251116.mbx

251116.mbx T R O U B L E D C O M P A N Y R E P O R T E R Sunday, November 16, 2025, Vol. 29, No. 319 Headlines A10 2025-FL6: Fitch Assigns 'B-(EXP)sf' Rating on Class G Notes AB BSL CLO 1: S&P Assigns BB- (sf) Rating on Class E-R2 Notes AGL CLO 12: Fitch Assigns 'BB-sf' Rating on Class ER Notes AMSR 2024-SFR2: DBRS Confirms BB(low) Rating on Class F2 Certs ANCHORAGE CAPITAL 8: Fitch Assigns 'BBsf' Rating on Cl. E-R3 Notes ANCHORAGE CAPITAL 8: Moody's Gives B3 Rating to $250,000 F-R3 Notes ANSLEY PARK 2025-A: Moody's Assigns (P)Ba2 Rating to Class E Notes ANTARES CLO 2018-2: S&P Assigns BB- (sf) Rating on Cl. E-1RR Notes APIDOS CLO XLVI: Fitch Assigns BB+sf Final Rating on Cl. E-R Notes APIDOS CLO XLVI: Moody's Assigns B3 Rating to $550,000 F-R Notes ARINI US III: S&P Assigns Prelim BB- (sf) Rating on Class E Notes AUDAX SENIOR 8: S&P Assigns BB- (sf) Rating on Class E-R Notes BAIN CAPITAL 2020-4: Fitch Assigns 'BB+sf' Rating on Cl. E-RR Notes BANK5 2024-5YR7: DBRS Confirms BB(high) Rating on Class G Certs BB-UBS 2012-TFT: DBRS Confirms B Rating on Class B Certs BBAM US VI: S&P Assigns Prelim BB- (sf) Rating on Class E Notes BBCMS MORTGAGE 2025-5C38: Fitch Assigns 'B(EXP)' Rating on G Certs BEAR STEARNS 2006-AR3: Moody's Upgrades Rating on 4 Tranches to Ca BENEFIT STREET XXI: S&P Assigns Prelim 'BB-' Rating on E-R2 Notes BLACKROCK DLF 2020-1: DBRS Cuts Class W Notes Rating to D BX COMMERCIAL 2021-IRON: DBRS Confirms B(low) Rating on 2 Classes CARLYLE GLOBAL 2015-1: S&P Assigns B- (sf) Rating on E-R-R Notes CARVAL CLO V-C: Moody's Cuts Rating on $23.375MM Cl. E Notes to B1 CARVANA AUTO 2025-P4: S&P Assigns Prelim BB-(sf) Rating on N Notes CASTLELAKE AIRCRAFT 2025-3: Fitch Rates Series C Notes 'BB+' CHASE HOME 2025-12: Fitch Rates Class B5 Certs 'B-(EXP)' CIM TRUST 2021-INV1: Moody's Ups Rating on Cl. B-5 Certs from Ba1 CITIGROUP 2014-GC21: DBRS Confirms C Rating on 2 Classes CITIGROUP 2020-555: DBRS Confirms B Rating on Class G Certs COLT 2025-11: Fitch Assigns 'B(EXP)sf' Rating on Class B-2 Certs COOPR RESIDENTIAL 2025-CES4: Fitch Rates Class B-2 Notes 'Bsf' CSAIL 2020-C19: Fitch Lowers Rating on Two Tranches to 'Bsf' CTM CLO 2025-2: Fitch Assigns 'BB-sf' Rating on Class E Notes EATON VANCE 2014-1R: Moody's Cuts Rating on $9.26MM F Notes to Caa3 EFMT 2025-NQM5: Fitch Gives 'B-sf' Rating on Class B2 Certificates ELDRIDGE CLO 2025-1: Fitch Assigns 'BBsf' Rating on Class E Notes ELP COMMERCIAL 2025-ELP: Fitch Gives 'B+(EXP)' Rating on HRR Certs ENVELOPE 1 INC: Case Summary & 20 Largest Unsecured Creditors FIGRE TRUST 2025-HE7: S&P Assigns Prelim B- (sf) Rating on F Notes FORTRESS CREDIT IX: S&P Assigns BB- (sf) Rating on Class E-R Notes GARNET CLO 3: Fitch Assigns 'BB-sf' Rating on Class E Notes GOLUB CAPITAL 70(B)-R: Fitch Assigns BB-sf Rating on Cl. E-R Notes HOMES 2025-NQM5: S&P Assigns Prelim B (sf) Rating on B-2 Certs ICG US 2020-1: S&P Lowers Class E-R Notes Rating to 'B (sf)' IMSCI 2013-3: DBRS Hikes Class F Certs Rating to B INDYMAC MH 1997-1: Moody's Downgrades Rating on 5 Tranches to B1 JEFFERIES CREDIT 2025-1: S&P Assigns BB- (sf) Rating on E Notes JP MORGAN 2021-1440: DBRS Confirms B Rating on Class C Certs JW TRUST 2024-BERY: DBRS Confirms BB Rating on Class F Certs LCM 38: Fitch Assigns BBsf Rating on Cl. E-R2 Notes, Outlook Stable MAGNETITE XXXVII: Fitch Assigns 'BBsf' Rating on Class E-R Notes MAGNETITE XXXVII: Moody's Assigns B3 Rating to Class F-R Notes MKT 2020-525M: Fitch Affirms BB Rating on Class X-A Certs NAVESINK CLO 4: S&P Assigns BB- (sf) Rating on Class E Notes NELNET STUDENT 2005-4: Fitch Affirms 'Bsf' Rating on Four Tranches OCTAGON INVESTMENT 27: S&P Lowers Class E-R Notes Rating to B (sf) OCTANE 2025-RVM1: S&P Assigns Prelim BB+(sf) Rating on Cl. E Notes PALMER SQUARE 2023-2: Moody's Ups Rating on Class D-R Notes to Ba1 PMT LOAN 2025-J4: DBRS Gives Prov. B(low) Rating on B5 Notes PRPM 2025-NQM5: DBRS Gives Prov. B(high) Rating on Class B2 Certs PRPM 2025-NQM5: Fitch Assigns 'B(EXP)sf' Rating on Class B-2 Certs RACE POINT X: S&P Affirms CCC+ (sf) Rating on Class F-R Notes RCMF 2023-FL11: Fitch Affirms 'B-sf' Rating on Class G Debt READY CAPITAL 2018-4: DBRS Confirms B Rating on Class G Certs SBALR 2020-RR1: DBRS Cuts Class C Certs Rating to C SDART 2025-1: Fitch Affirms BBsf Rating on Class E Debt SDART 2025-4: Fitch Assigns 'BB(EXP)sf' Rating on Class E Notes SEQUOIA MORTGAGE 2025-12: Fitch Assigns 'B(EXP)' Rating on B5 Certs SHACKLETON 2014-V-R: Moody's Affirms B1 Rating on Cl. E Notes SYCA COMMERCIAL 2025-WAG: DBRS Finalizes B Rating on Class G Certs SYCAMORE TREE 2024-5: S&P Assigns BB- (sf) Rating on Cl. E-R Notes TOWD POINT 2025-FIX2: DBRS Finalizes B Rating on Class B2 Notes UNIV TRUST 2025-APTS: DBRS Gives Prov. B Rating on Class F Certs VERUS SECURITIZATION 2025-10: S&P Assigns 'B' Rating on B-2 Notes VERUS SECURITIZATION 2025-11: Fitch Gives B-(EXP) Rating on B2 Debt WELLS FARGO 2015-C26: Fitch Lowers Rating on Class D Certs to 'Csf' WELLS FARGO 2018-1: Moody's Ups Rating on Cl. B-4 Certs from Ba1 WELLS FARGO 2022-C62: Fitch Lowers Rating on Two Tranches to 'Bsf' [] DBRS Reviews 33 Classes in 5 US RMBS Transactions [] Moody's Upgrades Ratings on 20 Bonds from 4 US RMBS Deals [] S&P Takes Various Actions on 31 Classes From 5 US RMBS Deals ********* A10 2025-FL6: Fitch Assigns 'B-(EXP)sf' Rating on Class G Notes --------------------------------------------------------------- Fitch Ratings has assigned expected ratings and Rating Outlooks to A10 2025-FL6 Issuer, LLC as follows: Entity/Debt Rating ----------- ------ A10 2025-FL6 A LT AAA(EXP)sf Expected Rating A-S LT AAA(EXP)sf Expected Rating B LT AA-(EXP)sf Expected Rating C LT A-(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BBB-(EXP)sf Expected Rating F LT BB-(EXP)sf Expected Rating G LT B-(EXP)sf Expected Rating Income Notes LT NR(EXP)sf Expected Rating - $185,500,000a class A 'AAA(EXP)sf'; Outlook Stable; - $59,062,000a class A-S 'AAA(EXP)sf'; Outlook Stable; - $22,313,000a class B 'AA-(EXP)sf'; Outlook Stable; - $20,562,000a class C 'A-(EXP)sf'; Outlook Stable; - $14,438,000a class D 'BBB(EXP)sf'; Outlook Stable; - $6,125,000a class E 'BBB-(EXP)sf'; Outlook Stable; - $8,312,000b class F 'BB-(EXP)sf'; Outlook Stable; - $8,313,000b class G 'B-(EXP)sf'; Outlook Stable. The following class is not expected to be rated by Fitch: - $25,375,000b Income Notes. (a) Privately placed and pursuant to Rule 144A. (b) Horizontal risk retention interest, estimated to be 12.000% of the notional amount of the notes. The approximate collateral interest balance as of the cutoff date is $350,000,000 and does not include future funding. The expected ratings are based on information provided by the issuer as of Nov. 3, 2025. Transaction Summary The notes are collateralized by 21 loans secured by 27 commercial properties with an aggregate principal balance of $293,283,763 as of the cut-off date. The pool also includes ramp-up collateral interest of $56.7 million. The loans were contributed to the trust by A10 CRE CLO Seller, LLC. The servicer and special servicer are expected to be A10 Capital, LLC. The trustee is expected to be Wilmington Trust, National Association, and the note administrator is expected to be Computershare Trust Company, National Association. The notes are expected to follow a sequential paydown structure. Fitch reviewed a comprehensive sample of the transaction's collateral, including site inspections on 30.9% of the loans by balance, and cash flow analysis and asset summary reviews on 100% of the pool. KEY RATING DRIVERS Fitch Net Cash Flow: Fitch performed cash flow analyses on 16 loans in the pool (91.0% by balance). Fitch's resulting aggregate net cash flow (NCF) of $17.6 million represents a 9.6% decline from the issuer's aggregate underwritten NCF of $19.5 million, excluding loans for which Fitch utilized an alternate value analysis. Aggregate cash flows include only the pro-rated trust portion of any pari passu loan. Lower Fitch Leverage: The pool has lower leverage than recent CRE CLO transactions rated by Fitch. The pool's Fitch loan‐to‐value (LTV) ratio of 117.9% is lower than both the 2025 YTD and 2024 CRE CLO average of 140.7%. The pool's Fitch NCF debt yield (DY) of 7.95% is higher with both the 2025 YTD and 2024 CRE CLO averages of 6.4% and 6.5%, respectively. Better Pool Diversity: The pool diversity is better than recently rated Fitch CRE CLO transactions. The top 10 loans make up 66.2% of the pool, which is higher than the 2025 YTD average of 61.0% and lower than the 2024 CRE CLO average 70.5%. Fitch measures loan concentration risk using an effective loan count, which accounts for both the number and size of loans in the pool. The pool's effective loan count is 17.6. Fitch views diversity as a key mitigant to idiosyncratic risk. Fitch raises the overall loss for pools with effective loan counts below 40. Limited Amortization: The pool is 51.1% comprised of IO loans, based on fully extended loan terms. This is worse than both the 2025 YTD and 2024 CRE CLO averages of 72.0% and 56.8%, respectively. As a result, the pool is expected to have 0.7% principal paydown by fully extended maturity of the loans. By comparison, the average scheduled paydowns for Fitch‐rated U.S. CRE CLO transactions during 2025 YTD and 2024 were 0.5% and 0.6%, respectively. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Declining cash flow decreases property value and capacity to meet its debt service obligations. The table below indicates the model-implied rating sensitivity to changes in one variable, Fitch NCF: - Original Rating: 'AAAsf' / 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBBsf' / 'BBB-sf' / 'BB-sf' / 'B-sf'; - 10% NCF Decline: 'AAAsf' / 'AA+sf' / 'AA-sf' / 'A-sf' / 'BBB-sf' / 'BB+sf' / 'BB-sf' / 'B-sf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Improvement in cash flow increases property value and capacity to meet its debt service obligations. The table below indicates the model-implied rating sensitivity to changes to in one variable, Fitch NCF: - Original Rating: 'AAAsf' / 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBBsf' / 'BBB-sf' / 'BB-sf' / 'B-sf'; - 10% NCF Increase: 'AAAsf' / 'AAAsf' / 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBB+sf' / 'BBB-sf' / 'BBsf'. SUMMARY OF FINANCIAL ADJUSTMENTS Cash Flow Modeling This transaction utilizes note protection tests to provide additional credit enhancement (CE) to the investment-grade noteholders, if needed. The note protection tests comprise an interest coverage test and a par value test at the 'BBB-' level (class E) in the capital structure. Should either of these metrics fall below a minimum requirement then interest payments to the retained notes are diverted to pay down the senior most notes. This diversion of interest payments continues until the note protection tests are back above their minimums. As a result of this structural feature, Fitch's analysis of the transaction included an evaluation of the liabilities structure under different stress scenarios. To undertake this evaluation, Fitch used the cash flow modeling referenced in the Fitch criteria "U.S. and Canadian Multiborrower CMBS Rating Criteria". Different scenarios were run where asset default timing distributions and recovery timing assumptions were stressed. Key inputs, including Rating Default Rate (RDR) and Rating Recovery Rate (RRR), were based on the CMBS multiborrower model output in combination with CMBS analytical insight. The cash flow modeling results showed that the default rates in the stressed scenarios did not exceed the available CE in any stressed scenario. 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 KPMG LLP. The third-party due diligence described in Form 15E focused on a comparison and re-computation of certain characteristics with respect to each of the mortgage loans. Fitch considered this information in its analysis, and it did not have an effect on Fitch's analysis or conclusions. 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. AB BSL CLO 1: S&P Assigns BB- (sf) Rating on Class E-R2 Notes ------------------------------------------------------------- S&P Global Ratings assigned its ratings to the replacement class, A-1-R2, A-2-R2, B-R2, C-1-R2, C-2-R2, D-1-R2, D-2-R2, and E-R2 and new class A-1-LR debt from AB BSL CLO 1 Ltd./AB BSL CLO 1 LLC, a CLO managed by AB Broadly Syndicated Loan Manager LLC that was originally issued in December 2020 and underwent a refinancing in March 2022. At the same time, S&P withdrew its ratings on the previous class A1-R, B-R, C-R, D-R, and E-R debt following payment in full. The class A2-AR and A2-BR were not rated by S&P Global Ratings. The replacement and new debt was issued via a supplemental indenture, which outlines the terms of the replacement debt. According to the supplemental indenture: -- The replacement class A-1-R2, A-2-R2, B-R2, C-1-R2, C-2-R2, D-1-R2, D-2-R2, and E-R2 and new class A-1-LR debt was issued at a lower spread over three-month SOFR than the previous debt. -- The replacement class A-1-R2, A-2-R2, B-R2, C-1-R2, C-2-R2, D-1-R2, D-2-R2, and E-R2 and new class A-1-LR debt was issued at a floating spread, replacing the previous fixed and floating coupon and spreads. -- The stated maturity/reinvestment period/non-call period was extended by 3.75 years. -- The non-call period was extended to Oct. 15, 2027. -- The reinvestment period was extended to Oct 15, 2030. -- The legal final maturity dates for the replacement debt and the existing subordinated notes were extended to Oct 15, 2038. -- The new target par is $550 million. There will be no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 15, 2026. -- The required minimum overcollateralization and interest coverage ratios were amended. -- Additional subordinated notes were issued on the refinancing date. -- The transaction adopted benchmark replacement language and was updated to conform to current rating agency methodology. 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 rated tranche. "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." Ratings Assigned AB BSL CLO 1 Ltd./AB BSL CLO 1 LLC Class A-1LR loans, $100.00 million: AAA (sf) Class A-1R2, $241.00 million: AAA (sf) Class A-2-R2, $11.00 million: AAA (sf) Class B-R2, $66.00 million: AA (sf) Class C-1-R2 (deferrable), $30.80 million: A+ (sf) Class C-2-R2 (deferrable), $9.00 million: A (sf) Class D-1-R2 (deferrable), $19.325 million: BBB+ (sf) Class D-2-R2 (deferrable), $12.375 million: BBB- (sf) Class E-R2 (deferrable), $16.50 million: BB- (sf) Subordinated notes, $84.60 million: Not rated Ratings Withdrawn AB BSL CLO 1 Ltd./AB BSL CLO 1 LLC Class A1-R to not rated from 'AAA (sf)' Class B-R to not rated from 'AA (sf)' Class C-R to not rated from 'A(sf)' Class D-R to not rated from 'BBB- (sf)' Class E-R to not rated from 'BB- (sf)' AGL CLO 12: Fitch Assigns 'BB-sf' Rating on Class ER Notes ---------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to the AGL CLO 12 Ltd. reset transaction. Entity/Debt Rating Prior ----------- ------ ----- AGL CLO 12 Ltd. XR LT NRsf New Rating A-1 00120BAA8 LT PIFsf Paid In Full AAAsf A-1R LT NRsf New Rating A-L LT NRsf New Rating A-2 00120BAC4 LT PIFsf Paid In Full AAAsf A-2R LT AAAsf New Rating BR LT AAsf New Rating CR LT Asf New Rating D-1R LT BBB-sf New Rating D-2R LT BBB-sf New Rating D-3R LT BBB-sf New Rating ER LT BB-sf New Rating Transaction Summary AGL CLO 12 Ltd. (the issuer) is a reset of an arbitrage cash flow collateralized loan obligation (CLO) that is managed by AGL CLO Credit Management LLC. The transaction originally closed in June 2021. On the first refinancing date, all the notes except subordinated notes will be refinanced in whole. Net proceeds from the issuance of the secured, existing and additional subordinated notes will provide financing on a portfolio of approximately $600 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 23.85, and will be managed to a WARF covenant from a Fitch test matrix. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard U.S. CLO structural features. Asset Security: The indicative portfolio consists of 99.3% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 73.71% and will be managed to a WARR covenant from a Fitch test matrix. Portfolio Composition: The largest three industries may comprise up to 44.5% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'BBB+sf' and 'AA+sf' for class A-2R, between 'BB+sf' and 'A+sf' for class BR, between 'B-sf' and 'BBB+sf' for class CR, between less than 'B-sf' and 'BB+sf' for class D-1R, between less than 'B-sf' and 'BB+sf' for class D-2R, and between less than 'B-sf' and 'BB+sf' for class D-3R and between less than 'B-sf' and 'B+sf' for class ER. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-2R notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class BR, 'AA+sf' for class CR, 'A+sf' for class D-1R, 'A+sf' for class D-2R, and 'A-sf' for class D-3R and 'BBB+sf' for class ER. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for AGL CLO 12 Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. AMSR 2024-SFR2: DBRS Confirms BB(low) Rating on Class F2 Certs -------------------------------------------------------------- DBRS, Inc. confirmed the credit ratings on all classes from two U.S. single-family rental transactions as follows: AMSR 2024-SFR2 Trust -- Single-Family Rental Pass-Through Certificate, Class A confirmed at AAA (sf) -- Single-Family Rental Pass-Through Certificate, Class B confirmed at AA (sf) -- Single-Family Rental Pass-Through Certificate, Class C confirmed at A (sf) -- Single-Family Rental Pass-Through Certificate, Class D confirmed at BBB (sf) -- Single-Family Rental Pass-Through Certificate, Class E-1 confirmed at BBB (sf) -- Single-Family Rental Pass-Through Certificate, Class E-2 confirmed at BBB (low) (sf) -- Single-Family Rental Pass-Through Certificate, Class F-1 confirmed at BB (high) (sf) -- Single-Family Rental Pass-Through Certificate, Class F-2 confirmed at BB (low) (sf) Tricon Residential 2024-SFR4 Trust -- Single-Family Rental Pass-Through Certificate, Class A confirmed at AAA (sf) -- Single-Family Rental Pass-Through Certificate, Class B confirmed at AA (low) (sf) -- Single-Family Rental Pass-Through Certificate, Class C confirmed at A (low) (sf) -- Single-Family Rental Pass-Through Certificate, Class D confirmed at BBB (sf) The credit rating confirmations reflect asset performance and credit-support levels that are consistent with the current credit ratings. Morningstar DBRS' credit rating actions are based on the following analytical considerations: -- Key performance measures as reflected in month-over-month changes in vacancy and delinquency, quarterly analysis of the actual expenses, credit enhancement increases since deal inception, and bond paydown factors. Notes: All figures are in US Dollars unless otherwise noted. ANCHORAGE CAPITAL 8: Fitch Assigns 'BBsf' Rating on Cl. E-R3 Notes ------------------------------------------------------------------ Fitch Ratings has assigned ratings and Rating Outlooks to Anchorage Capital CLO 8, Ltd. reset transaction. Entity/Debt Rating Prior ----------- ------ ----- Anchorage Capital CLO 8, Ltd. A-1R3 LT NRsf New Rating A-2R3 LT AAAsf New Rating A-R2-A 03329KAY9 LT PIFsf Paid In Full AAAsf A-R2-B 03329KBA0 LT PIFsf Paid In Full AAAsf B-R2 03329KBC6 LT PIFsf Paid In Full AAsf B-R3 LT AAsf New Rating C-R2 03329KBE2 LT PIFsf Paid In Full Asf C-R3 LT Asf New Rating D-1R3 LT BBB-sf New Rating D-2R3 LT BBB-sf New Rating D-R2 03329KBG7 LT PIFsf Paid In Full BBBsf E-R3 LT BBsf New Rating F-R3 LT NRsf New Rating Transaction Summary Anchorage Capital CLO 8, Ltd. (the issuer), a third refinancing transaction, which originally closed in July 2016, is an arbitrage cash flow collateralized loan obligation (CLO) managed by Anchorage Collateral Management, L.L.C. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $400 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B'/'B-', which is in line with that of recent CLOs. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard CLO structural features. Asset Security: The indicative portfolio consists of 99.05% first-lien senior secured loans and has a weighted average recovery assumption of 72.51%. Fitch stressed the indicative portfolio by assuming a higher portfolio concentration of assets with lower recovery prospects and further reduced recovery assumptions for higher rating stresses. Portfolio Composition: The largest three industries may comprise up to 40% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity required by industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a 5-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting to the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'BBB+sf' and 'AA+sf' for class A-2R3, between 'BB+sf' and 'A+sf' for class B-R3, between 'B+sf' and 'BBB+sf' for class C-R3, between less than 'B-sf' and 'BB+sf' for class D-1R3, and between less than 'B-sf' and 'BB+sf' for class D-2R3 and between less than 'B-sf' and 'B+sf' for class E-R3. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-2R3 notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B-R3, 'AAsf' for class C-R3, 'A+sf' for class D-1R3, and 'A-sf' for class D-2R3 and 'BBB+sf' for class E-R3. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for Anchorage Capital CLO 8, Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose in the key rating drivers any ESG factor which has a significant impact on the rating on an individual basis. ANCHORAGE CAPITAL 8: Moody's Gives B3 Rating to $250,000 F-R3 Notes ------------------------------------------------------------------- Moody's Ratings has assigned ratings to two classes of refinancing notes (the Refinancing Notes) issued by Anchorage Capital CLO 8, Ltd. (the Issuer): US$256,000,000 Class A-1R3 Senior Secured Floating Rate Notes due 2038, Assigned Aaa (sf) US$250,000 Class F-R3 Junior Secured Deferrable Floating Rate Notes due 2038, Assigned B3 (sf) RATINGS RATIONALE The rationale for the ratings is based on Moody's methodologies and considers all relevant risks particularly those associated with the CLO's portfolio and structure. The Issuer is a managed cash flow collateralized loan obligation (CLO). The issued notes are collateralized primarily by a portfolio of broadly syndicated senior secured corporate loans. At least 92.5% of the portfolio must consist of first lien senior secured loans and up to 7.5% of the portfolio may consist of second lien loans, unsecured loans, and permitted non-loan assets. Anchorage Collateral Management, L.L.C. (the Manager) will continue to direct the selection, acquisition and disposition of the assets on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's extended five year reinvestment period. Thereafter, subject to certain restrictions, the Manager may reinvest unscheduled principal payments and proceeds from sales of credit risk assets. In addition to the issuance of the Refinancing Notes, the other six classes of secured notes and additional subordinated notes, a variety of other changes to transaction features will occur in connection with the refinancing. These include: extension of the reinvestment period; extensions of the stated maturity and non-call period; changes to certain collateral quality tests; changes to the overcollateralization test levels; and changes to the base matrix and modifiers. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in the "Collateralized Loan Obligations" rating methodology published in October 2025. The key model inputs Moody's used in Moody's analysis, such as par, weighted average rating factor, diversity score and weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. For modeling purposes, Moody's used the following base-case assumptions: Portfolio par (including any principal proceeds): $400,000,000 Diversity Score: 85 Weighted Average Rating Factor (WARF): 2993 Weighted Average Spread (WAS): 3.10% Weighted Average Recovery Rate (WARR): 45.00% Weighted Average Life (WAL): 8.0 years Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Factors That Would Lead to an Upgrade or Downgrade of the Ratings: The performance of the Refinancing Notes is subject to uncertainty. The performance of the Refinancing 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 Refinancing Notes. ANSLEY PARK 2025-A: Moody's Assigns (P)Ba2 Rating to Class E Notes ------------------------------------------------------------------ Moody's Ratings has assigned provisional ratings to the asset-backed notes to be issued by Ansley Park Capital 2025-A LLC (Ansley Park 2025-A). Ansley Park Capital LLC (Ansley Park) will be the originator and servicer of the assets backing this transaction. The transaction will be the first 144A securitization sponsored by Ansley Park, a mid- and large ticket equipment finance company owned by funds managed by Ares Management Corporation (Ares). Funds managed by Ares, an alternative investment manager, launched Ansley Park in January 2024, backed by funds managed through its Alternative Credit strategy. The management team and operating platform was acquired by funds managed by Ares from BciCapital, Inc., which was the equipment finance division of City National Bank of Florida. The assets in the pool will consist of loan and lease contracts, secured primarily by mid-to-large ticket equipment primarily consisting of manufacturing equipment, construction equipment, trucks & trailers, and other equipment. The complete rating actions are as follows: Issuer: Ansley Park Capital 2025-A LLC Class A-1 Notes, Assigned (P)P-1 (sf) Class A-2 Notes, Assigned (P)Aaa (sf) Class B Notes, Assigned (P)Aa2 (sf) Class C Notes, Assigned (P)A1 (sf) Class D Notes, Assigned (P)Baa1 (sf) Class E Notes, Assigned (P)Ba2 (sf) RATINGS RATIONALE The provisional ratings are based on; (1) the experience of Ansley Park's management team and the company as servicer; (2) Vervent, Inc. as named backup servicer for the contracts; (3) the weak credit quality and concentration of the obligors backing the contracts in the pool; (4) the assessed value of the collateral backing the contracts in the pool; (5) the transactions credit enhancement levels which include overcollateralization, subordination, non-declining reserve account and excess spread and (6) the legal aspects of the transaction. The overall credit quality of the obligors in this pool is weak, with a weighted average rating factor (WARF) of about 5500, which is equivalent to a rating of Caa2. The weighted average recovery rate (WARR) of the contracts ranges from 55% to 75% in Moody's stress and base assumptions. Moody's considered sensitivities to various factors such as default rates and recovery rates in Moody's analysis. Additionally, Moody's base Moody's short term rating of the Class A-1 notes on the cash flows that Moody's expects the underlying receivables to generate during the collection periods prior to the Class A-1 notes' legal final maturity date. At closing the Class A, Class B, Class C, Class D, and Class E notes benefit from 35.25%, 30.50%, 25.75%, 21.00%, and 12.50% of hard credit enhancement, respectively. Hard credit enhancement for the notes consists of a combination of initial overcollateralization of 11.50% of the initial pool balance, which will build to a target of 15.00% of the outstanding pool balance subject to a floor of 2.00% of the initial pool balance, a 1.00% fully funded non-declining reserve account, and subordination of the more junior classes of notes. The notes will also benefit from excess spread. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was "Equipment Lease and Loan Securitizations" published in June 2025. Factors that would lead to an upgrade or downgrade of the ratings: Up Moody's could upgrade the ratings on the subordinate notes if levels of credit protection are greater than necessary to protect investors against current expectations of loss. Moody's updated expectations of loss may be better than its original expectations because of lower frequency of default or improved credit quality of the underlying obligors or lower than expected depreciation in the value of the equipment that secure the obligor's promise of payment. As the primary drivers of performance, positive changes in the US macro economy and the performance of various sectors where the obligors operate could also affect the ratings. Down Moody's could downgrade the notes if levels of credit protection are insufficient to protect investors against current expectations of portfolio losses. Losses could rise above Moody's original expectations as a result of a higher number of obligor defaults, weaker credit quality of the obligors, or greater than expected deterioration in the value of the equipment that secure the obligor's promise of payment. Transaction performance also depends greatly on the US macro economy. Other reasons for worse-than-expected performance include poor servicing, error on the part of transaction parties, inadequate transaction governance and fraud. Additionally, Moody's could downgrade the Class A-1 short term rating following a significant slowdown in principal collections that could result from, among other reasons, high delinquencies or a servicer disruption that impacts obligor's payments. ANTARES CLO 2018-2: S&P Assigns BB- (sf) Rating on Cl. E-1RR Notes ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to the replacement class A-1-RR, A-2RR, B-RR, C-RR, D-RR, and E-RR debt from Antares CLO 2018-2 Ltd./Antares CLO 2018-2 LLC, a CLO managed by Antares Capital Advisers LLC that was originally issued in October 2018 and underwent a refinancing in June 2022. At the same time, S&P withdrew its ratings on the previous class A-1-R, A-2-R, B-R, C-R, D-R, and E-R debt following payment in full on the Nov. 6, 2025, refinancing date. The replacement debt was issued via a supplemental indenture, which outlines the terms of the replacement debt. According to the supplemental indenture: -- The replacement class A-1-RR, A-2RR, B-RR, C-RR, D-RR, and E-RR debt was issued at a lower spread over three-month SOFR than the existing debt. -- The non-call period was extended to Nov. 6, 2027. -- The reinvestment period was extended to Jan. 20, 2030. -- The legal final maturity dates for the replacement debt and the subordinated notes were extended to Jan. 20, 2038. -- No additional assets were purchased on the Nov. 6, 2025, refinancing date, and the target initial par amount remains at $1.2 billion. -- There was no additional effective date or ramp-up period, and the first payment date following the refinancing is April 20, 2026. -- The required minimum overcollateralization and interest coverage ratios were amended. -- No additional subordinated notes were issued on the refinancing date. 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 rated tranche. "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." Ratings Assigned Antares CLO 2018-2 Ltd./Antares CLO 2018-2 LLC Class A-1RR, $648.00 million: AAA (sf) Class A-2RR, $96.00 million: AAA (sf) Class B-RR, $90.00 million: AA (sf) Class C-1RR (deferrable), $84.00 million: A (sf) Class D-1RR (deferrable), $66.00 million: BBB- (sf) Class E-1RR (deferrable), $78.00 million: BB- (sf) Ratings Withdrawn Antares CLO 2018-2 Ltd./Antares CLO 2018-2 LLC Class A-1-R to NR from 'AAA (sf)' Class A-2-R to NR from 'AAA (sf)' Class B-R to NR from 'AA (sf)' Class C-R to NR from 'A (sf)' Class D-R to NR from 'BBB (sf)' Class E-R to NR from 'BB- (sf)' Other Debt Antares CLO 2018-2 Ltd./Antares CLO 2018-2 LLC Subordinated notes, $123.17 million: NR NR--Not rated. APIDOS CLO XLVI: Fitch Assigns BB+sf Final Rating on Cl. E-R Notes ------------------------------------------------------------------ Fitch Ratings has assigned final ratings and Rating Outlooks to the Apidos CLO XLVI Ltd reset transaction. Entity/Debt Rating Prior ----------- ------ ----- Apidos CLO XLVI Ltd X-R LT NRsf New Rating NR(EXP)sf A-1-R LT NRsf New Rating NR(EXP)sf A-1-L LT NRsf New Rating NR(EXP)sf A-2-R LT AAAsf New Rating AAA(EXP)sf B-R LT AAsf New Rating AA(EXP)sf C-R LT Asf New Rating A(EXP)sf D-1-R LT BBB-sf New Rating BBB-(EXP)sf D-2-R LT BBB-sf New Rating BBB-(EXP)sf E-R LT BB+sf New Rating BB+(EXP)sf F-R LT NRsf New Rating NR(EXP)sf Transaction Summary Apidos CLO XLVI Ltd (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) managed by CVC Credit Partners, LLC originally closed in August 2023. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $550 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B', which is in line with that of recent CLOs. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard CLO structural features. Asset Security: The indicative portfolio consists of 97.61% first lien senior secured loans and has a weighted average recovery assumption of 72.89%. Fitch stressed the indicative portfolio by assuming a higher portfolio concentration of assets with lower recovery prospects and further reduced recovery assumptions for higher rating stresses. Portfolio Composition: The largest three industries may comprise up to 40% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity required by industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'BBB+sf' and 'AA+sf' for class A-2-R, between 'BB+sf' and 'A+sf' for class B-R, between 'B+sf' and 'BBB+sf' for class C-R, between less than 'B-sf' and 'BB+sf' for class D-1-R, between less than 'B-sf' and 'BB+sf' for class D-2-R, and between less than 'B-sf' and 'B+sf' for class E-R. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-2-R notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B-R, 'AAsf' for class C-R, 'A+sf' for class D-1-R, 'A-sf' for class D-2-R, and 'BBB+sf' for class E-R. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. DATA ADEQUACY The majority of the underlying assets or risk-presenting entities have ratings or credit opinions from Fitch and/or other Nationally Recognized Statistical Rating Organizations and/or European Securities and Markets Authority-registered rating agencies. Fitch has relied on the practices of the relevant groups within Fitch and/or other rating agencies to assesses the asset portfolio information. Overall, and together with any assumptions referred to above, Fitch's assessment of the information relied upon for the rating agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable. Date of Relevant Committee 30 October 2025 ESG Considerations Fitch does not provide ESG relevance scores for Apidos CLO XLVI Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. APIDOS CLO XLVI: Moody's Assigns B3 Rating to $550,000 F-R Notes ---------------------------------------------------------------- Moody's Ratings has assigned ratings to three classes of CLO refinancing notes and one class of refinancing loans (the Refinancing Debt) incurred by Apidos CLO XLVI Ltd (the Issuer): US$2,800,000 Class X-R Senior Secured Floating Rate Notes due 2038, Definitive Rating Assigned Aaa (sf) US$302,000,000 Class A-1-R Senior Secured Floating Rate Notes due 2038, Definitive Rating Assigned Aaa (sf) US$50,000,000 Class A-1-L Loans maturing 2038, Definitive Rating Assigned Aaa (sf) US$550,000 Class F-R Mezzanine Deferrable Floating Rate Notes due 2038, Definitive Rating Assigned B3 (sf) On the closing date, the Class A-1-R Notes and the Class A-1-L Loans have a principal balance of $302,000,000 and $50,000,000, respectively. At any time, the Class A-1-L Loans may be converted in whole or in part, into A-1-R Notes, thereby decreasing the principal balance of the Class A-1-L Loans and increasing the principal balance of the Class A-1-R Notes by the corresponding amount. RATINGS RATIONALE The rationale for the ratings is based on Moody's methodologies and considers all relevant risks particularly those associated with the CLO's portfolio and structure. The Issuer is a managed cash flow collateralized loan obligation (CLO). The issued notes are collateralized primarily by a portfolio of broadly syndicated senior secured corporate loans. At least 90.0% of the portfolio must consist of first lien senior secured loans and up to 10.0% of the portfolio may consist of second lien loans, unsecured loans, first lien last out loans and permitted non-loan assets. CVC Credit Partners, LLC (the Manager) will continue to direct the selection, acquisition and disposition of the assets on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's extended five year reinvestment period. Thereafter, subject to certain restrictions, the Manager may reinvest unscheduled principal payments and proceeds from sales of credit risk assets. In addition to the issuance of the Refinancing Debt, the other classes of secured notes, a variety of other changes to transaction features will occur in connection with the refinancing. These include: extension of the reinvestment period; extensions of the stated maturity and non-call period; changes to certain collateral quality tests; changes to the overcollateralization test levels; and changes to the base matrix and modifiers. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in the "Collateralized Loan Obligations" rating methodology published in October 2025. The key model inputs Moody's used in Moody's analysis, such as par, weighted average rating factor, diversity score and weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. For modeling purposes, Moody's used the following base-case assumptions: Portfolio par: $550,000,000 Diversity Score: 75 Weighted Average Rating Factor (WARF): 3083 Weighted Average Spread (WAS): 3.00% Weighted Average Recovery Rate (WARR): 45.00% Weighted Average Life (WAL): 8.0 years Methodology Underlying the Rating Action The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Factors That Would Lead to an Upgrade or Downgrade of the Ratings: The performance of the Refinancing Notes is subject to uncertainty. The performance of the Refinancing 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 Refinancing Notes. ARINI US III: S&P Assigns Prelim BB- (sf) Rating on Class E Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to Arini US CLO III Ltd./Arini US 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 Arini Loan Management US LLC. The preliminary ratings are based on information as of Nov. 4, 2025. 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 diversification of the collateral pool; -- 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. Preliminary Ratings Assigned Arini US CLO III Ltd./Arini US CLO III LLC Class A, $256.00 million: AAA (sf) Class B, $48.00 million: AA (sf) Class C (deferrable), $24.00 million: A (sf) Class D (deferrable), $24.00 million: BBB- (sf) Class E (deferrable), $15.20 million: BB- (sf) Subordinated notes, $36.45 million: NR NR--Not rated. AUDAX SENIOR 8: S&P Assigns BB- (sf) Rating on Class E-R Notes -------------------------------------------------------------- S&P Global Ratings assigned its ratings to the replacement class A-1-R, A-2-R, B-R, C-R, D-R, and E-R debt and new class X debt from Audax Senior Debt CLO 8 LLC, a CLO managed by Audax Management Company (NY) LLC, a subsidiary of Audax Group, that was originally issued in November 2023. At the same time, S&P withdrew its ratings on the previous class A-1, A-1L, A-1-F, A-2, B, C, D, and E debt following payment in full on the November 6, 2025, refinancing date. The replacement and new debt was issued via a supplemental indenture, which outlines the terms of the replacement debt. According to the supplemental indenture: -- The replacement class A-1-R, A-2-R, B-R, C-R, D-R, and E-R debt was issued at a lower spread over three-month term SOFR than the previous debt. -- The replacement class A-1-R debt was issued at a floating spread, replacing the current floating spread for the class A-1 and A-1L debt and the fixed coupon for the class A-1-F debt. -- The stated maturity, reinvestment period, and non-call period were extended by 2.25 years. -- The non-call period was extended to Jan. 20, 2028. -- The reinvestment period was extended to Jan. 20, 2030. -- The legal final maturity dates for the replacement debt and the existing subordinated notes were extended to Jan. 20, 2038. -- The target initial par amount remains at $500 million. There was no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 20, 2026. -- New class X debt was issued on the refinancing date. This debt is expected to be paid down using interest proceeds in equal installments of $600,000, beginning on the July 20, 2026, payment date. -- The required minimum overcollateralization and interest coverage ratios were amended. -- No additional subordinated notes will be issued on the refinancing date. 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 rated tranche. "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." Ratings Assigned Audax Senior Debt CLO 8 LLC Class X, $6.00 million: AAA (sf) Class A-1-R, $290.00 million: AAA (sf) Class A-2-R, $20.00 million: AAA (sf) Class B-R, $37.50 million: AA (sf) Class C-R (deferrable), $35.00 million: A (sf) Class D-R (deferrable), $25.00 million: BBB- (sf) Class E-R (deferrable), $32.50 million: BB- (sf) Ratings Withdrawn Audax Senior Debt CLO 8 LLC Class A-1 to NR from 'AAA (sf)' Class A-1L to NR from 'AAA (sf)' Class A-1-F to NR from 'AAA (sf)' Class A-2 to NR from 'AAA (sf)' Class B to NR from 'AA (sf)' Class C (deferrable) to NR from 'A (sf)' Class D (deferrable) to NR from 'BBB- (sf)' Class E (deferrable) to NR from 'BB- (sf)' Other Debt Audax Senior Debt CLO 8 LLC Subordinated notes, $72.99 million: NR NR--Not rated. BAIN CAPITAL 2020-4: Fitch Assigns 'BB+sf' Rating on Cl. E-RR Notes ------------------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to the Bain Capital Credit CLO 2020-4, Limited refinancing transaction. Entity/Debt Rating Prior ----------- ------ ----- Bain Capital Credit CLO 2020-4, Limited A1-RR LT NRsf New Rating A2-R 05684KAU1 LT PIFsf Paid In Full AAAsf A2-RR LT AAAsf New Rating B-R 05684KAW7 LT PIFsf Paid In Full AAsf B-RR LT AA+sf New Rating C-R 05684KAY3 LT PIFsf Paid In Full Asf C-RR LT A+sf New Rating D1A-R 05684KBA4 LT PIFsf Paid In Full BBBsf D1A-RR LT BBB+sf New Rating D1B-R 05684KBC0 LT PIFsf Paid In Full BBBsf D1B-RR LT BBB+sf New Rating D2-R 05684KBE6 LT PIFsf Paid In Full BBB-sf D2-RR LT BBB+sf New Rating E-R 05684HAE4 LT PIFsf Paid In Full BB-sf E-RR LT BB+sf New Rating Transaction Summary Bain Capital Credit CLO 2020-4, Limited (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) managed by Bain Capital Credit U.S. CLO Manager, LLC. The original CLO, which closed in 2020, was not rated by Fitch. The subsequent CLO reset in October 2023 was rated by Fitch. On Nov. 6, 2025, the CLOs existing secured notes will be redeemed in full from refinancing proceeds. The secured and subordinated notes will provide financing on a portfolio of approximately $491 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 23.33, and will be managed to a WARF covenant from a Fitch test matrix. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard U.S. CLO structural features. Asset Security: The indicative portfolio consists of 97.65% first lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 73.87% and will be managed to a WARR covenant from a Fitch test matrix. Portfolio Composition: The largest three industries may comprise up to 42.5% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a three-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio and matrix analysis is approximately 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. Key Provision Changes: The refinancing is being implemented via the third supplemental indenture, which amended certain provisions of the transaction. - All notes are being refinanced with lower spreads across all tranches; - Fitch Test Matrix 2 is applicable on the refinancing date; - Stated maturity on the refinanced notes, the non-call period and the reinvestment period end date remain the same as the original notes. Fitch Analysis: The portfolio includes 480 assets from 412 primarily high yield obligors. The portfolio balance (excluding defaults and including principal cash) is approximately $488 million. As of the latest trustee report prior to the refinance date the transaction was not passing its Minimum Floating Spread and Weighted Average Rating Factor tests. All other collateral quality tests, coverage tests, and concentration limitations were passing. The weighted average rating of the current portfolio is 'B'. Fitch has an explicit rating, credit opinion or private rating for 44.9% of the current portfolio par balance; ratings for 54.4% of the portfolio were derived using Fitch's Issuer Default Rating equivalency map; and 0.7% were unrated. The analysis focused on the Fitch stressed portfolio (FSP), and cash flow model analysis was conducted for this refinancing. The FSP included the following concentrations, reflecting the maximum limitations per the indenture or maintained at the current level: - Largest five obligors: 2.5% each, for an aggregate of 12.5%; - Largest three industries: 20.5%, 12.0%, and 10.0%, respectively; - Assumed risk horizon: 6.0 years; - Minimum weighted average spread of 3.10%; - Minimum weighted average recovery rate of 73.20%; - Maximum weighted average rating factor of 23.50; - Fixed rate Assets: 5.00%; - Minimum weighted average coupon of 5.50%. The transaction will exit its reinvestment period on Oct. 20, 2028. Fitch Asset and Cash Flow Analysis: The Fitch model outputs are shown below. For each class, the notes passed all nine cash flow scenarios under the assigned rating scenarios with the minimum default cushions indicated. Current Portfolio Model Outputs: - Class A2-RR: 'AAAsf' / Default 40.90% / Recovery 39.36% / Cushion 12.60%; - Class B-RR: 'AA+sf' / Default 40.10% / Recovery 48.63% / Cushion 11.30%; - Class C-RR: 'A+sf' / Default 35.30% / Recovery 58.36% / Cushion 12.00%; - Class D1-RR: 'BBB+sf' / Default 29.50% / Recovery 67.80% / Cushion 11.00%; - Class D2-RR: 'BBB+sf' / Default 29.50% / Recovery 67.80% / Cushion 8.30%; - Class E-RR: 'BB+sf' / Default 24.40% / Recovery 73.36% / Cushion 9.50%. Fitch Stress Portfolio (FSP) Model Outputs: - Class A2-RR: 'AAAsf' / Default 48.00% / Recovery 39.13% / Cushion 6.50%; - Class B-RR: 'AA+sf' / Default 46.60% / Recovery 47.01% / Cushion 4.70%; - Class C-RR: 'A+sf' / Default 41.20% / Recovery 56.50% / Cushion 5.90%; - Class D1-RR: 'BBB+sf' / Default 34.90% / Recovery 65.74% / Cushion 5.40%; - Class D2-RR: 'BBB+sf' / Default 34.90% / Recovery 65.74% / Cushion 3.40%; - Class E-RR: 'BB+sf' / Default 29.00% / Recovery 71.64% / Cushion 7.00%. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'Asf' and 'AAAsf' for class A2-RR, between 'BBBsf' and 'AA+sf' for class B-RR, between 'BB+sf' and 'A+sf' for class C-RR, between 'B-sf' and 'BBB+sf' for class D1-RR, and between less than 'B-sf' and 'BBBsf' for class D2-RR and between less than 'B-sf' and 'BB+sf' for class E-RR. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A2-RR notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B-RR, 'AA+sf' for class C-RR, 'A+sf' for class D1-RR, and 'A+sf' for class D2-RR and 'BBB+sf' for class E-RR. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for Bain Capital Credit CLO 2020-4, Limited. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. BANK5 2024-5YR7: DBRS Confirms BB(high) Rating on Class G Certs --------------------------------------------------------------- DBRS Limited confirmed credit ratings on the following classes of Commercial Mortgage Pass-Through Certificates, Series 2024-5YR7 issued by BANK5 2024-5YR7: -- Class A-1 at AAA (sf) -- Class A-2 at AAA (sf) -- Class A-2-1 at AAA (sf) -- Class A-2-2 at AAA (sf) -- Class A-2-X1 at AAA (sf) -- Class A-2-X2 at AAA (sf) -- Class A-3 at AAA (sf) -- Class A-3-1 at AAA (sf) -- Class A-3-2 at AAA (sf) -- Class A-3-X1 at AAA (sf) -- Class A-3-X2 at AAA (sf) -- Class X-A at AAA (sf) -- Class X-B at AA (low) (sf) -- Class A-S at AAA (sf) -- Class A-S-1 at AAA (sf) -- Class A-S-2 at AAA (sf) -- Class A-S-X1 at AAA (sf) -- Class A-S-X2 at AAA (sf) -- Class B at AA (high) (sf) -- Class B-1 at AA (high) (sf) -- Class B-2 at AA (high) (sf) -- Class B-X1 at AA (high) (sf) -- Class B-X2 at AA (high) (sf) -- Class C at A (high) (sf) -- Class C-1 at A (high) (sf) -- Class C-2 at A (high) (sf) -- Class C-X1 at A (high) (sf) -- Class C-X2 at A (high) (sf) -- Class X-D at A (low) (sf) -- Class X-F at BBB (sf) -- Class X-G at BBB (low) (sf) -- Class D at A (low) (sf) -- Class E at BBB (high) (sf) -- Class F at BBB (low) (sf) -- Class G at BB (high) (sf) All trends are Stable. The credit rating confirmations reflect the transaction's overall stable performance in the relatively short time since closing, with reporting to date showing metrics remain in line with Morningstar DBRS' expectations. As of the October 2025 remittance, all 37 loans remain in the pool with an outstanding balance of $1.1 billion. There are no loans in special servicing, and seven loans, representing 11.3% of the pool balance, are currently being monitored on the servicer's watchlist. Four of the seven watch listed loans are being monitored for low debt service coverage ratios (DSCRs) while the three other loans are being monitored for nonperformance related reasons. The pool is relatively concentrated by loan size, as the largest 10 loans represent 58.9% of the current pool balance. Additionally, the pool is concentrated by property type, with loans secured by retail and office collateral comprising 31.4% and 28.9% of the pool, respectively. While the office concentration is particularly noteworthy, Morningstar DBRS notes those loans are generally performing in line with issuance expectations overall. In addition, one of the largest office loans, Cira Square (Prospectus ID#3, 8.3% of the pool), was shadow-rated investment grade by Morningstar DBRS at issuance. The largest loan on the servicer's watchlist, 488 Madison (Prospectus ID#7, 5.2% of the pool), is secured by a 481,245-square-foot office property in the Plaza District of Manhattan. The loan is being monitored on the servicer's watchlist for a low DSCR, which was most recently reported at 0.74 times (x) during the trailing six months (T-6) ended June 30, 2025, a decline from YE2024 figure of 0.96x and Morningstar DBRS Issuance Figure of 1.42x. Despite the decline in DSCR, the occupancy rate remains stable at 89.5%, according to the June 2025 rent roll. Based on the most recent servicer's commentary, the declined DSCR is the result of the recent delivery of space in March 2025 for the largest tenant, ADNY (29.6% of net rentable area), who signed a 30.5-year lease in January 2024. ADNY's rental income will be included in the property financials beginning in September 2025, suggesting the annualized reporting for the first half of 2026 should reflect stabilized, in-place performance metrics. At issuance, five loans, Cira Square, Saks Beverly Hills (Prospectus ID#6), Kenwood Towne Centre (Prospectus ID#12), Anaheim Desert Inn & Suites (Prospectus ID#14), and Columbus Business Park (Prospectus ID#18), collectively representing 20.6% of the pool balance, were shadow-rated investment grade by Morningstar DBRS. With this review, Morningstar DBRS confirms that the performance of the loan remains in line with the investment-grade shadow rating. Notes: All figures are in U.S. dollars unless otherwise noted. BB-UBS 2012-TFT: DBRS Confirms B Rating on Class B Certs -------------------------------------------------------- DBRS Limited confirmed the credit ratings on all classes of Commercial Mortgage Pass-Through Certificates, Series 2012-TFT issued by BB-UBS Trust 2012-TFT as follows: -- Class B at B (sf) -- Class C at C (sf) -- Class D at C (sf) -- Class E at C (sf) The trend on Class B is Negative. Classes C, D, and E have credit ratings that do not typically carry a trend in commercial mortgage-backed securities (CMBS) credit ratings. At the previous credit rating action in November 2024, Morningstar DBRS downgraded all four classes to reflect updated loss projections for the Tucson Mall loan (Prospectus ID#1; 100% of the pool). The Morningstar DBRS Value considered as part of that review resulted in a loan-to-value ratio (LTV) of well over 100.0%, with implied losses that would erode into Class C, supporting the C (sf) credit ratings on the transaction's three most junior classes. With this review, the Morningstar DBRS Value considered in the liquidation scenario was further stressed to reflect the collateral's current performance, the results of which continue to suggest realized losses would push into Class C, supporting the credit rating confirmations with this review. Although Morningstar DBRS' recoverability scenario for Tucson Mall suggests that Class B remains insulated from loss, given the low investor appetite for regional mall properties and the possibility of further value volatility, Morningstar DBRS maintained the Negative trend on Class B. The transaction was originally backed by three separate 7.5-year, fixed-rate, interest-only (IO) first-mortgage loans. Since the last credit rating action, the Town East Mall loan (Prospectus ID#3) was repaid, resulting in the repayment of the Class A certificate and a remaining trust balance of $178.2 million as of the October 2025 remittance. The Tucson Mall loan, the only loan remaining in the pool, is secured by a 667,581-square-foot (sf) portion of a 1.3 million-sf super-regional mall in Tucson, sponsored by Brookfield Property Partners. The property is currently anchored by noncollateral tenants in Dillard's, Macy's, JCPenney, and Dick's Sporting Goods, as well as a collateral tenant Curacao (12.2% of net rentable area (NRA), lease expires July 2034), which backfilled Forever 21's surrendered space in October 2024. The loan was transferred to special servicing in April 2024 for maturity default and was modified in October 2024 to allow for a short-term forbearance to March 2025. The borrower formally engaged a listing agent to sell the property; however, due to upcoming tenant rollover, below market rents, and the presence of a ground lease, investor demand for the property has been minimal. According to the March 2025 rent roll, the collateral was 86.7% occupied with tenants representing 45.8% of the NRA scheduled to roll within the next three years. Tenant sales during the trailing 12-month period ended June 30, 2025, were reported at $466 psf, down slightly from the same period as of June 2024. The loan reported a YE2024 net cash flow (NCF) of $14.4 million (debt service coverage ratio of 1.32 times), which implies a capitalization (cap) rate of 11.9% on the most recent appraised value of $121.0 million from June 2021. The analysis for this review considered a liquidation scenario based on updated Morningstar DBRS Value for the mall based on a 10.0% haircut to the YE2024 NCF and a cap rate of 12.0%. Morningstar DBRS' liquidation scenario gave credit to outstanding reserves, estimated at approximately $2.4 million, resulting in a value of $110.1 million, in line with the previous Morningstar DBRS value. Based on the outstanding loan amount of $178.2 million, the implied LTV is 161.8%. Inclusive of a 1.0% liquidation fee, an additional year of principal and interest advances, and all current outstanding advances, the loan's exposure could reach approximately $193.6 million. In this liquidation scenario, implied losses would total approximately $83.4 million, which would erode the entirety of Classes D and E, as well as more than $15.0 million of Class C. Given the concentration of rollover, which could contribute to further value decline through the remainder of the resolution period, the B (sf) credit rating on the Class B certificate, as well as the Negative trend, is supported. Notes: All figures are in U.S. dollars unless otherwise noted. BBAM US VI: S&P Assigns Prelim BB- (sf) Rating on Class E Notes --------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to BBAM US CLO VI Ltd./BBAM US CLO VI 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 RBC Global Asset Management (U.S.) Inc. The preliminary ratings are based on information as of Nov. 5, 2025. 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 diversification of the collateral pool; -- 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. Preliminary Ratings Assigned BBAM US CLO VI Ltd./BBAM US CLO VI LLC Class A-1, $240.000 million: AAA (sf) Class A-2, $8.000 million: AAA (sf) Class B, $56.000 million: AA (sf) Class C (deferrable), $24.000 million: A (sf) Class D-1 (deferrable), $22.000 million: BBB (sf) Class D-2 (deferrable), $6.000 million: BBB- (sf) Class E (deferrable), $12.000 million: BB- (sf) Subordinated notes, $39.075 million: NR NR--Not rated. BBCMS MORTGAGE 2025-5C38: Fitch Assigns 'B(EXP)' Rating on G Certs ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings and Ratings Outlooks to BBCMS 2025 Mortgage Trust 2025-5C38 as follows: - $200,000,000a class A-2 'AAA(EXP)sf'; Outlook Stable; - $383,933,000a class A-3 'AAA(EXP)sf'; Outlook Stable; - $583,933,000b class X-A 'AAA(EXP)sf'; Outlook Stable; - $71,948,000 class A-S 'AAA(EXP)sf'; Outlook Stable; - $44,838,000 class B 'AA-(EXP)sf'; Outlook Stable; - $34,410,000 class C 'A-(EXP)sf'; Outlook Stable; - $151,196,000bc class X-B 'A-(EXP)sf'; Outlook Stable; - $19,812,000c class D 'BBB(EXP)sf'; Outlook Stable; - $29,197,000bc class X-D 'BBB-(EXP)sf'; Outlook Stable; - $9,385,000c class E 'BBB-(EXP)sf'; Outlook Stable; - $17,727,000c class F 'BB-(EXP)sf'; Outlook Stable; - $8,342,000c class G 'B(EXP)sf'; Outlook Stable. Fitch does not expect to rate the following classes: - $43,795,000cd class J-RR. (a) The initial certificate balances of A-2 and A-3 are unknown but expected to be $583,933,000 in aggregate, subject to a 5% variance. The certificate balances will be determined based on the final pricing of those certificated. The expected class A-2 balance range is $0-$200,000,000, and the expected class A-3 balance range is $383,933,00-$583,933,000. The balance for class A-2 reflects the top point of its range. The balance for class A-3 reflects the bottom point of its range. (b) Notional amount and interest only. (c) Privately placed and pursuant to Rule 144A. (d) Horizontal risk retention interest. CE - credit enhancement, NR - not rated. Transaction Summary The certificates represent the beneficial ownership interest in the trust, the primary assets of which are 41 loans secured by 76 commercial properties having an aggregate principal balance of $834,190,000 as of the cut-off date. The loans were contributed to the trust by Barclays Capital Real Estate, Inc. (27.7%), Goldman Sachs Mortgage Company (17.9%), Citi Real Estate Funding Inc. (14.7%), LMF Commercial LLC (11.4%), BSPRTCMBS Finance, LLC (9.8%), German American Capital Corporation (8.6%), RREF V - D Direct Lending Investments, LLC (3.6%), Starwood Mortgage Capital LLC (3.5%), and UBS AG (2.9%). The master servicer is expected to be Trimont LLC and the special servicer is expected to be Rialto Capital Advisors, LLC. The trustee and certificate administrator are expected to be Computershare Trust Company, National Association. The certificates are expected to follow a sequential paydown structure. KEY RATING DRIVERS Fitch Net Cash Flow: Fitch performed cash flow analyses on 21 loans totaling 83.7% of the pool by balance. Fitch's resulting aggregate net cash flow (NCF) of $164.1 million represents a 13.8% decline from the issuer's aggregate underwritten NCF of $190.8 million. Fitch Leverage: The pool's Fitch leverage is higher than that of recent multiborrower transactions rated by Fitch. The pool's Fitch loan-to-value ratio (LTV) of 104.4% is higher than the 2025 YTD and 2024 five-year multiborrower transaction averages of 100.3% and 95.2%, respectively. The pool's Fitch NCF debt yield (DY) of 9.5% is in line with the 2025 YTD average of 9.7% and lower than the 2024 average of 10.2%. Lower Pool Concentration: The pool is less concentrated than in other recent Fitch-rated transactions. The top 10 loans represent 59.2% of the pool, which is less concentrated than both the 2025 YTD and 2024 five-year multiborrower averages of 61.8% and 60.2%, respectively. Fitch measures loan concentration risk using an effective loan count, which accounts for both the number and size of loans in the pool. The pool's effective loan count is 25.2. Fitch views diversity as a key mitigant to idiosyncratic risk. Fitch raises the overall loss for pools with effective loan counts below 40. Shorter-Duration Loans: Loans with five-year terms constitute 100% of the pool, whereas Fitch-rated multiborrower transactions have historically included mostly loans with 10-year terms. Fitch's historical loan performance analysis shows that five-year loans have a modestly lower probability of default (PD) than 10-year loans, all else being equal. This is attributed mainly to the shorter window of exposure to potential adverse economic conditions. Fitch considered its loan performance regression in its analysis of the pool. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Reduction in cash flow decreases property value and capacity to meet its debt service obligations. The table below indicates the model implied rating sensitivity to changes to the same one variable, Fitch NCF: - Original Rating: 'AAAsf'/'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BB-sf'/'Bsf'; - 10% NCF Decline: 'AAAsf'/'AAsf'/'A-sf'/'BBBsf'/'BB+sf'/'BB-sf'/'B-sf'/CCCsf. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Similarly, improvement in cash flow increases property value and capacity to meet its debt service obligations. The list below indicates the model implied rating sensitivity to changes in one variable, Fitch NCF: -- Original Rating: 'AAAsf'/'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BBB-sf'/'BB-sf'/'Bsf'; -- 10% NCF Increase: 'AAAsf'/'AAAsf'/'AAsf'/'Asf'/'BBB+sf'/'BBBsf'/'BB+sf'/'BB-sf'. 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 Ernst & Young LLP. The third-party due diligence described in Form 15E focused on a comparison and re-computation of certain characteristics with respect to each of the mortgage loans. Fitch considered this information in its analysis and it did not have an effect on Fitch's analysis or conclusions. 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. BEAR STEARNS 2006-AR3: Moody's Upgrades Rating on 4 Tranches to Ca ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings of five bonds issued by Bear Stearns Mortgage Funding Trust 2006-AR3. The collateral backing this deal consists of Option ARM mortgages. A comprehensive review of all credit ratings for the respective transaction has been conducted during a rating committee. The complete rating actions are as follows: Issuer: Bear Stearns Mortgage Funding Trust 2006-AR3 Cl. I-A-2A, Upgraded to Ca (sf); previously on Dec 7, 2010 Downgraded to C (sf) Cl. II-A-1, Upgraded to Caa1 (sf); previously on Dec 7, 2010 Downgraded to Caa3 (sf) Grantor Trust I-A-2B, Upgraded to Ca (sf); previously on Dec 7, 2010 Downgraded to C (sf) Underlying I-A-2B, Upgraded to Ca (sf); previously on Dec 7, 2010 Downgraded to C (sf) Underlying II-A-2B, Upgraded to Ca (sf); previously on Dec 7, 2010 Downgraded to C (sf) RATINGS RATIONALE The rating actions reflect the current levels of credit enhancement available to the bonds, the recent performance, analysis of the transaction structures, Moody's updated loss expectations on the underlying pools and Moody's revised loss-given-default expectation for each bond. Some of the bonds experiencing a rating change are currently undercollateralized, which is reflected by a reduction in principal (a write-down). Moody's expectations of loss-given-default assesses losses experienced and expected future losses as a percent of the original bond balance. The rating upgrade on Class II-A-1 also reflects the missed interest that is unlikely to be recouped. This bond has incurred historical principal losses but subsequently recouped those losses, and as a result, missed interest on principal for those periods will not be recouped. The action also reflects the outstanding credit interest shortfalls and the uncertainty of whether these shortfalls will be reimbursed. 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. Principal Methodology The principal methodology used in these ratings was "US Residential Mortgage-backed Securitizations: Surveillance" published in December 2024. 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. BENEFIT STREET XXI: S&P Assigns Prelim 'BB-' Rating on E-R2 Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to the replacement class A-1-R, A-2-R, B-R, C-R, D-R, and E-R debt from Benefit Street Partners CLO XXI Ltd./Benefit Street Partners CLO XXI LLC, a CLO managed by BSP CLO Management LLC that was originally issued in August 2020 and underwent a refinancing in September 2021. The preliminary ratings are based on information as of Nov 12, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the Nov 18, 2025, refinancing date, the proceeds from the replacement debt will be used to redeem the existing debt. S&P said, "At that time, we expect to withdraw our ratings on the existing class A-1-R, A-2-R, B-R, C-R, D-R, and E-R debt and assign ratings to the replacement class A-1-R2, A-2-R2, B-R2, C-R2, D-1-R2, D-2-R2, and E-R2 debt. However, if the refinancing doesn't occur, we may affirm our ratings on the existing debt and withdraw our preliminary ratings on the replacement debt." The replacement debt will be issued via a proposed supplemental indenture, which outlines the terms of the replacement debt. According to the proposed supplemental indenture: -- The replacement class A-1-R2, A-2-R2, B-R2, C-R2, D-1-R2, D-2-R2, and E-R2 debt is expected to be issued at a lower spread over three-month SOFR than the existing debt. -- The replacement class A-1-R2, A-2-R2, B-R2, C-R2, D-1-R2, D-2-R2, and E-R2 debt is expected to be issued at a floating spread, replacing the current floating spread. -- The stated maturity/weighted average life test date will be extended by four years. -- The non-call period will be extended to Jan. 15, 2028. -- The reinvestment period will be extended to Jan. 15, 2031. -- The legal final maturity dates for the replacement debt and the existing subordinated notes will be extended to Jan. 15, 2039. -- Additional assets will be purchased on the Nov. 18, 2025, refinancing date, and the target initial par amount will remain at $ 450 million. There will be no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 15, 2026. -- The required minimum overcollateralization and interest coverage ratios will be amended. -- Additional subordinated notes amounting to $6.73 million will be issued on the refinancing date. 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 rated tranche. "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." Preliminary Ratings Assigned Benefit Street Partners CLO XXI Ltd./ Benefit Street Partners CLO XXI LLC Class A-1-R2, $283.50 million: AAA (sf) Class A-2-R2, $13.50 million: AAA (sf) Class B-R2, $45.00 million: AA (sf) Class C-R2 (deferrable), $27.00 million: A (sf) Class D-1-R2 (deferrable), $27.00 million: BBB- (sf) Class D-2-R2 (deferrable), $4.50 million: BBB- (sf) Class E-R2 (deferrable), $13.50 million: BB- (sf) Other Debt Benefit Street Partners CLO XXI Ltd./ Benefit Street Partners CLO XXI LLC Subordinated notes, $41.73 million: NR NR--Not rated. BLACKROCK DLF 2020-1: DBRS Cuts Class W Notes Rating to D --------------------------------------------------------- DBRS, Inc. downgraded its credit ratings on the Class W Notes and discontinued its credit ratings on the Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes, Class D Notes, and Class E Notes (together with the Class W Notes, the Notes) issued by BlackRock DLF IX 2020-1 CLO, LLC, pursuant to the Note Purchase and Security Agreement (the NPSA), dated as of July 21, 2020, among BlackRock DLF IX 2020-1 CLO, LLC, as Issuer, U.S. Bank National Association (rated AA with a Stable trend by Morningstar DBRS), as Collateral Agent, Custodian, Document Custodian, Collateral Administrator, Information Agent, and Notes Agent, and the Purchasers referred to therein. -- Class A-1 Notes Discontinued-Repaid -- Class A-2 Notes Discontinued-Repaid -- Class B Notes Discontinued-Repaid -- Class C Notes Discontinued-Repaid -- Class D Notes Discontinued-Repaid -- Class E Notes Discontinued-Repaid -- Class W Notes downgraded to D (sf) from C (sf) The credit ratings on the Class A-1 Notes and Class A-2 Notes addressed the timely payment of interest (excluding the additional interest payable at the Post-Default Rate, as defined in the NPSA) and the ultimate payment of principal on or before the Stated Maturity of July 21, 2030. The credit ratings on the Class B Notes, Class C Notes, Class D Notes, Class E Notes, and Class W Notes addressed the ultimate payment of interest (excluding the additional interest payable at the Post-Default Rate, as defined in the NPSA) and the ultimate payment of principal on or before the Stated Maturity of July 21, 2030. The downgrade of the credit rating on the Class W Notes reflects the shortfall of principal proceeds available for the redemption of this Class, as reported in the October 17, 2025 Payment Date Report. This shortfall is further discussed in the Credit Rating Rationale / Description section below. CREDIT RATING RATIONALE/DESCRIPTION The credit rating actions are a result of Morningstar DBRS' surveillance review of the transaction performance, including current balances in the Collection Accounts, the Trustee Report, other information provided by BlackRock Capital Investment Advisors, LLC (BCIA), and application of the Global Methodology for Rating CLOs and Corporate CDOs (the CLO Methodology; July 9, 2025). No predictive model was applied, as only cash proceeds remain in the portfolio. The Reinvestment Period ended on July 21, 2024. The Stated Maturity is July 21, 2030. The discontinuation of the credit ratings on the Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes, Class D Notes, and Class E Notes reflects the full repayment of principal and interest due on the Class A-1 Notes, Class A-2 Notes, Class B Notes, Class C Notes, Class D Notes, and Class E Notes, as of the October 17, 2025 Payment Date. Following the October 17, 2025 Payment Date, the total cash proceeds in the Principal Collections Account equals $7,180,426.21 while the remaining outstanding principal balance on the Class W Notes equals $18,752,050.21 indicating a shortfall in the principal payment on the Class W Notes. The principal shortfall is a result of the full sale of Collateral Assets from the Issuer on August 29, 2025, at a discount to par, with the average sale price below $0.90. As a result, Morningstar DBRS downgraded its credit rating on the Class W Notes to D (sf) from C (sf). A D rating category is normally defined as a failure to pay or satisfy a financial obligation (subject to applicable grace periods and/or waiver of such failure) in accordance with the instrument's underlying transaction documents. Morningstar DBRS also reserves the right to downgrade a rating to a 'D' when it believes that a Default is imminent and unavoidable. Morningstar DBRS plans to withdraw its credit rating of 'D' on the Class W Notes after a period of at least 30 business days. BCIA expects the Class W Notes to remain outstanding for at least 120 days from the October 17, 2025 Payment Date. In its review, Morningstar DBRS considered the following aspects of the transaction: (1) the transaction's capital structure and the form and sufficiency of available credit enhancement. (2) Morningstar DBRS' assessment of the origination, servicing, and CLO management capabilities of BCIA. (3) the legal structure as well as the legal opinions addressing certain matters of the Issuer and the consistency with the Morningstar DBRS "Legal Criteria for U.S. Structured Finance" methodology. Notes: All figures are in U.S. dollars unless otherwise noted. BX COMMERCIAL 2021-IRON: DBRS Confirms B(low) Rating on 2 Classes ----------------------------------------------------------------- DBRS Limited confirmed its credit ratings on all classes of the Commercial Mortgage Pass-Through Certificates, Series 2021-IRON issued by BX Commercial Mortgage Trust 2021-IRON (the Issuer) as follows: -- Class A at A (low) (sf) -- Class X-NCP at BBB (sf) -- Class D at BBB (low) (sf) -- Class E at BB (low) (sf) -- Class F at B (low) (sf) -- Class HRR at B (low) (sf) Morningstar DBRS changed the trends on Class A, Class D, Class E, and Class X-NCP to Positive from Stable. All other trends are Stable. The credit rating confirmations reflect the overall stable to improving performance of the transaction since issuance. The underlying collateral continues to demonstrate a steady occupancy rate of 100% and has shown improvements in operating performance with a net cash flow (NCF) that, as of the most recent reporting, has surpassed the Issuer's underwritten figure. Given the increased credit support following the release of one collateral property in 2025, Morningstar DBRS updated the loan-to-value ratio (LTV) sizing benchmarks for the purposes of this credit rating action, the results of which support the Positive trends on Classes A, D, E, and X-NCP. At issuance, the $232.0 million loan was secured by a portfolio of 14 industrial properties totaling 2.3 million square feet throughout California, New Jersey, Pennsylvania, Maryland, and Virginia, with the largest concentration being in California. The portfolio was part of a sale-leaseback to Iron Mountain, Inc. (Iron Mountain) and serves as secure document storage and tape storage facilities for Iron Mountain's record retention and storage clients. Iron Mountain is the sole occupant of 100% of the net rentable area on two triple-net leases with annual 3.0% rent escalations and lease expiration dates in August 2030 and November 2030, respectively. There are no termination options during the loan term, and Iron Mountain has four successive five-year renewal options available. As of the October 2025 remittance, the loan balance has been reduced to $218.2 million, representing a collateral reduction of 5.9%, as one property was released in January 2025. The transaction features a partial pro rata/sequential-pay structure, which allows for pro rata paydowns for the first 30.0% of the original principal balance, where individual properties may be released from the trust at a price of 105.0% of the allocated loan amount (ALA). Proceeds are applied sequentially for the remaining 70.0% of the pool balance, with the release price increasing to 110.0% of the ALA. Morningstar DBRS applied a penalty to the transaction's capital structure to account for the pro rata nature of certain prepayments and for the weak deleveraging premium. The subject interest-only (IO) floating-rate loan had an initial two-year term and five 12-month extension options for a fully extended maturity date of February 2028. Execution of each option is conditional upon, among other things, no events of default and the borrower's purchase of an interest rate cap agreement for each extension term. To date, the borrower has exercised three extension options, extending maturity through February 2026. Although the loan is currently on the servicer's watchlist because of deferred maintenance items, Morningstar DBRS believes that the loan is generally well positioned to exercise its fourth extension option. Based on June 2025 rent rolls, the remaining collateral continues to report an occupancy rate of 100%, unchanged since issuance. According to June 2025 financial reporting, the portfolio generated an NCF of $19.2 million for the trailing 12 months (T-12) ended June 30, 2025, an improvement over YE2024's NCF and the Issuer's underwritten figure of $18.8 million ($16.5 million when adjusted for property releases). Because of the loan's floating-rate coupon, the debt service coverage ratio decreased significantly in 2023 and was most recently reported at 1.23 times, according to the T-12 ended June 2025 financials. As mentioned above, there is an interest rate cap in place, and the borrower is required to purchase a new rate cap to exercise the loan's fourth extension option. To test the durability of credit ratings, Morningstar DBRS analyzed the collateral under both a base-case and stressed scenario to evaluate the potential for credit rating upgrades given the increase in NCF since issuance. Under the base-case scenario, a standard surveillance haircut was applied to the NCF figure of $19.2 million for the T-12 ended June 30, 2025, resulting in a Morningstar DBRS NCF of $18.8 million. Morningstar DBRS maintained a capitalization (cap) rate of 7.0%, which resulted in a Morningstar DBRS Value of approximately $268.2 million, a variance of -33.2% from the issuance appraised value of $401.7 million for the remaining collateral. In the stressed scenario, Morningstar DBRS took a conservative haircut of 20.0% to the T-12 ended June 2025 NCF figure and applied a 7.0% cap rate, resulting in a stressed value of $219.0 million. This represents a -45.5% variance from the issuance appraised value and reflects a Morningstar DBRS LTV of 99.7%. The stressed analysis indicated that credit rating upgrades were not warranted with this review. In addition, Morningstar DBRS maintained positive qualitative adjustments totaling 7.5% to reflect low cash flow volatility, desirable property quality, and strong market fundamentals. The credit ratings on Classes A, D, E, F, and HRR are lower than the results implied by the LTV sizing benchmarks by three or more notches. Although the improvement in NCF since issuance is notable, based on the conservative upgrade stress applied, the LTV sizing benchmarks indicated that credit rating upgrades were not warranted with this review. Notes: All figures are in U.S. dollars unless otherwise noted. CARLYLE GLOBAL 2015-1: S&P Assigns B- (sf) Rating on E-R-R Notes ---------------------------------------------------------------- S&P Global Ratings assigned its credit ratings to Carlyle Global Market Strategies Euro CLO 2015-1 DAC's class A-1-R-R Loan and class X-R-R, A-1-R-R, A-2-R-R, B-R-R, C-R-R, D-R-R, and E-R-R notes. At closing, the issuer will have EUR170.8 million of unrated subordinated notes outstanding, which will be exchanged on Nov. 10, 2025 for EUR57.0 million of subordinated notes due 2039. This transaction is a reset of the already existing transaction. The issuance proceeds of the refinancing loan and notes were used to redeem the refinanced notes and the ratings on the original notes have been withdrawn. The transaction has a 1.5-year noncall period and the portfolio's reinvestment period ends 4.44 years after closing. Under the transaction documents, the rated loan and notes pay quarterly interest unless there is a frequency switch event. Following this, the notes will switch to semiannual payment. The ratings reflect S&P's assessment of: -- The diversified collateral pool, which primarily comprises broadly syndicated speculative-grade senior secured term loans and bonds that are governed by collateral quality tests. -- The credit enhancement provided through the subordination of cash flows, excess spread, and overcollateralization. -- The collateral manager's experienced team, which can affect the performance of the rated notes through collateral selection, ongoing portfolio management, and trading. -- The transaction's legal structure, which is bankruptcy remote. -- The transaction's counterparty risks, which are in line with S&P's counterparty rating framework. Portfolio benchmarks S&P Global Ratings' weighted-average rating factor 2,828.76 Default rate dispersion 460.11 Weighted-average life (years) 4.35 Weighted-average life extended to cover the length of the reinvestment period (years) 4.44 Obligor diversity measure 144.20 Industry diversity measure 21.82 Regional diversity measure 1.44 Transaction key metrics Total par amount (mil. EUR) 450 Defaulted assets (mil. EUR) 0 CCC rated assets ('CCC+','CCC', and 'CCC-') (%) 2.05 Number of performing obligors 161 Portfolio weighted-average rating derived from our CDO evaluator B Actual 'AAA' weighted-average recovery (%) 35.68 Actual weighted-average coupon 4.29 Actual weighted-average spread (no credit to floors) (%) 3.70 The portfolio is well diversified, primarily comprising broadly syndicated speculative-grade senior secured term loans and senior secured bonds. Therefore, S&P has conducted our credit and cash flow analysis by applying its criteria for corporate cash flow collateralized debt obligations. S&P said, "In our cash flow analysis, we modeled the EUR450 million target par amount, the actual weighted-average spread of 3.70%, the weighted-average coupon of 4.29%, and the actual weighted-average recovery rates for all rated notes and the loan. We applied various cash flow stress scenarios, using four different default patterns, in conjunction with different interest rate stress scenarios for each liability rating category. "Until the end of the reinvestment period on April 16, 2030, the collateral manager may substitute assets in the portfolio for so long as our CDO Monitor test is maintained or improved in relation to the initial ratings on the loan and notes. This test looks at the total amount of losses that the transaction can sustain as established by the initial cash flows for each rating, and it compares that with the current portfolio's default potential plus par losses to date. As a result, until the end of the reinvestment period, the collateral manager may through trading deteriorate the transaction's current risk profile, as long as the initial ratings are maintained. "Following the application of our structured finance sovereign risk criteria, we consider the transaction's exposure to country risk to be limited at the assigned ratings, as the exposure to individual sovereigns does not exceed the diversification thresholds outlined in our criteria. "The transaction's documented counterparty replacement and remedy mechanisms adequately mitigate its exposure to counterparty risk under our current counterparty criteria. "The transaction's legal structure is bankruptcy remote, in line with our legal criteria. "The operational risk associated with key transaction parties (such as the collateral manager) that provide an essential service to the issuer is in line with our operational risk criteria. "Following our analysis of the credit, cash flow, counterparty, operational, and legal risks, we believe that our ratings are commensurate with the available credit enhancement for the class A-1-R-R Loan and class X-R-R to E-R-R notes. Our credit and cash flow analysis indicates that the class A-2-R-R to C-R-R notes could withstand stresses commensurate with higher ratings than those assigned. However, as the CLO will have a reinvestment period, during which the transaction's credit risk profile could deteriorate, we have capped our assigned ratings on the loan and notes. "Our credit and cash flow analysis indicates that the available credit enhancement for the class E-R-R notes could withstand stresses commensurate with a lower rating. However, we have applied our 'CCC' rating criteria and assigned a 'B- (sf)' rating to this class of notes." The ratings uplift for the class E-R-R notes reflects several key factors, including: -- The class E-R-R notes' available credit enhancement, which is in the same range as that of other CLOs S&P has rated and that have recently been issued in Europe. -- The portfolio's average credit quality, which is similar to other recent CLOs. -- S&P's model generated break-even default rate at the 'B-' rating level of 23.57% (for a portfolio with a weighted-average life of 4.44 years), versus if it was to consider a long-term sustainable default rate of 3.2% for 4.44 years, which would result in a target default rate of 14.08%. -- S&P does not believe that there is a one-in-two chance of this note defaulting. -- S&P does not envision this tranche defaulting in the next 12-18 months. S&P said, "Following this analysis, we consider that the available credit enhancement for the class E-R-R notes is commensurate with the assigned 'B- (sf)' rating. "In addition to our standard analysis, to indicate how rising pressures among speculative-grade corporates could affect our ratings on European CLO transactions, we have also included the sensitivity of the ratings on the class A-1-R-R Loan and class X-R-R to E-R-R notes in four hypothetical scenarios. "As our ratings analysis makes additional considerations before assigning ratings in the 'CCC' category, and we would assign a 'B-' rating if the criteria for assigning a 'CCC' category rating are not met, we have not included the above scenario analysis results for the class E-R-R notes." Environmental, social, and governance S&P said, "We regard the exposure to environmental, social, and governance (ESG) credit factors in the transaction as being broadly in line with our benchmark for the sector. Primarily due to the diversity of the assets within CLOs, the exposure to environmental credit factors is viewed as below average, social credit factors are below average, and governance credit factors are average. For this transaction, the documents prohibit assets from being related to certain activities. Accordingly, since the exclusion of assets from these industries does not result in material differences between the transaction and our ESG benchmark for the sector, no specific adjustments have been made in our rating analysis to account for any ESG-related risks or opportunities." Carlyle Global Market Strategies Euro CLO 2015-1 is a European cash flow CLO securitization of a revolving pool, comprising primarily euro-denominated senior secured loans and bonds. Permira European CLO Manager LLP manages the transaction. Ratings Amount Credit Class Rating* (mil. EUR) Interest rate§ enhancement (%) X-R-R AAA (sf) 4.50 3mE +1.00% N/A A-1-R-R AAA (sf) 253.00 3mE +1.31% 38.00 A-1-R-R Loan AAA (sf) 26.00 3mE +1.31% 38.00 A-2-R-R AA (sf) 44.50 3mE +2.00% 28.11 B-R-R A (sf) 28.30 3mE +2.25% 21.82 C-R-R BBB- (sf) 34.90 3mE +3.15% 14.07 D-R-R BB- (sf) 20.50 3mE +5.70% 9.51 E-R-R B- (sf) 13.50 3mE +8.50 6.51 Sub NR 57.00† N/A N/A *The ratings assigned to the class A-1-R-R Loan and class X-R-R, A-1-R-R, and A-2-R-R notes address timely interest and ultimate principal payments. The ratings assigned to the class C-R-R, D-R-R and E-R-R notes address ultimate interest and principal payments. §The payment frequency switches to semiannual and the index switches to six-month Euro Interbank Offered Rate (EURIBOR) when a frequency switch event occurs. †EUR170.8 million to be exchanged on or near Nov. 10, 2025, for EUR57.0 million subordinated notes due 2039. NR--Not rated. N/A--Not applicable. 3mE--Three-month EURIBOR. CARVAL CLO V-C: Moody's Cuts Rating on $23.375MM Cl. E Notes to B1 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on the following notes issued by CarVal CLO V-C Ltd. US$30,000,000 Class B-1 Senior Secured Floating Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Dec 21, 2021 Assigned Aa2 (sf) US$16,750,000 Class B-2 Senior Secured Fixed Rate Notes due 2034, Upgraded to Aa1 (sf); previously on Dec 21, 2021 Assigned Aa2 (sf) Moody's have also downgraded the ratings on the following notes: US$23,375,000 Class E Junior Secured Deferrable Floating Rate Notes due 2034, Downgraded to B1 (sf); previously on Dec 21, 2021 Assigned Ba3 (sf) US$6,375,000 Class F Junior Secured Deferrable Floating Rate Notes due 2034, Downgraded to Caa1 (sf); previously on Dec 21, 2021 Assigned B3 (sf) CarVal CLO V-C Ltd., issued in December 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 will end in October 2026. 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 B-1 and B-2 notes are primarily a result of a shorter weighted average life of the portfolio which reduces the time the rated notes are exposed to the credit risk of the underlying portfolio. The downgrade rating actions on the Class E and Class F notes reflects the specific risks to the junior notes posed by par loss observed in the underlying CLO portfolio. Based on the trustee's October 2025 report[1], the over-collateralization (OC) ratios for the Class E and F notes are reported at 107.32% and 105.60%, respectively, versus October 2024 levels[2] of 109.18% and 107.43%. Furthermore, the trustee-reported weighted average spread (WAS) has been deteriorating and the current level[3] is 3.15% compared to 3.33% in October 2024[4], failing the trigger of 3.21%. No actions were taken on the Class A notes, Class A loans, Class C notes and Class D 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 "Collateralized Loan Obligations" rating methodology published in October 2025. The key model inputs Moody's used in Moody's analysis, such as par, weighted average rating factor, diversity score, weighted average spread, and weighted average recovery rate, are based on Moody's 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: $419,613,313 Diversity Score: 74 Weighted Average Rating Factor (WARF): 2889 Weighted Average Spread (WAS) (before accounting for reference rate floors): 2.98% Weighted Average Recovery Rate (WARR): 46.43% Weighted Average Life (WAL): 5.25 years 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, and, lower recoveries on defaulted assets. Methodology Used for the Rating Action The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. 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. CARVANA AUTO 2025-P4: S&P Assigns Prelim BB-(sf) Rating on N Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to Carvana Auto Receivables Trust 2025-P4's automobile asset-backed notes. The note issuance is an ABS securitization backed by prime auto loan receivables. The preliminary ratings are based on information as of Nov. 12, 2025. 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 16.52%, 13.11%, 9.48%, 6.19%, and 5.92% credit support (hard credit enhancement and haircut to excess spread) for the class A (A-1, A-2, A-3, and A-4, collectively), B, C, D, and N notes, respectively, based on stressed cash flow scenarios. These credit support levels provide over 5.00x, 4.00x, 3.00x, 2.00x, and 1.43x coverage of our expected cumulative net loss of 2.85% for the class A, B, C, D, and N notes, respectively. The expectation that under a moderate ('BBB') stress scenario (2.00x our expected loss level), all else being equal, S&P's preliminary 'AAA (sf)', 'AA (sf)', 'A (sf)', 'BBB (sf)', and 'BB- (sf)' ratings on the class A, B, C, D, and N notes, respectively, are within its credit stability limits. -- The timely interest and principal payments by the designated legal final maturity dates under our stressed cash flow modeling scenarios, which S&P believes are appropriate for the assigned preliminary ratings. -- The collateral characteristics of the series' prime automobile loans, S&P's view of the credit risk of the collateral, and its updated U.S. macroeconomic forecast and forward-looking view of the auto finance sector. -- The series' bank accounts at Wells Fargo Bank N.A., which do not constrain the preliminary ratings. -- S&P's operational risk assessment of Bridgecrest Credit Co. LLC as servicer, as well as the backup servicing agreement with Vervent Inc. -- 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 Carvana Auto Receivables Trust 2025-P4(i) Class A-1, $103.000 million: A-1+ (sf) Class A-2, $290.670 million: AAA (sf) Class A-3, $290.670 million: AAA (sf) Class A-4, $155.020 million: AAA (sf) Class B, $36.920 million: AA (sf) Class C, $35.050 million: A (sf) Class D, $23.370 million: BBB (sf) Class N(ii), $20.563 million: BB- (sf) (i)Class XS notes (unrated) will be issued at closing and may be retained or sold in one or more private placements. (ii)The class N notes will be paid to the extent funds are available after the overcollateralization target is achieved, and they will not provide any enhancement to the senior classes. CASTLELAKE AIRCRAFT 2025-3: Fitch Rates Series C Notes 'BB+' ------------------------------------------------------------ Fitch Ratings has assigned the following ratings to the notes issued by Castlelake Aircraft Structured Trust 2025-3 (CLAS 2025-3): - $639,750,000 series A notes 'Asf'/Outlook Stable; - $82,250,000 series B notes 'BBB+sf'/Outlook Stable; - $36,560,000 series C notes 'BB+sf'/Outlook Stable. Transaction Summary The notes issued by CLAS 2025-3 are secured by lease payments (rent/maintenance) and disposition proceeds on a pool of 29 passenger aircraft operated by third-party lessees. Proceeds from the notes will be used to acquire assets from the seller, fund the initial expense and maintenance reserve accounts, and pay transaction fees and expenses related to the offering. As servicer, Castlelake Aviation Holdings (Ireland) Limited (Castlelake) will be responsible for managing the aircraft including aircraft leasing, maintenance and disposition. This is the fifth public Fitch-rated Castlelake transaction, and the sixth public transaction serviced by Castlelake since 2018. KEY RATING DRIVERS Asset Quality and Tiering (Neutral): The pool is largely midlife with a weighted average age of 11.7 years. Aircraft models are desirable; the age-adjusted tier percentages are 87%, 10%, and 3% for tier 1, 2 and 3 respectively by Maintenance Adjusted Base Value (MABV). A320-200s make up the largest portion of the pool by MABV (39%), followed by 737-800s (29%), 787-8s (15%), A321neos (10%), A320neos (4%) and A330-200s (3%). Pool Concentration (Neutral): Asia-Pacific, with nine leased aircraft, accounts for the highest share (28% of MABV), followed by South and Central America (23%), Middle East and Africa (18%), Europe (17%), and North America (13%). Lessee concentration is well-diversified with the largest lessee (VivaAerobus) representing 10% of the pool (two aircraft). The next largest exposure (Qantas) represents 8% (two aircraft). Lessee Credit Risk (Neutral): There are 23 lessees in the pool. By aircraft value, 15% are leased to 'BBB' category lessees, 28% leased to 'BB' to 'B' category lessees, and the remaining 57% to 'CCC' to 'CC' credits. The weighted average (WA) credit rating by FV is approximately 'B-', which is similar to other aircraft ABS transactions. All of the assets are on-lease and current. Operational and Servicing Risk (Neutral): Fitch has found Castlelake to be an effective servicer with a proven track record in the areas of remarketing, underwriting, procuring and managing aircraft maintenance, and managing a portfolio. This is evidenced by the experience of their team and the servicing of their managed fleet. Transaction Structure (Neutral): Leverage is acceptable at 70.0% for the class A notes, 79.0% for the class B notes, and 83.0% for the class C notes. Notes amortize straight line over varying time frames based on the aircraft age and note class (14 years and 12.5 years for aircraft younger and older than six years, respectively, for the class A and B notes and a seven-year straight line for the class C notes). The transaction is structured with sequential pay with class A notes interest and principal senior to class B notes interest and principal, which is senior to the class C notes interest and principal in the waterfall. Concentration risk toward the end of the transaction is mitigated through a mechanism that results in a cash sweep if aircraft count drops below eight aircraft. Rating Cap of 'Asf': Fitch limits aircraft operating lease ratings to a maximum of 'Asf'. For more details, please refer to Fitch's "Global Structured Finance Rating Criteria" and "Aircraft Operating Lease ABS Rating Criteria" at www.fitchratings.com. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Credit Stress Sensitivity: The central scenario assumes future lessees are 'B' credits. Fitch ran a sensitivity assuming future lessees are rated 'CCC' to test the performance of the transaction in a more stressed environment, considering the historical volatility and cyclicality of the commercial aviation industry. The lower assumed lessee credit quality decreased gross cash flows due to increased downtime resulting from aircraft repossessions and remarketing. Expenses also rose due to repossession and transition costs. These, in turn, combined to impact the net cash flow, which impacted the model-implied ratings (MIRs) of the class B and C notes. The MIR for the class A notes was unchanged. The class B and C MIRs dropped one notch. Value Stress Sensitivity: Fitch ran a sensitivity assuming a 10% haircut to the starting Fitch Value (FV) to test the performance of the transaction in a more stressed environment, considering the historical volatility and cyclicality of commercial aircraft values. This value sensitivity decreased gross cash flows as the lower starting FV drove lower future lease rates and disposition proceeds. The MIR for the class A notes was unchanged. The MIRs for the class B and C notes dropped two notches. Combined Credit Stress and Gross Rental Cash Flow Sensitivity: The combined down sensitivities of credit (CCC future lessees) and haircutting FV by 10% resulted in the class A notes MIR dropping one notch. The class B and C notes' MIRs decreased two notches. EOL Sensitivity: EOLs provide substantial cash flow in this transaction and can be volatile. Under Fitch's central scenario, EOLs are haircut based on each lessee's cumulative probability of default associated with their respective ratings. Fitch applied an additional 30% EOL haircut in this sensitivity, which resulted in the MIR of the class A notes dropping one notch and the class B and C MIRs dropping two notches. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Given the 'Asf' rating cap, an upgrade is not possible for the class A notes. If contractual lease rates outperform modeled cash flows or lessee credit quality improves materially, this may lead to an upgrade of the class B and C notes. Similarly, if assets in the pool display higher values and stronger rent generation than Fitch's stressed scenarios this may also lead to an upgrade. CRITERIA VARIATION Fitch applied a variation from its "Aircraft Operating Lease ABS Rating Criteria" to deviate downward from the model implied rating for the class C notes. The ultimate ratings were informed by the sensitivity of the ratings to model assumptions and conventions, repayment timing and tranche thickness. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. 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. CHASE HOME 2025-12: Fitch Rates Class B5 Certs 'B-(EXP)' -------------------------------------------------------- Fitch Ratings has assigned expected ratings to Chase Home Lending Mortgage Trust 2025-12 (Chase 2025-12). Entity/Debt Rating ----------- ------ Chase 2025-12 A1 LT AAA(EXP)sf Expected Rating A10 LT AAA(EXP)sf Expected Rating A10A LT AAA(EXP)sf Expected Rating A10B LT AAA(EXP)sf Expected Rating A10X1 LT AAA(EXP)sf Expected Rating A10X2 LT AAA(EXP)sf Expected Rating A10X3 LT AAA(EXP)sf Expected Rating A11 LT AAA(EXP)sf Expected Rating A11X LT AAA(EXP)sf Expected Rating A12 LT AAA(EXP)sf Expected Rating A13 LT AAA(EXP)sf Expected Rating A13X LT AAA(EXP)sf Expected Rating A14 LT AAA(EXP)sf Expected Rating A14X LT AAA(EXP)sf Expected Rating A14X2 LT AAA(EXP)sf Expected Rating A14X3 LT AAA(EXP)sf Expected Rating A14X4 LT AAA(EXP)sf Expected Rating A15 LT AAA(EXP)sf Expected Rating A15A LT AAA(EXP)sf Expected Rating A15B LT AAA(EXP)sf Expected Rating A15X1 LT AAA(EXP)sf Expected Rating A15X2 LT AAA(EXP)sf Expected Rating A15X3 LT AAA(EXP)sf Expected Rating A16 LT AAA(EXP)sf Expected Rating A16A LT AAA(EXP)sf Expected Rating A16B LT AAA(EXP)sf Expected Rating A16X1 LT AAA(EXP)sf Expected Rating A16X2 LT AAA(EXP)sf Expected Rating A16X3 LT AAA(EXP)sf Expected Rating A17 LT AAA(EXP)sf Expected Rating A17A LT AAA(EXP)sf Expected Rating A17B LT AAA(EXP)sf Expected Rating A17X1 LT AAA(EXP)sf Expected Rating A17X2 LT AAA(EXP)sf Expected Rating A17X3 LT AAA(EXP)sf Expected Rating A18 LT AAA(EXP)sf Expected Rating A18A LT AAA(EXP)sf Expected Rating A18B LT AAA(EXP)sf Expected Rating A18X1 LT AAA(EXP)sf Expected Rating A18X2 LT AAA(EXP)sf Expected Rating A18X3 LT AAA(EXP)sf Expected Rating A2 LT AAA(EXP)sf Expected Rating A3 LT AAA(EXP)sf Expected Rating A3A LT AAA(EXP)sf Expected Rating A3X1 LT AAA(EXP)sf Expected Rating A3X2 LT AAA(EXP)sf Expected Rating A3X3 LT AAA(EXP)sf Expected Rating A4 LT AAA(EXP)sf Expected Rating A4A LT AAA(EXP)sf Expected Rating A4B LT AAA(EXP)sf Expected Rating A4X1 LT AAA(EXP)sf Expected Rating A4X2 LT AAA(EXP)sf Expected Rating A4X3 LT AAA(EXP)sf Expected Rating A5 LT AAA(EXP)sf Expected Rating A5A LT AAA(EXP)sf Expected Rating A5B LT AAA(EXP)sf Expected Rating A5X1 LT AAA(EXP)sf Expected Rating A5X2 LT AAA(EXP)sf Expected Rating A5X3 LT AAA(EXP)sf Expected Rating A6 LT AAA(EXP)sf Expected Rating A6A LT AAA(EXP)sf Expected Rating A6B LT AAA(EXP)sf Expected Rating A6X1 LT AAA(EXP)sf Expected Rating A6X2 LT AAA(EXP)sf Expected Rating A6X3 LT AAA(EXP)sf Expected Rating A7 LT AAA(EXP)sf Expected Rating A7A LT AAA(EXP)sf Expected Rating A7B LT AAA(EXP)sf Expected Rating A7X1 LT AAA(EXP)sf Expected Rating A7X2 LT AAA(EXP)sf Expected Rating A7X3 LT AAA(EXP)sf Expected Rating A8 LT AAA(EXP)sf Expected Rating A8A LT AAA(EXP)sf Expected Rating A8B LT AAA(EXP)sf Expected Rating A8X1 LT AAA(EXP)sf Expected Rating A8X2 LT AAA(EXP)sf Expected Rating A8X3 LT AAA(EXP)sf Expected Rating A9 LT AAA(EXP)sf Expected Rating A9A LT AAA(EXP)sf Expected Rating A9B LT AAA(EXP)sf Expected Rating A9X1 LT AAA(EXP)sf Expected Rating A9X2 LT AAA(EXP)sf Expected Rating A9X3 LT AAA(EXP)sf Expected Rating AX1 LT AAA(EXP)sf Expected Rating AX2 LT AAA(EXP)sf Expected Rating AX3 LT AAA(EXP)sf Expected Rating B1 LT AA-(EXP)sf Expected Rating B1A LT AA-(EXP)sf Expected Rating B1X LT AA-(EXP)sf Expected Rating B2 LT A-(EXP)sf Expected Rating B2A LT A-(EXP)sf Expected Rating B2X LT A-(EXP)sf Expected Rating B3 LT BBB-(EXP)sf Expected Rating B4 LT BB-(EXP)sf Expected Rating B5 LT B-(EXP)sf Expected Rating B6 LT NR(EXP)sf Expected Rating RR LT NR(EXP)sf Expected Rating Transaction Summary Fitch expects to rate the residential mortgage-backed certificates issued by Chase Home Lending Mortgage Trust 2025-12 (Chase 2025-12) as indicated above. The certificates are supported by 520 loans with a scheduled balance of $664 million as of the cutoff date. The pool consists of prime-quality, fixed-rate mortgages (FRMs) solely originated by JPMorgan Chase Bank, National Association (JPMCB). The loan-level representations and warranties (R&Ws) are provided by the originator, JPMCB. All mortgage loans in the pool will be serviced by JPMCB. The collateral quality of the pool is extremely strong, with a large percentage of loans over $1.0 million. Of the loans, 100% qualify as safe-harbor qualified mortgage (SHQM) average prime offer rate (APOR) loans. The collateral comprises 100% fixed-rate loans. The certificates are fixed rate and capped at the net weighted average coupon (WAC) or based on the net WAC, or they are floating rate or inverse floating rate based off the SOFR index and capped at the net WAC. KEY RATING DRIVERS Credit Risk of High-Quality Prime Mortgage Assets (Positive): RMBS transactions are directly affected by the performance of the underlying residential mortgages or mortgage-related assets. Fitch analyzes loan-level attributes and macroeconomic factors to assess the credit risk and expected losses. The pool is comprised of high-quality prime loans with a WA FICO score of 770, a WA CLTV of 75.17%, and a WA DTI of 34.56%. The WA liquid reserves are $823,825. These strong collateral attributes are reflected in Fitch's loss analysis. Chase 2025-12 has a Final PD of 9.50% in the 'AAA' rating stress. Fitch's Final Loss Severity in the 'AAAsf' rating stress is 36.51%. The expected loss in the 'AAAsf' rating stress is 3.47%. Structural Analysis (Mixed): The mortgage cash flow and loss allocation in Chase 2025-12 are based on a senior-subordinate, shifting-interest structure whereby the subordinate classes receive only scheduled principal and are locked out from receiving unscheduled principal or prepayments for five years. The lockout feature helps maintain subordination for a longer period should losses occur later in the life of the transaction. The applicable credit support percentage feature redirects subordinate principal to classes of higher seniority if specified credit enhancement (CE) levels are not maintained. This transaction has CE or subordination floors. The CE or senior subordination floor of 0. 70% has been considered to mitigate potential tail-end risk and loss exposure for senior tranches. This protection applies as the pool size declines and performance volatility increases due to adverse loan selection and small loan count concentration. In addition, a junior subordination floor of 0.50% has been considered to mitigate potential tail-end risk and loss exposure for subordinate tranches. This protection also applies as the pool size declines and performance volatility increases due to adverse loan selection and small loan count concentration. Losses on the nonretained portion of the loans will be allocated first to the subordinate bonds (starting with class B-6). Once class B-1-A is written off, losses will be allocated to class A-9-B first, and then to the super-senior classes pro rata once class A-9-B is written off. This transaction has full advancing of DQ P&I until it is deemed non-recoverable. As a result, the LS was increased in its cash flow analysis to account for the servicer recouping the advances. Fitch analyzes the capital structure to determine the adequacy of the transaction's Credit Enhancement (CE) to support payments on the securities under multiple scenarios. This scenario incorporates Fitch's loss projections derived from the asset analysis. Fitch applies its assumptions for defaults, prepayments, delinquencies and interest rate scenarios. The credit enhancement for all ratings was sufficient for the given rating levels. The credit enhancement for a given rating exceeded the expected losses of that rating stress to address the structures recoupment of advances and leakage of principal to more subordinate classes. Operational Risk Analysis (Positive): Fitch considers originator and servicer capability, third-party due diligence results, and the transaction-specific representation, warranty and enforcement (RW&E) framework to derive a potential operational risk adjustment. Due diligence is the only consideration that has a direct impact on Fitch's loss expectations. Third-party due diligence was performed on 54.23%% of the loans in the transaction by loan count. Fitch applies a 5bp z-score reduction for loans fully reviewed by the TPR firm and have a final grade of either 'A' or 'B'. Counterparty and Legal Analysis (Neutral): Fitch expects all relevant transaction parties to conform with the requirements described in its Global Structured Finance Rating Criteria. Relevant parties are those whose failure to perform could have a material outcome on the performance of the transaction. Additionally, all legal requirements should be satisfied to fully de-link the transaction from any other entities. Fitch expects Chase 2025-12 to be fully de-linked and bankruptcy remote SPV. All transaction parties and triggers align with Fitch expectations. Rating Cap Analysis (Positive): Common rating caps in U.S. RMBS may include, but are not limited to, new product types with limited or volatile historical data and transactions with weak operational or structural/counterparty features. These considerations do not apply to Chase 2025-12 and therefore Fitch is comfortable rating to the highest possible rating at 'AAAsf' without any Rating Caps. 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 analysis 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 9.73% at 'B' rating case. 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 analysis 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 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 AMC. The third-party due diligence described in Form 15E focused on four areas: compliance review, credit review, valuation review and data integrity. The third-party review was conducted on 54.23% of the pool. Fitch considered this information in its analysis and, as a result, Fitch applies an approximate 5-bp origination PD credit for loans fully reviewed by the TPR firm and have a final grade of either "A" or "B." DATA ADEQUACY Fitch relied on an independent third-party due diligence review performed on 54.23% of the pool. The third-party due diligence was generally consistent with Fitch's "U.S. RMBS Rating Criteria." AMC was engaged to perform the review. Loans reviewed under this engagement were given compliance, credit and valuation grades and assigned initial grades for each subcategory. Minimal exceptions and waivers were noted in the due diligence reports. Please refer to the "Third-Party Due Diligence" section for more detail. Fitch also utilized data fi les provided by the issuer on its SEC Rule 17g-5 designated website. Fitch received loan level information based on the ResiPLS data layout format, and the data provided was considered comprehensive. The data contained in the ResiPLS layout data tape were reviewed by the due diligence companies, 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. CIM TRUST 2021-INV1: Moody's Ups Rating on Cl. B-5 Certs from Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded the ratings of five bonds issued by CIM Trust 2021-INV1. The collateral backing this transaction consists of agency-eligible investor mortgage loans. A comprehensive review of all credit ratings for the respective transaction has been conducted during a rating committee. The complete rating actions are as follows: Issuer: CIM Trust 2021-INV1 Cl. B-1, Upgraded to Aaa (sf); previously on Mar 26, 2024 Upgraded to Aa1 (sf) Cl. B-1A, Upgraded to Aaa (sf); previously on Mar 26, 2024 Upgraded to Aa1 (sf) Cl. B-3, Upgraded to A1 (sf); previously on Jan 14, 2025 Upgraded to A2 (sf) Cl. B-5, Upgraded to Baa3 (sf); previously on Jan 14, 2025 Upgraded to Ba1 (sf) Cl. B-X-1*, Upgraded to Aaa (sf); previously on Mar 26, 2024 Upgraded to Aa1 (sf) * Reflects Interest-Only Classes RATINGS RATIONALE The rating upgrades reflect the increased levels of credit enhancement available to the bonds, the recent performance, and Moody's updated loss expectations on the underlying pool. The transaction Moody's reviewed continues to display strong collateral performance, with minimal cumulative losses and a small percentage of loans in delinquencies. In addition, enhancement levels for the tranches have grown, as the pool amortizes. The credit enhancement since closing has grown, on average, 1.3x for the tranches upgraded. No actions were taken on the other rated classes in this deal because the expected losses on these bonds remain commensurate with their current ratings, after taking into account the updated performance information, structural features, and credit enhancement. Principal Methodologies The principal methodology used in rating all classes except interest-only classes was "US Residential Mortgage-backed Securitizations" published in August 2025. 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. An IO bond may be upgraded or downgraded, within the constraints and provisions of the IO methodology, based on lower or higher realized and expected loss due to an overall improvement or decline in the credit quality of the reference bonds and/or pools. 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. CITIGROUP 2014-GC21: DBRS Confirms C Rating on 2 Classes -------------------------------------------------------- DBRS, Inc. confirmed all credit ratings on the classes of Commercial Mortgage Pass-Through Certificates, Series 2014-GC21 issued by Citigroup Commercial Mortgage Trust 2014-GC21 as follows: -- Class C at A (sf) -- Class D at BBB (low) (sf) -- Class E at CCC (sf) -- Class F at C (sf) -- Class X-B at A (high) (sf) -- Class X-C at CCC (sf) -- Class X-D at C (sf) -- Class PEZ at A (sf) All trends are stable. Classes E, F, X-C, and X-D have a credit rating that does not typically carry a trend in commercial mortgage-backed securities (CMBS) credit ratings. The credit rating confirmations and stable trends reflect Morningstar DBRS recoverability expectations for the remaining two loans in the pool. Since the last review in December 2024, one loan, Brier Creek Corporate Center 6, was liquidated from the trust with no loss, in line with Morningstar DBRS' expectations. Given the two remaining loans are in special servicing, Morningstar DBRS' analysis included liquidation scenarios for both loans to determine the recoverability of the outstanding bonds. Based on various stresses to the most recent appraised values for each asset, as further discussed below, Morningstar DBRS concluded that liquidated losses would be contained to the Class F certificate, currently rated C (sf). Morningstar DBRS' liquidation scenarios also suggest Classes C and D are insulated from losses, a key factor in the credit rating confirmations and Stable trends. Morningstar DBRS notes the disposition timeline for the remaining assets is uncertain, and although significant interest shortfalls are not being passed through the servicer currently, there is increased risk for interest shortfalls given the makeup of the remaining collateral. Morningstar DBRS conducted a stressed analysis to test the degree to which interest shortfalls may increase. Classes C and D are not expected to be subject to interest shortfalls, also supporting the credit rating confirmations. Morningstar DBRS' loss expectations are primarily driven by the largest remaining loan in the pool, Maine Mall (Prospectus ID#1, 90.0% of the pool), which is secured by a 730,444-square foot (sf) portion of a 1.0 million-sf super-regional mall in Portland, Maine. The $125.0 million loan is pari passu with a note securitized in the GS Mortgage Securities Trust 2014-GC22 transaction, also rated by Morningstar DBRS. The loan transferred to the special servicer in February 2024 following the borrower's notification it would be unable to repay the loan at scheduled maturity in April 2024. In August 2025, a modification was finalized, extending the loan to April 2028 and resulting in a $4.6 million paydown. Other modification terms included the establishment of a $10.0 million working capital reserve to be funded with 50.0% of excess cash flow, and once the reserve is fully funded, all excess cash will be applied toward the principal. Property performance improved in 2024 with occupancy increasing to 94.0% as of YE2024 with a 1.52x DSCR, both of which were in line with pre-pandemic figures. An August 2025 appraisal valued the property at $187.0 million, down from the issuance appraised value of $395.0 million. Given the continued decline in value, Morningstar DBRS used a liquidation scenario based on a 10% haircut to the August 2025 appraised value, which implied a loss severity of over 30.0%. The other loan in the pool, Regional One Medical (Prospectus ID#11, 10.0% of the pool) is secured by a 112,233-sf medical office property in Memphis, Tennessee. The property was 66.3% occupied as of the August 2025 rent roll, occupied by a single tenant, Regional One Health on a lease not expiring until 2031. Property performance declined in 2024 with the YE2024 DSCR at 1.28x, below the 1.40x figure reported in the prior three years. In addition, occupancy declined to 66.0% from 87.0%. Morningstar DBRS expects performance may further decline. According to the servicer commentary, the loan is real estate owned, and the property was listed for sale at auction in September 2025; however, the asset failed to trade. According to the servicer, the property will now be marketed for traditional sale. An updated property appraisal dated July 2025, valued the property at $16.2 million (a 10.0% implied capitalization rate on the YE2024 NCF), down from $19.0 million in 2024 and $27.3 million at issuance. Given this reasonably conservative cap rate, Morningstar DBRS applied a 20% haircut to the July 2025 valuation in its liquidation scenario, resulting in a loan loss severity of approximately 20.0%. Notes: All figures are in U.S. dollars unless otherwise noted. CITIGROUP 2020-555: DBRS Confirms B Rating on Class G Certs ----------------------------------------------------------- DBRS Limited 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 Morningstar DBRS' expectations since issuance, evidenced by the strong occupancy of 99.0% based on the August 2025 rent roll and healthy debt service coverage ratio (DSCR) for the senior debt of 2.99 times (x), as of the trailing six-month (T-6) period ended June 30, 2025. The transaction is secured by the leasehold interest in 555 Tenth Avenue, a Class A luxury high-rise apartment building 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. In exchange for providing affordable housing to the local community, the subject property benefits from a substantial tax abatement, which results in a tax bill representing approximately 1.3% of the full amount, a projected savings of over $133.0 million over the first 10 years of the abatement period. 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, fund upfront reserves, and pay closing costs and stub interest. The interest-only (IO) loan has a fixed interest rate and is structured with a 10-year term. In July 2023, a nearby crane collapse caused over $82.0 million in damages to the property. The servicer's watchlist commentary notes at least $20.0 million in insurance proceeds have been received, and disbursements have been processed, indicating work is underway. The October 2025 reporting shows a balance of $11.4 million in a loss draft reserve account. Given the high occupancy rate of 99.0% as of October 2025, any significant impact to operations appears to have been resolved. The October 2025 rent roll provided to Morningstar DBRS showed the subject's market-rent units were 98% occupied with an average rental rate of $5,766 per unit, which is 7.9% above the Midtown West submarket rate of $5,360 reported by Reis, Inc. in Q2 2025. Based on the servicer reported financials as of October 2025, the loan reported an annualized T-6 net cash flow (NCF) of $28.1 million corresponding to a DSCR of 2.99x, reflecting a modest 3.1% increase compared with the YE2023 NCF of $27.3 million (2.90x). Given the minimal improvement in NCF since its last review, Morningstar DBRS maintained the valuation approach from the previous review, which was based on a capitalization rate of 5.85% applied to the Morningstar DBRS NCF of $26.7 million. The resulting value of $457.3 million represents a variance of -48.3% from the issuance appraised value of $885.2 million and corresponds to a Morningstar DBRS loan-to-value ratio (LTV) of 87.5%. Morningstar DBRS maintained positive qualitative adjustments to the LTV sizing totaling 5.00% to account for limited cash flow volatility resulting from the property's historically high occupancy, as well as the property's above-average quality and desirable location within Midtown Manhattan. The resulting LTV Sizing Benchmarks supported the credit rating confirmations with this review. Notes: All figures are in U.S. dollars unless otherwise noted. COLT 2025-11: Fitch Assigns 'B(EXP)sf' Rating on Class B-2 Certs ---------------------------------------------------------------- Fitch Ratings has assigned expected ratings to the residential mortgage-backed certificates issued by COLT 2025-11 Mortgage Loan Trust (COLT 2025-11). Entity/Debt Rating ----------- ------ COLT 2025-11 A-1A LT AAA(EXP)sf Expected Rating A-1B LT AAA(EXP)sf Expected Rating A-1 LT AAA(EXP)sf Expected Rating A-1F LT AAA(EXP)sf Expected Rating A-1IO 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 X LT NR(EXP)sf Expected Rating Transaction Summary The certificates are supported by 541 nonprime loans with a total balance of approximately $310.6 million as of the cutoff date. Loans in the pool were originated by The Loan Store, Inc. and others. The loans were aggregated by Hudson Americas L.P. and are currently being serviced by Select Portfolio Servicing, Inc. (SPS) and Fay Servicing. The borrowers in the pool exhibit a moderate credit profile, with a weighted-average (WA) Fitch FICO of 740 and 33.0% debt-to-income (DTI) ratio. The borrowers also have moderate leverage, with a 72.2% mark-to-market combined LTV (cLTV). Overall, 46.6% of the pool loans are for primary residences, while the remainder are second homes or investment properties. Additionally, 100% of the loans are clean and current. COLT 2025-11 is the first Hudson transaction analyzed and rated under Fitch's updated U.S. RMBS Rating Criteria published on Oct. 1, 2025. KEY RATING DRIVERS Credit Risk of Mortgage Assets: RMBS transactions are directly affected by the performance of the underlying residential mortgages or mortgage-related assets. Fitch analyzes loan-level attributes and macroeconomic factors to assess the credit risk and expected losses. COLT 2025-11 has a final probability of default (PD) of 45.4% in the 'AAAsf' rating stress. Fitch's final loss severity in the 'AAAsf' rating stress is 43.1%. The expected loss in the 'AAAsf' rating stress is 19.6%. Structural Analysis: The mortgage cash flow and loss allocation in COLT 2025-11 are based on a modified sequential-payment structure, whereby principal is distributed pro rata among the senior notes while shutting out the subordinate bonds from principal until all senior classes are reduced to zero. If a cumulative loss trigger event or delinquency trigger event occurs in a given period, principal will be distributed sequentially to class A-1A then A-1B while concurrently to class A-1F, followed by class A-2 and A-3 notes until they are reduced to zero. Fitch analyzes the capital structure to determine the adequacy of the transaction's credit enhancement (CE) to support payments on the securities under multiple scenarios incorporating Fitch's loss projections derived from the asset analysis. Fitch applies its assumptions for defaults, prepayments, delinquencies and interest rate scenarios. The CE for all ratings was sufficient for the given rating levels. The CE in the form of subordination and excess spread for a given rating exceeded the expected losses of that rating stress. Operational Risk Analysis: Fitch considers originator and servicer capability, third-party due diligence results, and the transaction-specific representation, warranty and enforcement (RW&E) framework to derive a potential operational risk adjustment. The only consideration that has a direct impact on Fitch's loss expectations is due diligence. Third-party due diligence was performed on 100% of the loans in the transaction. Fitch applies a 5bps z-score reduction for loans fully reviewed by a third-party review (TPR) firm, which have a final grade of either "A" or "B". Counterparty and Legal Analysis: Fitch expects all relevant transaction parties to conform with the requirements as described in its "Global Structured Finance Rating Criteria". Relevant parties are those whose failure to perform could have a material impact on transaction performance. Additionally, all legal requirements should be satisfied to fully de-link the transaction from any other entities. Fitch expects COLT 2025-11 to be fully de-linked and to serve as a bankruptcy remote special-purpose vehicle (SPV). All transaction parties and triggers align with Fitch's expectations. Rating Cap Analysis: Common rating caps in U.S. RMBS may include, but are not limited to, new product types with limited or volatile historical data and transactions with weak operational or structural/counterparty features. These considerations do not apply to COLT 2025-11; as such, Fitch is comfortable assigning the highest possible rating of 'AAAsf' without any rating caps. 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 analysis was conducted at the state and national level to assess the effect of higher MVDs for the subject pool as well as lower MVDs, illustrated by a gain in home prices. The 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 37.9% at 'AAA'. The analysis indicates that there is some potential rating migration with higher MVDs for all rated classes, compared with the model projection. 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 analysis was conducted at the state and national level to assess the effect of higher MVDs for the subject pool as well as lower MVDs, illustrated by a gain in home prices. The 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 the rated classes. A 10% gain in home prices would result in a full category upgrade for the rated class excluding those assigned 'AAAsf' ratings. 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 SitusAMC, Clarifii, Clayton, Consolidated Analytics, Maxwell, Opus, and Selene. The third-party due diligence described in Form 15E focused on credit, compliance, and property valuation. Fitch considered this information in its analysis and, as a result, Fitch applies an approximate 5-bp z-score reduction for loans fully reviewed by the TPR firm and have a final grade of either 'A' or 'B'. 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. COOPR RESIDENTIAL 2025-CES4: Fitch Rates Class B-2 Notes 'Bsf' -------------------------------------------------------------- Fitch Ratings has assigned final ratings to COOPR Residential Mortgage Trust 2025-CES4 (COOPR 2025-CES4). Entity/Debt Rating Prior ----------- ------ ----- COOPR 2025-CES4 A-1A LT AAAsf New Rating AAA(EXP)sf A-1B LT AAAsf New Rating AAA(EXP)sf A-1 LT AAAsf New Rating AAA(EXP)sf A-2 LT AAsf New Rating AA(EXP)sf A-3 LT Asf New Rating A(EXP)sf M-1 LT BBBsf New Rating BBB(EXP)sf B-1 LT BBsf New Rating BB(EXP)sf B-2 LT Bsf New Rating B(EXP)sf B-3A LT B-sf New Rating B-(EXP)sf B-3B LT NRsf New Rating NR(EXP)sf XS LT NRsf New Rating NR(EXP)sf R LT NRsf New Rating NR(EXP)sf Transaction Summary The notes are supported by 4,175 closed-end second lien (CES) loans with a total balance of approximately $301 million as of the cutoff date. Nationstar Mortgage LLC dba Mr. Cooper (Nationstar) originated 100% of the loans and will be the primary servicer for all loans. Distributions of principal and interest (P&I) and loss allocations are based on a traditional senior-subordinate, sequential structure in which excess cash flow can be used to repay losses or net weighted average coupon (WAC) shortfalls KEY RATING DRIVERS Credit Risk of Mortgage Assets: RMBS transactions are directly affected by the performance of the underlying residential mortgages or mortgage-related assets. Fitch analyzes loan-level attributes and macroeconomic factors to assess the credit risk and expected losses. COOPR 2025-CES4 has a final probability of default (PD) of 18.30% in the 'AAAsf' rating stress. Fitch's final loss severity (LS) in the 'AAAsf' rating stress is 95.12%. The expected loss in the 'AAAsf' rating stress is 15.42%. Structural Analysis: The mortgage cash flow and loss allocation in COOPR 2025-CES4 are based on a sequential-payment structure, where principal is used to pay down the bonds sequentially and losses are allocated reverse sequentially. Monthly excess cash flow, derived after the allocation of interest and principal payments, can be used as principal, first, to repay any current or previously allocated cumulative applied realized losses, and then to repay potential net WAC shortfalls. The senior classes incorporate a step-up coupon of 1.00% (to the extent still outstanding) after the 48th payment date. Fitch analyzes the capital structure to determine the adequacy of the transaction's credit enhancement (CE) to support payments on the securities under multiple scenarios incorporating Fitch's loss projections derived from the asset analysis. Fitch applies its assumptions for defaults, prepayments, delinquencies and interest rate scenarios. The CE for all ratings was sufficient for the given rating levels. The CE for a given rating exceeded the expected losses of that rating stress to address the structure's recoupment of advances and leakage of principal to more subordinate classes. Operational Risk Analysis: Fitch considers originator and servicer capability, third-party due diligence results, and the transaction-specific representation, warranty and enforcement mechanism (RW&E) framework to derive a potential operational risk adjustment. The only consideration that has a direct impact on Fitch's loss expectations is due diligence. Third-party due diligence was performed on 34.2% of the loans in the transaction by loan count. Fitch applies a 5-bps z-score reduction for loans fully reviewed by a third-party review (TPR) firm, which have a final grade of either "A" or "B". Counterparty and Legal Analysis: Fitch expects all relevant transaction parties to conform with the requirements described in its "Global Structured Finance Rating Criteria." Relevant parties are those whose failure to perform could have a material impact on the transaction's performance. Additionally, all legal requirements should be satisfied to fully de-link the transaction from any other entities. Fitch expects COOPR 2025-CES4 to be fully de-linked and function as a bankruptcy-remote special-purpose vehicle (SPV). All transaction parties and triggers align with Fitch's expectations. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The defined negative rating sensitivity analysis demonstrates how the ratings would react to steeper market value declines (MVDs) at the national level. The analysis assumes MVDs of 10.0%, 20.0% and 30.0%, in addition to the model projected 38.1% at 'AAA'. 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 The 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 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 Opus Capital Markets Consultants, LLC. The third-party due diligence described in Form 15E focused on credit, compliance, and property valuation. Fitch considered this information in its analysis and, as a result, Fitch applies an approximate 5-bp origination PD credit for loans fully reviewed by the TPR firm and have a final grade of either "A" or "B". 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. CSAIL 2020-C19: Fitch Lowers Rating on Two Tranches to 'Bsf' ------------------------------------------------------------ Fitch Ratings has downgraded eight and affirmed six classes of CSAIL 2020-C19 Commercial Mortgage Trust. Classes B, C, D, E, X-B and X-D were assigned Negative Rating Outlooks following their downgrades. The Outlook for class A-S and X-A remain Negative. Entity/Debt Rating Prior ----------- ------ ----- CSAIL 2020-C19 A-1 12597NAQ6 LT AAAsf Affirmed AAAsf A-2 12597NAR4 LT AAAsf Affirmed AAAsf A-3 12597NAS2 LT AAAsf Affirmed AAAsf A-S 12597NAW3 LT AAAsf Affirmed AAAsf A-SB 12597NAT0 LT AAAsf Affirmed AAAsf B 12597NAX1 LT Asf Downgrade AA-sf C 12597NAY9 LT BBBsf Downgrade A-sf D 12597NAC7 LT BBsf Downgrade BBBsf E 12597NAE3 LT Bsf Downgrade BBsf F-RR 12597NAG8 LT CCCsf Downgrade B-sf G-RR 12597NAJ2 LT CCsf Downgrade CCCsf X-A 12597NAU7 LT AAAsf Affirmed AAAsf X-B 12597NAV5 LT Asf Downgrade AA-sf X-D 12597NAA1 LT Bsf Downgrade BBsf KEY RATING DRIVERS Increased 'B' Loss Expectations: Deal-level 'Bsf' rating case losses are 8.8%, an increase from 6.4% at the last rating action. There are six Fitch Loans of Concern (FLOCs; 28.6% of the pool), with three loans (22.6%) in special servicing. The downgrades reflect increased pool loss expectations since Fitch's prior rating action, primarily driven by higher losses on the specially serviced office loans, Peachtree Office Towers (8.0%) and Selig Office Portfolio (7.4%). Notably, Peachtree Office Towers recently transferred to special servicing in October 2025 and Selig Office Portfolio has an updated valuation received since the last rating action. The Negative Outlooks reflect the potential for further downgrades due to the possibility that performance of office FLOCs, including Peachtree Office Towers, Selig Office Portfolio and APX Morristown, may not stabilize or deteriorates further, or if there is a prolonged workout for the loans in special servicing. Largest Increases in Loss Expectations: The largest increase in loss since the prior rating action and the largest contributor to overall pool loss expectations is the Selig Office Portfolio, which is securitized by an urban office portfolio consisting of three properties all located in downtown Seattle, WA. The loan transferred to special servicing in February 2025 due to payment default and the borrower indicated that they will not be able to cover future debt service shortfalls. Occupancy has continued to decline, most recently reported at 60% in June 2025 from 70% at YE 2023, 65% at YE 2022, 79% at YE 2021, and 99% at YE 2019. Near-term tenant rollover includes 3.5% of the NRA in 2025 and 0.2% in 2026, with the next largest concentration of leases (20.6%) expiring in 2028. According to the servicer, no new leases have been signed recently. The servicer-reported NOI debt service coverage ratio (DSCR) was 1.38x as of YE 2024, compared with 1.25x at YE 2023, 1.32x at YE 2022, 1.58x at YE 2021, and 1.76x at YE 2020. Fitch's 'Bsf' rating case loss of approximately 49% (prior to concentration adjustments) is based upon a discount to the most recent appraisal value, reflecting a stressed value of $177 psf. The second largest increase in loss since the prior rating action and the second largest contributor to overall pool loss expectations is the Peachtree Office Towers, which is securitized by a 619,732 SF office building located in the CBD of Atlanta, GA. The loan recently transferred to special servicing in October 2025 due to payment default, and the loan remains 60 days delinquent. The largest tenant, the State Board of Workers Compensation (11.5% of NRA), had a lease expiration at the end of September 2025, and it is not confirmed whether they have vacated. Occupancy has continued to decline, most recently reported at 71.1% in September 2025 from 75% at September 2024, and 82% at YE 2021. Occupancy would decline to approximately 60% if the largest tenant vacated at lease expiration. Tenant lease rollover is 15.9% in 2025 (including the largest tenant), 7.6% in 2026, and 3.7% in 2027. The NOI DSCR has been declining and is 1.52x as of TTM June 2025 compared to 2.09x at YE 2024, and 3.42x at YE 2023. Additionally, the loans five-year interest-only period expired in January 2025. Fitch's 'Bsf' rating case loss of 16.5% (prior to concentration adjustments) is based on a 10% cap rate and no additional stress to the YE 2024 NOI. The third largest contributor to overall pool loss expectations is APX Morristown (3.2%), secured by a 486,742 SF suburban office property located in Morristown, NJ. The loan transferred to special servicing in July 2023 due to imminent monetary default and recently transferred back to the master servicer in August 2025. The mezzanine lender was the winning bidder at the June 2024 UCC Foreclosure sale, and they finalized a loan modification in May 2025 before transferring back to the master servicer. Occupancy has continued to decline, reaching 58% in June 2025 from 60.6% in June 2024, 64% at YE 2022, and 92% at YE 2021. The largest tenant, Louis Berger (22.3%), which was acquired by WSP Global, Inc. in late 2018, vacated in 2022 ahead of its lease expiration in 2026. Fitch's 'Bsf' rating case loss of 20.7% (prior to concentration adjustments) reflects a stressed cap rate of 10% to account for the office property quality and suburban location and no additional stress to the YE 2024 NOI. Changes to Credit Enhancement: As of the October 2025 distribution date, the pool's aggregate principal balance has paid down by 2.7% to $806.7 million from $828.9 million at issuance. One loan is defeased (5.3%). Cumulative interest shortfalls totaling $1.05 million are affecting classes F-RR, G-RR, and NR-RR. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades to senior 'AAAsf' rated classes are not expected due to high CE and expected continued amortization, loan repayments and dispositions, but may occur if deal-level losses increase significantly and/or interest shortfalls occur or are expected to occur. Downgrades to the junior 'AAAsf rated classes, which have Negative Outlooks, could occur with prolonged workouts and/or continued value declines of the specially serviced assets specifically Peachtree Office Towers and Selig Office Portfolio, significantly increased pool expected losses and limited to no improvement in these classes' CE, or if interest shortfalls occur. Downgrades to classes rated in the 'Asf' and 'BBBsf' categories will occur if deal-level losses increase significantly from outsized losses on larger office FLOCs and/or more loans than expected experience performance deterioration and/or default at or prior to maturity. These FLOCs include Peachtree Office Towers, Selig Office Portfolio, Arciterra Portfolio, APX Morristown, and DDC4 Portfolio. Downgrades to the 'BBsf' and 'Bsf' categories are possible with higher-than-expected losses from continued underperformance of the FLOCs and/or lack of resolution and increased exposures on the specially serviced loans. Downgrades to the distressed classes would occur should additional loans transfer to special servicing and/or default, or as losses become realized or more certain. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades to classes rated in the 'Asf' and 'BBBsf' categories may be possible with significantly increased CE from paydowns and/or defeasance, coupled with stable-to-improved pool-level loss expectations and improved performance on the FLOCs including Peachtree Office Towers, Selig Office Portfolio, Arciterra Portfolio, APX Morristown, and DDC4 Portfolio. Classes would not be upgraded above 'AA+sf' if there is likelihood for interest shortfalls. Upgrades to the 'BBsf' and 'Bsf' categories are not likely until the later years in a transaction and only if the performance of the remaining pool is stable, recoveries on the FLOCs are better than expected and there is sufficient CE to the classes. Upgrades to distressed ratings are not expected but would be possible with better-than-expected recoveries on specially serviced loans or significantly higher values on the FLOCs. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. 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. CTM CLO 2025-2: Fitch Assigns 'BB-sf' Rating on Class E Notes ------------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to CTM CLO 2025-2 LTD. Entity/Debt Rating ----------- ------ CTM CLO 2025-2 LTD. A-1 LT AAAsf New Rating A-2 LT AAAsf New Rating A-L LT AAAsf New Rating B LT AAsf New Rating C LT Asf New Rating D-1 LT BBB-sf New Rating D-2 LT BBB-sf New Rating D-3 LT BBB-sf New Rating E LT BB-sf New Rating Subordinated LT NRsf New Rating Transaction Summary CTM CLO 2025-2 LTD. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by CTM Asset Management LLC. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $400 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B+/B', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 23.17, and will be managed to a WARF covenant from a Fitch test matrix. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard U.S. CLO structural features. Asset Security: The indicative portfolio consists of 97.75% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 73.44% and will be managed to a WARR covenant from a Fitch test matrix. Portfolio Composition: The largest three industries may comprise up to 39% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'A-sf' and 'AAAsf' for class A1, between 'BBB+sf' and 'AA+sf' for class A2, between 'BB+sf' and 'A+sf' for class B, between 'B+sf' and 'BBB+sf' for class C, between less than 'B-sf' and 'BB+sf' for class D1, between less than 'B-sf' and 'BB+sf' for class D2, and between less than 'B-sf' and 'BB+sf' for class D3 and between less than 'B-sf' and 'B+sf' for class E. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A1 and class A2 notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B, 'AA-sf' for class C, 'Asf' for class D1, 'A-sf' for class D2, and 'A-sf' for class D3 and 'BBBsf' for class E. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for CTM CLO 2025-2 Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. EATON VANCE 2014-1R: Moody's Cuts Rating on $9.26MM F Notes to Caa3 ------------------------------------------------------------------- Moody's Ratings has taken a variety of rating actions on the following notes issued by Eaton Vance CLO 2014-1R, Ltd.: US$29.73M Class C Senior Secured Deferrable Floating Rate Notes, Upgraded to Aaa (sf); previously on Oct 30, 2024 Upgraded to Aa1 (sf) US$26.8M Class D Senior Secured Deferrable Floating Rate Notes, Upgraded to A1 (sf); previously on Oct 30, 2024 Upgraded to Baa1 (sf) US$9.26M Class F Secured Deferrable Floating Rate Notes, Downgraded to Caa3 (sf); previously on Oct 30, 2024 Affirmed Caa2 (sf) Moody's have also affirmed the ratings on the following notes: US$31.68M (Current outstanding amount US$22,010,725) Class A-2 Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Oct 30, 2024 Affirmed Aaa (sf) US$36.55M Class B Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Oct 30, 2024 Affirmed Aaa (sf) US$23.88M Class E Secured Deferrable Floating Rate Notes, Affirmed Ba3 (sf); previously on Oct 30, 2024 Affirmed Ba3 (sf) Eaton Vance CLO 2014-1R, Ltd., issued in August 2018, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured US loans. The portfolio is managed by Eaton Vance Management. The transaction's reinvestment period ended in July 2023. RATINGS RATIONALE The upgrades on the ratings on the Class C and D notes are primarily a result of the significant deleveraging of the senior notes following amortisation of the underlying portfolio since the last rating action in October 2024. The Class A-1 notes outstanding balance (USD119.1 million) has been fully repaid and the Class A-2 notes have been paid down by approximately USD9.7 million (30.5% of original balance) since the last rating action in October 2024. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated October 2025[1] the Class A/B, Class C, Class D and Class E OC ratios are reported at 184.91%, 144.00%, 120.06% and 104.57% compared October 2024[2] levels of 142.81%, 125.82%, 113.64% and 104.61%, respectively. Moody's notes that the October 2025 principal payments are not reflected in the reported OC ratios. The deleveraging and OC improvements primarily resulted from high prepayment rates of leveraged loans in the underlying portfolio. Most of the prepaid proceeds have been applied to amortise the liabilities. All else held equal, such deleveraging is generally a positive credit driver for the CLO's rated liabilities. The downgrade to the rating on the Class F note is due to the deterioration in the credit quality of the underlying collateral pool since the last rating action in October 2024. The credit quality has deteriorated as reflected in the deterioration in the average credit rating of the portfolio (measured by the weighted average rating factor, or WARF) and an increase in the proportion of securities from issuers with ratings of Caa1 or lower. According to the trustee report dated October 2025[1], the WARF was 3423, compared with 3160 as of the last rating action. Securities with ratings of Caa1 or lower currently make up approximately 10.2% of the underlying portfolio, versus 7.2% in last rating action. The affirmations on the ratings on the Class A-2, Class B and Class E notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: USD151.4 million Defaulted Securities: USD1.9 million Diversity Score: 46 Weighted Average Rating Factor (WARF): 3198 Weighted Average Life (WAL): 3.2 years Weighted Average Spread (WAS) (before accounting for Euribor floors): 3.13% Weighted Average Coupon (WAC): 15.0% Weighted Average Recovery Rate (WARR): 46.6% Par haircut in OC tests and interest diversion test: 2.9% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. -- Long-dated assets: The presence of assets that mature beyond the CLO's legal maturity date exposes the deal to liquidation risk on those assets. Moody's assumes that, at transaction maturity, the liquidation value of such an asset will depend on the nature of the asset as well as the extent to which the asset's maturity lags that of the liabilities. Liquidation values higher than Moody's expectations would have a positive impact on the notes' ratings. EFMT 2025-NQM5: Fitch Gives 'B-sf' Rating on Class B2 Certificates ------------------------------------------------------------------ Fitch Ratings has rated the residential mortgage-backed certificates to be issued by EFMT 2025-NQM5, Mortgage Pass-Through Certificates, Series 2025-NQM5 (EFMT 2025-NQM5). Entity/Debt Rating Prior ----------- ------ ----- EFMT 2025-NQM5 A1 28225KAC9 LT AAAsf New Rating AAA(EXP)sf A1A LT AAAsf New Rating AAA(EXP)sf A1B LT AAAsf New Rating AAA(EXP)sf A1F LT WDsf Withdrawn AAA(EXP)sf A1IO LT WDsf Withdrawn AAA(EXP)sf A2 LT AAsf New Rating AA(EXP)sf A3 LT Asf New Rating A(EXP)sf AIOS LT NRsf New Rating NR(EXP)sf B1 LT BB-sf New Rating BB-(EXP)sf B2 LT B-sf New Rating B-(EXP)sf B3 LT NRsf New Rating NR(EXP)sf M1 LT BBB-sf New Rating BBB-(EXP)sf R LT NRsf New Rating NR(EXP)sf X LT NRsf New Rating NR(EXP)sf Transaction Summary The certificates are supported by 912 loans with a balance of $479.42 million as of the cutoff date. This will be the 14th EFMT transaction rated by Fitch and the fifth non-QM EFMT transaction in 2025. The certificates are secured mainly by nonqualified mortgages (non-QM, or NQM) as defined by the Ability to Repay (ATR) rule (the Rule). Approximately 22.3% of the loans were originated by LendSure Mortgage Corporation, a joint venture between LendSure Financial Services, Inc. (LFS) and Ellington Financial, Inc. (EFC). Approximately 22.5% of the loans were originated by The Loan Store, Inc. The remaining 55.2% of the loans were originated by various other third-party originators (TPOs) that contributed no more than 10% each to the pool. Of the pool, 61.8% of the loans are designated as non-QM and the remaining 38.2% are investment properties or not subject to ATR. Cornerstone Home Lending, Inc. will service 76.9% of the loans and the remaining 23.1% will be serviced by Nationstar Mortgage LLC d/b/a Rushmore. Nationstar Mortgage LLC (Nationstar) will be the master servicer for the transaction. While the majority of the loans in the collateral pool comprise fixed-rate mortgages, 2.3% of the pool comprises loans with an adjustable rate. All ARM loans are based on the 30-day secured overnight financing rate (SOFR). Classes A-1A and A-1B, A-2, and A-3 are fixed rate with a step-up coupon at year four and capped at the net weighted average coupon (WAC). Classes M-1A and M-1B are fixed rated and capped at the net WAC. The class B-1 interest rate will be determined at pricing and will be either a fixed rate capped at the net WAC or the net WAC rate. Classes B-2 and B-3 will have an interest rate equal to the net WAC. ratings to EFMT 2025-NQM5. After the presale was published, balances changed on some loans and the sMVDs were updated in the US RMBS Rating Model, this did not have a material impact on the losses. The committee agreed to maintain the losses that were disclosed in the presale. The transaction also priced, and ratings were no longer requested on the A-1F and A-1IO classes as they are no longer being issued as of the closing date. Fitch confirmed that the post pricing structure had sufficient CE to main the ratings that were previously assigned to the rated classes. After the presale was issued, the transaction priced and ratings were no longer requested on the A-1F and A-1IO classes as they are no longer being issued as of the closing date. As such, Fitch is withdrawing the ratings for A-1F and A-1IO classes. KEY RATING DRIVERS Credit Risk of Nonprime Credit Quality (Mixed): RMBS transactions are directly affected by the performance of the underlying residential mortgages or mortgage-related assets. Fitch analyzes loan-level attributes and macroeconomic factors to assess the credit risk and expected losses. The pool consists of 912 performing, fixed-rate and adjustable-rate loans secured by loans on primarily one- to four-family residential properties, including attached and detached single family homes, planned unit developments (PUDs), condos, townhouses, 5-10 unit multi-family properties, mixed-use properties, co-ops and condotels. These totaled $479.42 million. The loans are exempt from QM or NQM loans, with the majority underwritten to 12-24-month bank statement or DSCR underwriting guidelines. The loans were made to borrowers with relatively strong credit profiles and relatively low leverage. The loans are seasoned at an average of two months. The pool has a weighted average (WA) original FICO score of 747, indicating very high credit-quality borrowers. The original WA combined loan-to-value ratio (CLTV) of 71.5%, as determined by Fitch, translates to a sustainable loan-to-value ratio (sLTV) of 79.4%. This transaction has a final PD of 40.14% at the 'AAA' rating stress. Fitch's final loss severity at the 'AAAsf' rating stress is 39.65%. The expected loss at the 'AAAsf' rating stress is 17.08%. Structural Analysis (Mixed): EFMT 2025-NQM5 has a Modified Sequential Structure with Limited Advancing of Delinquent P&I. The structure distributes collected principal pro rata among the class A notes, while excluding subordinate bonds from principal until classes A-1A, A-1B, A-1F, A-2 and A-3 are reduced to zero. If either a cumulative loss trigger event or delinquency trigger event occurs in a given period, principal will be distributed sequentially to classes, first to the A-1A, A-1B, and A-1F and then A-2 and A-3 until they are reduced to zero. The class A certificates have a step-up coupon feature whereby the coupon rate will be the lower of (i) the applicable fixed rate plus 1.000% and (ii) the net WAC rate. This step-up feature will occur on or after the distribution date in November 2029 if the transaction is still outstanding. To mitigate the impact of the step-up feature, interest payments are redirected from class B-3 to pay any cap carryover interest for the A-1A, A-1B, A-1F, A-1IO, A-2 and A-3 classes on and after November 2029. Specifically, on any distribution date occurring on or after the distribution date in November 2029 on which the aggregate unpaid cap carryover amount for class A certificates is greater than zero, payments to the cap carryover reserve account will be prioritized over the payment of interest and unpaid interest payable to class B-3 certificates in both the interest and principal waterfalls. This feature is supportive of the class A-1A, A-1B and A-1F certificates being paid timely interest at the step-up coupon rate under Fitch's stresses, and classes A-2 and A-3 being paid ultimate interest at the step-up coupon rate under Fitch's stresses. Fitch rates to timely interest for 'AAAsf' rated classes and to ultimate interest for all other rated classes. The transaction has excess spread that will be available to reimburse the certificates for losses or interest shortfalls. The excess spread may be reduced on and after November 2029, since classes A-1A, A-1B, A-1F, A-1IO, A-2 and A-3 have a step-up coupon feature that goes into effect on that distribution date. The transaction is structured to three 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 additional stress on the structure, as liquidity is limited in the event of large and extended delinquencies. Operational Risk Analysis (Positive): Fitch considers originator and servicer capability, third-party due diligence results, and the transaction-specific representation, warranty and enforcement (RW&E) framework to derive a potential operational risk adjustment. The only consideration that has a direct impact on Fitch's loss expectations is due diligence. Third-party due diligence was performed on 100% of the loans in the transaction by loan count. Fitch applies a 5bp z-score reduction for loans fully reviewed by the TPR firm and have a final grade of either 'A' or 'B'. Counterparty and Legal Analysis (Neutral): Fitch expects all relevant transaction parties to conform with the requirements described in its Global Structured Finance Rating Criteria. Relevant parties are those whose failure to perform could have a material outcome on the performance of the transaction. Additionally, all legal requirements should be satisfied to fully de-link the transaction from any other entities. Fitch expects EFMT 2025-NQM5 will be fully de-linked and bankruptcy remote SPV. All transaction parties and triggers align with Fitch expectations. Rating Cap Analysis (Positive): Common rating caps in U.S. RMBS may include, but are not limited to, new product types with limited or volatile historical data and transactions with weak operational or structural/counterparty features. These considerations do not apply to EFMT 2025-NQM5 and therefore Fitch assigns the highest possible rating, 'AAAsf' without rating caps. 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 analysis 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 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 37.7%, at 'AAA'. The analysis indicates 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 analysis 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 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 Digital Risk, Evolve, Selene, Clarifii, Opus, Canopy, Covius/CRES, Maxwell, Clayton, Incenter, and SitusAMC, all assessed as 'Acceptable' TPR firms by Fitch. 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, Fitch applies an approximate 5-bp origination PD credit for loans fully reviewed by the TPR firm and have a final grade of either "A" or "B." DATA ADEQUACY Fitch relied on an independent third-party due diligence review performed on 100% of the pool. The third-party due diligence was generally consistent with Fitch's "U.S. RMBS Rating Criteria." Digital Risk, Evolve, Selene, Clarifii, Opus, Canopy, Covius/CRES, Maxwell, Clayton, Incenter, and SitusAMC, were engaged to perform the review. Loans reviewed under this engagement were given compliance, credit and valuation grades, and assigned initial grades for each subcategory. Minimal exceptions and waivers were noted in the due diligence reports. Fitch also utilized data files that were made available by the issuer on its SEC Rule 17g-5 designated website. Fitch received loan-level information based on the American Securitization Forum's (ASF) data layout format, and the data are considered comprehensive. 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 ASF layout data tape were reviewed by the due diligence companies, 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. ELDRIDGE CLO 2025-1: Fitch Assigns 'BBsf' Rating on Class E Notes ----------------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to Eldridge CLO 2025-1, Ltd. Entity/Debt Rating ----------- ------ Eldridge CLO 2025-1, Ltd. A-1-L LT NRsf New Rating A-1 LT NRsf New Rating A-2 LT AAAsf New Rating B LT AAsf New Rating C LT Asf New Rating D-1 LT BBB-sf New Rating D-2 LT BBB-sf New Rating E LT BBsf New Rating F LT NRsf New Rating Subordinated LT NRsf New Rating Transaction Summary Eldridge CLO 2025-1, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by Eldridge Capital Management, LLC. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $500 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B+/B', which is in line with that of recent CLOs. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard CLO structural features. Asset Security: The indicative portfolio consists of 100% first-lien senior secured loans and has a weighted average recovery assumption of 75.07%. Fitch stressed the indicative portfolio by assuming a higher portfolio concentration of assets with lower recovery prospects and further reduced recovery assumptions for higher rating stresses. Portfolio Composition: The largest three industries may comprise up to 39% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity required by industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting to the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'BBB+sf' and 'AA+sf' for class A-2, between 'BB+sf' and 'A+sf' for class B, between 'B+sf' and 'BBB+sf' for class C, between less than 'B-sf' and 'BB+sf' for class D-1, and between less than 'B-sf' and 'BB+sf' for class D-2 and between less than 'B-sf' and 'B+sf' for class E. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-2 notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B, 'AAsf' for class C, 'Asf' for class D-1, and 'Asf' for class D-2 and 'BBB+sf' for class E. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for Eldridge CLO 2025-1, Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. ELP COMMERCIAL 2025-ELP: Fitch Gives 'B+(EXP)' Rating on HRR Certs ------------------------------------------------------------------ Fitch Ratings has assigned the following expected ratings and Rating Outlooks to ELP Commercial Mortgage Trust 2025-ELP, Commercial Mortgage Pass-Through Certificates, Series 2025-ELP: - $465,500,000 class A 'AAA(EXP)sf'; Outlook Stable; - $88,900,000 class B 'AA-(EXP)sf'; Outlook Stable; - $60,000,000 class C 'A-(EXP)sf'; Outlook Stable; - $83,700,000 class D; 'BBB-(EXP)sf'; Outlook Stable; - $117,900,000 class E; 'BB-(EXP)sf'; Outlook Stable; - $43,000,000a class HRR 'B+(EXP)sf'; Outlook Stable; (a) Horizontal risk retention. Transaction Summary The certificates represent the beneficial ownership interest in a trust that will hold a $859.0 million five-year, fixed-rate, interest-only (IO) commercial mortgage loan. The loan will be secured by the borrower's fee simple and leasehold interests in a portfolio of 60 properties, including 59 industrial facilities and one industrial service facility comprising approximately 14.8 million sf located in nine states and eight markets. The properties were acquired by affiliates of EQT Real Estate Holdings US, Inc, which will act as borrower sponsor, in a series of acquisitions from 2007 to 2020. The portfolio has a weighted-average year built of 2003 with weighted-average clear heights of 30' and a limited office concentration equal to 6.9% of NRA. Loan proceeds will be used to refinance approximately $836.2 million of existing debt, pay $10.7 million in closing costs and fund working capital of approximately $12.1 million. The certificates will follow a pro rata paydown in connection with voluntary prepayments and property releases up to the initial 30% of the loan amount and a standard senior sequential paydown thereafter. The loan is expected to be originated by Wells Fargo Bank, National Association; Citi Real Estate Funding, Inc.; Bank of America, N.A.; and Societe Generale Financial Corporation. KeyBank National Association is expected to be the servicer and special servicer. Computershare Trust Company, N.A. will act as certificate administrator. Deutsche Bank National Trust Company will act as trustee. Park Bridge Lender Services LLC will act as operating advisor. The transaction is scheduled to close on Nov. 21, 2025. KEY RATING DRIVERS Fitch Net Cash Flow: Fitch Ratings estimates stressed net cash flow (NCF) for the portfolio at $60.7 million. This is 6.6% lower than the issuer's NCF. Fitch applied a 7.50% cap rate to derive a Fitch value of approximately $809.3 million. High Fitch Leverage: The $859.0 million whole loan equates to debt of approximately $59 psf with a Fitch stressed debt service coverage ratio (DSCR), loan-to-value ratio (LTV) and debt yield of 0.83x, 106.1% and 7.1%, respectively. The loan represents approximately 66.0% of the aggregate of the individual "as-is" appraisal values of $1.36 billion. Fitch's stressed NCF of approximately $60.7 million represents a 6.6% haircut to the issuer's underwritten figure. Geographic and Tenant Diversity: The portfolio exhibits strong geographic diversity, with 60 properties (14.6 million sf) located across nine states, eight MSAs and 17 submarkets, per CoStar. The three largest MSAs (by allocated loan amount, [ALA]) are Louisville (22.1% of net rentable area [NRA]; 20.9% ALA), Indianapolis (16.9% of NRA; 18.2% ALA) and Memphis (25.1% of NRA; 17.6% of ALA). The Fitch effective MSA count for the pool is 6.7. The portfolio also exhibits significant tenant diversity, as it features over 124 distinct tenants The largest tenant, PetSmart, accounts for 9.7% of Fitch base rent. No other tenant accounts for more than 6.2% of Fitch base rent. Institutional Sponsorship and Management: The loan is sponsored by an affiliate of EQT Real Estate, a global real estate investment manager based in Stockholm, Sweden with U.S.-based operations headquartered in Radnor, PA. EQT Real Estate resulted from a 2021 merger between EQT AB and Exeter Property Group. Its portfolio consists of 2,000 properties totaling over 400 million sf across five continents. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Original Rating: 'AAAsf'/'AA-sf'/'A-sf'/ 'BBB-sf'/'BB-sf'/'B+sf'; - 10% NCF Decline: 'AAsf'/'BBB+sf'/'BBB-sf'/BBsf'/'Bsf'/'B-sf'. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Original Rating: 'AAAsf'/'AA-sf'/'A-sf'/ 'BBB-sf'/'BB-sf'/'B+sf'; - 10% NCF Increase: 'AAAsf'/'AA+sf'/'A+sf'/'BBB+sf'/'BBsf''/BB-sf'. 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 KPMG LLP. The third-party due diligence described in Form 15E focused on a comparison and re-computation of certain characteristics with respect to each of the mortgage loans. Fitch considered this information in its analysis, and it did not have an effect on Fitch's analysis or conclusions. 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. ENVELOPE 1 INC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Envelope 1, Inc. 55 NE 5th Ave Boca Raton, FL 33432 Business Description: Envelope 1, Inc. provides envelope manufacturing, converting, and printing services in the United States, offering customization in size, design, color, and security features. The Company supports high-volume envelope production runs, custom art design, flexographic plate making, and specialized services such as die cutting, shrink wrapping, and drop shipping. It operates multiple W+D web and blank machines and leverages digital collaboration and design tools, including NextCloud, Microsoft Teams, and Adobe Creative Cloud Suite. Chapter 11 Petition Date: November 12, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-23400 Debtor's Bankruptcy Counsel: Susan D Lasky, Esq. SUSAN D. LASKY, PA 320 SE 18 Street Fort Lauderdale, FL 33316 Tel: 954-400-7474 Email: Jessica@SueLasky.com Total Assets: $31,761,967 Total Liabilities: $52,890,090 Tarry Pidgeon signed the petition as president. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DQYXOUQ/Envelope_1_Inc__flsbke-25-23400__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Avanza Capital Holdings MCA $230,685 40 Wall Street Suite 2905 New York, NY 10005 2. Breakout Capital $352,374 1451 Dolley Madison Blvd Suite 200 Mc Lean, VA 22101 3. Brenner Industrial Lawsuit $467,039 8431 South Avenue Bldg 3 Youngstown, OH 44514 4. Diamond Funding MCA $1,916,400 1233 McDonald Ave Brooklyn, NY 11230 5. Equify Financial LLC $4,248,532 777 Main Street Suite 3900 Fort Worth, TX 76133 6. Finch Paper LLC $710,204 One Gloen St Glens Falls, NY 12801 7. Lindenmeyer Munroe $260,451 3300 Horizon Dr King of Prussia, PA 19406-2650 8. M2 Equipment Finance $221,577 175 N Patrick Blvd Suite 140 Brookfield, WI 53045 9. Onset Financial Lawsuit $800,000 274 West 12300 South Draper, UT 84020 10. Onset Financial Sale & Leaseback $800,000 274 West 12300 South Draper, UT 84020 11. Orange Funding MCA $806,259 333 W Commercial Street East Rochester, NY 14445 12. Perez Trading Co $256,167 3490 NW 125 St Miami, FL 33167 13. Phoenix Paper Lawsuit $976,673 Wickliffe LLC 1724 Fort Jefferson Hill Rd Wickliffe, KY 42087 14. Pidgeon, Barry Loan $900,000 13073 W Calla Rd Salem, OH 44460 15. Pidgeon, Brooke Loan $1,023,192 5351 12th Street Homeworth, OH 44634 16. Pidgeon, Sharry & Tarry Loan $500,000 11471 Western Reserve Rd Salem, OH 44460 17. ProsperIum Capital MCA $431,210 LLC (Arsenal Funding) 8 W 36th Street Floor 7 New York, NY 10018-9774 18. Spectrum Commercial Finance Factoring & $350,000 8120 Penn Ave Receiving Loan South Suite 380 Minneapolis, MN 55431 19. Spectrum Commercial Finance Lawsuit $1,102,022 8120 Penn Ave South Suite 380 Minneapolis, MN 55431 20. US Eagle Federal $1,150,000 Credit Union 3939 Osuna Rd NE Albuquerque, NM 87109 FIGRE TRUST 2025-HE7: S&P Assigns Prelim B- (sf) Rating on F Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to FIGRE Trust 2025-HE7 's mortgage-backed notes. The transaction is an RMBS securitization backed by first- and subordinate-lien, simple-interest, fixed-rate, fully amortizing residential mortgage loans that are open-ended home equity lines of credit (HELOCs). The loans are secured by single-family residences, condominiums, townhouses, and two- to four-family residential properties. The pool is composed of 4,506 initial HELOCs plus 153 subsequent draws (4,659 HELOC mortgage loans), which are all ability-to-repay exempt. The preliminary ratings are based on information as of Nov. 5, 2025. 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 pool's collateral composition; -- The transaction's credit enhancement, associated structural mechanics, representations and warranties framework, and geographic concentration; -- The mortgage originator, Figure Lending LLC; -- Sample due diligence results consistent with represented loan characteristics; and -- S&P's outlook that considers our current projections for U.S. economic growth, unemployment rates, and interest rates, as well as our view of housing fundamentals. Its outlook is updated, if necessary, when these projections change materially. Preliminary Ratings Assigned FIGRE Trust 2025-HE7(i) Class A, $234,951,000: AAA (sf) Class B, $26,536,000: AA- (sf) Class C, $45,332,000: A- (sf) Class D, $21,929,000: BBB- (sf) Class E, $19,164,000: BB- (sf) Class F, $13,452,000: B- (sf) Class G, $7,187,632: Not rated Class XS, notional(ii): Not rated Class FR(iii): Not rated Class R, not applicable: Not rated (i)The preliminary ratings address the ultimate payment of interest and principal. They do not address the payment of the cap carryover amounts. (ii)The class XS notes will have a notional amount equal to the aggregate principal balance of the mortgage loans and any real estate owned properties as of the first day of the related collection period. (iii)The initial class FR certificate balance is zero. In certain circumstances, class FR is obligated to remit funds to the reserve account to reimburse the servicer for funding subsequent draws in the event there is insufficient available funds or amounts on deposit in the reserve account. Any amounts remitted by the class FR certificates will be added to and increase the balance of the class FR certificates. FORTRESS CREDIT IX: S&P Assigns BB- (sf) Rating on Class E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to the replacement class A-1A-R, B-R, C-R, D-R, and E-R debt from Fortress Credit BSL IX Ltd./Fortress Credit BSL IX LLC, a CLO managed by FC BSL IX Management LLC that was originally issued in November 2020. At the same time, S&P withdrew its ratings on the previous class A-1A, B, C, D, and E debt following payment in full on the Nov.5, 2025, refinancing date. The previous class A-2 debt was originally not rated by S&P Global Ratings and S&P did not assign its rating to the replacement class A-2-R debt from the current transaction. S&P also affirmed its rating on the class A-1F debt, which was not refinanced. The replacement debt was issued via a supplemental indenture, which outlines the terms of the replacement debt. According to the supplemental indenture: -- The non-call period was extended to May 5, 2026. -- No additional subordinated notes were issued on the refinancing date. -- On a standalone basis, our cash flow analysis indicated a lower rating on the class D-R and E-R debt. S&P said, "However, we assigned our 'BBB- (sf)' and 'BB-(sf)' rating on the class D-R and E-R debt, respectively, after considering the margin of failure, the relatively stable overcollateralization ratio since our last rating action on the transaction, and that the transaction recently entered its amortization phase. Based on the latter, we expect the credit support available to all rated classes to increase as principal is collected and the senior debt is paid down." However, any further credit deterioration or lack of improvement could lead to potential negative rating actions in the future. Replacement And Previous Debt Issuances Replacement debt -- Class A-1A-R, $215.00 million: Three-month CME term SOFR + 1.10% -- Class A-2-R, $8.00 million: Three-month CME term SOFR + 1.40% -- Class B-R, $48.00 million: Three-month CME term SOFR + 1.70% -- Class C-R (deferrable), $26.00 million: Three-month CME term SOFR + 2.05% -- Class D-R (deferrable), $24.00 million: Three-month CME term SOFR + 3.60% -- Class E-R (deferrable), $14.00 million: Three-month CME term SOFR + 7.60% Previous debt -- Class A-1A, $215.00 million: Three-month CME term SOFR + 1.53% + CSA(i) -- Class A-2, $8.00 million: Three-month CME term SOFR + 1.90% + CSA(i) -- Class B, $48.00 million: Three-month CME term SOFR + 2.30% + CSA(i) -- Class C (deferrable), $26.00 million: Three-month CME term SOFR + 3.15% + CSA(i) -- Class D (deferrable), $24.00 million: Three-month CME term SOFR + 4.55% + CSA(i) -- Class E (deferrable), $14.00 million: Three-month CME term SOFR + 7.93% + CSA(i) (i)The CSA is 0.26161%. CSA--Credit spread adjustment. 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." Ratings Assigned Fortress Credit BSL IX Ltd./Fortress Credit BSL IX LLC Class A-1A-R, $215.000 million: AAA (sf) Class B-R, $48.000 million: AA (sf) Class C-R (deferrable), $26.000 million: A (sf) Class D-R (deferrable), $24.000 million: BBB- (sf) Class E-R (deferrable), $14.000 million: BB- (sf) Ratings Withdrawn Fortress Credit BSL IX Ltd./Fortress Credit BSL IX LLC Class A-1A to NR from 'AAA (sf)' Class B to NR from 'AA (sf)' Class C to NR from 'A (sf)' Class D to NR from 'BBB- (sf)' Class E to NR from 'BB- (sf)' Rating Affirmed Fortress Credit BSL IX Ltd./Fortress Credit BSL IX LLC Class A-1F: AAA (sf) Other Debt Fortress Credit BSL IX Ltd./Fortress Credit BSL IX LLC Class A-2-R, $8.000 million: NR Subordinated notes, $37.415 million: NR NR--Not rated. GARNET CLO 3: Fitch Assigns 'BB-sf' Rating on Class E Notes ----------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to Garnet CLO 3, Ltd. Entity/Debt Rating ----------- ------ Garnet CLO 3, Ltd. A-1 LT NRsf New Rating A-2 LT AAAsf New Rating B LT AAsf New Rating C LT Asf New Rating D-1 LT BBB-sf New Rating D-2 LT BBB-sf New Rating E LT BB-sf New Rating F LT NRsf New Rating Subordinated LT NRsf New Rating Transaction Summary Garnet CLO 3, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by Garnet Credit Management LLC. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $600 million of primarily first-lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B+'/'B', which is in line with that of recent CLOs. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard CLO structural features. Asset Security: The indicative portfolio consists of 98.4% first-lien senior secured loans and has a weighted average recovery assumption of 74.51%. Fitch stressed the indicative portfolio by assuming a higher portfolio concentration of assets with lower recovery prospects and further reduced recovery assumptions for higher rating stresses. Portfolio Composition: The largest three industries may comprise up to 40% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity required by industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting to the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the results under these sensitivity scenarios are as severe as between 'BBB+sf' and 'AA+sf' for class A-2 notes, between 'BB+sf' and 'A+sf' for class B notes, between 'B+sf' and 'BBB+sf' for class C notes, between less than 'B-sf' and 'BB+sf' for class D-1 notes, between less than 'B-sf' and 'BB+sf' for class D-2 notes, and between less than 'B-sf' and 'B+sf' for class E notes. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-2 notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B notes, 'AAsf' for class C notes, 'A-sf' for class D-1 notes, and 'A-sf' for class D-2 notes and 'BBBsf' for class E notes. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for Garnet CLO 3, Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. GOLUB CAPITAL 70(B)-R: Fitch Assigns BB-sf Rating on Cl. E-R Notes ------------------------------------------------------------------ Fitch Ratings has assigned ratings and Rating Outlooks to the Golub Capital Partners CLO 70(B)-R, Ltd. reset transaction. Entity/Debt Rating Prior ----------- ------ ----- Golub Capital Partners CLO 70(B), Ltd A-1-R LT AAAsf New Rating A-2-R LT AAAsf New Rating B 381939AC1 LT PIFsf Paid In Full AAsf B-R LT AAsf New Rating C 381939AE7 LT PIFsf Paid In Full Asf C-R LT Asf New Rating D 381939AG2 LT PIFsf Paid In Full BBB-sf D-1-R LT BBB-sf New Rating D-2-R LT BBB-sf New Rating E 381940AA3 LT PIFsf Paid In Full BBsf E-R LT BB-sf New Rating Transaction Summary Golub Capital Partners CLO 70(B), Ltd (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that is being managed by OPAL BSL LLC. The original transaction closed in November 2023 and was rated by Fitch. On the first refinancing date, net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $400 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B/B-', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 25.53, and will be managed to a WARF covenant from a Fitch test matrix. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard U.S. CLO structural features. Asset Security: The indicative portfolio consists of 99.16% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 76.53% and will be managed to a WARR covenant from a Fitch test matrix. Portfolio Composition: The largest three industries may comprise up to 53% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a three-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'BBB+sf' and 'AA+sf' for class A-1-R, between 'BBB+sf' and 'AA+sf' for class A-2-R, between 'BB+sf' and 'A+sf' for class B-R, between 'BB-sf' and 'BBB+sf' for class C-R, between less than 'B-sf' and 'BBB-sf' for class D-1-R, and between less than 'B-sf' and 'BB+sf' for class D-2-R and between less than 'B-sf' and 'BB-sf' for class E-R. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-1-R and class A-2-R notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B-R, 'A+sf' for class C-R, 'A+sf' for class D-1-R, and 'A-sf' for class D-2-R and 'BBB+sf' for class E-R. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for Golub Capital Partners CLO 70(B)-R, Ltd. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. HOMES 2025-NQM5: S&P Assigns Prelim B (sf) Rating on B-2 Certs -------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to HOMES 2025-NQM5 Trust's series 2025-NQM5 mortgage pass-through certificates. The certificate issuance is an RMBS transaction backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans, including some loans with interest-only features, secured by single-family residences, townhouses, planned-unit developments, two- to four-family homes, condominiums, manufactured housing, and condotel properties to both prime and nonprime borrowers. The pool has 763 loans, which are qualified mortgage (QM) safe harbor (average prime offer rate [APOR]), QM rebuttable presumption (APOR), ability-to-repay (ATR) exempt loans and non-QM/ATR-compliant loans. The preliminary ratings are based on information as of Nov. 7, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. The preliminary ratings reflect: -- The pool's collateral composition; -- The transaction's credit enhancement, associated structural mechanics, representation and warranty framework, and geographic concentration; -- The mortgage aggregator and mortgage originators; -- The 100% due diligence results consistent with represented loan characteristics; and -- S&P's economic outlook, which considers its current projections for U.S. economic growth, unemployment rates, and interest rates, as well as its view of housing fundamentals, and is updated, if necessary, when these projections change materially. Preliminary Ratings Assigned(i) HOMES 2025-NQM5 Trust Class A-1, $311,707,000: AAA (sf) Class A-1A, $269,613,000: AAA (sf) Class A-1B, $42,094,000: AAA (sf) Class A-2, $26,520,000: AA (sf) Class A-3, $39,147,000: A (sf) Class M-1, $16,628,000: BBB (sf) Class B-1, $12,207,000: BB (sf) Class B-2, $9,261,000: B (sf) Class B-3, $5,472,343: NR Class A-IO-S, notional(ii): NR Class X, notional(ii): NR Class R, N/A: NR (i)The preliminary ratings address the ultimate payment of interest and principal. They do not address payment of the cap carryover amounts. (ii)The notional amount equals the loans' aggregate stated principal balance. NR--Not rated. N/A--Not applicable. ICG US 2020-1: S&P Lowers Class E-R Notes Rating to 'B (sf)' ------------------------------------------------------------ S&P Global Ratings lowered its rating on One ICG US CLO 2020-1 Ltd.'s class E-R debt and removed it from CreditWatch with negative implications. At the same time, S&P affirmed its ratings on the class A-RR, B-RR, C-RR, and D-R debt from ICG US CLO 2020-1 Ltd. The transaction is a collateralized loan obligation from 2020 that underwent refinancing in December 2021 and partially refinanced in March 2025. The transaction is reinvesting until January 2027 and managed by ICG Debt Advisors LLC. On October 10, 2025, S&P placed its rating on the class E-R debt on CreditWatch with negative implications primarily due to the relevant class's decreased credit support, the portfolio's par loss since the March 2025 refinancing, and indicative cash flow results. The rating actions follow S&P's review of the transaction's performance using data from both the September and October 2025 trustee reports. All reported overcollateralization (O/C) ratios have declined compared to those in the March 2025 post-refinancing trustee report: -- The class A/B O/C ratio declined to 128.80% from 129.24%, -- The class C O/C ratio declined to 117.80% from 118.21%, -- The class D O/C ratio declined to 110.40% from 110.78%, -- The class E O/C ratio declined to 105.28% from 105.65%, The decline in the O/C ratios primarily reflects the increase in defaulted assets in the portfolio since March 2025. All coverage tests are currently passing with adequate cushion. Although assets rated in the 'CCC' category have decreased to $15.26 million as of the October 2025 trustee report from $26.86 million as of the March 2025 trustee report, the decline in the portfolio's weighted average spread and weighted average recovery rates have constricted the break-even default rates. A combination of these factors contributed to weakened cash flow results, particularly for the class E-R debt. The lowered rating on the class E-R debt reflects the deterioration in the transaction's credit profile since our previous review and the cash flow failure at the prior rating level. The affirmed ratings reflect adequate credit support at the current rating levels. Though the cash flow results indicated a higher rating for the class B-RR and C-RR debt, S&P's action considered that the CLO is still in its reinvestment period (scheduled to end in January 2027) and that future reinvestment activity could change some of the portfolio characteristics. S&P said, "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. In addition, our analysis 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 all of the rated outstanding classes have adequate credit enhancement available at the rating levels associated with this rating action." S&P Global Ratings will continue to review whether, in its view, the ratings assigned to the debt remain consistent with the credit enhancement available to support them and take rating actions as it deems necessary. Rating Lowered And Removed From CreditWatch ICG US CLO 2020-1 Ltd. Class E-R to 'B (sf)' from 'BB- (sf)/Watch Neg' Ratings Affirmed ICG US CLO 2020-1 Ltd. Class A-RR: AAA (sf) Class B-RR: AA (sf) Class C-RR: A (sf) Class D-R: BBB- (sf) IMSCI 2013-3: DBRS Hikes Class F Certs Rating to B -------------------------------------------------- DBRS Limited upgrades its credit rating on one class of Commercial Mortgage Pass-Through Certificates Series 2013-3 issued by Institutional Mortgage Securities Canada Inc. (IMSCI) Series 2013-3 as follows: -- Class F to B (sf) from C (sf) All trends are Stable. The credit rating upgrade reflects the continued deleveraging and improved performance of the remaining three loans in the pool: Lunar and Whimbrel Apartments (Prospectus ID#10, 38.7% of the pool); Snowbird and Skyview Apartments (Prospectus ID#11, 35.3% of the pool); and Parkland and Gannet Apartments (Prospectus ID#17, 26.0% of the pool). The three loans are each secured by multifamily properties in Fort McMurray, Alberta, within an area that is heavily reliant on the oil and gas industry, and as such experiences fluctuations in housing demand based on the industry's boom-bust cycles. The loans are currently on the servicer's watchlist for low debt service coverage ratios (DSCRs), upcoming loan maturity dates, and overall increased default risks related to sustained cash flow declines since issuance. As of October 2025, the servicer reported occupancy figures in the 95% range across all the properties, representing an overall increase from the February 2024 figures that ranged between 75% and 97%. Previously, the sponsor worked with the servicer to formalize several loan modifications, allowing various forms of payment relief and maturity extensions, including $600,000 in required principal curtailment payments with each extension. All three of the loans are currently in a forbearance period to December 2025 following an extension that was finalized in December 2024, providing further deleveraging through the required curtailments. At the last credit rating action, Morningstar DBRS noted that the sponsor, Lanesborough Real Estate Investment Trust, was reportedly in weak financial standing, but noted the continued commitment to the properties and the subject loans as exhibited by the continued contribution of capital to meet the curtailment requirements and keep the debt service obligations current. Given the concentrated pool and the ongoing forbearance, Morningstar DBRS analyzed the loans with an updated liquidation scenario for this review, utilizing the most recent YE2024 financials and a stressed capitalization rate to derive a Morningstar DBRS Value for each. Given the significant principal paydown and the improved financial performance of the underlying properties, the results of the liquidation scenarios suggested full repayments for all remaining loans. There is a $2.4 million balance outstanding as of the October 2025 remittance for the Class G certificate, which previously took a small loss and is now in the first loss position for any servicing fees or other expenses that could be deducted at final resolution for the remaining loans. As such, Morningstar DBRS expects a full repayment of the most senior Class F, supporting the credit rating upgrade with this credit rating action. Notes: All figures are in Canadian dollars unless otherwise noted. INDYMAC MH 1997-1: Moody's Downgrades Rating on 5 Tranches to B1 ---------------------------------------------------------------- Moody's Ratings has downgraded the ratings of five bonds backed by US RMBS manufacturing housing loans issued by IndyMac MH Contract 1997-1. A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. The complete rating actions are as follows: Issuer: IndyMac MH Contract 1997-1 Cl. A-2, Downgraded to B1 (sf); previously on Jan 23, 2025 Downgraded to Ba1 (sf) Cl. A-3, Downgraded to B1 (sf); previously on Jan 23, 2025 Downgraded to Ba1 (sf) Cl. A-4, Downgraded to B1 (sf); previously on Jan 23, 2025 Downgraded to Ba1 (sf) Cl. A-5, Downgraded to B1 (sf); previously on Jan 23, 2025 Downgraded to Ba1 (sf) Cl. A-6, Downgraded to B1 (sf); previously on Jan 23, 2025 Downgraded to Ba1 (sf) RATINGS RATIONALE The rating actions reflect the current levels of credit enhancement available to the bonds, the recent performance, analysis of the transaction structure, Moody's updated loss expectation on the underlying pool and Moody's revised loss-given-default expectation for each bond. The rating downgrades are primarily attributed to the outstanding rated bonds consistently missing principal or interest remittance since June 2023. During the periods when the bonds missed principal and interest payments, available funds were redirected to reimburse servicer advances. The lack of principal payments to classes A-2 to A-6 has raised concerns about the ability to fully repay the principal balance before each bond's final scheduled distribution date. No action was taken on the other rated class in this deal because the expected loss remains commensurate with the current rating, after taking into account the updated performance information, structural features, credit enhancement and other qualitative considerations. Principal Methodology The principal methodology used in these ratings was "US Residential Mortgage-backed Securitizations: Surveillance" published in December 2024. 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. JEFFERIES CREDIT 2025-1: S&P Assigns BB- (sf) Rating on E Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to Jefferies Credit Partners Direct Lending CLO 2025-1 Ltd./Jefferies Credit Partners Direct Lending CLO 2025-1 LLC's floating-rate debt. The debt issuance is a CLO securitization governed by investment criteria and backed primarily by middle market speculative-grade (rated 'BB+' or lower) senior secured term loans. The transaction is managed by Jefferies Credit Partners LLC. On the Nov. 12, 2025, closing date, the proceeds from the new debt was used to redeem the previous warehouse loans. At that time, S&P withdrew its ratings on the previous class A, B, and C loans from the warehouse deal and assigned ratings to the new class A-1, A-2, B, C, D, and E debt from the current transaction. The ratings reflect S&P's view of: -- The diversification of the collateral pool; -- 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 Jefferies Credit Partners Direct Lending CLO 2025-1 Ltd./ Jefferies Credit Partners Direct Lending CLO 2025-1 LLC Class A-1, $275.5 million: AAA (sf) Class A-2, $9.5 million: AAA (sf) Class B, $38.0 million: AA (sf) Class C (deferrable), $38.0 million: A (sf) Class D (deferrable), $28.5 million: BBB- (sf) Class E (deferrable), $28.5 million: BB- (sf) Subordinated notes, $62.0 million: NR Ratings Withdrawn Jefferies Credit Partners Direct Lending CLO 2025-1 Ltd./ Jefferies Credit Partners Direct Lending CLO 2025-1 LLC Class A loans NR from 'AA (sf)' Class B loans to NR from 'A (sf)' Class C loans to NR from 'BBB- (sf)' NR--Not rated. JP MORGAN 2021-1440: DBRS Confirms B Rating on Class C Certs ------------------------------------------------------------ DBRS, Inc. confirmed the credit ratings on all Classes of Commercial Mortgage Pass-Through Certificates issued by J.P. Morgan Chase Commercial Mortgage Securities Trust 2021-1440 as follows: -- Class A at A (sf) -- Class B at BBB (sf) -- Class C at B (sf) -- Class D at CCC (sf) -- Class E at CCC (sf) -- Class F at CCC (sf) All trends are Stable, with the exception of Classes D, E, and F, which have credit ratings that typically do not carry a trend in commercial mortgage-backed securities (CMBS). The credit rating confirmations reflect Morningstar DBRS' ultimate expectation of recoverability based on the August 2025 appraisal value obtained by the servicer for the underlying collateral backing the transaction, which remained unchanged from the April 2024 appraisal value. The transaction consists of a $399.0 million floating-rate loan secured by the borrower's fee-simple interest in 1440 Broadway, a Class A, 25-story office tower in Midtown Manhattan, New York. At the time of the last credit rating action, in November 2024, the servicer had executed a loan modification, terms of which included a reduction in the note rate and an extension of the loan maturity from March 2024 to October 2025, with two one-year extension options available subject to debt yield tests. The borrower was also required to deposit $24.5 million into a lender-controlled reserve account and agree to a deed-in-lieu of foreclosure in the event of a future default. In June 2025, the loan transferred to the special servicer for a second time because of pending maturity default, as the collateral was not expected to meet the required minimum 5.0% debt yield to exercise the first extension option. According to the servicer reported net cash flow (NCF) figure for the trailing 12-month (T-12) period ended June 30, 2025, property NCF was $4.38 million, equating to a 1.1% debt yield and 0.21 times (x) debt service coverage ratio. While the figure represents an improvement when compared with the YE2024 NCF of $1.4 million, NCF remains significantly less than the YE2023 figure of $23.6 million. Property performance is expected to improve in 2026, as according to the servicer, in August 2025, the borrower successfully negotiated a lease expansion agreement with the property's largest tenant, WeWork (currently occupying 40.2% of the net rentable area (NRA)). As a part of the expansion, the tenant will lease an additional 259,685 square feet (sf; 34.8% of the NRA), with rent and occupancy commencing in May 2026. The tenant will pay a rental rate of $69.00 per sf (psf) on the expansion space, higher than the $44.00 psf it pays on its current space. In total, WeWork will contribute additional annual rental revenue of $17.8 million. WeWork also extended the lease term on its current space to March 2029 from October 2028. Given the lease renewal and expansion, Morningstar DBRS does not expect WeWork to exercise its one-time lease termination option in May 2026. According to an August 2025, news article, all of the space leased by WeWork will be used by Amazon as a client of WeWork. Given the anticipated performance improvements by YE2026, Morningstar DBRS expects the servicer will waive the required debt yield, allowing the borrower to exercise the first extension option as well as access $5.5 million in reserves to fund facade repairs mandated by the City of New York. Morningstar DBRS remains concerned with the increased interest shortfalls impacting the capital stack, which total $21.8 million as of the October 2025 remittance and have risen to Class F. The shortfalls stem from a change in the note rate, effective from the May 2024 loan modification. The reduced interest payments have resulted in monthly interest shortfalls of approximately $1.2 million; Morningstar DBRS expects cumulative interest shortfalls will likely total about $20.0 million by maturity, further supporting the credit rating confirmations for Classes D, E, and F. As of the rent roll dated June 2025, the property was 58.6% occupied; however, occupancy is expected to increase to approximately 86.0% following the expansion of WeWork and the expected departure of multiple tenants, including Mizuho Capital Markets, LLC (5.3% of the NRA; lease expiration in May 2026). Despite the expected performance improvement, Morningstar DBRS continues to note the potential refinance risk of the loan, as WeWork's lease is scheduled to expire 18 months after the loan's fully extended loan maturity date in October 2027. The risk is partially mitigated as the servicer reports excess cash reserves of $10.6 million as of November 2025. Additionally, the lender will continue to trap excess cash throughout the loan term, with property cash flow expected to increase once WeWork commences rental payments on the expansion space. Given the refinance risk in addition to the fact increased rental revenue from WeWork's lease renewal and expansion will not be realized until the second half of 2026, Morningstar DBRS maintained the analysis performed at the previous credit rating action when this loan was analyzed based on a haircut to the April 2024 appraisal value of $320.0 million, resulting in a Morningstar DBRS value of $256.0 million. The Morningstar DBRS Loan-to-Value (LTV) of 155.9% compares to the Appraised LTV of 124.7%. Morningstar DBRS maintained a qualitative adjustment of -2.50% to reflect the increased business execution plan risk associated with the collateral. Given the prospects of the loan have improved, Morningstar DBRS may amend this adjustment in subsequent credit rating actions once WeWork has taken occupancy of the expansion space and has commenced paying rent. Notes: All figures are in U.S. dollars unless otherwise noted. JW TRUST 2024-BERY: DBRS Confirms BB Rating on Class F Certs ------------------------------------------------------------ DBRS, Inc. confirmed its credit ratings on all classes of Commercial Mortgage Pass-Through Certificates, Series 2024-BERY issued by JW Trust 2024-BERY as follows: -- Class A at AAA (sf) -- Class B at AA (sf) -- Class C at AA (low) (sf) -- Class D at A (low) (sf) -- Class E at BBB (low) (sf) -- Class F at BB (sf) -- Class HRR at BB (low) (sf) All trends are Stable. The credit rating confirmations reflect the overall stable performance of the transaction, which is early in its life cycle having closed in November 2024. The subject transaction is secured by the borrower's fee-simple interest in the JW Marriott Turnberry Resort, a 685-key, full-service resort and the private, members-only Turnberry Isle Country Club. The 270-acre resort is situated in Aventura, between Miami and Fort Lauderdale, Florida. The loan is sponsored by Fontainebleau Developments, an experienced real estate development and hospitality group, whose portfolio also includes the Fontainebleau Miami Beach, Hilton Nashville Downtown, and the Fontainebleau Las Vegas properties. The total trust loan of $475.0 million, along with mezzanine debt of $75.0 million, was primarily used to refinance existing debt, return equity to investors, and to fund upfront reserves and cover closing costs. The interest-only (IO), floating-rate loan was structured with an initial two-year term with three 12-month extension options resulting in a fully extended maturity date of November 2029. To exercise the extension options, the borrower is required to purchase a replacement interest rate cap agreement with a strike rate that results in a minimum total debt service coverage ratio (DSCR) of 1.10 times (x) on the mortgage loan. According to the September 2025 STR report, the collateral reported trailing twelve-month occupancy, average daily rate, and revenue per available room metrics of 75.3%, $345.3, and $260.2, respectively, relatively unchanged from the issuance figures of 79.5%, $329.8, and $262.3, respectively. The sponsor spent approximately $245.7 million ($358,722 per key) between 2019 and 2022 upgrading all guestrooms and improving amenities such as the waterpark and meeting spaces. At issuance, Morningstar DBRS derived a net cash flow (NCF) of $48.5 million, resulting in a DSCR of 1.06x compared with the Issuer's figure of $50.8 million (a DSCR of 1.13x). For the purposes of this credit rating action, Morningstar DBRS maintained the valuation approach from issuance, which was based on a capitalization rate of 7.85% and the Morningstar DBRS NCF noted above. The resulting Morningstar DBRS Value of $617.3 million (a loan-to-value ratio (LTV) of 89.1%)) represents a variance of -27.9% from the issuance appraised value of $856.5 million. Morningstar DBRS maintained total positive qualitative adjustments of 6.25% to the LTV sizing benchmarks to account for the property's above-average quality, strong market fundamentals, and historically stable cash flow. Notes: All figures are in U.S. dollars unless otherwise noted. LCM 38: Fitch Assigns BBsf Rating on Cl. E-R2 Notes, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to LCM 38 Ltd. reset transaction. Entity/Debt Rating Prior ----------- ------ ----- LCM 38 LTD. A-2-R 50204HAU5 LT PIFsf Paid In Full AAAsf A-R2 LT NRsf New Rating B-1-R 50204HAW1 LT PIFsf Paid In Full AAsf B-2-R 50204HAY7 LT PIFsf Paid In Full AAsf B-R2 LT AAsf New Rating C-1-R2 LT Asf New Rating C-2-R2 LT Asf New Rating C-R 50204HBA8 LT PIFsf Paid In Full Asf D-1-R2 LT BBBsf New Rating D-2-R2 LT BBB-sf New Rating D-R 50204HBC4 LT PIFsf Paid In Full BBB-sf E-R 501965AG2 LT PIFsf Paid In Full BB-sf E-R2 LT BBsf New Rating F-R 501965AJ6 LT PIFsf Paid In Full B+sf Subordinated LT NRsf New Rating X LT NRsf New Rating Transaction Summary LCM 38 Ltd., is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by LCM Euro LLC that originally closed in August 2022 and reset in September 2023. The CLO's secured notes will be refinanced in whole on November 4, 2025 from proceeds of the new secured and additional subordinated notes. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $350 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B'/'B-', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 24.68, and will be managed to a WARF covenant from a Fitch test matrix. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard U.S. CLO structural features. Asset Security: The indicative portfolio consists of 99.57% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 75.15% and will be managed to a WARR covenant from a Fitch test matrix. Portfolio Composition: The largest three industries may comprise up to 39% of the portfolio balance in aggregate while the top five obligors can represent up to 7.5% of the portfolio balance in aggregate. The level of diversity resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a 5-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'BB+sf' and 'A+sf' for class B-R2, between 'B-sf' and 'BBB+sf' for class C-R2, between less than 'B-sf' and 'BB+sf' for class D1-R2, and between less than 'B-sf' and 'BB+sf' for class D2-R2 and between less than 'B-sf' and 'B+sf' for class E-R2. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B-R2, 'AA+sf' for class C-R2, 'A+sf' for class D1-R2, and 'A+sf' for class D2-R2 and 'BBB+sf' for class E-R2. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for LCM 38 LTD.. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. MAGNETITE XXXVII: Fitch Assigns 'BBsf' Rating on Class E-R Notes ---------------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to the Magnetite XXXVII, Limited reset transaction. Entity/Debt Rating ----------- ------ Magnetite XXXVII, Limited X-R LT NRsf New Rating A-1-R LT NRsf New Rating A-2-R LT AAAsf New Rating B-R LT AAsf New Rating C-R LT Asf New Rating D-1-R LT BBB-sf New Rating D-2-R LT BBB-sf New Rating E-R LT BBsf New Rating F-R LT NRsf New Rating Transaction Summary Magnetite XXXVII, Limited (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that is managed by BlackRock Financial Management, Inc. The transaction originally closed in October 2023 and was not rated by Fitch. On Nov. 7, 2025, the existing secured notes will be redeemed in full with refinancing proceeds. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $500 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B+'/'B', which is in line with that of recent CLOs. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard CLO structural features. Asset Security: The indicative portfolio consists of 97.08% first lien senior secured loans and has a weighted average recovery assumption of 73.8%. Fitch stressed the indicative portfolio by assuming a higher portfolio concentration of assets with lower recovery prospects and further reduced recovery assumptions for higher rating stresses. Portfolio Composition: The largest three industries may comprise up to 39% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity required by industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a five-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'BBB+sf' and 'AA+sf' for class A-2-R, between 'BB+sf' and 'A+sf' for class B-R, between 'B+sf' and 'BBB+sf' for class C-R, between less than 'B-sf' and 'BB+sf' for class D-1-R, between less than 'B-sf' and 'BB+sf' for class D-2-R, and between less than 'B-sf' and 'B+sf' for class E-R. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-2-R notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B-R, 'AAsf' for class C-R, 'Asf' for class D-1-R, 'A-sf' for class D-2-R, and 'BBB+sf' for class E-R. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for Magnetite XXXVII, Limited. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, programme, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. MAGNETITE XXXVII: Moody's Assigns B3 Rating to Class F-R Notes -------------------------------------------------------------- Moody's Ratings has assigned ratings to three classes of CLO refinancing notes (the Refinancing Notes) issued by Magnetite XXXVII, Limited (the Issuer): US$1,500,000 Class X-R Senior Secured Floating Rate Notes due 2038, Assigned Aaa (sf) US$320,000,000 Class A-1-R Senior Secured Floating Rate Notes due 2038, Assigned Aaa (sf) US$250,000 Class F-R Deferrable Mezzanine Floating Rate Notes due 2038, Assigned B3 (sf) The notes listed are referred to herein, collectively, as the Refinancing Notes. RATINGS RATIONALE The rationale for the ratings is based on Moody's methodologies and considers all relevant risks particularly those associated with the CLO's portfolio and structure. The Issuer is a managed cash flow collateralized loan obligation (CLO). The issued notes are collateralized primarily by a portfolio of broadly syndicated senior secured corporate loans. At least 90.0% of the portfolio must consist of first lien senior secured loans and up to 10.0% of the portfolio may consist of first lien last out loans, second lien loans, unsecured loans and bonds. BlackRock Financial Management, Inc. (the Manager) will continue to direct the selection, acquisition and disposition of the assets on behalf of the Issuer and may engage in trading activity, including discretionary trading, during the transaction's extended five year reinvestment period. Thereafter, subject to certain restrictions, the Manager may reinvest unscheduled principal payments and proceeds from sales of credit risk assets. In addition to the issuance of the Refinancing Notes and the other classes of secured notes, a variety of other changes to transaction features will occur in connection with the refinancing. These include: extension of the reinvestment period; extensions of the stated maturity and non-call period; changes to certain collateral quality tests; changes to the overcollateralization test levels; and changes to the base matrix and modifiers. Moody's modeled the transaction using a cash flow model based on the Binomial Expansion Technique, as described in the "Collateralized Loan Obligations" rating methodology published in October 2025. The key model inputs Moody's used in Moody's analysis, such as par, weighted average rating factor, diversity score and weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. For modeling purposes, Moody's used the following base-case assumptions: Portfolio par : $500,000,000 Diversity Score: 75 Weighted Average Rating Factor (WARF): 3123 Weighted Average Spread (WAS): 2.90% Weighted Average Coupon (WAC): 5.25% Weighted Average Recovery Rate (WARR): 46.0% Weighted Average Life (WAL): 8.0 years Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Factors That Would Lead to an Upgrade or Downgrade of the Ratings: The performance of the Refinancing Notes is subject to uncertainty. The performance of the Refinancing 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 Refinancing Notes. MKT 2020-525M: Fitch Affirms BB Rating on Class X-A Certs --------------------------------------------------------- Fitch Ratings has affirmed all classes of MKT 2020-525M Mortgage Trust, commercial mortgage pass-through certificates, series 2020-525M. In addition, Fitch has revised the Outlooks for all classes to Stable from Negative. Entity/Debt Rating Prior ----------- ------ ----- MKT 2020-525M A 55316PAA5 LT AAsf Affirmed AAsf B 55316PAE7 LT Asf Affirmed Asf C 55316PAG2 LT BBBsf Affirmed BBBsf D 55316PAJ6 LT BBsf Affirmed BBsf X-A 55316PAC1 LT Asf Affirmed Asf KEY RATING DRIVERS Performance and Cash Flow; Improving Submarket: The affirmations and Outlook revisions reflect generally stable property performance, limited near-term tenant rollover and ongoing positive leasing momentum at rental rates in line with Fitch's expectations, along with the high quality and prime location of the collateral, and strong institutional sponsorship. Additionally, submarket fundamentals in San Francisco continue to strengthen. According to CoStar, quarterly leasing activity has increased each quarter since early 2024, reaching more than 800,000 square feet in the second quarter of 2025. Fitch's updated long-term sustainable net cash flow (NCF) of $48.7 million is relatively in line with the Fitch NCF at the last rating action, but remains 8.4% below Fitch's issuance NCF of $53.1 million. Fitch's updated NCF reflects leases-in-place as of the March 2025 rent roll, with credit for near-term contractual rent steps and a new lease recently signed with Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. (Mintz) for approximately 2.8% of the net rentable area (NRA). Occupancy as of the March 2025 rent roll was 76.6% but is estimated to have declined to 68.3% with the recent departure of Wells Fargo in June 2025. Additionally, the borrower reports that Wells Fargo is also expected to vacate leased office space (2.7% of NRA) in June 2026. Historically, the property had been 70.9% occupied in September 2024 at Fitch's last rating action, 74.5% in September 2023, 88.8% in September 2022, 91.4% at YE 2021 and 97.3% at issuance. According to Costar and as of 3Q 2025, the South Financial District submarket vacancy and availability rates were 28.3% and 30%, respectively. Average submarket asking rents were $57.27/sf compared to average in-place rents of $94.98/sf. All submarket performance metrics continue to show signs of yoy improvement with lower availability and positive absorption trends. Despite the departure of Wells Fargo and decline in occupancy, Fitch's long-term stabilized occupancy expectation of 80% remains unchanged since the last rating action. The Fitch NCF reflects a lease up of a portion of the vacant spaces (to an 80% occupancy level), assuming rents of $75 psf for the lower floors and $85 psf for the higher floors; these rental rates represent a discount from in-place rents at the property, but are higher than the average submarket asking rates. The assumed rental rates consider the recent leasing activity at the property, including new leases with law firms, Goodwin & Proctor (floors 31 and 32, combined 5.6% of the NRA) and Jenner & Block (floor 29, 2.8% of the NRA), and Mintz (floor 30, 2.8% of NRA). The sponsor reports that leasing tours are being conducted weekly and that proposals are being discussed with new and existing tenants accounting for roughly 30% of the NRA. The sponsor spent $23 million on a new amenity floor, The Cove, opened in 2025, with features that include a wellness center, café, lounge/bar, podcast room, and various conference and meeting/event spaces. This new amenity space is anticipated to be a draw for new tenants and help boost the property's market position, allowing it to attract and retain above average submarket occupancy and rental rates. According to a report from CoStar regarding the newly signed Mintz lease, the amenity space factored into the tenant's decision to sign at the subject. The largest tenant at the property is Amazon (totaling 39.5% of NRA, of which 17.3% expires in Jan. 31, 2028; 2.8% expires in April 30, 2029 that includes a Feb. 28, 2027 termination option with 12 months' notice; 11.1% expires in Feb. 28, 2030 that includes a Feb. 28, 2027 termination option; and 8.3% expires in Jan. 31, 2031 that includes a Jan. 31, 2029 termination option). There are termination fees and a cash flow sweep associated with the termination options for the Amazon spaces. Amazon had a termination option in January 2025 for 17% of the NRA, but the notice period has already lapsed. It was reported at issuance that Amazon spent $95 psf above landlord contribution to build out the original premises and first expansion premises. The majority of the leases expire during the loan term, with upcoming rollover of 8.8% of the NRA in 2026 and 9.7% of the NRA in 2027. The highest rollover concentration occurs in 2028, comprising 17.5% of the NRA (including Amazon). High-Quality Office Collateral in Prime Location: The 525 Market Street property is a 38-story, class A office building located in the South Financial District office submarket of San Francisco, per CoStar. The property is the third largest office building in San Francisco by square footage. It is certified as LEED Platinum by the U.S. Green Building Council, which has a positive impact on the ESG score for Waste & Hazardous Materials Management; Ecological Impacts. At issuance, Fitch assigned a property quality grade of 'A-'. Low Risk of Term Default; Full Term, Low-Interest Loan: The loan is interest only for the 10-year term, maturing February 2030, with a fixed rate coupon of 2.95%. In its analysis, Fitch applied an upward loan-to-value (LTV) hurdle adjustment due to the sub-3% coupon. Strong Institutional Sponsorship: The sponsor, NYSTRS (51.0% of ownership) acquired the property in 1998 and DWS (formerly RREEF; 49.0% of ownership) acquired a 49.0% interest in the sponsor as part of the transaction at issuance. Fitch Leverage: The $682.0 million mortgage whole loan ($659 psf) has a Fitch-stressed debt service coverage ratio (DSCR) and LTV of 0.79x and 112.1%, respectively, compared to 0.78x and 114.2% at the last rating action and 0.94x and 93.1% at issuance. Fitch's analysis incorporated a higher stressed capitalization (cap) rate of 8.00%, up from 7.25% at issuance and in line with the prior review, resulting in a Fitch-stressed valuation decline that is approximately 52% below the issuance appraisal and 20% below Fitch's issuance value. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades or Negative Outlooks may occur if leasing momentum slows or reverses course, or if new leasing occurs at rates significantly below expectations, resulting in NCF performance below Fitch's expectations on sustainable performance. Additionally, downgrades are possible with additional clarity on the termination options for Amazon. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades are not considered likely given the current ratings reflect Fitch's view of sustainable performance, but may be possible with significant and sustained improvement in Fitch NCF, positive leasing to occupancy levels and rates above market and with greater certainty on the borrower's ability to refinance the loan. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations MKT 2020-525M has an ESG Relevance Score of '4' [+] for Waste & Hazardous Materials Management; Ecological Impacts due to the collateral's LEED Platinum Certification and lower environmental site risk and associated remediation/liability costs along with sustainable building practices including Green building certificate credentials, which has a positive impact on the credit profile, and is relevant to the rating[s] in conjunction with other factors. 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. NAVESINK CLO 4: S&P Assigns BB- (sf) Rating on Class E Notes ------------------------------------------------------------ S&P Global Ratings assigned its ratings to Navesink CLO 4 Ltd./Navesink CLO 4 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 ZAIS Leveraged Loan Master Manager LLC. The ratings reflect S&P's view of: -- The diversification of the collateral pool; -- 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 Navesink CLO 4 Ltd./Navesink CLO 4 LLC Class A-1, $240.0 million: AAA (sf) Class A-2, $24.0 million: AAA (sf) Class B, $40.0 million: AA (sf) Class C (deferrable), $24.0 million: A (sf) Class D-1 (deferrable), $24.0 million: BBB- (sf) Class D-2 (deferrable), $4.0 million: BBB- (sf) Class E (deferrable), $12.0 million: BB- (sf) Senior subordinated notes, $7.5 million: NR Junior subordinated notes, $22.5 million: NR NR--Not rated. NELNET STUDENT 2005-4: Fitch Affirms 'Bsf' Rating on Four Tranches ------------------------------------------------------------------ Fitch Ratings has affirmed 62 Federal Family Education Loan Program (FFELP) Student Loan ABS (SLABS) ratings from 34 transactions at their current levels. The Rating Outlook on the Nelnet Student Loan Trust (Nelnet) 2015-3 class B notes has been revised to Positive from Stable. For the affirmed classes, the Outlooks remain Stable for 58 classes and Negative for three classes. Fitch has also downgraded the Nelnet 2012-2 class A and class B notes from 'Asf' to 'BBBsf' and assigned a Negative Outlook. Fitch downgraded the Nelnet 2013-3 class A notes from 'AAsf' to 'Asf' and assigned a Negative Outlook. Fitch downgraded the Nelnet 2012-5 class B and the Nelnet 2015-2 class B notes from 'AAsf' to 'Asf' and assigned a Stable Outlook. Fitch has also downgraded four FFELP SLABS ratings from four transactions from 'Asf' to 'BBBsf' and assigned a Stable Outlook. The affirmations of ratings in the 'Bsf' category are supported by qualitative factors such as the ability of the sponsor to call the notes upon reaching 10% pool factor or evidence of sponsor support such as a revolving credit agreement, which allows the servicer to purchase loans from the trusts. Although the sponsor has the option but not the obligation to lend to the trust, Fitch does not give quantitative credit to these agreements. However, these agreements provide qualitative comfort that the sponsor is committed to limiting investors' exposure to maturity risk. Entity/Debt Rating Prior ----------- ------ ----- Nelnet Student Loan Trust 2006-2 A-7 Remarketed U.S.-Denominated 640315AJ6 LT AAsf Affirmed AAsf B 640315AH0 LT Asf Affirmed Asf Nelnet Student Loan Trust 2012-3 A 64032XAA3 LT AA+sf Affirmed AA+sf B 64032XAB1 LT AAsf Affirmed AAsf Nelnet Student Loan Trust 2005-3 A-5 64031QCD1 LT AA+sf Affirmed AA+sf B 64031QCE9 LT AA+sf Affirmed AA+sf Nelnet Student Loan Trust 2006-3 A-6 64031AAF3 LT AA+sf Affirmed AA+sf B 64031AAJ5 LT AAsf Affirmed AAsf Nelnet Student Loan Trust 2014-5 A 64033NAA4 LT AA+sf Affirmed AA+sf B 64033NAB2 LT AAsf Affirmed AAsf Nelnet Student Loan Trust 2005-4 A-4AR-1 64031QCK5 LT Bsf Affirmed Bsf A-4AR-2 64031QCM1 LT Bsf Affirmed Bsf A-4L 64031QCJ8 LT Bsf Affirmed Bsf B 64031QCL3 LT Bsf Affirmed Bsf Nelnet Student Loan Trust 2014-3 A 64033KAA0 LT AA+sf Affirmed AA+sf B 64033KAB8 LT Asf Affirmed Asf Nelnet Student Loan Trust 2015-1 A 64031MAA8 LT AA+sf Affirmed AA+sf B 64031MAB6 LT AAsf Affirmed AAsf Nelnet Student Loan Trust 2012-5 A 64033BAA0 LT AAsf Affirmed AAsf B 64033BAB8 LT Asf Downgrade AAsf Nelnet Student Loan Trust 2007-1 A-4 64032EAD9 LT Bsf Affirmed Bsf B-2 64032EAJ6 LT Bsf Affirmed Bsf Nelnet Student Loan Trust 2012-2 A 64031CAA0 LT BBBsf Downgrade Asf B 64031CAB8 LT BBBsf Downgrade Asf Nelnet Student Loan Trust 2013-4 A 64033FAA1 LT AA+sf Affirmed AA+sf B 64033FAB9 LT AAsf Affirmed AAsf Nelnet Student Loan Trust 2005-1 A-5 64031QBR1 LT AA+sf Affirmed AA+sf B 64031QBS9 LT AA+sf Affirmed AA+sf Nelnet Student Loan Trust 2013-2 A 64033EAA4 LT AA+sf Affirmed AA+sf B 64033EAB2 LT BBBsf Downgrade Asf Nelnet Student Loan Trust 2005-2 A-5 64031QBX8 LT AA+sf Affirmed AA+sf B 64031QBY6 LT AA+sf Affirmed AA+sf Nelnet Student Loan Trust 2014-4 A2 64033MAB4 LT AA+sf Affirmed AA+sf B 64033MAC2 LT Asf Affirmed Asf Nelnet Student Loan Trust 2012-4 A 64033AAA2 LT AAsf Affirmed AAsf B 64033AAB0 LT Asf Affirmed Asf Nelnet Student Loan Trust 2016-1 A 64033UAA8 LT AA+sf Affirmed AA+sf Nelnet Student Loan Trust 2013-3 A 64033DAA6 LT Asf Downgrade AAsf B 64033DAB4 LT BBBsf Downgrade Asf Nelnet Student Loan Trust 2013-1 A 64033CAA8 LT AA+sf Affirmed AA+sf B 64033CAB6 LT AAsf Affirmed AAsf Nelnet Student Loan Trust 2006-1 A-6 64033HAA7 LT AA+sf Affirmed AA+sf B 64031QCU3 LT AAsf Affirmed AAsf Nelnet Student Loan Trust 2012-6 A 64032YAA1 LT AA+sf Affirmed AA+sf B 64032YAB9 LT BBBsf Downgrade Asf Nelnet Student Loan Trust 2013-5 A 64033GAA9 LT AA+sf Affirmed AA+sf B 64033GAB7 LT Asf Affirmed Asf NELF, Inc. - January 2004 Indenture of Trust (NE) 2004-1 A-2 64031RAS8 LT Bsf Affirmed Bsf Nelnet Student Loan Trust 2015-2 A-2 64033QAB5 LT AA+sf Affirmed AA+sf B 64033QAC3 LT Asf Downgrade AAsf Nelnet Student Loan Trust 2004-4 A-5 64031QBK6 LT AA+sf Affirmed AA+sf B 64031QBL4 LT AA+sf Affirmed AA+sf Nelnet Student Loan Trust 2014-1 A 64033JAA3 LT AA+sf Affirmed AA+sf B 64033JAB1 LT AAsf Affirmed AAsf Nelnet Student Loan Trust 2018-2 A 64034LAA7 LT AA+sf Affirmed AA+sf Nelnet Student Loan Trust 2004-3 A-5 64031QBC4 LT AA+sf Affirmed AA+sf B 64031QBE0 LT AA+sf Affirmed AA+sf Nelnet Student Loan Trust 2014-6 A 64033RAA5 LT AA+sf Affirmed AA+sf B 64033RAB3 LT BBBsf Downgrade Asf Nelnet Student Loan Trust 2015-3 A-2 64033TAC7 LT AA+sf Affirmed AA+sf A-3 64033TAD5 LT AA+sf Affirmed AA+sf B 64033TAB9 LT Asf Affirmed Asf Nelnet Student Loan Trust 2020-2 A 64031VAA8 LT AA+sf Affirmed AA+sf B 64031VAB6 LT AA+sf Affirmed AA+sf Nelnet Student Loan Trust 2012-1 A 64032AAA3 LT AA+sf Affirmed AA+sf B 64032AAB1 LT AAsf Affirmed AAsf Nelnet Student Loan Trust 2014-2 A-3 64033LAC4 LT AA+sf Affirmed AA+sf B 64033LAD2 LT Asf Affirmed Asf Wachovia Student Loan Trust 2006-1 A-6 92978JAF0 LT AA+sf Affirmed AA+sf B 92978JAH6 LT AAsf Affirmed AAsf Nelnet Student Loan Trust 2017-1 A 64033VAA6 LT AA+sf Affirmed AA+sf KEY RATING DRIVERS U.S. Sovereign: The trust collateral comprises 100% FFELP loans with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education for at least 97% of principal and accrued interest. The U.S. sovereign rating is currently 'AA+'/Stable. Collateral Performance: For all transactions, Fitch applied the standard default timing curve in its credit stress cash flow analysis. In addition, the claim reject rate was assumed to be 0.25% in the base case and 1.65% in the 'AA' case for cashflow modeling. Fitch is revising the sustainable constant default rates (sCDR) upwards to 3.00%, 4.50%, and 5.00% from 2.20%, 3.50%, 3.50% for Nelnet Education Loan Funding (NELF) 2004-1, Nelnet 2007-1, and Nelnet 2012-5, respectively. For the remaining transactions, Fitch is maintaining the sCDR assumptions ranging from 2.50% to 9.00%. Fitch is revising the sustainable constant prepayment rates (sCPR; voluntary and involuntary prepayments) downwards to 11.00%, 11.00%, 10.00%, 10.00%, 10.00%, 11.00%, 11.00%, 11.00%, 10.00%, and 12.00% from 12.00%, 11.50%, 10.75%, 12.00%, 16.00%, 12.00%, 11.50%, 11.50%, 12.00%, and 15.50% for Nelnet 2012-3, Nelnet 2013-1, Nelnet 2013-2, Nelnet 2013-3, Nelnet 2013-4, Nelnet 2013-5, Nelnet 2014-1, Nelnet 2014-2, Nelnet 2014-6, and Nelnet 2015-2, respectively. For the remaining transactions, Fitch is maintaining the sCPR assumptions ranging from 8.00% to 12.50%. The 'AAsf' default rates ranges from approximately 40.20% to 100.00% and the 'Bsf' default rate ranges from 13.50% to 54.75%. The TTM levels of deferment, forbearance, and income-based repayment (prior to adjustment) range from 2.53% to 7.04%, 3.57% to 10.48%, and 15.86% to 33.84%, respectively, and are used as the starting point in cash flow modelling. Subsequent declines or increases are modelled as per criteria. The borrower benefits range from 0.00% to 0.29%, based on information provided by the sponsor. Basis and Interest Rate Risks: Basis risk for these transactions arises from any rate and reset frequency mismatch between interest rate indices for special allowance payments (SAP) and the securities. Fitch applies its standard basis and interest rate stresses to these transaction as per criteria. Payment Structure: Credit enhancement (CE) is provided by overcollateralization and excess spread where available and class A notes benefit from subordination provided by class B where available. As of the most recent distribution, reported total parity ratio ranges between approximately 100.99%-162.82%. Transactions are releasing cash as long as the required overcollateralization (OC) or CE is maintained. Liquidity support is provided by reserve accounts, most of which are at their floors. Operational Capabilities: Day-to-day servicing is provided by Nelnet, Inc. Fitch believes Nelnet to be an adequate servicer, due to its extensive track record as one of the largest servicers of FFELP loans. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade 'AA+sf' rated tranches of most FFELP securitizations will likely move in tandem with the U.S. sovereign rating given the strong linkage to the U.S. sovereign, by nature of the reinsurance provided by the ED. Aside from the U.S. sovereign rating, defaults, basis risk and loan extension risk account for most of the risk embedded in FFELP student loan transactions. Fitch conducts credit and maturity stress sensitivity analysis by increasing or decreasing key assumptions by 50% over the base case. The credit stress sensitivity is viewed by increasing both the base case default rate and the basis spread. The maturity stress sensitivity is viewed by increasing remaining term and IBR usage and decreasing prepayments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors and should not be used as an indicator of possible future performance. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade No upgrade credit or maturity stress sensitivity is provided for the 'AA+sf' rated tranches of notes, as they are at their highest possible current and model-implied ratings. Fitch conducts credit and maturity stress sensitivity analysis by increasing or decreasing key assumptions by 25% over the base case. The credit stress sensitivity is viewed by decreasing both the base case default rate and the basis spread. The maturity stress sensitivity is viewed by decreasing remaining term and IBR usage and increasing prepayments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors and should not be used as an indicator of possible future performance. For the notes affirmed at 'Bsf' and below, the current ratings are most sensitive to Fitch's maturity risk scenario. Key factors that may lead to positive rating action are sustained increases in payment rate and a material reduction in weighted average remaining loan term. A material increase of CE from lower defaults and positive excess spread, given favorable basis spread conditions, is a secondary factor that may lead positive rating action. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. 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. OCTAGON INVESTMENT 27: S&P Lowers Class E-R Notes Rating to B (sf) ------------------------------------------------------------------ S&P Global Ratings took various rating actions on 13 classes of notes from Octagon Investment Partners 27 Ltd. and Octagon Investment Partners 40 Ltd., which are U.S. broadly syndicated CLO transactions managed by Octagon Credit Investors LLC. Of the reviewed ratings, S&P raised four, lowered four, and affirmed five. At the same time, it removed four of the ratings from CreditWatch with negative implications, where they were placed on Aug. 11, 2025, due to a combination of indicative cash flow results and available credit support at that time. The rating actions follow S&P's review of each transaction's performance using data from their respective trustee reports. In S&P's review, it analyzed each transaction's performance and cash flows, and applied our global corporate CLO criteria in its rating decisions. Octagon Investment Partners 27 Ltd. has exited its reinvestment period and is paying down the notes in the order specified in their respective documents. To date, the class A-1-R notes have paid down 93.71% of its original balance. Octagon Investment Partners 40 Ltd. is currently reinvesting until Jan. 20, 2027. S&P said, "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. In addition, our analysis considered each 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 all of the rated outstanding classes have adequate credit enhancement available at the rating levels associated with these rating actions." While each class's indicative cash flow results are a primary factor, S&P also incorporate other considerations into our decision to raise, lower, or affirm ratings, or limit rating movements. These considerations typically include: -- Whether the CLO is reinvesting or paying down its notes; Existing subordination or overcollateralization (O/C) levels and recent trends; -- The cushion available for coverage ratios and comparative analysis with other CLO classes with similar ratings; -- Forward-looking scenarios for 'CCC' and 'CCC-' rated collateral, as well as collateral with stressed market values; -- Current concentration levels; -- The risk of imminent default or dependence on favorable market conditions to meet obligations; and -- Additional sensitivity runs to account for any of the other considerations. The upgrades primarily reflect the classes' increased credit support due to the senior note paydowns, improved O/C levels, and passing cash flow results at higher rating levels. The downgrades primarily reflect the class's indicative cash flow results, decreased credit support as a result of principal losses, and/or increased exposure to 'CCC+' and below rated assets. S&P said, "The affirmations reflect our view that the available credit enhancement for each respective class is still commensurate with the assigned ratings. "Although our cash flow analysis indicated a different rating for some classes of notes, we took the rating action after considering one or more qualitative factors listed above. The ratings list highlights the key performance metrics behind the specific rating actions. "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 will take rating actions as we deem necessary." Ratings List Rating Issuer Class To From Octagon Investment Partners 27 Ltd. A-1-R AAA (sf) AAA (sf) Main rationale: Cash flow passes at the current rating level. Octagon Investment Partners 27 Ltd. B-1-R AAA (sf) AA+ (sf) Main rationale: Senior note paydowns, improvement in O/C, and passing cash flows. Octagon Investment Partners 27 Ltd. B-2-R AAA (sf) AA+ (sf) Main rationale: Senior note paydowns, improvement in O/C, and passing cash flows. Octagon Investment Partners 27 Ltd. C-R AA+ (sf) A (sf) Main rationale: Upgraded based on senior note paydowns, improvement in O/C, and passing cash flows at the new rating level. While S&P's base-case analysis indicated a higher rating, the rating action considered the class's credit enhancement, which aligns with the upgraded rating, as well as additional sensitivity analyses that considered the exposures to both 'CCC'/'CCC-' rated assets and to assets trading at low market values. Octagon Investment Partners 27 Ltd. D-R BBB+ (sf) BBB- (sf) Main rationale: Upgraded based on senior note paydowns, improvement in O/C, and passing cash flows at the new rating level. While S&P's base-case analysis indicated a higher rating, the rating action considered the class's credit enhancement, which aligns with the upgraded rating, as well as additional sensitivity analyses that considered the exposures to both 'CCC'/'CCC-' rated assets and to assets trading at low market values. Octagon Investment Partners 27 Ltd. E-R B (sf) B+ (sf) / Watch Neg Main rationale: The downgrade is based on weaker credit support and failing cash flows at the previous rating level. The tranche also is currently failing its O/C test. Though cash flows indicated a lower rating, S&P does not believe that the tranche is currently dependent on favorable conditions in accordance with our 'CCC' definitions, and its rating action considers the tranche's current credit enhancement and the portfolio's relatively low exposure to 'CCC'/'CCC-' rated obligors. Octagon Investment Partners 27 Ltd. F-R CCC- (sf) B- (sf) / Watch Neg Main rationale: The downgrade is based on failing cash flows, a decline in current credit enhancement, exposure to assets rated 'CCC+' and below, and that the tranche is currently deferring interest. S&P believes this class aligns with its definition of 'CCC' and depends on favorable business, financial, and economic conditions to meet its financial commitment. At this time, S&P did not downgrade this class to 'CC (sf)' because it doesn't consider its default to be virtually certain. Octagon Investment Partners 40 Ltd. A-1-RR AAA (sf) AAA (sf) Main rationale: Cash flows pass at the current rating level. Octagon Investment Partners 40 Ltd. A-2-RR AAA (sf) AAA (sf) Main rationale: Cash flows pass at the current rating level. Octagon Investment Partners 40 Ltd. B-RR AA (sf) AA (sf) Main rationale: Passes cash flow at current rating level and at a higher rating. However, the rating was affirmed since the CLO is still in its reinvestment period and its portfolio is subject to potential change and volatility. Octagon Investment Partners 40 Ltd. C-RR A (sf) A (sf) Main rationale: Passes cash flow at current rating level and at a higher rating. However, the rating was affirmed since the CLO is still in its reinvestment period and its portfolio is subject to potential change and volatility. Octagon Investment Partners 40 Ltd. D-R BB+ (sf) BBB- (sf) / Watch Neg Main rationale: The downgrade is based on the decline in credit support that was no longer commensurate with the previous rating, thin structural cash flows, and increased exposure to assets rated in the 'CCC' category. Octagon Investment Partners 40 Ltd. E-R B (sf) BB- (sf) / Watch Neg Main rationale: Decline in credit support and failing cash flows at the previous rating level. OCTANE 2025-RVM1: S&P Assigns Prelim BB+(sf) Rating on Cl. E Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to Octane Receivables Trust 2025-RVM1's asset-backed notes. The note issuance is an ABS transaction backed by consumer recreational vehicles and marine receivables. The preliminary ratings are based on information as of Nov. 12, 2025. 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 49.38%, 39.09%, 29.93%, 21.51%, and 17.94% in credit support, including 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 4.00x, 3.20x, 2.55x, 1.85x, and 1.58x coverage of our stressed net loss levels for the class A, B, C, D, and E notes, respectively. -- 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 expectation that under a moderate ('BBB') stress scenario (2.00x S&P's expected loss level), all else being equal, its preliminary ratings will be within the credit stability limits specified in section A.4 of the Appendix in "S&P Global Ratings Definitions," published Dec. 2, 2024. -- The collateral characteristics of the amortizing pool, which includes approximately 93.9% recreational vehicles and 6.1% marine receivables (primarily pontoon-hybrids, at 6.1% of the pool). -- The transaction's credit enhancement in the form of subordination, overcollateralization that builds to a target level of 7.25% of the current receivables balance (subject to a floor of 7.25% of the initial receivables balance), a nonamortizing reserve account, and excess spread. -- The transaction's payment and legal structures. Preliminary Ratings Assigned Octane Receivables Trust 2025-RVM1 Class A, $128.250 million: AAA (sf) Class B, $28.125 million: AA (sf) Class C, $27.000 million: A (sf) Class D, $22.500 million: BBB (sf) Class E, $13.500 million: BB+ (sf) PALMER SQUARE 2023-2: Moody's Ups Rating on Class D-R Notes to Ba1 ------------------------------------------------------------------ Moody's Ratings has upgraded the ratings on the following notes issued by Palmer Square Loan Funding 2023-2, Ltd.: US$26.1M Class B-R Senior Secured Deferrable Floating Rate Notes, Upgraded to Aa1 (sf); previously on Apr 10, 2025 Assigned Aa3 (sf) US$20.575M Class C-R Senior Secured Deferrable Floating Rate Notes, Upgraded to A2 (sf); previously on Apr 10, 2025 Assigned Baa1 (sf) US$18.325M Class D-R Senior Secured Deferrable Floating Rate Notes, Upgraded to Ba1 (sf); previously on Apr 10, 2025 Assigned Ba2 (sf) Moody's have also affirmed the ratings on the following debt: US$202.466M (Current outstanding amount US$121,555,389) Class A-1-R Loans Notes, Affirmed Aaa (sf); previously on Apr 10, 2025 Assigned Aaa (sf) US$26.995M (Current outstanding amount US$16,207,385) Class A-1-R Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Apr 10, 2025 Assigned Aaa (sf) US$60M Class A-2-R Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Apr 10, 2025 Assigned Aaa (sf) Palmer Square Loan Funding 2023-2, Ltd., issued in December 2023 and refinanced in April 2025, is a static cashflow collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured corporate loans. The portfolio is serviced by Palmer Square Capital Management LLC. RATINGS RATIONALE The rating upgrades on the Class B-R, C-R and D-R notes are primarily a result of the deleveraging of the Class A-1-R Loans and A-1-R notes senior notes following amortisation of the underlying portfolio since the last rating action in April 2025. The affirmations on the ratings on the Class A-1-R Loans, A-1-R notes and A-2-R notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The Class A-1-R Loans and A-1-R notes have paid down by approximately USD91.7 million (40.0%) in the last 12 months since the last rating action in April 2025. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated October 2025[1] the Class A, Class B, Class C and Class D OC ratios are reported at 142.5%, 128.3%, 118.9% and 111.7% compared to April 2025[2] levels of 134.6%, 123.5%, 115.9% and 109.9%, respectively. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: USD297.9m Defaulted Securities: USD0 Diversity Score: 65 Weighted Average Rating Factor (WARF): 2684 Weighted Average Life (WAL): 3.8 years Weighted Average Spread (WAS) (before accounting for reference rate floors): 2.98% Weighted Average Coupon (WAC): 4.48% Weighted Average Recovery Rate (WARR): 46.79% Par haircut in OC tests and interest diversion test: 0% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated debt's performance is subject to uncertainty. The debt's performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the servicer or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the servicer's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. PMT LOAN 2025-J4: DBRS Gives Prov. B(low) Rating on B5 Notes ------------------------------------------------------------ DBRS, Inc. assigned provisional credit ratings to the Mortgage-Backed Notes, Series 2025-J4 (the Notes) to be issued by PMT Loan Trust 2025-J4 (PMTLT 2025-J4 or the Trust) as follows: -- $290.0 million Class A1 at (P) AAA (sf) -- $290.0 million Class A2 at (P) AAA (sf) -- $290.0 million Class A3 at (P) AAA (sf) -- $174.0 million Class A4 at (P) AAA (sf) -- $174.0 million Class A5 at (P) AAA (sf) -- $174.0 million Class A6 at (P) AAA (sf) -- $217.5 million Class A7 at (P) AAA (sf) -- $217.5 million Class A8 at (P) AAA (sf) -- $217.5 million Class A9 at (P) AAA (sf) -- $72.5 million Class A10 at (P) AAA (sf) -- $72.5 million Class A11 at (P) AAA (sf) -- $72.5 million Class A12 at (P) AAA (sf) -- $232.0 million Class A13 at (P) AAA (sf) -- $232.0 million Class A14 at (P) AAA (sf) -- $232.0 million Class A15 at (P) AAA (sf) -- $43.5 million Class A16 at (P) AAA (sf) -- $43.5 million Class A17 at (P) AAA (sf) -- $43.5 million Class A18 at (P) AAA (sf) -- $14.5 million Class A19 at (P) AAA (sf) -- $14.5 million Class A20 at (P) AAA (sf) -- $14.5 million Class A21 at (P) AAA (sf) -- $58.0 million Class A22 at (P) AAA (sf) -- $58.0 million Class A23 at (P) AAA (sf) -- $58.0 million Class A24 at (P) AAA (sf) -- $116.0 million Class A25 at (P) AAA (sf) -- $116.0 million Class A26 at (P) AAA (sf) -- $116.0 million Class A27 at (P) AAA (sf) -- $20.5 million Class A28 at (P) AAA (sf) -- $20.5million Class A29 at (P) AAA (sf) -- $20.5million Class A30 at (P) AAA (sf) -- $310.5 million Class A31 at (P) AAA (sf) -- $310.5 million Class A32 at (P) AAA (sf) -- $310.5 million Class A33 at (P) AAA (sf) -- $116.0 million Class A34 at (P) AAA (sf) -- $116.0 million Class A34X at (P) AAA (sf) -- $145.0 million Class A35 at (P) AAA (sf) -- $145.0 million Class A35X at (P) AAA (sf) -- $193.3 million Class A36 at (P) AAA (sf) -- $193.3 million Class A36X at (P) AAA (sf) -- $310.5million Class AX1 at (P) AAA (sf) -- $290.0 million Class AX3 at (P) AAA (sf) -- $174.0 million Class AX6 at (P) AAA (sf) -- $217.5 million Class AX9 at (P) AAA (sf) -- $72.5 million Class AX12 at (P) AAA (sf) -- $232.0 million Class AX15 at (P) AAA (sf) -- $43.5 million Class AX18 at (P) AAA (sf) -- $14.5 million Class AX21 at (P) AAA (sf) -- $58.0 million Class AX24 at (P) AAA (sf) -- $116.0 million Class AX27 at (P) AAA (sf) -- $20.5million Class AX30 at (P) AAA (sf) -- $310.5million Class AX33 at (P) AAA (sf) -- $17.7million Class B1 at (P) AA (high) (sf) -- $7.7 million Class B2 at (P) A (low) (sf) -- $2.2 million Class B3 at (P) BBB (low) (sf) -- $1.4 million Class B4 at (P) BB (low) (sf) -- $512.0 thousand Class B5 at (P) B (low) (sf) -- $290.0 million Class A1A Loans at (P) AAA (sf) Classes A-X1, A-X3, A-X6, A-X9, A-X12, A-X15, A-X18, A-X21, A-X24, A-X27, A-X30, A-X33, A-34X, A-35X and A-36X are interest-only (IO) notes. The class balances represent notional amounts. Classes A-1, A-2, A-3, A-4, A-5, A-7, A-8, A-9, A-10, A-11, A-12, A-13, A-14, A-15, A-16, A-17, A-19, A-20, A-22, A-23, A-25, A-26, A-27, A-28, A-29, A-30, A-31, A-32, A-33, A-34, A-34X, A-35, A-35X, A-36, A-36X, A-X3, A-X9, A-X12, A-X15, A-X27, A-X33 and A-1A Loans are exchangeable classes. These classes can be exchanged for combinations of initial exchangeable notes 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, A-18, A-19, A-20, A-21, A-22, A-23, A-24, A-25, A-26, A-27, A-34, A-35, A-36 and A-1A Loans are super-senior tranches. These classes benefit from additional protection from the senior support notes (Classes A-28, A-29, and A-30) with respect to loss allocation. The Class A-1A Loans are loans that may be funded at the Closing Date as specified in the offering documents. The (P) AAA (sf) credit ratings on the Notes reflect 9.00% of credit enhancement provided by subordinated Notes. The (P) AA (high) (sf), (P) A (low) (sf), (P) BBB (low) (sf), (P) BB (low) (sf), and (P) B (low) (sf) credit ratings reflect 3.80%, 1.55%, 0.90%, 0.50%, and 0.35% of credit enhancement, respectively. Other than the specified classes above, Morningstar DBRS does not rate any other classes in this transaction. The pool consists of fully amortizing fixed-rate mortgages (FRMs) with original terms to maturity of 30 years and a weighted-average (WA) loan age of two months. The weighted-average (WA) original combined loan-to-value (CLTV) for the portfolio is 75.1%. In addition, all the loans in the pool were originated in accordance with the general Qualified Mortgage (QM) rule subject to the average prime offer rate designation. All of the mortgage loans were originated by and will be serviced by PennyMac Corp. (PennyMac). Citibank, N.A. (Citibank) will act as the Paying Agent, Note Registrar, Certificate Registrar, Securities Intermediary, and Fiscal Agent. Deutsche Bank National Trust Company will act as the Custodian, and Wilmington Savings Fund Society, FSB will serve as Owner Trustee and Collateral Trustee. The Servicer will fund advances of delinquent principal and interest (P&I) on any mortgage until such loan becomes 120 days delinquent or such P&I advances are deemed to be unrecoverable by the Servicer or Fiscal Agent (Stop-Advance Loan). The Servicer will also fund advances in respect of taxes, insurance premiums, and reasonable costs incurred in the course of servicing and disposing properties. Citibank, N.A. (Citibank, N.A.; rated AA (low) with a Stable trend), as the Fiscal Agent will be obligated to fund any P&I advances that the Servicer is required to make if the Servicer fails in its obligation to do so. The transaction employs a senior-subordinate, shifting-interest cash flow structure that is enhanced from a pre-global financial crisis (GFC) structure. This transaction allows for the issuance of the Class A-1A Loans, which are the equivalent of ownership of the Class A-1 Notes. This class is issued in the form of a loan made by the investor instead of a note purchased by the investor. If Class A-1A Loans are funded at closing, the holder may convert such class into an equal aggregate debt amount of the corresponding Note. There is no change to the structure if this Class is elected. Notes: All figures are in U.S. dollars unless otherwise noted. PRPM 2025-NQM5: DBRS Gives Prov. B(high) Rating on Class B2 Certs ----------------------------------------------------------------- DBRS, Inc. assigned provisional credit ratings to the Mortgage-Backed Pass-Through Certificates, Series 2025-NQM5 (the Certificates) to be issued by PRPM 2025-NQM5 Trust as follows: -- $228.9 million Class A-1A at (P) AAA (sf) -- $37.6 million Class A-1B at (P) AAA (sf) -- $266.5 million Class A-1 at (P) AAA (sf) -- $35.0 million Class A-1F at (P) AAA (sf) -- $35.0 million Class A-1IO at (P) AAA (sf) -- $26.2 million Class A-2 at (P) AA (high) (sf) -- $35.3 million Class A-3 at (P) A (high) (sf) -- $26.4 million Class M-1 at (P) BBB (sf) -- $14.7 million Class B-1 at (P) BB (high) (sf) -- $6.6 million Class B-2 at (P) B (high) (sf) The (P) AAA (sf) credit rating on the Class A-1 Certificates reflects 29.10% of credit enhancement provided by the subordinated certificates. The (P) AA (high) (sf), (P) A (high) (sf), (P) BBB (sf), (P) BB (high) (sf) and (P) B (high) (sf) credit ratings reflect 22.95%, 14.65%, 8.45%, 5.00%, and 3.45% of credit enhancement, respectively. Other than the specified classes above, Morningstar DBRS 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 Certificates. The Certificates are backed by 885 mortgage loans with a total principal balance of $425,246,625 as of the Cut-Off Date (September 30, 2025). PRPM 2025-NQM5 represents the 13th 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 VI AIV Holdings, LLC a fund owned by the aggregator, Balbec Capital LP & PRP Advisors, LLC (PRP), serves as the Sponsor of this transaction. Hometown Equity Mortgage, LLC, the Lender d/b/a Hometown Equity (26.9%), OCMBC aka LoanStream (22.6%) and Champions Funding (11.9%) are the largest originators of the mortgage loans. Fay Servicing, LLC (Fay; 57.2%), NewRez LLC d/b/a Shellpoint Mortgage Servicing (Shellpoint; 35.7%), Selene Finance LP (Selene, 6.9%) and SN Servicing Corporation (SNSC, 0.3%) are the Servicers of the loans in this transaction. PRP will act as Servicing Administrator. U.S. Bank Trust Company, National Association (rated AA with a Stable trend by Morningstar DBRS) will act as Trustee, Securities Administrator, and Certificate Registrar. U.S. Bank National Association will act as Custodian. For 34.1% 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 DSCR, where applicable. Approximately 4.9% of the pool are CDFI No Ratio loans and 8.2% of the pool are investment property loans underwritten using debt-to-income ratios (DTI). Because these loans were made to borrowers 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 52.9% of the pool, the mortgage loans 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. Approximately 43.8% of the loans were originated 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 (2.9%), and QM Rebuttable Presumption (0.5%) by unpaid principal balance (UPB). The Sponsor, a majority-owned affiliate of the Sponsor, will retain 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 November 2028 or (2) the date when the aggregate 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 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 Servicers will not fund advances of delinquent principal and interest (P&I) on any mortgage. However, the Servicers 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's cash flow structure is generally similar to that of other non-QM securitizations. The transaction employs a sequential-pay cash flow structure with a pro rata principal distribution among the senior tranches subject to certain performance triggers related to cumulative losses or delinquencies exceeding a specified threshold (Credit Event). In the case of a Credit Event, principal proceeds will be allocated to cover interest shortfalls on the Class A-1A then A-1B, sequentially on one hand and concurrently to the Class A-1F and Class A-1IO Certificates on the other hand. This then is followed by a reduction of the Class A-1A then A-1B certificate balances then a reduction of the Class A-1F, and Class A-1IO certificate balances, before an allocation of interest then principal to the Class A-2 (IPIP) followed by a similar allocation of funds to the other classes. For the Class A-3 Certificates (only after a Credit Event) and for the mezzanine and subordinate classes of Certificates (both before and after a Credit Event), principal proceeds will be available to cover interest shortfalls only after the more senior Certificates have been paid off in full. Also, the excess spread can be used to cover realized losses first before being allocated to unpaid Cap Carryover Amounts due to Class A-1A, A-1B, A-2, A-3, M-1, B-1 and B-2. 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 November 2029. On or after November 2029, interest and principal otherwise payable to the Class B-3 may also be used to pay the Class A-1A, A-1B, A-1F, A-1IO, A-2, and A-3 Certificates Cap Carryover Amounts after the Class A coupons step up. Notes: All figures are in U.S. dollars unless otherwise noted. PRPM 2025-NQM5: Fitch Assigns 'B(EXP)sf' Rating on Class B-2 Certs ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings to the residential mortgage-backed certificates to be issued by PRPM 2025-NQM5 Trust (PRPM 2025-NQM5). Entity/Debt Rating ----------- ------ PRPM 2025-NQM5 A-1A LT AAA(EXP)sf Expected Rating A-1B LT AAA(EXP)sf Expected Rating A-1 LT AAA(EXP)sf Expected Rating A-1F LT AAA(EXP)sf Expected Rating A-1IO 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 AIOS LT NR(EXP)sf Expected Rating XS LT NR(EXP)sf Expected Rating P LT NR(EXP)sf Expected Rating R LT NR(EXP)sf Expected Rating Transaction Summary The PRPM 2025-NQM5 mortgage-backed certificates are supported by 885 loans with a $425.2 million balance as of the cutoff date. This will be the 10th PRPM nonqualified mortgage (NQM, or non-QM) transaction rated by Fitch and the third PRPM NQM transaction issued in 2025. Home Equity Mortgage (dba theLender) originated 26.9% of the loans in the transaction, LoanStream Mortgage originated 22.6%, Champions Funding, LLC originated 11.9%, and the remaining 38.6% were originated by various third-party originators. Home Equity Mortgage, LoanStream, and Champions are all assessed as 'Acceptable' originators by Fitch. Fay Servicing, LLC will service 57.2% of the loans in the pool, Shellpoint Mortgage Servicing LLC will service 35.7%, Selene Finance LP will service 6.9%, and the remaining 0.3% will be serviced by SN Servicing Corporation. Fitch rates Fay Servicing 'RSS2'/Negative, Shellpoint 'RPS2-'/Stable, Selene 'RPS2-'/Stable, and SN 'RPS3'/Stable. KEY RATING DRIVERS Credit Risk of Mortgage Assets: RMBS transactions are directly affected by the performance of the underlying residential mortgages or mortgage-related assets. Fitch analyzes loan-level attributes and macroeconomic factors to assess the credit risk and expected losses. PRPM 2025-NQM5 has a final probability of default (PD) of 54.2% in the 'AAAsf' rating stress. Fitch's final loss severity in the 'AAAsf' rating stress is 45.3%. The expected loss in the 'AAAsf' rating stress is 24.5% (see Highlights and Asset Analysis sections for more details). Structural Analysis: The mortgage cash flow and loss allocation in PRPM 2025-NQM5 are based on a modified sequential-payment structure, whereby principal is distributed pro rata among the class A notes while excluding subordinate bonds from principal until classes A-1A, A-1B, A-1F, A-2, and A-3 are reduced to zero. To the extent either a cumulative loss trigger event or a delinquency trigger event occurs in a given period, principal will be distributed sequentially to classes A-1A, A-1B, A-1F, A-2 ,and A-3 until they are reduced to zero. Fitch analyzes the capital structure to determine the adequacy of the transaction's credit enhancement (CE) to support payments on the securities under multiple scenarios incorporating Fitch's loss projections derived from the asset analysis. Fitch applies its assumptions for defaults, prepayments, delinquencies and interest rate scenarios (see Highlights and Cash Flow Analysis sections for more details). The CE for all ratings was sufficient for the given rating levels. The CE in the form of subordination and excess spread for a given rating exceeded the expected losses of that rating stress. Operational Risk Analysis: Fitch considers originator and servicer capability, third-party due diligence results, and the transaction-specific representation, warranty and enforcement (RW&E) framework to derive a potential operational risk adjustment. The only consideration that has a direct impact on Fitch's loss expectations is due diligence. Third-party due diligence was performed on 100.0% of the loans in the transaction. Fitch applies a 5bps z-score reduction for loans fully reviewed by a third-party review (TPR) firm, which have a final grade of either "A" or "B". Counterparty and Legal Analysis: Fitch expects all relevant transaction parties to conform with the requirements as described in its "Global Structured Finance Rating Criteria". Relevant parties are those whose failure to perform could have a material impact on transaction performance. Additionally, all legal requirements should be satisfied to fully de-link the transaction from any other entities. Fitch expects PRPM 2025-NQM5 to be fully de-linked and to serve as a bankruptcy remote special-purpose vehicle (SPV). All transaction parties and triggers align with Fitch's expectations. Rating Cap Analysis: Common rating caps in U.S. RMBS may include, but are not limited to, new product types with limited or volatile historical data and transactions with weak operational or structural/counterparty features. These considerations do not apply to PRPM 2025-NQM5. Therefore, Fitch is comfortable assigning the highest possible rating of 'AAAsf' without any rating caps. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade This defined negative rating sensitivity analysis demonstrates how 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 37.5%, at 'AAA'. The analysis indicates 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 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 the rated classes. Specifically, a 10% gain in home prices would result in a full category upgrade for the rated classes 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 environments and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. They should not be used as indicators 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 SitusAMC, Canopy, Clarifii, Clayton, Covius, Consolidated Analytics, Evolve, Incenter, Maxwell, Stonehill, and Selene. The third-party due diligence described in Form 15E focused on credit, compliance, and property valuation. Fitch considered this information in its analysis and, as a result, Fitch applies an approximate 5-bp z-score reduction for loans fully reviewed by the TPR firm and have a final grade of either 'A' or 'B'. 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. RACE POINT X: S&P Affirms CCC+ (sf) Rating on Class F-R Notes ------------------------------------------------------------- S&P Global Ratings raised its ratings on the class B-1-R, B-2-R, C-1-R, C-2-R, and D-R debt from Race Point X CLO Ltd. and removed them from CreditWatch, where S&P had placed them with positive implications on Oct. 10, 2025. At the same time, S&P affirmed its ratings on the class A-1-R, E-R, and F-R debt from the same transaction. The rating actions follow S&P's review of the transaction's performance using data from the September 2025 trustee report. The transaction has paid down $204.0 million to the class A-1-R debt since S&P's December 2023 rating actions. Following are the changes in the reported overcollateralization (O/C) ratios since the October 2025 trustee report, which it used for its previous rating actions: -- The class A/B O/C ratio increased to 175.59% from 126.34%. -- The class C O/C ratio increased to 142.10% from 117.39%. -- The class D O/C ratio increased to 118.52% from 109.31%. -- The class E O/C ratio increased to 107.38% from 104.80%. -- All O/C ratios experienced positive movement due to the lower balances of the senior debt, leading to an increase in credit support. The upgrades reflect the improved credit support available to the debt at the prior rating levels. S&P said, "Our cash flow analysis indicates the potential for a one-notch higher rating for the class D-R debt. However, we believe that their subordinated position may result in a greater likelihood of rating migration than that of more senior classes in the event of portfolio volatility. Our rating action considered the credit enhancement available for this class and the cash flow cushion under additional sensitivity analyses that considered the transaction's exposure to 'CCC' and 'CCC-' rated collateral obligations, as well as to some assets we noticed trading with low market values. "The affirmations reflect adequate credit support at the current rating levels, though any deterioration in the credit support available to the debt could result in further ratings changes." Although all O/C ratios improved and the collateral portfolio credit quality remained relatively stable, the trustee-reported weighted average recovery rate (WARR) and weighted average spread (WAS) declined during the same period: -- The 'AAA' WARR decreased to 38.10 from 39.60. -- WAS decreased to 3.46% from 3.77%. These, combined with par losses that occurred over time, affected the cash flows of the junior tranches, which are lower in the capital structure, hence, more sensitive to such changes as the portfolio amortizes. S&P said, "Although the cash flow results indicated a lower rating for the class E-R and F-R debt, we view the overall credit seasoning as an improvement to the transaction and considered the relatively stable O/C ratios that currently have a significant cushion over their minimum requirements. However, any increase in defaults and/or par losses could lead to potential negative rating actions on the class E-R and F-R debt in the future. "It is our view that the E-R class is not currently dependent upon favorable business, financial, or economic conditions to meets its contractual obligations of timely interest and ultimate repayment of principal by legal final maturity and, thus, does not meet our definition of 'CCC' risk. However, the F-R class continues to be currently dependent upon favorable business, financial, or economic conditions to meets its contractual obligations of timely interest and ultimate repayment of principal by legal final maturity and, thus, does meet our definition of 'CCC' risk. Further increases in defaults or par losses could lead to negative rating actions on these classes. "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. In addition, our analysis 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 all of the rated outstanding classes have adequate credit enhancement available at the rating levels associated with these 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 will take rating actions as we deem necessary." Ratings Raised And Removed From CreditWatch Positive Race Point X CLO Ltd. Class B-1-R to 'AAA (sf)' from 'AA (sf)/Watch Pos' Class B-2-R to 'AAA (sf)' from 'AA (sf)/Watch Pos' Class C-1-R to 'AA+ (sf)' from 'A (sf)/Watch Pos' Class C-2-R to 'AA+ (sf)' from 'A (sf)/Watch Pos' Class D-R to 'BBB- (sf)' from 'BBB (sf)/Watch Pos' Ratings Affirmed Race Point X CLO Ltd. Class A-1-R: AAA (sf) Class E-R: B+ (sf) Class F-R: CCC+ (sf) RCMF 2023-FL11: Fitch Affirms 'B-sf' Rating on Class G Debt ----------------------------------------------------------- Fitch Ratings has affirmed all classes of RCMF 2023-FL11. The Rating Outlook on class F was revised to Stable from Negative. The Rating Outlook on class G remains Negative. Entity/Debt Rating Prior ----------- ------ ----- RCMF 2023-FL11 A 75575RAA5 LT AAAsf Affirmed AAAsf A-S 75575RAC1 LT AAAsf Affirmed AAAsf B 75575RAE7 LT AA-sf Affirmed AA-sf C 75575RAG2 LT A-sf Affirmed A-sf D 75575RAJ6 LT BBBsf Affirmed BBBsf E 75575RAL1 LT BBB-sf Affirmed BBB-sf F 75575RAN7 LT BB-sf Affirmed BB-sf G 75575RAQ0 LT B-sf Affirmed B-sf KEY RATING DRIVERS Increased Credit Enhancement (CE); Adverse Selection: The affirmations and the revision of the Outlook to Stable from Negative on class F reflect increased CE since Fitch's prior rating action, driven by better-than-expected recoveries from loan repayments, offsetting increasing pool concentration and adverse selection concerns. As of the October 2025 remittance, the pool's aggregate balance has paid down by 55.1% since issuance to $263.4 million from $586.0 million. Since issuance, 22 loans have paid off in full, including $181.2 million of paydown from eight loans since the prior rating action. The pool is also overcollateralized by $6.1 million, with total class balances of $257.2 million. Fitch's current ratings incorporate a 'Bsf' rating case loss of 20.25%. The transaction has 16 loans remaining, eight (52.2%) of which are designated as Fitch Loans of Concern (FLOCs), including six specially serviced loans (45.1%). The Negative Outlook on class G reflects potential downgrade concerns should losses on the specially serviced loans exceed expectations due to a lack of property stabilization or extended workout timelines. Loss expectations on the six specially serviced loans in the pool have increased since the prior rating action. The specially serviced loans include three loans at least 30 days or more delinquent (Azure at Riverside [13.0% of pool], Heron Landing [10.9%] and Villas De Sendero [6.6%]); two loans that defaulted at maturity (Marmalade Hill Apartments [5.7%] and Brooks Townhomes [5.0%]); and one loan classified as in foreclosure (Gallery Apartments Houston [3.9%]). The two non-specially serviced FLOCs include Timberstone Commons & Greenwood Village Portfolio (4.6%), where the business plan is progressing more slowly than anticipated, and Willow Bend Apartments (2.5%), which is past maturity. Due to the adverse selection, given the high concentration of specially serviced loans, as well as near-term maturities in the pool, Fitch performed a recovery and liquidation analysis that grouped the remaining loans based on their status and collateral quality and then ranked them by their perceived likelihood of repayment and/or loss expectations. Loans in Special Servicing: The largest increase in loss since the prior rating action and largest contributor to overall pool loss expectations is Azure at Riverside (13.0% of pool), which was transferred to special servicing in August 2025 and was reported 30 days delinquent in October 2025. The loan is secured by a 267-unit, garden-style apartment complex in Austell, GA, in the Atlanta MSA. The funded whole loan amount is $34.3 million, with $2.2 million of unfunded future funding; 51.0% of the future funding has been funded to date. This interest-only loan has a four-year initial term through October 2026, with one option for a one-year extension. The sponsor is progressing on its business plan to execute interior and exterior capital improvements. Based on the latest T12 operating statement as of June 2025, occupancy was 77%, with net effective rents up approximately $200 since issuance, but still below underwritten stabilization by approximately $300. Over the last 12 months, the property has experienced lower occupancy because of units taken offline for renovations. Additionally, the property experiences elevated levels of bad debt comprising approximately 7% of GPR. Fitch's 'Bsf' rating case loss of 42% (prior to a concentration adjustment) is based on a 9% cap rate and the YE24 net cash flow (NCF). Heron Landing (10.9%), the second-largest increase in loss since the prior rating action and second-largest contributor to overall pool loss expectations, was transferred to special servicing in February 2025 and was reported 60+ days delinquent in October 2025; the loan has been chronically delinquent. The loan is secured by 12 two-story multifamily buildings totaling 144 units located in Lauderhill, FL, in the Fort Lauderdale MSA. The funded whole loan amount is $28.8 million, with $936,577 of unfunded future funding; 67.1% of the future funding has been funded to date. This interest-only loan had a three-year initial term through October 2025, with two one-year extension options. The business plan at issuance was to continue to drive occupancy and increase rents to market by investing in capital improvements to the property's exteriors and common areas. Fitch requested an update on business plan progress, but it was not provided. Fitch's 'Bsf' rating case loss of 24% (prior to a concentration adjustment) is based on an 8.50% cap rate and the TTM June 2024 NCF. The specially serviced Marmalade Hill Apartments loan (5.7%) is the third-largest contributor to overall pool loss expectations. The loan, which re-entered special servicing in January 2025, is secured by a 71-unit garden style multifamily property located in Salt Lake City, UT. The funded whole loan amount is $14.9 million, with $1.4 million in unfunded future funding; 51.1% of the future funding has been funded. This interest-only loan had a three-year initial term through February 2025, with two one-year options. The business plan, which includes renovating unit interiors and exteriors, and appointing property management to upgrade the property and push rents to market, is progressing. Based on the latest T3 operating statement as of June 2025, occupancy was 76%, with monthly net effective rents up approximately $130 since issuance, but still below underwritten stabilization by approximately $600. Fitch's 'Bsf' rating case loss of 39% (prior to a concentration adjustment) is based on a stress to the most recent appraisal, reflecting a recovery value of approximately $128,500 per unit. The specially serviced Villas De Sendero loan (6.6%), which transferred in June 2024 and was reported 90+ days delinquent in October 2025, is secured by a 208-unit garden-style multifamily property built in 1984 and located in San Antonio, TX. The funded loan amount totals $19.9 million, of which $17.4 million was contributed to the trust. Unfunded future funding is $312,338, 78.9% of the future funding has been drawn to date. The loan is partial interest-only (36 months interest-only followed by 24 months of amortization) and had a three-year initial term through January 2025, with two one-year extension options. The business plan at issuance was to execute a value-add strategy through interior and exterior capital expenditure upgrades. Fitch requested an update on business plan progress, but it was not provided. Fitch's 'Bsf' rating case loss of 30% (prior to a concentration adjustment) is based on a stress to the most recent appraisal, reflecting a recovery value of approximately $66,600 per unit. The specially serviced Brooks Townhomes loan (5.0%), which transferred in July 2025 and reported as a non-performing matured balloon, is secured by a 135-unit multifamily property built in 1974 and located in San Antonio, TX. The funded whole loan amount is $13.1 million, with $96,714 of unfunded future funding; 95.6% of the future funding has been funded to date. The loan is partial interest-only, with 48 months of interest-only and a three-year initial term through June 2025, with two one-year extension options. The sponsor's business plan to implement a capital expenditure program, including renovating the unit interiors, exteriors, and pushing rents, is progressing. As of the latest T6 operating statement from June 2025, occupancy was 82%, with monthly net effective rents up approximately $70 since issuance, but still below underwritten stabilization by approximately $200. The property has experienced lower occupancy over the last 12 months due to down units from renovation. Concession levels are also elevated, comprising approximately 15% of GPR. Fitch's 'Bsf' rating case loss of 42% (prior to a concentration adjustment) is based on an 8.50% cap rate and the TTM June 2025 NCF. The specially serviced Gallery Apartments Houston loan (3.9%), which transferred to special servicing in July 2025 and reported as in foreclosure since July 2025, is secured by a 101-unit garden-style multifamily property built in 2001 and located in Houston, TX. The funded whole loan amount is $10.3 million, with $861,556 of unfunded future funding. This interest-only loan had a three-year initial term through September 2025, with two one-year extension options. The business plan to implement an interior capital expenditure improvement, lease a non-revenue-generating unit, improve branding and install institutional property management to raise rents is progressing. Based on the latest T12 operating statement as of June 2025, occupancy was 74%, with monthly net effective rents up approximately $200 since issuance, but still below underwritten stabilization by approximately $215. Over the last 12 months, the property has experienced lower occupancy because of down units from renovations and elevated levels of bad debt, comprising 6% of GPR. Fitch's 'Bsf' rating case loss of 42% (prior to a concentration adjustment) is based on an 8.50% cap rate and the TTM June 2025 NCF. Other FLOCs: The Timberstone Commons & Greenwood Village Portfolio consists of two properties, Timberstone Commons, built in 1972, and Greenwood Village, built in 1970, which are two townhome-style apartment communities located in Charlotte, NC, approximately three miles apart. The business plan is to renovate the interiors and exteriors at both properties; however, progress has been slower than anticipated. Based on the latest T6 operating statement as of June 2025, occupancy was 86%, below underwritten stabilization of 96%, and monthly net effective rents are up approximately $500 since issuance and above underwritten stabilization by approximately $60. Unit renovations remain underway. Fitch's 'Bsf' rating case loss of 22% (prior to a concentration adjustment) is based on a 9% cap rate to the TTM June 2025 NCF. Willow Bend Apartments (2.5%), flagged as a FLOC because the loan is performing but matured and is past its extended August 2025 maturity, consists of a 44-unit, garden-style multifamily property located in Durham, NC. The funded loan amount is $6.7 million, with $189,549 of unfunded future funding. The business plan is to implement interior capital improvements. Based on the latest T12 operating statement as of June 2025, occupancy was 83% and monthly net effective rents have increased approximately $340 since issuance, but still below underwritten stabilization by approximately $145. Fitch's 'Bsf' rating case loss of 19% (prior to a concentration adjustment) is based on an 8.50% cap rate and the TTM June 2025 NCF. Collateral Attributes: The pool is secured by properties that have not yet completely stabilized, are in varying stages of lease-up or are undergoing renovation. The associated risks, including cash flow interruption during renovation, lease-up and completion, are mitigated by experienced sponsorship, credible business plans and loan structural features that include guaranties, reserves, cash management and performance triggers, and additional funding mechanisms. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Downgrades to classes rated in the 'AAAsf', 'AAsf', and 'Asf' categories could occur if deal-level expected losses increase significantly and/or interest shortfalls occur on the 'AAAsf' rated classes. - Downgrades to the classes rated in the 'BBBsf' and 'BBsf' categories could occur if additional loans transfer to special servicing and/or become delinquent; business plans staill and performance fails to stabilize, or performance and/or valuations of the FLOCs, particularly the specially serviced loans, deteriorates significantly. - Downgrades to the class rated 'B-sf' with a Negative Outlook would occur if workouts for the specially serviced loans are prolonged/unsuccessful, or if performance of those loans continues to deteriorate from lack of stabilization or deteriorating market conditions. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Upgrades are not expected due to increasing pool concentrations and adverse selection concerns, but may be possible with better-than-expected recoveries on all the FLOCs and specially serviced loans in the pool, as well as additional loan repayments that would raise CE. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. 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. READY CAPITAL 2018-4: DBRS Confirms B Rating on Class G Certs ------------------------------------------------------------- DBRS, Inc. confirmed all credit ratings on the classes of Ready Capital Mortgage Trust 2018-4 Commercial Mortgage Pass-Through Certificates issued by Ready Capital Mortgage Trust 2018-4 as follows: -- Class B at AAA (sf) -- Class C at AAA (sf) -- Class IO-B/C at AAA (sf) -- Class D at AA (low) (sf) -- Class E at BBB (high) (sf) -- Class F at BB (sf) -- Class G at B (sf) All trends are Stable. The credit rating confirmations reflect the overall stable performance of the transaction and lack of changes since Morningstar DBRS' previous review in December 2024. As of the October 2025 remittance, 21 of the original 50 loans remain in the pool. The initial pool balance of $164.96 million has been reduced by 65.6%, to $56.7 million, which includes $0.9 million of realized losses contained to the unrated Class H certificate. Loans secured by retail properties represent the greatest property-type concentration, accounting for 36.7% of the current pool balance, followed by office properties at 18.3%. The largest geographic concentration is North Carolina, accounting for 21.1% of the balance, followed by Virginia at 11.0%. As of the October 2025 remittance, there are no delinquent or specially serviced loans; however, 11 loans, representing 37.6% of the pool balance, are monitored on the servicer's watchlist for combinations of factors including below breakeven debt service coverage ratios (DSCRs), declines in property occupancy rates, and deferred maintenance issues. The largest loan on the servicer's watchlist for performance related concerns, The Shops at Northgate (Prospectus ID#5, 9.1% of the current trust balance), is secured by a retail property in Durham, North Carolina. The loan has been on the servicer's watchlist since September 2023 for a low DSCR as a result of a decline in occupancy. While the loan remains current, the borrower has been unsuccessful in increasing the occupancy rate at the subject, which was reported at 68.2% as of the June 2025 rent roll. The figure is slightly higher from the occupancy rate as reported in the June 2024 rent roll of 64.0%. The property has been negatively affected by the closure of the adjacent Northgate Mall, which historically helped drive traffic to the subject property. Vacant spaces at the subject range in size from 1,245 square feet (sf) to 10,153 sf. The largest tenant, Sky Zone (27.2% of the net rentable area (NRA)), executed an early five-year lease extension in 2023 with a lease expiration date in October 2029. The lease of the second-largest tenant, Planet Fitness (21.7% of the NRA), does not expire until July 2027. According to the trailing six-month financials ended June 30, 2025, property cash flow yielded a DSCR of 1.13 times (x), an increase from the YE2024 figure of 0.90x. Given the ongoing leasing challenges at the property and depressed cash flow, Morningstar DBRS applied an increased Probability of Default adjustment and stressed loan-to-value ratio to the loan, which resulted in an increased loan expected loss. The loan expected loss is greater than 2.5x the weighted-average expected loss for the pool. Notes: All figures are in U.S. dollars unless otherwise noted. SBALR 2020-RR1: DBRS Cuts Class C Certs Rating to C --------------------------------------------------- DBRS Limited downgraded its credit ratings on six classes of Commercial Mortgage Pass-Through Certificates, Series 2020-RR1 issued by SBALR Commercial Mortgage 2020-RR1 Trust as follows: -- Class A-3 to A (high) (sf) from AAA (sf) -- Class A-AB to A (high) (sf) from AAA (sf) -- Class A-S to BBB (low) (sf) from AA (high) (sf) -- Class B to CCC (sf) from B (high) (sf) -- Class C to C (sf) from CCC (sf) -- Class X-A to BBB (sf) from AAA (sf) Morningstar DBRS also placed the credit ratings for Classes A-3, A-AB, X-A, and A-S Under Review with Negative Implications. In addition, Morningstar DBRS confirmed its credit ratings on the following classes: -- Class D at C (sf) -- Class E at C (sf) -- Class F at C (sf) With this credit rating action, these classes no longer carry trends, as applicable. In the analysis for this review, Morningstar DBRS considered liquidation scenarios for all 10 loans in special servicing, resulting in a cumulative projected liquidated loss amount of $61.3 million, approximately $57.4 million of which is tied to the transaction's largest loan group, Emerald Bronx Multifamily Portfolio (the Emerald Portfolio; Prospectus ID#s 2, 3, 4, 5, 6, 10, 11, and 13; 33.5% of the pool). Liquidation scenarios were also considered for two additional loans in the Gutman and Hoffman Multifamily Portfolio (the Gutman Portfolio; Prospectus ID#s 9 and 12; 7.3% of the pool). Both of those loans are current; however, Morningstar DBRS maintained a stressed analysis based on an anticipated as-is value decline for the underlying properties. This approach was considered appropriate given the underlying collateral has experienced a contraction in cash flow amid increased challenges for rent-stabilized assets located in New York City. The scenarios analyzed for this review resulted in an aggregate liquidated loss projection totaling approximately $68.2 million, which would fully erode Classes C, D, E, F, and G and reduce the Class B balance by a nominal amount (less than 3.0%), supporting the credit rating downgrades on the Class B and C certificates. In addition to the increased liquidated loss projections, ongoing interest shortfalls have continued to accrue. As of the October 2025 remittance, cumulative unpaid interest totaled $3.6 million, up from $1.5 million at the last credit rating action, with Class A-S no longer receiving any interest due. The Class B certificate (which has not received full interest since the September 2025 remittance) has been shorted by approximately $212,000 to date. Morningstar DBRS' tolerance for unpaid interest is limited to one to two remittance periods at the AA and "A" credit rating categories and six remittance periods at the BB or B credit rating categories. Morningstar DBRS expects that shortfalls will continue to accrue given nine of the 10 loans in special servicing (representing 35.2% of the current pool balance) have been deemed nonrecoverable, further supporting the credit rating downgrade on the Class B certificate, in addition to the downgrade on the Class A-S certificate. Although the Class A-3 and A-AB certificates continue to receive full interest due, the October 2025 interest payment for Class A-AB was reimbursed from principal, resulting in the unrated Class G being written down by an additional $44,000. Should the workout periods continue to extend and/or should the as-is values for the underlying collateral backing the defaulted loans deteriorate further, the Class A-3 and A-AB certificates may be more susceptible to interest shortfalls as a result of accumulating appraisal subordination entitlement reduction amounts, outstanding advances, and other expenses/fees, which was a consideration for the credit rating downgrades on those classes. Given the concentration of loans that are in special servicing, the uncertainty surrounding the disposition timeframe for those loans and the servicer's decision making through the remaining workout period with regard to interest advances and future interest shortfalls, Morningstar DBRS placed Classes A-3, A-AB, A-S, and X-A Under Review with Negative Implications. Morningstar DBRS is gathering information from the servicer to evaluate the likelihood that the outstanding shortfalls will be repaid and/or if shortfalls are expected to continue to grow. Should interest shortfalls continue to accrue and/or persist beyond Morningstar DBRS' shortfall tolerance levels, additional credit rating downgrades may be warranted. The transaction is highly exposed to rent-stabilized, workforce housing, located in New York, which collateralizes the Emerald Portfolio and the Gutman Portfolio loans, collectively representing 40.8% of the current pool balance. The Emerald Portfolio is composed of eight loans secured by smaller portfolios of multifamily properties, typically classified as workforce housing. In total, the portfolio consists of 28 properties and 747 units in multiple neighborhoods in the Bronx. The loans transferred to the special servicer between May 2023 and November 2023 for imminent monetary default, with the sponsor, Emerald Equity Group, citing nonpaying tenants and inflated expenses as the source of the payment issues. According to the most recent servicer reporting, foreclosure litigation remains active and in progress. Morningstar DBRS notes that the sponsor is having difficulty outside of the subject portfolios, with other defaults reported since 2020. The January 2025 appraisals for the properties backing the defaulted loans reflect a weighted-average (WA) value decline of approximately 50.0% when compared with the issuance appraised values. When considering the updated values in a hypothetical liquidation scenario, including a haircut to the most recent appraised values, the resulting liquidated loss amounts suggest a WA loss severity in excess of 50% could be realized upon disposition. The Executive Center V loan is secured by a 57,180-square-foot multitenant office property in Brookfield, Wisconsin. The loan transferred to the special servicer in May 2024 after the borrower stated that the property was not generating sufficient cash flow to cover debt service obligations. A foreclosure sale occurred in June 2025 with the property reverting to the lender. A July 2024 appraisal valued the property at $4.8 million, 40.0% below the issuance appraised value of $8.0 million. Morningstar DBRS' analysis included a liquidation scenario based on a haircut to the most recent appraised value, resulting in a projected loss severity of approximately 60.0%. Notes: All figures are in U.S. dollars unless otherwise noted. SDART 2025-1: Fitch Affirms BBsf Rating on Class E Debt ------------------------------------------------------- Fitch Ratings has affirmed 24 classes and upgraded 10 classes in 11 Santander Drive Auto Receivables Trusts (SDART). Entity/Debt Rating Prior ----------- ------ ----- Santander Drive Auto Receivables Trust 2025-1 A-2 80288DAB2 LT AAAsf Affirmed AAAsf A-3 80288DAC0 LT AAAsf Affirmed AAAsf B 80288DAD8 LT AAsf Affirmed AAsf C 80288DAE6 LT A+sf Upgrade Asf D 80288DAF3 LT BBBsf Affirmed BBBsf E 80288DAG1 LT BBsf Affirmed BBsf Santander Drive Auto Receivables Trust 2024-5 A-2 802920AC2 LT AAAsf Affirmed AAAsf A-3 802920AD0 LT AAAsf Affirmed AAAsf B 802920AE8 LT AAsf Affirmed AAsf C 802920AF5 LT Asf Affirmed Asf D 802920AG3 LT BBBsf Affirmed BBBsf Santander Drive Auto Receivables Trust 2024-4 A-3 802919AC4 LT AAAsf Affirmed AAAsf B 802919AD2 LT AAsf Affirmed AAsf C 802919AE0 LT Asf Affirmed Asf Santander Drive Auto Receivables Trust 2024-3 A-3 80287LAC3 LT AAAsf Affirmed AAAsf B 80287LAD1 LT AAAsf Upgrade AAsf C 80287LAE9 LT AAsf Upgrade Asf Santander Drive Auto Receivables Trust 2024-2 A-3 80286YAC6 LT AAAsf Affirmed AAAsf B 80286YAD4 LT AAAsf Upgrade AAsf C 80286YAE2 LT AAsf Upgrade Asf Santander Drive Auto Receivables Trust 2024-1 A-3 80288AAC6 LT AAAsf Affirmed AAAsf B 80288AAD4 LT AAAsf Upgrade AAsf C 80288AAE2 LT AAsf Upgrade Asf Santander Drive Auto Receivables Trust 2023-6 A-3 80287DAC1 LT AAAsf Affirmed AAAsf B 80287DAD9 LT AAAsf Upgrade AAsf C 80287DAE7 LT AAsf Upgrade Asf Santander Drive Auto Receivables Trust 2023-5 A-3 80286PAC5 LT AAAsf Affirmed AAAsf B 80286PAD3 LT AAAsf Affirmed AAAsf C 80286PAE1 LT AAsf Affirmed AAsf Santander Drive Auto Receivables Trust 2023-4 A3 802927AD5 LT AAAsf Affirmed AAAsf B 802927AE3 LT AAAsf Affirmed AAAsf C 802927AF0 LT AAsf Affirmed AAsf Santander Drive Auto Receivables Trust 2022-2 C 80286MAE8 LT AAAsf Upgrade AAsf Santander Drive Auto Receivables Trust 2021-4 D 80285VAF6 LT AAAsf Affirmed AAAsf KEY RATING DRIVERS The affirmations and upgrades of the outstanding notes reflect available credit enhancement (CE) and loss performance to date. CNLs are tracking inside the initial rating case proxies and hard CE levels have grown for all classes in each transaction since close. The Stable Outlooks for the 'AAAsf' rated notes reflect Fitch's expectation that the notes have sufficient levels of credit protection to withstand potential deterioration in credit quality of the portfolio in stress scenarios and that loss coverage will continue to increase as the transactions amortize. The Positive Outlooks on the applicable classes reflect the possibility for an upgrade in the next one to two years. As of the September 2025 collection period, 61+ day delinquencies were 10.05%, 9.37%, 8.78%. 8.38%, 8.61%, 8.32%, 7.56%, 7.03%, 6.48%, 6.16% and 6.09% for 2021-4, 2022-2, 2023-4, 2023-5, 2023-6, 2024-1, 2024-2, 2024-3, 2024-4, 2024-5 and 2025-1, respectively. Cumulative net losses (CNL) were 8.54%, 10.41%, 8.79%, 7.38%, 7.30%, 7.16%, 5.55%, 4.77%, 3.96%, 3.55%, and 2.43%, respectively, tracking below Fitch's initial rating cases of 17.00%, 16.00%, 15.00%, 15.00%, 15.00%, 15.00%, 15.00%, 15.00%, 15.00%, 15.00%, 15.00%, respectively. The lifetime CNL proxies consider the transactions' remaining pool factors, pool compositions, and performance to date. Furthermore, they consider current and future macro-economic conditions that drive loss frequency, along with the state of wholesale vehicle values, which affect recovery rates and ultimately transaction losses. To account for potential increases in delinquencies and losses, Fitch applied conservative assumptions in deriving the updated rating case proxies. Fitch reduced rating case proxies for transactions 2021-4, 2022-2, 2023-5, 2023-6 and 2024-1, 2024-2, 2024-3, 2024-5 and 2025-1 from the prior annual review and close and maintained the proxies for 2023-4. Fitch maintained conservativism by using projections based on performance to date. For this review, Fitch revised the rating case CNL proxies to 9.75%, 12.50%, 13.50%, 13.50%, 14.00%, 13.50%, 13.50%, 14.00%, 14.00% and 14.00% for 2021-4, 2022-2, 2023-5, 2023-6, 2024-1, 2024-2, 2024-3, 2024-4, 2024-5 and 2025-1, respectively from 11.00%, 13.50%, 14.00%, 14.50%, 14.50%, 14.50%, 14.50%, 15.00%, 15.00% and 15.00%. The rating case CNL proxy for 2023-4 was maintained at 14.50%. Under the revised lifetime CNL loss proxies, cash flow modelling continues to support multiples consistent with or in excess of 3.00x for 'AAAsf', 2.50x for 'AAsf', 2.00x for 'Asf', 1.50x for 'BBBsf' and 1.25x for 'BBsf'. Conversely, Fitch's base case credit loss expectation, which does not include a margin of safety and is not used in Fitch's quantitative analysis to assign ratings, are 9.25%, 11.50%, 12.50%, 11.00%, 11.50%, 12.00%, 11.50%, 11.50%, 12.00%, 12.00%, and 12.00%, for 2021-4, 2022-2, 2023-4, 2023-5, 2023-6, 2024-1, 2024-2, 2024-3, 2024-4, 2024-5 and 2025-1, respectively, based on Fitch's "Global Economic Outlook - September 2025", prior and projected transaction performance. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Unanticipated increases in the frequency of defaults could produce default levels higher than the current projected rating case default proxy, and impact available loss coverage and multiples levels for the transaction. Weakening asset performance is strongly correlated to increasing levels of delinquencies and defaults that could negatively impact CE levels. Lower loss coverage could impact ratings and Outlooks, depending on the extent of the decline in coverage; - In Fitch's initial review, the notes were found to have limited sensitivity to a 1.5x and 2.0x increase of Fitch's rating case loss expectation for each transaction. To date, the transactions have exhibited strong performance, with losses staying within Fitch's initial expectations with adequate loss coverage and multiple levels. Therefore, a material deterioration in performance would have to occur within the asset collateral to have potential negative impact on the outstanding ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Stable to improved asset performance, driven by stable delinquencies and defaults, would lead to increasing CE levels and consideration for potential upgrades. If CNL is 20% less than projected rating case CNL proxy, the ratings for the subordinated notes could be upgraded one to two categories while the 'AAAsf' rated notes would be maintained at stronger multiples. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. 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. SDART 2025-4: Fitch Assigns 'BB(EXP)sf' Rating on Class E Notes --------------------------------------------------------------- Fitch Ratings has assigned expected ratings and Rating Outlooks to Santander Drive Auto Receivables Trust (SDART) 2025-4. Entity/Debt Rating ----------- ------ Santander Drive Auto Receivables Trust 2025-4 A1 ST F1+(EXP)sf Expected Rating A2 LT AAA(EXP)sf Expected Rating A3 LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D LT BBB(EXP)sf Expected Rating E LT BB(EXP)sf Expected Rating KEY RATING DRIVERS Collateral Performance — Stable Credit Quality: SDART 2025-4 is backed by collateral that is consistent with that of prior SDART series, with a weighted average (WA) Fair Isaac Corporation (FICO) score of 605 and an internal WA loan funded score (LFS) of 534. The WA FICO and WA LFS score remains consistent with that of prior transactions over the past five years. WA seasoning is 5.61 months, an increase from 4.11 months for 2025-3. New vehicles total 26.7% of the pool, down from 29.6% in 2025-3. In addition, the pool is diverse in terms of vehicle models and geographic concentrations. The transaction's percentage of extended-term loans (61+ months) remains elevated at 94.2%, and greater-than-72-month term loans total 21.0%, slightly up from 20.2% in 2025-3. Forward-Looking Approach to Derive Rating Case Proxy — Delinquencies Up, Losses Contained: Fitch considered economic conditions and future expectations by assessing key macroeconomic and wholesale market conditions when deriving the series' rating case loss proxy. Fitch used the 2007-2009 and 2015-2018 vintage ranges to derive the loss proxy for 2025-4, representing through-the-cycle performance. While performance has deteriorated for 2022, 2023, and 2024 originations, the 2025 vintage has shown early signs of slightly improved performance. Fitch's rating case cumulative net loss (CNL) proxy for 2025-4 is 15.00%. Payment Structure — Adequate CE: Initial hard credit enhancement (CE) totals 37.50%, 28.70%, 19.60%, 9.30%, and 4.50% for classes A, B, C, D and E, respectively, all down from 2025-3. This is a continuing trend of the declining hard CE over the past several transactions. Excess spread is expected to be 9.78% per annum. Loss coverage for each note class is sufficient to cover the respective multiples of Fitch's rating case CNL proxy of 15.00%. Operational and Servicing Risks — Consistent Origination/Underwriting/Servicing: SC has adequate abilities as the originator and underwriter and SBNA as the servicer, as evidenced by their historical portfolio and securitization performance. Fitch rates SC's ultimate parent, Santander, 'A'/ Stable/'F1'. Fitch deems SC capable of servicing this transaction. Fitch's base case loss expectation, which does not include a margin of safety and is not used in Fitch's quantitative analysis to assign ratings, is 13.00% based on Fitch's "Global Economic Outlook — September 2025" report, historical transaction performance and projections. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Unanticipated increases in the frequency of defaults could produce CNL levels that are higher than the rating case and would likely result in declines of CE and remaining net loss coverage levels available to the notes. In addition, unanticipated declines in recoveries could also result in lower net loss coverage, which may make certain note ratings susceptible to potential negative rating actions depending on the extent of the decline in coverage. Fitch therefore conducts sensitivity analyses by stressing both a transaction's initial rating case CNL and recovery rate assumptions, as well as by examining the rating implications on all classes of issued notes. The CNL sensitivity stresses the rating case CNL proxy to the level necessary to reduce each rating by one full category to non-investment grade (BBsf) and to 'CCCsf' based on the break-even loss coverage provided by the CE structure. Fitch also conducts 1.5x and 2.0x increases to the rating case CNL proxy, representing both moderate and severe stresses. Fitch also evaluates the impact of stressed recovery rates on an auto loan ABS structure and rating impact with a 50% haircut. These analyses are intended to provide an indication of the rating sensitivity of the notes to unexpected deterioration of a trust's performance. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Stable to improved asset performance driven by stable delinquencies and defaults would lead to rising CE levels and consideration for potential upgrades. If CNL is 20% less than the projected proxy, the expected ratings for the subordinate notes could be upgraded by up to one category. 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 Deloitte & Touche LLP. The third-party due diligence described in Form 15E focused on comparing or recomputing certain information with respect to 150 loans from the statistical data file. Fitch considered this information in its analysis and it did not have an effect on Fitch's analysis or conclusions ESG Considerations The concentration of plug-in hybrid and electric vehicles, at 0.78% and 3.77% respectively, did not have an impact on Fitch's ratings analysis or conclusion for this transaction and has no impact on Fitch's ESG Relevance Score. 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. SEQUOIA MORTGAGE 2025-12: Fitch Assigns 'B(EXP)' Rating on B5 Certs ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to the residential mortgage-backed certificates issued by Sequoia Mortgage Trust 2025-12 (SEMT 2025-12). Entity/Debt Rating ----------- ------ SEMT 2025-12 A1 LT AAA(EXP)sf Expected Rating A2 LT AAA(EXP)sf Expected Rating A3 LT AAA(EXP)sf Expected Rating A4 LT AAA(EXP)sf Expected Rating A5 LT AAA(EXP)sf Expected Rating A6 LT AAA(EXP)sf Expected Rating A7 LT AAA(EXP)sf Expected Rating A8 LT AAA(EXP)sf Expected Rating A9 LT AAA(EXP)sf Expected Rating A10 LT AAA(EXP)sf Expected Rating A11 LT AAA(EXP)sf Expected Rating A12 LT AAA(EXP)sf Expected Rating A13 LT AAA(EXP)sf Expected Rating A14 LT AAA(EXP)sf Expected Rating A15 LT AAA(EXP)sf Expected Rating A16 LT AAA(EXP)sf Expected Rating A17 LT AAA(EXP)sf Expected Rating A18 LT AAA(EXP)sf Expected Rating A19 LT AAA(EXP)sf Expected Rating A20 LT AAA(EXP)sf Expected Rating A21 LT AAA(EXP)sf Expected Rating A22 LT AAA(EXP)sf Expected Rating A23 LT AAA(EXP)sf Expected Rating A24 LT AAA(EXP)sf Expected Rating A25 LT AAA(EXP)sf Expected Rating A26F LT AAA(EXP)sf Expected Rating A27 LT AAA(EXP)sf Expected Rating A28 LT AAA(EXP)sf Expected Rating A29 LT AAA(EXP)sf Expected Rating A30 LT AAA(EXP)sf Expected Rating A31 LT AAA(EXP)sf Expected Rating AIO1 LT AAA(EXP)sf Expected Rating AIO2 LT AAA(EXP)sf Expected Rating AIO3 LT AAA(EXP)sf Expected Rating AIO4 LT AAA(EXP)sf Expected Rating AIO5 LT AAA(EXP)sf Expected Rating AIO6 LT AAA(EXP)sf Expected Rating AIO7 LT AAA(EXP)sf Expected Rating AIO8 LT AAA(EXP)sf Expected Rating AIO9 LT AAA(EXP)sf Expected Rating AIO10 LT AAA(EXP)sf Expected Rating AIO11 LT AAA(EXP)sf Expected Rating AIO12 LT AAA(EXP)sf Expected Rating AIO13 LT AAA(EXP)sf Expected Rating AIO14 LT AAA(EXP)sf Expected Rating AIO15 LT AAA(EXP)sf Expected Rating AIO16 LT AAA(EXP)sf Expected Rating AIO17 LT AAA(EXP)sf Expected Rating AIO18 LT AAA(EXP)sf Expected Rating AIO19 LT AAA(EXP)sf Expected Rating AIO20 LT AAA(EXP)sf Expected Rating AIO21 LT AAA(EXP)sf Expected Rating AIO22 LT AAA(EXP)sf Expected Rating AIO23 LT AAA(EXP)sf Expected Rating AIO24 LT AAA(EXP)sf Expected Rating AIO25 LT AAA(EXP)sf Expected Rating AIO26 LT AAA(EXP)sf Expected Rating AIO27 LT AAA(EXP)sf Expected Rating AIO27F LT AAA(EXP)sf Expected Rating AIO28 LT AAA(EXP)sf Expected Rating AIO29 LT AAA(EXP)sf Expected Rating B1 LT AA(EXP)sf Expected Rating B1A LT AA(EXP)sf Expected Rating B1X LT AA(EXP)sf Expected Rating B2 LT A(EXP)sf Expected Rating B2A LT A(EXP)sf Expected Rating B2X LT A(EXP)sf Expected Rating B3 LT BBB(EXP)sf Expected Rating B4 LT BB(EXP)sf Expected Rating B5 LT B(EXP)sf Expected Rating B6 LT NR(EXP)sf Expected Rating AIOS LT NR(EXP)sf Expected Rating Transaction Summary The certificates are supported by 525 loans with a total balance of approximately $663.46 million as of the cutoff date. The pool consists of prime jumbo fixed-rate mortgages acquired by Redwood Residential Acquisition Corp. (RRAC) from Rocket Mortgage and various mortgage originators. Distributions of principal and interest (P&I) and loss allocations are based on a senior-subordinate, shifting-interest structure, with full advancing. The borrowers in the pool exhibit a strong credit profile, with a weighted-average (WA) Fitch FICO of 773 and 37.0% debt-to-income (DTI) ratio. The borrowers also have moderate leverage, with a 72.9% mark-to-market combined LTV (cLTV). Overall, 93.1% of the pool loans are for primary residences, while the remainder are second homes or investment properties. Additionally, 100% of the loans were underwritten to full documentation. KEY RATING DRIVERS Credit Risk of Mortgage Assets: RMBS transactions are directly affected by the performance of the underlying residential mortgages or mortgage-related assets. Fitch analyzes loan-level attributes and macroeconomic factors to assess the credit risk and expected losses. SEMT 2025-12 has a final probability of default (PD) of 10.06% in the 'AAAsf' rating stress. Fitch's final loss severity in the 'AAAsf' rating stress is 35.95%. The expected loss in the 'AAAsf' rating stress is 3.62%. Structural Analysis: The mortgage cash flow and loss allocation in SEMT 2025-12 are based on a senior-subordinate, shifting-interest structure, whereby the subordinate classes receive only scheduled principal and are locked out from receiving unscheduled principal or prepayments for five years. Fitch analyses the capital structure to determine the adequacy of the transaction's credit enhancement (CE) to support payments on the securities under multiple scenarios incorporating Fitch's loss projections derived from the asset analysis. Fitch applies its assumptions for defaults, prepayments, delinquencies and interest rate scenarios. The CE for all ratings were sufficient for the given rating levels. The credit CE or a given rating exceeded the expected losses of that rating stress to address the structures recoupment of advances and leakage of principal to more subordinate classes. Operational Risk Analysis: Fitch considers originator and servicer capability, third-party due diligence results, and the transaction-specific representation, warranty and enforcement (RW&E) framework to derive a potential operational risk adjustment. The only consideration that has a direct impact on Fitch's loss expectations is due diligence. Third-party due diligence was performed on 97.7% of the loans in the transaction by loan count. Fitch applies a 5bp z-score reduction for loans fully reviewed by a third-party review (TPR) firm, which have a final grade of either "A" or "B". Counterparty and Legal Analysis: Fitch expects all relevant transaction parties to conform with the requirements described in its Global Structured Finance Rating Criteria. Relevant parties are those whose failure to perform could have a material impact on the performance of the transaction. Additionally, all legal requirements should be satisfied to fully de-link the transaction from any other entities. Fitch expects SEMT 2025-12 to be fully de-linked and a bankruptcy remote special purpose vehicle (SPV). All transaction parties and triggers align with Fitch's expectations. Rating Cap Analysis: Common rating caps in U.S. RMBS may include, but are not limited to, new product types with limited or volatile historical data and transactions with weak operational or structural/counterparty features. These considerations do not apply to SEMT 2025-12, and therefore, Fitch is comfortable assigning the highest possible rating of 'AAAsf' without any rating caps. 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 metropolitan statistical area level. Sensitivity analysis 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. The defined negative rating sensitivity analysis demonstrates how the ratings would react to steeper MVDs at the national level. The analysis assumes MVDs of 10%, 20% and 30%, in addition to the model-projected 37.9% at 'AAAsf'. The analysis indicates there is some potential rating migration with higher MVDs compared to 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 analysis 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 the rated classes. Specifically, a 10% gain in home prices would result in a full category upgrade for the rated class, excluding those assigned ratings of 'AAAsf'. 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 SitusAMC, Clayton, and Consolidated Analytics. The third-party due diligence described in Form 15E focused on credit, compliance, and property valuation. Fitch considered this information in its analysis and, as a result, Fitch applies an approximate 5-bp z-score reduction for loans fully reviewed by the TPR firm and have a final grade of either 'A' or 'B'. 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. SHACKLETON 2014-V-R: Moody's Affirms B1 Rating on Cl. E Notes ------------------------------------------------------------- Moody's Ratings has upgraded the ratings on the following notes issued by Shackleton 2014-V-R CLO, Ltd.: US$29.75M Class C Mezzanine Deferrable Floating Rate Notes Due 2031, Upgraded to Aaa (sf); previously on Dec 2, 2024 Upgraded to Aa1 (sf) US$33.5M Class D Mezzanine Deferrable Floating Rate Notes Due 2031, Upgraded to A3 (sf); previously on Dec 2, 2024 Upgraded to Baa2 (sf) Moody's have also affirmed the ratings on the following notes: US$385M (Current outstanding amount US$49,214,833) Class A Senior Floating Rate Notes Due 2031, Affirmed Aaa (sf); previously on Dec 2, 2024 Affirmed Aaa (sf) US$65.5M Class B Senior Floating Rate Notes Due 2031, Affirmed Aaa (sf); previously on Dec 2, 2024 Upgraded to Aaa (sf) US$31.25M Class E Junior Deferrable Floating Rate Notes Due 2031, Affirmed B1 (sf); previously on Dec 2, 2024 Affirmed B1 (sf) US$9.5M (Current outstanding amount US$9,806,878) Class F Junior Deferrable Floating Rate Notes Due 2031, Affirmed Caa3 (sf); previously on Dec 2, 2024 Downgraded to Caa3 (sf) Shackleton 2014-V-R CLO, Ltd., issued in May 2018, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured US loans. The portfolio is managed by Alcentra NY, LLC. The transaction's reinvestment period ended in April 2023. RATINGS RATIONALE The rating upgrades on the Class C and D notes are primarily a result of the significant deleveraging of the Class A notes following amortisation of the underlying portfolio since the last rating action in December 2024. The affirmations on the ratings on the Class A, B, E and F notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The Class A notes have paid down by approximately USD123.3 million (32% of original class A notes amount) since the last rating action in December 2024 and USD335.8 million (87.2%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased for the senior part of the capital structure. According to the trustee report dated September 2025[1] the Senior (i.e. Class A/B), Class C and Class D OC ratios are reported at 185.80%, 147.53% and 119.76% compared to October 2024[2] levels of 139.04%, 125.68% and 113.41%, respectively. At the same time, the over-collateralisation ratios of the Class E and F notes (the latter captured in the Interest Reinvestment Test) have deteriorated since the rating action in December 2024. According to the trustee report dated September 2025[1] the Class E and the Class F OC ratios are reported at 101.87% and 97.31% compared to October 2024[2] levels of 103.94% and 101.37%, respectively. The deleveraging and OC improvements primarily resulted from high prepayment rates of leveraged loans in the underlying portfolio. Most of the prepaid proceeds have been applied to amortise the liabilities. All else held equal, such deleveraging is generally a positive credit driver for the CLO's rated liabilities. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: USD218,870,156 Defaulted Securities: USD10,312,661 Diversity Score: 47 Weighted Average Rating Factor (WARF): 3683 Weighted Average Life (WAL): 3.0 years Weighted Average Spread (WAS) (before accounting for reference rate floors): 3.08% Weighted Average Recovery Rate (WARR): 46.35% Par haircut in OC tests and interest diversion test: 5.31% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability it is analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties, using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. -- Long-dated assets: The presence of assets that mature beyond the CLO's legal maturity date exposes the deal to liquidation risk on those assets. Moody's assumes that, at transaction maturity, the liquidation value of such an asset will depend on the nature of the asset as well as the extent to which the asset's maturity lags that of the liabilities. Liquidation values higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. SYCA COMMERCIAL 2025-WAG: DBRS Finalizes B Rating on Class G Certs ------------------------------------------------------------------ DBRS, Inc. finalized its provisional credit ratings on the following classes of Commercial Mortgage Pass-Through Certificates, Series 2025-WAG (the Certificates) issued by SYCA Commercial Mortgage Trust 2025-WAG (the Trust): -- Class A at AAA (sf) -- Class B at AAA (sf) -- Class C at AA (low) (sf) -- Class D at A (low) (sf) -- Class E at BBB (low) (sf) -- Class F at BB (low) (sf) -- Class G at B (sf) All trends are Stable. The Trust is a single-asset/single-borrower transaction collateralized by the borrower's fee-simple interest in a 207-property retail portfolio totaling approximately 2.9 million square feet (sf) under one absolute master lease between affiliates of Walgreens as the tenant and the transaction borrower as lessor. The borrower sponsor closed a take-private transaction of Walgreens Boots Alliance, Inc. (WBA) in August 2025, resulting in the subsequent spinoff of the Walgreens core retail pharmacy business as its own stand-alone entity, which serves as the PropCo, or lessee, in this securitization. In conjunction with the take-private transaction of WBA, Walgreen Co. executed a master-lease with the borrower-sponsor affiliate in August 2025 for a base rent of $22.40 per sf (psf), or approximately $64.8 million annually for a 15-year initial term and featuring three five-year extension options with annual 3.0% rent escalations. Under the lease, the master tenant is responsible for all operating expenses across the portfolio including real estate taxes, insurance, and maintenance for the properties within the portfolio. Furthermore, the lease has no termination options, notwithstanding the release of individual properties within the portfolio, at which point the total rent is reduced by the amount of rent allocated to the to-be-released property. Although there are release provisions, Morningstar DBRS notes they are subject to standard lender provisions related to LTV, DSCR, and DY for the portfolio remaining after such a release. The borrower sponsor for the transaction is Sycamore Partners Management L.P. (Sycamore). The borrower sponsor along with WBA's largest former existing shareholder committed a total of $4.0 billion in rolled and common equity to facilitate the take-private transaction. Sycamore is a private equity firm based in New York specializing in consumer, distribution, and retail-related investments. Notably, Sycamore has demonstrated success in the retail sector and deconsolidating large companies as evidenced by its acquisition, break-up, and turnaround of Staples in 2017, which featured a similar take-private transaction and splitting of business sectors. Sycamore boasts approximately $11 billion in aggregate committed capital today which is deployed across approximately 23 portfolio companies. Notes: All figures are in U.S. dollars unless otherwise noted. SYCAMORE TREE 2024-5: S&P Assigns BB- (sf) Rating on Cl. E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to the replacement class A-1-R, A-2-R, B-R, C-R, D-1a-R, D-1b-R, D-2-R, and E-R debt and new class X-R debt from Sycamore Tree CLO 2024-5 Ltd./Sycamore Tree CLO 2024-5 LLC, a CLO managed by Sycamore Tree CLO Advisors L.P., a subsidiary of Sycamore Tree Capital Partners L.P., that was originally issued in April 2024. At the same time, S&P withdrew its ratings on the previous class A-1, A-2, B, C, D-1, D-2, and E debt following payment in full on the Nov. 7, 2025, refinancing debt. The replacement and new debt was issued via a supplemental indenture, which outlines the terms of the replacement debt. According to the supplemental indenture: -- The replacement class A-1-R, A-2-R, B-R, C-R, D-2-R, and E-R debt was issued at a lower spread over three-month CME term SOFR than the existing debt. -- The replacement class D-1a-R and D-1b-R debt was issued at a floating spread and fixed coupon, respectively, replacing the previous floating-rate class D-1 debt. -- New class X-R debt was issued in connection with this refinancing and is expected to be paid down using interest proceeds during the first 10 payment dates, beginning with the first payment date. -- The non-call period was extended to October 2027. -- The reinvestment period was extended to October 2030. -- The legal final maturity dates for the replacement debt and the existing subordinated notes were extended to October 2038. -- The target initial par amount remains at $500.00 million. There was no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 20, 2026. -- No additional subordinated notes were issued on the refinancing date. 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 rated tranche. "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." Ratings Assigned Sycamore Tree CLO 2024-5 Ltd./Sycamore Tree CLO 2024-5 LLC Class X-R, $2.00 million: AAA (sf) Class A-1-R, $315.00 million: AAA (sf) Class A-2-R, $7.00 million: AAA (sf) Class B-R, $58.00 million: AA (sf) Class C-R (deferrable), $30.00 million: A (sf) Class D-1a-R (deferrable), $18.00 million: BBB- (sf) Class D-1b-R (deferrable), $12.00 million: BBB- (sf) Class D-2-R (deferrable), $5.00 million: BBB- (sf) Class E-R (deferrable), $15.00 million: BB- (sf) Ratings Withdrawn Sycamore Tree CLO 2024-5 Ltd./Sycamore Tree CLO 2024-5 LLC Class A-1 to NR from 'AAA (sf)' Class A-2 to NR from 'AAA (sf)' Class B to NR from 'AA (sf)' Class C to NR from 'A (sf)' Class D-1 to NR from 'BBB- (sf)' Class D-2 to NR from 'BBB- (sf)' Class E to NR from 'BB- (sf) Other Debt Sycamore Tree CLO 2024-5 Ltd./Sycamore Tree CLO 2024-5 LLC Subordinated notes, $46.93 million: NR NR--Not rated. TOWD POINT 2025-FIX2: DBRS Finalizes B Rating on Class B2 Notes --------------------------------------------------------------- DBRS, Inc. finalized its provisional credit ratings on the following Asset-Backed Securities, Series 2025-FIX2 (the Notes) to be issued by Towd Point Mortgage Trust 2025-FIX2 (TPMT 2025-FIX2 or the Trust): -- $310.8 million Class A1 at AAA (sf) -- $19.9 million Class A2 at AA (high) (sf) -- $17.8 million Class M1 at A (high) (sf) -- $16.6 million Class M2A at A (low) (sf) -- $10.2 million Class M2B at BBB (high) (sf) -- $10.2 million Class B1 at BB (sf) -- $4.5 million Class B2 at B (sf) -- $19.9 million Class A2A at AA (high) (sf) -- $19.9 million Class A2AX at AA (high) (sf) -- $19.9 million Class A2B at AA (high) (sf) -- $19.9 million Class A2BX at AA (high) (sf) -- $19.9 million Class A2C at AA (high) (sf) -- $19.9 million Class A2CX at AA (high) (sf) -- $19.9 million Class A2D at AA (high) (sf) -- $19.9 million Class A2DX at AA (high) (sf) -- $17.8 million Class M1A at A (high) (sf) -- $17.8 million Class M1AX at A (high) (sf) -- $17.8 million Class M1B at A (high) (sf) -- $17.8 million Class M1BX at A (high) (sf) -- $17.8 million Class M1C at A (high) (sf) -- $17.8 million Class M1CX at A (high) (sf) -- $17.8 million Class M1D at A (high) (sf) -- $17.8 million Class M1DX at A (high) (sf) -- $16.6 million Class M2AA at A (low) (sf) -- $16.6 million Class M2AAX at A (low) (sf) -- $16.6 million Class M2AB at A (low) (sf) -- $16.6 million Class M2ABX at A (low) (sf) -- $16.6 million Class M2AC at A (low) (sf) -- $16.6 million Class M2ACX at A (low) (sf) -- $16.6 million Class M2AD at A (low) (sf) -- $16.6 million Class M2ADX at A (low) (sf) -- $10.2 million Class M2BA at BBB (high) (sf) -- $10.2 million Class M2BAX at BBB (high) (sf) -- $10.2 million Class M2BB at BBB (high) (sf) -- $10.2 million Class M2BBX at BBB (high) (sf) -- $10.2 million Class M2BC at BBB (high) (sf) -- $10.2 million Class M2BCX at BBB (high) (sf) -- $10.2 million Class M2BD at BBB (high) (sf) -- $10.2 million Class M2BDX at BBB (high) (sf) -- $10.2 million Class B1A at BB (sf) -- $10.2 million Class B1AX at BB (sf) -- $10.2 million Class B1B at BB (sf) -- $10.2 million Class B1BX at BB (sf) -- $4.5 million Class B2A at B (sf) -- $4.5 million Class B2AX at B (sf) -- $4.5 million Class B2B at B (sf) -- $4.5 million Class B2BX at B (sf) The AAA (sf) credit rating reflects 20.50% of credit enhancement provided by subordinate notes. The AA (high) (sf), A (high) (sf), A (low) (sf), BBB (high) (sf), BB (sf), and B (sf) credit ratings reflect 15.40%, 10.85%, 6.60%, 4.00%, 1.40%, and 0.25% of credit enhancement, respectively. Other than the specified classes above, Morningstar DBRS does not rate any other classes in this transaction. The Trust is a securitization of a portfolio of fixed-rate, prime and near-prime, junior-lien revolving home equity line of credit (HELOCs) funded by the issuance of the Asset-Backed Securities, Series 2025-FIX2 (the Notes). The Notes are backed by 3,960 mortgage loans with a total principal balance of $390,925,673. The portfolio, on average, is nine months seasoned, though seasoning ranges from three months to 14 months. All the loans were underwritten with Morningstar DBRS-defined full documentation standards. All the loans are current and 100.0% have never been delinquent since origination. Transaction and Other Counterparties TPMT 2025-FIX2 is a HELOC securitization by FirstKey Mortgage, LLC (FirstKey) and CRM 2 Sponsor, LLC (CRM Sponsor). Spring EQ, LLC (Spring EQ) originated all loans in the mortgage pool. Newrez, LLC d/b/a Shellpoint Mortgage Servicing (Shellpoint) is the Servicer of all the loans in this transaction. Newrez, LLC will act as Master Servicer and will be responsible for making interest advances on each mortgage loan until deemed unrecoverable. U.S. Bank Trust Company, National Association (rated AA with a Stable trend by Morningstar DBRS) will act as the Indenture Trustee, Paying Agent, Administrator, and Note Registrar. U.S. Bank Trust National Association will act as Delaware Trustee and Computershare Trust Company, N.A. (rated BBB (high) with a Stable trend by Morningstar DBRS) will act as the Custodian. On the Closing Date, CRM Sponsor will acquire the mortgage loans from various transferring trusts. CRM Sponsor will then sell the mortgage loans to the Depositor, pursuant to the Mortgage Loan Contribution Agreement. Through one or more majority-owned affiliates, CRM Sponsor will acquire and retain a 5% eligible vertical interest in each class of Notes or the CVR Loan to be issued to satisfy the credit risk retention requirements. The Issuer may enter into a credit agreement, pursuant to which the Issuer may borrow up to $19,549,000 in the aggregate from the Risk Retention Holder on the Closing Date (the "CVR Loan"). HELOC Features All the mortgage loans are HELOCs with 3-year initial draw periods, and 15-, 20- or 30-year original terms to maturity. Each HELOC loan is fully amortizing and has no interest only (IO) period. All HELOCs in this transaction are fixed rate loans and do not require a balloon payment. The loans are made mainly to borrowers with prime and near-prime credit quality who seek to take equity cash out for various purposes. Transaction Structure This transaction incorporates a sequential cash flow structure. The Interest remittance will be distributed concurrently to the Notes and the Funding Interest Owner. Accrued interest and unpaid interest shortfall will be distributed sequentially to the Notes. The Funding Interest Owner, as further described below, will receive its principal distribution senior to the issued class of Notes. Other Transaction Features The Sponsor or a majority-owned affiliate of the Sponsor will acquire and intends to retain an eligible vertical interest consisting of 5% of each class of Notes or CVR Loan to satisfy the credit risk-retention requirements under Section 15G of the Securities Exchange Act of 1934 and the regulations promulgated thereunder. The required credit risk must be held until the later of (1) the fifth anniversary of the Closing Date and (2) the date on which the aggregate loan balance has been reduced to 25% of the loan balance as of the Closing Date. The Servicer (or the Master Servicer in certain instances) will generally fund advances of delinquent interest on any mortgage unless the Servicer, in good faith, determines that such advance is nonrecoverable, is with respect to a mortgage loan that is subject to a modification or a deferral, or is with respect to a mortgage loan that is 150 days or more delinquent under the Office of Thrift Supervision (OTS) delinquency method. In addition, for all the mortgage loans, the related servicer may be obligated to make advances in respect of homeowner association fees, taxes, and insurance; installment payments on energy improvement liens; and reasonable costs and expenses incurred in the course of servicing and disposing of properties unless a determination is made that there will be material recoveries. The Servicer will not advance any principal on delinquent loans. For this transaction, any junior-lien loan that is 150 days delinquent under the OTS delinquency method (equivalent to 180 days delinquent under the Mortgage Bankers Association (MBA) delinquency method), the Servicer will review and may charge off the loan with the approval of the Asset Manager. With respect to a charged-off loan, the total unpaid principal balance (UPB) will be considered a realized loss and will be allocated reverse sequentially to the Noteholders. If there are any subsequent recoveries for such charged-off loans, the recoveries will be included in the principal remittance amount and applied in accordance with the principal distribution waterfall; in addition, any class principal balances of Notes that have been previously reduced by allocation of such realized losses may be increased by such recoveries sequentially in order of seniority. Morningstar DBRS' analysis assumes reduced recoveries upon default on loans in this pool. On or after the earlier of (1) the payment date in October 2028 or (2) the first payment date when the aggregate pool balance of the mortgage loans (other than the charged-off loans and the real estate owned (REO) properties) is reduced to 30% or less of the Cut-Off Date balance, the call option holder will have the option to purchase the mortgage loans from the Issuer to redeem the Notes, the Trust Certificate, and Class R Certificates and retire the Funding Interest for an amount not less than par (Optional Redemption). On or after the first payment date on which the aggregate pool balance of the mortgage loans and the REO properties is less than or equal to 10% of the aggregate pool balance as of the Cut-Off Date, the call option holder will have the option to purchase the mortgage loans and REO properties from the Issuer to redeem the Notes, the Trust Certificate, and Class R Certificates and retire the Funding Interest for an amount not less than par (Clean-Up Call). Additionally, on or after the first payment date on which the aggregate pool balance of the mortgage loans and the REO properties is less than or equal to 5% of the aggregate pool balance as of the Cut-Off Date, the Master Servicer will have the option to purchase the mortgage loans and REO properties from the Issuer to redeem the Notes, the Trust Certificate, and Class R Certificates and retire the Funding Interest for an amount not less than par (Master Servicer Clean-Up Call). Additional Cash Flow Analytics for HELOCs Morningstar DBRS performs a traditional cash flow analysis to stress prepayments, loss timing, and interest rates. Generally, in HELOC transactions, because prepayments (and scheduled principal payments, if applicable) are primary sources from which to fund draws, Morningstar DBRS also tests a combination of high draw and low prepayment scenarios to stress the transaction. Similar to other transactions backed by junior-lien mortgage loans or HELOCs, in this transaction, any HELOC, that is 180 days delinquent under the MBA delinquency method or 150 days or more delinquent under the OTS delinquency method will be reviewed and may be charged off with the approval of the Asset Manager. Funding of Draws This transaction uses a structural mechanism similar to other HELOC transactions to fund future draw requests. The Servicer will be required to fund draws and will be entitled to reimburse itself for such draws from the principal collections prior to any payments on the Notes and the Initial Funding Interest Owner. Nevertheless, the Servicer is still obligated to fund draws even if the principal collections are insufficient in a given month for full reimbursement. If the aggregate draws exceed the principal collections (Net Draw), the Servicer can be reimbursed pursuant to the Interest Remittance Amount payment priority. The Initial Funding Interest Owner will have the ultimate responsibility to ensure draws are funded by remitting funds to the Paying Agent to reimburse the Servicer for draws made on the loans, as long as all borrower conditions are met to warrant draw funding. On the Closing Date, Goldman Sachs Bank USA (GSB), as the Initial Funding Interest owner, will have the obligation to fund net draws on the mortgage loans and to receive reimbursement with interest until the Initial Funding Interest Termination Date of November 7, 2030; thereafter, the CRM Sponsor will have the obligation to fund net draws for the succeeding years. In its analysis of the proposed transaction structure, Morningstar DBRS does not rely on the creditworthiness of the servicer or the Initial Funding Interest Owner. Rather, the analysis relies on the assets' ability to generate sufficient cash flows to fund draws and make interest and principal payments. Notes: All figures are in U.S. dollars unless otherwise noted. UNIV TRUST 2025-APTS: DBRS Gives Prov. B Rating on Class F Certs ---------------------------------------------------------------- DBRS, Inc. assigned provisional credit ratings to the following classes of Commercial Mortgage Pass-Through Certificates, Series 2025-APTS (the Certificates) to be issued by UNIV Trust 2025-APTS (the Trust): -- Class A at (P) AAA (sf) -- Class B at (P) AA (high) (sf) -- Class C at (P) AA (low) (sf) -- Class D at (P) BBB (low) (sf) -- Class E at (P) BB (low) (sf) -- Class F at (P) B (sf) -- Class G at (P) B (low) (sf) All trends are Stable. The collateral for the Trust includes the borrower's fee-simple interest in three student housing properties totaling 1,257 units and 2,407 beds in New York and Massachusetts. The sponsor will use transaction proceeds of $431.0 million to refinance $383.5 million of debt across the portfolio, repatriate $35.5 million of equity back to the sponsor, and cover $12.0 million for closing costs. The five-year interest-only loan has an initial two-year term and features three one-year extension options. The sponsor is a joint venture (JV) between Varde Partners and Hawkins Way Capital (Hawkins Way). Hawkins Way acquired the Brooklyn I & II properties in 2018, converted the assets to student housing, and subsequently formed a JV with Varde Partners in 2021. The JV acquired Turtle Bay New York and Boston Back Bay in 2022. Found Study is the sponsor-affiliated management team and brand that provides a unique platform for the sponsor to capitalize on a leasing model that consists of both master leasing to large universities and institutions and direct leasing to students and summer interns. The full-service management model is a nationwide student housing platform consisting of 14 properties, providing an institutional-level management model specifically focused on student housing to a market that is often fragmented and lacking such a model. This transaction includes three of the 14 properties in the Found Study portfolio, over 10 of which are owned by the sponsor. The assets in Manhattan and Boston were converted from prior use as hotels, while the Brooklyn assets were converted from apartment buildings. The properties were acquired between 2018 and 2022 with the renovations converting them to student housing use occurring from 2019 to 2024. The sponsor has increased occupancy during both the academic year and summer of the past year and has driven rent increases that resulted in 7.6% academic-year growth between YE2024 and August 2025, with 14.4% summer year growth over the same period. Rental growth has outpaced the growth in operating expenses, which were up 4.8% over the same period. The portfolio was 96.4% occupied on a per-bed basis during the 2025-26 academic year and was 98.6% occupied on a per-bed basis over the 2025 summer period; both figures include non-revenue and vacant beds applied towards vacancy. The subject portfolio consists of three assets, most of which are master leased to three universities in two states with a weighted-average year built of 1947. The assets were all renovated between 2019 and 2024 and feature furnished apartments with bathrooms in each unit, coworking lounges, study rooms, club rooms, a communal kitchen and dining facilities, front desk management, and kiosks for rental equipment. Unit interiors feature beds, dressers, small refrigerators, microwaves, couches, coffee tables, and select units in the New York assets have ensuite kitchens. Since 2021, the sponsor has spent approximately $61.9 million in capital improvements ($20 million of this amount was funded by Northeastern for the Found Back Bay asset) and a further $38.1 million to de-unionize the hotel properties. Master lease structures across the portfolio represent 74.4% of the Morningstar DBRS-calculated rental revenue and are held with Northeastern University (Northeastern)/Marymount Manhattan College, New York Institute of Technology, St Francis College, Student Housing of America, and several smaller schools and intern programs in the summer. Although the portfolio's operating history is limited given the recent transition to student housing, it has demonstrated strong rental growth in the past year and has increased the already-strong occupancy metrics. These urban student housing properties serve a mixture of large universities with brand recognition and smaller universities or colleges. New supply in the student housing sector is traditionally lower than demand, and universities and colleges rely on off-campus housing for their students. This portfolio benefits from locations in urban core environments that have excess current demand and are new-supply constrained submarkets. This gives the sponsor a strong opportunity to see continued rent growth and low vacancy throughout the loan term. The Manhattan and Brooklyn assets benefit from more than 30 nearby universities and colleges with a representative sample of 30 having a combined enrollment of 313,640 students. Together, these schools provide only 46,396 beds for their students and therefore require 267,244 off-campus beds. The Boston asset is 100% master leased until 2032 and provides 800 on-campus beds for Northeastern University (Northeastern). Including Northeastern, there are 34 schools representing 214,819 students within a five-mile radius of the property. The portfolio benefits from diversity of both university allegiance and tenancy. The lease structure of the assets in New York are separated by the academic year and summer term rental periods to drive rental revenue and include direct leasing to students and master lease structures with universities. Notes: All figures are in U.S. dollars unless otherwise noted. VERUS SECURITIZATION 2025-10: S&P Assigns 'B' Rating on B-2 Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to Verus Securitization Trust 2025-10's mortgage-backed notes. The note issuance is an RMBS transaction backed by both newly originated and seasoned first- and second-lien, fixed- and adjustable-rate residential mortgage loans, including mortgage loans with initial interest-only periods, to prime and nonprime borrowers with original terms to maturity up to 40 years. The loans are secured by single-family residences, planned-unit developments, two- to four-family residential properties, condominiums, condotels, townhouses, mixed-use properties, and five- to 10-unit multifamily residences. The pool has 843 loans with 844 properties and comprises QM/non-HPML (safe harbor), QM rebuttable presumption, non-QM/compliant, and ATR-exempt loans. The ratings reflect S&P's view of: -- The pool's collateral composition; -- The transaction's credit enhancement, associated structural mechanics, representations and warranties framework, and geographic concentration; -- The mortgage aggregator, Invictus Capital Partners; -- The 100% due diligence results consistent with represented loan characteristics; and -- S&P's outlook that considers its current projections for U.S. economic growth, unemployment rates, and interest rates, as well as our view of housing fundamentals. S&P's outlook is updated, if necessary, when these projections change materially. Ratings Assigned Verus Securitization Trust 2025-10(i) Class A-1FCF, $211,928,000: AAA (sf) Class A-1LCF, $70,642,000: AAA (sf) Class A-1(ii), $282,570,000: AAA (sf) Class A-2, $26,077,000: AA (sf) Class A-3, $38,533,000: A (sf) Class M-1, $16,930,000: BBB (sf) Class B-1, $5,644,000: BB+ (sf) Class B-2, $13,623,000: B (sf) Class B-3, $5,838,357: NR Class A-IO-S, notional(iii): NR Class XS, notional(iii): NR Class R, N/A: NR (i)The collateral and structural information reflect the private placement memorandum dated Nov. 5, 2025. The ratings address the ultimate payment of interest and principal. They do not address the payment of the cap carryover amounts. (ii)The class A-1 notes will not have a note rate, but on each payment that occurs after an exchange, the class A-1 notes will be entitled to receive a proportionate share of the amounts otherwise payable to the related initial exchangeable notes for such payment date. (iii)The notional amount will equal the aggregate stated principal balance of the mortgage loans as of the first day of the related due period. N/A--Not applicable. N/R--Not rated. VERUS SECURITIZATION 2025-11: Fitch Gives B-(EXP) Rating on B2 Debt ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to the residential mortgage-backed notes issued by Verus Securitization Trust 2025-11 (Verus 2025-11). Entity/Debt Rating ----------- ------ VERUS 2025-11 A1A LT AAA(EXP)sf Expected Rating A1B LT AAA(EXP)sf Expected Rating A1 LT AAA(EXP)sf Expected Rating A1F LT AAA(EXP)sf Expected Rating A1IO1 LT AAA(EXP)sf Expected Rating A1IO2 LT AAA(EXP)sf Expected Rating A1IO LT AAA(EXP)sf Expected Rating A2 LT AA(EXP)sf Expected Rating A3 LT A(EXP)sf Expected Rating M1 LT BBB-(EXP)sf Expected Rating B1 LT BB-(EXP)sf Expected Rating B2 LT B-(EXP)sf Expected Rating B3 LT NR(EXP)sf Expected Rating XS LT NR(EXP)sf Expected Rating AIOS LT NR(EXP)sf Expected Rating R LT NR(EXP)sf Expected Rating Transaction Summary Fitch expects to rate the residential mortgage-backed notes to be issued by Verus Securitization Trust 2025-11, Series 2025-11 (Verus 2025-11), as indicated above. The notes are supported by 1,426 loans with a balance of $707.4 million as of Nov. 1, 2025 (the cutoff date). The transaction is scheduled to close on Nov. 14, 2025. The notes are secured by mortgage loans originated by various originators and acquired by the sellers. Distributions of principal and interest (P&I) and loss allocations are based on a modified sequential-payment structure. The transaction has a stop advance feature for first-lien loans where the P&I advancing party will advance delinquent P&I for up to 90 days. There is no servicer advancing for second-lien loans. Primary residence loans comprise 54.8% of the Verus 2025-11 transaction pool, followed by second home and investor loans at 45.2%, and rate and term (R&T) loans at 1.8%. By documentation type, the transaction consists of 34.0% DSCR; 30.6% bank statement program; 14.1% CPA P&L product; 12.1% full documentation; 6.5% asset underwriting product; 2.7% are a WVOE product; and 0.6% tax returns program (treated as full documentation by Fitch). KEY RATING DRIVERS Credit Risk of Mortgage Assets: The performance of underlying residential mortgages or mortgage-related assets directly affects RMBS transactions. Fitch analyzes loan-level attributes and macroeconomic factors to assess the credit risk and expected losses. VERUS 2025-11 has a final probability of default (PD) of 45.2% in the 'AAAsf' rating stress. Fitch's final loss severity in the 'AAAsf' rating stress is 43.3%. The expected loss in the 'AAAsf' rating stress is 19.6%. Structural Analysis: VERUS 2025-11 bases its mortgage cash flow and loss allocation on a modified sequential-payment structure with limited advancing, whereby principal is distributed pro rata among the senior notes while shutting out the subordinate bonds from principal until all senior classes are reduced to zero. If a cumulative loss trigger event or delinquency trigger event occurs in a given period, principal will be distributed sequentially. Fitch analyses the capital structure to determine the adequacy of the transaction's credit enhancement (CE) to support payments on the securities under multiple scenarios incorporating Fitch's loss projections derived from the asset analysis. Fitch applies its assumptions for defaults, prepayments, delinquencies and interest rate scenarios. The credit enhancement for all ratings were sufficient for the given rating levels. Operational Risk Analysis: Fitch considers originator and servicer capability, third-party due diligence results, and the transaction-specific representation, warranty and enforcement (RW&E) framework to derive a potential operational risk adjustment. The only consideration that has a direct impact on Fitch's loss expectations is due diligence. Third-party due diligence was performed on all loans in the transaction. Fitch applies a 5bp z-score reduction for loans fully reviewed by a third-party review (TPR) firm, which have a final grade of either "A" or "B." Counterparty and Legal Analysis: Fitch expects all relevant transaction parties to conform with the requirements described in its Global Structured Finance Rating Criteria. Relevant parties are those whose failure to perform could have a material impact on the performance of the transaction. Additionally, all legal requirements should be satisfied to fully de-link the transaction from any other entities. Fitch expects VERUS 2025-11 to be fully de-linked and a bankruptcy remote special purpose vehicle (SPV). All transaction parties and triggers align with Fitch's expectations. Rating Cap Analysis: Common rating caps in U.S. RMBS may include, but are not limited to, new product types with limited or volatile historical data and transactions with weak operational or structural/counterparty features. These considerations do not apply to VERUS 2025-11, and therefore, Fitch is comfortable assigning the highest possible rating of 'AAAsf' without any rating caps. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The defined negative rating sensitivity analysis demonstrates how the ratings would react to steeper market value declines (MVDs) at the national level. The analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the model projected 37.2% at 'AAA'. 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 The 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 the rated classes. Specifically, a 10% gain in home prices would result in a full category upgrade for the rated class excluding those assigned 'AAAsf' ratings. 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 AMC, Canopy, Clarifii, Consolidated Analytics, Evolve and Selene. The third-party due diligence described in Form 15E focused on credit, compliance, and property valuation review. Fitch considered this information in its analysis and, as a result, Fitch made the following adjustment to its analysis: a 5% credit at the loan level for each loan where satisfactory due diligence was completed. 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. WELLS FARGO 2015-C26: Fitch Lowers Rating on Class D Certs to 'Csf' ------------------------------------------------------------------- Fitch Ratings has downgraded one class of Wells Fargo Commercial Mortgage Trust 2015-C26 (WFCM 2015-C26) commercial mortgage pass-through certificates. Fitch has maintained the Rating Watch Evolving (RWE) on class D after its downgrade and has also maintained the RWE on classes E, F, X-C and X-D. Entity/Debt Rating Prior ----------- ------ ----- WFCM 2015-C26 D 94989CAG6 LT Csf Downgrade Bsf E 94989CAJ0 LT Csf Rating Watch Maintained Csf F 94989CAL5 LT Csf Rating Watch Maintained Csf X-C 94989CAA9 LT Csf Rating Watch Maintained Csf X-D 94989CAC5 LT Csf Rating Watch Maintained Csf KEY RATING DRIVERS Servicer Holdback; Realized Losses: The downgrade of class D reflects the erosion in credit enhancement (CE) since the last rating action due to realized losses to the trust upon disposition of assets, in addition to the previous servicer holdback of funds. The balance of class D is $6.4 million as of the October 2025 remittance, while the balances of class E and the notional balance of its associated interest-only (IO) class X-C are $702,303. The balances of classes F and IO class X-D have already been decreased to zero. Class D is exposed to potential additional losses from the disposition of the pool's remaining three specially serviced loans prior to the resolution of the repurchase litigation and reimbursement, if any, of a servicer holdback. At Fitch's prior rating action, the remaining classes D, E, X-C, F and X-D were placed on RWE to reflect the potential for further rating actions, depending on loan dispositions and/or the holdback. The holdback was requested by the transaction's previous special servicer, Midland Loan Services (Midland), as a result of continuing litigation surrounding the originator's repurchase of the Aloft Houston by the Galleria loan in January 2024. The continuation of the RWE reflects the prolonged loan repurchase litigation and uncertainty with both timing and ultimate outcome. The 'Csf' rating for the remaining classes is consistent with Fitch's Rating Definitions because the write-down may be temporary and the loss written up again in the future. If the write-downs to the bonds are reversed following resolution of the litigation and proceeds held in reserve are released for distribution to the bondholders, Fitch could affirm, upgrade or downgrade the ratings for these classes. The rating level would depend on the underlying pool composition and expected recoveries and funds available from the holdback reimbursement and/or recoveries on the remaining assets. Should the write-downs be deemed irreversible or there are insufficient proceeds for distribution to bondholders, Fitch would downgrade the ratings for the affected classes to 'Dsf'. Midland requested a holdback of trust principal proceeds, now totaling approximately $66.6 million, that began with the February 2025 reporting period. The master servicer has previously indicated to Fitch that the holdback funds are held in a trust level reserve account. The holdback requested by Midland is the result of ongoing litigation around the 2024 repurchase of the Aloft Houston by the Galleria loan by the loan's originator, Argentic Real Estate Finance LLC (Argentic), in January 2024, with net proceeds to the trust of approximately $51.3 million. The Aloft Houston by the Galleria loan had transferred to special servicing in May 2020 due to a coronavirus-related relief request and imminent default. The special servicer filed a repurchase claim in the New York Supreme Court against Argentic in January 2021 related to defective origination documents. The court granted summary judgment in favor of the WFCM 2015-C26 trust in July 2023 and held that Argentic was required to repurchase the subject loan. Argentic repurchased the loan in January 2024 and subsequently filed an appeal, which was dismissed in April 2024. In August 2024, Argentic filed a motion in the New York State Court of Appeals to reverse the dismissal of their appeal, which the trust opposed. The litigation remains ongoing with the timeline extended for a resolution. In August 2025, Torchlight Loan Services LLC was appointed the transaction's special servicer. Specially Serviced Loans: As of the October 2025 remittance, the remaining three loans in the pool are all specially serviced. These loans were not repaid at their scheduled maturity dates. The largest and third largest specially servicing loans are University Circle - 118 Flats Square (40.9% of the pool) and University Circle - 118 Flats Circle (22.6%), which are secured by multifamily properties in the University Circle neighborhood of Cleveland, OH. The sponsor was unable to refinance both loans. The second largest specially serviced loan is Walgreens (40.7% of the pool), which is secured by a 218,309-sf single tenant dark Walgreens retail property located outside of Columbus, OH. Based on a discount to recent reported appraisal values, Fitch's stressed loss for the three specially serviced loans totals approximately 32% of the outstanding pool balance. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades to the classes rated 'Csf' would occur if Fitch believes the write-down of the bonds is irrecoverable. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades to classes rated 'Csf' are possible if holdback funds are released and will be based on the amount of reimbursement, in addition to recoveries of the remaining specially serviced assets. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. 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. WELLS FARGO 2018-1: Moody's Ups Rating on Cl. B-4 Certs from Ba1 ---------------------------------------------------------------- Moody's Ratings has upgraded the rating of Class B-4 issued by Wells Fargo Mortgage Backed Securities 2018-1 Trust. The collateral backing this transaction consists of prime jumbo mortgage loans. A comprehensive review of all credit ratings for the respective transaction has been conducted during a rating committee. The complete rating actions are as follows: Issuer: Wells Fargo Mortgage Backed Securities 2018-1 Trust Cl. B-4, Upgraded to Baa1 (sf); previously on Apr 3, 2024 Downgraded to Ba1 (sf) RATINGS RATIONALE The rating action reflect the current levels of credit enhancement available to the bonds, the recent performance, analysis of the transaction structure, and Moody's updated loss expectations on the underlying pools. The transaction Moody's reviewed continue to display strong collateral performance, with cumulative loss under 0.16% and no loans in delinquency. In addition, enhancement levels for most tranches have grown significantly, as the pool amortized. The credit enhancement for the tranche upgraded has grown by 5.99x since closing. Moody's analysis also considered the existence of historical interest shortfalls for some of the bonds. While all shortfalls have since been recouped, the size and length of the past shortfalls, as well as the potential for recurrence, were analyzed as part of the upgrades. In addition, while Moody's analysis applied a greater probability of default stress on loans that have experienced modifications, Moody's decreased that stress to the extent the modifications were in the form of temporary payment relief. No actions were taken on the other rated classes in this deal because the expected losses on the bonds remain commensurate with the current ratings, after taking into account the updated performance information, structural features, credit enhancement and other qualitative considerations. Principal Methodology The principal methodology used in this rating was "US Residential Mortgage-backed Securitizations" published in August 2025. Factors that would lead to an upgrade or downgrade of the rating: 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. WELLS FARGO 2022-C62: Fitch Lowers Rating on Two Tranches to 'Bsf' ------------------------------------------------------------------ Fitch Ratings has downgraded 16 classes and affirmed 14 classes of Wells Fargo Commercial Mortgage Trust 2022-C62 (WFCM 2022-C62). Classes B, B-1, B-2, B-X1, B-X2, C, C-1, C-2, C-X1, C-X2, D, E and X-D were assigned Negative Rating Outlooks following their downgrades. The Outlooks for classes A-S, A-S-1, A-S-2, A-S-X1, A-S-X2 and X-B were revised to Negative from Stable. Entity/Debt Rating Prior ----------- ------ ----- WFCM 2022-C62 A-2 95003MAB4 LT AAAsf Affirmed AAAsf A-4 95003MBS6 LT AAAsf Affirmed AAAsf A-4-1 95003MAH1 LT AAAsf Affirmed AAAsf A-4-2 95003MAJ7 LT AAAsf Affirmed AAAsf A-4-X1 95003MAK4 LT AAAsf Affirmed AAAsf A-4-X2 95003MAL2 LT AAAsf Affirmed AAAsf A-S 95003MBV9 LT AAAsf Affirmed AAAsf A-S-1 95003MAM0 LT AAAsf Affirmed AAAsf A-S-2 95003MAN8 LT AAAsf Affirmed AAAsf A-S-X1 95003MAP3 LT AAAsf Affirmed AAAsf A-S-X2 95003MAQ1 LT AAAsf Affirmed AAAsf A-SB 95003MAC2 LT AAAsf Affirmed AAAsf B 95003MBW7 LT A-sf Downgrade AA-sf B-1 95003MAR9 LT A-sf Downgrade AA-sf B-2 95003MAS7 LT A-sf Downgrade AA-sf B-X1 95003MAT5 LT A-sf Downgrade AA-sf B-X2 95003MAU2 LT A-sf Downgrade AA-sf C 95003MBX5 LT BBB-s Dongrade A-sf C-1 95003MAV0 LT BBB-sf Downgrade A-sf C-2 95003MAW8 LT BBB-sf Downgrade A-sf C-X1 95003MAX6 LT BBB-sf Downgrade A-sf C-X2 95003MAY4 LT BBB-sf Downgrade A-sf D 95003MBD9 LT BBsf Downgrade BBBsf E 95003MBF4 LT Bsf Downgrade BBB-sf F 95003MBH0 LT CCCsf Downgrade B+sf G-RR 95003MBK3 LT CCsf Downgrade CCCsf X-A 95003MBT4 LT AAAsf Affirmed AAAsf X-B 95003MBU1 LT AAAsf Affirmed AAAsf X-D 95003MAZ1 LT Bsf Downgrade BBB-sf X-F 95003MBB3 LT CCCsf Downgrade B+sf KEY RATING DRIVERS Increased 'Bsf' Loss Expectations: Deal-level 'Bsf' rating-case loss has increased to 6.5% from 5.1% at Fitch's prior rating action. Eight loans (21.4% of the pool) are considered Fitch Loans of Concern (FLOCs), of which five loans (14.2%) are specially serviced, including three REO assets (8.3%). The downgrades on classes B, B-1, B-2, B-X1, B-X2, C, C-1, C-2, C-X1, C-X2, D, E, F, G-RR, X-D and X-F reflect increased pool loss expectations since Fitch's prior rating action, driven primarily by performance declines of the FLOCs and specially serviced loans, particularly the Long Lake Crossing (4.0%), REO Midtown Central Square asset (5.9%) and 3820 Broadway (1.9%) loans. Notably, Long Lake Crossing newly transferred to special servicing in September 2025, and expected losses have increased on other specially serviced loans due to increasing loan exposures and lower valuations. The Negative Outlooks reflect possible downgrades, should performance of the FLOCs and specially serviced loans continue to deteriorate, including Long Lake Crossing, and lower recovery expectations of the REO assets in the pool. Largest Contributors to Loss: The largest contributor to overall loss expectations, and the largest increase since the prior rating action, is the specially serviced Long Lake Crossing (4.0%) loan, which is secured by a 171,994-sf office property located in Troy, MI. The loan recently transferred to special servicing in September 2025 due to Imminent Monetary Default. The property has experienced declining cash flow due to declining revenue and increased expenses since issuance. Property occupancy was 79.3% as of the March 2025 servicer-provided rent roll, compared to 81.3% at YE 2024, 83.8% at YE 2023 and 85.1% at YE 2022. Major tenants include Hearst Business Publishing Inc. (21.8% of NRA, leased through March 2032), Gordon Advisors PC (9.9%, July 2035) and The Ayco Company L.P. (6.3%, February 2027). Near-term lease rollover includes 6.3% of NRA across three leases in 2025 and 2.5% in 2026 across two leases. The loan reported total reserves of $593,510 or $3.6 psf as of the September 2025 financial reporting. According to CoStar, the property lies within the Troy North office submarket of Detroit, MI. As of 3Q25, submarket asking rents averaged $20.65 psf and the vacancy rate was 10.9%. Fitch's 'Bsf' case loss of 14.5% (prior to a concentration adjustment) is based on a 10.0% cap rate to the YE 2024 NOI, and factors in an increased probability of default due to the loan's recent transfer to special servicing. The second-largest contributor to overall loss expectations is the Midtown Central Square (5.9%) loan, which is secured by a 269,800-sf office property located in Houston, TX. The loan transferred to special servicing in August 2024 due to non-monetary default as the borrower failed to cooperate with cash management and financial reporting. The loan became REO in September 2025. Property occupancy was 72.0% as of June 2025, and the largest tenant is The City of Houston (16.1% of NRA, leased through December 2028). According to CoStar, the property lies within the Midtown office submarket of the Houston, TX market area. As of 3Q25, submarket asking rents averaged $32.05 psf and the vacancy rate was 11.4%. Fitch's 'Bsf' case loss of 12.1% (prior to a concentration adjustment) reflects a Fitch-stressed value of $100 psf, down from $223 psf based on the issuance appraisal value. The third-largest contributor to overall loss expectations is the specially serviced 3820 Broadway (1.9%) loan, which is secured by a 39-unit mid-rise, mixed-use property comprised of multifamily and ground-floor retail space in New York, NY. The loan transferred to special servicing in June 2025 due to a payment default and the special servicer has initiated the foreclosure process. Property occupancy was reported as 95% as of YE 2024, compared to 97.6% at YE 2023, and 97.4% at YE 2022. The servicer-reported NOI DSCR was 0.57x as of YE 2024, compared with 1.28x at YE 2023 and 1.39x at YE 2022. Fitch's 'Bsf' case loss of 28.5% (prior to a concentration adjustment) is based on an 8.25% cap rate to the YE 2023 NOI, and factors in an increased probability of default due to the loan's transfer to special servicing. In total, there is 4.3% of the pool, including 3820 Broadway, secured by multifamily properties in New York, NY, originally to the same sponsor. Minimal Increase in Credit Enhancement (CE): As of the October 2025 remittance reporting, the pool's aggregate balance has been reduced by 1.8% to $522.2 million from $531.9 million at issuance. There are no defeased loans in the pool. Thirty-four loans (77.2%) are full-term IO; three loans (9.9%) are partial-term IO, none of which have started amortizing; and nine (12.9%) loans are amortizing balloon. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades to the senior 'AAAsf' rated classes are not expected due to the high CE, senior position in the capital structure and expected continued amortization and loan repayments but may occur if deal-level losses increase significantly or interest shortfalls occur or are expected to occur. Downgrades to the junior 'AAAsf' rated class with Negative Outlooks are possible with continued performance deterioration of the FLOCs, increased expected losses and limited to no improvement in class CE, or if interest shortfalls occur. Downgrades may occur if property performance and/or updated valuations for the specially serviced loans in the pool continue to deteriorate, particularly Long Lake Crossing, and/or additional transfers to special servicing, including 530 Bush Street. Downgrades to classes rated in the 'Asf' category could occur if deal-level losses increase significantly from outsized losses on larger FLOCs and/or more loans than expected experience performance deterioration and/or default at or prior to maturity. Downgrades to classes with Negative Outlooks in the 'BBBsf', 'BBsf' and 'Bsf' categories are possible with further loan performance deterioration of FLOCs, additional transfers to special servicing, and/or with greater certainty of losses on the specially serviced loans and/or FLOC. Downgrades to these classes are also possible with lower-than-expected recoveries upon liquidation of the REO assets (Midtown Central Square, 3450 Broadway and 1835 Amsterdam Avenue) in the pool. Downgrades to 'CCCsf' and 'CCsf' rated classes would occur should additional loans transfer to special servicing or default, or as losses become realized or more certain. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades to classes rated in the 'AAsf' and 'Asf' category may be possible with significantly increased credit enhancement (CE), coupled with stable-to-improved pool-level loss expectations and improved performance on the FLOCs. Upgrades to the 'BBBsf' and 'BBsf' category rated classes would be limited based on sensitivity to concentrations or the potential for future concentration. Classes would not be upgraded above 'AA+sf' if there is likelihood for interest shortfalls. Upgrades to 'BBsf' and 'Bsf' category rated classes could occur only if the performance of the remaining pool is stable, recoveries on the FLOCs are better than expected, and there is sufficient CE to the classes. Upgrades to distressed classes are not likely but may be possible with better-than-expected recoveries on specially serviced loans and/or significantly higher values on FLOCs. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. 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. [] DBRS Reviews 33 Classes in 5 US RMBS Transactions ---------------------------------------------------- DBRS, Inc. reviewed 33 classes in five U.S. residential mortgage-backed securities (RMBS) transactions. Of the five transactions reviewed, three are classified as reperforming mortgages and two as home equity line of credits. Of the 33 classes reviewed, Morningstar DBRS upgraded its credit ratings on seven classes and confirmed its credit ratings on the remaining 26 classes. The Affected Ratings are available at https://tinyurl.com/3dv2s966 The Issuers are: Towd Point Mortgage Trust 2024-5 PRMI Securitization Trust 2023-CMG1 FREED Mortgage Trust 2022-HE1 GS Mortgage-Backed Securities Trust 2024-RPL7 Morgan Stanley Residential Loan Trust 2024-RPL1 CREDIT RATING RATIONALE/DESCRIPTION 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. The transaction assumptions consider Morningstar DBRS' baseline macroeconomic scenarios for rated sovereign economies, available in its commentary "Baseline Macroeconomic Scenarios for Rated Sovereigns September 2025 Update" published on September 30, 2025 (https://dbrs.morningstar.com/research/463860). These baseline macroeconomic scenarios replace Morningstar DBRS' moderate and adverse coronavirus pandemic scenarios, which were first published in April 2020. The credit rating actions are the result of Morningstar DBRS' application of its "U.S. RMBS Surveillance Methodology," published on June 28, 2024. Notes: All figures are in US Dollars unless otherwise noted. [] Moody's Upgrades Ratings on 20 Bonds from 4 US RMBS Deals ------------------------------------------------------------ Moody's Ratings has upgraded the ratings of 20 bonds from four US residential mortgage-backed transactions (RMBS). RCKT Mortgage Trust 2021-1, RCKT Mortgage Trust 2021-2, and RCKT Mortgage Trust 2021-3 are backed by prime jumbo and agency eligible mortgage loans. GS Mortgage-Backed Securities Trust 2021-GR3 is backed by agency eligible investor (INV) mortgage loans. A comprehensive review of all credit ratings for the respective transaction(s) has been conducted during a rating committee. The complete rating actions are as follows: Issuer: GS Mortgage-Backed Securities Trust 2021-GR3 Cl. B, Upgraded to Aa3 (sf); previously on Jan 10, 2025 Upgraded to A1 (sf) Cl. B-3, Upgraded to A2 (sf); previously on Jan 10, 2025 Upgraded to A3 (sf) Cl. B-3-A, Upgraded to A2 (sf); previously on Jan 10, 2025 Upgraded to A3 (sf) Cl. B-3-X*, Upgraded to A2 (sf); previously on Jan 10, 2025 Upgraded to A3 (sf) Cl. B-4, Upgraded to Baa2 (sf); previously on Jan 10, 2025 Upgraded to Baa3 (sf) Cl. B-5, Upgraded to Ba1 (sf); previously on Jan 10, 2025 Upgraded to Ba2 (sf) Cl. B-X*, Upgraded to Aa3 (sf); previously on Jan 10, 2025 Upgraded to A1 (sf) Issuer: RCKT Mortgage Trust 2021-1 Cl. B-2, Upgraded to Aa3 (sf); previously on Mar 14, 2024 Upgraded to A1 (sf) Cl. B-2A, Upgraded to Aa3 (sf); previously on Mar 14, 2024 Upgraded to A1 (sf) Cl. B-3, Upgraded to A3 (sf); previously on Jan 10, 2025 Upgraded to Baa1 (sf) Cl. B-X-2*, Upgraded to Aa3 (sf); previously on Mar 14, 2024 Upgraded to A1 (sf) Issuer: RCKT Mortgage Trust 2021-2 Cl. B-1, Upgraded to Aaa (sf); previously on Mar 14, 2024 Upgraded to Aa1 (sf) Cl. B-1A, Upgraded to Aaa (sf); previously on Mar 14, 2024 Upgraded to Aa1 (sf) Cl. B-2, Upgraded to A1 (sf); previously on Mar 14, 2024 Upgraded to A2 (sf) Cl. B-2A, Upgraded to A1 (sf); previously on Mar 14, 2024 Upgraded to A2 (sf) Cl. B-X-1*, Upgraded to Aaa (sf); previously on Mar 14, 2024 Upgraded to Aa1 (sf) Cl. B-X-2*, Upgraded to A1 (sf); previously on Mar 14, 2024 Upgraded to A2 (sf) Issuer: RCKT Mortgage Trust 2021-3 Cl. B-2, Upgraded to Aa2 (sf); previously on Jan 10, 2025 Upgraded to Aa3 (sf) Cl. B-2A, Upgraded to Aa2 (sf); previously on Jan 10, 2025 Upgraded to Aa3 (sf) Cl. B-X-2*, Upgraded to Aa2 (sf); previously on Jan 10, 2025 Upgraded to Aa3 (sf) *Reflects Interest-Only Classes. RATINGS RATIONALE The rating actions reflect the current levels of credit enhancement available to the bonds, the recent performance, analysis of the transaction structures, and Moody's updated loss expectations on the underlying pools. These transactions Moody's reviewed continue to display strong collateral performance, with cumulative losses for each transaction under .03% and a small percentage of loans in delinquencies. In addition, enhancement levels for the tranches in these transactions have grown significantly, as the pools amortize relatively quickly. The credit enhancement since closing has grown, on average, 1.2x for the non-exchangeable tranches upgraded. Moody's analysis also reflects the potential for collateral volatility given the number of deal-level and macro factors that can impact collateral performance, the potential impact of any collateral volatility on the model output, and the ultimate size or any incurred and projected loss. In addition, while Moody's analysis applied a greater probability of default stress on loans that have experienced modifications, Moody's decreased that stress to the extent the modifications were in the form of temporary payment relief. No actions were taken on the other rated classes in these deals because the expected losses on the bonds remain commensurate with their current ratings, after taking into account the updated performance information, structural features, credit enhancement, and other qualitative considerations. Principal Methodologies The principal methodology used in rating all classes except interest-only classes was "US Residential Mortgage-backed Securitizations" published in August 2025. 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. An IO bond may be upgraded or downgraded, within the constraints and provisions of the IO methodology, based on lower or higher realized and expected loss due to an overall improvement or decline in the credit quality of the reference bonds and/or pools. 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. [] S&P Takes Various Actions on 31 Classes From 5 US RMBS Deals --------------------------------------------------------------- S&P Global Ratings completed its review of the ratings on 31 classes from five U.S. RMBS non-qualified mortgage transactions issued between 2019 and 2022. The review yielded 10 upgrades and 21 affirmations. Analytical Considerations S&P said, "For each transaction, we performed a credit analysis for each mortgage pool using updated loan-level information from which we determined foreclosure frequency, loss severity, and loss coverage amounts commensurate with each rating level, after which we applied our cash flow stresses where relevant. In addition, our geographic concentration and prior credit event adjustment factors were based on the transactions' current pool compositions. We maintained the same mortgage operational assessment, representation and warranty, and due diligence factors since the previous review. "We incorporate various considerations into our decisions to raise, lower, or affirm ratings when reviewing the indicative ratings suggested by our projected cash flows. These considerations are based on transaction-specific performance or structural characteristics (or both) and their potential effects on certain classes." Some of these considerations may include: -- Collateral performance/delinquency trends; -- Priority of principal payments; -- Priority of loss allocation; -- Tail risk; -- Expected duration; -- Interest shortfalls; and -- Available subordination, credit enhancement floors, and/or excess spread (where available). Rating Actions The upgrades primarily reflect deleveraging. The rated classes benefit from a growing percentage of credit support from regular principal payments, historical prepayments, and the degree of credit enhancement relative to delinquencies. The affirmations reflect our view that the projected collateral performance relative to our projected credit support on these classes remains relatively consistent with our prior projections. Ratings list Rating Issuer Series Class CUSIP To From Arroyo Mortgage Trust 2019-1 2019-1 A-1 042859AA6 AAA (sf) AAA (sf) Arroyo Mortgage Trust 2019-1 2019-1 A-2 042859AB4 AA+ (sf) AA+ (sf) Arroyo Mortgage Trust 2019-1 2019-1 A-3 042859AC2 AA (sf) AA (sf) Arroyo Mortgage Trust 2019-1 2019-1 M-1 042859AD0 AA- (sf) AA- (sf) Arroyo Mortgage Trust 2019-1 2019-1 B-1 042859AE8 A+ (sf) A (sf) Rationale: Increased credit support. Arroyo Mortgage Trust 2019-1 2019-1 B-2 042859AF5 BB (sf) BB- (sf) Rationale: Increased credit support. Arroyo Mortgage Trust 2020-1 2020-1 A-1A 04285CAA9 AAA (sf) AAA (sf) Arroyo Mortgage Trust 2020-1 2020-1 A-1B 04285CAL5 AAA (sf) AAA (sf) Arroyo Mortgage Trust 2020-1 2020-1 A-2 04285CAB7 AA+ (sf) AA+ (sf) Arroyo Mortgage Trust 2020-1 2020-1 A-3 04285CAC5 AA (sf) AA (sf) Arroyo Mortgage Trust 2020-1 2020-1 M-1 04285CAD3 AA- (sf) AA- (sf) Arroyo Mortgage Trust 2020-1 2020-1 B-1 04285CAE1 A+ (sf) A+ (sf) Arroyo Mortgage Trust 2020-1 2020-1 B-2 04285CAF8 A (sf) BBB+ (sf) Rationale: Increased credit support. Ellington Financial Mortgage Trust 2020-1 2020-1 A-1 31574PAA3 AAA (sf) AAA (sf) Ellington Financial Mortgage Trust 2020-1 2020-1 A-2 31574PAB1 AAA (sf) AA+ (sf) Rationale: Increased credit support and expected shorter duration. Ellington Financial Mortgage Trust 2020-1 2020-1 A-3 31574PAC9 AA+ (sf) AA (sf) Rationale: Increased credit support. Ellington Financial Mortgage Trust 2020-1 2020-1 M-1 31574PAD7 AA (sf) AA- (sf) Rationale: Increased credit support. Ellington Financial Mortgage Trust 2020-1 2020-1 B-1 31574PAE5 AA- (sf) A+ (sf) Rationale: Increased credit support. Ellington Financial Mortgage Trust 2020-1 2020-1 B-2 31574PAF2 A+ (sf) A (sf) Rationale: Increased credit support. GCAT 2022-NQM3 Trust 2022-NQM3 A-1 36168MAA1 AAA (sf) AAA (sf) GCAT 2022-NQM3 Trust 2022-NQM3 A-2 36168MAB9 AA+ (sf) AA+ (sf) GCAT 2022-NQM3 Trust 2022-NQM3 A-3 36168MAC7 AA- (sf) AA- (sf) GCAT 2022-NQM3 Trust 2022-NQM3 M-1 36168MAD5 A- (sf) A- (sf) GCAT 2022-NQM3 Trust 2022-NQM3 B-1 36168MAE3 BBB- (sf) BB+ (sf) Rationale: Increased credit support. GCAT 2022-NQM3 Trust 2022-NQM3 B-2 36168MAF0 B (sf) B (sf) GCAT 2022-NQM5 Trust 2022-NQM5 A-1 36168WAA9 AAA (sf) AAA (sf) GCAT 2022-NQM5 Trust 2022-NQM5 A-2 36168WAB7 AA+ (sf) AA+ (sf) GCAT 2022-NQM5 Trust 2022-NQM5 A-3 36168WAC5 AA- (sf) AA- (sf) GCAT 2022-NQM5 Trust 2022-NQM5 M-1 36168WAD3 A- (sf) A- (sf) GCAT 2022-NQM5 Trust 2022-NQM5 B-1 36168WAE1 BBB- (sf) BB+ (sf) Rationale: Increased credit support. GCAT 2022-NQM5 Trust 2022-NQM5 B-2 36168WAF8 B (sf) B (sf) ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. 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