10% of the initial mortgage loan balance as of the Cut-Off Date,
the Directing Holder, the Special Servicer, or the Servicer, in
that order of priority, may purchase all of the mortgages, REO
properties, and any other properties from the Issuer (Optional
Termination) at a price specified in the transaction documents. The
Optional Termination will be conducted as a qualified liquidation
of the Issuer. The Directing Holder (initially, the Seller) is the
representative selected by the holders of more than 50% of the
Class XS certificates (the Controlling Class).

The transaction uses a structure sometimes referred to as a
modified pro rata structure. Prior to the Class A credit
enhancement (CE) falling below 10.0% of the loan balance as of the
Cut-Off Date (Class A Minimum CE Event), the principal
distributions allow for amortization of all senior and subordinate
bonds based on CE targets set at different levels for performing
(same CE as at issuance) and nonperforming (higher CE than at
issuance) loans. Each classes target principal balance is
determined based on the CE targets and the performing and
nonperforming (those that are 90 or more days MBA delinquent, in
foreclosure and REO, and subject to a servicing modification within
the prior 12 months) loan amounts. As such, the principal payments
are paid on a pro rata basis, up to each classes target principal
balance, so long as no loans in the pool are nonperforming. If the
share of nonperforming loans grows, the corresponding CE target
increases. Thus, the principal payment amount increases for the
senior and senior subordinate classes and falls for the more
subordinate bonds. The goal is to distribute the appropriate amount
of principal to the senior and subordinate bonds each month, to
always maintain the desired level of CE, based on the performing
and nonperforming pool percentages. After the Class A Minimum CE
Event, the principal distributions are made sequentially.

Relative to the sequential pay structure, the modified pro rata
structure is more sensitive to the timing of the projected defaults
and losses as the losses may be applied at a time when the amount
of credit support is reduced as the bonds' principal balances
amortize over the life of the transaction. That said, the excess
spread can be used to cover realized losses after being allocated
to the unpaid net weighted-average coupon shortfalls (Net WAC Rate
Carryover Amounts).

COMMERCIAL MORTGAGE-BACKED SECURITIES (CMBS) METHODOLOGY

The collateral for the SBC portion of the pool consists of 168
individual loans secured by 168 commercial and multifamily
properties with an average cut-off date loan balance of $502,872.
None of the mortgage loans are cross-collateralized or
cross-defaulted with each other. Given the complexity of the
structure and granularity of the pool, Morningstar DBRS applied its
"North American CMBS Multi-Borrower Rating Methodology" (the CMBS
Methodology).

The CMBS loans have a weighted-average (WA) fixed interest rate of
11.6%. This is approximately 30 basis points (bps) lower than the
VCC 2023-4 transaction, 40 bps lower than the VCC 2023-3
transaction, 20 bps higher than the VCC 2023-2 transaction, 110 bps
higher than the VCC 2023-1 transaction, 230 bps higher than the VCC
2022-5 transaction, and more than 330 bps higher than the interest
rates of the VCC 2022-4, VCC 2022-3, and VCC 2022-2 transactions,
highlighting the recent increase in interest rates.

All of the SBC loans were originated between September 2023 and
November 2023 (100.0% of the cut-off pool balance), resulting in
the WA seasoning of 0.5 months. The SBC pool has a WA original term
length of 360 months, or 30 years. Based on the current loan
amount, which reflects 30 bps of amortization, and the current
appraised values, the SBC pool has a WA loan-to-value (LTV) ratio
of 59.6%. However, Morningstar DBRS made LTV adjustments to 31
loans that had an implied capitalization rate more than 200 bps
lower than a set of minimal capitalization rates established by the
Morningstar DBRS Market Rank. The Morningstar DBRS minimum
capitalization rates range from 5.0% for properties in Market Rank
8 to 8.0% for properties in Market Rank 1. This resulted in a
higher Morningstar DBRS LTV of 68.2%. Lastly, all loans fully
amortize over their respective remaining terms, resulting in 100%
expected amortization; this amount of amortization is greater than
what is typical for CMBS conduit pools. Morningstar DBRS research
indicates that, for CMBS conduit transactions securitized between
2000 and 2021, average amortization by year has ranged between 6.5%
and 22.0%, with a median rate of 16.5%.

As contemplated and explained in the "Rating North American CMBS
Interest-Only Certificates" methodology, the most significant risk
to an IO cash flow stream is term default risk. As Morningstar DBRS
noted in the methodology, for a pool of approximately 63,000 CMBS
loans that had fully cycled through to their maturity defaults, the
average total default rate across all property types was
approximately 17%, the refinance default rate was 6% (approximately
one third of the total default rate), and the term default rate was
approximately 11%. Morningstar DBRS recognizes the muted impact of
refinance risk on IO certificates by notching the IO rating up by
one notch from the Reference Obligation rating. When using the
10-year Idealized Default Table default probability to derive a
probability of default (POD) for a CMBS bond from its credit
rating, Morningstar DBRS estimates that, in general, a one-third
reduction in the CMBS Reference Obligation POD maps to a tranche
rating that is approximately one notch higher than the Reference
Obligation or the Applicable Reference Obligation, whichever is
appropriate. Therefore, similar logic regarding term default risk
supported the rationale for Morningstar DBRS to reduce the POD in
the CMBS Insight Model by one notch because refinance risk is
largely absent for this SBC pool of loans.

The CMBS Insight Model does not contemplate the ability to prepay
loans, which is generally seen as credit positive because a prepaid
loan cannot default. The CMBS predictive model was calibrated using
loans that have prepayment lockout features. Those loans'
historical prepayment performance is close to a 0% conditional
prepayment rate. If the CMBS predictive model had an expectation of
prepayments, Morningstar DBRS would expect the default levels to be
reduced. Any loan that prepays is removed from the pool and can no
longer default. This collateral pool does not have any prepayment
lockout features, and Morningstar DBRS expects this pool will have
prepayments over the remainder of the transaction. Morningstar DBRS
applied a 5.0% reduction to the cumulative default assumptions to
provide credit for expected payments. The assumption reflects
Morningstar DBRS' opinion that in a rising interest rate
environment fewer borrowers may elect to prepay their loan.

As a result of higher interest rates and lending spreads, the SBC
pool has a significant increase in interest rates compared with
prior VCC transactions. Consequently, approximately more than 70.0%
of the deal has less than a 1.0 times (x) Issuer net operating
income DSCR, which is a larger composition than previous VCC
transactions in 2023 and 2022. Additionally, although the CMBS
Insight Model does not contemplate FICO scores, it is important to
point out the WA FICO score of 728 for the SBC loans, which is
relatively similar to prior transactions. With regard to the
aforementioned concerns, Morningstar DBRS applied a 5.0% penalty to
the fully adjusted cumulative default assumptions to account for
risks given these factors.

The SBC pool is quite diverse, based on loan count and size, with
an average cut-off date balance of $502,872, a concentration
profile equivalent to that of a transaction with 72 equal-size
loans, and a top-10 loan concentration of 25.7%. Increased pool
diversity helps insulate the higher-rated classes from event risk.

The loans are mostly secured by traditional property types (i.e.,
multifamily, retail, office, and industrial), while one loan is
secured by a hotel, which is a higher-volatility property type.

All loans in the SBC pool fully amortize over their respective
remaining loan terms, reducing refinance risk.

As classified by Morningstar DBRS for modeling purposes, the SBC
pool contains a significant exposure to retail (24.4% of the SBC
pool) and office (14.4% of the SBC pool), which are two of the
higher-volatility asset types. Loans counted as retail include
those identified as automotive and potentially commercial
condominium. Combined, retail and office properties represent 38.8%
of the SBC pool balance. Morningstar DBRS applied a 20.0% reduction
to the net cash flow (NCF) for retail properties and a 31.4%
reduction to the NCF for office assets in the SBC pool, which is
above the average NCF reduction applied for comparable property
types in CMBS analyzed deals.

Morningstar DBRS did not perform site inspections on loans within
its sample for this transaction. Instead, Morningstar DBRS relied
upon the analysis of third-party reports and online searches to
determine property quality assessments. Of the 78 loans Morningstar
DBRS sampled, 13 were Average quality (30.1%), 41 were Average –
(42.3%), 20 were Below Average (21.4%), and four were Poor (6.2%).
Morningstar DBRS assumed unsampled loans were Average – quality,
which has a slightly increased POD level. This is consistent with
the assessments from sampled loans and other SBC transactions rated
by Morningstar DBRS.

Limited property-level information was available for Morningstar
DBRS to review. Asset summary reports, property condition reports,
Phase I/II environmental site assessment (ESA) reports, and
historical cash flows were generally not available for review in
conjunction with this securitization. Morningstar DBRS received and
reviewed appraisals for the top 20 loans, which represent 37.8% of
the SBC pool balance. These appraisals were issued between May2023
and October 2023 when the respective loans were originated.
Morningstar DBRS was able to perform a loan-level cash flow
analysis on the top 20 loans. The NCF haircuts for the top 20 loans
ranged from 6.2% to 100.0%, with an average of 28.0%. No ESA
reports were provided nor required by the Issuer; however, all of
the loans have an environmental insurance policy that provides
coverage to the Issuer and the securitization trust in the event of
a claim. No Probable Maximum Loss information or earthquake
insurance requirements are provided. Therefore, a loss given
default penalty was applied to all properties in California to
mitigate this potential risk.

Morningstar DBRS received limited borrower information, net worth
or liquidity information, and credit history. Additionally, the WA
interest rate of the deal is 11.6%, which is indicative of the
broader increased interest rate environment and represents a large
increase over previous VCC deals. Morningstar DBRS generally
initially assumed loans had Weak sponsorship scores, which
increases the stress on the default rate. The initial assumption of
Weak reflects the generally less sophisticated nature of small
balance borrowers and assessments from past small balance
transactions rated by Morningstar DBRS. Furthermore, Morningstar
DBRS received a 12-month pay history on each loan between September
2023 and December 2023. If any loan has more than two late payments
within this period or was currently 30 days past due, Morningstar
DBRS applied an additional stress to the default rate. This did not
occur for any loans of the SBC pool.

RESIDENTIAL MORTGAGE-BACKED SECURITIES (RMBS) METHODOLOGY

The collateral pool consists of 362 mortgage loans with a total
balance of approximately $136.7 million collateralized by one- to
four-unit investment properties. Velocity underwrote the mortgage
loans to No Ratio program guidelines for business-purpose loans.

Notes: All figures are in U.S. dollars unless otherwise noted.


WFRBS COMMERCIAL 2013-C18: DBRS Cuts Class F Certs Rating to D
--------------------------------------------------------------
DBRS Limited downgraded the credit rating on one class of
Commercial Mortgage Pass-Through Certificates, Series 2013-C18
issued by WFRBS Commercial Mortgage Trust 2013-C18 as follows:

-- Class F to D (sf) from C (sf)

In addition, the credit rating on Class F was simultaneously
discontinued and withdrawn.

The credit rating downgrade and discontinuation on Class F were
because of a loss to the trust that was reflected with the November
2023 remittance. The trust incurred a loss of $10.0 million, wiping
out the remainder of the unrated Class G and eroding $806,000 of
Class F. This loss was tied to non-recoverable advances and/or
workout delayed reimbursement of advances on the HIE at Magnificent
Mile (Prospectus ID#10, 3.9% of the pool) and Cedar Rapids Office
Portfolio (Prospectus ID#9, 3.7% of the pool) loans. The servicer
had clawed back prior advances made for both loans and deemed it as
non-recoverable. In the October 2023 review, DBRS Morningstar
analyzed both loans with liquidation scenarios, resulting in
implied loss severities in excess of 90.0%.

Notes: All figures are in U.S. dollars unless otherwise noted.


WFRBS COMMERCIAL 2014-C20: DBRS Confirms C Rating on 3 Classes
--------------------------------------------------------------
DBRS Limited downgraded the credit rating on one class of the
Commercial Mortgage Pass-Through Certificates, Series 2014-C20
issued by WFRBS Commercial Mortgage Trust 2014-C20 as follows:

-- Class B to BB (high) (sf) from BBB (high) (sf)

In addition, DBRS Morningstar confirmed the credit ratings on the
remaining classes as follows:

-- Class A-4 at AAA (sf)
-- Class A-5 at AAA (sf)
-- Class A-SB at AAA (sf)
-- Class A-S at AAA (sf)
-- Class A-SFL at AAA (sf)
-- Class A-SFX at AAA (sf)
-- Class X-A at AAA (sf)
-- Class C at CCC (sf)
-- Class D at C (sf)
-- Class E at C (sf)
-- Class F at C (sf)

All trends are Stable, with the exception of Classes C, D, E, and
F, which have credit ratings that do not typically carry trends in
commercial mortgage backed security (CMBS) credit ratings.

The credit rating downgrade on Class B reflects the loss
expectations for the four loans in special servicing that represent
28.7% of the pool balance. Since the last review, the two largest
specially serviced loans, Woodbridge Center (Prospectus ID#1; 15.5%
of the pool) and Sugar Creek I & II (Prospectus ID#4; 7.8% of the
pool), reported value declines, and although the other two
specially serviced loans do not have updated appraisals, their
value is likely to have declined significantly from issuance
considering the depressed performance. For this review, DBRS
Morningstar analyzed the loans with liquidation scenarios at a
total loss of approximately $158.0 million, which erodes the credit
support on the junior tranches, therefore supporting the credit
rating downgrade on Class B and confirmation on Classes C through
F, which are currently rated CCC (sf) or C (sf). In addition, as of
the November 2023 remittance, interest shortfalls have increased to
$15.8 million compared with the $9.8 million at the time of the
last review.

The credit rating confirmations and Stable trends on the remaining
classes are reflective of the generally stable performance of the
trust, which reported a weighted-average debt service coverage
ratio (DSCR) of 1.94 times (x) based on the most recent year-end
financials. The pool is currently in wind down as the majority of
loans are scheduled to mature in 2024.

As of the November 2023 remittance, 71 of the original 98 loans
remain in the pool with a trust balance of $748.3 million,
representing a collateral reduction of 40.2% since issuance. Since
the last review, Brunswick Square, which was previously in special
servicing, was liquidated from the trust at a realized loss of
$25.7 million, generally in line with DBRS Morningstar's
expectations. To date, the trust has incurred a total loss of $27.4
million, all contained to the non-rated Class G. There are 21 loans
that are fully defeased, representing 21.5% of the pool balance.
Loans representing 45.9% of the pool balance are on the servicer's
watchlist, primarily for upcoming maturity although some loans are
flagged for performance-related issues as well. These include the
third-largest loan in the pool, Worldgate Center (Prospectus ID#3;
7.2% of the pool), a retail property located in Herndon, Virginia.
The loan is being monitored for a DSCR as the largest tenant,
Worldgate Sport & Health (46.0% of net rentable area (NRA)) had
ceased to pay rent since the onset of the Coronavirus Disease
(COVID-19) pandemic. It is uncertain whether the tenant has resumed
its rental payments, but the DSCR has been well below break-even
since 2021 with the borrower funding debt service out of pocket.
The loan is scheduled to mature by May 2024 and, considering the
depressed performance, refinance risk for this loan is elevated.

The largest specially serviced loan, Woodbridge Center, is secured
by the fee-simple interest in a 1.1 million square-foot (sf)
portion of a 1.7 million sf super-regional mall in Woodbridge, New
Jersey. The loan transferred to special servicing in June 2020 for
payment default and the last debt service payment made was in March
2022. A receiver was appointed in October 2021 and the property is
currently marketed for sale.

Performance has been depressed since the loss of the collateral
Sears anchor (25.0% of the NRA) in April 2020 and the
non-collateral Lord and Taylor in December 2019. According to the
October 2023 rent roll, the collateral was 67.5% occupied, compared
with the June 2022 occupancy rate of 62.4% and issuance rate of
96.8%. The mall is anchored by a non-collateral Macy's and JCPenney
while the largest collateral tenants include Boscov's (16.6% of the
NRA, lease expiry in January 2029), Dick's Sporting Goods (9.0% of
the NRA, lease expiry in January 2026), and Dave & Busters (3.1% of
the NRA, lease expiry in January 2033). Tenants representing 7.8%
of the NRA have leases expiring by YE2024. According to the YE2022
financials, the loan reported a DSCR of 0.42x compared with the
YE2021 DSCR of 0.95x, well below the DBRS Morningstar DSCR of
1.25x. According to the October 2023 appraisal, the property was
valued at $79.0 million compared with the January 2023 appraised
value of $86.0 million and the issuance value of $366.0 million.
Given the depressed performance and significant decline in value
from issuance, DBRS Morningstar liquidated the loan in its analysis
based on a stressed value, resulting a loss severity in excess of
90%.

The second-largest loan in special servicing, Sugar Creek I & II,
is secured by two adjacent Class A office buildings in Sugar Land,
Texas. The loan transferred to special servicing for imminent
payment default in October 2020 and the property became real estate
owned in July 2023. Occupancy has been depressed with the March
2023 rent roll reporting an occupancy rate of 54.0%, down from the
June 2022 rate of 57.2%, and well below the issuance rate of 95.0%.
The largest tenants include Teams Inc. (18.9% of the NRA, lease
expiry in March 2028), Noble Drilling Services (17.3% of the NRA,
lease expiry in December 2024), and Merrill Lynch (3.3% of the NRA,
lease expired in April 2024). Upcoming tenant rollover risk is
noteworthy with 21.9% of the NRA scheduled to roll through YE2024,
including the second- and third-largest tenants. Per the Q3 2023
Reis report, the southwest Houston submarket reported a vacancy
rate of 25.8% compared with the Q3 2022 vacancy rate of 25.4%. The
property was appraised in July 2023 at a value of $32.4 million
compared with the December 2022 value of $42.3 million and the
issuance value of $83.5 million. For this review, DBRS Morningstar
liquidated this loan from the pool, which resulted in a loss
severity in excess of 70%.

Notes: All figures are in U.S. dollars unless otherwise noted.


WFRBS COMMERCIAL 2014-C20: Moody's Cuts Cl. C Certs Rating to Caa3
------------------------------------------------------------------
Moody's Investors Service has affirmed the ratings on four classes
and downgraded the ratings on five classes in WFRBS Commercial
Mortgage Trust 2014-C20 as follows:

Cl. A-4, Affirmed Aaa (sf); previously on Mar 16, 2023 Affirmed Aaa
(sf)

Cl. A-5, Affirmed Aaa (sf); previously on Mar 16, 2023 Affirmed Aaa
(sf)

Cl. A-SB, Affirmed Aaa (sf); previously on Mar 16, 2023 Affirmed
Aaa (sf)

Cl. A-S, Downgraded to A1 (sf); previously on Mar 16, 2023
Downgraded to Aa2 (sf)

Cl. A-SFL, Downgraded to A1 (sf); previously on Mar 16, 2023
Downgraded to Aa2 (sf)

Cl. A-SFX, Downgraded to A1 (sf); previously on Mar 16, 2023
Downgraded to Aa2 (sf)

Cl. B, Downgraded to B1 (sf); previously on Mar 16, 2023 Downgraded
to Ba2 (sf)

Cl. C, Downgraded to Caa3 (sf); previously on Mar 16, 2023
Downgraded to Caa2 (sf)

Cl. X-A*, Affirmed Aa1 (sf); previously on Mar 16, 2023 Downgraded
to Aa1 (sf)

* Reflects Interest-Only Classes

RATINGS RATIONALE

The ratings on three P&I classes were affirmed because of their
credit support and the transaction's key metrics, including Moody's
loan-to-value (LTV) ratio, Moody's stressed debt service coverage
ratio (DSCR) and the transaction's Herfindahl Index (Herf), are
within acceptable ranges. Furthermore, these classes benefit from
priority of principal proceeds from any loan payoffs or
liquidations.

The ratings on five P&I classes, Cl. A-S, Cl. A-SFL, Cl. A-SFX, Cl.
B and Cl. C, were downgraded due to higher expected losses and
increased interest shortfall risk due to the significant exposure
to specially serviced and poorly performing loans that may have
heightened maturity default risk. Four specially serviced loans
representing over 30% of the pool include the Woodbridge Center
loan (16.3% of the pool), Sugar Creek I & II loan (8.2%) and Savoy
Retail & 60th Street Residential loan (4.3%). As of the December
2023 remittance statement, The Woodbridge Center and Sugar Creek I
& II have each recognized appraisal reductions greater than 50% of
their respective loan amounts and were already in the foreclosure
process or real estate owned (REO). As a result of the significant
appraisal reductions and declining performance of these loans,
Moody's anticipates interest shortfalls will continue and may
increase from their current levels, particularly if other currently
performing loans are unable to payoff at their scheduled maturity
dates. All of the remaining mortgage loans mature within the next
five months and the largest performing loan, (Worldgate Centre –
7.6%), had a reported NOI DSCR below 0.75X as of June 2023.

The rating on the IO class, Cl. X-A, was affirmed based on the
credit quality of its referenced classes.

Moody's regard e-commerce competition as a social risk under
Moody's ESG framework. The rise in e-commerce and changing consumer
behavior presents challenges to brick-and-mortar discretionary
retailers.

Moody's rating action reflects a base expected loss of 24.2% of the
current pooled balance, compared to 23.7% at Moody's last review.
Moody's base expected loss plus realized losses is now 15.9% of the
original pooled balance, compared to 15.7% at the last review.

FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS:

The performance expectations for a given variable indicate Moody's
forward-looking view of the likely range of performance over the
medium term. Performance that falls outside the given range can
indicate that the collateral's credit quality is stronger or weaker
than Moody's had previously expected. Additionally, significant
changes in the 5-year rolling average of 10-year US Treasury rates
will impact the magnitude of the interest rate adjustment and may
lead to future rating actions.

Factors that could lead to an upgrade of the ratings include a
significant amount of loan paydowns or amortization, an increase in
the pool's share of defeasance or an improvement in pool
performance.

Factors that could lead to a downgrade of the ratings include a
decline in the performance of the pool, loan concentration, an
increase in realized and expected losses from specially serviced
and troubled loans or interest shortfalls.

METHODOLOGY UNDERLYING THE RATING ACTION

The principal methodology used in rating all classes except
interest-only classes was "US and Canadian Conduit/Fusion
Commercial Mortgage-Backed Securitizations Methodology" published
in July 2022.

DEAL PERFORMANCE

As of the December 15, 2023 distribution date, the transaction's
aggregate certificate balance has decreased by 43.5% to $707.8
million from $1.25 billion at securitization. The certificates are
collateralized by 67 mortgage loans ranging in size from less than
1% to 16.3% of the pool, with the top ten loans (excluding
defeasance) constituting 55.8% of the pool. Seventeen loans,
constituting 17.2% of the pool, have defeased and are secured by US
government securities. The pool contains seven low leverage
cooperative loans, constituting 4.1% of the pool balance, that were
too small to credit assess; however, have Moody's leverage that is
consistent with other loans previously assigned an investment grade
Structured Credit Assessments. All of the remaining loans have a
scheduled maturity date or anticipated repayment date by May 2024.

Moody's uses a variation of Herf to measure the diversity of loan
sizes, where a higher number represents greater diversity. Loan
concentration has an important bearing on potential rating
volatility, including the risk of multiple notch downgrades under
adverse circumstances. The credit neutral Herf score is 40. The
pool has a Herf of 13, compared to 18 at Moody's last review.

As of the December 15, 2023 remittance report, loans representing
70% were current or within their grace period on their debt service
payments, 6% were beyond their grace period but less than 30 days
delinquent and 24% were greater than 90 days delinquent or real
estate owned (REO).

Forty-one loans, constituting 48.8% of the pool, are on the master
servicer's watchlist. The watchlist includes loans that meet
certain portfolio review guidelines established as part of the CRE
Finance Council (CREFC) monthly reporting package. As part of
Moody's ongoing monitoring of a transaction, the agency reviews the
watchlist to assess which loans have material issues that could
affect performance.

Three loans have been liquidated from the pool, resulting in an
aggregate realized loss of $27.4 million (for an average loss
severity of 58%). Four loans, constituting 30% of the pool, are
currently in special servicing.

The largest specially serviced loan is the Woodbridge Center Loan
($115.4 million -- 16.3% of the pool), which represents a pari
passu portion of a $221.9 million senior mortgage loan. The loan is
secured by a 1.1 million square foot (SF) component of a two-story,
regional mall in Woodbridge, New Jersey. The mall's anchors now
include Macy's, Boscov's, JCPenney, and Dick's Sporting Goods. Two
currently vacant anchor spaces include a former Lord and Taylor
(120,000 SF) and Sears (274,100 SF), which both vacated prior to
2021. Macy's, JCPenney and the former Lord & Taylor space are not
included as collateral for the loan. Other major tenants include
Boscov's, Dick's Sporting Goods, Dave & Busters and Seaquest. As of
June 2023, collateral occupancy was 63%, compared to 70% in
December 2022 and 97% at securitization. Inline occupancy was 65%
as of June 2023, compared to 86% in December 2022. The property's
performance has declined annually since 2015 and the 2022 net
operating income (NOI) was nearly 67% lower than in 2014. As a
result, the 2022 NOI DSCR was below 1.00X. The loan initially
transferred to special servicing in June 2020 when the property
closed temporarily due to the pandemic. The loan is last paid
through its March 2022 payment date, a receiver was appointed in
October 2021 and foreclosure is currently being pursued. The
property faces significant competition with seven competitive
regional and super regional centers located within a 20 miles
radius. The property was appraised in October 2023 at a value
significantly below the outstanding loan balance and the master
servicer subsequently recognized an appraisal reduction of $95
million or 83% of the outstanding loan amount. Due to the continued
decline in performance, Moody's anticipates a significant loss on
this loan.

The second largest specially serviced loan is the Sugar Creek I &
II Loan ($58.0 million -- 8.2% of the pool), which is secured by
two adjacent, eight-story office buildings totaling 409,168 SF
located in Sugarland, Texas, 20 miles southwest of the Houston CBD.
The asset is also encumbered with $8.6 million of mezzanine
financing held outside the trust, which is currently in default.
Both buildings are of Class-A quality with Sugar Creek-I
constructed in 2000 and Sugar Creek-II completed in 2008.
Collateral for the loan also includes a four-story 1,198-space
parking garage in addition to 326 surface parking spaces. The
largest tenant, Noble Drilling Services Inc. (originally 41% of the
net rentable area (NRA)), reduced their space by 52,075 SF in
January 2019 as part of their 10-year renewal. The company filed
for Chapter 11 bankruptcy in July 2020 and occupies approximately
63,395 SF (15.5% of NRA) at the property as of June 2023. The loan
initially transferred to special servicing in October 2020 for
imminent monetary default. As of June 2023, the properties were 52%
leased compared to 68% in June 2020 and 93% in 2018. As of the
December 2023 remittance statement, the loan was last paid through
its July 2023 payment date. The property was appraised in July 2023
at a value below the outstanding loan balance and the master
servicer subsequently recognized an appraisal reduction of $33.5
million or 58% of the outstanding loan amount. The property became
real estate owned (REO) in February 2023.

The third largest specially serviced loan is the Savoy Retail &
60th Street Residential Loan ($30.7 million -- 4.3% of the pool),
which is secured by a mixed-use retail and residential development
located on Third Avenue between 60th Street and 61st Street in New
York, New York. The collateral includes the Savoy Retail Condo and
60th Street Residential. The retail portion is comprised of
approximately 36,000 SF of retail space and approximately 12,000 SF
of subterranean garage containing 70 spaces. 60th Street
Residential is comprised of four abutting 4-story walk-up
residential buildings. As of June 2023, the total collateral was
reported to be 56% leased compared to 76% in September 2021 and 87%
at year-end 2019. The two largest retail tenants, Zavo Restaurant
and Dylan's Candy Bar, have vacated their spaces resulting in the
declines of revenue and NOI of the property. The loan has paid down
12% since securitization and the NOI DSCR was only 0.41X as of
December 2022. The loan transferred to special servicing in June
2023 due to imminent monetary default and was last paid through the
November 2023 payment date. Special service commentary indicates
the borrower has requested a loan modification and is in
discussions with the special servicer.

The remaining specially serviced loan (1.4% of the pool) is secured
by an office property in Kennesaw, Georgia, which has been impacted
by low occupancy and low DSCR. Moody's has also assumed a high
default probability for one poorly performing loan, constituting
2.8% of the pool, and has estimated an aggregate loss of $155.1
million (a 66% expected loss on average) from these specially
serviced and troubled loans. The troubled loan is secured by an
office property in Bethesda, Maryland which has low occupancy and
significant upcoming lease rollover.

As of the December 2023 remittance statement cumulative interest
shortfalls were $16.4 million and impact up to Cl. C. Moody's
anticipates interest shortfalls will continue because of the
exposure to specially serviced loans and/or modified loans.
Interest shortfalls are caused by special servicing fees, including
workout and liquidation fees, appraisal entitlement reductions
(ASERs), loan modifications and extraordinary trust expenses.

The credit risk of loans is determined primarily by two factors: 1)
Moody's assessment of the probability of default, which is largely
driven by each loan's DSCR, and 2) Moody's assessment of the
severity of loss upon a default, which is largely driven by each
loan's loan-to-value ratio, referred to as the Moody's LTV or MLTV.
As described in the CMBS methodology used to rate this
transaction, Moody's make various adjustments to the MLTV. Moody's
adjust the MLTV for each loan using a value that reflects
capitalization (cap) rates that are between Moody's sustainable cap
rates and market cap rates. Moody's also use an adjusted loan
balance that reflects each loan's amortization profile. The MLTV
reported in this publication reflects the MLTV before the
adjustments described in the methodology.

Moody's received full year 2022 operating results for 100% of the
pool, and full or partial year 2023 operating results for 95% of
the pool (excluding specially serviced and defeased loans). Moody's
weighted average conduit LTV is 101%, compared to 105% at Moody's
last review. Moody's conduit component excludes loans with
structured credit assessments, defeased and CTL loans, and
specially serviced and troubled loans. Moody's net cash flow (NCF)
reflects a weighted average haircut of 13% to the most recently
available net operating income (NOI). Moody's value reflects a
weighted average capitalization rate of 10.4%.

Moody's actual and stressed conduit DSCRs are 1.40X and 1.20X,
respectively, compared to 1.40X and 1.12X at the last review.
Moody's actual DSCR is based on Moody's NCF and the loan's actual
debt service. Moody's stressed DSCR is based on Moody's NCF and a
9.25% stress rate the agency applied to the loan balance.

The top three non-specially serviced loans represent 16.7% of the
pool balance. The largest loan is the Worldgate Center Loan ($53.6
million – 7.6% of the pool), which is secured by a 229,326 SF
shopping center in Herndon, Virginia. The collateral for the loan
also includes a two-level subterranean parking garage and surface
parking totaling 1,170 parking spaces. The property was developed
in 1990 and is anchored by Worldgate Athletic Club & Spa (105,678
SF) and AMC Worldgate 9 Theaters (38,238 SF). As of June 2023, the
property was 98% leased, compared to 97% at year-end 2020. The loan
previously transferred to special servicing in June 2020 due to the
coronavirus impact on the property, however, the loan was returned
to the master servicer in August 2020 without a modification and
was brought current in September 2020. As of June 2023, the
reported NOI DSCR was 0.69X, compared to 1.41X at year-end 2019.
Property performance declined significantly when the former largest
tenant, Worldgate Sport & Health (55% of total base rent), stopped
paying rent and was evicted. The Worldgate fitness facility has
changed management companies, moving from Sport & Health to WTS
International. The space was renovated for $4 million during 2021
and has since re-opened. The loan is currently cash managed and on
the servicer's watch list due to low DSCR. The loan has paid down
approximately 17.5% since securitization and has been current since
returning from special servicing. The loan has a maturity date in
May 2024 and servicer commentary indicated the borrower stated they
plan to refinance and take out at maturity. Moody's LTV and
stressed DSCR are 142% and 0.72X, respectively, compared to 145%
and 0.71X at the last review.

The second largest loan is the Rockwell – ARINC HQ Loan ($44.8
million -- 6.3% of the pool), which is secured by three office
buildings that are part of a six-building office complex located in
Annapolis, Maryland. The collateral contains approximately 271,000
SF of NRA and is 100% triple-net leased to ARINC, a wholly owned
subsidiary of Rockwell Collins, through March 2029. The lease does
not contain any termination options and is fully guaranteed by
Rockwell Collins. The loan has paid down almost 8% since
securitization and has a loan maturity date in April 2024. Moody's
LTV and stressed DSCR are 102% and 1.25X, respectively, compared to
103% and 1.23X at the last review.

The third largest loan is the Woodmont Plaza Loan ($20.0 million --
2.8% of the pool), which is secured by a 135,389 SF office facility
located in Bethesda, Maryland, approximately seven miles north of
Washington D.C The property was 63% leased as of June 2023 compared
to 72% leased as of June 2022 and 88% at securitization.
Performance has declined due to increased vacancy and the property
also faced substantial upcoming lease rollover. The year-end 2022
NOI was 27% lower than in 2014. Due to the decline in performance,
Moody's considers this as a troubled loan that will likely face
increased default risk at its loan maturity in April 2024.


[*] DBRS Reviews 526 Classes From 22 US RMBS Transactions
---------------------------------------------------------
DBRS, Inc. reviewed 526 classes from 22 U.S. residential
mortgage-backed securities (RMBS) transactions. The 22 transactions
are generally classified as agency credit risk transfer
transactions. Of the 526 classes reviewed, DBRS Morningstar
upgraded 365 credit ratings and confirmed 161 credit ratings.

The Affected Ratings are available at https://bit.ly/3tV5YKr

The Issuers are:

Fannie Mae
Freddie Mac
Freddie Mac STACR REMIC Trust 2021-DNA2
Freddie Mac STACR REMIC Trust 2020-DNA2
Connecticut Avenue Securities, Series 2019-R01
Structured Agency Credit Risk Debt Notes, Series 2017-DNA2
Structured Agency Credit Risk Debt Notes, Series 2017-HQA3
Structured Agency Credit Risk Debt Notes, Series 2017-HRP1
Structured Agency Credit Risk Debt Notes, Series 2018-DNA2
Structured Agency Credit Risk Debt Notes, Series 2018-HQA1
Structured Agency Credit Risk Debt Notes, Series 2018-HQA2
Structured Agency Credit Risk Debt Notes, Series 2018-HRP2
Structured Agency Credit Risk Debt Notes, Series 2019-DNA3
Structured Agency Credit Risk Debt Notes, Series 2019-HRP1
Freddie Mac STACR Trust 2019-DNA1

The credit rating upgrades reflect positive performance trends and
increases in credit support sufficient to withstand stresses at
their new credit rating levels. The credit rating confirmations
reflect asset performance and credit-support levels that are
consistent with the current credit ratings.

Notes: The principal methodology applicable to the credit ratings
is the U.S. RMBS Surveillance Methodology.


[*] Moody's Upgrades Ratings on $221MM of US RMBS Issued 2002-2007
------------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of nine bonds
from three US residential mortgage-backed transactions (RMBS),
backed by Subprime mortgages issued by multiple issuers.

A comprehensive review of all credit ratings for the respective
transactions have been conducted during a rating committee.

Complete rating actions are as follows:

Issuer: Aames Mortgage Trust 2002-1

Cl. A-3, Upgraded to Baa2 (sf); previously on Jun 1, 2022 Upgraded
to Baa3 (sf)

Cl. A-4, Upgraded to A2 (sf); previously on Jun 1, 2022 Upgraded to
Baa2 (sf)

Issuer: New Century Home Equity Loan Trust 2006-2

Cl. A-1, Upgraded to A1 (sf); previously on Jun 1, 2022 Upgraded to
Ba1 (sf)

Cl. A-2b, Upgraded to Ba1 (sf); previously on Jun 1, 2022 Upgraded
to B3 (sf)

Cl. A-2c, Upgraded to B2 (sf); previously on Jul 5, 2017 Upgraded
to Caa3 (sf)

Issuer: NovaStar Mortgage Funding Trust 2007-2

Cl. A-1A, Upgraded to A1 (sf); previously on Jun 1, 2022 Upgraded
to A2 (sf)

Cl. A-2B, Upgraded to Baa2 (sf); previously on Jun 1, 2022 Upgraded
to B2 (sf)

Cl. A-2C, Upgraded to Caa2 (sf); previously on Jun 21, 2019
Upgraded to Caa3 (sf)

Cl. A-2D, Upgraded to Caa2 (sf); previously on Jun 21, 2019
Upgraded to Caa3 (sf)

RATINGS RATIONALE

The rating actions reflect the recent performance as well as
Moody's updated loss expectations on the underlying pools. The
rating upgrades are a result of the improving performance of the
related pools, and/or an increase in credit enhancement available
to the bonds.

No actions were taken on the other rated classes in these deals
because their expected losses remain commensurate with their
current ratings, after taking into account the updated performance
information, structural features, credit enhancement and other
qualitative considerations. These include the potential impact of
collateral performance volatility on ratings.

Principal Methodology

The principal methodology used in these ratings was "US RMBS
Surveillance Methodology" published in July 2022.

Factors that would lead to an upgrade or downgrade of the ratings:

Up

Levels of credit protection that are higher than necessary to
protect investors against current expectations of loss could drive
the ratings of the subordinate bonds up. Losses could decline from
Moody's original expectations as a result of a lower number of
obligor defaults or appreciation in the value of the mortgaged
property securing an obligor's promise of payment. Transaction
performance also depends greatly on the US macro economy and
housing market.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could drive the
ratings down. Losses could rise above Moody's expectations as a
result of a higher number of obligor defaults or deterioration in
the value of the mortgaged property securing an obligor's promise
of payment. Transaction performance also depends greatly on the US
macro economy and housing market. Other reasons for
worse-than-expected performance include poor servicing, error on
the part of transaction parties, inadequate transaction governance
and fraud.

Finally, performance of RMBS continues to remain highly dependent
on servicer procedures. Any change resulting from servicing
transfers or other policy or regulatory change can impact the
performance of these transactions. In addition, improvements in
reporting formats and data availability across deals and trustees
may provide better insight into certain performance metrics such as
the level of collateral modifications.


                            *********

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are $25 each.  For subscription information, contact Peter A.
Chapman at 215-945-7000.

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