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251207.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, December 7, 2025, Vol. 29, No. 340 Headlines 1988 CLO 3: S&P Assigns BB- (sf) Rating on Class E-R Notes A&D MORTGAGE 2025-NQM5: S&P Assigns B-(sf) Rating on Cl. B-2 Certs ACAM 2019-FL1: DBRS Confirms B(low) Rating on Class G Notes ACHM TRUST 2025-HE3: S&P Assigns Prelim B- (sf) Rating on F Notes AIMCO CLO 28: Fitch Assigns 'BB-(EXP)' Rating on Class E Notes AIMCO CLO 28: Fitch Assigns 'BB-sf' Final Rating on Class E Notes ANGEL OAK 2025-HB2: DBRS Gives Prov. B(low) Rating on B2 Notes ANSLEY PARK 2025-A: Moody's Assigns Ba2 Rating to Class E Notes ATLANTIC AVENUE 2023-1: S&P Assigns Prelim BB- Rating on E-R Notes BAIN CAPITAL 2023-4: Fitch Assigns 'BB-sf' Rating on Cl. E-R Notes BARINGS CLO 2025-VI: Fitch Assigns BB-(EXP)sf Rating on Cl. E Notes BBAM US VI: S&P Assigns BB- (sf) Rating on Class E Notes BBCMS MORTGAGE 2025-C39: Fitch Assigns B-(EXP) Rating on 2 Tranches BBCMS TRUST 2015-SRCH: Fitch Affirms 'BB+' Rating on Class E Certs BEAR STEARNS 2007-PWR18: DBRS Confirms C Rating on 3 Classes BENCHMARK 2025-V19: Fitch Assigns B-(EXP)sf Rating on Two Tranches BRCK TRUST 2025-830B: DBRS Gives Prov. B Rating on Class F Certs BRIGHTWOOD CAPITAL 2023-1: S&P Assigns BB-(sf) Rating on E-R Notes BRSP 2021-FL1: DBRS Confirms B(low) Rating on Class G Certs BWAY 2021-1450: DBRS Confirms CCC Rating on Class F Certs BX COMMERCIAL 2022-AHP: DBRS Confirms B(low) Rating on F Certs CAYUGA PARK: S&P Assigns BB- (sf) Rating on Class E-R2 Notes CHASE HOME 2025-12: DBRS Finalizes B(low) Rating on B5 Certs CHASE HOME 2025-12: Fitch Assigns B-sf Final Rating on Cl. B5 Certs CLOVER CREDIT III: Moody's Cuts Rating on $8MM Class F Notes to C COMM 2014-CCRE20: DBRS Confirms CCC Rating on 2 Cert. Classes CONN'S RECEIVABLES 2024-A: Fitch Lowers Class C Debt Rating to CCsf EFMT 2025-INV5: S&P Assigns Prelim B-(sf) Rating on Cl. B-2 Certs EXETER AUTOMOBILE 2024-4: S&P Affirms BB-(sf) Rating on Cl. E Notes FHF ISSUER 2025-2: DBRS Finalizes BB Rating on Class E Notes FIGRE TRUST 2025-HE8: S&P Assigns B- (sf) Rating on Class F Notes GS MORTGAGE 2015-GC34: Moody's Cuts Rating on 2 Tranches to Ba2 GS MORTGAGE 2025-NQM6: Fitch Assigns 'Bsf' Rating on Cl. B-2 Certs GS MORTGAGE 2025-PJ10: Fitch Gives 'B-sf' Rating on Cl. B5 Notes GS MORTGAGE 2025-PJ10: Moody's Assigns B3 Rating to Cl. B-5 Certs GS MORTGAGE-BACKED 2025-NQM6: S&P Assigns 'B+' Rating on B-2 Certs HARBOURVIEW CLO VII-R: Moody's Ups Rating on $17.91MM E Notes to B1 HILTON GRAND 2025-3EXT: Fitch Assigns BB-(EXP)sf Rating on D Notes HOPATCONG LLC: DBRS Gives Prov. BB(low) Rating on Class C Notes JP MORGAN 2011-C3: DBRS Confirms BB(High) Rating on Class C Certs JP MORGAN 2025-10: Fitch Assigns 'B-sf' Rating on Class B5 Certs JP MORGAN 2025-10: Moody's Assigns B2 Rating to Cl. B-5 Certs JP MORGAN 2025-HE3: Fitch Assigns 'B-sf' Rating on Class B3 Certs JP MORGAN 2025-INV2: Fitch Assigns 'B-sf' Rating on Cl. B5 Certs JPMCC 2015-JP1: DBRS Confirms C Rating on 5 Cert. Classes KATAYMA CLO I: S&P Assigns Prelim BB- (sf) Rating on Cl. E-r Notes KKR CLO 16: S&P Affirms B (sf) Rating on Class D-R2 Notes LAVALLETTE LLC: DBRS Gives Prov. BB(low) Rating on Class C Notes LOANTAKA LLC: DBRS Gives Prov. BB(low) Rating on Class C Notes MORGAN STANLEY 2016-PSQ: Moody's Cuts Rating on Cl. C Certs to B3 MORGAN STANLEY 2025-RPL1: Fitch Assigns Bsf Rating on Cl. B2 Notes MOUNT LOGAN 2018-1: S&P Affirms BB- (sf) Rating on Class E-R Notes NATIXIS COMMERCIAL 2020-2PAC: DBRS Confirms B Rating on AMZ2 Certs NEW RESIDENTIAL 2025-NQM6: Fitch Rates Cl. B-2 Notes 'B-sf' OBRA CLO 3: S&P Assigns Prelim BB- (sf) Rating on Class E Notes OBX 2025-NQM22: Fitch Assigns 'B-sf' Final Rating on Class B2 Notes OCEANVIEW MORTGAGE 2025-INV4: DBRS Finalizes B(low) on B5 Notes OCP CLO 2025-46: S&P Assigns BB- (sf) Rating on Class E Notes OCTAGON INVESTMENT 43: Fitch Assigns BB-sf Rating on Cl. E-R Notes PMT LOAN 2025-INV12: Moody's Assigns (P)B3 Rating to Cl. B-5 Certs PMT LOAN 2025-J4: DBRS Finalizes B(low) Rating on Class B5 Notes PMT LOAN 2025-J4: Moody's Assigns B2 Rating to Cl. B-5 Certs PRKCM 2025-AFC2: DBRS Gives Prov. B Rating on Class B2 Notes PRPM 2025-RCF6: DBRS Gives Prov. BB(low) Rating on M2 Notes RCKT MORTGAGE 2025-CES12: Fitch Gives B(EXP) Rating on 5 Tranches READY CAPITAL 2019-6: DBRS Confirms BB Rating on Class G Certs READY CAPITAL 2023-FL12: DBRS Confirms CCC Rating on 2 Classes SEQUOIA MORTGAGE 2025-13: Fitch Gives B(EXP) Rating on Cl. B5 Certs SILVER POINT 18: Moody's Assigns B3 Rating to $250,000 Cl. F Notes SMB PRIVATE 2024-D: DBRS Confirms BB Rating on Class E Notes SOUND POINT XVIII: Moody's Cuts Rating on $32MM Cl. D Notes to B3 SPLITERO TRUST 2025-1: DBRS Finalizes B Rating on Class B2 Notes STWD 2025-FL4: DBRS Finalizes B(low) Rating on 3 Note Classes TCW CLO 2025-2: S&P Assigns Prelim BB-(sf) Rating on Class E Notes TIKEHAU US IV: S&P Assigns Prelim BB- (sf) Rating on Cl. E-R Notes UNIV TRUST 2025-APTS: DBRS Finalizes B Rating on Class F Certs VERDE LTD: Moody's Cuts Rating on $23.7MM Cl. E-R Notes to B1 WELLS FARGO 2015-C30: DBRS Confirms B(high) Rating on F Certs WELLS FARGO 2025-5C7: Fitch Assigns B-(EXP) Rating on F-RR Certs WHITEBOX CLO I: S&P Assigns BB- (sf) Rating on Class E-R3 Notes [] DBRS Reviews 47 Classes From 8 US RMBS Transactions [] Moody's Upgrades Ratings on 24 Bonds from 9 US RMBS Deals [] S&P Takes Various Actions on 104 Classes From 77 US RMBS Deals ********* 1988 CLO 3: S&P Assigns BB- (sf) Rating on Class E-R Notes ---------------------------------------------------------- S&P Global Ratings assigned its ratings to the replacement class A-1R, A-2R, B-R, C-1R, C-2R, D-R, and E-R debt and class A-1R loans from 1988 CLO 3 Ltd./1988 CLO 3 LLC, a CLO managed by 1988 Asset Management LLC that was originally issued in October 2023. At the same time, S&P withdrew its ratings on the previous class A-1, A-2, B, C, D, and E debt and class A-1 loans, following payment in full on the Oct. 15, 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-1R, A-2R, B-R, C-1R, C-2R, D-R, and E-R debt, and class A-1R loans were issued at a lower spread over three-month SOFR than the previous debt. -- The non-call period was extended to Oct. 7, 2027. -- The reinvestment period was extended to Oct. 15, 2030. -- The legal final maturity date for the replacement class A-1R debt and class A-1R loans remains Oct. 15, 2038. -- The legal final maturity date for the replacement class A-2R, B-R, C-1R, C-2R, D-R and E-R debt was extended to Oct. 15, 2040. -- The legal final maturity date for the subordinated notes remains Oct. 15, 2123. -- The target initial par amount was increased to $450.00 million. There is no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 15, 2026. -- An additional $5.1 million in subordinated notes was 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 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 1988 CLO 3 Ltd./1988 CLO 3 LLC Class A-1R, $188.00 million: AAA (sf) Class A-1R loans (i), $100.00 million: AAA (sf) Class A-2R, $27.00 million: AAA (sf) Class B-R, $27.00 million: AA (sf) Class C-1R (deferrable), $18.00 million: A+ (sf) Class C-2R (deferrable), $9.00 million: A (sf) Class D-R (deferrable), $27.00 million: BBB- (sf) Class E-R (deferrable), $18.00 million: BB- (sf) Ratings Withdrawn 1988 CLO 3 Ltd./1988 CLO 3 LLC Class A-1 to NR from 'AAA (sf)' Class A-1 loans 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 to NR from 'BBB- (sf)' Class E to NR from 'BB- (sf)' Other Debt 1988 CLO 3 Ltd./1988 CLO 3 LLC Subordinated notes, $53.75 million: NR (i)The class A-1R loans are not convertible into class A-1R debt. NR--Not rated. A&D MORTGAGE 2025-NQM5: S&P Assigns B-(sf) Rating on Cl. B-2 Certs ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to A&D Mortgage Trust 2025-NQM5's mortgage pass-through certificates. The certificates are backed first- and second-lien, fixed- and floating-rate, fully amortizing residential mortgage loans (some with interest-only periods) to prime and nonprime borrowers. The loans are secured by single-family residential properties, planned unit developments, condominiums, two- to four-family residential properties, mixed-use properties, manufactured housing, five- to 10-unit multifamily residences, and condotels. The pool consists of 1,163 loans, which are qualified mortgage (QM) safe harbor (average prime offer rate [APOR]), QM rebuttable presumption (APOR), non-QM/ability-to-repay (ATR) compliant, and ATR-exempt loans. Following S&P's assignment of preliminary ratings on Nov. 19, 2025, the sponsor re-tranched the 'AAA (sf)' rated classes to create two new 'AAA (sf)' rated classes, A-1FCF and A-1LCF, and correspondingly reduced the sizes of the class A-1A and A-1B certificates and the associated exchangeable class A-1 certificates, keeping the subordination credit enhancement the same. The size and respective subordination credit enhancement of the other classes remains the same, and the ratings assigned to the classes remain unchanged from the preliminary ratings. The ratings reflect S&P's view of: -- The pool's collateral composition and geographic concentration; -- The transaction's credit enhancement, associated structural mechanics, and representation and warranty framework; -- The mortgage originator, A&D Mortgage LLC; -- The 100% due diligence results consistent with represented loan characteristics; and -- S&P's U.S. economic outlook, which considers its current projections for economic growth, unemployment rates, and interest rates, as well as its view of housing fundamentals. S&P updates its outlook as necessary when these projections change materially. Ratings Assigned(i) A&D Mortgage Trust 2025-NQM5 Class A-1FCF, $52,632,000: AAA (sf) Class A-1LCF, $17,544,000: AAA (sf) Class A-1A, $199,819,000: AAA (sf) Class A-1B, $32,023,000: AAA (sf) Class A-1, $231,842,000: AAA (sf) Class A-2, $24,404,000: AA (sf) Class A-3, $41,506,000: A (sf) Class M-1, $17,938,000: BBB (sf) Class B-1, $12,932,000: BB (sf) Class B-2, $12,514,000: B- (sf) Class B-3, $5,840,959: NR Class A-IO-S, notional(ii): NR Class X, notional(ii): NR Class R, N/A: NR (i)The ratings address the ultimate payment of interest and principal. They do not address the payment of the cap carryover amounts. (ii)The notional amount will equal the aggregate stated principal balance of the mortgage loans as of the first day of the related due period and is initially $417,152,959. NR--Not rated. N/A--Not applicable. ACAM 2019-FL1: DBRS Confirms B(low) Rating on Class G Notes ----------------------------------------------------------- DBRS, Inc. upgraded its credit ratings on three classes of notes issued by ACAM 2019-FL1, Ltd. as follows: -- Class C to A (high) (sf) from A (sf) -- Class D to A (sf) from BBB (high) (sf) -- Class E to BBB (sf) from BBB (low) (sf) In addition, Morningstar DBRS confirmed the following credit ratings: -- Class F at BB (low) (sf) -- Class G at B (low) (sf) Morningstar DBRS also discontinued the credit rating on Class B as the class was paid in full with the November 2025 remittance. All trends are Stable. The credit rating upgrades reflect the increased credit support to the transaction, as there has been a total collateral reduction of 75.4% since closing, an increase from 61.7% at the previous Morningstar DBRS credit rating action in December 2024. The transaction also benefits from two loans, representing 52.5% of the current trust balance, secured by mixed-use or multifamily collateral in New York City. While there remains increased credit risk to the transaction from three loans, representing 47.5% of the current trust balance, secured by office properties, the increased credit enhancement and transaction structure continues to serve as a mitigant to this risk as the unrated first-loss bond and the two, below investment-grade rated bonds total $55.6 million as of November 2025 reporting. These factors support the credit rating confirmations on the remaining classes and the Stable trends. In conjunction with this press release, Morningstar DBRS has published a Surveillance Performance Update report with in-depth analysis and credit metrics for the transaction as well as business plan updates on select loans. For access to this report, please click on the link under Related Documents below or contact us at info-DBRS@morningstar.com. The pool initially consisted of 21 floating-rate loans secured by 35 properties with a cut-off balance of $400.3 million. As of the November 2025 reporting, the transaction consists of five loans secured by five properties totaling $98.5 million. Given the highly concentrated nature of the transaction, Morningstar DBRS performed a recoverability analysis of the individual loans in its current review. In addition to the office concentration noted above, there is one mixed-use property, representing 36.5% of the current trust balance and one multifamily property, representing 16.0% of the current trust balance. Since the previous Morningstar DBRS credit rating action, three loans with a former cumulative trust balance of $30.1 million were paid in full and one loan was liquidated resulting in recovered proceeds to the trust of $12.0 million and a realized loss of $6.9 million. As of November 2025, one loan, 2700 North Central (Prospectus ID#11; 18.7% of the current trust balance) is delinquent and in special servicing. The collateral is a Class B office property in Phoenix. The loan became real estate owned in April 2025 after the borrower executed a deed-in-lieu of foreclosure action with the lender when its last and final attempt to sell the property was unsuccessful. Prior to giving title to the property back to the lender, the borrower attempted to sell the property and bring in a new equity partner. According to the collateral manager, the resolution strategy is to stabilize the property over a two- to three-year holding period. As of September 2025, the property was 47.7% occupied. The submarket remains weak as according to September 2025 Reis data, office properties in the Uptown Phoenix submarket reported an occupancy rate of 65.2% for properties built between 1980 and 1989. The property was most recently appraised in April 2025 at $16.8 million, reflective of a loan-to-value ratio (LTV) of 127.6% based on the outstanding A note balance of $21.4 million. In its analysis, Morningstar DBRS liquidated the loan from the pool by applying a 20.0% haircut to the appraisal and incorporating additional expenses to account for the projected hold period. The resulting loan loss severity was approximately 50.0% or $9.0 million, which is contained to the unrated equity bond. The remaining four loans, representing 81.3% of the trust balance, are on the servicer's watchlist and have been flagged for upcoming loan maturity or for below-breakeven debt service coverage ratios. The largest loan in the transaction and on the servicer's watchlist is 600 Bushwick (Prospectus ID#31; 36.5% of the current trust balance). The loan has been flagged for the pending December 2025 maturity date; however, according to the collateral manager, the borrower is expected to exercise the final 12-month extension option. The collateral is a mixed-use property in Brooklyn consisting of 64 multifamily units and 14,080-sf of commercial space. The borrower has completed its business plan to obtain a 421-a tax abatement and complete the initial lease-up of the property. As of August 2025, the multifamily portion of the property was 92.2% occupied with an average rental rate $2,976 across all units (market rate and affordable) while the commercial portion remained 100.0% occupied by three tenants. Regarding the two other loans (35.7% of the current trust balance) that have been flagged for upcoming maturity, Morningstar DBRS expects one loan (16.0% of the current trust balance) to be paid in full in the near to moderate term and the borrower of the other loan, 500 West Jefferson Street (Prospectus ID#23; 19.7% of the current trust balance), to exercise the final available 12-month maturity extension option. This loan is secured by a Class A, high-rise office building in downtown Louisville, Kentucky. At loan closing, up to $15.9 million of future funding and additional borrower equity were available to fund the borrower's capital expenditure (capex) and leasing plan. According to the August 2025 rent roll, the property was 59.0% occupied, an improvement from the September 2024 figure of 48.0% as new tenant, Louisville Metro Housing Authority (10.2% of net rentable area; lease expiry December 2035), took occupancy in January 2025. While $6.2 million of future funding for leasing costs was eliminated as part of the February 2024 loan modification, $3.9 million of future funding remains available to the borrower to finance future leasing costs. Morningstar DBRS notes the borrower will likely continue to encounter challenges in executing new leases; however, given the soft submarket. According to September 2025 Reis data, the Louisville central business district office submarket reported an occupancy rate of 69.6% with an asking rental rate of $18.04 per square foot (psf). While properties built between 1970 and 1979 reported slightly better figures of 73.6% and $18.76 psf, respectively, and the subject benefits from recent capex upgrades, the borrower's ability to materially increase occupancy prior to the loan's fully extended maturity date in December 2026 remains in doubt. The property reported a trailing 12-month (T-12) ended September 30, 2025, net operating income (NOI) of $2.1 million, resulting in an 8.6% debt yield on the outstanding $25.2 million A note. While performance will improve as Louisville Metro Housing Authority began paying rent in July 2025 after a six-month free rent period expired, the originally concluded Morningstar DBRS stabilized occupancy rate and net cash flow of 80.0% and $3.4 million, respectively, may be unattainable. In its current analysis of the loan, Morningstar DBRS applied a stressed 10.0% capitalization rate to the T-12 ended September 30, 2025, NOI figure, resulting in an implied property value of $21.7 million and a currently funded A note LTV of 116.0%. The Morningstar DBRS value represents a 35.2% decline from the original As-Is Appraised Value of $33.5 million. The trust currently holds a 76.9% pari passu interest in the A note, which will decrease if the lender advances additional funding to the borrower. While the current projected value shortfall of $2.7 million is contained to the unrated equity piece held by the issuer, Morningstar DBRS notes the business execution and credit risks of the loan have increased from closing. Notes: All figures are in U.S. dollars unless otherwise noted. ACHM TRUST 2025-HE3: S&P Assigns Prelim B- (sf) Rating on F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to ACHM Trust 2025-HE3's mortgage-backed notes. The transaction is an RMBS securitization backed 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, planned‑unit developments, condominiums, townhouses, and two‑ to four‑family residential properties. The pool is composed of 3,860 HELOC mortgage loans, which are all ability-to-repay exempt. The preliminary ratings are based on information as of Dec. 1, 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, Achieve Home Loans; -- Sample due diligence results consistent with represented loan characteristics; and -- S&P's macroeconomic outlook, which considers its current projections for U.S. economic growth, unemployment rates, and interest rates, as well as its view of housing fundamentals. S&P's outlook is updated, if necessary, when these projections change materially. Preliminary Ratings Assigned ACHM Trust 2025-HE3(i) Class A, $176,583,000: AAA (sf) Class B, $25,769,000: AA- (sf) Class C, $45,705,000: A- (sf) Class D, $9,359,000: BBB- (sf) Class E, $6,645,000: BB- (sf) Class F, $4,476,000: B- (sf) Class G, $2,712,797: NR Class XS, notional(ii): NR Class AIOS, notional(ii): NR Class FR(iii): NR Class R, not applicable: NR (i)The preliminary ratings address the ultimate payment of interest and principal. They do not address the payment of WAC shortfall amounts. (ii)The class XS and AIOS notes will have a notional amount equal to the aggregate principal balance of the mortgage loans 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 are 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. WAC--Weighted average coupon. NR--Not rated. AIMCO CLO 28: Fitch Assigns 'BB-(EXP)' Rating on Class E Notes -------------------------------------------------------------- Fitch Ratings has assigned expected ratings and Rating Outlooks to AIMCO CLO 28, LTD. Entity/Debt Rating ----------- ------ AIMCO CLO 28, Ltd. A-1 LT NR(EXP)sf Expected Rating A-2 LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D-1 LT BBB-(EXP)sf Expected Rating D-2 LT BBB-(EXP)sf Expected Rating E LT BB-(EXP)sf Expected Rating Subordinated LT NR(EXP)sf Expected Rating Transaction Summary AIMCO CLO 28, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by Allstate Investment Management Company. 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. The weighted average rating factor (WARF) of the indicative portfolio is 22.7 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 98.25% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 74.12% and will be managed to a WARR covenant from a Fitch test matrix. 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 resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a 5.1-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-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, 'A-sf' for Class D-1, and 'A-sf' 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 AIMCO CLO 28, 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. AIMCO CLO 28: Fitch Assigns 'BB-sf' Final Rating on Class E Notes ----------------------------------------------------------------- Fitch Ratings has assigned final ratings and Rating Outlooks to AIMCO CLO 28, LTD. Entity/Debt Rating Prior ----------- ------ ----- AIMCO CLO 28, Ltd. A-1 LT NRsf New Rating NR(EXP)sf A-2 LT AAAsf New Rating AAA(EXP)sf B LT AAsf New Rating AA(EXP)sf C LT Asf New Rating A(EXP)sf D-1 LT BBB-sf New Rating BBB-(EXP)sf D-2 LT BBB-sf New Rating BBB-(EXP)sf E LT BB-sf New Rating BB-(EXP)sf Subordinated LT NRsf New Rating NR(EXP)sf Transaction Summary AIMCO CLO 28, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by Allstate Investment Management Company. 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. The weighted average rating factor (WARF) of the indicative portfolio is 22.7 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 98.25% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 74.12% and will be managed to a WARR covenant from a Fitch test matrix. 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 resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a 5.1-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-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, 'A-sf' for Class D-1, and 'A-sf' 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. Date of Relevant Committee 24 November 2025 ESG Considerations Fitch does not provide ESG relevance scores for AIMCO CLO 28, 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. ANGEL OAK 2025-HB2: DBRS Gives Prov. B(low) Rating on B2 Notes -------------------------------------------------------------- DBRS, Inc. assigned provisional credit ratings to the following Mortgage-Backed Notes, Angel Oak Mortgage Trust 2025-HB2 Mortgage-Backed Notes, Series 2025-HB2 (the Notes) to be issued by Angel Oak Mortgage Trust 2025-HB2 (AOMT 2025-HB2 or the Trust): -- $212.0 million Class A-1 at (P) AAA (sf) -- $15.2 million Class M-1 at (P) AA (low) (sf) -- $13.8 million Class M-2 at (P) A (low) (sf) -- $13.9 million Class M-3 at (P) BBB (low) (sf) -- $12.7 million Class B-1 at (P) BB (low) (sf) -- $6.6 million Class B-2 at (P) B (low) (sf) The (P) AAA (sf) credit ratings on the Notes reflect 24.65% of credit enhancement provided by subordinate notes. The (P) AA (low) (sf), (P) A (low) (sf), (P) BBB (low) (sf), (P) BB (low) (sf), and (P) B (low) (sf) credit ratings reflect 19.25%, 14.35%, 9.40%, 4.90%, and 2.55% of credit enhancement, respectively. Other than the specified classes above, Morningstar DBRS does not rate any other classes in this transaction. The transaction is a securitization of recently originated first- and junior-lien revolving home equity lines of credit (HELOCs) funded by the issuance of asset-backed securities (the Notes). The Notes are backed by 2,631 loans with a total unpaid principal balance (UPB) of $281,388,254 and a total current credit limit of $325,858,628 as of the Cut-Off Date (November 1, 2025). The portfolio, on average, is four months seasoned, though seasoning ranges from zero to 16 months. All the HELOCs are current and approximately 99.0% have never been 30 or more (30+) days delinquent since origination. All the loans in the pool are exempt from the Consumer Financial Protection Bureau (CFPB) Ability-to-Repay (ATR)/Qualified Mortgage (QM) rules because HELOCs are not subject to the ATR/QM rules. AOMT 2025-HB2 represents the second HELOC securitization by the Sponsors, and is their first containing exclusively HELOCs. The transaction includes mostly junior liens and some first-lien HELOCs. HELOC Features In this transaction, all loans are open-HELOCs that have a draw period of five years during which borrowers may make draws up to a credit limit, though such right to make draws may be temporarily frozen, suspended, or terminated under certain circumstances. After the draw term, HELOC borrowers have a repayment period ranging from 10 to 25 years and are no longer allowed to draw. All HELOCs in this transaction are floating-rate loans with interest-only (IO) payment periods aligned with their draw periods. No loans require a balloon payment. The loans are made mainly to borrowers with near-prime and expanded prime credit quality who seek to take equity cash out for various purposes. While these HELOCs do not need to be fully drawn at origination, the weighted-average (WA) utilization rate of approximately 95.6% after four months of seasoning on average. Transaction and Other Counterparties All the mortgages were originated by HomeBridge Financial Services, Inc. Shellpoint will service all loans within the pool. Wilmington Savings Fund Society, FSB (WSFS Bank) will serve as the Indenture Trustee, Delaware Trustee, Paying Agent, Note Registrar, and Certificate Registrar. WSFS Bank will also serve as the Custodian along with Wilmington Trust, National Association. Morningstar DBRS has not performed an operational review on HomeBridge for this transaction, however, their collateral has appeared in other HELOC transactions Morningstar DBRS has rated. Morningstar DBRS applied a haircut to their originator score to account for this. Draw Funding Mechanism 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 Class G Certificates. If the aggregate draws exceed the principal collections (Net Draw), Goldman Sachs Bank USA (rated A (high) with a Stable trend by Morningstar DBRS), as the VFL Lender, will be required to advance any such Net Draw up to the amount of $25,000,000 (VFL Commitment Amount) until November 2030. The Certificate Principal Balance of the Class G Certificates will increase by any such amount remitted by the VFL Lender or the holder of the Issuer Trust Certificate, as applicable. The Sponsors, as holders of the Issuer Trust Certificate, will have an ultimate responsibility to ensure draws are funded as long as all borrower conditions are met to warrant draw funding. In its analysis of the proposed transaction structure, Morningstar DBRS does not rely on the creditworthiness of either the Servicer or the Sponsors. Rather, the analysis relies on the creditworthiness of the VFL Lender and the assets' ability to generate sufficient cash flows to fund draws and make interest and principal payments. 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. For this transaction, any loan that 180 days delinquent under the Mortgage Bankers Association (MBA) delinquency method, upon review by the related Servicer, may be considered a Charged Off Loan. With respect to a Charged Off Loan, the total unpaid principal balance 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. Transaction Structure This transaction incorporates a pro-rata cash flow structure; however, principal payment will be distributed sequentially so long as none of the Class M-1, M-2, or M-3 Notes is a Locked Out Class, as described below in the related report under Cashflow Structure and Features. On the first Payment Date, each of the Class M-1, M-2, and M-3 Notes will be a Locked-Out Class. Additionally, the pro rata cash flow structure is subject to a Credit Event, which is based on certain performance trigger events related to cumulative losses and delinquencies. If a Credit Event is in effect, principal distributions are made sequentially. Cumulative Loss and Delinquency Trigger Events are applicable immediately after the Closing Date. Relative to a sequential pay structure, a pro rata structure subject to a sequential trigger (Credit Event) is more sensitive to the timing of the projected defaults and losses as the losses may be applied at a time when the amount of credit support is reduced as the bonds' principal balances amortize over the life of the transaction. Other Transaction Features The U.S. Retaining Sponsor will acquire and intends to retain an eligible horizontal interest consisting of 5% of the fair value of the Notes to satisfy the credit risk-retention requirements. 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 Cut-Off Date, and will be held no longer than the seventh anniversary of the Closing Date. For this transaction, other than the Servicer's obligation to fund any monthly Net Draws, described above, neither the Servicer nor any other transaction party will fund any monthly advances of principal and interest (P&I) on any HELOC. However, the Servicer is required to make advances in respect of taxes, insurance premiums, and reasonable costs incurred in the course of servicing and disposing of properties (servicing advances) to the extent such advances are deemed recoverable. On any payment date on or after three years after the closing date or the first payment date when the unpaid principal balance falls to or below 30% of the Cut-Off Date UPB, the Issuer, at the direction of the Controlling Holder, may exercise a call and purchase all of the outstanding Notes at the redemption price (Optional Redemption) described in the transaction documents. Notes: All figures are in U.S. dollars unless otherwise noted. ANSLEY PARK 2025-A: Moody's Assigns Ba2 Rating to Class E Notes --------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to the asset-backed notes issued by Ansley Park Capital 2025-A LLC (Ansley Park 2025-A). Ansley Park Capital LLC (Ansley Park) is the originator and servicer of the assets backing this transaction. The transaction is the first 144A securitization sponsored by Ansley Park, a mid- and large ticket equipment finance company owned by funds managed under the alternative credit strategy of Ares Management Corporation (Ares). In January 2024, the funds managed by Ares launched Ansley Park by acquiring the management team and operating platform of BciCapital, Inc., which was the equipment finance business for and wholly-owned subsidiary of City National Bank of Florida. The assets in the pool consist of loan and lease contracts, secured primarily by mid-to-large ticket equipment and assets primarily consisting of manufacturing equipment/assets, construction equipment/assets, trucks & trailers, and other equipment/assets. The complete rating actions are as follows: Issuer: Ansley Park Capital 2025-A LLC Class A-1 Notes, Definitive Rating Assigned P-1 (sf) Class A-2 Notes, Definitive Rating Assigned Aaa (sf) Class B Notes, Definitive Rating Assigned Aa2 (sf) Class C Notes, Definitive Rating Assigned A1 (sf) Class D Notes, Definitive Rating Assigned Baa1 (sf) Class E Notes, Definitive Rating Assigned Ba2 (sf) RATINGS RATIONALE The definitive ratings are based on; (1) the experience of Ansley Park's management team and the company as servicer; (2) Vervent 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 expect 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 may 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. ATLANTIC AVENUE 2023-1: S&P Assigns Prelim BB- Rating on E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to the replacement class A-R, B-R, C-R, D-1-R, D-2-R, and E-R debt from Atlantic Avenue 2023-1 Ltd./Atlantic Avenue 2023-1 LLC., a CLO managed by Atlantic Avenue Management RR LLC that was originally issued in October 2023. The preliminary ratings are based on information as of Dec. 3, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the Dec. 9, 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, B, C, D-1, D-2, and E debt and assign ratings to the replacement class A-R, B-R, C-R, D-1-R, D-2-R, and E-R 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 and proposed new debt." The replacement and proposed new 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-R, B-R, C-R, D-1-R, and E-R debt is expected to be issued at a lower spread over three-month SOFR than the existing debt. Additionally, the replacement class D-2-R debt is expected to be issued at a lower coupon than the existing debt. -- The non-call period will be extended to Dec. 9, 2027. -- The reinvestment period will be extended to Dec. 9, 2030. -- The legal final maturity dates for the replacement debt and the existing subordinated notes will be extended to Jan. 15, 2039. -- The required minimum overcollateralization and interest coverage ratios will be 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 of the rated tranches. "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 Atlantic Avenue 2023-1 Ltd./Atlantic Avenue 2023-1 LLC Class A-R $252.00 million: AAA (sf) Class B-R $52.00 million: AA (sf) Class C-R (deferrable), $24.00 million: A (sf) Class D-1-R (deferrable), $20.00 million: BBB (sf) Class D-2-R (deferrable), $7.00 million: BBB- (sf) Class E-R (deferrable), $13.00 million: BB- (sf) Other Debt Atlantic Avenue 2023-1 Ltd./Atlantic Avenue 2023-1 LLC Subordinated notes, $38.52 million: Not rated BAIN CAPITAL 2023-4: Fitch Assigns 'BB-sf' Rating on Cl. E-R Notes ------------------------------------------------------------------ Fitch Ratings has assigned ratings and Rating Outlooks to Bain Capital Credit CLO 2023-4, Limited reset transaction. Entity/Debt Rating Prior ----------- ------ ----- Bain Capital Credit CLO 2023-4, Limited A-1 05685EAA8 LT PIFsf Paid In Full AAAsf A-1-R LT AAAsf New Rating A-2 05685EAC4 LT PIFsf Paid In Full AAAsf A-2-R LT AAAsf New Rating B 05685EAE0 LT PIFsf Paid In Full AAsf B-R LT AAsf New Rating C 05685EAG5 LT PIFsf Paid In Full Asf C-R LT Asf New Rating D 05685EAJ9 LT PIFsf Paid In Full BBB-sf D-1-R LT BBBsf New Rating D-2-R LT BBB-sf New Rating E 05685FAA5 LT PIFsf Paid In Full BB-sf E-R LT BB-sf New Rating X-R LT AAAsf New Rating Transaction Summary Bain Capital Credit CLO 2023-4, Limited (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by Bain Capital Credit U.S. CLO Manager II, LP. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $450 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 22.97, 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 97.6% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 73.61% 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 5.1-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 'AAAsf' for class X-R, 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 'B+sf' and 'BBB+sf' for class C-R, between less than 'B-sf' and 'BB+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 '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 X-R, 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, 'AAsf' 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 Bain Capital Credit CLO 2023-4, 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. BARINGS CLO 2025-VI: Fitch Assigns BB-(EXP)sf Rating on Cl. E Notes ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings and Rating Outlooks to Barings CLO Ltd. 2025-VI. Entity/Debt Rating ----------- ------ Barings CLO Ltd. 2025-VI A-1 LT NR(EXP)sf Expected Rating A-2 LT AAA(EXP)sf Expected Rating B LT AA(EXP)sf Expected Rating C LT A(EXP)sf Expected Rating D-1 LT BBB(EXP)sf Expected Rating D-2 LT BBB-(EXP)sf Expected Rating D-3 LT BBB-(EXP)sf Expected Rating E LT BB-(EXP)sf Expected Rating Subordinated Notes LT NR(EXP)sf Expected Rating Transaction Summary Barings CLO Ltd. 2025-VI (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by Barings LLC. 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+'/'B', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 22.93 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 97.05% first lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 74.35% 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 5.1-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-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 'BBB-sf' for class D-1, between less than 'B-sf' and 'BB+sf' for class D-2, between less than 'B-sf' and 'BB+sf' for class D-3, 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, 'A+sf' for class D-1, 'Asf' for class D-2, 'A-sf' for class D-3, 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 Barings CLO Ltd. 2025-VI. 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. BBAM US VI: S&P Assigns BB- (sf) Rating on Class E Notes -------------------------------------------------------- S&P Global Ratings assigned its 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 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 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-C39: Fitch Assigns B-(EXP) Rating on 2 Tranches ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings and Rating Outlooks to BBCMS Mortgage Trust 2025-C39, Commercial Mortgage Pass-Through Certificates, Series 2025-C39 as follows: Entity/Debt Rating ----------- ------ BBCMS 2025-C39 A-1 LT AAA(EXP)sf Expected Rating A-4 LT AAA(EXP)sf Expected Rating A-5 LT AAA(EXP)sf Expected Rating A-S LT AAA(EXP)sf Expected Rating A-SB 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 F LT B-(EXP)sf Expected Rating G-RR LT NR(EXP)sf Expected Rating X-A LT AAA(EXP)sf Expected Rating X-B LT A-(EXP)sf Expected Rating X-D LT BBB-(EXP)sf Expected Rating X-E LT BB-(EXP)sf Expected Rating X-F LT B-(EXP)sf Expected Rating - $16,918,000 class A-1 'AAA(EXP)sf'; Outlook Stable; - $200,000,000a class A-4 'AAA(EXP)sf'; Outlook Stable; - $322,255,000a class A-5 'AAA(EXP)sf'; Outlook Stable; - $25,463,000 class A-SB 'AAA(EXP)sf'; Outlook Stable; - $564,636,000b class X-A 'AAA(EXP)sf'; Outlook Stable; - $86,712,000 class A-S 'AAA(EXP)sf'; Outlook Stable; - $40,332,000 class B 'AA-(EXP)sf'; Outlook Stable; - $30,248,000 class C 'A-(EXP)sf'; Outlook Stable; - $157,292,000b,c class X-B 'A-(EXP)sf'; Outlook Stable; - $23,191,000c class D 'BBB-(EXP)sf'; Outlook Stable; - $23,191,000b,c class X-D 'BBB-(EXP)sf'; Outlook Stable; - $16,132,000c class E 'BB-(EXP)sf'; Outlook Stable; - $16,132,000b,c class X-E 'BB-(EXP)sf'; Outlook Stable; - $10,083,000c class F 'B-(EXP)sf'; Outlook Stable; - $10,083,000b,c class X-F 'B-(EXP)sf'; Outlook Stable. Fitch does not expect to rate the following classes: - $35,290,115c,d class G-RR. (a) The initial balances of A-4 and A-5 are unknown but expected to be $522,255,000 in aggregate, subject to a 5% variance. The certificate balances will be determined based on the final pricing of those certificates. The expected class A-4 balance range is $0-200,000,000, and the expected class A-5 balance range is $322,255,000-$522,255,000. The balance for class A-4 reflects the top of its range. The balance for class A-5 reflects the bottom of its range. (b) Notional amount and interest only (IO). (c) Privately placed and pursuant to Rule 144a. (d) Horizontal risk retention. CE - credit enhancement, NR - not rated. Transaction Summary The certificates represent the beneficial ownership interest in the trust, the primary assets of which are 36 loans secured by 69 commercial properties with an aggregate principal balance of $806,624,116 as of the cutoff date. The loans were contributed to the trust by Barclays Capital Real Estate Inc., Citi Real Estate Funding Inc., Starwood Mortgage Capital LLC, German American Capital Corporation, Wells Fargo Bank, National Association, Goldman Sachs Mortgage Company, BSPRT CMBS Finance, LLC, UBS AG New York Branch, and Zions Bancorporation, N.A. The master servicer is expected to be Midland Loan Services, a Division of PNC Bank, National Association. The special servicer is expected to be LNR Partners, LLC. Computershare Trust Company, National Association will act as trustee and certificate administrator. The operating advisor is expected to be Park Bridge Lender Services LLC. The certificates are expected to follow a sequential paydown structure. KEY RATING DRIVERS Fitch Net Cash Flow: Fitch performed cash flow analyses on 25 loans totaling 91.0% of the pool by balance, including the largest 20 loans and all the pari passu loans. Fitch's resulting net cash flow (NCF) of approximately $86.7 million represents a 14.1% decline from the issuer's underwritten NCF. The NCF decline is higher than the 2025 year to date (YTD) and 2024 10-year averages of 13.5% and 13.2%, respectively. Higher Fitch Leverage: The pool has higher leverage compared to recent 10-year multiborrower transactions rated by Fitch. The pool's Fitch loan-to-value ratio (LTV) of 91.6% is slightly worse than the YTD 2025 and 2024 averages of 88.7% and 84.5%, respectively. The Fitch NCF debt yield (DY) of 10.8% is weaker than the YTD 2025 and 2024 averages of 12.0% and 12.3%, respectively. Investment-Grade Credit Opinion Loans: Three loans representing 9.7% of the pool received investment-grade credit opinions on a standalone basis. Market Place Center (4.3% of the pool) received a standalone credit opinion of 'BBB-sf*'; 4 Union Square South (4.0% of the pool) received 'BBB+sf*'; and Rentar Plaza (1.4% of the pool) received 'BBB+sf*'. The pool's total credit opinion share is below the 2025 YTD and 2024 10-year averages of 23.6% and 21.4%, respectively. Excluding these loans, the pool's Fitch LTV and DY of 94.4% and 10.4% are slightly below the 2025 YTD LTV and DY 10-year averages of 98.4% and 10.0%, respectively. Lower Pool Concentration: The pool is less concentrated than recently rated Fitch transactions. The top 10 loans make up 57.0% of the pool, which is lower than the 2025 YTD and 2024 10-year averages of 63.8% and 63.0%, respectively. The pool's effective loan count is 23.9. Fitch views diversity as a key mitigant to idiosyncratic risk. Fitch raises the overall loss for pools with effective loan counts below 40. Office Concentration: Loans secured by office properties (designated by Fitch) represent 28.1% of the pool, above the 2025 YTD and 2024 10-year averages of 21.8% and 13.7%, respectively. Three of the top 10 largest loans are secured by office properties and office is the second-largest property type in the pool. The largest and third-largest property types in the pool are retail and industrial, which account for 30.8% and 14.2% respectively. The pool's effective property type count is 4.5. 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' / 'BBB-sf' / 'BB-sf' / 'B-sf'; - 10% NCF Decline: 'AAAsf' / 'AA-sf' / 'A-sf' / 'BBBsf' / 'BBsf' / 'B-sf' / below 'CCCsf'; 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' / 'BBB-sf' / 'BB-sf' / 'B-sf'; - 10% NCF Increase: 'AAAsf' / 'AAAsf' / 'AA+sf' / 'A+sf' / 'BBB+sf' / 'BB+sf' / 'B+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. BBCMS TRUST 2015-SRCH: Fitch Affirms 'BB+' Rating on Class E Certs ------------------------------------------------------------------ Fitch Ratings has affirmed eight classes of BBCMS Trust 2015-SRCH Mortgage Trust commercial mortgage pass-through certificates. The Rating Outlooks for classes B, C, D, E and X-B remain Negative. Entity/Debt Rating Prior ----------- ------ ----- BBCMS 2015-SRCH A-1 05547HAA9 LT AAAsf Affirmed AAAsf A-2 05547HAC5 LT AAAsf Affirmed AAAsf B 05547HAJ0 LT AAsf Affirmed AAsf C 05547HAL5 LT Asf Affirmed Asf D 05547HAN1 LT BBB-sf Affirmed BBB-sf E 05547HAQ4 LT BB+sf Affirmed BB+sf X-A 05547HAE1 LT AAAsf Affirmed AAAsf X-B 05547HAG6 LT Asf Affirmed Asf KEY RATING DRIVERS Stable Performance; Single Tenant Lease Exposure; Expected Tenant Departure: The affirmations and Stable Outlooks for classes A-1, A-2 and X-A reflect stable overall property-level performance that remains in line with issuance expectations and continued loan amortization. The Negative Outlooks reflect the potential for downgrades following Google, LLC's failure to provide notice to renew its lease, which expires in August 2027 and is co-terminus with the loan maturity. They also reflect refinancing concerns amid anticipated cash flow and value deterioration stemming from the single tenant's expected departure at lease expiration. While a cash flow sweep has been activated due to Google's lack of renewal notice, Fitch views the anticipated reserved amount at loan maturity ($25 psf or approximately $24MM) to be insufficient to stabilize the property and anticipates significant expenditures beyond what will be reserved to improve prospects for a sale or refinance. Downgrades are possible without significant leasing activity at the property prior to loan maturity and/or if the loan transfers to special servicing and there is a prolonged workout leading to a value decline. Fitch assumes Google will continue to pay rent through the lease expiration and the loan will continue to perform through maturity; however, given the anticipated departure, Fitch updated its base case performance assumptions. The updated Fitch sustainable net cash flow (NCF) of $36.6 million is down 5% from the prior rating action and 10% from the Fitch issuance NCF of $40.9 million. Given the pending Google lease expiration, Fitch's sustainable NCF reflects a stabilized approach, assuming current market rents of $50 psf, with the pass-through of expenses as a fully net-lease structure, rather than using in-place rents. The long-term occupancy assumption is 90%, accounting for current submarket metrics and the CoStar vacancy forecast through 3Q27. Fitch's analysis incorporated a stressed capitalization rate of 8.75%, up from 8% at the prior review and issuance, to factor the increased office sector concerns, the impact to property value given the upcoming rollover, and is in-line with comparable properties in the market. This results in a Fitch-stressed value of $444 psf, which is approximately 51% below the issuance appraisal and 18% below Fitch's issuance value. Sunnyvale, CA submarket fundamentals for office properties have displayed signs of improvement. According to CoStar as of QTD 4Q25, the office submarket vacancy, availability rate and average asking rent were reported to be 10%, 8.9% and $65.07 psf, respectively, compared with 16.3%, 13.8% and $63.62 psf, respectively, at the last rating action. CoStar forecasts the vacancy rate to be 9.6% in 3Q27 when the Google lease expires, also down from 18.8% forecast at the prior rating action. In addition to its base case, sustainable performance analysis, Fitch performed a dark value analysis to address the risk of vacancy following the Google lease expiration. The dark value analysis is based on the stabilized NCF, incorporates leasing costs to re-tenant the buildings and gives partial credit for the anticipated $24MM lease sweep, resulting in a Fitch-stressed value of approximately $360 psf; this sensitivity scenario contributed to the Negative Outlooks. Amortization: The loan was interest-only for the first four years and eight months and then amortizes on a 30-year schedule, resulting in seven years of amortization. The loan began to amortize in August 2020, resulting in 10% paydown since issuance. By loan maturity in August 2027, the trust balloon balance is estimated to be $372.1 million ($395/sf), resulting in an approximate 13.5% reduction to the initial loan amount. Fitch expects the loan to perform through maturity and given the highly rated tenant, the base case assumption assumes the outstanding debt to be the balloon balance of $372.1 million. Superior Collateral Quality in Strong Location: The loan is secured by the fee simple interest in three recently constructed, single-tenant office buildings, totaling 943,056 sf, leased to Google in Sunnyvale, CA. The three buildings hold a LEED-Gold designation and are among the most technologically advanced in the area, which has a positive impact on the ESG score for Waste & Hazardous Materials Management; Ecological Impacts. The complex also includes a 52,500-sf amenities building (non-collateral) for the sole use of tenants which includes fitness and weight equipment, studios for classes, full locker rooms and an outdoor pool. Fitch Leverage: The $388.6 million mortgage loan ($412 psf) has a Fitch debt service coverage ratio and loan-to-value of 0.98x and 91.5%, respectively, compared with 1.0x and 89.6%, respectively, at the last rating action and 1.16x and 76.5%, respectively, at issuance. The 372.1 million ($395 psf) balloon balance has a Fitch debt service coverage ratio and loan-to-value of 1.01x and 88.9%, respectively. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Downgrades to classes A-1, A-2 and interest-only class X-A are not expected given their position in the capital structure, expected continued amortization and lower recovery required at maturity ($214 psf for class A-2). Downgrades to classes B, C, D, E and X-B are possible should property value, occupancy and/or market conditions deteriorate beyond Fitch's reassessed view of sustainable performance, including if the sponsor fails to address the upcoming Google lease rollover and/or expected vacant space is not leased at or above current Fitch assumptions as the loan approaches maturity in August 2027 or office valuations in the submarket deteriorate. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrades are not considered likely given the upcoming maturity, expected departure of the single tenant and the current ratings that reflect Fitch's view of sustainable performance. The Negative Outlooks could be revised to Stable if a replacement tenant is secured and/or there is 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 BBCMS 2015-SRCH has an ESG Relevance Score of '4'[+] for Waste & Hazardous Materials Management; Ecological Impacts due to sustainable building practices including Green building certificate credentials, which has a positive impact on the credit profile and is relevant to the ratings 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. BEAR STEARNS 2007-PWR18: DBRS Confirms C Rating on 3 Classes ------------------------------------------------------------ DBRS, Inc. confirmed all credit ratings on the classes of Commercial Mortgage Pass-Through Certificates, Series 2007-PWR18 issued by Bear Stearns Commercial Mortgage Securities Trust 2007-PWR18 as follows: -- Class B at C (sf) -- Class C at C (sf) -- Class D at C (sf) All classes have credit ratings that do not typically carry trends in commercial mortgage-backed securities (CMBS) credit ratings. The credit ratings continue to reflect Morningstar DBRS' loss projection upon the resolution of the sole remaining loan in the transaction, as further described below. Cumulative outstanding interest shortfalls totaling $32.6 million as of November 2025 reporting have also negatively affected the transaction. The interest shortfalls have risen to Class B, and Morningstar DBRS concluded that the waterfall for this legacy CMBS transaction allows all outstanding shortfalls to be repaid ahead of the outstanding principal. When adding the current and expected shortfalls to the trust exposure in Morningstar DBRS' liquidation scenario for the remaining loan, all outstanding classes are projected to realize a loss at final resolution. The remaining loan, Marriott Houston Westchase (Prospectus ID#6), is secured by a 604-key, full-service hotel in Houston. The loan has been delinquent since September 2020 with servicer advances totaling $1.6 million as of November 2025 reporting. A foreclosure sale took place in June 2025 and the trust was the successful bidder. A March 2025 site inspection found the property to be in fair condition; however, it also noted that the property needed comprehensive renovations. Morningstar DBRS notes that a fire at the property in February 2024, which affected 271 keys, negatively affected cash flow. The units were out of order for much of 2024 but, by year-end, the servicer commentary noted the repairs had been completed. Property operating performance remains stagnant as the servicer reporting for the trailing 12-month period ended January 31, 2025, indicates a 54.5% occupancy rate and $121.38 average daily rate, with a revenue per available room penetration rate of 90.2% compared with 116.9% and 111.5% in 2024 and 2023, respectively. While some of the performance declines are related to property renovations related to the units affected by the fire and should only be temporary, the upside is limited and Morningstar DBRS continues to expect that losses will be significant. The property was most recently appraised with a value of $35.0 million, dated November 2024, down slightly from the January 2024 and March 2023 appraised value of $37.5 million. The value represents a decline of nearly 75.0% from the issuance property value of $135.0 million. As of the November 2025 remittance, the loan had an outstanding principal balance of $69.9 million, with a total exposure of about $75.0 million. In this review, Morningstar DBRS analyzed a liquidation scenario based on the updated appraised value provided by the servicer, with a haircut of 15% applied and liquidation expenses deducted from the proceeds. Morningstar DBRS expects significant losses associated with the disposition of this asset, as evidenced by the expected loss severity of $65.2 million, or 93.3%. Notes: All figures are in U.S. dollars unless otherwise noted. BENCHMARK 2025-V19: Fitch Assigns B-(EXP)sf Rating on Two Tranches ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings and Rating Outlooks to Benchmark 2025-V19 Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2025-V19 as follows: - $87,500,000a class A-2 'AAA(EXP)sf'; Outlook Stable; - $321,704,000a class A-3 'AAA(EXP)sf'; Outlook Stable; - $409,204,000b class X-A 'AAA(EXP)sf'; Outlook Stable; - $48,959,000 class A-S 'AAA(EXP)sf'; Outlook Stable; - $31,421,000 class B 'AA-(EXP)sf'; Outlook Stable; - $23,383,000 class C 'A-(EXP)sf'; Outlook Stable; - $103,763,000b class X-B 'A-(EXP)sf'; Outlook Stable; - $21,922,000c class D 'BBB-(EXP)sf'; Outlook Stable; - $21,922,000bc class X-D 'BBB-(EXP)sf'; Outlook Stable; - $13,883,000cd class E-RR 'BB-(EXP)sf'; Outlook Stable; - $13,883,000bcd class XERR 'BB-(EXP)sf'; Outlook Stable; - $8,769,000cd class F-RR 'B-(EXP)sf'; Outlook Stable; - $8,769,000bcd class XFRR 'B-(EXP)sf'; Outlook Stable. The following classes are not expected to be rated by Fitch: - $27,037,299cd class G-RR; - $27,037,299bcd class XGRR; - $4,120,895ce Combined VRR Interest. (a) The initial certificate balances of classes A-2 and A-3 are unknown and expected to be $409,204,000 in aggregate, subject to a 5% variance. The certificate balances will be determined based on the final pricing of those classes of certificates. The expected class A-2 balances range is $0 to $175,000,000 and the expected class A-3 balance range is $234,204,000 to $409,204,000. (b) Notional amount and interest only. (c) Privately placed and pursuant to Rule 144A. (d) Horizontal risk retention. (e) Vertical risk retention. Transaction Summary The certificates represent the beneficial ownership interest in the trust, primary assets of which are 28 loans secured by 48 commercial properties having an aggregate principal balance of $588,699,194, as of the cut-off date. The loans were contributed to the trust by Goldman Sachs Mortgage Company, German American Capital Corporation, Citi Real Estate Funding Inc and Barclays Capital Real Estate Inc. Midland Loan Services, a Division of PNC Bank, National Association is expected to serve as the master and special servicer. Wilmington Savings Fund Society, FSB is expected to be the trustee. Citibank, N.A. is expected to be the certificate administrator. Park Bridge Lender Services LLC is expected to be the operating advisor. The certificates will follow a sequential paydown structure. The transaction is expected to close on Dec. 23, 2025. KEY RATING DRIVERS Fitch Net Cash Flow: Fitch performed cash flow analyses on 17 loans totaling 86.3% of the pool by balance. Fitch's aggregate pool net cash flow (NCF) of $56.3 million represents a 11.3% decline from the issuer's underwritten aggregate pool NCF of $63.5 million. Higher Fitch Leverage: The pool's Fitch leverage is slightly higher than that of recent multiborrower transactions rated by Fitch. The pool's Fitch loan-to-value ratio (LTV) of 104.8% is higher than the 2025 YTD five-year multiborrower transaction average of 100.8% and the 2024 five-year multiborrower transaction average of 95.2%. The pool's Fitch NCF debt yield (DY) of 9.6% is slightly lower than the 2025 YTD average of 9.7% and the 2024 average of 10.2%. Investment-Grade Credit Opinion Loans: One loan, 9911 Belward, representing 4.1% of the pool, received a standalone credit opinion of 'A-sf*'. The pool's total credit opinion percentage is much lower than the 2025 YTD and 2024 averages of 11.5% and 12.6%, respectively. Excluding the credit opinion loans, the pool's Fitch LTV and DY of 106.8% and 9.3%, respectively, are slightly worse than the equivalent conduit 2025 YTD LTV and DY averages of 100.8% and 9.7%, respectively. Higher Pool Concentration: The pool is more concentrated than recently rated Fitch transactions. The largest 10 loans represent 64.9% of the pool, which is higher than the 2025 YTD five-year and 2024 five-year multiborrower averages of 61.3% and 60.2%, respectively. Fitch measures loan concentration risk with an effective loan count, which accounts for both the number and size of loans in the pool. The pool's effective loan count is 19.3, which is lower than both the 2025 YTD and 2024 five-year multiborrower averages of 21.8 and 22.7, respectively. Fitch views diversity as a key mitigant to idiosyncratic risk. Fitch raises the overall loss for pools with effective loan counts below 40. 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'/'BBB-sf'/'BB-sf'/'B-sf'; - 10% NCF Decline: 'AAAsf'/'AAsf'/'A-sf'/'BBBsf'/'BBsf'/'B-sf'/ 'CCCsf'. 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'/'BBB-sf'/'BB-sf'/'B-sf'; - 10% NCF Increase: 'AAAsf'/'AAAsf'/'AAsf'/'Asf'/'BBBsf'/'BBsf'/'B+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. BRCK TRUST 2025-830B: 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 2025-830B (the Certificates) to be issued by BRCK Trust 2025-830B (the Trust): -- Class A at (P) AAA (sf) -- Class B at (P) AA (low) (sf) -- Class X at (P) AA (sf) -- Class C at (P) A (low) (sf) -- Class D at (P) BBB (low) (sf) -- Class E at (P) BB (low) (sf) -- Class F at (P) B (sf) -- Class HRR at (P) B (low) (sf) All trends are Stable. The Trust is a single-asset/single-borrower transaction collateralized by the borrower's fee-simple interest in 830 Brickell, a 55-story, 650,148-sf Class A+ office property. The property is in Miami within the Brickell office submarket and as of November 23, 2025, was 95.2% leased to a mix of tenants including major financial firms with a WA remaining lease term of 9.5 years. The property benefits from its location and an impressive collection of high-quality top 10 tenants. Together, these tenants comprise 88.3% of the total NRA and include Citadel, Kirkland & Ellis, Santander, Corient, Sidley Austin, Thoma Bravo, Microsoft, Marsh, AerCap, and ACAP. The subject is in the Brickell submarket, which is Miami's most desirable office submarket and one of the strongest office submarkets in the country. This submarket has seen an influx of financial firms in recent years and has become known as the Manhattan of the South. The building takes up half a city block on Brickell Plaza just east of South Miami Avenue and the SLS LUX Brickell hotel, north of 9th Street, and across the street from the Brickell City Centre. The Class A+ office tower was the first office tower of its quality built from the ground up in at least a decade and has 15 tenants. The collateral was recently constructed and achieved a final occupancy permit in late 2024. The sponsor reported an investment of approximately $88 million in TIs, while tenants also made significant investments in their build-outs with some spending upward of an additional $500 psf, according to the sponsor. Two of the largest tenants, representing 35.6% of the total NRA at the property, are developing or planning to construct new buildings close to the subject; therefore, both tenants pose vacancy risk upon lease expiration or termination. Citadel, which occupies 138,577 sf, represents 21.3% of the total NRA and has been looking to develop a new property at 1201 Brickell Bay Drive, and it would anchor the building. The Citadel project is expected to be a 55-story 1.7 million-sf office and hotel property, which is now expected to start construction in mid- to late 2026 but is still subject to obtaining approvals. The third-largest tenant, Santander, has secured approvals and is currently in the process of developing a new building at 1401 Brickell Avenue, which will likely lead to the tenant vacating all or a majority of its space at the collateral. Upon its lease expiry in October 2034, Santander is likely to give back its 92,942-sf space, which represents 14.3% of the total NRA. Additionally, Santander also has an early termination option, which takes effect in October 2029 with one-year prior notice and has no termination fee. In total, 0% of the total NRA will naturally expire through loan maturity in 2030. The property was completed in late 2024 and has been in a period of lease-up from late 2024 through the first half of 2025. In addition to paying off the existing debt, proceeds will be applied to capitalize the remaining outstanding lease-up costs for the property. These costs consist of $8.3 million for deferred maintenance and final punch list reserve, $63.4 million for payment of free rent, gap rent, and free recovery reserves, $18.4 million for TI/LC reserves, and $3.9 million for closing costs for the loan. The property was 95.2% leased as of November 23, 2025, with 31,118 sf of vacancy. The building is owned by a joint venture (JV; 50/50) between Cain International and OKO Group. The JV is the developer of the property, which was recently completed in 2024. Cain International is a vertically integrated real estate and private equity firm with $13.8 billion assets under management (AUM). It manages a diverse portfolio across hospitality, industrial, residential, and office properties. Its private equity platform primarily focuses on investments in business and brands across the lifestyle and entertainment industries. OKO Group is an international real estate development and investment firm headquartered in Miami. OKO Group has invested more than $10 billion in real estate projects since being founded in 2015 across residential, hospitality, and Class A office space. The sponsor is using the proceeds from this refinancing to pay off existing debt, capitalize contractual leasing costs, and fund upfront reserves associated with the lease-up of the recently developed property and closing costs associated with the refinancing. Notes: All figures are in U.S. dollars unless otherwise noted. BRIGHTWOOD CAPITAL 2023-1: S&P Assigns BB-(sf) Rating on E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to the replacement class A-1R loans and class X-R, A-1R, A-2R, B-R, C-1R, C-2R, D-1R, D-2R and E-R notes from Brightwood Capital MM CLO 2023-1 Ltd./Brightwood Capital MM CLO 2023-1 LLC, a CLO managed by Brightwood SPV Advisors, an affiliate of Brightwood Capital Advisors LLC. that was originally issued in September 2023. At the same time, S&P withdrew its ratings on the previous class X, A-1A, A-1B, A-1L, A-2, A-2L, B, B-L, C, D, and E debt following payment in full on the Nov. 26, 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 non-call period was extended to Oct. 15, 2026. -- The target initial par amount remains the same. There was no additional effective date or ramp-up period, and the first payment date following the refinancing is April 15, 2026. -- The reinvestment period remains unchanged. -- No additional subordinated notes were issued on the refinancing date. -- New class X-R debt was issued on the refinancing date and is expected to be paid down using interest proceeds in equal installments of $375,000, beginning from April 15, 2026, and ending on the eighth payment date after refinancing. -- The required minimum overcollateralization ratios were amended. -- All or a portion of the class A-1R loans can be converted into class A-1R notes. Upon that conversion, the class A-1R loans decrease by the converted amount with a corresponding increase in the class A-1R notes. No class A-R notes or any other class of notes may be converted into class A-1R loans. -- The replacement Class A-1R debt was issued at a lower spread over three-month SOFR than the existing class A-1A and A-1B debt. -- The replacement class A-2R debt was issued at a lower spread over three-month SOFR than the existing debt class A-2 and A-2L debt. -- The replacement class B-R debt was issued at a lower spread over three-month SOFR than the existing class B and B-L debt. -- The replacement class C-1R and C-2R sequential debt was issued at a lower spread over three-month SOFR than the existing class C debt. -- The replacement class D-1R and D-2R sequential debt was issued at a lower spread over three-month SOFR than the existing debt class D debt. Replacement And Previous Debt Issuances Replacement debt -- Class X-R, $3.00 million: Three-month CME term SOFR + 1.05% -- Class A-1R, $74.00 million: Three-month CME term SOFR + 1.45% -- Class A-1R loans, $100.00 million: Three-month CME term SOFR + 1.45% -- Class A-2R, $12.00 million: Three-month CME term SOFR + 1.65% -- Class B-R, $18.00 million: Three-month CME term SOFR + 1.95% -- Class C-1R (deferrable), $24.00 million: Three-month CME term SOFR + 2.50% -- Class C-2R (deferrable), $12.00 million: Three-month CME term SOFR + 3.15% -- Class D-1R (deferrable), $6.00 million: Three-month CME term SOFR + 3.95% -- Class D-2R (deferrable), $6.00 million: Three-month CME term SOFR + 5.40% -- Class E-R (deferrable), $12.00 million: Three-month CME term SOFR + 7.25% Previous debt -- Class X, $2.25 million: Three-month CME term SOFR + 2.25% -- Class A-1A, $129.56 million: Three-month CME term SOFR + 2.75% -- Class A-1B, $12.64 million: 6.888% -- Class A-1L, $10.00 million: Three-month CME term SOFR + 2.75% -- Class A-2, $0.80 million: Three-month CME term SOFR + 3.25% -- Class A-2L, $15.00 million: Three-month CME term SOFR + 3.25% -- Class B, $13.00 million: Three-month CME term SOFR + 3.75% -- Class B-L, $20.00 million: Three-month CME term SOFR + 3.75% -- Class C (deferrable), $27.00 million: Three-month CME term SOFR + 4.80% -- Class D (deferrable), $18.00 million: Three-month CME term SOFR + 6.46% -- Class E (deferrable), $18.00 million: Three-month CME term SOFR + 10.36% 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 Brightwood Capital MM CLO 2023-1 Ltd./ Brightwood Capital MM CLO 2023-1 LLC Class X-R, $3.00 million: AAA (sf) Class A-1R, $74.00 million: AAA (sf) Class A-1R Loans, $100.00 million: AAA (sf) Class A-2R, $12.00 million: AAA (sf) Class B-R, $18.00 million: AA (sf) Class C-1R (deferrable), $24.00 million: A (sf) Class C-2R (deferrable), $12.00 million: A- (sf) Class D-1R (deferrable), $6.00 million: BBB+ (sf) Class D-2R (deferrable), $6.00 million: BBB- (sf) Class E-R (deferrable), $12.00 million: BB- (sf) Ratings Withdrawn Brightwood Capital MM CLO 2023-1 Ltd./ Brightwood Capital MM CLO 2023-1 LLC Class X to NR from 'AAA (sf)' Class A-1A to NR from 'AAA (sf)' Class A-1B to NR from 'AAA (sf)' Class A-1L to NR from 'AAA (sf)' Class A-2 to NR from 'AAA (sf)' Class A-2L to NR from 'AAA (sf)' Class B to NR from 'AA (sf)' Class B-L 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)' Other Debt Brightwood Capital MM CLO 2023-1 Ltd./ Brightwood Capital MM CLO 2023-1 LLC Class I subordinated notes, $46.350 million: NR Class II subordinated notes, $0.001 million: NR NR--Not rated. BRSP 2021-FL1: DBRS Confirms B(low) Rating on Class G Certs ----------------------------------------------------------- DBRS, Inc. confirmed the credit ratings on all classes of issued by BRSP 2021-FL1, Ltd. as follows: -- Class A at AAA (sf) -- Class A-S at AAA (sf) -- Class B at AA (sf) -- Class C at A (high) (sf) -- Class D at BBB (sf) -- Class E at BBB (low) (sf) -- Class F at BB (low) (sf) -- Class G at B (low) (sf) Morningstar DBRS changed the trends on Classes B, C, and D to Positive from Stable and the trends on Classes F and G to Stable from Negative. The trends on all remaining classes are Stable. The credit rating confirmations reflect the overall stable performance of the transaction since the previous Morningstar DBRS credit rating action in May 2025. The trend changes to Positive on Classes B, C, and D reflect the increased collateral reduction, which totals 33.9% as of the November 2025 remittance. Additionally, of the 19 loans remaining in the transaction, 18 loans, representing 96.5% of the current trust balance, have maturity dates in 2026. Based on the current analysis, Morningstar DBRS identified several loans where the respective borrowers have achieved or are nearing the Morningstar DBRS stabilized cash flow projections, leading to a higher probability those borrowers will be able to successfully complete the loan exit strategies. The transaction continues to have a high concentration of loans secured by office and mixed-use with an office component collateral (six of loans, representing 27.8% of the current trust balance). While this is a decline from May 2025 as the Mohawk Business Park loan (formerly 7.3% of the trust balance) was repurchased by the collateral manager, all six loans are scheduled to mature in 2026. Given the current performance of the individual properties and the ongoing headwinds in the office market, Morningstar DBRS expects borrowers to face difficulties in executing exit strategies over the near to medium term. The majority of these loans have used all remaining extension options with current maturity dates in Q4 2025 and throughout 2026. Despite the increased credit risk with the transaction's office concentration, the Stable trends on Classes F and G are supported by the credit support provided to the transaction from the unrated $56.0 million first-loss piece and the respective below investment-grade credit ratings of the bonds, which appropriately capture Morningstar DBRS' current credit outlook for the transaction. In conjunction with this press release, Morningstar DBRS has published a Surveillance Performance Update report with in-depth analysis and credit metrics for the transaction as well as business plan updates on select loans. For access to this report, please click on the link under Related Documents below or contact us at info-DBRS@morningstar.com. At issuance, the initial collateral consisted of 31 floating-rate mortgages or pari passu participation interests in mortgage loans secured by 41 mostly transitional properties with a cut-off balance totaling $800.0 million. As of the November 2025 remittance, the pool comprises 19 loans secured by 25 properties with a cumulative trust balance of $528.8 million. Most loans are in a period of transition with plans to stabilize and improve their assets' values. The transaction had a Reinvestment Period that expired with the July 2023 payment date. Beyond the office and mixed-use concentration noted above, the transaction comprises another 13 loans, representing 72.2% of the current trust balance, secured by multifamily properties. In comparison with the June 2024 reporting, office and mixed-use properties represented 39.5% of the collateral while multifamily properties represented 60.6% of the collateral. Based on the as-is appraised values, leverage across the pool has increased slightly from issuance, with a current weighted-average (WA) loan-to-value ratio (LTV) of 76.1%, up from 74.5% at issuance. The WA stabilized LTV, however, has decreased over that same period, dropping to 65.5% from 69.2% at issuance. Morningstar DBRS recognizes that select property values may be inflated as the majority of the individual property appraisals were completed in 2021 and 2022 and may not reflect the current rising interest rate or widening capitalization rate (cap rate) environments. In the analysis for this review, Morningstar DBRS applied upward LTV adjustments across 11 loans, representing 72.5% of the current trust balance, generally reflective of higher cap rate assumptions compared with the implied cap rates based on the issuance appraisals. As of November 2025, the lender had advanced cumulative loan future funding of $73.6 million to 17 individual borrowers to aid in property stabilization efforts. The largest future funding advances have been released to the borrowers of the Central Park Plaza loan (Prospectus ID#31; 2.0% of the current pool) ($13.5 million) and the 360 Wythe loan (Prospectus ID#13; 5.2% of current pool) ($13.2 million). The Central Park Plaza loan is secured by six office properties in San Jose, California, and the 360 Wythe loan is secured by a mixed-use property in Brooklyn, New York. The borrowers of both loans have used loan future funding for capital improvement projects and to fund leasing costs. The sponsor for the Central Park Plaza loan has completed the planned exterior renovations and has built out several speculative suites, resulting in an increased occupancy rate of 87.3% as of March 2025. The sponsor for 360 Wythe had successfully leased 100% of the multifamily portion of the collateral as of Q2 2025 and has signed several retail tenants since loan closing, resulting in an occupancy rate of 100.0% for the retail portion. The office component is now 70.0% occupied with the signing of several new tenants, considerably increased from 8.7% occupied reported as of December 2023. An additional $18.7 million of loan future funding allocated to 12 individual borrowers remains available. The largest amount outstanding ($4.7 million) is allocated to the borrower of the aforementioned 360 Wythe loan for debt service shortfalls and a future earn-out conditional upon the property achieving a debt yield of 7.25% and a debt service coverage ratio (DSCR) of 1.15 times (x). Based on the net cash flow of $3.5 million for the trailing 12-month period ended June 30, 2025, and the funded loan balance of $79.3 million, the loan has a debt yield of 4.4%. The second-largest amount of future funding outstanding ($2.6 million) is allocated to the borrower of the DTC Collection (Prospectus ID#6; 3.2% of the pool). The loan is secured by a multi-building office portfolio in Denver, with loan future funding available to fund capital improvements. The property comprises two office buildings totaling 181,763 sf. As of June 2025, capital improvement projects totaling $3.9 million have been completed over the last five years. The sponsor is currently attempting to lease-up the property and has been successful, with the portfolio reporting a consolidated occupancy rate of 81.5% as of June 2025, a figure that remains below the appraiser's original projected stabilized rate of 93.2%. The largest 10 in-place tenants make up approximately 68.0% of the net rentable area (NRA) and have a WA remaining lease term of 1.7 years, resulting in increased tenant rollover risk. As of the most recent financial reporting, the property reported an NCF of $1.9 million for the trailing 12 months ended June 30, 2025, a figure that is slightly below the issuer's stabilized NCF of $2.1 million but has surpassed the Morningstar DBRS stabilized NCF derived at issuance of $1.7 million. As of the November 2025 remittance, there are no delinquent loans or loans in special servicing; however, nine loans, representing 48.8% of the current trust balance, are on the servicer's watchlist for a variety of reasons, mainly for upcoming loan maturity as well as low DSCRs and occupancy rates. Only one loan, Makers Point (Prospectus ID#3; 7.1% of the current pool), has an outstanding maturity date extension option. The Makers Point loan has a final maturity date in October 2026 and is currently 58.1% occupied. The loan is secured by a 270,000 sf office property in Reston, Virginia. With this review Morningstar DBRS analyzed the loan using a stressed LTV and elevated probability of default adjustment, resulting in an expected loss (EL) more than double the pool EL. 13 loans, representing 68.5% of the current trust balance, have been modified. The modifications have generally allowed borrowers to exercise loan extension options by amending loan terms in return for fresh equity deposits and the purchase of a new interest rate cap agreement. The most common amendments have included the removal of performance-based tests with changes to the loans' floating interest rate spread. Notes: All figures are in U.S. dollars unless otherwise noted. BWAY 2021-1450: DBRS Confirms CCC Rating on Class F Certs --------------------------------------------------------- DBRS Limited confirmed its credit ratings on all classes of the Commercial Mortgage Pass Through Certificates issued by BWAY 2021-1450 Mortgage Trust as follows: -- Class A at AA (sf) -- Class B at A (low) (sf) -- Class C at BB (high) (sf) -- Class X-NCP at BB (low) (sf) -- Class D at B (high) (sf) -- Class E at B (low) (sf) -- Class F at CCC (sf) Morningstar DBRS changed the trends on Classes A, B, C, D, E, and X-NCP to Negative from Stable. Class F has a credit rating that generally does not carry a trend in commercial mortgage-backed securities (CMBS) credit ratings. The $215.0 million transaction is secured by the fee-simple interest in 1450 Broadway, a Class A office tower located at the southeast corner of 41st Street and Broadway in Manhattan's Times Square South submarket. The credit rating confirmations with the change to Negative trends reflect Morningstar DBRS' concerns regarding performance challenges at the property stemming from a depressed occupancy rate, as further outlined below. The loan is current and there have been no indications to date that a default is imminent, but it is noteworthy that the in-place cash flows are below issuance expectations, and the loan is currently scheduled to mature in September 2026. The property does benefit from relatively limited near-term rollover and a generally healthy submarket, and there is a leasing reserve in place. These mitigating factors were considered as part of the credit rating confirmations, but Morningstar DBRS notes a stressed value analysis suggests negative pressure throughout the capital stack, supporting the Negative trends. The collateral primarily consists of office space, with a small ground-floor retail component. The floating-rate loan had an initial loan term of two years, with three one-year extension options available for a fully extended maturity date of September 2026. There are no performance triggers associated with the extension terms; however, the borrower must purchase a rate cap at a price that will ensure a minimum debt service coverage ratio (DSCR) of 1.20 times (x). The borrower recently exercised its third and final extension option to the final maturity date in September 2026. The sponsor, ZG Capital Partners (the Zar Group), is a New York-based real estate investment firm with extensive ownership and operating experience. At issuance, the Zar Group cashed out approximately $23.4 million of equity as part of the transaction, which could limit its long-term commitment to the property. As of the June 2025 rent roll, the property was 76.5% occupied, compared with the June 2024 and March 2023 figures of 70.5% and 85.9%, respectively. The largest collateral tenants include Shazdeh Fashion (11.5% of the NRA, lease expires January 2029), WeWork (9.7% of the NRA, lease expires April 2029), and FGX International (3.6% of the NRA, lease expires May 2027). The recent increase in occupancy was expected at Morningstar DBRS' previous credit rating action, as several newly signed tenants (representing 6.3% of the net rentable area (NRA)) had leases that commenced between August and December 2024 following the downsizing of WeWork and Iconix International (2.3% of the NRA, lease expires June 2035), and the departure of Tarrant Apparel Group (previously 7.9% of the NRA). Since then, WeWork also renegotiated a reduction in its lease term to 2029 from 2035, as well as a reduction in its rental rate to $37.74 per square foot (psf) from its issuance rate of $56.50 psf for its remaining footprint. As of the November 2025 reserve report, there is $1.5 million in tenant reserves and $3.7 million in leasing reserves, down from the December 2024 figures of $2.0 million and $7.7 million, respectively. No new leasing activity was noted in the June 2025 rent roll provided for this review, and approximately 7.3% of the NRA is scheduled to roll over within the next 12 months. Currently, 8.6% of the NRA is listed as available on the property's website, and an additional 5.0% of the NRA is listed for sublease by Cushman & Wakefield. As of the Q3 2025 Reis report, the Midtown West submarket reported a vacancy rate of 13.1% with an effective rent of $56.92 psf, compared with the Q3 2024 vacancy rate of 12.9% with an effective rent of $54.61 psf. The subject currently has an average rental rate of $63.81 psf. Annualizing the trailing six-month financials ended June 30, 2025, yields a net cash flow (NCF) of $11.3 million (DSCR of 0.67x), compared with the YE2024 and YE2023 figures of $11.2 million (DSCR of 0.59x) and $14.3 million (DSCR of 0.79x), respectively. The below breakeven DSCR is a result of the floating-rate nature of the loan, which is mitigated by the aforementioned interest cap agreement. With this review, Morningstar DBRS considered a stressed value analysis based on a 2.0% haircut to the YE2024 NCF reported by the servicer, resulting in a stressed NCF of $10.9 million. In the Loan-to-Value (LTV) Sizing, Morningstar DBRS maintained the capitalization rate of 8.0% applied at the previous credit rating action, resulting in a stressed value of $136.7 million. Morningstar DBRS maintained positive qualitative adjustments to the LTV Sizing Benchmarks totaling 2.0% to reflect the subject property's favorable location near Bryant Park, consistent adjustments made in Morningstar DBRS' analysis comparable properties within the area. The stressed value represents a -60.4% variance from the issuance appraised value of $345.0 million and implies an all-in LTV of 157.3%. As mentioned above, this approach resulted in negative credit ratings pressure throughout the capital stack; however, Morningstar DBRS notes the value analysis represents a stressed scenario and may not give full credit to recent leasing activity given the timeframe for the analyzed cash flows. Morningstar DBRS will continue to gather information regarding the property's performance and the borrower's plans for the 2026 maturity date. The Morningstar DBRS credit ratings assigned to Classes A, B, C, D, and E are higher than the results implied by the LTV Sizing Benchmarks. These variances are warranted given the minimal tenant rollover risk prior to the loan's maturity, making further cash flow deterioration during the remaining loan term unlikely; however, Morningstar DBRS notes the increased refinance risk given the loan has a final maturity date in September 2026. In the event property performance continues to decline and the borrower is unable to successfully execute its loan exit strategy, credit rating downgrades may be warranted, as signaled by the Negative trends for all classes. Notes: All figures are in U.S. dollars unless otherwise noted. BX COMMERCIAL 2022-AHP: DBRS Confirms B(low) Rating on F Certs -------------------------------------------------------------- DBRS Limited confirmed the following credit ratings on the Commercial Mortgage Pass-Through Certificates, Series 2022-AHP issued by BX Commercial Mortgage Trust 2022-AHP: -- Class A at AAA (sf) -- Class A-S at AAA (sf) -- Class B at AA (low) (sf) -- Class C at A (low) (sf) -- Class D at BBB (low) (sf) -- Class E at BB (low) (sf) -- Class F at B (low) (sf) All trends are Stable. The credit rating confirmations reflect the transaction's overall stable to improving performance since the previous credit rating action in December 2024. The transaction reported a healthy YE2024 net cash flow (NCF) figure of $99.0 million, which is an improvement of about 13.0% from the YE2023 figure and an increase of a little more than 10.0% from the Morningstar DBRS NCF figure of $89.3 million at issuance. The underlying portfolio of affordable housing properties continues to report improved cash flows and stable occupancy figures, with the subject properties located across several markets in Florida that have historically exhibited low vacancy rates. Although the properties are in high climate risk areas, property insurance expenses appear to have stabilized year-over-year. The transaction is secured by the borrower's fee-simple interest in 43 affordable housing multifamily properties, totaling 10,965 units located throughout the state of Florida. The sponsor, Blackstone Real Estate Income Trust, contributed more than $1.2 billion of equity in the $2.7 billion acquisition of the subject portfolio. The interest-only (IO) floating-rate loan was structured with an initial two-year term and three one-year extension options, two of which have been exercised, extending the loan's current maturity date to January 2026. Each extension option requires the purchase of an interest rate cap agreement. According to the servicer, the borrower intends to exercise the third and final extension option, however, official notice has not yet been provided. The loan has a partial pro rata/sequential-pay structure that allows for pro rata paydowns of the first 30.0% of the original principal balance. The prepayment premium for the release of individual assets is 105.0% of the allocated loan amount (ALA) for the first 30.0% of the principal balance and 110.0% of the ALA thereafter. Morningstar DBRS considers the release premium to be weaker than the generally credit-neutral standard of 115.0%. To date, there have been no property releases. As of the June 2025 rent roll, the portfolio was 96.6% occupied, in line with the YE2024 and issuance figures of 97.7% and 98.5%, respectively. According to Reis, the largest three markets: Miami (42.7% of the ALA), Fort Lauderdale (20.0% of the ALA), and Tampa-St. Petersburg (10.4% of the ALA), had vacancy rates of 0.4%, 0.2%, and 0.9%, respectively. The remaining properties in the portfolio are spread throughout several smaller markets, each containing less than 10.0% of the ALA. As previously mentioned, the properties are in high climate risk areas, however, most of the underlying collateral is situated away from Florida's gulf coast and all properties are insured as per the loan agreement. Annualizing the trailing six-month financials ended June 30, 2025, yields a NCF of $106.3 million (debt service coverage ratio (DSCR) of 1.15 times (x)), a further increase from the previously mentioned YE2024 and YE2023 figures of $99.0 million (DSCR of 0.93x) and $87.6 million (DSCR of 0.85x), respectively. Although the DSCR was previously reported to be less than breakeven because of the floating rate nature of the loan, the in-place interest rate cap agreement ensures a minimum DSCR of 1.10x. At issuance, Morningstar DBRS derived a value of $1.6 billion based on the Morningstar DBRS NCF and a capitalization rate of 5.5%. Morningstar DBRS maintained this value approach for purposes of this review, resulting in a Morningstar DBRS loan-to-value ratio (LTV) of 93.9%, compared with the LTV of 54.7% based on the appraised value at issuance. Positive qualitative adjustments to the LTV Sizing Benchmarks, totaling 7.5%, were maintained to reflect the portfolio granularity, favorable occupancy trends, and strong underlying market fundamentals for the property type. Although cash flow has improved, Morningstar DBRS has elected to not update its sizing given the loan's upcoming maturity. Notes: All figures are in U.S. dollars unless otherwise noted. CAYUGA PARK: S&P Assigns BB- (sf) Rating on Class E-R2 Notes ------------------------------------------------------------ S&P Global Ratings assigned its ratings to the replacement class A-R2, B-1-R2, B-2-R2, C-R2, D-R2, and E-R2 debt and new class X-R2 debt from Cayuga Park CLO Ltd./Cayuga Park CLO LLC, a CLO managed by Blackstone CLO Management LLC that was originally issued in August. 2020 and underwent a refinancing in August. 2021. At the same time, S&P withdrew its ratings on the previous class A-R, B-1-R, B-2-R, C-R, D-R, and E-R debt following payment in full on the Nov. 25, 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-R2, B-1-R2, C-R2, D-R2, and E-R2 debt was issued at a lower spread over three-month SOFR than the previous debt, while the class B-2-R2 was issued at a higher coupon than the previous debt. -- The non-call period was extended to Nov. 25, 2027. -- The reinvestment period was extended to Oct. 17, 2030. -- The legal final maturity dates for the replacement debt and the existing subordinated notes were extended to Oct. 17, 2038. -- The new class X-R2 debt was issued on the refinancing date. This debt is expected to be paid down using interest proceeds during the first 12 payment dates in equal installments of $333,333.33, beginning on the April 17, 2026 payment date and ending Jan. 17, 2029. -- The required minimum overcollateralization and interest coverage ratios were amended. -- $9.21 million of additional subordinated notes was issued on the refinancing date for a new total of $41.00 million. 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. 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 Cayuga Park CLO Ltd./Cayuga Park CLO LLC Class X-R2, $4.00 million: AAA (sf) Class A-R2, $254.00 million: AAA (sf) Class B-1-R2, $35.00 million: AA (sf) Class B-2-R2, $15.00 million: AA (sf) Class C-R2 (deferrable), $24.00 million: A (sf) Class D-R2 (deferrable), $24.00 million: BBB- (sf) Class E-R2 (deferrable), $15.00 million: BB- (sf) Ratings Withdrawn Cayuga Park CLO Ltd./Cayuga Park CLO LLC Class A-R to NR from 'AAA (sf)' Class B-1-R to NR from 'AA (sf)' Class B-2-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 Cayuga Park CLO Ltd./Cayuga Park CLO LLC Subordinated notes, $41.00 million: NR NR--Not rated. CHASE HOME 2025-12: DBRS Finalizes B(low) Rating on B5 Certs ------------------------------------------------------------ DBRS, Inc. finalized the following provisional credit ratings on the Mortgage Pass-Through Certificates, Series 2025-12 (the Certificates) issued by Chase Home Lending Mortgage Trust 2025-12: -- $520.1 million Class A-1 at AAA (sf) -- $468.1 million Class A-2 at AAA (sf) -- $468.1 million Class A-3 at AAA (sf) -- $468.1 million Class A-3-A at AAA (sf) -- $468.1 million Class A-3-X1 at AAA (sf) -- $468.1 million Class A-3-X2 at AAA (sf) -- $468.1 million Class A-3-X3 at AAA (sf) -- $351.1 million Class A-4 at AAA (sf) -- $351.1 million Class A-4-A at AAA (sf) -- $351.1 million Class A-4-B at AAA (sf) -- $351.1 million Class A-4-X1 at AAA (sf) -- $351.1 million Class A-4-X2 at AAA (sf) -- $351.1 million Class A-4-X3 at AAA (sf) -- $117.0 million Class A-5 at AAA (sf) -- $117.0 million Class A-5-A at AAA (sf) -- $117.0 million Class A-5-B at AAA (sf) -- $117.0 million Class A-5-X1 at AAA (sf) -- $117.0 million Class A-5-X2 at AAA (sf) -- $117.0 million Class A-5-X3 at AAA (sf) -- $280.9 million Class A-6 at AAA (sf) -- $280.9 million Class A-6-A at AAA (sf) -- $280.9 million Class A-6-B at AAA (sf) -- $280.9 million Class A-6-X1 at AAA (sf) -- $280.9 million Class A-6-X2 at AAA (sf) -- $280.9 million Class A-6-X3 at AAA (sf) -- $187.2 million Class A-7 at AAA (sf) -- $187.2 million Class A-7-A at AAA (sf) -- $187.2 million Class A-7-B at AAA (sf) -- $187.2 million Class A-7-X1 at AAA (sf) -- $187.2 million Class A-7-X2 at AAA (sf) -- $187.2 million Class A-7-X3 at AAA (sf) -- $70.2 million Class A-8 at AAA (sf) -- $70.2 million Class A-8-A at AAA (sf) -- $70.2 million Class A-8-B at AAA (sf) -- $70.2 million Class A-8-X1 at AAA (sf) -- $70.2 million Class A-8-X2 at AAA (sf) -- $70.2 million Class A-8-X3 at AAA (sf) -- $61.8 million Class A-9 at AAA (sf) -- $61.8 million Class A-9-A at AAA (sf) -- $61.8 million Class A-9-B at AAA (sf) -- $61.8 million Class A-9-X1 at AAA (sf) -- $61.8 million Class A-9-X2 at AAA (sf) -- $61.8 million Class A-9-X3 at AAA (sf) -- $187.2 million Class A-10 at AAA (sf) -- $187.2 million Class A-10-A at AAA (sf) -- $187.2 million Class A-10-B at AAA (sf) -- $187.2 million Class A-10-X1 at AAA (sf) -- $187.2 million Class A-10-X2 at AAA (sf) -- $187.2 million Class A-10-X3 at AAA (sf) -- $52.0 million Class A-11 at AAA (sf) -- $52.0 million Class A-11-X at AAA (sf) -- $52.0 million Class A-12 at AAA (sf) -- $52.0 million Class A-13 at AAA (sf) -- $52.0 million Class A-13-X at AAA (sf) -- $52.0 million Class A-14 at AAA (sf) -- $52.0 million Class A-14-X at AAA (sf) -- $52.0 million Class A-14-X2 at AAA (sf) -- $52.0 million Class A-14-X3 at AAA (sf) -- $52.0 million Class A-14-X4 at AAA (sf) -- $93.6 million Class A-15 at AAA (sf) -- $93.6 million Class A-15-A at AAA (sf) -- $93.6 million Class A-15-B at AAA (sf) -- $93.6 million Class A-15-X1 at AAA (sf) -- $93.6 million Class A-15-X2 at AAA (sf) -- $93.6 million Class A-15-X3 at AAA (sf) -- $93.6 million Class A-16 at AAA (sf) -- $93.6 million Class A-16-A at AAA (sf) -- $93.6 million Class A-16-B at AAA (sf) -- $93.6 million Class A-16-X1 at AAA (sf) -- $93.6 million Class A-16-X2 at AAA (sf) -- $93.6 million Class A-16-X3 at AAA (sf) -- $93.6 million Class A-17 at AAA (sf) -- $93.6 million Class A-17-A at AAA (sf) -- $93.6 million Class A-17-B at AAA (sf) -- $93.6 million Class A-17-X1 at AAA (sf) -- $93.6 million Class A-17-X2 at AAA (sf) -- $93.6 million Class A-17-X3 at AAA (sf) -- $163.8 million Class A-18 at AAA (sf) -- $163.8 million Class A-18-A at AAA (sf) -- $163.8 million Class A-18-B at AAA (sf) -- $163.8 million Class A-18-X1 at AAA (sf) -- $163.8 million Class A-18-X2 at AAA (sf) -- $163.8 million Class A-18-X3 at AAA (sf) -- $581.9 million Class A-X-1 at AAA (sf) -- $581.9 million Class A-X-2 at AAA (sf) -- $581.9 million Class A-X-3 at AAA (sf) -- $12.5 million Class B-1 at AA (low) (sf) -- $12.5 million Class B-1-A at AA (low) (sf) -- $12.5 million Class B-1-X at AA (low) (sf) -- $6.7 million Class B-2 at A (low) (sf) -- $6.7 million Class B-2-A at A (low) (sf) -- $6.7 million Class B-2-X at A (low) (sf) -- $4.9 million Class B-3 at BBB (low) (sf) -- $3.1 million Class B-4 at BB (low) (sf) -- $1.2 million Class B-5 at B (low) (sf) Classes A-3-X1, A-3-X2, A-3-X3, A-4-X1, A-4-X2, A-4-X3, A-5-X1, A-5-X2, A-5-X3, A-6-X1, A-6-X2, A-6-X3, A-7-X1, A-7-X2, A-7-X3, A-8-X1, A-8-X2, A-8-X3, A-9-X1, A-9-X2, A-9-X3, A-10-X1, A-10-X2, A-10-X3, A-11-X, A-13-X, A-14-X, A-14-X2, A-14-X3, A-14-X4, A-15-X1, A-15-X2, A-15-X3, A-16-X1, A-16-X2, A-16-X3, A-17-X1, A-17-X2, A-17-X3, A-18-X1, A-18-X2, A-18-X3, A-X-1, A-X-2, A-X-3, B-1-X, and B-2-X are interest-only (IO) certificates. The class balances represent notional amounts. Classes A-1, A-2, A-3, A-3-A, A-4, A-4-A, A-4-B, A-5, A-5-A, A-6, A-6-A, A-6-B, A-7, A-7-A, A-7-B, A-8, A-8-A, A-9, A-9-A, A-10, A-10-A, A-10-B, A-11, A-12, A-13, A-15, A-15-A, A-16, A-16-A, A-17, A-17-A, A-18, A-18-A, A-18-B, B-1, and B-2 are exchangeable certificates. These classes can be exchanged for combinations of depositable certificates as specified in the offering documents. Classes A-1, A-2, A-3, A-3-A, A-4, A-4-A, A-4-B, A-5, A-5-A, A-5-B, A-6, A-6-A, A-6-B, A-7, A-7-A, A-7-B, A-8, A-8-A, A-8-B, A-10, A-10-A, A-10-B, A-11, A-12, A-13, A-14, A-15, A-15-A, A-15-B, A-16, A-16-A, A-16-B, A-17, A-17-A, A-17-B, A-18, and A-18-A are super-senior certificates. These classes benefit from additional protection from the senior support certificate (Classes A-9, A-9-A, A-9-B) regarding loss allocation. The AAA (sf) credit ratings on the Certificates reflect 4.90% of credit enhancement provided by subordinated certificates. The AA (low) (sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (low) (sf) credit ratings reflect 2.85%, 1.75%, 0.95%, 0.45%, 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 transaction is a securitization of a portfolio of first-lien, fixed-rate prime residential mortgages funded by the issuance of the Certificates. The Certificates are backed by 520 loans with a total principal balance of $644,117,366 as of the Cut-Off Date (November 1, 2025). The pool consists of fully amortizing fixed-rate mortgages with original terms to maturity from 15 to 30 years and a weighted-average loan age of three months. They are traditional, prime jumbo mortgage loans. Approximately 58.5% of the loans were underwritten using an automated underwriting system designated by Fannie Mae or Freddie Mac. In addition, all the loans in the pool were originated in accordance with the new general Qualified Mortgage rule. JP Morgan Chase Bank, N.A. (JPMCB) is the Originator and Servicer of 100.0% of the pool. For this transaction, generally, the servicing fee payable for mortgage loans is composed of three separate components: the base servicing fee, the delinquent servicing fee, and the additional servicing fee. These fees vary based on the delinquency status of the related loan and will be paid from interest collections before distribution to the securities. U.S. Bank Trust Company, National Association (rated AA with a Stable trend), will act as Securities Administrator. U.S. Bank Trust National Association will act as Delaware Trustee. JPMCB will act as Custodian. Pentalpha Surveillance LLC will serve as the Representations and Warranties (R&W) Reviewer. The transaction employs a senior-subordinate, shifting-interest cash flow structure that incorporates performance triggers and credit enhancement floors. Notes: All figures are in U.S. dollars unless otherwise noted. CHASE HOME 2025-12: Fitch Assigns B-sf Final Rating on Cl. B5 Certs ------------------------------------------------------------------- Fitch Ratings has assigned final ratings to Chase Home Lending Mortgage Trust 2025-12 (Chase 2025-12). Entity/Debt Rating Prior ----------- ------ ----- Chase 2025-12 A1 LT AAAsf New Rating AAA(EXP)sf A10 LT AAAsf New Rating AAA(EXP)sf A10A LT AAAsf New Rating AAA(EXP)sf A10B LT AAAsf New Rating AAA(EXP)sf A10X1 LT AAAsf New Rating AAA(EXP)sf A10X2 LT AAAsf New Rating AAA(EXP)sf A10X3 LT AAAsf New Rating AAA(EXP)sf A11 LT AAAsf New Rating AAA(EXP)sf A11X LT AAAsf New Rating AAA(EXP)sf A12 LT AAAsf New Rating AAA(EXP)sf A13 LT AAAsf New Rating AAA(EXP)sf A13X LT AAAsf New Rating AAA(EXP)sf A14 LT AAAsf New Rating AAA(EXP)sf A14X LT AAAsf New Rating AAA(EXP)sf A14X2 LT AAAsf New Rating AAA(EXP)sf A14X3 LT AAAsf New Rating AAA(EXP)sf A14X4 LT AAAsf New Rating AAA(EXP)sf A15 LT AAAsf New Rating AAA(EXP)sf A15A LT AAAsf New Rating AAA(EXP)sf A15B LT AAAsf New Rating AAA(EXP)sf A15X1 LT AAAsf New Rating AAA(EXP)sf A15X2 LT AAAsf New Rating AAA(EXP)sf A15X3 LT AAAsf New Rating AAA(EXP)sf A16 LT AAAsf New Rating AAA(EXP)sf A16A LT AAAsf New Rating AAA(EXP)sf A16B LT AAAsf New Rating AAA(EXP)sf A16X1 LT AAAsf New Rating AAA(EXP)sf A16X2 LT AAAsf New Rating AAA(EXP)sf A16X3 LT AAAsf New Rating AAA(EXP)sf A17 LT AAAsf New Rating AAA(EXP)sf A17A LT AAAsf New Rating AAA(EXP)sf A17B LT AAAsf New Rating AAA(EXP)sf A17X1 LT AAAsf New Rating AAA(EXP)sf A17X2 LT AAAsf New Rating AAA(EXP)sf A17X3 LT AAAsf New Rating AAA(EXP)sf A18 LT AAAsf New Rating AAA(EXP)sf A18A LT AAAsf New Rating AAA(EXP)sf A18B LT AAAsf New Rating AAA(EXP)sf A18X1 LT AAAsf New Rating AAA(EXP)sf A18X2 LT AAAsf New Rating AAA(EXP)sf A18X3 LT AAAsf New Rating AAA(EXP)sf A2 LT AAAsf New Rating AAA(EXP)sf A3 LT AAAsf New Rating AAA(EXP)sf A3A LT AAAsf New Rating AAA(EXP)sf A3X1 LT AAAsf New Rating AAA(EXP)sf A3X2 LT AAAsf New Rating AAA(EXP)sf A3X3 LT AAAsf New Rating AAA(EXP)sf A4 LT AAAsf New Rating AAA(EXP)sf A4A LT AAAsf New Rating AAA(EXP)sf A4B LT AAAsf New Rating AAA(EXP)sf A4X1 LT AAAsf New Rating AAA(EXP)sf A4X2 LT AAAsf New Rating AAA(EXP)sf A4X3 LT AAAsf New Rating AAA(EXP)sf A5 LT AAAsf New Rating AAA(EXP)sf A5A LT AAAsf New Rating AAA(EXP)sf A5B LT AAAsf New Rating AAA(EXP)sf A5X1 LT AAAsf New Rating AAA(EXP)sf A5X2 LT AAAsf New Rating AAA(EXP)sf A5X3 LT AAAsf New Rating AAA(EXP)sf A6 LT AAAsf New Rating AAA(EXP)sf A6A LT AAAsf New Rating AAA(EXP)sf A6B LT AAAsf New Rating AAA(EXP)sf A6X1 LT AAAsf New Rating AAA(EXP)sf A6X2 LT AAAsf New Rating AAA(EXP)sf A6X3 LT AAAsf New Rating AAA(EXP)sf A7 LT AAAsf New Rating AAA(EXP)sf A7A LT AAAsf New Rating AAA(EXP)sf A7B LT AAAsf New Rating AAA(EXP)sf A7X1 LT AAAsf New Rating AAA(EXP)sf A7X2 LT AAAsf New Rating AAA(EXP)sf A7X3 LT AAAsf New Rating AAA(EXP)sf A8 LT AAAsf New Rating AAA(EXP)sf A8A LT AAAsf New Rating AAA(EXP)sf A8B LT AAAsf New Rating AAA(EXP)sf A8X1 LT AAAsf New Rating AAA(EXP)sf A8X2 LT AAAsf New Rating AAA(EXP)sf A8X3 LT AAAsf New Rating AAA(EXP)sf A9 LT AAAsf New Rating AAA(EXP)sf A9A LT AAAsf New Rating AAA(EXP)sf A9B LT AAAsf New Rating AAA(EXP)sf A9X1 LT AAAsf New Rating AAA(EXP)sf A9X2 LT AAAsf New Rating AAA(EXP)sf A9X3 LT AAAsf New Rating AAA(EXP)sf AX1 LT AAAsf New Rating AAA(EXP)sf AX2 LT AAAsf New Rating AAA(EXP)sf AX3 LT AAAsf New Rating AAA(EXP)sf B1 LT AA-sf New Rating AA-(EXP)sf B1A LT AA-sf New Rating AA-(EXP)sf B1X LT AA-sf New Rating AA-(EXP)sf B2 LT A-sf New Rating A-(EXP)sf B2A LT A-sf New Rating A-(EXP)sf B2X LT A-sf New Rating A-(EXP)sf B3 LT BBB-sf New Rating BBB-(EXP)sf B4 LT BB-sf New Rating BB-(EXP)sf B5 LT B-sf New Rating B-(EXP)sf B6 LT NRsf New Rating NR(EXP)sf RR LT NRsf New Rating NR(EXP)sf 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 files 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. CLOVER CREDIT III: Moody's Cuts Rating on $8MM Class F Notes to C ----------------------------------------------------------------- Moody's Ratings has downgraded the rating on the following note issued by Clover Credit Partners CLO III, Ltd.: US$8,000,000 Class F Junior Secured Deferrable Floating Rate Notes due 2029 (current balance of $6,155,046.87), Downgraded to C (sf); previously on Feb 6, 2025 Affirmed Caa3 (sf) Clover Credit Partners CLO III, Ltd., originally issued in September 2017, is a managed cashflow CLO. The notes were collateralized primarily by a portfolio of broadly syndicated senior secured corporate loans. The transaction's reinvestment period ended in October 2021. RATINGS RATIONALE The rating action reflects the transaction's recent deal performance, analysis of the transaction structure, Moody's updated loss expectations on the underlying pool and Moody's revised loss-given-default expectation. The Class F notes are currently undercollateralized. Moody's expectation of loss-given-default assesses losses experienced by, and expected future losses on the notes, as a percent of the original notes balance. Methodology Used for the Rating Action The principal methodology used in this rating was "Collateralized Loan Obligations" published in October 2025. Factors that would lead to an upgrade of the rating: The performance of the rated notes is subject to uncertainty. The performance of the rated notes is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The Manager's investment decisions and management of the transaction will also affect the performance of the rated notes. COMM 2014-CCRE20: DBRS Confirms CCC Rating on 2 Cert. Classes ------------------------------------------------------------- DBRS Limited confirmed its credit ratings on all classes of Commercial Mortgage Pass-Through Certificates, Series 2014-CCRE20 issued by COMM 2014-CCRE20 Commercial Mortgage Trust as follows: -- Class X-B at BBB (low) (sf) -- Class C at BB (high) (sf) -- Class PEZ at BB (high) (sf) -- Class D at CCC (sf) -- Class X-C at CCC (sf) Morningstar DBRS changed the trends on Classes X-B, PEZ, and C to Negative from Stable. Classes D and X-C have credit ratings that do not typically carry a trend in commercial mortgage-backed securities (CMBS) credit ratings. The credit rating confirmations reflect Morningstar DBRS' overall outlook and loss expectations for the transaction, which remain relatively unchanged since the prior review in December 2024. As the pool continues to wind down, Morningstar DBRS looked to a recoverability analysis for the remaining loans, the results of which suggest that, even in a conservative scenario, realized losses would be contained to the Class D certificate. However, the transaction is more exposed to adverse selection and an increased propensity for interest shortfalls given only four loans remain in the pool, two of which (representing 48.8% of the pool balance) are in special servicing and one of which (44.1% of the pool balance) has been deemed nonrecoverable. In addition, Morningstar DBRS notes increased risks in the pool's second-largest loan, Beverly Connection (Prospectus ID#7; 36.9% of the pool balance), which recently returned to the master servicer after the execution of loan modification. If the loan fails to repay at its stated maturity date, and/or should the as-is values for the underlying collateral backing the defaulted loans deteriorate further, the Class C certificate may be more susceptible to interest shortfalls as a result of accumulating appraisal subordination entitlement reduction amounts, outstanding advances, and other expenses/fees. These factors form Morningstar DBRS' primary rationale for the Negative trend assigned to the Class C certificate with this review. As of the November 2025 remittance, cumulative unpaid interest totaled $8.2 million, up from $5.6 million at the last credit rating action. Interest payments on the Class D certificate have been shorted by approximately $2.3 million to date and are accruing by more than $130,000 per month. To date, the trust has incurred losses (including nonrecoverable advances from principal) of more than $68.0 million, depleting the entirety of the Class F, G, and H certificate balances, in addition to a small portion (approximately 2.0%) of the Class E certificate balance. The largest specially serviced loan, Harwood Center (Prospectus ID#4; 44.1% of the pool), is secured by an office building in downtown Dallas. The loan transferred to special servicing in 2020 with the asset becoming became real estate owned in November 2021. According to the servicer, the lender and property manager are working toward leasing up the property while completing a renovation plan. The property was most recently appraised in November 2024 at a value of $51.2 million, 21.0% and 58.7% below the March 2024 and issuance appraised values of $64.8 million and $124.0 million, respectively. Morningstar DBRS liquidated the loan in its analysis based on a 25.0% haircut to the most recent appraised value, resulting in an implied loss of $32.0 million and a loss severity of approximately 60.0%. The other specially serviced loan, CSRA MOB Portfolio II (Prospectus ID#24; 4.7% of the pool), was secured by two office properties located in Hartford, Wisconsin, and Mechanicsville, Virginia, totaling 93,822 square feet (sf) at issuance. The loan transferred to special servicing in October 2024 for maturity default. The Hartford property was subsequently sold in August 2025, with the proceeds of the sale used to pay down the loan's principal balance. The Mechanicsville property remains fully dark; however, the tenant continues to honor its rent payments through the remainder of the lease term. The loan has been paid through October 2025, and according to the servicer, the borrower is actively exploring refinance options with multiple lenders. Given the dark status and tertiary location of the property, Morningstar DBRS considered a liquidation scenario based on a conservative 60.0% haircut to the issuance appraised value that resulted in an implied loss of approximately $2.2 million and a loss severity of 40.0%. The second-largest loan in the pool, Beverly Connection, is secured by a 334,566-sf power center in Los Angeles. Anchor tenants include Target, Nordstrom Rack, and Marshalls. The loan defaulted at its maturity in August 2024 and was subsequently modified, the terms of which included an extension of the maturity date to July 2026. Payments have been made current, and the loan returned to the master servicer in September 2025. The property was 85.6% occupied as of the financial reporting for the trailing six months (T-6) ended June 30, 2025, compared with 98.0% occupied at issuance. However, net cash flow has trended upward over the last several years, with the figures for the annualized T-6 ended June 30, 2025, and YE2024 relatively in line with issuance. The property was most recently appraised in December 2024 at a value of $193.0 million (reflecting a total exposure loan-to-value ratio (LTV) in excess of 90.0%), below the December 2023 and issuance appraised values of $214.0 million and $260.0 million, respectively. Morningstar DBRS remains cautiously optimistic that the sponsor remains incentivized to secure a replacement loan at the extended maturity date, but notes the high LTV implied by the most recent value presents increased risks that will be monitored closely. Morningstar DBRS considered a conservative recoverability approach for these loans, in addition to the other remaining loan in the pool. Although the Class C certificate is well insulated from loss, Morningstar DBRS remains concerned, however, about the timing of disposition of the remaining assets, and the likelihood that unpaid interest continues to accrue, as well as the potential for further value decline. Notes: All figures are in U.S. dollars unless otherwise noted. CONN'S RECEIVABLES 2024-A: Fitch Lowers Class C Debt Rating to CCsf ------------------------------------------------------------------- Fitch Ratings has downgraded Conn's Receivables Funding 2023-A, LLC (Conn's 2023-A) and Conn's Receivables Funding 2024-A, LLC (Conn's 2024-A) class C notes to 'CCsf' from 'CCCsf' due to continued deterioration in the collateral performance and increased probability of default since the last review. For Conn's 2023-A, the class C notes now have -18.51% credit enhancement (CE), and CE continues to decline several hundred basis points every month. Conn's 2024-A has a current CE of 8.66% and Fitch expects it to continue to decline, mirroring the 2023-A trend. The 'CCsf' rating reflects very high levels of credit risk and a probable default of the class C notes. Fitch has affirmed class B notes for Conn's 2024-A at 'Bsf' reflecting a limited margin of safety remaining as it has been maintaining stable CE levels above 50%. The Outlook for the class B notes remains Negative, reflecting pressure on the ratings if defaults rise further relative to current expectations. The Conn's 2023-A class B notes paid in full as of the November 2025 payment date. Entity/Debt Rating Prior ----------- ------ ----- Conn's Receivables Funding 2024-A Class B 20824DAB9 LT Bsf Affirmed Bsf Class C 20824DAC7 LT CCsf Downgrade CCCsf Conn's Receivables Funding 2023-A, LLC Class C 20824CAC9 LT CCsf Downgrade CCCsf Transaction Summary Performance for Conn's 2023-A and 2024-A continues to worsen and delinquencies and defaults remain elevated following the June 2024 bankruptcy proceedings and the subsequent acquisition of select Conn's loan portfolios and servicing operations by Jefferson Capital. While the CE for the 2024-A class B notes has been stable, CE for both class C notes continues to decline at an accelerated pace as they absorb the elevated portfolio losses. KEY RATING DRIVERS Conn's Bankruptcy Servicing Impact: Following Conn's bankruptcy announcement, Jefferson Capital Holdings (BB-/Stable) took over select consumer portfolios of Conn's Receivables and its servicing platform. Subsequent to this takeover and in the aftermath of the bankruptcy, Conn's consumer portfolio performance has deteriorated and losses have been depleting the Conn's 2023-A and 2024-A transactions' total hard CE. In May 2025, Fitch downgraded the class C notes on both the transactions to 'CCCsf' on account of accelerated declines in CE. Fitch believes default risks have increased, particularly for the class C notes on both transactions, and Fitch continues to monitor the trusts' performance and movements in their CE. Credit Enhancement: The CE levels for the class C notes of the two transactions have been steadily declining over the past several months and since the last interim review. The hard CE for Conn's 2023-A and 2024-A class C notes has decreased to -18.51% and 8.66%, respectively. Conn's 2024-A class B note, however, has been slowly building CE over the last few months and currently totals 55.71%. Conn's 2023-A has failed its cumulative net loss trigger of 29.60%. Actual net loss as of the November payment date was 36.23% and therefore, it is no longer releasing cash. The 2024-A net losses are also in breach with an actual net loss of 35.31% versus its trigger threshold of 31.05%. While the 2023-A class C notes have depleted all hard CE, the 2024-B class C's remaining positive CE of 8.66% leads to the different class C ratings of 'CCsf' and 'CCCsf' for 2023-A and 2024-A, respectively. Trust Performance: Fitch has increased the default assumptions for the remaining pools to 70% from 40% for Conn's 2023-A and to 60% from 43% for Conn's 2024-A. The higher base case default assumptions reflect continued elevated delinquencies and defaults in both trust portfolios. The transactions have a high percentage of non-prime obligors which require a higher touch servicing model. After taking into account defaults already recognized, these remaining default assumptions would result in cumulative lifetime default figures of 43% for Conn's 2023-A and 47% for Conn's 2024-A. Conn's 2023-A had a WA FICO score of 619 at closing, and 10.2% of the loans had scores below 550 or no score. Conn's 2024-A had a WA FICO score of 621 at closing, and 8.7% of loans had scores below 550 or no score. The subprime nature of the pool increases the risk of performance consequences of a serving disruption or transfer because these borrowers require comparatively high-touch servicing, especially in the current economic conditions. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Persistent decline in asset performance resulting in elevated defaults outside of Fitch's expectation could result in negative rating actions. In addition, any reduction in Jefferson's servicing abilities could further pressurize the ratings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Better-than-expected asset performance on a sustained basis, along with continued CE build, may result in positive rating actions. 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. EFMT 2025-INV5: S&P Assigns Prelim B-(sf) Rating on Cl. B-2 Certs ----------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to EFMT 2025-INV5's mortgage pass-through certificates. The certificate issuance is an RMBS transaction backed by first-lien, fixed-, and adjustable-rate fully amortizing residential mortgage loans (some with an interest-only period), secured primarily by single-family residential properties, including townhouses, planned-unit developments, condominiums, two- to four-family units, manufactured housing, condotels, and five- to 10-unit multifamily residential properties, to prime and nonprime borrowers. The pool consists of 1,232 ability-to-repay (ATR)-exempt residential mortgage loans backed by 1,445 properties, including thirty-nine cross-collateralized loans backed by 252 properties. The preliminary ratings are based on information as of Dec. 1, 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, representations and warranties (R&Ws) framework, and geographic concentration; -- The mortgage aggregator, Ellington Financial Inc.; -- The 100% due diligence results consistent with represented loan characteristics; and -- S&P's macroeconomic and sector outlook, which consider its current projections for U.S. economic growth, unemployment rates, and interest rates, as well as our view of housing fundamentals, and is updated, if necessary, when these projections change materially. Preliminary Ratings Assigned(i) EFMT 2025-INV5 Class A-1, $251,286,000: AAA (sf) Class A-1A, $210,294,000: AAA (sf) Class A-1B, $40,992,000: AAA (sf) Class A-1F, $25,000,000: AAA (sf) Class A-1IO, $25,000,000: AAA (sf) Class A-2, $39,437,000: AA- (sf) Class A-3, $58,593,000: A- (sf) Class M-1, $28,395,000: BBB- (sf) Class B-1, $21,634,000: BB- (sf) Class B-1A, $21,634,000: BB- (sf) Class B-X-1A, $21,634,000: BB- (sf) Class B-2, $15,549,000: B- (sf) Class B-3A, $5,408,997: NR Class B-3B, $5,408,997: NR Class B-3, $10,817,994: 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. (ii)Notional amount equals the loans' aggregate stated principal balance as of the cutoff date. NR--Not rated. N/A--Not applicable. EXETER AUTOMOBILE 2024-4: S&P Affirms BB-(sf) Rating on Cl. E Notes ------------------------------------------------------------------- S&P Global Ratings raised its ratings on 14 classes and affirmed its ratings on eight classes of notes from six Exeter Automobile Receivables Trust (EART) transactions. These ABS transactions are backed by subprime retail auto loan receivables originated and serviced by Exeter Finance LLC. The rating actions reflect: -- Each transaction's collateral performance to date and its views regarding future collateral performance; -- S&P's revised cumulative net loss (CNL) expectations for each transaction; -- The transactions' structures and credit enhancement levels; and -- Other credit factors, including credit stability, payment priorities under various scenarios, and sector- and issuer-specific analyses, including our most recent macroeconomic outlook, which incorporates a baseline forecast for U.S. GDP and unemployment. Considering these factors, S&P believes the creditworthiness of each note is consistent with the ratings actions. S&P said, "Since our last review in December 2024, EART 2023-1, EART 2023-2, EART 2023-3, and EART 2023-4 continue to perform worse than our prior revised CNL expectations. As a result, we have increased our loss expectations for these transactions. Although EART 2024-3 and EART 2024-4's performances are worse than our initial CNL expectations, they are not to the same degree as the previous transactions, and, consequently, the increase in our expected CNLs is of a lesser magnitude." Table 1 Collateral performance (%)(i) Pool 61+ day Current Current Current Series Month factor delinq. Ext. CGL CRR CNL 2023-1 33 33.06 9.88 7.09 27.27 30.54 18.94 2023-2 30 39.72 9.43 7.68 25.76 31.32 17.70 2023-3 29 40.77 10.25 7.57 24.72 30.90 17.08 2023-4 27 43.56 9.41 7.31 22.81 30.83 15.78 2024-3 18 61.22 8.38 7.60 14.06 35.38 9.09 2024-4 16 67.13 7.35 6.74 10.85 35.38 7.01 (i)As of the November 2025 distribution date. Delinq.--Delinquencies. Ext.--Extension rate. CGL--Cumulative gross loss. CRR--Cumulative recovery rate. CNL--Cumulative net loss. Table 2 CNL expectations (%) Original Prior revised Current revised Lifetime lifetime lifetime Series CNL exp. CNL exp.(i) CNL exp.(ii) 2023-1 21.00 22.00 26.50 2023-2 22.00 22.50 27.50 2023-3 22.00 22.50 27.50 2023-4 22.00 22.50 27.50 2024-3 22.00 N/A 23.00 2024-4 22.00 N/A 22.50 (i)As of December 2024. (ii)As of November 2025. CNL exp.--Cumulative net loss expectations. N/A--Not applicable. Each transaction has a senior sequential principal payment structure that increases subordination as a percentage of the amortizing pool for all classes, except the lowest-rated subordinate class. Each transaction also has credit enhancement in the form of a nonamortizing reserve account, overcollateralization (O/C), which will increase as a percentage of the current collateral balance as the pool amortizes, and excess spread. As of the November 2025 distribution date, all the six transactions are at their specified target O/C and reserve levels. Each transaction's sequential principal payment structure has led to an increase in hard credit enhancement since issuance. Table 3 Hard credit support (%)(i)(ii) Total hard credit Current total hard credit Series Class support at issuance support (% of current) 2023-1 C 34.75 99.28 2023-1 D 21.60 59.50 2023-1 E 10.65 26.38 2023-2 C 33.15 81.16 2023-2 D 19.05 45.66 2023-2 E 9.80 22.37 2023-3 C 34.65 84.10 2023-3 D 21.30 51.35 2023-3 E 9.35 22.04 2023-4 C 34.75 80.90 2023-4 D 21.55 50.60 2023-4 E 9.35 22.59 2024-3 A-3 57.75 99.38 2024-3 B 46.15 80.43 2024-3 C 32.25 57.72 2024-3 D 17.35 33.38 2024-3 E 7.25 16.88 2024-4 A-3 58.35 93.74 2024-4 B 46.65 76.31 2024-4 C 33.05 56.05 2024-4 D 19.15 35.34 2024-4 E 7.00 17.24 (i)As of the November 2025 distribution date. (ii)Calculated as a percentage of the total gross receivable pool balance, which consists of a reserve account, overcollateralization, and, if applicable, subordination. Excludes excess spread that can also provide additional enhancement. S&P said, "We analyzed the current hard credit enhancement, compared to the remaining CNL expectations, for the classes where hard credit enhancement alone--without credit to any excess spread--was sufficient, in our view, to raise or affirm the ratings. For the other classes, we incorporated a cash flow analysis to assess the loss coverage levels, giving credit to stressed excess spread. Our cash flow scenarios included forward-looking assumptions on recoveries, the timing of losses, and voluntary absolute prepayment speeds that we believe are appropriate, given each transaction's performance to date. Additionally, we conducted sensitivity analyses to determine the impact that a moderate ('BBB') stress level scenario would have on our ratings if losses trended higher than our revised base-case loss expectations. "In our view, which is based on our analysis as of the collection period ended Oct. 31, 2025 (November 2025 distribution), the results demonstrated that all the classes have adequate credit enhancement at the raised or affirmed rating levels. We will continue to monitor the performances of the outstanding transactions to ensure that the credit enhancement remains sufficient, in our view, to cover our CNL expectations under our stress scenarios for each of the rated classes." Ratings Raised Exeter Automobile Receivables Trust 2023-1 Class D to 'AAA (sf)' from 'AA- (sf)' Class E to 'BB+ (sf)' from 'BB (sf)' Exeter Automobile Receivables Trust 2023-2 Class C to 'AAA (sf)' from 'AA+ (sf)' Class D to 'A+ (sf)' from 'A (sf)' Exeter Automobile Receivables Trust 2023-3 Class C to 'AAA (sf)' from 'AA+ (sf)' Class D to 'AA- (sf)' from 'A (sf)' Exeter Automobile Receivables Trust 2023-4 Class C to 'AAA (sf)' from 'AA (sf)' Class D to 'A+ (sf)' from 'BBB+ (sf)' Exeter Automobile Receivables Trust 2024-3 Class B to 'AAA (sf)' from 'AA (sf)' Class C to 'AA+ (sf)' from 'A (sf)' Class D to 'A (sf)' from 'BBB (sf)' Exeter Automobile Receivables Trust 2024-4 Class B to 'AAA (sf)' from 'AA (sf)' Class C to 'AA+ (sf)' from 'A (sf)' Class D to 'A (sf)' from 'BBB (sf)' Ratings Affirmed Exeter Automobile Receivables Trust 2023-1 Class C: AAA (sf) Exeter Automobile Receivables Trust 2023-2 Class E: BB (sf) Exeter Automobile Receivables Trust 2023-3 Class E: BB- (sf) Exeter Automobile Receivables Trust 2023-4 Class E: BB- (sf) Exeter Automobile Receivables Trust 2024-3 Class A-3: AAA (sf) Class E: BB- (sf) Exeter Automobile Receivables Trust 2024-4 Class A-3: AAA (sf) Class E: BB-(sf) FHF ISSUER 2025-2: DBRS Finalizes BB Rating on Class E Notes ------------------------------------------------------------ DBRS, Inc. finalized its provisional credit ratings on the classes of Notes issued by FHF Issuer Trust 2025-2 (FHF 2025-2 or the Issuer) as follows: -- $45,000,000 Class A-1 Notes at R-1 (high) (sf) -- $194,568,000 Class A-2 Notes at AAA (sf) -- $18,032,000 Class B Notes at AA (sf) -- $25,116,000 Class C Notes at A (sf) -- $10,143,000 Class D Notes at BBB (sf) -- $23,506,000 Class E Notes at BB (sf) CREDIT RATING RATIONALE/DESCRIPTION The credit ratings are based on Morningstar DBRS' review of the following analytical considerations: (1) The transaction capital structure, proposed credit ratings, and form and sufficiency of available credit enhancement. -- Credit enhancement is in the form of OC, subordination, amounts held in the reserve fund, and available excess spread. Credit enhancement levels are sufficient to support the Morningstar DBRS-projected expected cumulative net loss (CNL) assumption under various stress scenarios. (2) The ability of the transaction to withstand stressed cash flow assumptions and repay investors according to the terms under which they have invested. For this transaction, the credit rating addresses the payment of timely interest on a monthly basis and the payment of principal by the legal final maturity date. (3) The historical static pool data for FHF originations and performance of the FHF auto loan portfolio. (4) The credit quality of the collateral and performance of FHF's auto loan portfolio, as of the Statistical Calculation Date: -- The pool includes 96.84% of receivables originated by franchise dealers with a weighted-average (WA) mileage of 42,262 miles. -- The loans in the pool have a non-zero WA credit score of 663 and a WA annual percentage rate of 17.44%. Approximately 36% of the borrowers in the pool do not have a credit score; however, approximately 70% of the pool have an Individual Taxpayer Identification Number (ITIN). -- The WA loan-to-value ratio (LTV) is 111.11%. -- The Morningstar DBRS CNL assumption is 9.45% based on the Statistical Calculation Date pool composition and expected final pool composition. (5) The capabilities of FHF with regard to originations, underwriting, and servicing. -- Morningstar DBRS has performed an operational review of FHF and considers the entity to be an acceptable originator and servicer of subprime automobile loan contracts. -- The consistent operational history of FHF and the overall strength of the Company and its management team. -- The FHF senior management team has experience within the auto finance industry, with very limited turnover in the senior and mid-level management team. (6) The backup servicer, Vervent, will receive monthly pool data, confirm that such data is readable and perform certain operations and tests with respect to such data on the monthly servicer reports. (7) All certificates of title of the financed vehicles are held with a third party. (8) 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. These baseline macroeconomic scenarios replace Morningstar DBRS' moderate and adverse COVID-19 pandemic scenarios, which were first published in April 2020. (9) The legal structure and presence of legal opinions that are expected to address the true sale of the assets to the Issuer, the nonconsolidation of the special-purpose vehicle with FHF, that the trust has a valid first-priority security interest in the assets, and the consistency with the Morningstar DBRS Legal Criteria for U.S. Structured Finance. Morningstar DBRS' credit rating on the Notes referenced herein addresses the credit risk associated with the identified financial obligations in accordance with the relevant transaction documents. The associated financial obligations are the associated financial obligations for each of the rated notes are the related Noteholders' Monthly Interest Distributable Amount, Noteholders' Interest Carryover Amount, and the note balance. Notes: All figures are in U.S. dollars unless otherwise noted. FIGRE TRUST 2025-HE8: S&P Assigns B- (sf) Rating on Class F Notes ----------------------------------------------------------------- S&P Global Ratings assigned its ratings to FIGRE Trust 2025-HE8'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 5,127 initial HELOCs plus 855 subsequent draws (5,982 HELOC mortgage loans), which are all ability-to-repay exempt. S&P said, "After we assigned preliminary ratings on Nov. 19, 2025, the class A, B, and E note amounts reduced to $289.276 million from $290.148 million, to $28.557 million from $28.775 million, and to $20.273 million from $20.491 million, respectively. In addition the class C, D, F, and G note amounts increased to $50.793 million from $50.575 million, to $24.851 million from $24.415 million, to $14.388 million from $14.170 million, and to $7.848 million from $7.412 million, respectively. These updated bond balances resulted in an increased to credit enhancement for each of the rated resized bonds at 33.65%, 27.10%, 15.45%, 9.75%, 5.10%, and 1.80%. After analyzing the final coupons and the updated structure, we assigned ratings to the classes that have remained unchanged from the preliminary ratings." 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 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 its view of housing fundamentals. Ratings Assigned FIGRE Trust 2025-HE8(i) Class A, $289,276,000: AAA (sf) Class B, $28,557,000: AA- (sf) Class C, $50,793,000: A- (sf) Class D, $24,851,000: BBB- (sf) Class E, $20,273,000: BB- (sf) Class F, $14,388,000: B- (sf) Class G, $7,848,234: Not rated Class XS, notional(ii): Not rated Class FR(iii): Not rated Class R, not applicable: Not rated (i)The 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. GS MORTGAGE 2015-GC34: Moody's Cuts Rating on 2 Tranches to Ba2 --------------------------------------------------------------- Moody's Ratings has affirmed the rating on one class and downgraded the ratings on two classes in GS Mortgage Securities Trust 2015-GC34, Commercial Mortgage Pass-Through Certificates, Series 2015-GC34 as follows: Cl. A-4, Affirmed Aa2 (sf); previously on Jun 30, 2025 Downgraded to Aa2 (sf) Cl. A-S, Downgraded to Ba1 (sf); previously on Jun 30, 2025 Downgraded to Baa1 (sf) Cl. X-A*, Downgraded to Ba1 (sf); previously on Jun 30, 2025 Downgraded to Aa3 (sf) * Reflects Interest-Only Classes RATINGS RATIONALE The rating on one P&I class, Cl. A-4, was affirmed because of the significant credit support and the expected principal recovery from the remaining loans in the pool. The class has paid down 98% from its original balance and benefits from priority of principal payments from liquidations or payoffs from the remaining loans in the pool. The rating on Cl. A-S was downgraded due to the decline in pool performance and the increase in interest shortfalls due to the significant exposure to specially serviced loans, which now represent 100% of the pool. As of the November 2025 remittance statement, Cl. A-S had outstanding interest shortfalls of $665,652 and the class has not received any interest distributions since the July 2025 remittance. Moody's expects interest shortfalls are likely to continue due to the exposure to delinquent loans and while the interest shortfalls may be ultimately recouped, the timing of such repayment remains uncertain. The interest shortfalls are largely driven by three specially serviced loans (for a combined 80.6% of the pool) that have been deemed non-recoverable by the master servicer. These non-recoverable loans include the two largest loans, Illinois Center (38.5%) and 750 Lexington Avenue (33.4%), which are both secured by predominately office properties located in Chicago and New York, respectively, that have experienced significant declines in performance in recent years. Furthermore, all loans are now in special servicing and have passed their original maturity dates, which may lead to higher potential losses and interest shortfalls may increase if the outstanding loans remain or become further delinquent. The rating on the IO Class, Cl. A-X, was downgraded based on the decline in credit quality of the referenced classes as well as paydowns of higher quality referenced classes. At securitization, Cl. X-A referenced all classes senior to and including Cl. A-4 and Cl. A-S, however, all classes senior to Cl. A-4 have paid off in full and Cl. A-4 has paid down 98% from its original balance. Moody's rating action reflects a base expected loss of 69.0% of the current pooled balance, compared to 30.8% at Moody's last review. Moody's base expected loss plus realized losses is now 22.0% of the original pooled balance, compared to 21.5% at the last review. METHODOLOGY UNDERLYING THE RATING ACTION The principal methodology used in rating all classes except interest-only classes was "Large Loan and Single Asset/Single Borrower Commercial Mortgage-backed Securitizations" published in January 2025. Moody's analysis incorporated a loss and recovery approach in rating the P&I classes in this deal since 100% of the pool is in special servicing. In this approach, Moody's determines a probability of default for each specially serviced and troubled loan that it expects will generate a loss and estimates a loss given default based on a review of broker's opinions of value (if available), other information from the special servicer, available market data and Moody's internal data. The loss given default for each loan also takes into consideration repayment of servicer advances to date, estimated future advances and closing costs. Translating the probability of default and loss given default into an expected loss estimate, Moody's then apply the aggregate loss from specially serviced loan to the most junior class(es) and the recovery as a pay down of principal to the most senior class(es). Factors that would lead to an upgrade or downgrade of the ratings: The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected. Additionally, significant changes in the 5-year rolling average of 10-year US Treasury rates will impact the magnitude of the interest rate adjustment and may lead to future rating actions. Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns or amortization, an increase in the pool's share of defeasance or an improvement in pool performance. Factors that could lead to a downgrade of the ratings include a decline in the performance of the pool, an increase in realized and expected losses from specially serviced and troubled loans or interest shortfalls. DEAL PERFORMANCE As of the November 13, 2025 distribution date, the transaction's aggregate certificate balance has decreased by 72% to $239.2 million from $848.4 million at securitization. The certificates are collateralized by seven mortgage loans, all of which are in special servicing and there are cumulative outstanding advances (P&I, T&I, other expenses and unpaid advance interest) of $1.2 million. Three loans have been liquidated from the pool, contributing to an aggregate realized loss of $21.2 million (for an average loss severity of 14%). The majority of realized losses have resulted from the servicer reimbursement of prior advances. As of the November 2025 remittance statement cumulative interest shortfalls were $16.0 million and impact up to Class A-S. Moody's anticipates interest shortfalls will continue because of the exposure to specially serviced loans and/or modified loans. Interest shortfalls are caused by special servicing fees, including workout and liquidation fees, appraisal entitlement reductions (ASERs), non-recoverable determinations, loan modifications and extraordinary trust expenses. The largest specially serviced loan is the Illinois Center Loan ($92.1 million -- 38.5% of the pool), which represents a pari passu portion of a $239.5 million mortgage loan. The loan is secured by the fee interest in two adjoining Class A office towers located in Chicago's East Loop submarket, totaling roughly 2.1 million square feet (SF). The properties were only a combined 35% leased as of June 2025, compared to 48% in December 2023 and 72% at securitization. As a result of the tenant departures and the low occupancy, the 2024 NOI was more than 50% lower than at securitization and the trailing twelve month NOI ending June 2025 was 79% lower than at securitization. The loan has been in special servicing since April 2024 and was last paid through its May 2024 payment date. Special servicer commentary indicates that foreclosure was filed in November 2024, and lender is dual tracking the foreclosure process while discussing workout alternatives with the borrower. The loan has been deemed non-recoverable by the master servicer and due to the significant decline in property performance and weak Chicago office fundamentals, Moody's assumed a significant loss on this loan. The second largest loan is the 750 Lexington Avenue Loan ($79.9 million -- 33.3% of the pool), which represents a pari passu portion of $122.9 million mortgage loan. The loan is secured by the fee simple interest and leasehold interest in a 382,000 square foot, 31-story Class A office tower located in Manhattan's Midtown East submarket on Lexington Avenue between 59th and 60th Streets. The property had a ground rent reset in 2018 which increased the ground rent expense by over $1.5 million, and the ground rent made up over 20% of the property's revenue in both 2022 and 2023 and approximately 31% of the property's revenue in 2024. The property was 69% leased as of March 2025, compared to 66% in December 2022, 71% in December 2021, and 100% at securitization. Property performance has significantly declined since securitization due to lower revenue and higher expenses and the loan's DSCR has been well below 1.00X since 2022. The loan has been in special servicing since October 2023 and as of the November 2025 remittance statement was last paid through its July 2023 payment date. The most recently reported appraisal value in 2025 valued the property nearly 67% below the outstanding loan balance and the loan has been deemed non-recoverable by the master servicer. Special servicer commentary indicates they are dual tracking the foreclosure process while discussing workout alternatives with borrower. As a result of performance trends and the property's delinquent status, Moody's assumed a significant loss on this loan. The third largest loan is the Bluejay Grocery Portfolio Loan ($23.9 million -- 10.0% of the pool), which is secured by four grocery-anchored retail properties located in three states (Wisconsin, Indiana and New York). The loan transferred to special servicing in August 2025 and failed to pay-off at its August 2025 maturity date. Two of the four properties are currently fully vacant, but the tenants appear to be paying rent through their respective lease termination dates (which have expiration dates in January 2030 and April 2026). The lender has retained local counsel and continues discussions with the borrower while dual tracking foreclosure. The fourth largest loan is the Woodlands Corporate Center and 7049 Williams Road Loan ($20.7 million -- 8.6% of the pool), which is secured by the borrower's fee simple interest in three commercial properties located in Niagara Falls, NY (2 office/flex properties) and neighboring North Tonawanda, NY (1 industrial). The loan has been in special servicing since December 2019 and became REO in 2022. The property's cash flow has declined significantly from securitization due to declines in occupancy and rental revenue. An updated appraisal value from December 2024 was nearly 50% below the outstanding loan balance. As of the November 2025 remittance report, this loan was last paid through its June 2022 payment date and loan has been deemed non-recoverable by the master servicer. The fifth largest loan is the Westlake Center Loan ($13.0 million -- 5.4% of the pool), which is secured by a 180,578 SF office building located in Blue Ash, Ohio. The loan transferred to special servicing in October 2025 after the borrower was unable to pay the loan off at the September 2025 maturity. As of June 2025, the property was 87% leased but faces material tenant rollover, with two of its four largest tenants (a combined 18% of the NRA) having lease expirations in 2025. As of June 2025 the loan reported an NOI DSCR of 1.67X and has amortized nearly 13% since securitization. The special servicer commentary indicated they have retained counsel and are proceeding with discussions with the borrower. The remaining two specially serviced loans each make up less than 3% of the pool and are both secured by office properties. Moody's estimates an aggregate $165.4 million loss for the specially serviced loans (a 70% expected loss on average). GS MORTGAGE 2025-NQM6: Fitch Assigns 'Bsf' Rating on Cl. B-2 Certs ------------------------------------------------------------------ Fitch Ratings has assigned final ratings to the residential mortgage-backed certificates issued by GS Mortgage-Backed Securities Trust 2025-NQM6 (GSMBS 2025-NQM6 Trust). Entity/Debt Rating Prior ----------- ------ ----- GSMBS 2025-NQM6 A-1 LT AAAsf New Rating AAA(EXP)sf A-1A LT AAAsf New Rating AAA(EXP)sf A-1B 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-3 LT NRsf New Rating NR(EXP)sf PT LT NRsf New Rating NR(EXP)sf R LT NRsf New Rating NR(EXP)sf RISKRETEN LT NRsf New Rating NR(EXP)sf SA LT NRsf New Rating NR(EXP)sf X LT NRsf New Rating NR(EXP)sf Transaction Summary The certificates are supported by 848 nonprime loans originated by various entities and have a total balance of approximately $324 million, as of the cut-off date. KEY RATING DRIVERS Credit Risk of 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. GSMBS 2025-NQM6 has a final probability of default (PD) of 38.38% in the 'AAAsf' rating stress. Fitch's final loss severity in the 'AAAsf' rating stress is 44.6%. The expected loss in the 'AAAsf' rating stress is 17.11%. Structural Analysis (Positive): The structure distributes principal pro rata among the senior certificates 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 the class A-1A, A-1B, A-2 and A-3 certificates until they are reduced to zero. The structure has a step-up coupon for the senior classes (A-1A, A-1B, A-2 and A-3). After four years, the senior classes pay the lower of a 100-bp increase to the fixed coupon or the net weighted average coupon (WAC) rate. The unrated class B-3 interest allocation goes toward the senior cap carryover amount on any date for as long as there is an unpaid cap carryover amount for any of the senior classes. This increases the principal and interest (P&I) allocation for the senior classes as long as the B-3 class is not written down. 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 (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 100.0% of the loans in the transaction. Fitch applies a 5-bp reduction for loans fully reviewed by a third-party review (TPR) firm that has 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 GSMBS 2025-NQM6 to be fully de-linked and 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 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 37.5%, 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) for SitusAMC, Consolidated Analytics, Selene, Opus, and Evolve; 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. Third-party due diligence was performed on 100.0% of the loans in the transaction, and all reviewed loans were graded "A" or "B". 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. GS MORTGAGE 2025-PJ10: Fitch Gives 'B-sf' Rating on Cl. B5 Notes ---------------------------------------------------------------- Fitch Ratings has assigned final ratings to the notes issued by GS Mortgage-Backed Securities Trust 2025-PJ10 (GSMBS 2025-PJ10). Entity/Debt Rating Prior ----------- ------ ----- GSMBS 2025-PJ10 A1 LT AAAsf New Rating AAA(EXP)sf A10 LT AAAsf New Rating AAA(EXP)sf A11 LT AAAsf New Rating AAA(EXP)sf A12 LT AAAsf New Rating AAA(EXP)sf A13 LT AAAsf New Rating AAA(EXP)sf A14 LT AAAsf New Rating AAA(EXP)sf A15 LT AAAsf New Rating AAA(EXP)sf A16 LT AAAsf New Rating AAA(EXP)sf A17 LT AAAsf New Rating AAA(EXP)sf A18 LT AAAsf New Rating AAA(EXP)sf A19 LT AAAsf New Rating AAA(EXP)sf A2 LT AAAsf New Rating AAA(EXP)sf A20 LT AAAsf New Rating AAA(EXP)sf A21 LT AAAsf New Rating AAA(EXP)sf A22 LT AAAsf New Rating AAA(EXP)sf A23 LT AAAsf New Rating AAA(EXP)sf A24 LT AAAsf New Rating AAA(EXP)sf A27 LT AAAsf New Rating AAA(EXP)sf A28 LT AAAsf New Rating AAA(EXP)sf A29 LT AAAsf New Rating AAA(EXP)sf A3 LT AAAsf New Rating AAA(EXP)sf A30 LT AAAsf New Rating AAA(EXP)sf A4 LT AAAsf New Rating AAA(EXP)sf A5 LT AAAsf New Rating AAA(EXP)sf A6 LT AAAsf New Rating AAA(EXP)sf A7 LT AAAsf New Rating AAA(EXP)sf A8 LT AAAsf New Rating AAA(EXP)sf A9 LT AAAsf New Rating AAA(EXP)sf AX1 LT AAAsf New Rating AAA(EXP)sf AX10 LT AAAsf New Rating AAA(EXP)sf AX11 LT AAAsf New Rating AAA(EXP)sf AX12 LT AAAsf New Rating AAA(EXP)sf AX13 LT AAAsf New Rating AAA(EXP)sf AX14 LT AAAsf New Rating AAA(EXP)sf AX15 LT AAAsf New Rating AAA(EXP)sf AX16 LT AAAsf New Rating AAA(EXP)sf AX17 LT AAAsf New Rating AAA(EXP)sf AX18 LT AAAsf New Rating AAA(EXP)sf AX19 LT AAAsf New Rating AAA(EXP)sf AX2 LT AAAsf New Rating AAA(EXP)sf AX20 LT AAAsf New Rating AAA(EXP)sf AX21 LT AAAsf New Rating AAA(EXP)sf AX22 LT AAAsf New Rating AAA(EXP)sf AX23 LT AAAsf New Rating AAA(EXP)sf AX24 LT AAAsf New Rating AAA(EXP)sf AX25 LT AAAsf New Rating AAA(EXP)sf AX27 LT AAAsf New Rating AAA(EXP)sf AX28 LT AAAsf New Rating AAA(EXP)sf AX29 LT AAAsf New Rating AAA(EXP)sf AX3 LT AAAsf New Rating AAA(EXP)sf AX30 LT AAAsf New Rating AAA(EXP)sf AX31 LT AAAsf New Rating AAA(EXP)sf AX32 LT AAAsf New Rating AAA(EXP)sf AX4 LT AAAsf New Rating AAA(EXP)sf AX5 LT AAAsf New Rating AAA(EXP)sf AX6 LT AAAsf New Rating AAA(EXP)sf AX7 LT AAAsf New Rating AAA(EXP)sf AX8 LT AAAsf New Rating AAA(EXP)sf AX9 LT AAAsf New Rating AAA(EXP)sf B1 LT AA-sf New Rating AA-(EXP)sf B1A LT AA-sf New Rating AA-(EXP)sf B2 LT Asf New Rating A(EXP)sf B2A LT Asf New Rating A(EXP)sf B3 LT BBB-sf New Rating BBB-(EXP)sf B4 LT BB-sf New Rating BB-(EXP)sf B5 LT B-sf New Rating B-(EXP)sf B6 LT NRsf New Rating NR(EXP)sf BX1 LT AA-sf New Rating AA-(EXP)sf BX2 LT Asf New Rating A(EXP)sf R LT NRsf New Rating NR(EXP)sf Transaction Summary The classes are supported by 386 prime loans with a total balance of approximately $471 million as of the cut-off date. KEY RATING DRIVERS Credit Risk of 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. GSMBS 2025-PJ10 has a Final PD of 11.56% in the 'AAA' rating stress. Fitch's Final Loss Severity in the 'AAAsf' rating stress is 34.94%. The expected loss in the 'AAAsf' rating stress is 4.04%. Structural Analysis (Mixed): The mortgage cash flow and loss allocation in GSMBS 2025-PJ10 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 CE 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: 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 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: 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 GSMBS 2025-PJ10 to be fully de-linked and bankruptcy remote SPV. All transaction parties and triggers align with Fitch 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 GSMBS 2025-PJ10, 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 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 of the rated classes. Specifically, a 10% gain in home prices would result in a full category upgrade for the rated class excluding those being assigned ratings of 'AAAsf'. This section provides insight into the model-implied sensitivities the transaction faces when one assumption is modified, while holding others equal. The modeling process uses the modification of these variables to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. It should not be used as an indicator of possible future performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by SitusAMC 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. GS MORTGAGE 2025-PJ10: Moody's Assigns B3 Rating to Cl. B-5 Certs ----------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to 68 classes of residential mortgage-backed securities (RMBS) issued by GS Mortgage-Backed Securities Trust 2025-PJ10, and sponsored by Goldman Sachs Mortgage Company (GSMC). The securities are backed by a pool of prime jumbo (83.29% by balance) and GSE-eligible (16.71% by balance) residential mortgages aggregated by GSMC, including loans aggregated by MAXEX Clearing LLC (MAXEX; 5.91% by loan balance), originated and serviced by multiple entities. The complete rating actions are as follows: Issuer: GS Mortgage-Backed Securities Trust 2025-PJ10 Cl. A-1, Definitive Rating Assigned Aaa (sf) Cl. A-2, Definitive Rating Assigned Aaa (sf) Cl. A-3, Definitive Rating Assigned Aaa (sf) Cl. A-4, Definitive Rating Assigned Aaa (sf) Cl. A-5, Definitive Rating Assigned Aaa (sf) Cl. A-6, Definitive Rating Assigned Aaa (sf) Cl. A-7, Definitive Rating Assigned Aaa (sf) Cl. A-8, Definitive Rating Assigned Aaa (sf) Cl. A-9, Definitive Rating Assigned Aaa (sf) Cl. A-10, Definitive Rating Assigned Aaa (sf) Cl. A-11, Definitive Rating Assigned Aaa (sf) Cl. A-12, Definitive Rating Assigned Aaa (sf) Cl. A-13, Definitive Rating Assigned Aaa (sf) Cl. A-14, Definitive Rating Assigned Aaa (sf) Cl. A-15, Definitive Rating Assigned Aaa (sf) Cl. A-16, Definitive Rating Assigned Aaa (sf) Cl. A-17, Definitive Rating Assigned Aaa (sf) Cl. A-18, Definitive Rating Assigned Aaa (sf) Cl. A-19, Definitive Rating Assigned Aaa (sf) Cl. A-20, Definitive Rating Assigned Aaa (sf) Cl. A-21, Definitive Rating Assigned Aaa (sf) Cl. A-22, Definitive Rating Assigned Aaa (sf) Cl. A-23, Definitive Rating Assigned Aaa (sf) Cl. A-24, Definitive Rating Assigned Aaa (sf) Cl. A-27, Definitive Rating Assigned Aaa (sf) Cl. A-28, Definitive Rating Assigned Aaa (sf) Cl. A-29, Definitive Rating Assigned Aaa (sf) Cl. A-30, Definitive Rating Assigned Aaa (sf) Cl. A-X-1*, Definitive Rating Assigned Aaa (sf) Cl. A-X-2*, Definitive Rating Assigned Aaa (sf) Cl. A-X-3*, Definitive Rating Assigned Aaa (sf) Cl. A-X-4*, Definitive Rating Assigned Aaa (sf) Cl. A-X-5*, Definitive Rating Assigned Aaa (sf) Cl. A-X-6*, Definitive Rating Assigned Aaa (sf) Cl. A-X-7*, Definitive Rating Assigned Aaa (sf) Cl. A-X-8*, Definitive Rating Assigned Aaa (sf) Cl. A-X-9*, Definitive Rating Assigned Aaa (sf) Cl. A-X-10*, Definitive Rating Assigned Aaa (sf) Cl. A-X-11*, Definitive Rating Assigned Aaa (sf) Cl. A-X-12*, Definitive Rating Assigned Aaa (sf) Cl. A-X-13*, Definitive Rating Assigned Aaa (sf) Cl. A-X-14*, Definitive Rating Assigned Aaa (sf) Cl. A-X-15*, Definitive Rating Assigned Aaa (sf) Cl. A-X-16*, Definitive Rating Assigned Aaa (sf) Cl. A-X-17*, Definitive Rating Assigned Aaa (sf) Cl. A-X-18*, Definitive Rating Assigned Aaa (sf) Cl. A-X-19*, Definitive Rating Assigned Aaa (sf) Cl. A-X-20*, Definitive Rating Assigned Aaa (sf) Cl. A-X-21*, Definitive Rating Assigned Aaa (sf) Cl. A-X-22*, Definitive Rating Assigned Aaa (sf) Cl. A-X-23*, Definitive Rating Assigned Aaa (sf) Cl. A-X-24*, Definitive Rating Assigned Aaa (sf) Cl. A-X-25*, Definitive Rating Assigned Aaa (sf) Cl. A-X-27*, Definitive Rating Assigned Aaa (sf) Cl. A-X-28*, Definitive Rating Assigned Aaa (sf) Cl. A-X-29*, Definitive Rating Assigned Aaa (sf) Cl. A-X-30*, Definitive Rating Assigned Aaa (sf) Cl. A-X-31*, Definitive Rating Assigned Aaa (sf) Cl. A-X-32*, Definitive Rating Assigned Aaa (sf) Cl. B-1, Definitive Rating Assigned Aa3 (sf) Cl. B-1A, Definitive Rating Assigned Aa3 (sf) Cl. B-X-1*, Definitive Rating Assigned Aa3 (sf) Cl. B-2, Definitive Rating Assigned A3 (sf) Cl. B-2A, Definitive Rating Assigned A3 (sf) Cl. B-X-2*, Definitive Rating Assigned A3 (sf) Cl. B-3, Definitive Rating Assigned Baa3 (sf) Cl. B-4, Definitive Rating Assigned Ba2 (sf) Cl. B-5, Definitive Rating Assigned B3 (sf) *Reflects Interest-Only Classes Moody's are withdrawing the provisional ratings for the Class A-1L Loans, Class A-2L Loans and Class A-3L Loans, assigned on November 12, 2025, because the issuer will not be issuing these classes. RATINGS RATIONALE The ratings are based on the credit quality of the mortgage loans, the structural features of the transaction, the origination quality and the servicing arrangement, the third-party review, and the representations and warranties framework. Moody's expected loss for this pool in a baseline scenario-mean is 0.34%, in a baseline scenario-median is 0.14% and reaches 5.20% at a stress level consistent with Moody's Aaa ratings. 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 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 original 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. GS MORTGAGE-BACKED 2025-NQM6: S&P Assigns 'B+' Rating on B-2 Certs ------------------------------------------------------------------ S&P Global Ratings assigned its ratings to GS Mortgage-Backed Securities Trust 2025-NQM6's mortgage-backed certificates. The note issuance is an RMBS transaction backed by first-lien, fixed- and adjustable-rate, fully amortizing residential mortgage loans, including mortgage loans with initial interest-only periods, to both prime and nonprime borrowers. The loans are secured by single-family residential properties, townhomes, planned-unit developments, condominiums, two- to four-family residential properties and cooperatives. The pool consists of 848 loans backed by 848 properties, which are non-qualified mortgage/ability-to-repay-compliant (ATR-compliant) and ATR-exempt loans. The ratings reflect: -- The pool's collateral composition; -- The transaction's credit enhancement, associated structural mechanics, representation and warranty (R&W) framework, and geographic concentration; -- The mortgage aggregator and mortgage originators; 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. Ratings(i) Assigned GS Mortgage-Backed Securities Trust 2025-NQM6 Class A-1A, $202,676,000: AAA (sf) Class A-1B, $30,802,000: AAA (sf) Class A-1, $233,478,000: AAA (sf) Class A-2, $18,173,000: AA (sf) Class A-3, $26,798,000: A (sf) Class M-1, $10,473,000: BBB (sf) Class B-1, $8,008,000: BB (sf) Class B-2, $4,312,000: B+ (sf) Class B-3, $6,776,778: NR Class X, notional(ii): NR Class SA, (iii): NR Class PT, $308,018,778: NR Class R, not applicable: NR NR--Not rated. (i)The ratings address the ultimate payment of interest and principal and do not address payment of the cap carryover amounts. (ii)The notional amount for the class X certificates equals the non-retained interest percentage (95%) of the loans' aggregate unpaid principal balance, initially $308,018,778. (iii)The balance is equal to the non-retained interest percentage of the amount of preexisting servicing advances as of the closing date. Class SA is entitled to the class SA monthly remittance amount, if any. HARBOURVIEW CLO VII-R: Moody's Ups Rating on $17.91MM E Notes to B1 ------------------------------------------------------------------- Moody's Ratings has taken a variety of rating actions on the following notes issued by HarbourView CLO VII-R, Ltd.: US$24.02M Class D Secured Deferrable Floating Rate Notes, Upgraded to Aaa (sf); previously on Jul 10, 2025 Upgraded to A2 (sf) US$17.91M Class E Secured Deferrable Floating Rate Notes, Upgraded to B1 (sf); previously on Jul 10, 2025 Affirmed B2 (sf) US$8M (Current outstanding amount US$8,201,211) Class F Secured Deferrable Floating Rate Notes, Downgraded to Ca (sf); previously on Jul 10, 2025 Affirmed Caa3 (sf) Moody's have also affirmed the ratings on the following notes: US$43.94M (Current outstanding amount US$14,395,490) Class B Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Jul 10, 2025 Affirmed Aaa (sf) US$21.92M Class C Secured Deferrable Floating Rate Notes, Affirmed Aaa (sf); previously on Jul 10, 2025 Upgraded to Aaa (sf) HarbourView CLO VII-R, Ltd., issued in June 2018, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured US loans. The portfolio is managed by HarbourView Asset Management Corporation. The transaction's reinvestment period ended in July 2023. RATINGS RATIONALE The rating upgrades on the Class D and E 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 July 2025. Class A notes has fully repaid and Class B have paid down by approximately USD29.5 million (67.2% of the original balance) since the last rating action in July 2025. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated November 2025[1] the Class A/B, Class C, Class D and Class E OC ratios are reported at 584.2%, 231.6%, 139.4% and 107.5% compared to June 2025[2] levels of 224.8%, 163.4%, 125.7% and 107.3%, respectively. The deleveraging and OC improvements primarily reflect asset sales of leveraged loans in the underlying portfolio, with most proceeds applied to amortise the rated notes. All else held equal, such deleveraging is generally credit positive for the senior notes. The downgrade action on the Class F notes reflects par losses incurred from asset sales since the last rating action in July 2025. While the transaction doesn't have an explicit Class F OC ratio, its implied level has decreased to 98.1% from 101.4%. The affirmations on the ratings on the Class B and C 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: USD85.1 million Defaulted Securities: USD153,741.0 Diversity Score: 32 Weighted Average Rating Factor (WARF): 3046 Weighted Average Life (WAL): 3.3 years Weighted Average Spread (WAS) (before accounting for reference rate floors): 3.0% Weighted Average Recovery Rate (WARR): 45.8% Par haircut in OC tests and interest diversion test: 0.0% 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 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. 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. HILTON GRAND 2025-3EXT: Fitch Assigns BB-(EXP)sf Rating on D Notes ------------------------------------------------------------------ Fitch Ratings has assigned expected ratings and Rating Outlooks to notes issued by Hilton Grand Vacations Trust 2025-3EXT (HGVT 2025-3EXT). Entity/Debt Rating ----------- ------ Hilton Grand Vacations Trust 2025-3EXT A LT AAA(EXP)sf Expected Rating B LT A-(EXP)sf Expected Rating C LT BBB-(EXP)sf Expected Rating D LT BB-(EXP)sf Expected Rating Transaction Summary The notes are backed by a pool of fixed-rate timeshare loans originated by Hilton Resorts Corporation (HRC), Diamond Resorts Corporation (Diamond) and Bluegreen Vacations Corporation (Bluegreen). Hilton Grand Vacations, Inc. (HGV) completed its acquisition of Diamond and Bluegreen in August 2021 and January 2024, respectively. As a result of the acquisitions, Diamond and Bluegreen are now wholly owned indirect subsidiaries of HGV. KEY RATING DRIVERS Borrower Risk—Weaker Collateral: The 2025-3EXT pool has a weighted average (WA) Fair Isaac Corp. (FICO) score of 727, down from 742 in 2025-2 and 745 in 2025-1. Loans with original balances greater than $100,000 have increased to 31.5% from 20.3% in 2025-2, which is considered a credit negative, as larger-balance loans have led to higher cumulative gross defaults (CGDs) in prior HGVT transactions. Additionally, the pool includes approximately 1.6% of loans made to foreign obligors, slightly up from a 1.1% concentration in 2025-2. The WA original term of 160 months is up significantly from 123 in 2025-2, and seasoning of 13 months is down from 15 months in 2025-2. The share of upgraded loans from the existing owners, at 83.9%, is higher than 72.3% in 2025-2. 2025-3EXT is HGV's fourth transaction to include HRC, Diamond and Bluegreen loans, which represent 11.9%, 49.3% and 38.8% of the collateral pool, respectively. On a like-for-like FICO basis, the HRC loans perform better than the Diamond and Bluegreen loans. Forward-Looking Approach on Rating Case CGD Proxy—Weakening Performance: HRC's managed portfolio delinquency and default performance showed notable increases in CGDs in the 2007-2010 vintages. Subsequent performance improvement was observed from 2010-2015, but the 2016-2024 vintages have demonstrated elevated CGDs that are outpacing those of the recessionary vintages for HRC, Diamond and Bluegreen. Similarly, recent securitized transactions are performing weaker than earlier transactions. Fitch's rating case CGD proxy is 24.50% for 2025-3EXT. Payment Structure—Adequate CE: Initial hard credit enhancement (CE) is 71.50%, 36.20%, 16.60% and 9.20% for Class A, B, C, and D notes, respectively. CE is higher for all classes relative to 2025-2; a D note was not issued for 2025-2. Hard CE is composed of overcollateralization (OC), a reserve account and subordination. Soft CE is also provided by excess spread and is expected to be 7.85% per annum. Available CE is sufficient to support stressed 'AAAsf', 'A-sf', 'BBB-sf', and 'BB-sf' multiples of Fitch's CGD proxy of 24.50%. Originator/Seller/Servicer—Adequate Origination/Servicing: Fitch considers HRC to have demonstrated sufficient abilities as an originator and servicer of timeshare loans, as evidenced by the historical delinquency and default performance of the managed portfolio and prior securitizations. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Unanticipated increases in the frequency of defaults could produce CGD levels higher than the rating case and would likely result in declines of CE and remaining default coverage levels available to the notes. Additionally, unanticipated increases in prepayment activity could also result in a decline in coverage. Declining default coverage may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage. Hence, Fitch conducts sensitivity analysis by stressing both a transaction's initial rating case CGD and prepayment assumptions and examining the rating implications on all classes of issued notes. The CGD sensitivity stresses the CGD 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 default coverage provided by the CE structure. Fitch also considers prepayment sensitivity of 1.5x and 2.0x increases to the prepayment assumptions, as well as increases of 1.5x and 2.0x to the rating case CGD proxy, which represent moderate and severe stresses, respectively. These analyses are intended to provide an indication of the rating sensitivity of 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 increasing CE levels and consideration for potential upgrades. If CGD is 20% less than the projected proxy, the expected ratings would be maintained for the Class A note at a stronger rating multiple. For the Class B, C, and D notes, the multiples would increase, resulting in the potential upgrades of four, two, and three notches, respectively. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with due diligence information from KPMG LLP. The due diligence information was provided on Form ABS Due Diligence-15E and focused on a comparison and recalculating of certain characteristics with respect to 150 sample loans. Fitch considered this information in its analysis, and the findings did not have an impact on its analysis. 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. HOPATCONG LLC: DBRS Gives Prov. BB(low) Rating on Class C Notes --------------------------------------------------------------- DBRS, Inc. assigned the following provisional credit ratings to the Class A Notes, the Class B Notes, and the Class C Notes (together, the Notes) issued by Hopatcong LLC pursuant to the Indenture dated November 20, 2025, by and between Hopatcong LLC, as Issuer and Wilmington Trust, National Association, as Trustee: -- Class A Notes: (P) AAA (sf) -- Class B Notes: (P) BBB (sf) -- Class C Notes: (P) BB (low) (sf) The provisional credit rating on the Class A Notes addresses the timely payment of interest (excluding the post-Event of Default interest rate of 2.00% per annum) and the ultimate return of principal on or before the Stated Maturity. The provisional credit ratings on the Class B Notes and Class C Notes address the ultimate payment of interest (excluding the post-Event of Default interest rate of 2.00% per annum) and the ultimate return of principal on or before the Stated Maturity. CREDIT RATING RATIONALE/DESCRIPTION The credit rating actions are a result of Morningstar DBRS' review of the Indenture by applying the Global Methodology for Rating CLOs and Corporate CDOs (the CLO Methodology; November 10, 2025). The Revolving Period ends on December 31, 2029. The Stated Maturity is February 18, 2038. The Notes are collateralized primarily by a portfolio of U.S. middle-market corporate loans. The Issuer is managed by Blue Owl Credit Private Fund Advisors LLC, an affiliate of Blue Owl Capital Inc. Morningstar DBRS considers Blue Owl Credit Private Fund Advisors LLC an acceptable collateralized loan obligation (CLO) manager. In its analysis, Morningstar DBRS considered the following aspects of the transaction: (1) The Indenture, dated November 20, 2025 (2) The integrity of the transaction structure. (3) Morningstar DBRS' assessment of the portfolio quality and covenants. (4) Adequate credit enhancement to withstand Morningstar DBRS' projected collateral loss rates under various cash flow-stress scenarios. (5) Morningstar DBRS' assessment of the origination, servicing, and CLO management capabilities of Blue Owl Credit Private Fund Advisors LLC. (6) The legal structure as well as legal opinions addressing certain matters of the Borrower and the consistency with the Morningstar DBRS "Legal Criteria for U.S. Structured Finance" methodology. The transaction has a dynamic structural configuration that permits variations of certain asset metrics via a selection of an applicable row from a collateral quality test matrix (the CQM, as defined in Schedule 5 of the Indenture). Depending on a given Diversity Score (DScore), the following metrics are selected accordingly from the applicable row of the CQM: Maximum Average Morningstar DBRS Risk Score Test and Weighted-Average Spread (WAS). Morningstar DBRS analyzed each structural configuration as a unique transaction, and all configurations (matrix points) passed the applicable Morningstar DBRS rating stress levels. The Coverage Tests and triggers as well as the Collateral Quality Tests that Morningstar DBRS modeled during its analysis are presented below: Coverage Tests: Class A Asset Coverage Test: minimum 159.40% Class B Asset Coverage Test: minimum 118.75% Class C Asset Coverage Test: minimum 109.15% Collateral Quality Tests: Maximum Average Morningstar DBRS Risk Score Test: Subject to the CQM; maximum 41.84% Minimum WAS Test: Subject to the CQM; minimum 4.00% Minimum Weighted Average Coupon Test: minimum 5.00% Minimum DScore: Subject to the CQM; minimum 8 Maximum Weighted Average Life Test: maximum 6.5 years Some particular strengths of the transaction are (1) the collateral quality, which consists mostly of senior-secured middle-market loans; (2) the adequate diversification of the portfolio of collateral obligations (Diversity Score, matrix driven); and (3) the Collateral Manager's expertise in CLOs and overall approach to selection of Collateral Obligations. Some challenges were identified: (1) the expected weighted-average credit quality of the underlying obligors may fall below investment grade (per the CQM), and the majority may not have public ratings once purchased, and (2) the underlying collateral portfolio may be insufficient to redeem the Notes in an Event of Default. Morningstar DBRS analyzed the transaction using the Morningstar DBRS CLO Insight Model and its proprietary cash flow engine, which incorporated assumptions regarding principal amortization, principal prepayment, amount of interest generated, principal prepayments, default timings, and recovery rates, among other credit considerations referenced in the Global Methodology for Rating CLOs and Corporate CDOs (November 10, 2025). Model-based analysis, which incorporated the above-mentioned CQM, produced satisfactory results, which supported the credit ratings on the Notes. To assess portfolio credit quality, Morningstar DBRS provides a credit estimate or internal assessment for each nonfinancial corporate obligor in the portfolio not rated by Morningstar DBRS. Credit estimates are not ratings; rather, they represent a model-driven default probability for each obligor that Morningstar DBRS uses when rating the Notes. Notes: All figures are in U.S. dollars unless otherwise noted. JP MORGAN 2011-C3: DBRS Confirms BB(High) Rating on Class C Certs ----------------------------------------------------------------- DBRS Limited confirmed the credit ratings on all classes of Commercial Mortgage Pass-Through Certificates, Series 2011-C3 issued by JP Morgan Chase Commercial Mortgage Securities Trust 2011-C3 as follows: -- Class B at A (high) (sf) -- Class C at BB (high) (sf) -- Class D at CCC (sf) -- Class E at C (sf) -- Class F at C (sf) -- Class G at C (sf) -- Class H at C (sf) -- Class J at C (sf) The trends on Classes B and C are Stable. There are no trends on Classes D, E, F, G, H, and J, which have credit ratings that do not typically carry trends in commercial mortgage-backed securities (CMBS) credit ratings. The credit rating confirmations reflect Morningstar DBRS' continued outlook on the transaction based on a recoverability scenario for the two defaulted loans remaining in the pool, which indicates the most senior certificates continue to be well insulated from projected losses while the subordinate certificates are likely to incur loss at final disposition. The two remaining loans, Holyoke Mall (Prospectus ID#1; 76.3% of the current pool balance) and Sangertown Square (Prospectus ID#6; 23.7% of the current pool balance) share common sponsorship in Pyramid Management Group (the Sponsor), a privately held shopping mall developer that has encountered difficulty in meeting debt payments and maturity dates on other encumbered assets in its portfolio in recent years. Both loans were modified at their initial maturity dates in 2021, which included three-year maturity extensions until 2024 when the borrower defaulted again. The loans were modified in December 2024, further extending both maturity dates to June 2026. As such, Morningstar DBRS' analysis considered conservative liquidation scenarios for both loans to determine the recoverability of the outstanding bonds based on stresses to the most recent appraisals ranging from 30 to 45%, given the outdated appraisals and challenged refinancing prospects caused by uncertainty surrounding the Sponsor. Morningstar DBRS concluded that the senior certificates, including Classes B and C, continue to be well insulated from losses, supporting the credit rating confirmations on those classes. Holyoke Mall is secured by a 1.6 million-square-foot (sf) regional mall in Holyoke, Massachusetts. There is $35.0 million of mezzanine debt that amortizes pro rata with the $215.0 million first mortgage debt. The loan most recently transferred to the special servicer in January 2024 for failing to repay at its extended maturity date and was returned to the master servicer in April 2025 following a loan modification, wherein the maturity date was extended through July 2026 with two additional extension options available to the borrower provided the property continues to operate at a debt service coverage ratio (DSCR) of 1.20 times. The loan is currently being monitored on the servicer's watchlist because of the cash trap activation tied to potential maturity default. The mall is anchored by two collateral tenants, Target (11.7% of the net rentable area (NRA) with lease expiry in January 2030) and JCPenney (11.2% of the NRA with lease expiry in May 2028), and one noncollateral tenant, Macy's. As per the rent roll dated June 30, 2025, the collateral was 76.2% occupied, with leases totaling approximately 9.0% scheduled to roll over in the next 24 months. The property was reappraised in April 2024 at $185.0 million, representing a decline of 53.8% from the issuance value of $400.0 million. The updated value represents a loan-to-value (LTV) ratio of 85.6% based on the outstanding senior note and a whole-loan LTV of 104.6%, when factoring in the $35.0 million mezzanine loan. In its analysis, Morningstar DBRS considered a conservative haircut of 45.0% to the 2024 value, resulting in estimated losses totaling approximately $70.0 million with a loss severity approaching 45.0% to the trust. Sangertown Square is secured by a regional mall in New Hartford, New York. Upon completion of the interest-only (IO) payment period in May 2023, the loan transferred to the special servicer and subsequently failed to repay at its extended maturity date in January 2024. The loan returned to the master servicer in April 2025 following a loan modification, which included an extension of the IO payment period until the loan's new extended maturity in June 2026. The loan is currently being monitored on the servicer's watchlist because of the cash trap activation tied to potential maturity default and a low DSCR, which has remained below breakeven for the past several years. The mall is anchored by collateral tenants Boscov's (19.8% of the NRA with lease expiry in January 2037), Target (14.5% of the NRA with lease expiry in January 2028), and Dick's Sporting Goods (5.9% of the NRA with lease expiry in October 2028). The remaining two anchor spaces, previously occupied by JCPenney and Macy's, remain vacant. As per the rent roll dated June 30, 2025, the subject was 54.8% occupied, with leases totaling 9.3% scheduled to roll over in the next 24 months. The property was reappraised in March 2024 at $21.2 million, representing an 80.2% decline from the issuance value of $107.0 million. In its analysis, Morningstar DBRS considered a conservative haircut of 30.0% to the 2024 value, resulting in estimated losses totaling approximately $38.0 million with a loss severity approaching 80.0%. Notes: All figures are in U.S. dollars unless otherwise noted. JP MORGAN 2025-10: Fitch Assigns 'B-sf' Rating on Class B5 Certs ---------------------------------------------------------------- Fitch Ratings has assigned final ratings to J.P. Morgan Mortgage Trust 2025-10 (JPMMT 2025-10) Entity/Debt Rating Prior ----------- ------ ----- JPMMT 2025-10 A1 LT AA+sf New Rating AA+(EXP)sf A10 LT AAAsf New Rating AAA(EXP)sf A10A LT AAAsf New Rating AAA(EXP)sf A10B LT AAAsf New Rating AAA(EXP)sf A10X1 LT AAAsf New Rating AAA(EXP)sf A10X2 LT AAAsf New Rating AAA(EXP)sf A10X3 LT AAAsf New Rating AAA(EXP)sf A11 LT AAAsf New Rating AAA(EXP)sf A11A LT AAAsf New Rating AAA(EXP)sf A11B LT AAAsf New Rating AAA(EXP)sf A11X1 LT AAAsf New Rating AAA(EXP)sf A11X2 LT AAAsf New Rating AAA(EXP)sf A11X3 LT AAAsf New Rating AAA(EXP)sf A12 LT AAAsf New Rating AAA(EXP)sf A12A LT AAAsf New Rating AAA(EXP)sf A12B LT AAAsf New Rating AAA(EXP)sf A12X1 LT AAAsf New Rating AAA(EXP)sf A12X2 LT AAAsf New Rating AAA(EXP)sf A12X3 LT AAAsf New Rating AAA(EXP)sf A13 LT AAAsf New Rating AAA(EXP)sf A13A LT AAAsf New Rating AAA(EXP)sf A13B LT AAAsf New Rating AAA(EXP)sf A13X1 LT AAAsf New Rating AAA(EXP)sf A13X2 LT AAAsf New Rating AAA(EXP)sf A13X3 LT AAAsf New Rating AAA(EXP)sf A14 LT AAAsf New Rating AAA(EXP)sf A14A LT AAAsf New Rating AAA(EXP)sf A14B LT AAAsf New Rating AAA(EXP)sf A14X1 LT AAAsf New Rating AAA(EXP)sf A14X2 LT AAAsf New Rating AAA(EXP)sf A14X3 LT AAAsf New Rating AAA(EXP)sf A1A LT AA+sf New Rating AA+(EXP)sf A2 LT AA+sf New Rating AA+(EXP)sf A2A LT AA+sf New Rating AA+(EXP)sf A2B LT AA+sf New Rating AA+(EXP)sf A2X1 LT AA+sf New Rating AA+(EXP)sf A2X2 LT AA+sf New Rating AA+(EXP)sf A2X3 LT AA+sf New Rating AA+(EXP)sf A3 LT AAAsf New Rating AAA(EXP)sf A3A LT AAAsf New Rating AAA(EXP)sf A3B LT AAAsf New Rating AAA(EXP)sf A3X1 LT AAAsf New Rating AAA(EXP)sf A3X2 LT AAAsf New Rating AAA(EXP)sf A3X3 LT AAAsf New Rating AAA(EXP)sf A4 LT AAAsf New Rating AAA(EXP)sf A4A LT AAAsf New Rating AAA(EXP)sf A4B LT AAAsf New Rating AAA(EXP)sf A4X1 LT AAAsf New Rating AAA(EXP)sf A4X2 LT AAAsf New Rating AAA(EXP)sf A4X3 LT AAAsf New Rating AAA(EXP)sf A5 LT AAAsf New Rating AAA(EXP)sf A5A LT AAAsf New Rating AAA(EXP)sf A5B LT AAAsf New Rating AAA(EXP)sf A5X1 LT AAAsf New Rating AAA(EXP)sf A5X2 LT AAAsf New Rating AAA(EXP)sf A5X3 LT AAAsf New Rating AAA(EXP)sf A6 LT AAAsf New Rating AAA(EXP)sf A6A LT AAAsf New Rating AAA(EXP)sf A6B LT AAAsf New Rating AAA(EXP)sf A6X1 LT AAAsf New Rating AAA(EXP)sf A6X2 LT AAAsf New Rating AAA(EXP)sf A6X3 LT AAAsf New Rating AAA(EXP)sf A7 LT AAAsf New Rating AAA(EXP)sf A7A LT AAAsf New Rating AAA(EXP)sf A7B LT AAAsf New Rating AAA(EXP)sf A7X1 LT AAAsf New Rating AAA(EXP)sf A7X2 LT AAAsf New Rating AAA(EXP)sf A7X3 LT AAAsf New Rating AAA(EXP)sf A8 LT AAAsf New Rating AAA(EXP)sf A8A LT AAAsf New Rating AAA(EXP)sf A8B LT AAAsf New Rating AAA(EXP)sf A8X1 LT AAAsf New Rating AAA(EXP)sf A8X2 LT AAAsf New Rating AAA(EXP)sf A8X3 LT AAAsf New Rating AAA(EXP)sf A9 LT AA+sf New Rating AA+(EXP)sf A9A LT AA+sf New Rating AA+(EXP)sf A9B LT AA+sf New Rating AA+(EXP)sf A9X1 LT AA+sf New Rating AA+(EXP)sf A9X2 LT AA+sf New Rating AA+(EXP)sf A9X3 LT AA+sf New Rating AA+(EXP)sf AX1 LT AA+sf New Rating AA+(EXP)sf AX2 LT AA+sf New Rating AA+(EXP)sf AX3 LT AA+sf New Rating AA+(EXP)sf B1 LT AA-sf New Rating AA-(EXP)sf B1A LT AA-sf New Rating AA-(EXP)sf B1X LT AA-sf New Rating AA-(EXP)sf B2 LT A-sf New Rating A-(EXP)sf B2A LT A-sf New Rating A-(EXP)sf B2X LT A-sf New Rating A-(EXP)sf B3 LT BBB-sf New Rating BBB-(EXP)sf B4 LT BB-sf New Rating BB-(EXP)sf B5 LT B-sf New Rating B-(EXP)sf B6 LT NRsf New Rating NR(EXP)sf Transaction Summary Fitch has rated the residential mortgage-backed certificates issued by JPMMT 2025-10 as indicated above. The certificates are supported by 219 loans with a scheduled balance of $319.19 million as of the cutoff date. The pool consists of prime-quality, fixed-rate mortgages (FRMs) originated mainly by CrossCountry Mortgage, LLC and United Wholesale Mortgage, LLC. The loan-level representations and warranties (R&Ws) are provided by the various sellers and originators. All mortgage loans in the pool will be serviced by JPMCB and United Wholesale Mortgage. Cenlar FSB will subservice the loans for United Wholesale Mortgage. Nationstar is the master servicer. 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. KEY RATING DRIVERS Credit Risk of Prime Credit Quality (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 consists of fixed-rate, first-lien residential mortgage loans with original terms to maturity of 30 years and 79.3% of the loans are purchases, over 90% of the loans are single family/PUDs, and the loans are owner occupied or second homes. The loans are seasoned at an average of three months. The pool has a weighted average (WA) original FICO score of 776, indicative of very high credit-quality borrowers. The original WA combined loan-to-value ratio (CLTV) of 72.9%, as determined by Fitch, translates to a sustainable loan-to-value ratio (sLTV) of 81.4%. This transaction has a Final PD of 10.24% in the 'AAA' rating stress. Fitch's Final Loss Severity in the 'AAAsf' rating stress is 35.04 %. The expected loss in the 'AAAsf' rating stress is 3.59%. Structural Analysis (Mixed): JPMMT 2025-10 has a senior/subordinate shifting interest structure with full advancing. The mortgage cash flow and loss allocation in JPMMT 2025-10 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 2.50% has been considered to mitigate potential tail-end risk and loss exposure for senior tranches 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 2.10% has been considered to mitigate potential tail-end risk and loss exposure for subordinate tranches 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 CE to support payments on the securities under multiple scenarios incorporating Fitch's loss projections as 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 CE 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. 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 5-bp 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 JPMMT 2025-10 to be fully de-linked and the transaction will be structured with a 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 JPMMT 2025-10 and therefore Fitch rates 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 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 10.2%, in the 'Bsf' case. 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 For Fitch was provided with Form ABS Due Diligence-15E (Form 15E) from SitusAMC, Consolidated Analytics, and Maxwell, all assessed as 'Acceptable' TPR firms by Fitch. Fitch was proved Form 15E by the TPR firms. The third-party due diligence described in Form 15E focused on three areas: compliance review, credit review and valuation review. All the loans in the pool had a grade of 'A' or 'B'. 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." AMC, Maxwell, and Consolidated Analytics 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. 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. JP MORGAN 2025-10: Moody's Assigns B2 Rating to Cl. B-5 Certs ------------------------------------------------------------- Moody's Ratings has assigned definitive ratings to 92 classes of residential mortgage-backed securities (RMBS) issued by J.P. Morgan Mortgage Trust 2025-10, and sponsored by JPMorgan Chase Bank, N.A. (JPMCB). The securities are backed by a pool of prime jumbo (86.8% by balance) and GSE-eligible (13.2% by balance) residential mortgages aggregated by JPMorgan Chase Bank, N.A. (JPMCB), originated and serviced by multiple entities. The complete rating actions are as follows: Issuer: J.P. Morgan Mortgage Trust 2025-10 Cl. A-1, Definitive Rating Assigned Aa1 (sf) Cl. A-1-A, Definitive Rating Assigned Aa1 (sf) Cl. A-2, Definitive Rating Assigned Aa1 (sf) Cl. A-2-A, Definitive Rating Assigned Aa1 (sf) Cl. A-2-B, Definitive Rating Assigned Aa1 (sf) Cl. A-2-X1*, Definitive Rating Assigned Aa1 (sf) Cl. A-2-X2*, Definitive Rating Assigned Aa1 (sf) Cl. A-2-X3*, Definitive Rating Assigned Aa1 (sf) Cl. A-3, Definitive Rating Assigned Aaa (sf) Cl. A-3-A, Definitive Rating Assigned Aaa (sf) Cl. A-3-B, Definitive Rating Assigned Aaa (sf) Cl. A-3-X1*, Definitive Rating Assigned Aaa (sf) Cl. A-3-X2*, Definitive Rating Assigned Aaa (sf) Cl. A-3-X3*, Definitive Rating Assigned Aaa (sf) Cl. A-4, Definitive Rating Assigned Aaa (sf) Cl. A-4-A, Definitive Rating Assigned Aaa (sf) Cl. A-4-B, Definitive Rating Assigned Aaa (sf) Cl. A-4-X1*, Definitive Rating Assigned Aaa (sf) Cl. A-4-X2*, Definitive Rating Assigned Aaa (sf) Cl. A-4-X3*, Definitive Rating Assigned Aaa (sf) Cl. A-5, Definitive Rating Assigned Aaa (sf) Cl. A-5-A, Definitive Rating Assigned Aaa (sf) Cl. A-5-B, Definitive Rating Assigned Aaa (sf) Cl. A-5-X1*, Definitive Rating Assigned Aaa (sf) Cl. A-5-X2*, Definitive Rating Assigned Aaa (sf) Cl. A-5-X3*, Definitive Rating Assigned Aaa (sf) Cl. A-6, Definitive Rating Assigned Aaa (sf) Cl. A-6-A, Definitive Rating Assigned Aaa (sf) Cl. A-6-B, Definitive Rating Assigned Aaa (sf) Cl. A-6-X1*, Definitive Rating Assigned Aaa (sf) Cl. A-6-X2*, Definitive Rating Assigned Aaa (sf) Cl. A-6-X3*, Definitive Rating Assigned Aaa (sf) Cl. A-7, Definitive Rating Assigned Aaa (sf) Cl. A-7-A, Definitive Rating Assigned Aaa (sf) Cl. A-7-B, Definitive Rating Assigned Aaa (sf) Cl. A-7-X1*, Definitive Rating Assigned Aaa (sf) Cl. A-7-X2*, Definitive Rating Assigned Aaa (sf) Cl. A-7-X3*, Definitive Rating Assigned Aaa (sf) Cl. A-8, Definitive Rating Assigned Aaa (sf) Cl. A-8-A, Definitive Rating Assigned Aaa (sf) Cl. A-8-B, Definitive Rating Assigned Aaa (sf) Cl. A-8-X1*, Definitive Rating Assigned Aaa (sf) Cl. A-8-X2*, Definitive Rating Assigned Aaa (sf) Cl. A-8-X3*, Definitive Rating Assigned Aaa (sf) Cl. A-9, Definitive Rating Assigned Aa1 (sf) Cl. A-9-A, Definitive Rating Assigned Aa1 (sf) Cl. A-9-B, Definitive Rating Assigned Aa1 (sf) Cl. A-9-X1*, Definitive Rating Assigned Aa1 (sf) Cl. A-9-X2*, Definitive Rating Assigned Aa1 (sf) Cl. A-9-X3*, Definitive Rating Assigned Aa1 (sf) Cl. A-10, Definitive Rating Assigned Aaa (sf) Cl. A-10-A, Definitive Rating Assigned Aaa (sf) Cl. A-10-B, Definitive Rating Assigned Aaa (sf) Cl. A-10-X1*, Definitive Rating Assigned Aaa (sf) Cl. A-10-X2*, Definitive Rating Assigned Aaa (sf) Cl. A-10-X3*, Definitive Rating Assigned Aaa (sf) Cl. A-11, Definitive Rating Assigned Aaa (sf) Cl. A-11-A, Definitive Rating Assigned Aaa (sf) Cl. A-11-B, Definitive Rating Assigned Aaa (sf) Cl. A-11-X1*, Definitive Rating Assigned Aaa (sf) Cl. A-11-X2*, Definitive Rating Assigned Aaa (sf) Cl. A-11-X3*, Definitive Rating Assigned Aaa (sf) Cl. A-12, Definitive Rating Assigned Aaa (sf) Cl. A-12-A, Definitive Rating Assigned Aaa (sf) Cl. A-12-B, Definitive Rating Assigned Aaa (sf) Cl. A-12-X1*, Definitive Rating Assigned Aaa (sf) Cl. A-12-X2*, Definitive Rating Assigned Aaa (sf) Cl. A-12-X3*, Definitive Rating Assigned Aaa (sf) Cl. A-13, Definitive Rating Assigned Aaa (sf) Cl. A-13-A, Definitive Rating Assigned Aaa (sf) Cl. A-13-B, Definitive Rating Assigned Aaa (sf) Cl. A-13-X1*, Definitive Rating Assigned Aaa (sf) Cl. A-13-X2*, Definitive Rating Assigned Aaa (sf) Cl. A-13-X3*, Definitive Rating Assigned Aaa (sf) Cl. A-14, Definitive Rating Assigned Aaa (sf) Cl. A-14-A, Definitive Rating Assigned Aaa (sf) Cl. A-14-B, Definitive Rating Assigned Aaa (sf) Cl. A-14-X1*, Definitive Rating Assigned Aaa (sf) Cl. A-14-X2*, Definitive Rating Assigned Aaa (sf) Cl. A-14-X3*, Definitive Rating Assigned Aaa (sf) Cl. A-X-1*, Definitive Rating Assigned Aa1 (sf) Cl. A-X-2*, Definitive Rating Assigned Aa1 (sf) Cl. A-X-3*, Definitive Rating Assigned Aa1 (sf) Cl. B-1, Definitive Rating Assigned Aa3 (sf) Cl. B-1-A, Definitive Rating Assigned Aa3 (sf) Cl. B-1-X*, Definitive Rating Assigned Aa3 (sf) Cl. B-2, Definitive Rating Assigned A3 (sf) Cl. B-2-A, Definitive Rating Assigned A3 (sf) Cl. B-2-X*, Definitive Rating Assigned A3 (sf) Cl. B-3, Definitive Rating Assigned Baa3 (sf) Cl. B-4, Definitive Rating Assigned Ba2 (sf) Cl. B-5, Definitive Rating Assigned B2 (sf) *Reflects Interest-Only Classes RATINGS RATIONALE The ratings are based on the credit quality of the mortgage loans, the structural features of the transaction, the origination quality and the servicing arrangement, the third-party review, and the representations and warranties framework. Moody's expected loss for this pool in a baseline scenario-mean is 0.29%, in a baseline scenario-median is 0.11% and reaches 4.58% at a stress level consistent with Moody's Aaa ratings. PRINCIPAL METHODOLOGY 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 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 original 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. JP MORGAN 2025-HE3: Fitch Assigns 'B-sf' Rating on Class B3 Certs ----------------------------------------------------------------- Fitch Ratings has assigned final ratings to J.P. Morgan Mortgage Trust 2025-HE3 (JPMMT 2025-HE3). Entity/Debt Rating Prior ----------- ------ ----- JPMMT 2025-HE3 A1 LT AAAsf New Rating AAA(EXP)sf M1 LT AA+sf New Rating AA+(EXP)sf M2 LT Asf New Rating A(EXP)sf M3 LT BBBsf New Rating BBB(EXP)sf B1 LT BBB-sf New Rating BBB-(EXP)sf B2 LT BBsf New Rating BB(EXP)sf B3 LT B-sf New Rating B-(EXP)sf B4 LT NRsf New Rating NR(EXP)sf AIOS LT NRsf New Rating NR(EXP)sf X LT NRsf New Rating NR(EXP)sf R LT NRsf New Rating NR(EXP)sf Transaction Summary The JPMMT 2025-HE3 residential mortgage-backed certificates are backed by first and second lien, prime, open home equity line of credits (HELOCs) on residential properties. This is the ninth transaction to be rated by Fitch that includes prime-quality first and second lien HELOCs with open draws off the JPMMT shelf and the eight second lien HELOC transaction off the JPMMT shelf. The loans associated with the draws allocated to the participation certificates are 5,372 prime-quality, performing, adjustable-rate open-ended HELOCs that have up to 10-year interest-only (IO) periods and maturities of up to 30 years. The open-ended HELOCs are secured by mainly second liens on primarily one- to four-family residential properties (including planned unit developments), condominiums, townhouses, and a site condo totaling $600.04 million (includes the maximum HELOC draw amount). Of the loans, 97.8% are purchases, over 90% are single- family/PUDs, and 89.7% are owner-occupied or second homes. As of the cutoff date, 100% of the HELOC lines are open or on a temporary freeze and may be opened in the future. As of the cutoff date, weighted average (WA) utilization of the HELOCs is 91.72%, per the transaction documents. Per Fitch's analysis, the main originators in the transaction are United Wholesale Mortgage (64.69) and Better Mortgage Corporation (21.46,). All other originators make up less than 15% of the pool. The loans are serviced by NewRez LLC d/b/a Shellpoint Mortgage Servicing (Shellpoint; 94.95%) and loanDepot.com LLC (5.05%). Distributions of principal are based on a modified sequential structure, subject to the transaction's performance triggers. Interest payments are made sequentially to all classes, except B-4, which is a principal-only class, while losses are allocated reverse sequentially once excess spread is depleted. Draws will be funded by JPMorgan Chase Bank, National Association (JPMCB). This transaction will not use a variable funding note (VFN) structure; rather, it will use participation certificates. JPMMT 2025-HE3 is only entitled to cash flows based on the amount drawn as of the cutoff date. The remaining available draws will be allocated to the JPMorgan participation certificate (JPM PC) if they are drawn in the future. Fitch based its analysis on the current total amount drawn by the borrower to date on the HELOC, not just the balance of the loans in this transaction. As a result, all Fitch-determined percentages are based on the HELOC-drawn amount. The servicers, Shellpoint and loanDepot.com, LLC, will not be advancing delinquent (DQ) monthly payments of principal and interest (P&I). The collateral comprises 100% adjustable-rate loans. These loans are adjusted based on the prime rate. The class A-1, M-1, M-2, M-3 and B-1 certificates are floating rate and use SOFR as the index; they are capped at the net WA coupon (WAC). The annual rate on class B-2 and B-3 certificates with respect to any distribution date (and the related accrual period) will be equal to the net WAC for such distribution date. The B-4 certificates are entitled to distributions of principal only and will not receive any distributions of interest. KEY RATING DRIVERS Credit Risk of Prime Credit Quality (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 participation interest is in a fixed pool of draws related to 5,372 prime-quality, performing, adjustable-rate open-ended HELOCs that have up to 10-year IO periods and maturities of up to 30 years. The open-ended HELOCs are secured by mainly second liens on primarily one- to four-family residential properties (including planned unit developments), condominiums, townhouses, and a site condo totaling $600,04 million (includes the maximum HELOC draw amount). Of the loans, 97.8% are purchases, over 90% are single-family/PUDs, and 89.7% are owner-occupied or second homes. The loans are seasoned at an average of 10 months. The pool has a WA original FICO score of 747, indicative of very high credit-quality borrowers. The original WA combined loan-to-value ratio (CLTV) of 68.52%, as determined by Fitch, translates to a sustainable loan-to-value ratio (sLTV) of 72.61%. This transaction has a Final Probability of Default (PD) of 22.23% in the 'AAA' rating stress. Fitch's Final Loss Severity in the 'AAAsf' rating stress is 96.79%. The expected loss in the 'AAAsf' rating stress is 21.51%. Structural Analysis (Mixed): JPMMT 2025-HE3 has a modified sequential structure with no advancing. The proposed structure is a modified sequential structure in which principal is distributed pro rata to the A-1, M-1, M-2 and M-3 classes to the extent the performance triggers are passing. To the extent the triggers are failing, principal is paid sequentially. The transaction also benefits from excess spread that can be used to reimburse for realized and cumulative losses, as well as cap carryover amounts. The transaction has a lockout feature benefiting more senior classes if performance deteriorates. If the applicable credit support percentage of the M-1, M-2 or M-3 classes is less than the sum of (i) 150% of the original applicable credit support percentage for that class plus (ii) 50% of the NPL percentage plus (iii) the charged off loan percentage, then that class is locked out of receiving principal payments and the principal payments are redirected toward the most senior class. To the extent any class of certificates is a locked-out class, each class of certificates subordinate to such locked-out class will also be a locked-out class. Due to this lockout feature, the M classes will be locked out starting on day one. The A-1 and M classes are floating-rate classes based on the SOFR index and are capped at the net WAC. The annual rate on the B-1, B-2 and B-3 certificates with respect to any distribution date (and the related accrual period) will be equal to the net WAC for such distribution date. Class B-4 is a principal-only class and is not entitled to receive interest. If no excess spread is available to absorb losses, losses will be allocated to all classes reverse sequentially, starting with Class B-4. The servicer will not advance delinquent monthly payments of P&I. 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 5-bp 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. In addition, all legal requirements should be satisfied to fully de-link the transaction from any other entities. Fitch expects JPMMT 2025-HE3 to be fully de-linked and the transaction will be structured with a 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 JPMMT 2025-HE3; therefore, Fitch is comfortable assigning the highest possible rating of 'AAAsf' without 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 37.5% 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 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 SitusAMC, Digital Risk, 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 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." SitusAMC, Consolidated Analytics, and Digital Risk 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. Please refer to the "Third-Party Due Diligence" section for more detail. Fitch also utilized data files 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 are 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. JP MORGAN 2025-INV2: Fitch Assigns 'B-sf' Rating on Cl. B5 Certs ---------------------------------------------------------------- Fitch Ratings has assigned final ratings to the mortgage-backed certificates issued by J.P. Morgan Mortgage Trust 2025-INV2 (JPMMT 2025-INV2). Entity/Debt Rating Prior ----------- ------ ----- JPMMT 2025-INV2 A1 LT AA+sf New Rating AA+(EXP)sf A10 LT AAAsf New Rating AAA(EXP)sf A10A LT AAAsf New Rating AAA(EXP)sf A10B LT AAAsf New Rating AAA(EXP)sf A10C LT AAAsf New Rating AAA(EXP)sf A10X1 LT AAAsf New Rating AAA(EXP)sf A10X2 LT AAAsf New Rating AAA(EXP)sf A10X3 LT AAAsf New Rating AAA(EXP)sf A10X4 LT AAAsf New Rating AAA(EXP)sf A10X5 LT AAAsf New Rating AAA(EXP)sf A11 LT AAAsf New Rating AAA(EXP)sf A11A LT AAAsf New Rating AAA(EXP)sf A11B LT AAAsf New Rating AAA(EXP)sf A11C LT AAAsf New Rating AAA(EXP)sf A11X1 LT AAAsf New Rating AAA(EXP)sf A11X2 LT AAAsf New Rating AAA(EXP)sf A11X3 LT AAAsf New Rating AAA(EXP)sf A11X4 LT AAAsf New Rating AAA(EXP)sf A11X5 LT AAAsf New Rating AAA(EXP)sf A12 LT AAAsf New Rating AAA(EXP)sf A12A LT AAAsf New Rating AAA(EXP)sf A12B LT AAAsf New Rating AAA(EXP)sf A12C LT AAAsf New Rating AAA(EXP)sf A12X1 LT AAAsf New Rating AAA(EXP)sf A12X2 LT AAAsf New Rating AAA(EXP)sf A12X3 LT AAAsf New Rating AAA(EXP)sf A12X4 LT AAAsf New Rating AAA(EXP)sf A12X5 LT AAAsf New Rating AAA(EXP)sf A13 LT AAAsf New Rating AAA(EXP)sf A13A LT AAAsf New Rating AAA(EXP)sf A13B LT AAAsf New Rating AAA(EXP)sf A13C LT AAAsf New Rating AAA(EXP)sf A13X1 LT AAAsf New Rating AAA(EXP)sf A13X2 LT AAAsf New Rating AAA(EXP)sf A13X3 LT AAAsf New Rating AAA(EXP)sf A13X4 LT AAAsf New Rating AAA(EXP)sf A13X5 LT AAAsf New Rating AAA(EXP)sf A14 LT AAAsf New Rating AAA(EXP)sf A14A LT AAAsf New Rating AAA(EXP)sf A14B LT AAAsf New Rating AAA(EXP)sf A14C LT AAAsf New Rating AAA(EXP)sf A14X1 LT AAAsf New Rating AAA(EXP)sf A14X2 LT AAAsf New Rating AAA(EXP)sf A14X3 LT AAAsf New Rating AAA(EXP)sf A14X4 LT AAAsf New Rating AAA(EXP)sf A14X5 LT AAAsf New Rating AAA(EXP)sf A2 LT AA+sf New Rating AA+(EXP)sf A2A LT AA+sf New Rating AA+(EXP)sf A2B LT AA+sf New Rating AA+(EXP)sf A2C LT AA+sf New Rating AA+(EXP)sf A2X1 LT AA+sf New Rating AA+(EXP)sf A2X2 LT AA+sf New Rating AA+(EXP)sf A2X3 LT AA+sf New Rating AA+(EXP)sf A2X4 LT AA+sf New Rating AA+(EXP)sf A2X5 LT AA+sf New Rating AA+(EXP)sf A3 LT AAAsf New Rating AAA(EXP)sf A3A LT AAAsf New Rating AAA(EXP)sf A3B LT AAAsf New Rating AAA(EXP)sf A3C LT AAAsf New Rating AAA(EXP)sf A3X1 LT AAAsf New Rating AAA(EXP)sf A3X2 LT AAAsf New Rating AAA(EXP)sf A3X3 LT AAAsf New Rating AAA(EXP)sf A3X4 LT AAAsf New Rating AAA(EXP)sf A3X5 LT AAAsf New Rating AAA(EXP)sf A4 LT AAAsf New Rating AAA(EXP)sf A4A LT AAAsf New Rating AAA(EXP)sf A4B LT AAAsf New Rating AAA(EXP)sf A4C LT AAAsf New Rating AAA(EXP)sf A4X1 LT AAAsf New Rating AAA(EXP)sf A4X2 LT AAAsf New Rating AAA(EXP)sf A4X3 LT AAAsf New Rating AAA(EXP)sf A4X4 LT AAAsf New Rating AAA(EXP)sf A4X5 LT AAAsf New Rating AAA(EXP)sf A5 LT AAAsf New Rating AAA(EXP)sf A5A LT AAAsf New Rating AAA(EXP)sf A5B LT AAAsf New Rating AAA(EXP)sf A5C LT AAAsf New Rating AAA(EXP)sf A5X1 LT AAAsf New Rating AAA(EXP)sf A5X2 LT AAAsf New Rating AAA(EXP)sf A5X3 LT AAAsf New Rating AAA(EXP)sf A5X4 LT AAAsf New Rating AAA(EXP)sf A5X5 LT AAAsf New Rating AAA(EXP)sf A6 LT AAAsf New Rating AAA(EXP)sf A6A LT AAAsf New Rating AAA(EXP)sf A6B LT AAAsf New Rating AAA(EXP)sf A6C LT AAAsf New Rating AAA(EXP)sf A6X1 LT AAAsf New Rating AAA(EXP)sf A6X2 LT AAAsf New Rating AAA(EXP)sf A6X3 LT AAAsf New Rating AAA(EXP)sf A6X4 LT AAAsf New Rating AAA(EXP)sf A6X5 LT AAAsf New Rating AAA(EXP)sf A7 LT AAAsf New Rating AAA(EXP)sf A7A LT AAAsf New Rating AAA(EXP)sf A7B LT AAAsf New Rating AAA(EXP)sf A7C LT AAAsf New Rating AAA(EXP)sf A7X1 LT AAAsf New Rating AAA(EXP)sf A7X2 LT AAAsf New Rating AAA(EXP)sf A7X3 LT AAAsf New Rating AAA(EXP)sf A7X4 LT AAAsf New Rating AAA(EXP)sf A7X5 LT AAAsf New Rating AAA(EXP)sf A8 LT AAAsf New Rating AAA(EXP)sf A8A LT AAAsf New Rating AAA(EXP)sf A8B LT AAAsf New Rating AAA(EXP)sf A8C LT AAAsf New Rating AAA(EXP)sf A8X1 LT AAAsf New Rating AAA(EXP)sf A8X2 LT AAAsf New Rating AAA(EXP)sf A8X3 LT AAAsf New Rating AAA(EXP)sf A8X4 LT AAAsf New Rating AAA(EXP)sf A8X5 LT AAAsf New Rating AAA(EXP)sf A9 LT AA+sf New Rating AA+(EXP)sf A9A LT AA+sf New Rating AA+(EXP)sf A9B LT AA+sf New Rating AA+(EXP)sf A9C LT AA+sf New Rating AA+(EXP)sf A9X1 LT AA+sf New Rating AA+(EXP)sf A9X2 LT AA+sf New Rating AA+(EXP)sf A9X3 LT AA+sf New Rating AA+(EXP)sf A9X4 LT AA+sf New Rating AA+(EXP)sf A9X5 LT AA+sf New Rating AA+(EXP)sf AX1 LT AA+sf New Rating AA+(EXP)sf B1 LT AA-sf New Rating AA-(EXP)sf B1A LT AA-sf New Rating AA-(EXP)sf B1X LT AA-sf New Rating AA-(EXP)sf B2 LT A-sf New Rating A-(EXP)sf B2A LT A-sf New Rating A-(EXP)sf B2X LT A-sf New Rating A-(EXP)sf B3 LT BBB-sf New Rating BBB-(EXP)sf B4 LT BB-sf New Rating BB-(EXP)sf B5 LT B-sf New Rating B-(EXP)sf B6 LT NRsf New Rating NR(EXP)sf RR LT NRsf New Rating NR(EXP)sf RX LT NRsf New Rating NR(EXP)sf Transaction Summary The JPMMT 2025-INV2 certificates are supported by 450 loans with a scheduled balance of $328.74 million as of the cutoff date. The pool consists of 100% prime quality investor loans that are underwritten to the borrowers' credit profile. The loans are fixed-rate, first-lien residential mortgage loans with original terms to maturity of 30 years. The loans are originated mainly by United Wholesale Mortgage, LLC with various other originators contributing less than 10% each. All mortgage loans in the pool will be serviced by JPMCB and United Wholesale Mortgage. Cenlar FSB will subservice the loans for United Wholesale Mortgage. Nationstar is the master servicer. KEY RATING DRIVERS Credit Risk of Prime Credit Quality (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 consists of 100% prime quality investor loans that are underwritten to the borrowers' profile. The loans are fixed-rate, first-lien residential mortgage loans with original terms to maturity of 30 years and 66.11% of the loans are purchases, over 60% of the loans are single-family/PUDs with 18% being multi-family and 12% being condos. The loans are newly originated. The pool has a weighted average (WA) original FICO score of 771, indicative of very high credit-quality borrowers. The original WA combined loan-to-value ratio (CLTV) of 68.59%, as determined by Fitch, translates to a sustainable loan-to-value ratio (sLTV) of 75.83%. This transaction has a Final PD of 15.13% in the 'AAA' rating stress. Fitch's Final Loss Severity in the 'AAAsf' rating stress is 39.66%. The expected loss in the 'AAAsf' rating stress is 6.00%. Structural Analysis (Mixed): JPMMT 2025-INV2 has a senior/subordinate shifting interest structure with Full Advancing. The mortgage cash flow and loss allocation in JPMMT 2025-INV2 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 1.35% has been considered to mitigate potential tail-end risk and loss exposure for senior tranches 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. 95% has been considered to mitigate potential tail-end risk and loss exposure for subordinate tranches as the pool size declines and performance volatility increases due to adverse loan selection and small loan count concentration. Losses on the non-retained 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-C first, and then to the super-senior classes pro rata after Class A-9-C 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 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 CE 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. 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 JPMMT 2025-INV2 to be fully de-linked and the transaction to be structured with a bankruptcy remote special-purpose vehicle. 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 JPMMT 2025-INV2 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 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 37.4%, 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 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) by or SitusAMC, Clayton, Consolidated Analytics, and Maxwell; 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. Third-party due diligence was performed on 100.0% of the loans in the transaction, and all reviewed loans were graded "A" or "B." 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." AMC, Maxwell, Clayton, and Consolidated Analytics 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. Please refer to the "Third-Party Due Diligence" section for more detail. Fitch also utilized data files 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. JPMCC 2015-JP1: DBRS Confirms C Rating on 5 Cert. Classes --------------------------------------------------------- DBRS, Inc. downgraded its credit ratings on four classes of Commercial Mortgage Pass-Through Certificates, Series 2015-JP1 issued by JPMCC Commercial Mortgage Securities Trust 2015-JP1 as follows: -- Class B to BB (high) (sf) from BBB (high) (sf) -- Class C to C (sf) from B (low) (sf) -- Class X-B to BBB (low) (sf) from A (low) (sf) -- Class X-C to C (sf) from B (sf) In addition, Morningstar DBRS confirmed the following credit ratings: -- Class A-5 at AAA (sf) -- Class A-S at AAA (sf) -- Class D at C (sf) -- Class E at C (sf) -- Class F at C (sf) -- Class X-A at AAA (sf) -- Class X-D at C (sf) -- Class X-E at C (sf) Morningstar DBRS discontinued the credit rating on Class A-SB as it was repaid with the October 2025 reporting. The trends on classes A-S, B, X-A, and X-B are Negative, while the trend on Class A-5 is Stable. There are no trends for Classes C, D, E, F, X-C, X-D, and X-E, which are assigned credit ratings that do not typically carry trends in commercial mortgage-backed securities (CMBS). Since the last credit rating action in May 2025, 27 loans have been repaid from the transaction, as expected. As of the November 2025 reporting, seven loans remained in the pool, with three of those loans, representing nearly 80.0% of the remaining trust balance, in special servicing. None of these loans have received updated appraisals since issuance; however, Morningstar DBRS expects these loans to reflect significant value deterioration because of declining performance. The credit rating downgrades on Classes B, C, X-B, and X-C, which previously carried Negative trends, reflect the increased loss expectations for the remaining loans in the pool based on a recoverability analysis. With this review, Morningstar DBRS considered liquidation scenarios for two of the loans in special servicing, 32 Avenue of the Americas (Prospectus ID#1, 36.7% of the pool) and 7700 Parmer (Prospectus ID#2, 27.5% of the pool), resulting in loss projections approaching $88.0 million, which would partially erode Class C and fully wipe out Classes D, E, F, and G. While the resolution for 32 Avenue of the Americas and 7700 Parmer will likely be drawn out given the recent loan extension and ongoing negotiations, Morningstar DBRS notes that the refinance risk associated with these loans by final resolution is high and will likely result in a loss to the trust. The Negative trends on Classes A-S, B, X-A, and X-B reflect the risk of further performance and/or value deterioration to the underlying collateral, including Heinz 57 Center (Prospectus ID#3, 15.1% of the pool) and The 9 (Prospectus ID#5, 12.7% of the pool), for which Morningstar DBRS has refinance concerns and is projecting value deficiencies as part of the recoverability analysis. The 32 Avenue of the America loan is secured by a 1.2 million-square-foot (sf) dual office and data center property in Manhattan's Tribeca district. The loan transferred to special servicing for imminent monetary default ahead of its November 2025 maturity; however, according to the servicer, it has recently been granted a two-year extension through November 2027. Collateral occupancy has continuously declined to nearly 54.0% as of September 2025, well below the near 100% occupancy at issuance. Financial performance has faced similar challenges, with the most recent annualized net cash flow (NCF) figure ended September 30, 2025, of $20.8 million (a debt service coverage ratio (DSCR) of 1.11 times (x)), cut nearly in half from the issuance figure of $39.2 million. Given the sustained performance declines over the past several years and the general challenges for the office market, Morningstar DBRS liquidated the loan based on a 75% haircut to the issuance appraised value of $770.0 million, implying a capitalization rate of 10.8% based on the most recent financials. This results in implied losses of $63.6 million or a loss severity approaching 65.0%. The 7700 Parmer loan is secured by a 911,579-sf Class A, suburban office property in Austin, Texas. The five-building campus sits on 128 acres in Austin's premier technology district and is sponsored by Accesso Partners. The pari passu loan transferred to special servicing in July 2025 for imminent monetary default, ahead of its December 2025 loan maturity date. Although the loan continues to report a healthy DSCR of 1.66x for the trailing 12-month period through December 31, 2024, occupancy has declined to roughly 75.0% as of September 2025, with the second-largest tenant, Electronic Arts Inc. (19.3% of the net rentable area (NRA)), having a lease expiration scheduled in August 2026, which could complicate take-out financing. No leasing updates have been provided as of the date of this press release. According to Reis, Inc. (Reis), office properties in the Round Rock/Georgetown/Cedar Park submarket reported an average vacancy rate of 19.9% in Q2 2025 with an average asking rental rate of $33.02 per square foot (psf), lower than the property's average rental rate of $40.20 psf. Given the loan's recent transfer to the special servicer, the workout strategy has not yet been determined. However, it is likely the value has deteriorated given the softening submarket fundamentals and year-over-year decline in performance. As such, Morningstar DBRS analyzed this loan with a liquidation scenario by applying a conservative haircut of 50% to the value at issuance, implying a capitalization rate of 10.1% based on the most recent year-end financials. This results in an implied loss of $23.7 million or a loss severity in excess of 30.0%. Another loan with which Morningstar DBRS has refinance concerns is Heinz 57 Center, which transferred to special servicing for imminent default with the November 2025 reporting, ahead of the scheduled loan maturity in December 2025. The loan is secured by a 699,610-sf, 14-story, Class A office building in Pittsburgh. The loan has historically performed in line with expectations; however, occupancy fell to 62.0% as of September 2025, following the departure of multiple tenants, most notably Burlington Coat Factory (20.8% of the NRA) and BDO Seilman LLP (9.0% of the NRA). While the largest tenant, Heinz North America (Heinz, 44.3% of the NRA), continues to honor the terms of its lease agreement, the tenant vacated and has subleased portions of its space since 2014 to the University of Pittsburgh Medical Center and to Grant Street Group, with all leases co-terminus expiring six months after loan maturity in July 2026, indicating occupancy could fall below 25% with no leasing momentum. The Pittsburgh central business district office submarket remains soft, with Reis reporting a vacancy rate of 20.3% for Class A properties, with an average asking rental rate of $26.34 psf, compared with the subject's in-place rate of $21.18 psf. While Heinz was required to establish a $6.2 million tenant reserve, which was reported at $7.9 million as of November 2025, re-leasing the property to market will require significant capital from the borrower. Given the loan's recent transfer to the special servicer, the workout strategy has not yet been determined; however, securing takeout-financing will likely be challenged. As part of the recoverability analysis, Morningstar DBRS analyzed this loan with a 50% haircut to the value at issuance, implying a more moderate value deficiency of under $5.0 million, contributing to the credit rating downgrades and Negative trends. Notes: All figures are in U.S. dollars unless otherwise noted. KATAYMA CLO I: S&P Assigns Prelim BB- (sf) Rating on Cl. E-r Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to the replacement class A-R, B-R, C-R, D-1-R, D-2-R, and E-R debt from Katayma CLO I Ltd./Katayma CLO I LLC, a CLO managed by Blue Owl Insurance Loan Management LLC that was originally issued in October 2023. The preliminary ratings are based on information as of Dec. 2, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the Dec. 4, 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, A-2, B, C, D, and E debt and assign ratings to the replacement class A-R, B-R, C-R, D-1-R, D-2-R, and E-R 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-R, B-R, C-R, D-1-R, and E-R debt is expected to be issued at a lower spread over three-month SOFR than the existing debt. -- The replacement class D-1-R and D-2-R debt is expected to be issued at a floating spread and fixed coupon, respectively, replacing the current floating class D notes. -- The stated maturity and reinvestment period date will be extended by 2.25 years. -- The non-call period will be extended to Dec. 4, 2027. -- 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." Preliminary Ratings Assigned Katayma CLO I Ltd./Katayma CLO I LLC Class A-R, $256.00 million: AAA (sf) Class B-R, $48.00 million: AA (sf) Class C-R (deferrable), $24.00 million: A (sf) Class D-1-R (deferrable), $24.00 million: BBB- (sf) Class D-2-R (deferrable), $4.00 million: BBB- (sf) Class E-R (deferrable), $12.00 million: BB- (sf) Other Debt Katayma CLO I Ltd./Katayma CLO I LLC Subordinated notes, $38.11 million: NR NR--Not rated. KKR CLO 16: S&P Affirms B (sf) Rating on Class D-R2 Notes --------------------------------------------------------- S&P Global Ratings assigned its ratings to the replacement class A-1-R3, A-2-R3, and B-R3 debt from KKR CLO 16 Ltd./KKR CLO 16 LLC, a CLO managed by KKR Financial Advisors II LLC that was originally issued in December 2016 and underwent a second refinancing in October 2021. At the same time, S&P withdrew its ratings on the previous class A-1-R2, A-2-R2, and B-R2 debt following payment in full on the Dec. 1, 2025, refinancing date. S&P also affirmed its ratings on the class C-R2 and D-R2 debt, which were 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 Oct. 20, 2026 -- No additional assets were purchased on the Dec. 1, 2025, refinancing date, and the target initial par amount remains at $700 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. -- The transaction adopted benchmark replacement language and was updated to conform to current rating agency methodology. S&P said, "On a standalone basis, our cash flow analysis indicated lower ratings on the class C-R2 and D-R2 debt (which were not refinanced). However, we affirmed our 'BBB- (sf)' and 'B (sf)' ratings on the class C-R2 and D-R2 debt, respectively, after considering the margin of failure and the relatively stable overcollateralization ratio since our last rating action on the transaction. The transaction remains within its reinvestment period, so the portfolio remains subject to change. The refinancing is considered credit neutral to credit positive for the transaction, and neither of the classes is being refinanced at this time. In addition, we believe the payment of principal or interest on the class D-R2 debt when due does not depend on favorable business, financial, or economic conditions. Therefore, this class does not fit our definition of 'CCC' risk in accordance with our "Criteria For Assigning 'CCC+', 'CCC', 'CCC-', And 'CC' Ratings," published Oct. 1, 2012." Replacement And Previous Debt Issuances Replacement debt -- Class A-1-R3, $440.40 million: Three-month CME term SOFR + 1.14% -- Class A-2-R3, $91.00 million: Three-month CME term SOFR + 1.60% -- Class B-R3 (deferrable), $38.90 million: Three-month CME term SOFR + 2.05% Previous debt -- Class A-1-R2, $440.40 million: Three-month CME term SOFR + 1.21% + CSA(i) -- Class A-2-R2, $91.00 million: Three-month CME term SOFR + 1.75% + CSA(i) -- Class B-R2 (deferrable), $38.90 million: Three-month CME term SOFR + 2.25% + CSA(i) -- Class C-R2 (deferrable), $41.60 million: Three-month CME term SOFR + 3.30% + CSA(i) -- Class D-R2 (deferrable), $29.75 million: Three-month CME term SOFR + 7.11% + CSA(i) -- Subordinated notes, $71.05 million: Not applicable (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 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 KKR CLO 16 Ltd./KKR CLO 16 LLC Class A-1-R3, $440.40 million: AAA (sf) Class A-2-R3 , $91.00 million: AA (sf) Class B-R3 (deferrable), $38.90 million: A (sf) Ratings Withdrawn KKR CLO 16 Ltd./KKR CLO 16 LLC Class A-1-R2 to not rated from 'AAA (sf)' Class A-2-R2 to not rated from 'A (sf)' Class B-R2 to not rated from 'A (sf)' Ratings Affirmed KKR CLO 16 Ltd./KKR CLO 16 LLC Class C-R2: BBB- (sf) Class D-R2: B (sf) Other Debt KKR CLO 16 Ltd./KKR CLO 16 LLC Subordinated notes, $71.05 million: Not rated LAVALLETTE LLC: DBRS Gives Prov. BB(low) Rating on Class C Notes ---------------------------------------------------------------- DBRS, Inc. assigned the following provisional credit ratings to the Class A Notes, the Class B Notes, and the Class C Notes (together, the Notes) issued by Lavallette LLC pursuant to the Indenture dated November 20, 2025, by and between Lavallette LLC, as Issuer and Wilmington Trust, National Association, as Trustee: -- Class A Notes: (P) AAA (sf) -- Class B Notes: (P) BBB (sf) -- Class C Notes: (P) BB (low) (sf) The provisional credit rating on the Class A Notes addresses the timely payment of interest (excluding the post-Event of Default interest rate of 2.00% per annum) and the ultimate return of principal on or before the Stated Maturity. The provisional credit ratings on the Class B Notes and Class C Notes address the ultimate payment of interest (excluding the post-Event of Default interest rate of 2.00% per annum) and the ultimate return of principal on or before the Stated Maturity. CREDIT RATING RATIONALE/DESCRIPTION The credit rating actions are a result of Morningstar DBRS' review of the Indenture by applying the Global Methodology for Rating CLOs and Corporate CDOs (the CLO Methodology; November 10, 2025). The Revolving Period ends on December 31, 2029. The Stated Maturity is February 18, 2038. The Notes are collateralized primarily by a portfolio of U.S. middle-market corporate loans. The Issuer is managed by Blue Owl Credit Private Fund Advisors LLC, an affiliate of Blue Owl Capital Inc. Morningstar DBRS considers Blue Owl Credit Private Fund Advisors LLC an acceptable collateralized loan obligation (CLO) manager. In its analysis, Morningstar DBRS considered the following aspects of the transaction: (1) The Indenture, dated November 20, 2025 (2) The integrity of the transaction structure. (3) Morningstar DBRS' assessment of the portfolio quality and covenants. (4) Adequate credit enhancement to withstand Morningstar DBRS' projected collateral loss rates under various cash flow-stress scenarios. (5) Morningstar DBRS' assessment of the origination, servicing, and CLO management capabilities of Blue Owl Credit Private Fund Advisors LLC. (6) The legal structure as well as legal opinions addressing certain matters of the Borrower and the consistency with the Morningstar DBRS "Legal Criteria for U.S. Structured Finance" methodology. The transaction has a dynamic structural configuration that permits variations of certain asset metrics via a selection of an applicable row from a collateral quality test matrix (the CQM, as defined in Schedule 5 of the Indenture). Depending on a given Diversity Score (DScore), the following metrics are selected accordingly from the applicable row of the CQM: Maximum Average Morningstar DBRS Risk Score Test and Weighted-Average Spread (WAS). Morningstar DBRS analyzed each structural configuration as a unique transaction, and all configurations (matrix points) passed the applicable Morningstar DBRS rating stress levels. The Coverage Tests and triggers as well as the Collateral Quality Tests that Morningstar DBRS modeled during its analysis are presented below: Coverage Tests: Class A Asset Coverage Test: minimum 159.40% Class B Asset Coverage Test: minimum 118.75% Class C Asset Coverage Test: minimum 109.15% Collateral Quality Tests: Maximum Average Morningstar DBRS Risk Score Test: Subject to the CQM; maximum 41.84% Minimum WAS Test: Subject to the CQM; minimum 4.00% Minimum Weighted Average Coupon Test: minimum 5.00% Minimum DScore: Subject to the CQM; minimum 8 Maximum Weighted Average Life Test: maximum 6.5 years Some particular strengths of the transaction are (1) the collateral quality, which consists mostly of senior-secured middle-market loans; (2) the adequate diversification of the portfolio of collateral obligations (Diversity Score, matrix driven); and (3) the Collateral Manager's expertise in CLOs and overall approach to selection of Collateral Obligations. Some challenges were identified: (1) the expected weighted-average credit quality of the underlying obligors may fall below investment grade (per the CQM), and the majority may not have public ratings once purchased, and (2) the underlying collateral portfolio may be insufficient to redeem the Notes in an Event of Default. Morningstar DBRS analyzed the transaction using the Morningstar DBRS CLO Insight Model and its proprietary cash flow engine, which incorporated assumptions regarding principal amortization, principal prepayment, amount of interest generated, principal prepayments, default timings, and recovery rates, among other credit considerations referenced in the Global Methodology for Rating CLOs and Corporate CDOs (November 10, 2025). Model-based analysis, which incorporated the above-mentioned CQM, produced satisfactory results, which supported the credit ratings on the Notes. To assess portfolio credit quality, Morningstar DBRS provides a credit estimate or internal assessment for each nonfinancial corporate obligor in the portfolio not rated by Morningstar DBRS. Credit estimates are not ratings; rather, they represent a model-driven default probability for each obligor that Morningstar DBRS uses when rating the Notes. Notes: All figures are in U.S. dollars unless otherwise noted. LOANTAKA LLC: DBRS Gives Prov. BB(low) Rating on Class C Notes -------------------------------------------------------------- DBRS, Inc. assigned its following provisional credit ratings to the Class A Notes, the Class B Notes, and the Class C Notes (together, the Notes) issued by Loantaka LLC pursuant to the Indenture dated November 20, 2025, by and between Loantaka LLC, as Issuer and Wilmington Trust, National Association, as Trustee: -- Class A Notes: at (P) AAA (sf) -- Class B Notes: at (P) BBB (sf) -- Class C Notes: at (P) BB (low) (sf) The provisional credit rating on the Class A Notes addresses the timely payment of interest (excluding the post-Event of Default interest rate of 2.00% per annum) and the ultimate payment of principal on or before the Stated Maturity. The provisional credit ratings on the Class B Notes and Class C Notes address the ultimate payment of interest (excluding the post-Event of Default interest rate of 2.00% per annum) and the ultimate payment of principal on or before the Stated Maturity. CREDIT RATING RATIONALE/DESCRIPTION The credit rating actions are a result of Morningstar DBRS' review of the Indenture by applying the Global Methodology for Rating CLOs and Corporate CDOs (the CLO Methodology; November 10, 2025). The Revolving Period ends on December 31, 2029. The Stated Maturity is February 18, 2038. The Notes are collateralized primarily by a portfolio of U.S. middle-market corporate loans. The Issuer is managed by Blue Owl Credit Private Fund Advisors LLC, an affiliate of Blue Owl Capital Inc. Morningstar DBRS considers Blue Owl Credit Private Fund Advisors LLC an acceptable collateralized loan obligation (CLO) manager. The credit ratings reflect the following primary considerations: (1) The Indenture, dated November 20, 2025 (2) The integrity of the transaction's structure. (3) Morningstar DBRS' assessment of the portfolio quality and covenants. (4) Adequate credit enhancement to withstand Morningstar DBRS' projected collateral loss rates under various cash flow-stress scenarios. (5) Morningstar DBRS' assessment of the origination, servicing, and CLO management capabilities of Blue Owl Credit Private Fund Advisors LLC. (6) The legal structure as well as legal opinions addressing certain matters of the Borrower and the consistency with the Morningstar DBRS "Legal Criteria for U.S. Structured Finance" methodology. The transaction has a dynamic structural configuration that permits variations of certain asset metrics via a selection of an applicable row from a collateral quality test matrix (the CQM, as defined in Schedule 5 of the Supplemental Indenture). Depending on a given Diversity Score (DScore), the following metrics are selected accordingly from the applicable row of the CQM: Maximum Average Morningstar DBRS Risk Score Test and Weighted-Average Spread (WAS). Morningstar DBRS analyzed each structural configuration as a unique transaction, and all configurations (matrix points) passed the applicable Morningstar DBRS rating stress levels. The Coverage Tests and triggers as well as the Collateral Quality Tests that Morningstar DBRS modeled during its analysis are presented below: (1) Class A Asset Coverage Test: minimum 159.40%; (2) Class B Asset Coverage Test: minimum 118.75%; (3) Class C Asset Coverage Test: minimum 109.15%; (4) Maximum Average Morningstar DBRS Risk Score Test: Subject to the CQM; maximum 41.84%; (5) Minimum WAS Test: Subject to the CQM; minimum 4.00% (6) Minimum Weighted Average Coupon Test: minimum 5.00% (7) Minimum DScore: Subject to the CQM; minimum 8 (8) Maximum Weighted Average Life Test: maximum 6.5 years Some particular strengths of the transaction are (1) the collateral quality, which consists mostly of senior-secured middle-market loans; (2) the adequate diversification of the portfolio of collateral obligations (Diversity Score, matrix driven); and (3) the Collateral Manager's expertise in CLOs and overall approach to selection of Collateral Obligations. Some challenges were identified: (1) the expected weighted-average credit quality of the underlying obligors may fall below investment grade (per the CQM), and the majority may not have public ratings once purchased, and (2) the underlying collateral portfolio may be insufficient to redeem the Notes in an Event of Default. Morningstar DBRS analyzed the transaction using the Morningstar DBRS CLO Insight Model and its proprietary cash flow engine, which incorporated assumptions regarding principal amortization, principal prepayment, amount of interest generated, principal prepayments, default timings, and recovery rates, among other credit considerations referenced in the Global Methodology for Rating CLOs and Corporate CDOs (November 10, 2025). Model-based analysis produced satisfactory results, which supported the credit ratings on the Notes. To assess portfolio credit quality, Morningstar DBRS provides a credit estimate or internal assessment for each nonfinancial corporate obligor in the portfolio not rated by Morningstar DBRS. Credit estimates are not ratings; rather, they represent a model-driven default probability for each obligor that Morningstar DBRS uses when rating the Notes. Notes: All figures are in U.S. dollars unless otherwise noted. MORGAN STANLEY 2016-PSQ: Moody's Cuts Rating on Cl. C Certs to B3 ----------------------------------------------------------------- Moody's Ratings has downgraded ratings on four classes of Morgan Stanley Capital I Trust 2016-PSQ, Commercial Mortgage Pass-Through Certificates, Series 2016-PSQ as follows: Cl. A, Downgraded to Baa2 (sf); previously on Mar 31, 2025 Downgraded to A3 (sf) Cl. B, Downgraded to Ba3 (sf); previously on Mar 31, 2025 Downgraded to Ba1 (sf) Cl. C, Downgraded to B3 (sf); previously on Mar 31, 2025 Downgraded to B1 (sf) Cl. D, Downgraded to Caa2 (sf); previously on Mar 31, 2025 Downgraded to B3 (sf) RATINGS RATIONALE The ratings on four P&I classes were downgraded primarily due to an increase in Moody's loan-to-value (LTV) ratio as a result of the decline in performance and the loan's refinance risk as it approaches its January 2026 maturity date. While the loan remains current on its debt service payments and has maintained an NOI DSCR above 2.00x based on its interest only fixed rate of 3.842%, given the declining cash flow trends in recent years and the higher interest rate environment Moody's expects the loan will face heightened refinance risk. The property's net cash flow (NCF) was steady from securitization through 2020, however, it fell 11% year over year in 2021 and the year-end 2024 NCF was approximately 6% lower than in 2023 and 13% lower than in 2016. Furthermore, the annualized NCF for June 2025 shows further decline and was approximately 9% lower than full year 2024. The most recent servicer commentary indicated that the loan is being transferred to special servicing as the borrower was unable to secure refinancing. In this credit rating action Moody's considered qualitative and quantitative factors in relation to the senior-sequential structure and quality of the asset, and Moody's analyzed multiple loss and recovery scenarios to reflect the loan's recovery value, the current cash flow at the property and timing to ultimate resolution. METHODOLOGY UNDERLYING THE RATING ACTION The principal methodology used in these ratings was "Large Loan and Single Asset/Single Borrower Commercial Mortgage-backed Securitizations" published in January 2025. FACTORS THAT WOULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS: The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. Performance that falls outside the given range can indicate that the collateral's credit quality is stronger or weaker than Moody's had previously expected. Factors that could lead to an upgrade of the ratings include a significant amount of loan paydowns, or a significant improvement in the loan's performance. Factors that could lead to a downgrade of the ratings include a further decline in actual or expected performance of the loan, an increase in realized and expected losses or increased interest shortfalls. DEAL PERFORMANCE As of the November 13, 2025 distribution date, the transaction's aggregate certificate balance remains unchanged at $173 million from securitization. The loan is componentized into four notes. The Notes A-1A and A-2 are included in the trust and Notes A-1B (MSBAM 2016-C28) and A-1C (MSBAM 2016-C29) are pari passu in rights of payment with each other and with Note A-1A, and collectively will be senior in right of payment to Note A-2. The first mortgage balance including the pari passu pieces is $310 million. The certificates are collateralized by a single, 10-year, interest-only, fixed-rate loan secured by the leasehold interest in Penn Square Mall that matures in January 2026. The mall includes 1.06 million square feet (SF), with 777,281 SF as collateral, and is located about five miles north of Oklahoma City. The collateral anchors include Dillard's Women's, Dillard's Men's, Children's and Home, while Macy's and JC Penney are non-collateral tenants. The total mall occupancy was 90% in June 2025, compared to 93% in December 2024 and 99% in December 2016. The reduction in total mall occupancy is primarily due to Forever 21 (31,255 SF; lease expiration in January 2026), which previously filed for Chapter 11 bankruptcy protection and closed its store, and Pottery Barn (10,340 SF; lease expiration in January 2026), which moved to the nearby OAK mixed use development. If the borrower is unable to secure new tenants for these vacant spaces, occupancy may further decline. The property's NCF for 2024 was $27.1 million, which was about 6% below the NOI in 2023 and 19% lower than in 2019. The cash flow previously remained stable from securitization through 2020 but decreased in 2021 and has generally had declining trends since 2023. The downturn in performance is primarily attributed to reduced revenues, predominantly resulting from lower occupancy compared to levels recorded in 2019. Furthermore, the annualized June 2025 NCF was $24.6 million, which would imply a further decline from the year-end 2024 performance. Given the sustained decline in cash flow since 2021, Moody's have lowered Moody's NCF to $24.5 million. Moody's LTV ratio on the first mortgage balance is 111%. Moody's stressed DSCR on the first mortgage balance of $310 million is 0.85X, compared to 0.92X at last review. As of the November 2025 remittance statement, there was a minimal $476 interest shortfall to Cl. D and there were no outstanding loan advances. MORGAN STANLEY 2025-RPL1: Fitch Assigns Bsf Rating on Cl. B2 Notes ------------------------------------------------------------------ Fitch Ratings has assigned final ratings to Morgan Stanley Residential Mortgage Loan Trust 2025-RPL1, series 2025-RPL1 (MSRM 2025-RPL1). The transaction is expected to close on Nov. 26, 2025. Entity/Debt Rating ----------- ------ MSRM 2025-RPL1 A1 LT AAAsf New Rating A2 LT AAsf New Rating A3 LT AAsf New Rating A4 LT Asf New Rating A5 LT BBBsf New Rating M1 LT Asf New Rating M2 LT BBBsf New Rating B1 LT BBsf New Rating B2 LT Bsf New Rating B3 LT NRsf New Rating B4 LT NRsf New Rating B5 LT NRsf New Rating B LT NRsf New Rating AIOS LT NRsf New Rating PT LT NRsf New Rating R LT NRsf New Rating R_PT LT NRsf New Rating SA LT NRsf New Rating XS LT NRsf New Rating Transaction Summary The notes are secured by a pool of 1,500 re-performing and performing, fixed-rate, adjustable-rate and step-rate, seasoned, fully-amortizing and interest-only mortgage loans primarily secured by first liens on one- to four-family residential properties, units in planned unit developments, condominiums, townhouses and manufactured housing. As of the cut-off date, the total balance of the pool was $295,802,503. In the pool, 100% of the loans are seasoned over 12 months, with the weighted average (WA) loan age being 182. The balances on the loans range from $1,361.56 to $2,140,254.70, with the average balance being $197,201.67. All of the loans are current as of the cut-off date, with 34.58% being current in the past 12 months and 46.79% being current for the past 24 months. The majority of the loans in the collateral pool comprise fixed-rate mortgages, although ARM loans are in the pool. The A-1 class coupon is based on the lower of a fixed rate and the net WAC and the coupons on the A-2, M-1, M-2, B-1, B-2, B-3, B-4, and B-5 notes are based on the net WAC. KEY RATING DRIVERS Credit Risk of Credit Quality of Reperforming Mortgage Assets (Negative): 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 borrowers in this pool have credit profiles consistent with reperforming loans with a WA updated FICO score of 642 and original credit score of 668 as determined by Fitch. The borrowers also have moderate leverage, with a combined updated loan-to-value (CLTV) ratio, as determined by Fitch, of 49.57%, and an original CLTV of 79.57%, translating to a Fitch-calculated sustainable loan-to-value (sLTV) ratio of 58.13%. All the loans in the pools are reperforming loans, with 88.50% having been modified. Fitch considered 56.41% to be fully documented and the remaining 43.15% to be no documentation loans, 0.32 to be bank statement, and 0.12 to be DSCR loans. MSRM 2025.-RPL1. has a Final PD of 50.49% in the 'AAA' rating stress. Fitch's Final Loss Severity in the 'AAAsf' rating stress is 29.40%. The expected loss in the 'AAAsf' rating stress is 14.84%. Structural Analysis (Mixed): Sequential Payment Structure with No Advancing of Delinquent Principal and Interest The transaction utilizes a sequential payment structure with no advancing of delinquent principal and interest (P&I) payments. The transaction is structured with subordination to protect more senior classes from losses and has a minimal amount of excess interest, which can be used to repay current or previously allocated realized losses and cap carryover shortfall amounts. The interest and principal waterfall prioritize the payment of interest to the A-1, which is supportive of class A-1 receiving timely interest. Fitch considers timely interest for 'AAAsf' rated classes and to ultimate interest for 'AAsf' to 'Bsf' category rated classes. The class A-1 notes have a coupon based on a fixed rate that is capped at the net WA coupon (WAC). The class A-2, M-1 , M-2, B-1, B-2, B-3, B-4, and B-5 notes have a coupon based on the net WAC. Losses are allocated to classes reverse sequentially starting with class B-5. Classes will not be written down if the transaction is undercollateralized. The servicer will not be advancing delinquent monthly payments of P&I. Because P&I advances made on behalf of loans that become delinquent and eventually liquidate reduce liquidation proceeds to the trust, the loan-level loss severities (LS) are less for this transaction than for those where the servicer is obligated to advance P&I. To provide liquidity and ensure timely interest will be paid to the 'AAAsf' rated classes and ultimate interest on the remaining rated classes, principal will need to be used to pay for interest accrued on delinquent loans. This will result in stress on the structure and the need for additional credit enhancement (CE) compared with a pool with limited advancing. These structural provisions and cash flow priorities, together with increased subordination, provide for timely payments of interest to the 'AAAsf' rated classes. Operational Risk Analysis (Negative): 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. For scratch and dent transactions credit is not given to loans with a due diligence grade of A or B since these loans have a material defect. The loans are penalized for having C and D grades. 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 the transaction to be fully de-linked and bankruptcy remote special-purpose vehicle. 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 MSRM 2025-RPL1. Therefore, Fitch is comfortable assigning 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 analyses was conducted at the state and national levels to assess the effect of higher MVDs for the subject pool as well as lower MVDs, illustrated by a gain in home prices. This defined negative rating sensitivity analysis demonstrates how the ratings would react to steeper MVDs at the national level. The analysis assumes MVDs of 10.0%, 20.0% and 30.0% in addition to the model-projected 38.24% at 'AAAsf'. The analysis indicates that there is some potential rating migration with higher MVDs for all rated classes, compared with the model projection. Specifically, a 10% additional decline in home prices would lower all rated classes by one full category. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Fitch incorporates a sensitivity analysis to demonstrate how the ratings would react to steeper MVDs than assumed at the MSA level. Sensitivity analyses was conducted at the state and national levels to assess the effect of higher MVDs for the subject pool as well as lower MVDs, illustrated by a gain in home prices. This defined positive rating sensitivity analysis demonstrates how the ratings would react to positive home price growth of 10% with no assumed overvaluation. Excluding the senior class, which is already rated 'AAAsf', the analysis indicates there is potential positive rating migration for all of the rated classes. Specifically, a 10% gain in home prices would result in a full category upgrade for the rated class excluding those being assigned ratings of 'AAAsf'. This section provides insight into the model-implied sensitivities the transaction faces when one assumption is modified, while holding others equal. The modeling process uses the modification of these variables to reflect asset performance in up and down environments. The results should only be considered as one potential outcome, as the transaction is exposed to multiple dynamic risk factors. It should not be used as an indicator of possible future performance. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Fitch was provided with Form ABS Due Diligence-15E (Form 15E) as prepared by AMC, Clayton, and Covius. The third-party due diligence described in Form 15E focused on a tax and title review, data integrity review, servicing comment review and pay history. A compliance review was conducted on 99.9% of the loans in the pool since the remaining 0.1% were investors loans that do not need a compliance review per the due diligence scope. The scope of the review was consistent with Fitch's criteria. This information was considered in its analysis. Based on the results of the 100.0% due diligence performed on the pool, Fitch adjusted the expected losses. The TPR firms indicated 275 reviewed loans, or about 16.3% of the total pool, were found to have a material defect and, therefore, assigned a final compliance grade of 'C' or 'D'. Of the pool that Fitch had to increase its losses for, 135 loans had a missing or indeterminate HUD-1. The absence of a final HUD-1 file does not allow the TPR firm to properly test for compliance surrounding predatory lending, in which the statute of limitations does not apply. These regulations may expose the trust to potential assignee liability in the future and create added risk for bond investors. There were 36 loans that were noted as being ATR Risk or ATR Fails. For these loans, Fitch typically applies 100% LS, 55% DTI, 14 high cost test issues or Texas Cash Out loans. As a result, Fitch applied negative loan level adjustments which increased the loss expectations. AMC conducted a title search and found outstanding liens that pre-date the mortgage. It was confirmed the majority of these liens are retired and nothing is owed. In the pool, there are loans totaling approximately $544,000 in potentially superior post-origination recorded liens/judgments. The trust will be responsible for these amounts. As a result, Fitch did not consider this material and increased its loss expectations due to these liens. The due diligence found several loans to be in a non-first lien position. The servicer confirmed all liens are in the first lien position and all loans have a title policy in place that will cover any loss if the loan is found not to be in a first lien position. As a result of the valid title policy and the servicer monitoring the lien status, Fitch treated 100% of the pool as comprising first liens. The TPR review was also able to confirm the payment history provided in the tape was accurate based on their records. As a result, Fitch was comfortable relying on the payment history data and the lien status provided in the tape. DATA ADEQUACY Fitch relied on an independent third-party due diligence review performed on 100.0% of the loans. The third-party due diligence was consistent with Fitch's "U.S. RMBS Rating Criteria." The sponsor engaged AMC, Clayton, and Covius, to perform the review. Loans reviewed under this engagement were given initial and final compliance grades. A portion of the loans in the pool received a credit or valuation review. An exception and waiver report was provided to Fitch, indicating that the pool of reviewed loans has a number of exceptions and waivers. Fitch determined that the exceptions and waivers do materially affect the overall credit risk of the loans; please refer to the Third-Party Due Diligence section of the presale report for more details. Fitch also received confirmation from the servicer that the lien status and payment history provided in the tape is accurate per its records. Fitch took this information into consideration in its analysis. Fitch also utilized data files that were made available by the issuer on its SEC Rule 17g-5 designated website. The loan-level information Fitch received was provided in the American Securitization Forum's (ASF) data layout format. The ASF data tape layout was established with input from various industry participants, including rating agencies, issuers, originators, investors and others, to produce an industry standard for the pool-level data in support of the U.S. RMBS securitization market. The data contained in the data tape layout was populated by the due diligence company, and no material discrepancies were noted. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. MOUNT LOGAN 2018-1: S&P Affirms BB- (sf) Rating on Class E-R Notes ------------------------------------------------------------------ S&P Global Ratings raised its rating on the class B-R notes from Mount Logan Funding 2018-1 L.P. At the same time, S&P affirmed its ratings on the class A-R loans and class A-R, C-1-R, C-2-R, D-R, and E-R notes. Concurrently, S&P removed the ratings on the class B-R, C-1-R, and C-2-R notes from CreditWatch, where its placed them with positive implications on Oct. 10, 2025. The rating actions follow S&P's review of the transaction's performance using data from the October 2025 trustee report. S&P said, "The transaction has paid down $52.56 million collective paydowns to the class A-R loans and A-R notes since our December 2021 rating actions. Though paydowns have helped improve credit support available to the senior classes, the collateral portfolio's credit quality has deteriorated slightly since our December 2021 rating actions." Collateral obligations with ratings in the 'CCC' rating category increased to $61.26 million reported as of the October 2025 trustee report, compared with $14.00 million reported as of the December 2021 rating action. Over the same period, the par amount of defaulted collateral increased to $7.24 million from zero. These deteriorations were somewhat offset by the paydowns, but they have ultimately led to slightly decreased reported overcollateralization (O/C) ratios since the December 2021 rating actions: -- The class A/B O/C ratio decreased to 146.61% from 147.09%; -- The class C O/C ratio decreased to 128.54% from 131.61%; -- The class D O/C ratio decreased to 117.66% from 121.98%; and -- The class E O/C ratio decreased to 109.91% from 114.97%. The upgrade reflects the improved credit support available to the class B-R notes at the prior rating level due to the senior note paydowns, despite some credit deterioration. On a standalone basis, the results of S&P's cash flow analysis indicated a higher rating on the class C-1-R, C-2-R, D-R, and E-R notes. However, because the transaction currently has increased exposure to 'CCC' rated collateral obligations and defaulted assets, S&P did not upgrade those classes to offset future potential credit migration in the underlying collateral. The affirmations reflect the adequate credit support at the current rating levels, though any further deleveraging from paydowns or, alternatively, deterioration in the credit support available to the debt could result in further ratings actions. 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 these rating actions. "We will continue to review whether, in our view, the ratings assigned remain consistent with the credit enhancement available to support the debt and take rating actions as we deem necessary." Rating Raised And Removed From CreditWatch Positive Mount Logan Funding 2018-1 L.P. Class B-R to 'AA+ (sf)' from 'AA (sf)/Watch Pos' Ratings Affirmed And Removed From CreditWatch Positive Mount Logan Funding 2018-1 L.P. Class C-1-R to 'A (sf)' from 'A (sf)/Watch Pos' Class C-2-R to 'A (sf)' from 'A (sf)/Watch Pos' Ratings Affirmed Mount Logan Funding 2018-1 L.P. Class A-R Loans: AAA (sf) Class A-R: AAA (sf) Class D-R: BBB- (sf) Class E-R: BB- (sf) NATIXIS COMMERCIAL 2020-2PAC: DBRS Confirms B Rating on AMZ2 Certs ------------------------------------------------------------------ DBRS, Inc. confirmed its credit ratings on the Commercial Mortgage Pass-Through Certificates, Series 2020-2PAC, Amazon Phase VII Loan Specific Certificates issued by Natixis Commercial Mortgage Securities Trust 2020-2PAC (NCMS 2020-2PAC) as follows: -- Class AMZ1 at BB (sf) -- Class AMZ2 at B (sf) -- Class AMZ3 at B (low) (sf) -- Class V-AMZ at B (low) (sf) All trends are Stable. The credit rating confirmations reflect performance that remains in line with Morningstar DBRS' expectations, as evidenced by stable occupancy and cash flow reporting. The fixed-rate, interest-only loan had an initial January 2025 maturity; however, the loan transferred to special servicing as the borrower was unable to repay the loan. In April 2025, a modification was finalized, and the loan returned to the master servicer in August 2025. The loan's maturity date was extended to January 2027 in exchange for an $11.0 million principal curtailment and continued cash management, with all excess cash being trapped. The loan is secured by the borrower's fee-simple interest in Amazon Phase VII, a 12-story, Class A office property in Seattle, Washington. At issuance, the Amazon Phase VII whole loan of $220.0 million was composed of $160.0 million of senior debt and $60.0 million of junior debt. The Amazon Phase VII A-note was contributed to the subject trust and split into four components. As of the November 2025 remittance, the senior pooled component has a current outstanding principal balance of $91.9 million, and the balance on the three subordinate nonpooled components totals $59.9 million, which serve as collateral for these rated loan-specific certificates. Morningstar DBRS does not rate the NCMS 2020-2PAC pooled certificates. The 318,617-square foot (sf) property was constructed in 2015 and was built to suit for Amazon Corporate LLC (Amazon), a subsidiary of Amazon.com, Inc, an investment-grade-rated tenant. The property is one of more than 40 office buildings comprising Amazon's corporate headquarters campus in Seattle's South Lake Union submarket. Amazon occupies 98.2% of the net rentable area on a lease through August 2031. Its lease is structured with a 9.3% rent increase every three years and is fully guaranteed by the parent company. In addition, the lease is structured with two five-year extension options and no early termination options. At issuance, the tenant was paying a rental rate of $33.98 per sf (psf) and the most recent rent step from September 2024 has increased the rate to $44.33 psf. Despite the recent rent step, Amazon's base rent remains in line with the Q3 2025 average asking rental rate of $45.93 psf in the Central Seattle submarket, according to Reis. The property is 100.0% occupied and reported a YE2024 net cash flow (NCF) figure of $12.4 million. In comparison, the YE2023 NCF was $12.0 million, and the Morningstar DBRS NCF derived at issuance was $10.9 million. In June 2025, an updated appraisal valued the property at $184.0 million, a significant decrease from the $288.0 million issuance appraised value. The updated appraisal accounts for considerable shifts in investor demand for the Seattle office market, as well as the projected leasing costs associated with Amazon's lease expiry in 2031, which are the primary drivers for the value decline. With this review, Morningstar DBRS updated the loan-to-value ratio (LTV) sizing benchmarks to account for the principal paydown and updated the NCF to account for Amazon's realized rent steps. Morningstar DBRS maintained the capitalization rate of 7.25% applied to the updated Morningstar DBRS NCF of $12.1 million, which reflects a 2% haircut to the YE2024 NCF. Morningstar DBRS also maintained positive qualitative adjustments to the LTV Sizing benchmarks totaling 6.0%, reflective of the asset's high quality, good location and expectation for minimal cash flow volatility. The Morningstar DBRS concluded value of $168.2 million represents a -8.6% variance from the June 2025 appraised value of $184.0 million and implies an all-in LTV of 125.7%. The credit ratings assigned to Classes AMZ1 and AMZ2 are lower than the results implied by the LTV Sizing Benchmarks by three or more notches. The variances are warranted given the subject's recent maturity default, the decline in appraised value, and the poor submarket performance with lack of investor demand for the office property type. Notes: All figures are in U.S. dollars unless otherwise noted. NEW RESIDENTIAL 2025-NQM6: Fitch Rates Cl. B-2 Notes 'B-sf' ----------------------------------------------------------- Fitch Ratings has assigned final ratings to New Residential Mortgage Loan Trust 2025-NQM6 (NRMLT 2025-NQM6). Entity/Debt Rating Prior ----------- ------ ----- NRMLT 2025-NQM6 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-1F LT WDsf Withdrawn AAA(EXP)sf A-1IO LT WDsf Withdrawn AAA(EXP)sf A-2 LT AA-sf New Rating AA-(EXP)sf A-3 LT A-sf New Rating A-(EXP)sf M-1 LT BBB-sf New Rating BBB-(EXP)sf B-1 LT BB-sf New Rating BB-(EXP)sf B-2 LT B-sf New Rating B-(EXP)sf B-3 LT NRsf New Rating NR(EXP)sf XS LT NRsf New Rating NR(EXP)sf AIOS LT NRsf New Rating NR(EXP)sf R LT NRsf New Rating NR(EXP)sf Transaction Summary The notes are supported by 985 nonprime loans that were primarily originated by NewRez LLC and Champions Funding, LLC, with a total balance of approximately $494.4 million as of the cutoff date. Fitch has withdrawn the expected rating of 'AAA(EXP)sf' for the previous class A-1F and class A-1IO notes, as these are no longer being issued. KEY RATING DRIVERS Credit Risk of 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. NRMLT 2025-NQM6 has a final probability of default (PD) of 40.8% in the 'AAAsf' rating stress. Fitch's final loss severity in the 'AAAsf' rating stress is 43.2%. The expected loss in the 'AAAsf' rating stress is 17.6%. Structural Analysis (Positive): The structure distributes principal 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 the Class A-1A, A-1B, A-2 and A-3 notes until they are reduced to zero. The structure has a step-up coupon for the senior classes (A-1A, A-1B, A-2 and A-3). On any payment date up to but excluding the payment date in December 2029, the senior classes pay the lesser of a 100-bp increased to the fixed coupon or the net weighted average coupon (WAC) rate. 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 (see "Cash Flow Analysis" section for more details). 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 100.0% of the loans in the transaction. Fitch applies a 5-bp reduction for loans fully reviewed by a third-party review (TPR) firm that has 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 NRMLT 2025-NQM6 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 (Neutral): 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 NRMLT 2025-NQM6 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 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 37.8% 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 several firms. 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. OBRA CLO 3: S&P Assigns Prelim BB- (sf) Rating on Class E Notes --------------------------------------------------------------- S&P Global Ratings assigned its preliminary ratings to Obra CLO 3 Ltd./Obra CLO 3 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 Obra CLO Management LLC. The preliminary ratings are based on information as of Dec. 1, 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 Obra CLO 3 Ltd./Obra CLO 3 LLC Class A, $288.000 million: AAA (sf) Class B, $54.000 million: AA (sf) Class C (deferrable), $27.000 million: A (sf) Class D-1 (deferrable), $27.000 million: BBB- (sf) Class D-2 (deferrable), $3.375 million: BBB- (sf) Class E (deferrable), $14.625 million: BB- (sf) Subordinated notes, $39.075 million: NR NR--Not rated. OBX 2025-NQM22: Fitch Assigns 'B-sf' Final Rating on Class B2 Notes ------------------------------------------------------------------- Fitch Ratings has assigned final ratings to OBX 2025-NQM22 Trust. Entity/Debt Rating Prior ----------- ------ ----- OBX 2025-NQM22 A1 LT AAAsf New Rating AAA(EXP)sf A1A LT AAAsf New Rating AAA(EXP)sf A1B LT AAAsf New Rating AAA(EXP)sf A2 LT AAsf New Rating AA(EXP)sf A3 LT Asf New Rating A(EXP)sf M1 LT BBB-sf New Rating BBB-(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 A-IO-S 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 829 loans with an unpaid principal balance (UPB) of approximately $438 million as of the cutoff date. The pool consists of fixed-rate mortgages (FRMs) and adjustable-rate mortgages (ARMs) acquired by Annaly Capital Management, Inc. from various originators and aggregators. The loans will be serviced by Select Portfolio Servicing, Inc. (SPS; RPS1-/Stable) and NewRez LLC (d/b/a Shellpoint Mortgage Servicing; RPS2+/Stable). Computershare Trust Company, National Association (BBB+/Stable) will act as master servicer. Distributions of principal and interest (P&I), as well as loss allocations, are based on a modified sequential-payment structure. The transaction has a stop-advance feature through which the P&I advancing party will cover delinquent P&I for up to 120 days. Of the loans, approximately 42.1% by loan count are designated non-qualified mortgages (NQM), while the remaining 57.9% are either qualified mortgage loans or investment properties not subject to the ability-to-repay (ATR) rule. KEY RATING DRIVERS Credit Risk of 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. OBX 2025-NQM22 has a Final Probability of Default (PD) of 34.27% in the 'AAA' rating stress. Fitch's Final Loss Severity in the 'AAAsf' rating stress is 40.12%. The expected loss in the 'AAAsf' rating stress is 13.75%. Structural Analysis (Mixed): The mortgage cash flow and loss allocation in OBX 2025-NQM22 are based on a modified sequential structure whereby the principal is distributed pro rata among the senior certificates 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 the class A-1A, A-1B, A-2 and A-3 notes until each class balance is reduced to zero. The structure includes a step-up coupon feature where the fixed interest rate for class A-1A, A-1B, A-2 and A-3 will increase by 150 bps, subject to the net WAC, starting on the December 2029 payment date. This reduces the modest excess spread available to repay losses. Starting on the December 2029 payment date, interest distribution amounts otherwise allocable to the unrated class B-3, to the extent available, may be used to reimburse any unpaid cap carryover amount for class A-1A, A-1B, A-2 and A-3 as well as class M-1 and B-1 notes if issued on the closing date with a fixed interest rate. 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. 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: 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 5-bp 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: 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. In addition, all legal requirements should be satisfied to fully de-link the transaction from any other entities. Fitch expects OBX 2025-NQM22 to be fully de-linked and 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 OBX 2025-NQM22 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 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 37.6%, 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) for SitusAMC, assessed as an 'Acceptable' TPR firm by Fitch. The third-party due diligence described in Form 15E focused on three areas: compliance review, credit review and valuation review. Third-party due diligence was performed on 100.0% of the loans in the transaction, and all reviewed loans were graded A or B. Fitch considered this information in its analysis and, as a result, Fitch applies an approximately 5-bp origination PD credit for loans fully reviewed by the TPR firm that 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. OCEANVIEW MORTGAGE 2025-INV4: DBRS Finalizes B(low) on B5 Notes --------------------------------------------------------------- DBRS, Inc. finalized the following provisional credit ratings on the Mortgage Backed Securities, Series 2025-INV4 (the Notes) issued by Oceanview Mortgage Trust 2025-INV4. -- $276.4 million Class A-1 at AAA (sf) -- $276.4 million Class A-2 at AAA (sf) -- $276.4 million Class A-3 at AAA (sf) -- $105.0 million Class A-4 at AAA (sf) -- $105.0 million Class A-5 at AAA (sf) -- $105.0 million Class A-6 at AAA (sf) -- $171.4 million Class A-7 at AAA (sf) -- $171.4 million Class A-8 at AAA (sf) -- $171.4 million Class A-9 at AAA (sf) -- $182.4 million Class A-10 at AAA (sf) -- $182.4 million Class A-11 at AAA (sf) -- $182.4 million Class A-12 at AAA (sf) -- $41.4 million Class A-13 at AAA (sf) -- $41.4 million Class A-14 at AAA (sf) -- $41.4 million Class A-15 at AAA (sf) -- $77.4 million Class A-16 at AAA (sf) -- $77.4 million Class A-17 at AAA (sf) -- $77.4 million Class A-18 at AAA (sf) -- $91.0 million Class A-F1 at AAA (sf) -- $14.0 million Class A-X1 at AAA (sf) -- $148.5 million Class A-F2 at AAA (sf) -- $22.8 million Class A-X2 at AAA (sf) -- $8.3 million Class A-F3 at AAA (sf) -- $1.3 million Class A-X3 at AAA (sf) -- $156.8 million Class A-F4 at AAA (sf) -- $24.1 million Class A-X4 at AAA (sf) -- $67.1 million Class A-F5 at AAA (sf) -- $10.3 million Class A-X5 at AAA (sf) -- $35.9 million Class A-F6 at AAA (sf) -- $5.5 million Class A-X6 at AAA (sf) -- $45.5 million Class A-F7 at AAA (sf) -- $7.0 million Class A-X7 at AAA (sf) -- $89.7 million Class A-F8 at AAA (sf) -- $13.8 million Class A-X8 at AAA (sf) -- $53.8 million Class A-F9 at AAA (sf) -- $8.3 million Class A-X9 at AAA (sf) -- $247.8 million Class A-F at AAA (sf) -- $38.1 million Class A-X at AAA (sf) -- $14.0 million Class A-WX1 at AAA (sf) -- $22.8 million Class A-WX2 at AAA (sf) -- $1.3 million Class A-WX3 at AAA (sf) -- $10.3 million Class A-WX5 at AAA (sf) -- $5.5 million Class A-WX6 at AAA (sf) -- $7.0 million Class A-WX7 at AAA (sf) -- $13.8 million Class A-WX8 at AAA (sf) -- $8.3 million Class A-WX9 at AAA (sf) -- $36.8 million Class A-WX at AAA (sf) -- $105.0 million Class A-W1 at AAA (sf) -- $171.4 million Class A-W2 at AAA (sf) -- $9.6 million Class A-W3 at AAA (sf) -- $181.0 million Class A-W4 at AAA (sf) -- $77.4 million Class A-W5 at AAA (sf) -- $41.4 million Class A-W6 at AAA (sf) -- $52.5 million Class A-W7 at AAA (sf) -- $103.5 million Class A-W8 at AAA (sf) -- $62.1 million Class A-W9 at AAA (sf) -- $9.6 million Class A-19 at AAA (sf) -- $9.6 million Class A-20 at AAA (sf) -- $9.6 million Class A-21 at AAA (sf) -- $286.0 million Class A-22 at AAA (sf) -- $52.5 million Class A-23 at AAA (sf) -- $286.0 million Class A-IO1 at AAA (sf) -- $276.4 million Class A-IO2 at AAA (sf) -- $276.4 million Class A-IO3 at AAA (sf) -- $276.4 million Class A-IO4 at AAA (sf) -- $105.0 million Class A-IO5 at AAA (sf) -- $105.0 million Class A-IO6 at AAA (sf) -- $105.0 million Class A-IO7 at AAA (sf) -- $105.0 million Class A-IO8 at AAA (sf) -- $171.4 million Class A-IO9 at AAA (sf) -- $171.4 million Class A-IO10 at AAA (sf) -- $171.4 million Class A-IO11 at AAA (sf) -- $182.4 million Class A-IO12 at AAA (sf) -- $182.4 million Class A-IO13 at AAA (sf) -- $182.4 million Class A-IO14 at AAA (sf) -- $41.4 million Class A-IO15 at AAA (sf) -- $41.4 million Class A-IO16 at AAA (sf) -- $41.4 million Class A-IO17 at AAA (sf) -- $41.4 million Class A-IO18 at AAA (sf) -- $77.4 million Class A-IO19 at AAA (sf) -- $77.4 million Class A-IO20 at AAA (sf) -- $77.4 million Class A-IO21 at AAA (sf) -- $77.4 million Class A-IO22 at AAA (sf) -- $9.6 million Class A-IO23 at AAA (sf) -- $9.6 million Class A-IO24 at AAA (sf) -- $9.6 million Class A-IO25 at AAA (sf) -- $9.6 million Class A-IO26 at AAA (sf) -- $171.4 million Class A-IO27 at AAA (sf) -- $52.5 million Class A-IO28 at AAA (sf) -- $52.5 million Class A-IO29 at AAA (sf) -- $52.5 million Class A-IO30 at AAA (sf) -- $52.5 million Class A-IO31 at AAA (sf) -- $18.0 million Class B-1 at AA (low) (sf) -- $6.7 million Class B-2 at A (low) (sf) -- $5.5 million Class B-3 at BBB (low) (sf) -- $4.4 million Class B-4 at BB (low) (sf) -- $2.0 million Class B-5 at B (low) (sf) Classes A-IO1, A-IO2, A-IO3, A-IO4, A-IO5, A-IO6, A-IO7, A-IO8, A-IO9, A-IO10, A-IO11, A-IO12, A-IO13, A-IO14, A-IO15, A-IO16, A-IO17, A-IO18, A-IO19, A-IO20, A-IO21, A-IO22, A-IO23, A-IO24, A-IO25, A-IO26, A-IO27, A-IO28, A-IO29, A-IO30, and A-IO31 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-16, A-17, A-F1, A-X1, A-F2, A-X2, A-F3, A-X3, A-F4, A-X4, A-F5, A-X5, A-F6, A-X6, A-F7, A-X7, A-F8, A-X8, A-F9, A-X9, A-F, A-X, A-WX1, A-WX2, A-WX3, A-WX5, A-WX6, A-WX7, A-WX8, A-WX9, A-WX, A-W1, A-W2, A-W3, A-W4, A-W5, A-W6, A-W7, A-W8, A-W9, A-19, A-20, A-22, A-IO1, A-IO2, A-IO3, A-IO4, A-IO6, A-IO9, A-IO10, A-IO11, A-IO12, A-IO13, A-IO14, A-IO16, A-IO20, A-IO24, and A-IO28 are exchangeable notes. 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-F1, A-X1, A-F2, A-X2, A-F5, A-X5, A-F6, A-X6, A-F7, A-X7, A-WX1, A-WX2, A-WX5, A-WX6, A-WX7, A-W1, A-W2, A-W5, A-W6, A-W7, and A-23 are super-senior notes. These classes benefit from additional protection from the senior support notes with respect to loss allocation. The AAA (sf) credit ratings on the Certificates reflect 12.05% of credit enhancement provided by subordinated certificates. The AA (low) (sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and B (low) (sf) credit ratings reflect 6.50%, 4.45%, 2.55%, 1.85%, and 1.20% of credit enhancement, respectively. The pool consists of fully amortizing fixed-rate mortgages with original terms to maturity of 30 years and a weighted-average (WA) loan age of six months. All of the loans are conforming mortgage loans that were underwritten using an automated underwriting system (AUS) designated by Fannie Mae or Freddie Mac and were eligible for purchase by such agencies. Details on the underwriting of conforming loans can be found in the Key Probability of Default Drivers section. The pool was originated by various originators, each comprising less than 15% of loans in the pool. All of the mortgage loans will be serviced by Nationstar Mortgage LLC d/b/a Rushmore Servicing (Rushmore). Oceanview U.S. Holding Corp. (Oceanview) will act as the Responsible Party and Servicing Administrator. Computershare Trust Company, N.A. (Computershare; rated BBB (high) with a Stable trend) will act as Custodian. U.S. Bank Trust Company, National Association (U.S. Bank; rated AA with a Stable trend) will act as the Collateral Trustee, Paying Agent, and Note Registrar. Oceanview, as the Servicing Administrator, 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 Servicing Administrator (Stop-Advance Loan). The Servicing Administrator will also fund or reimburse the Servicer for advances in respect of taxes, insurance premiums, and reasonable costs incurred in the course of servicing and disposing properties The transaction employs a senior-subordinate, shifting-interest cash flow structure that incorporates performance triggers and credit enhancement floors. Notes: All figures are in U.S. dollars unless otherwise noted. OCP CLO 2025-46: S&P Assigns BB- (sf) Rating on Class E Notes ------------------------------------------------------------- S&P Global Ratings assigned its ratings to OCP CLO 2025-46 Ltd./OCP CLO 2025-46 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 Onex Credit Partners 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 notes through portfolio identification and ongoing management; and -- The transaction's legal structure, which is expected to be bankruptcy remote. Ratings Assigned OCP CLO 2025-46 Ltd./OCP CLO 2025-46 LLC Class A, $378.00 million: NR Class B, $78.00 million: AA (sf) Class C (deferrable), $36.00 million: A (sf) Class D-1 (deferrable), $36.00 million: BBB- (sf) Class D-2 (deferrable), $6.00 million: BBB- (sf) Class E (deferrable), $18.00 million: BB- (sf) Subordinated notes, $56.60 million: NR NR--Not rated. OCTAGON INVESTMENT 43: Fitch Assigns BB-sf Rating on Cl. E-R Notes ------------------------------------------------------------------ Ratings have assigned final ratings and Rating Outlooks to the Octagon Investment Partners 43, Ltd. reset transaction. Entity/Debt Rating ----------- ------ Octagon Investment Partners 43, Ltd X-R LT AAAsf New Rating A-R LT AAAsf New Rating B-RR LT AAsf New Rating C-RR LT Asf New Rating D-1-R LT BBBsf New Rating D-2-R LT BBB-sf New Rating E-R LT BB-sf New Rating Subordinated LT NRsf New Rating Transaction Summary Octagon Investment Partners 43, Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) managed by Octagon Credit Investors, LLC that originally closed in September 2019 and was refinanced the first time in April 2024. Fitch did not rate the partial refinancing transaction in 2024. On Dec. 3, 2025, all of the existing secured notes will be paid in full by net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $425 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 23.79 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 96.95% first lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 73.34% 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 that of other recent CLOs. Portfolio Management: The transaction has a 4.9-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 'AAAsf' for class X-R, between 'BBB+sf' and 'AA+sf' for class A-R, between 'BB+sf' and 'A+sf' for class B-RR, between 'Bsf' and 'BBB+sf' for class C-RR, 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 X-R and class A-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-RR, 'AAsf' for class C-RR, '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. ESG Considerations Fitch does not provide ESG relevance scores for Octagon Investment Partners 43, 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. PMT LOAN 2025-INV12: Moody's Assigns (P)B3 Rating to Cl. B-5 Certs ------------------------------------------------------------------ Moody's Ratings has assigned provisional ratings to 59 classes of residential mortgage-backed securities (RMBS) to be issued by PMT Loan Trust 2025-INV12, and sponsored by PennyMac Corp. The securities are backed by a pool of GSE-eligible residential mortgages aggregated, originated and serviced by PennyMac Corp. The complete rating actions are as follows: Issuer: PMT Loan Trust 2025-INV12 Cl. A-1, Assigned (P)Aaa (sf) Cl. A-2, Assigned (P)Aaa (sf) Cl. A-3, Assigned (P)Aaa (sf) Cl. A-4, Assigned (P)Aaa (sf) Cl. A-5, Assigned (P)Aaa (sf) Cl. A-6, Assigned (P)Aaa (sf) Cl. A-7, Assigned (P)Aaa (sf) Cl. A-8, Assigned (P)Aaa (sf) Cl. A-9, Assigned (P)Aaa (sf) Cl. A-10, Assigned (P)Aaa (sf) Cl. A-11, Assigned (P)Aaa (sf) Cl. A-12, Assigned (P)Aaa (sf) Cl. A-13, Assigned (P)Aaa (sf) Cl. A-14, Assigned (P)Aaa (sf) Cl. A-15, Assigned (P)Aaa (sf) Cl. A-16, Assigned (P)Aaa (sf) Cl. A-17, Assigned (P)Aaa (sf) Cl. A-18, Assigned (P)Aaa (sf) Cl. A-19, Assigned (P)Aaa (sf) Cl. A-20, Assigned (P)Aaa (sf) Cl. A-21, Assigned (P)Aaa (sf) Cl. A-22, Assigned (P)Aaa (sf) Cl. A-23, Assigned (P)Aaa (sf) Cl. A-24, Assigned (P)Aaa (sf) Cl. A-25, Assigned (P)Aaa (sf) Cl. A-26, Assigned (P)Aaa (sf) Cl. A-27, Assigned (P)Aaa (sf) Cl. A-28, Assigned (P)Aa1 (sf) Cl. A-29, Assigned (P)Aa1 (sf) Cl. A-30, Assigned (P)Aa1 (sf) Cl. A-31, Assigned (P)Aa1 (sf) Cl. A-32, Assigned (P)Aa1 (sf) Cl. A-33, Assigned (P)Aa1 (sf) Cl. A-34, Assigned (P)Aaa (sf) Cl. A-34X*, Assigned (P)Aaa (sf) Cl. A-35, Assigned (P)Aaa (sf) Cl. A-35X*, Assigned (P)Aaa (sf) Cl. A-36, Assigned (P)Aaa (sf) Cl. A-36X*, Assigned (P)Aaa (sf) Cl. A-X1*, Assigned (P)Aa1 (sf) Cl. A-X3*, Assigned (P)Aaa (sf) Cl. A-X6*, Assigned (P)Aaa (sf) Cl. A-X7*, Assigned (P)Aaa (sf) Cl. A-X9*, Assigned (P)Aaa (sf) Cl. A-X12*, Assigned (P)Aaa (sf) Cl. A-X15*, Assigned (P)Aaa (sf) Cl. A-X18*, Assigned (P)Aaa (sf) Cl. A-X21*, Assigned (P)Aaa (sf) Cl. A-X24*, Assigned (P)Aaa (sf) Cl. A-X27*, Assigned (P)Aaa (sf) Cl. A-X29*, Assigned (P)Aa1 (sf) Cl. A-X30*, Assigned (P)Aa1 (sf) Cl. A-X33*, Assigned (P)Aa1 (sf) Cl. B-1, Assigned (P)Aa3 (sf) Cl. B-2, Assigned (P)A3 (sf) Cl. B-3, Assigned (P)Baa3 (sf) Cl. B-4, Assigned (P)Ba3 (sf) Cl. B-5, Assigned (P)B3 (sf) Cl. A-1A Loans, Assigned (P)Aaa (sf) *Reflects Interest-Only Classes RATINGS RATIONALE The ratings are based on the credit quality of the mortgage loans, the structural features of the transaction, the origination quality and the servicing arrangement, the third-party review, and the representations and warranties framework. Moody's expected loss for this pool in a baseline scenario-mean is 0.71%, in a baseline scenario-median is 0.41% and reaches 7.55% at a stress level consistent with Moody's Aaa ratings. 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 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 original 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. PMT LOAN 2025-J4: DBRS Finalizes B(low) Rating on Class B5 Notes ---------------------------------------------------------------- DBRS, Inc. finalized its provisional credit ratings on the Mortgage-Backed Notes, Series 2025-J4 (the Notes) issued by PMT Loan Trust 2025-J4 (PMTLT 2025-J4 or the Trust) as follows: -- $290.0 million Class A1 at AAA (sf) -- $290.0 million Class A2 at AAA (sf) -- $290.0 million Class A3 at AAA (sf) -- $174.0 million Class A4 at AAA (sf) -- $174.0 million Class A5 at AAA (sf) -- $174.0 million Class A6 at AAA (sf) -- $217.5 million Class A7 at AAA (sf) -- $217.5 million Class A8 at AAA (sf) -- $217.5 million Class A9 at AAA (sf) -- $72.5 million Class A10 at AAA (sf) -- $72.5 million Class A11 at AAA (sf) -- $72.5 million Class A12 at AAA (sf) -- $232.0 million Class A13 at AAA (sf) -- $232.0 million Class A14 at AAA (sf) -- $232.0 million Class A15 at AAA (sf) -- $43.5 million Class A16 at AAA (sf) -- $43.5 million Class A17 at AAA (sf) -- $43.5 million Class A18 at AAA (sf) -- $14.5 million Class A19 at AAA (sf) -- $14.5 million Class A20 at AAA (sf) -- $14.5 million Class A21 at AAA (sf) -- $58.0 million Class A22 at AAA (sf) -- $58.0 million Class A23 at AAA (sf) -- $58.0 million Class A24 at AAA (sf) -- $116.0 million Class A25 at AAA (sf) -- $116.0 million Class A26 at AAA (sf) -- $116.0 million Class A27 at AAA (sf) -- $20.5 million Class A28 at AAA (sf) -- $20.5 million Class A29 at AAA (sf) -- $20.5 million Class A30 at AAA (sf) -- $310.5 million Class A31 at AAA (sf) -- $310.5 million Class A32 at AAA (sf) -- $310.5 million Class A33 at AAA (sf) -- $116.0 million Class A34 at AAA (sf) -- $116.0 million Class A34X at AAA (sf) -- $145.0 million Class A35 at AAA (sf) -- $145.0 million Class A35X at AAA (sf) -- $193.3 million Class A36 at AAA (sf) -- $193.3 million Class A36X at AAA (sf) -- $310.5 million Class AX1 at AAA (sf) -- $290.0 million Class AX3 at AAA (sf) -- $174.0 million Class AX6 at AAA (sf) -- $217.5 million Class AX9 at AAA (sf) -- $72.5 million Class AX12 at AAA (sf) -- $232.0 million Class AX15 at AAA (sf) -- $43.5 million Class AX18 at AAA (sf) -- $14.5 million Class AX21 at AAA (sf) -- $58.0 million Class AX24 at AAA (sf) -- $116.0 million Class AX27 at AAA (sf) -- $20.5 million Class AX30 at AAA (sf) -- $310.5 million Class AX33 at AAA (sf) -- $17.7 million Class B1 at AA (high) (sf) -- $7.7 million Class B2 at A (low) (sf) -- $2.2 million Class B3 at BBB (low) (sf) -- $1.4 million Class B4 at BB (low) (sf) -- $512.0 thousand Class B5 at B (low) (sf) Morningstar DBRS discontinued and withdrew its credit rating on Class A-1A Loans initially contemplated in the offering documents, as it was not issued at closing. 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, and A-X33 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, and A-36 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 AAA (sf) credit ratings on the Notes reflect 9.00% of credit enhancement provided by subordinated Notes. The AA (high) (sf), A (low) (sf), BBB (low) (sf), BB (low) (sf), and 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. Notes: All figures are in U.S. dollars unless otherwise noted. PMT LOAN 2025-J4: Moody's Assigns B2 Rating to Cl. B-5 Certs ------------------------------------------------------------ Moody's Ratings has assigned definitive ratings to 56 classes of residential mortgage-backed securities (RMBS) issued by PMT Loan Trust 2025-J4, and sponsored by PennyMac Corp. The securities are backed by a pool of prime jumbo (59.0% by balance) and GSE-eligible (41.0% by balance) residential mortgages originated and serviced by PennyMac Corp. The complete rating actions are as follows: Issuer: PMT Loan Trust 2025-J4 Cl. A-1, Definitive Rating Assigned Aaa (sf) Cl. A-2, Definitive Rating Assigned Aaa (sf) Cl. A-3, Definitive Rating Assigned Aaa (sf) Cl. A-4, Definitive Rating Assigned Aaa (sf) Cl. A-5, Definitive Rating Assigned Aaa (sf) Cl. A-6, Definitive Rating Assigned Aaa (sf) Cl. A-7, Definitive Rating Assigned Aaa (sf) Cl. A-8, Definitive Rating Assigned Aaa (sf) Cl. A-9, Definitive Rating Assigned Aaa (sf) Cl. A-10, Definitive Rating Assigned Aaa (sf) Cl. A-11, Definitive Rating Assigned Aaa (sf) Cl. A-12, Definitive Rating Assigned Aaa (sf) Cl. A-13, Definitive Rating Assigned Aaa (sf) Cl. A-14, Definitive Rating Assigned Aaa (sf) Cl. A-15, Definitive Rating Assigned Aaa (sf) Cl. A-16, Definitive Rating Assigned Aaa (sf) Cl. A-17, Definitive Rating Assigned Aaa (sf) Cl. A-18, Definitive Rating Assigned Aaa (sf) Cl. A-19, Definitive Rating Assigned Aaa (sf) Cl. A-20, Definitive Rating Assigned Aaa (sf) Cl. A-21, Definitive Rating Assigned Aaa (sf) Cl. A-22, Definitive Rating Assigned Aaa (sf) Cl. A-23, Definitive Rating Assigned Aaa (sf) Cl. A-24, Definitive Rating Assigned Aaa (sf) Cl. A-25, Definitive Rating Assigned Aaa (sf) Cl. A-26, Definitive Rating Assigned Aaa (sf) Cl. A-27, Definitive Rating Assigned Aaa (sf) Cl. A-28, Definitive Rating Assigned Aaa (sf) Cl. A-29, Definitive Rating Assigned Aaa (sf) Cl. A-30, Definitive Rating Assigned Aaa (sf) Cl. A-31, Definitive Rating Assigned Aaa (sf) Cl. A-32, Definitive Rating Assigned Aaa (sf) Cl. A-33, Definitive Rating Assigned Aaa (sf) Cl. A-34, Definitive Rating Assigned Aaa (sf) Cl. A-34X*, Definitive Rating Assigned Aaa (sf) Cl. A-35, Definitive Rating Assigned Aaa (sf) Cl. A-35X*, Definitive Rating Assigned Aaa (sf) Cl. A-36, Definitive Rating Assigned Aaa (sf) Cl. A-36X*, Definitive Rating Assigned Aaa (sf) Cl. A-X1*, Definitive Rating Assigned Aaa (sf) Cl. A-X3*, Definitive Rating Assigned Aaa (sf) Cl. A-X6*, Definitive Rating Assigned Aaa (sf) Cl. A-X9*, Definitive Rating Assigned Aaa (sf) Cl. A-X12*, Definitive Rating Assigned Aaa (sf) Cl. A-X15*, Definitive Rating Assigned Aaa (sf) Cl. A-X18*, Definitive Rating Assigned Aaa (sf) Cl. A-X21*, Definitive Rating Assigned Aaa (sf) Cl. A-X24*, Definitive Rating Assigned Aaa (sf) Cl. A-X27*, Definitive Rating Assigned Aaa (sf) Cl. A-X30*, Definitive Rating Assigned Aaa (sf) Cl. A-X33*, Definitive Rating Assigned Aaa (sf) Cl. B-1, Definitive Rating Assigned Aa2 (sf) Cl. B-2, Definitive Rating Assigned A3 (sf) Cl. B-3, Definitive Rating Assigned Baa3 (sf) Cl. B-4, Definitive Rating Assigned Ba3 (sf) Cl. B-5, Definitive Rating Assigned B2 (sf) *Reflects Interest-Only Classes Moody's are withdrawing the provisional rating for the Class A-1A Loans, assigned on November 10, 2025, because the Class A-1A Loans were not funded on the closing date. RATINGS RATIONALE The ratings are based on the credit quality of the mortgage loans, the structural features of the transaction, the origination quality and the servicing arrangement, the third-party review, and the representations and warranties framework. Moody's expected loss for this pool in a baseline scenario-mean is 0.32%, in a baseline scenario-median is 0.13% and reaches 5.45% at a stress level consistent with Moody's Aaa ratings. 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 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 original 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. PRKCM 2025-AFC2: DBRS Gives Prov. B Rating on Class B2 Notes ------------------------------------------------------------ DBRS, Inc. assigned provisional credit ratings to the Mortgage-Backed Notes, Series 2025-AFC2 (the Notes) to be issued by PRKCM 2025-AFC2 Trust (the Trust) as follows: -- $100.3 million Class A-1FCF at (P) AAA (sf) -- $100.3 million Class A-1FCX at (P) AAA (sf) -- $33.4 million Class A-1LCF at (P) AAA (sf) -- $77.2 million Class A-1A at (P) AAA (sf) -- $12.0 million Class A-1B at (P) AAA (sf) -- $89.2 million Class A-1 at (P) AAA (sf) -- $30.0 million Class A-1F at (P) AAA (sf) -- $30.0 million Class A-1IO at (P) AAA (sf) -- $37.0 million Class A-2 at (P) AA (high) (sf) -- $21.7 million Class A-3 at (P) A (high) (sf) -- $12.1 million Class M-1 at (P) BBB (high) (sf) -- $7.3 million Class B-1 at (P) BB (sf) -- $5.4 million Class B-2 at (P) B (sf) Class A-1 are exchangeable notes while Classes A-1A and A-1B are initial exchangeable notes. These classes can be exchanged in combinations as specified in the offering documents. Classes A-1FCX and A-1IO are interest-only (IO) certificates. The class balances represent notional amounts The (P) AAA (sf) credit rating on the Classes A-1FCF, A-1LCF, A-1, A-1A, and A-1B certificates reflects 25.50% of credit enhancement provided by subordinate certificates. The (P) AA (sf), (P) A (sf), (P) BBB (sf), (P) BB (sf), and (P) B (sf) credit ratings reflect 14.60%, 8.20%, 4.65%, 2.50%, and 0.90% 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, primarily first-lien (95.6% by balance) residential mortgages funded by the issuance of Notes. The Notes are backed by 849 mortgage loans with a total principal balance of $339,563,229 as of the Cut-Off Date (November 1, 2025). This is the eleventh securitization by the Sponsor, Park Capital Management Sponsor LLC, an affiliate of AmWest Funding Corp. (AmWest). AmWest is the Seller, Originator, and Servicer of the mortgage loans. The pool is about one month seasoned on a weighted-average (WA) basis although seasoning spans from zero to three months. All loans in the pool are current as of the Cut-Off Date. Although the mortgage loans were originated to satisfy the Consumer Financial Protection Bureau's (CFPB) Qualified Mortgage (QM) and Ability-to-Repay (ATR) rules where applicable, they were made to borrowers who generally do not qualify for agency, government, or private-label nonagency prime jumbo products for various reasons. In accordance with the QM/ATR rules, approximately 51.6% of the loans are designated as non-QM. Approximately 6.1% of the loans are designated as QM Safe Harbor and approximately 0.3% are designated as QM Rebuttable Presumption. Approximately 42.0% of the loans are made to investors for business purposes and, hence, are not subject to the QM/ATR rules. The mortgage loans were underwritten to program guidelines for business-purpose loans that are designed to rely on the property-level cash flows for approximately 30.9% of the loans, primarily the asset value for 1.3% of the loans, and the mortgagor's credit profile and debt-to-income ratio, property value, and the available assets, where applicable, for approximately 9.8% of the loans. The loans made to investors for business purposes are exempt from the CFPB ATR rules and the Truth in Lending Act and the Real Estate Settlement Procedures Act) Integrated Disclosure rule. For this transaction, the Servicer will fund advances of delinquent principal and interest (P&I) until loans become 90 days delinquent or are otherwise deemed unrecoverable. Additionally, the Servicer is obligated to make advances with respect to taxes, insurance premiums, and reasonable costs incurred in the course of servicing and disposing of properties (Servicing Advances). If the Servicer fails in its obligation to make P&I advances, the Master Servicer (Nationstar Mortgage LLC) will be obligated to fund such advances. In addition, if the Master Servicer fails in its obligation to make P&I advances, Citibank, N.A. (rated AA (low) with a Stable trend by Morningstar DBRS) as the Paying Agent, will be obligated to fund such advances. The Master Servicer and Paying Agent are only responsible for P&I Advances; the Servicer is responsible for P&I Advances and Servicing Advances. The Sponsor, directly or indirectly through a majority-owned affiliate, is expected to retain an eligible horizontal residual interest collectively representing at least 5% of the fair value of the Notes, to satisfy the credit risk-retention requirements under Section 15G of the Securities Exchange Act of 1934 and the regulations promulgated thereunder. On any date on or after the earlier of (1) the payment date occurring in November 2028 or (2) on or after the payment date when the aggregate stated principal balance of the mortgage loans is reduced to less than or equal to 30% of the Cut-Off Date balance, the Sponsor may terminate the Issuer (Optional Termination) by purchasing the loans, any real estate owned properties, and any other property remaining in the Issuer at the Optional Termination price, specified in the transaction documents. After such a purchase, the Sponsor will have to complete a qualified liquidation, which requires a complete liquidation of assets within the Trust and the distribution of proceeds to the appropriate holders of regular or residual interests. The Controlling Holder in the transaction is a majority holder (or majority holders if there is no single majority holder) of the outstanding Class XS Notes, initially, the Seller. The Controlling Holder will have the option, but not the obligation, to repurchase any mortgage loan that becomes 90 or more days delinquent under the Mortgage Banker Association 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. The transaction's cash flow structure is generally similar to that of other recent 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). The Class A-1A and Class A-1B Notes, and separately the Class A-1FCF and Class A-1LCF Notes, have specific principal, interest, and loss allocation rules within their respective groups. Principal proceeds will be allocated to cover interest shortfalls on the seniormost Notes before being applied sequentially to amortize the balances of the more subordinated notes. Excess spread can be used to cover realized losses first before being allocated to unpaid Cap Carryover Amounts due to the senior Notes. Of note, the Senior Notes coupon rates step up by 100 basis points on and after the payment date in December 2029. Interest and principal otherwise available to pay the Class B-3 Notes may be used to pay the Class A coupons' Cap Carryover Amounts on and after the Payment Date in December 2029. Notes: All figures are in U.S. dollars unless otherwise noted. PRPM 2025-RCF6: DBRS Gives Prov. BB(low) Rating on M2 Notes ----------------------------------------------------------- DBRS, Inc. assigned provisional credit ratings to the Mortgage-Backed Notes, Series 2025-RCF6 (the Notes) to be issued by PRPM 2025-RCF6, LLC (PRPM 2025-RCF6 or the Issuer) as follows: -- $159.1 million Class A-1 at (P) AAA (sf) -- $24.0 million Class A-2 at (P) AA (low) (sf) -- $15.9 million Class A-3 at (P) A (low) (sf) -- $13.1 million Class M-1 at (P) BBB (low) (sf) -- $11.4 million Class M-2 at (P) BB (low) (sf) The (P) AAA (sf) credit rating on the Class A-1 Notes reflects 35.75% of credit enhancement provided by the subordinated notes. The (P) AA (low) (sf), (P) A (low) (sf), (P) BBB (low) (sf), and (P) BB (low) (sf) credit ratings on the Class A-2, Class A-3, Class M-1, and Class M-2 Notes reflect 26.05%, 19.65%, 14.35%, and 9.75% of credit enhancement, respectively. Other than the specified classes above, Morningstar DBRS does not rate any other classes in this transaction. The transaction is a securitization of a portfolio of newly originated and seasoned performing and reperforming first and second-lien residential mortgages to be funded by the issuance of the Notes. The Notes were backed by 734 loans with a total principal balance of $247,683,516 as of the Cut-Off Date (October 31, 2025). Morningstar DBRS calculated the portfolio to be approximately 41 months seasoned on average, though the age of the loans ranges from two months to 345 months. Approximately 85.0% of the loans had origination guideline or document deficiencies, which prevented these loans from being sold to Fannie Mae, Freddie Mac, or another purchaser, and the loans were subsequently put back to the sellers. In its analysis, Morningstar DBRS assessed such defects and applied certain penalties, and consequently increased expected losses on the mortgage pool. In the portfolio, 10.8% of the loans are modified. The modifications happened more than two years ago for 47.4% of the modified loans. Within the portfolio, 76 mortgages have non-interest-bearing deferred amounts, representing 1.2% of the total unpaid principal balance (UPB). Unless specified otherwise, all statistics on the mortgage loans in the related credit rating report are based on the current UPB, including the applicable non-interest-bearing deferred amounts. Based on Issuer-provided information, certain loans in the pool (20.7%) are not subject to or are exempt from the Consumer Financial Protection Bureau's Ability-to-Repay (ATR)/Qualified Mortgage (QM) rules because of seasoning or because they are business-purpose loans. The loans subject to the ATR rules are designated as QM Safe Harbor (63.2%), QM Rebuttable Presumption (8.6%), and Non-Qualified Mortgage (7.5%) by UPB. BM-SC, LLC (the Sponsor) acquired the mortgage loans prior to the upcoming closing date and, through a wholly owned subsidiary, PRP Depositor 2025-RCF6, LLC, will contribute the loans to the Issuer. The Sponsor, or one of its majority-owned affiliates, will acquire and retain a portion of the Class B Notes and the membership certificate representing the initial overcollateralization amount to satisfy the credit risk retention requirements. PRPM 2025-RCF6 is the 14th scratch-and-dent rated securitization for the Issuer, 13 of which are rated by Morningstar DBRS. The Sponsor has securitized many rated and unrated transactions under the PRPM shelf, most of which have been seasoned, reperforming, and nonperforming securitizations. On or before 45 days after the closing date, loans serviced by interim servicers, representing 52.5% of the mortgage loans, will be transferred to SN Servicing Corporation (SNSC). Subsequent to the transfer from interim servicers, SNSC will service 87.2% and Fay Servicing, LLC (together with SNSC, the Servicers) will service 12.8% of the mortgage loans. The Servicers will not advance any delinquent principal and interest (P&I) on the mortgages; however, the Servicers are obligated to make advances in respect of prior liens, insurance, real estate taxes, and assessments as well as reasonable costs and expenses incurred while servicing and disposing of properties. The Issuer has the option to redeem the Notes in full at a price equal to the sum of (1) the remaining aggregate Note Amount; (2) any accrued and unpaid interest due on the Notes through the redemption date, including any Cap Carryover; and (3) any fees and expenses of the transaction parties, including any unreimbursed servicing advances (Redemption Price). Such Optional Redemption may be exercised on or after the payment date in December 2027 (Optional Redemption). Additionally, a failure to pay the Notes in full by the payment date in December 2030 will trigger a mandatory auction of the underlying certificates on the January 2031 payment date by PRP Advisors, LLC (the Asset Manager) or an agent appointed by the Asset Manager. If the auction fails to elicit sufficient proceeds to make-whole the Notes, another auction will follow every four months for the first year and subsequent auctions will be carried out every six months. If the Asset Manager fails to conduct the auction, the holder of more than 50% of the Class M-2 Notes will have the right to appoint an auction agent to conduct the auction. The transaction employs a sequential-pay cash flow structure with a bullet feature to Class A-2 and more subordinate notes on the Expected Redemption Date (Payment Date in December 2029) or the occurrence of a Credit Event. Interest and principal collections are first used to pay interest and any Cap Carryover amount to the Notes sequentially and then to pay Class A-1 until its balance is reduced to zero, which may provide for timely payment of interest on certain rated Notes. Classes A-2 and below are not entitled to any payments of principal until the Expected Redemption Date or upon the occurrence of a Credit Event, except for remaining available funds representing net sale proceeds of the mortgage loans. Prior to the Expected Redemption Date or a Credit Event, any available funds remaining after Class A-1 is paid in full will be deposited into a Redemption Account. Beginning on the Payment Date in July 2031, the Class A-1 and the other offered Notes will be entitled to the initial Note Rate plus the step-up note rate of 1.00% per annum. If the Issuer does not redeem the rated Notes in full by the payment date in July 2031, or an Event of Default occurs and is continuing, a Credit Event will have occurred. Upon the occurrence of a Credit Event, accrued interest on Class A-2 and the other offered Notes will be paid as principal to Class A-1 or the succeeding senior Notes until it has been paid in full. The redirected amounts will accrue on the balances of the respective Notes and will later be paid as principal payments. Notes: All figures are in U.S. dollars unless otherwise noted. RCKT MORTGAGE 2025-CES12: Fitch Gives B(EXP) Rating on 5 Tranches ----------------------------------------------------------------- Fitch Ratings has assigned expected ratings to the residential mortgage-backed notes issued by RCKT Mortgage Trust 2025-CES12 (RCKT 2025-CES12). Entity/Debt Rating ----------- ------ RCKT 2025-CES12 A1 LT AAA(EXP)sf Expected Rating A1A LT AAA(EXP)sf Expected Rating A1B LT AAA(EXP)sf Expected Rating A1L LT AAA(EXP)sf Expected Rating A2 LT AA(EXP)sf Expected Rating A3 LT A(EXP)sf Expected Rating A4 LT AA(EXP)sf Expected Rating A5 LT A(EXP)sf Expected Rating A6 LT BBB(EXP)sf Expected Rating B1 LT BB(EXP)sf Expected Rating B1A LT BB(EXP)sf Expected Rating B1B LT BB(EXP)sf Expected Rating B2 LT B(EXP)sf Expected Rating B2A LT B(EXP)sf Expected Rating B2B LT B(EXP)sf Expected Rating B3 LT NR(EXP)sf Expected Rating BX1A LT BB(EXP)sf Expected Rating BX1B LT BB(EXP)sf Expected Rating BX2A LT B(EXP)sf Expected Rating BX2B LT B(EXP)sf Expected Rating M1 LT BBB(EXP)sf Expected Rating R LT NR(EXP)sf Expected Rating XS LT NR(EXP)sf Expected Rating Transaction Summary The notes are supported by 5,485 closed-end second lien (CES) loans with a total balance of approximately $499 million as of the cutoff date. The pool consists of CES mortgages acquired by Woodward Capital Management LLC from Rocket Mortgage, LLC. 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 (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. RCKT 2025-CES12 has a Final PD of 19.0% in the 'AAA' rating stress. Fitch's Final Loss Severity in the 'AAAsf' rating stress is 98.3%. The expected loss in the 'AAAsf' rating stress is 18.7%. Structural Analysis (Positive): The mortgage cash flow and loss allocation in RCKT 2025-CES12 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, 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 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. 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: 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 25.0% of the loans in the transaction. Fitch applies a 5-bp 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: 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. In addition, all legal requirements should be satisfied to fully de-link the transaction from any other entities. Fitch expects RCKT 2025-CES12 to be fully de-linked and bankruptcy remote SPV. All transaction parties and triggers align with Fitch 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 38.0% 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 SitusAMC 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 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. READY CAPITAL 2019-6: DBRS Confirms BB Rating on Class G Certs -------------------------------------------------------------- DBRS, Inc. confirmed all credit ratings on the classes of Commercial Mortgage Pass-Through Certificates issued by Ready Capital Mortgage Trust 2019-6 as follows: -- Class A at AAA (sf) -- Class B at AAA (sf) -- Class C at AAA (sf) -- Class D at AA (sf) -- Class E at A (high) (sf) -- Class F at BBB (sf) -- Class G at BB (sf) -- Class IO-A at AAA (sf) -- Class IO-B/C at AAA (sf) Morningstar DBRS changed the trend on Class G to Stable from Positive and maintained the Positive trends on Class E and Class F. The trends on the remaining classes are Stable. The credit rating confirmations reflect the transaction's overall stable performance since the previous Morningstar DBRS credit rating action in May 2025. As of the October 2025 remittance, 45 of the original 89 loans remained in the pool with a current trust balance of $185.4 million, reflecting a collateral reduction of 56.7%. Morningstar DBRS kept the Positive trends on Class E and Class F because of the increased credit support to the bonds as a result of successful loan repayments. Since May 2025, two loans have been repaid while the former specially serviced Lakeland Medical Office Building loan (Prospectus ID #81; 0.6% of the pool) was liquidated at a loss of $0.6 million to the trust, which was contained within the nonrated Class H. The trend change on Class G reflects Morningstar DBRS-projected credit support decline to the class as a result of the liquidated loss expectation on the largest loan in special servicing, as outlined below. In its analysis, Morningstar DBRS projected the credit support of Class G to decline to approximately 8.0% from approximately 13.0% as reported in the October 2025 remittance. As of the October 2025 remittance, there were two loans in special servicing, representing 11.5% of the current pool balance. The largest loan in special servicing, 777 E 12th St (Prospectus ID#5; 9.7% of the pool balance), is secured by a mixed-use property in the Fashion District of Downtown Los Angeles. The loan transferred to special servicing in October 2023 because of imminent monetary default with foreclosure occurring in December 2024; the asset is now real estate owned. Occupancy has declined in recent years, most recently reported at 54.7% as of the May 2025 rent roll, down from 80.1% as of September 2024 and 91.6% as of September 2023. An updated appraisal completed in May 2025 valued the property at $15.6 million, down from $30.6 million at issuance. As part of its analysis, Morningstar DBRS liquidated the loan from the pool based on a 30.0% haircut to the most recent appraisal, resulting in a value of $10.9 million ($268 per square foot (sf)). Morningstar DBRS also incorporated all outstanding servicer advances as well as additional projected advances, resulting in a projected loss of more than $10.0 million, which is contained to the nonrated Class H. The other loan in special servicing, Cabrini Dr (Prospectus ID#34; 1.8% of the pool balance), is secured by an office property totaling 16,546 sf in Burbank, California. The loan transferred to special servicing in April 2025 for payment default after it was reported 60 days delinquent. Per the October 2025 remittance, the loan remained delinquent as of the August 2025 payment. As of the May 2025 rent roll, the property was 100% leased to 14 tenants; however, the property faces significant tenant rollover risk as five tenants, representing 28.5% of net rentable area (NRA), are currently on month-to-month leases, while an additional four tenants, representing 33.2% of NRA, have leases scheduled to expire in 2026. The rollover concerns are compounded by sluggish market conditions, as according to Reis Q3 2025 data, the vacancy rate in the Burbank office submarket remain elevated at 23.7%. An updated appraisal completed in June 2025 valued the property at $5.1 million, which remains consistent with the appraised value at issuance. In its current analysis, Morningstar DBRS applied an increased loan-to-value ratio (LTV) and probability of default adjustments to reflect the current credit risk of the loan. The adjustments resulted in a loan expected loss (EL) approximately two times (x) greater than the EL for the pool. The largest loan on the servicer's watchlist, Clarwood Apartments (Prospectus ID#23; 2.3% of the pool), is secured by a 45-unit multifamily property in downtown Seattle. The loan continues to be monitored for cash flow concerns, as property operations yielded a debt service coverage ratio of 0.71x for the trailing six-month period ended June 30, 2025. While the property was 100% occupied as of June 2025 rent roll, rental rates have decreased from $1,207 per unit at issuance to $1,075 per unit as of June 2025 rent roll. Furthermore, the loan faces a heighted credit risk as it has an upcoming maturity in February 2026. In its current analysis, Morningstar DBRS applied an increased LTV and probability of default adjustments to reflect the loan's current credit risk. Inclusive of the adjustments, the resulting loan EL remains below the EL for the pool, as the loan benefits from the property's location in a dense urban location. Notes: All figures are in U.S. dollars unless otherwise noted. READY CAPITAL 2023-FL12: DBRS Confirms CCC Rating on 2 Classes -------------------------------------------------------------- DBRS Limited upgraded the credit ratings on two classes of Ready Capital Mortgage Financing 2023-FL12, LLC, as follows: -- Class B to AA (high) (sf) from AA (low) (sf) -- Class C to AA (low) (sf) from A (low) (sf) In addition, Morningstar DBRS confirmed the following credit ratings: -- Class A-S at AAA (sf) -- Class D at BBB (sf) -- Class E at BBB (low) (sf) -- Class F at CCC (sf) -- Class G at CCC (sf) Morningstar DBRS changed the trends on Classes D and E to Stable from Negative. The trends on the remaining classes are Stable with the exception of Classes F and G, which have credit ratings that typically do not carry a trend in commercial mortgage-backed securities (CMBS) transactions. In conjunction with this press release, Morningstar DBRS published a Surveillance Performance Update report with in-depth analysis and credit metrics for the transaction and with business plan updates on select loans. For access to this report, please click on the link under Related Documents below or contact us at info-DBRS@morningstar.com. The credit rating upgrades and trend changes reflect the increased credit support to the transaction, as there has been a total collateral reduction of 54.0% since closing, an increase from 37.1% at the previous Morningstar DBRS credit rating action May 2025. Additionally, the transaction benefits from the loan collateral being primarily concentrated by multifamily properties (12 loans, representing 91.1% of the current trust), which have historically proven to better retain property value and cash flow compared with other property types. The remaining loans in the pool have had mixed success in implementing borrowers' respective business plans to increase property cash flows and asset values; Morningstar DBRS applied increased loan-to-value ratio (LTV) and/or probability of default (POD) penalties across 11 (nonliquidated) loans to reflect the increased credit risks, resulting in higher loan-level expected loss (EL) figures. In addition, two of the six specially serviced loans, Thrive Tempe (Prospectus ID#15, 7.6% of the pool) and Sonoma Apartments (Prospectus ID#24, 3.4% of the pool) were analyzed with liquidation scenarios stemming from workouts that included scheduled foreclosure actions and receivership sales in the near term and continued payment delinquency. Projected losses from the liquidation scenarios totaled $13.9 million, eroding approximately 35.0% of the nonrated Class H Certificate balance. The quantitative results suggest the current credit ratings and Stable trends of the bonds are supported by the increased credit enhancement to the bonds, highlighted by the $90.0 million cumulative bond balance insulating the investment-grade rated bonds from potential losses. The trend changes to Stable for Classes D and E are further supported by the repayment of interest shortfalls. As of the October 2025 remittance, Class F received full interest payment, with an additional $14,399 received to paydown accumulated interest shortfalls on that class after the Certificate was shorted its full $300,800 interest payment with the September 2025 remittance cycle. Morningstar DBRS will continue to monitor the transaction as it relates to interest in arrears. The transaction closed in June 2023 with an initial collateral pool of 35 floating-rate mortgages by 59 transitional properties and a cut-off date balance of $648.6 million. The loans were mostly secured by cash flowing assets, many of which were in a period of transition, with plans to stabilize and improve the asset value. All loans had origination dates ranging from December 2019 to May 2023. As of the October 2025 remittance, the pool comprises 13 loans secured by 23 properties with a cumulative loan balance of $302.9 million. Leverage across the pool remains elevated as of the October 2025 reporting when compared with issuance metrics. The current weighted-average (WA) As-Is Appraised LTV is 72.9%, with a current WA Stabilized LTV of 66.2%. In comparison, these figures were 68.9% and 64.8%, respectively, at issuance. The collateral pool for the transaction is static; however, the Issuer was able to acquire funded loan participation interests into the trust through the June 2025 Payment Date subject to stated criteria and provided the monthly Par Value Ratio and Interest Coverage Ratio tests are passed. As of October 2025, the Interest Coverage Ratio test was failed as the ratio was 119.2%, less than the minimum 120.0% requirement. As of the October 2025 remittance, there were six loans in special servicing, representing 36.8% of the current trust balance, primarily as a result of maturity default. The largest loan in special servicing, Delta Court (Prospectus ID#12, 7.1% of the current pool balance), secured by a 176-unit, 10-building multifamily complex in Fairfield, California. The loan transferred to special servicing in January 2025 for maturity default ahead of the February 2025 maturity date. Although the loan was originally structured with two 12-month extension options and a final maturity date in February 2027, the borrower could not meet the requirements to extend the loan. As such, the borrower and lender are in negotiations to modify the loan, terms of which have not yet been communicated with Morningstar DBRS. As of the August 2025 rent roll, the property was 85.3% occupied with an in-place average rental rate of $1,633 per unit, above the $1,568 per unit stabilized rental rate Morningstar DBRS concluded to but less than the Issuer's figure of $1,757 per unit. The June 2025 annualized net cash flow was $1.1 million (reflecting a DSCR of 0.43x), a notable increase from the YE2023 figure of $0.6 million (a DSCR of 0.21x), but less than the Morningstar DBRS stabilized projection of $1.7 million. While no update was provided regarding the business plan, cash flow and occupancy lag stabilized projections, which in conjunction with the maturity default indicates that the property is not performing as expected. In its current analysis, Morningstar DBRS applied an increased loan-to-value ratio and probability of default adjustments to reflect current credit risk of the loan. The adjustments resulted in an EL that is in line with the pool average. The second-largest specially serviced loan is Northridge UT Portfolio (Prospectus ID#13, 7.0% of the current pool balance), secured by two garden-style multifamily properties totaling 100 units in Ogden and Roy Utah. The loan transferred to special servicing in February 2025 for maturity default at the borrower's request to negotiate a loan modification. According to the collateral manager, the borrower and lender are in negotiations regarding terms for the modification which may include a maturity extension, reduced interest rate, and a replacement interest rate cap agreement. According to the August 2025 rent roll, the in-place occupancy rate was 96.0%, above Morningstar DBRS' stabilized figure of 95.0%, with an average rental rate of $1,384 per unit that remains less than both the Morningstar DBRS and the Issuer's stabilization levels of $1,519 and $1,594 per unit, respectively. In its current analysis, Morningstar DBRS applied increased As-Is and As-Stabilized LTV adjustments, resulting in a loan EL was that was in line with the pool average. As of the October 2025 remittance, there were six loans on the servicer's watchlist, representing 50.8% of the current trust balance. The loans have generally been flagged for low occupancy rates, low debt service coverage ratios, and upcoming maturities. The largest loan on the servicer's watchlist is Appletree Portfolio (Prospectus ID#2, 18.8% of the current pool balance), secured by a portfolio of six garden-style, mid-rise and high-rise apartment multifamily properties totaling 933 units in Columbia, South Carolina (four properties), and Memphis, Tennessee (two properties) with 81.0% of the units within the Columbia MSA. The loan previously transferred to special servicing in February 2024 for imminent monetary default which resulted in a loan modification which extended the term of the loan. The loan is being monitored on the servicer's watchlist for a low occupancy rate. According to the July 2025 rent roll, the collateral was 78.9% occupied, which remains well below both h Morningstar DBRS' and the Issuer's projected occupancy rate of 93.1%. The average rental rate was $996 per unit for the same period, in line with Morningstar DBRS stabilized figure of $988 per unit, but below the Issuer's projected figure of $1,060 per unit at stabilization. Morningstar DBRS adjusted the As-is and As-stabilized LTVs to account for the increased cap rate environment in addition to an upward POD adjustment to account for lack of progress in the original business plan and stagnant cash flows, to accurately reflect the current credit risk of the loan. The resulting EL was approximately 50.0% higher than the pool average. Through October 2025, the lender had advanced cumulative loan future funding of $37.2 million to 13 outstanding individual borrowers to aid in property stabilization efforts. The largest advance, $17.8 million, was to the borrower of the 4055 Bohannon loan, which is secured by a 36,700 sf industrial property in Menlo Park, California. The property was vacant at closing; the borrower's business plan included a full conversion from an industrial building to a life sciences space. As of the most recent update from the collateral manager, the conversion was completed in April 2025 and Periodic Labs (an Artificial Intelligence start-up backed by Jeff Bezos) entered into a seven-year lease at the subject. Although occupancy and cash flow are not yet reflected, total base rent from the tenant is expected to be approximately $2.7 million. An additional $6.8 million of loan future funding is available, allocated to 10 of the outstanding individual borrowers. The largest portion of available funding ($3.2 million) is allocated to the Appletree Portfolio loan. Notes: All figures are in U.S. dollars unless otherwise noted. SEQUOIA MORTGAGE 2025-13: Fitch Gives B(EXP) Rating on Cl. B5 Certs ------------------------------------------------------------------- Fitch Ratings has assigned expected ratings to the residential mortgage-backed certificates issued by Sequoia Mortgage Trust 2025-13 (SEMT 2025-13). Entity/Debt Rating ----------- ------ SEMT 2025-13 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 ACH4 LT AAA(EXP)sf Expected Rating A31 LT AAA(EXP)sf Expected Rating ACH67 LT AAA(EXP)sf Expected Rating A32 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 AIO67 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 446 loans with a total balance of approximately $568.90 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 776 and 36.6% debt-to-income (DTI) ratio. The borrowers also have moderate leverage, with a 72.7% mark-to-market combined LTV (cLTV). Overall, 94.6% of the pool loans are for primary residences, while the remainder are second homes. 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 2025-13 has a final probability of default (PD) of 9.80% in the 'AAAsf' rating stress. Fitch's final loss severity in the 'AAAsf' rating stress is 36.23%. The expected loss in the 'AAAsf' rating stress is 3.55%. Structural Analysis: The mortgage cash flow and loss allocation in SEMT 2025-13 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 98.2% 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 2025-13 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 2025-13, 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 37.6% 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, Opus, 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. SILVER POINT 18: Moody's Assigns B3 Rating to $250,000 Cl. F Notes ------------------------------------------------------------------ Moody's Ratings has assigned ratings to two classes of notes issued and one class of loans incurred by Silver Point CLO 13, Ltd. (the Issuer or Silver Point 13): US$252,000,000 Class A-1 Secured Floating Rate Notes due 2038, Assigned Aaa (sf) US$100,000,000 Class A-1 Loans maturing 2038, Assigned Aaa (sf) US$250,000 Class F Secured Deferrable Floating Rate Notes due 2038, Assigned B3 (sf) The notes and loans listed are referred to herein, collectively, as the Rated Debt. The Class A-1 Loans may not be exchanged or converted into notes at any time. 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. Silver Point 13 is a managed cash flow CLO. The issued notes will be collateralized primarily by broadly syndicated senior secured corporate loans. At least 90% of the portfolio must consist of first lien senior secured loans and up to 10% of the portfolio may consist of assets that are not senior secured loans or eligible investments. The portfolio is approximately 95% ramped as of the closing date. Silver Point CLO Equity Fund II Manager, LLC (the Manager) will 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 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 Rated Debts, the Issuer issued six other classes of secured notes and one class of subordinated notes. The transaction incorporates interest and par coverage tests which, if triggered, divert interest and principal proceeds to pay down the notes in order of seniority. 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. For modeling purposes, Moody's used the following base-case assumptions: Par amount: $550,000,000 Diversity Score: 75 Weighted Average Rating Factor (WARF): 3116 Weighted Average Spread (WAS): 2.90% Weighted Average Recovery Rate (WARR): 46.00% Weighted Average Life (WAL): 8 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 Rated Debts is subject to uncertainty. The performance of the Rated Debts is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The Manager's investment decisions and management of the transaction will also affect the performance of the Rated Debts. SMB PRIVATE 2024-D: DBRS Confirms BB Rating on Class E Notes ------------------------------------------------------------ DBRS, Inc. confirmed 23 of its credit ratings on all classes of securities included in six SMB Private Education Loan Trust Transactions. SMB Private Education Loan Trust 2024-D Debt Rating Action ---- ------ ------ Class A-1A Notes AAA (sf) Confirmed Class A-1B Notes AAA (sf) Confirmed Class B Notes AA (sf) Confirmed Class C Notes A (low) (sf) Confirmed Class D Notes BBB (sf) Confirmed Class E Notes BB (sf) Confirmed The credit rating confirmations are based on the following analytical considerations: -- Transaction capital structure, current credit ratings, and sufficient credit enhancement (CE) levels, which have increased since inception, in line with Parity levels. -- CE is in the form of overcollateralization, reserve account, and excess spread with senior notes benefiting from subordination provided by the junior notes. Overcollateralization and reserve accounts are at their specified amounts. -- Losses have also been within S&P's initial assumptions. While forbearance, deferment, and delinquency levels have been trending upwards, overall collateral performance is within expectations, with no triggers in effect. -- CE levels are sufficient to support the Morningstar DBRS-expected default and loss severity assumptions under various stress scenarios. -- The transactions parties' capabilities with respect to origination, underwriting, and servicing. -- 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. These baseline macroeconomic scenarios replace Morningstar DBRS' moderate and adverse coronavirus pandemic scenarios, which were first published in April 2020. SOUND POINT XVIII: Moody's Cuts Rating on $32MM Cl. D Notes to B3 ----------------------------------------------------------------- Moody's Ratings has taken a variety of rating actions on the following notes issued by Sound Point CLO XVIII, Ltd.: US$48M Class B Mezzanine Secured Deferrable Floating Rate Notes, Upgraded to Aaa (sf); previously on Nov 12, 2024 Upgraded to Aa1 (sf) US$48M Class C Mezzanine Secured Deferrable Floating Rate Notes, Upgraded to Baa2 (sf); previously on Nov 12, 2024 Affirmed Baa3 (sf) US$32M Class D Junior Secured Deferrable Floating Rate Notes, Downgraded to B3 (sf); previously on Nov 12, 2024 Affirmed B1 (sf) Moody's have also affirmed the ratings on the following notes: US$520M (Current outstanding amount US$15,169,230) Class A-1 Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Nov 12, 2024 Affirmed Aaa (sf) US$66.9M Class A-2A Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Nov 12, 2024 Upgraded to Aaa (sf) US$21.1M Class A-2B-R Senior Secured Fixed Rate Notes, Affirmed Aaa (sf); previously on Nov 12, 2024 Upgraded to Aaa (sf) Sound Point CLO XVIII, Ltd., issued in January 2018, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured US loans. The portfolio is managed by Sound Point Capital Management, LP. The transaction's reinvestment period ended in January 2023. RATINGS RATIONALE The rating upgrades on the Class B and Class C notes are primarily a result of the deleveraging of the senior notes following amortisation of the underlying portfolio over since the last rating action in November 2024. The Class A-1 notes have paid down by approximately USD168.3 million (32.4% of original balance) since the last rating action in November 2024 and by USD504.8m (97.1%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased for Class A, Class B and Class C. According to the trustee report dated November 2025[1] the Class A, Class B and Class C OC ratios are reported at 220.03%, 150.17% and 113.98% compared to November 2024[2] levels of 152.03%, 129.19% and 112.32%, 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 affirmations on the ratings on the Class A-1, Class A-2A and Class A-2B-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 downgrade action on Class D notes is primarily a result of deterioration in the credit quality of the underlying collateral pool and deterioration in Class D OC ratio since the last rating action in November 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 November 2025[1], the WARF was 3917, compared with 3544 in November 2024[2]. Securities with ratings of Caa1 or lower currently make up approximately 25.91% of the underlying portfolio, as per the November 2025[1] report, versus 19.17% in November 2024[2]. The Class D OC ratio has deteriorated since the last rating action in November 2024. According to the trustee report dated November 2025[1] the Class D OC ratio is reported at 98.20% compared to November 2024[2] level of 103.32%. Key model inputs: 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 its published methodology and could differ from the trustee's reported numbers. In its base case, Moody's used the following assumptions: Performing par and principal proceeds balance: USD238.9m Defaulted Securities: USD6.7m Diversity Score: 48 Weighted Average Rating Factor (WARF): 3698 Weighted Average Life (WAL): 2.78 years Weighted Average Spread (WAS) (before accounting for reference rate floors): 3.48% Weighted Average Coupon (WAC): 12.0% Weighted Average Recovery Rate (WARR): 46.32% Par haircut in OC tests and interest diversion test: 6.08% 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 its 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. 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. 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 other Moody's analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. SPLITERO TRUST 2025-1: DBRS Finalizes B Rating on Class B2 Notes ---------------------------------------------------------------- DBRS, Inc. finalized its provisional credit ratings on the Asset-Backed Securities, Series 2025-1 (the Notes) issued by Splitero Trust 2025-1 as follows: -- $195.5 million Class A-1 at A (low) (sf) -- $48.0 million Class A-2 at BBB (low) (sf) -- $11.5 million Class B-1 at BB (high) (sf) -- $28.3 million Class B-2 at B (sf) The A (low) (sf) credit rating reflects credit enhancement of 31.0% for Class A-1, the BBB (low) (sf) credit rating reflects credit enhancement of 14.1% for Class A-2, the BB (high) (sf) credit rating reflects credit enhancement of 10.0% for Class B-1, and the B (sf) credit rating reflects credit enhancement of 0.0% for Class B-2. Other than the specified classes above, Morningstar DBRS did not rate any other classes in this transaction. Home equity investments (HEIs) allow homeowners access to the equity in their homes without having to sell their homes or make monthly mortgage payments. HEIs provide homeowners with an alternative to borrowing and are available to homeowners of any age (unlike reverse mortgage loans, for example, for which there is often a minimum age requirement). A homeowner receives an upfront cash payment (an advance or an investment payment) in exchange for giving an investor (i.e., an originator) a stake in their property. The homeowner retains sole right of occupancy of the property and pays all upkeep and expenses during the term of the HEI, but the originator earns an investment return based on the future value of the property, typically subject to a returns cap. Like reverse mortgage loans, the HEI underwriting approach is asset based, meaning greater emphasis is placed on the value of the underlying property and the amount of home equity than on the credit quality of the homeowner. The property value is the main focus for predicting investment return because it is the primary source of funds to satisfy the obligation. HEIs are nonrecourse; in a default situation, a homeowner is not required to provide additional funds when the HEI settlement amount exceeds the remaining equity value in the property (after accounting for any other obligations such as senior liens, if applicable). Recovery of the advance and any originator return is driven by the structure of the agreement, the amount of appreciation/ depreciation on the property, the amount of debt that may be senior to the HEA, and the cap on investor return. As of the cut-off date, the collateral consists of approximately $283.3 million in current exercise value from 2,193 nonrecourse HEI agreements secured by first, second, and third liens on single-family residences. All of the contracts in the asset pool were originated between 2024 and 2025. Of the pool, 233 contracts in the transaction are first-lien contracts, representing roughly $28.7 million in current exercise value; 1,901 are second-lien contracts, representing roughly $244.8 million in current exercise value; and 59 are third-lien contracts, representing roughly $9.8 million in current exercise value. Of the pool, 10.2% of the contracts are in first-lien position and have a weighted-average (WA) multiple share rate of 2.00 times (x), 86.2% are second-lien contracts and have a WA multiple share rate of 2.00x, and 3.6% of the pool are third-lien contracts with a WA multiple share rate of 2.00x. This brings the entire transaction's WA multiple share rate to 2.00x. To better understand the impact and mechanics of exchange rates, please see the example in the Contract Mechanics--Worked Example section of the related report. The original unadjusted loan-to-value ratio (LTV) of the pool is 35.66% (i.e., of senior liens ahead of the contracts). At cut-off, the pool had a WA investment amount (option to value; OTV) of 20.38%, and a WA option LTV (i.e., option plus senior lien) of 56.02%. The transaction uses a sequential structure. For cash distributions that are paid prior to the occurrence of a Trigger Event, payments are first made to the Interest Amounts and any Interest Carryover on the Class A-1, Class A-2 (prior to the occurrence of a Class A-2 Trigger Event), Class B-1 (prior to the occurrence of a Class B-1 Trigger Event), and Class B-2 (prior to the occurrence of a Class B-2 Trigger Event) Notes. Payments are then made to the Note Amount of Class A-1 until such notes are paid off. With respect to the Class A-2, Class B-1, and Class B-2 notes, payments are then made to the Note Amount until the Note Amounts of the Class A-2, Class B-1, and Class B-2 notes are paid off with an amount up to the amount of Net Sale Proceeds (if any) that was included in the total Available Funds on such Payment Date in sequential order. If a Class B-1 or Class B-2 Trigger Event occurs, payments of interest that would go to the Class B-1 and B-2 notes will instead be redirected first to the Advance Facility Provider, followed by principal to the Class A-1 notes until reduced to zero. For cash distributions that are paid after the occurrence of a Trigger Event, payments are first made to the Interest Amounts and any Interest Carryover on Class A-1 notes. In the event that the Class A-1 notes have not been redeemed or paid in full, on or after the Expected Redemption Date, the A-2 notes Accrual Amount would be paid first to Class A-1 notes until its paid off and then as Additional Accrued Amounts to Class A-1 notes, until such amounts have been reduced to zero. If the Class A-1 notes have been redeemed or paid in full prior to the Redemption Date, payments are made to the Interest Amounts and any unpaid Interest Carryover on Class A-2 notes. The Class B-1 and B-2 notes are accrual notes and will not be entitled to any payments of principal until Class A-1 and Class A-2 are paid down along with their respective Additional Accrued Amounts that have accrued but were previously unpaid. With respect to the Class A-1 notes, payments are first made to the Note Amount until such amounts are reduced to zero and then to the Additional Accrued Amounts including any unpaid Additional Accrued Amounts until such amounts are reduced to zero on the Class A-1 notes. The Class A-2 notes are then paid their respective Note Amount until it is paid off and the Additional Accrued Amounts including any unpaid Additional Accrued Amounts until it is reduced to zero. The Class B-1 notes are then paid their respective Note Amount until it is paid off and the Additional Accrued Amounts including any unpaid Additional Accrued Amounts until reduced to zero. Lastly, the Class B-2 notes are then paid their respective Note Amount until it is paid off and the Additional Accrued Amounts including any unpaid Additional Accrued Amounts until reduced to zero. A Trigger Event will occur if (1) the payment date on which the balance on deposit in the Reserve Fund is less than 50% of the Reserve Fund Target Amount or (2) the payment date on which the average of the updated valuations of the outstanding options is less than 90% (in the case of the Class B-1 notes) or 95% (in the case of the Class B-2 notes) of the starting home valuation as of the cut-off date, or (3) if the notes are not redeemed by the expected redemption date (November 2028). Notes: All figures are in U.S. dollars unless otherwise noted. STWD 2025-FL4: DBRS Finalizes B(low) Rating on 3 Note Classes ------------------------------------------------------------- DBRS, Inc. finalized its provisional credit ratings on the following classes of notes (the Notes) issued by STWD 2025-FL4, LLC (the Issuer): -- Class A at AAA (sf) -- Class A-S at AAA (sf) -- Class B at AA (low) (sf) -- Class C at A (low) (sf) -- Class D at BBB (sf) -- Class E at BBB (low) (sf) -- Class E-E at BBB (low) (sf) -- Class E-X at BBB (low) (sf) -- Class F at BB (low) (sf) -- Class F-E at BB (low) (sf) -- Class F-X at BB (low) (sf) -- Class G at B (low) (sf) -- Class G-E at B (low) (sf) -- Class G-X at B (low) (sf) All trends are Stable. The Class F, Class F-E, Class F-X, Class G, Class G-E, and Class G-X Notes are non-offered notes. The Class E, Class F, and Class G Notes are exchangeable notes. The exchangeable notes are exchangeable for proportionate interests in modifiable and splitable or combinable notes (MASCOT Notes), subject to the satisfaction of certain conditions and restrictions described in the Offering Memorandum. All or a portion of each class of exchangeable notes may be exchanged as follows: the Class E Notes may be exchanged for proportionate interests in the Class E-E Notes and the Class E-X Notes, the Class F Notes may be exchanged for proportionate interests in the Class F-E Notes and the Class F-X Notes, and the Class G Notes may be exchanged for proportionate interests in the Class G-E Notes and the Class G-X Notes. Payments on the MASCOT Notes are made at the same priority as the reference note and the Morningstar DBRS credit ratings on the MASCOT Notes match the credit rating on the reference note. Since Morningstar DBRS assigned its provisional credit ratings on November 6, 2025, the Issuer upsized the deal by 10.0%, equating to a $100.4 million increase in trust amount for a corresponding pro rata increase in each loan's cut-off date balance and the aggregate amount of each class of issued notes. The transaction's initial collateral consists of 22 floating-rate mortgage loans, participations in mortgage loans, and mortgage/mezzanine loan combinations secured by 35 transitional multifamily, mixed-use, industrial, hotel, and student housing properties. The collateral is encumbered by $2.1 billion of debt, composed of $1.1 billion going into the trust, $38.6 million of future funding, and $983.7 million of funded pari passu debt. Of the $1.1 billion trust cut-off balance, $68.1 million (6.2%) is mezzanine debt, as part of the trust debt stack for six loans in the pool. Comprising 52.2% of the pool, 10 loans are structured with future funding of $38.6 million. Two loans in the pool, Apex @ Meadows and Marina Club (Prospectus ID #6 and #10), representing 10.1% of the initial pool balance, are delayed-close mortgage assets, which are identified in the data tape and included in Morningstar DBRS' analysis. The Issuer has 90 days after the transaction closing date to acquire the delayed-close assets. The transaction is a managed vehicle, which includes a 30-month reinvestment period. Reinvestment of principal proceeds during the reinvestment period is subject to eligibility criteria, which, among other criteria, includes a credit rating agency no-downgrade confirmation (RAC) from Morningstar DBRS for any contribution to the trust over a $5.0 million threshold, unless such contribution is a participation in a loan the Issuer already owns. Morningstar DBRS will confirm that a proposed action, failure to act, or other specified event will not, in and of itself, result in the downgrade or withdrawal of the current credit ratings during the reinvestment period. All tables, charts, and metrics referenced in this report reflect the $1.1 billion initial pool and cut-off balance. If a delayed-close asset is not expected to close or fund on or before the delayed-close purchase termination date, which occurs 90 days after transaction close, then the Issuer may acquire such delayed-close collateral interest at any time during the transaction reinvestment period upon satisfying the transaction eligibility criteria, acquisition criteria, and acquisition and disposition requirements. The eligibility criteria establishes maximum trust concentrations for certain property types and corresponding maximum Loan-to-Value Ratios (LTV) and minimum Debt Service Coverage Ratios (DSCR) by property type among other requirements. The loans are secured by properties with plans to stabilize and improve the asset value. Ten of the loans, representing 52.2% of the pool, have remaining future funding totaling $38.6 million. Twelve loans do not have remaining future funding, and the path to stabilization for such loans is primarily based on increasing occupancy, achieving operational efficiencies, or receiving tax abatements by aligning with set criteria at the secured properties. All of the loans in the pool have floating rates, and Morningstar DBRS incorporates an interest rate stress that is based on the lower of (1) a Morningstar DBRS stressed rate that corresponds to the remaining fully extended term of the loans or (2) the strike price of an interest rate cap, if applicable, with the respective contractual loan spread added to determine a stressed interest rate over the loan term. When the debt service payments were measured against the Morningstar DBRS As-Is net cash flow (NCF), 15 of the 22 loans, representing 70.7% of the initial pool balance, had a Morningstar DBRS As-Is DSCR of below 1.00x, a threshold indicative of default risk. The Morningstar DBRS Stabilized NCF for the 15 loans, representing 70.7% of the initial pool balance, had a Morningstar DBRS Stabilized DSCR of 1.00x or below, which is indicative of refinance risk. The properties are often transitioning with potential upside in cash flow; however, Morningstar DBRS does not give full credit to the stabilization if there are no holdbacks or if other structural features in place are insufficient to support such treatment. Furthermore, even with the structure provided, Morningstar DBRS generally does not assume the assets will stabilize above market levels. Notes: All figures are in U.S. dollars unless otherwise noted. TCW CLO 2025-2: S&P Assigns Prelim BB-(sf) Rating on Class E Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to TCW CLO 2025-2 Ltd./TCW CLO 2025-2 LLC's fixed- and 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 TCW Asset Management Company LLC, a subsidiary of The TCW Group Inc. The preliminary ratings are based on information as of Dec. 2, 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 TCW CLO 2025-2 Ltd./TCW CLO 2025-2 LLC Class X, $5.00 million: NR Class A, $250.00 million: NR Class A loan, $70.00 million: NR Class B, $60.00 million: AA (sf) Class C-1 (deferrable), $19.00 million: A (sf) Class C-2 (deferrable), $11.00 million: A (sf) Class D-1 (deferrable), $25.00 million: BBB (sf) Class D-2 (deferrable), $10.00 million: BBB- (sf) Class E (deferrable), $15.00 million: BB- (sf) Subordinated notes, $42.86 million: NR NR--Not rated. TIKEHAU US IV: S&P Assigns Prelim BB- (sf) Rating on Cl. E-R Notes ------------------------------------------------------------------ S&P Global Ratings assigned its preliminary ratings to the class A-1-R, A-2-R, B-R, C-1-R, C-2-R, D-R, and E-R replacement debt from Tikehau US CLO IV Ltd./Tikehau US CLO IV LLC, a CLO originally issued in June 2023 that is managed by Tikehau Structured Credit Management LLC. The preliminary ratings are based on information as of Dec. 2, 2025. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings. On the Dec. 5, 2025, refinancing date, the proceeds from the replacement debt will be used to redeem the original debt. S&P said, "At that time, we expect to withdraw our ratings on the original debt and assign ratings to the replacement debt. However, if the refinancing doesn't occur, we may affirm our ratings on the original 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 transaction will be collateralized by at least 90.00% senior secured loans, cash, and eligible investments, with a minimum of 80.00% of the loan borrowers required to be based in the U.S. -- The replacement class C-1-R debt is expected to be issued at a floating spread, while the replacement class C-2-R debt is expected to be issued at a fixed rate, replacing the current class C floating spread. -- The non-call period will be extended to Oct. 15, 2027. -- The reinvestment period will be extended to Oct. 15, 2030. -- The legal final maturity dates for the replacement debt and the existing subordinated notes will be extended to March 15, 2038 -- No additional assets will be purchased on the Dec. 5, 2025, refinancing date, and the target initial par amount will remain at $500 million. There will be no additional effective date or ramp-up period, and the first payment date following the refinancing is Jan. 15, 2026. -- An additional $19.05 million of 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 recoveries upon default, under various interest rate and macroeconomic scenarios. Our analysis also considered the transaction's ability to pay timely interest and/or ultimate principal to each of the rated tranches. "We will continue to review whether, in our view, the ratings assigned to the debt remain consistent with the credit enhancement available to support them and take rating actions as we deem necessary." Preliminary Ratings Assigned Tikehau US CLO IV Ltd./Tikehau US CLO IV LLC Class A-1-R, $300.00 million: AAA (sf) Class A-2-R, $10.00 million: AAA (sf) Class B-R, $70.00 million: AA (sf) Class C-1-R (deferrable), $20.00 million: A (sf) Class C-2-R (deferrable), $10.00 million: A (sf) Class D-R (deferrable), $30.00 million: BBB- (sf) Class E-R (deferrable), $16.75 million: BB- (sf) Other Outstanding Debt Tikehau US CLO IV Ltd./Tikehau US CLO IV LLC Subordinated notes, $69.60 million: Not rated UNIV TRUST 2025-APTS: DBRS Finalizes B Rating on Class F Certs -------------------------------------------------------------- DBRS, Inc. finalized its provisional credit ratings on the following classes of Commercial Mortgage Pass-Through Certificates, Series 2025-APTS (the Certificates) issued by UNIV Trust 2025-APTS (the Trust): -- Class A at AAA (sf) -- Class B at AA (high) (sf) -- Class C at AA (low) (sf) -- Class D at BBB (low) (sf) -- Class E at BB (low) (sf) -- Class F at B (sf) -- Class G at 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. VERDE LTD: Moody's Cuts Rating on $23.7MM Cl. E-R Notes to B1 ------------------------------------------------------------- Moody's Ratings has taken a variety of rating actions on the following notes issued by Verde CLO, Ltd.: US$56.4M Class B-RR Senior Secured Floating Rate Notes, Upgraded to Aaa (sf); previously on Sep 4, 2024 Assigned Aa1 (sf) US$26M Class C-RR Deferrable Mezzanine Secured Floating Rate Notes, Upgraded to Aa1 (sf); previously on Sep 4, 2024 Assigned A2 (sf) US$29.4M Class D-RR Deferrable Mezzanine Secured Floating Rate Notes, Upgraded to Baa2 (sf); previously on Sep 4, 2024 Assigned Baa3 (sf) US$23.7M Class E-R Deferrable Junior Secured Floating Rate Notes, Downgraded to B1 (sf); previously on Apr 15, 2021 Assigned Ba3 (sf) Moody's have also affirmed the rating on the following notes: US$319.5M (Current outstanding balance US$175,799,032) Class A-RR Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on Sep 4, 2024 Assigned Aaa (sf) Verde CLO, Ltd., issued in April 2019 and refinanced twice: in April 2021 and again in September 2024 is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured US loans. The portfolio is managed by Invesco RR Fund L.P. The transaction's reinvestment period ended in April 2024. RATINGS RATIONALE The rating upgrades on the Class B-RR, Class C-RR and Class D-RR notes are primarily a result of the deleveraging of the Class A-RR notes following amortisation of the underlying portfolio in the last 12 months; the downgrade to the rating on the Class E-R notes is due to the loss of par in the last 12 months. The affirmation on the rating on the Class A-RR notes is primarily a result of the expected losses on the notes remaining consistent with its current rating level, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The Class A-RR notes have paid down by approximately USD124.46 million (38.89%) in the last 12 months (USD143.74 million (44.92%) since the last rating action in September 2024 and USD144.2 million (45.06%) since closing). As a result of the deleveraging, over-collateralisation (OC) has. According to the trustee report dated November 2025[1] the Class A/B, Class C, Class D and Class E OC ratios are reported at 142.99%, 128.59%, 115.45% and 106.66% compared to November 2024[2] levels of 131.72%, 122.77%, 114.01% and 107.81%, 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: USD331.34m Defaulted Securities: USD1.23m Diversity Score: 68 Weighted Average Rating Factor (WARF): 2754 Weighted Average Life (WAL): 3.97 years Weighted Average Spread (WAS) (before accounting for reference rate floors): 3.06% Weighted Average Coupon (WAC): 4.92% Weighted Average Recovery Rate (WARR): 46.36% 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 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. 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. 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. WELLS FARGO 2015-C30: DBRS Confirms B(high) Rating on F Certs ------------------------------------------------------------- DBRS, Inc. downgraded its credit ratings on two classes of the Commercial Mortgage Pass-Through Certificates, Series 2015-C30 issued by Wells Fargo Commercial Mortgage Trust 2015-C30 as follows: -- Class X-FG to CCC (sf) from B (sf) -- Class G to CCC (sf) from B (low) (sf) In addition, Morningstar DBRS confirmed its credit rating on Class F at B (high) (sf). Morningstar DBRS discontinued the credit ratings on Classes E and X-E as those classes were repaid with the November 2025 remittance. Morningstar DBRS changed the trend on Class F to Negative from Stable. Classes X-FG and G have credit ratings that do not typically carry trends in commercial mortgage-backed securities (CMBS) credit ratings. The credit rating downgrade on the Class G certificate reflects Morningstar DBRS' loss projections for the three remaining loans in the pool, all of which are specially serviced as of the November 2025 remittance. With this review, Morningstar DBRS considered liquidation scenarios for those loans, based on haircuts to the most recently reported appraised values for the underlying collateral. Total projected liquidated losses of $10.2 million would erode approximately 80.0% of the nonrated Class H certificate, leaving minimal cushion/reduced credit support for the Class G certificate. In addition to the liquidated loss projections, interest shortfalls have continued to accrue. The Class G certificate (which has not received full interest since the September 2025 remittance) has been shorted by approximately $50,000. Morningstar DBRS' tolerance for unpaid interest is limited to six remittance periods at the BB or B credit rating categories. Morningstar DBRS expects that shortfalls will continue to accrue given two of the specially serviced loans (representing 92.5% of the pool balance) have been deemed nonrecoverable. Although the Class F certificate continues to receive full interest due, should the workout periods continue to extend and/or should the as-is values for the underlying collateral backing the defaulted loans deteriorate further, Class F may be more susceptible to interest shortfalls as a result of accumulating appraisal subordination entitlement reduction amounts, outstanding advances, and other expenses/fees. These factors form Morningstar DBRS' primary rationale for the credit rating downgrade on the Class G certificate and the Negative trend on the Class F certificate. As of the November 2025 remittance, interest shortfalls total $1.5 million, compared with $1.2 million at the prior credit rating action. The Pennbrook Apartment loan (Prospectus ID#9, 60.8% of the pool balance) is secured by a 74-unit student housing complex in Philadelphia. The loan was transferred to special servicing in June 2025 for monetary default. The property's performance has continued to decline over the past few years, following the nonrenewal of the master lease to St. Joseph's University in May 2023. The servicer is currently seeking to appoint a receiver, with the loan's workout strategy noted as foreclosure. According to the August 2025 appraisal, the property was valued at $11.7 million, approximately 55% below the issuance appraised value of $25.8 million. The subject was 65.0% occupied per the August 2025 rent roll. The loan's debt service coverage ratio (DSCR) has been below breakeven since 2023. Given the sustained decline in cash flow, extended time in special servicing, and considerable reduction in the property's value, Morningstar DBRS analyzed the loan under a liquidation scenario based on conservative haircut to the most recent appraised value, resulting in an implied loss of $9.5 million and loss severity of more than 60%. The second-largest loan in special servicing, Sheraton Crescent Phoenix, is secured by the borrower's fee-simple interest in a 342-key, full-service hotel in Phoenix. The loan was transferred to special servicing in March 2020 for imminent monetary default and, as of the November 2025 reporting, was last paid in April 2021. The hotel closed permanently in 2023. According to the servicer, the property is under contract for a receiver sale, with the court approving a sale motion as of October 2025. The most recent appraisal, dated June 2025, valued the property at $11.0 million, approximately 38% below the issuance appraised value of $17.6 million. Although Morningstar DBRS remains cautiously optimistic on the outcome of the receiver sale, the implied loan-to-value ratio (based on the most recent appraisal) is moderate at 74.0%, suggesting potential losses would be nominal upon disposition of the property. Notes: All figures are in U.S. dollars unless otherwise noted. WELLS FARGO 2025-5C7: Fitch Assigns B-(EXP) Rating on F-RR Certs ---------------------------------------------------------------- Fitch Ratings has assigned expected ratings and Ratings Outlooks to Wells Fargo Commercial Mortgage Trust 2025-5C7 Commercial Mortgage Pass-Through Certificates, Series 2025-5C7 as follows; - $4,228,000 class A-1 'AAA(EXP)sf'; Outlook Stable; - $75,000,000a class A-2 'AAA(EXP)sf'; Outlook Stable; - $461,076,000a class A-3 'AAA(EXP)sf'; Outlook Stable; - $540,304,000b class X-A 'AAA(EXP)sf'; Outlook Stable; - $132,181,000b class X-B 'A-(EXP)sf'; Outlook Stable; - $50,171,000 class A-S 'AAA(EXP)sf'; Outlook Stable; - $45,347,000 class B 'AA-(EXP)sf'; Outlook Stable; - $36,663,000 class C 'A-(EXP)sf'; Outlook Stable; - $27,602,000bc class X-D 'BBB-(EXP)sf'; Outlook Stable; - $27,602,000c class D 'BBB-(EXP)sf'; Outlook Stable; - $24,499,000cd class E-RR 'BB-(EXP)sf'; Outlook Stable; - $13,508,000cd class F-RR 'B-(EXP)sf'; Outlook Stable; Fitch does not expect to rate the following class: - $33,769,063cd class G-RR Fitch does not expect to rate the following loan-specific classes: - $14,660,000ce class MBP-C - $14,660,000bce class MBP-X - $27,090,000ce class MBP-D - $27,530,000ce class MBP-E - $28,940,000ce class MBP-F - $5,180,000ce class MBP-G - $6,600,000ce class MBP-HRR - $11,750,000ce class CG-A - $64,600,000bce class CG-X - $15,750,000ce class CG-B - $21,550,000ce class CG-C - $15,550,000ce class CG-D - $3,400,000ce class CG-HRR (a) The initial certificate balances of classes A-2 and A-3 are unknown and expected to be $536,076,000 in aggregate, subject to a 5% variance. The certificate balances will be determined based on the final pricing of those classes of certificates. The expected class A-2 balance range is $0 to $150,000,000, and the expected class A-3 balance range is $386,076,000 to $536,076,000. Fitch's certificate balances for classes A-2 and A-3 reflect the midpoint value of each range. (b) Notional amount and interest only. (c) Privately placed and pursuant to Rule 144A. (d) Classes E-RR, F-RR and G-RR certificates comprise the transaction's horizontal risk retention interest. (e) The transaction includes 13 classes of non-offered loan specific certificates (non-pooled rake classes) related to the companion loans of Mall at Bay Plaza (MBP-) and Crossgates Mall (CG-). The expected ratings are based on information provided by the issuer as of Dec. 1, 2025. Transaction Summary The certificates represent the beneficial ownership interest in the trust, the primary assets of which are 25 loans secured by 265 commercial properties with an aggregate principal balance of $771,863,063, as of the cutoff date. The loans were contributed to the trust by Wells Fargo Bank, National Association, Zions Bancorporation, N.A., Citi Real Estate Funding Inc., JPMorgan Chase Bank, National Association, UBS AG, BSPRT CMBS Finance, LLC, Goldman Sachs Mortgage Company and Societe Generale Financial Corporation. Midland Loan Services, a Division of PNC Bank, National Association is expected to serve as the master servicer. CWCapital Asset Management LLC is expected to serve as the special servicer to the mortgage loans with the exception of Mall at Bay Plaza and Crossgates Mall. KeyBank National Association is expected to act as the special servicer with respect to Mall at Bay Plaza, and Midland Loan Services, a Division of PNC Bank, National Association is expected to act as the special servicer with respect to Crossgates Mall. Computershare Trust Company, National Association is expected to serve as the trustee and certificate administrator. BellOak, LLC is expected to be the operating advisor. The certificates are expected to follow a sequential paydown structure. The transaction is expected to close on Dec. 18, 2025 KEY RATING DRIVERS Fitch Net Cash Flow: Fitch performed cash flow analyses on 18 loans totaling 89.0% by balance. Fitch's resulting net cash flow (NCF) of $79.2 million represents an 15.6% decline from the issuer's underwritten NCF. Higher Leverage Compared to Recent Transactions: The pool has higher leverage compared to recent U.S. Private Label Multiborrower transactions rated by Fitch. The pool's Fitch loan-to-value ratio (LTV) of 99.7% is higher than the 2025 YTD and 2024 averages of 97.0% and 92.4%, respectively. The pool's Fitch NCF debt yield (DY) of 10.3% is lower than the 2025 YTD and 2024 averages of 10.4% and 10.7%, respectively. Higher Pool Concentration: The pool is more concentrated than recently rated Fitch transactions. The top 10 loans in the pool make up 69.2% of the pool, higher than the 2025 YTD and 2024 averages of 62.1% and 61.0%, respectively. The pool's effective loan count of 18.2 is lower than the 2025 YTD and 2024 average of 21.4 and 22.2, respectively. Investment-Grade Credit Opinion Loans: One loan, Mall at Bay Plaza (9.1% of the pool) received a standalone credit opinion of 'A-sf*'. The pool's investment-grade credit opinion percentage is lower than the 2025 YTD and 2024 averages of 15.3% and 14.9%, respectively. Excluding credit opinion loans, the pool's Fitch LTV and DY are 102.3% and 10.1%, respectively, compared with the 2025 YTD conduit LTV and DY averages of 103.2% and 9.5%, 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'/'BBB-sf'/'BB-sf'/'B-sf'; - 10% NCF Decline: 'AAAsf'/'AA-sf'/'A-sf'/'BBBsf'/'BBsf'/'B-sf'/ below 'CCCsf'. 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'/'BBB-sf'/'BB-sf'/'B-sf'; - 10% NCF Increase: 'AAAsf'/'AAAsf'/'AA+sf'/'A+sf'/'BBBsf'/'BBsf'/'B+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. WHITEBOX CLO I: S&P Assigns BB- (sf) Rating on Class E-R3 Notes --------------------------------------------------------------- S&P Global Ratings assigned its ratings to the replacement class A-1-R3, A-2-R3, B-R3, C-R3, D-1-R3, D-2-R3, and E-R3 debt and new class X-R3 debt from Whitebox CLO I Ltd./Whitebox CLO I LLC, a CLO managed by Whitebox Capital Management LLC that was originally issued in August 2019 and underwent a second refinancing in June 2024. At the same time, S&P withdrew its ratings on the previous class X-RR, A-1-RR, A-2-RR, B-RR, C-RR, D-1-RR, D-2-RR, and E-RR debt following payment in full on the Dec. 1, 2025, refinancing date. The replacement was issued via a proposed supplemental indenture, which outlines the terms of the replacement debt. According to the proposed supplemental indenture: -- The replacement debt was issued at lower spreads than the existing debt. -- The non-call period was extended to Dec. 1, 2026. -- The reinvestment period was extended to Jan. 24, 2029. -- The legal final maturity dates for the replacement debt and the existing subordinated notes were extended to Jan. 24, 2037. -- New class X-R3 debt was issued on the refinancing date. This debt is expected to be paid down using interest proceeds during the first 12 payment dates, beginning with the Jan. 24, 2026, payment date. -- The required minimum overcollateralization 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 Whitebox CLO I Ltd./Whitebox CLO I LLC Class X-R3, $4.30 million: AAA (sf) Class A-1-R3, $254.00 million: AAA (sf) Class A-2-R3, $10.00 million: AAA (sf) Class B-R3, $40.00 million: AA (sf) Class C-R3 (deferrable), $24.00 million: A (sf) Class D-1-R3 (deferrable), $24.00 million: BBB- (sf) Class D-2-R3 (deferrable), $4.00 million: BBB- (sf) Class E-R3 (deferrable), $14.00 million: BB- (sf) Ratings Withdrawn Whitebox CLO I Ltd./Whitebox CLO I LLC Class X-RR to NR from 'AAA (sf)' Class A-1-RR to NR from 'AAA (sf)' Class A-2-RR to NR from 'AAA (sf)' Class B-RR to NR from 'AA (sf)' Class C-RR (deferrable) to NR from 'A (sf)' Class D-1-RR (deferrable) to NR from 'BBB- (sf)' Class D-2-RR (deferrable) to NR from 'BBB- (sf)' Class E-RR (deferrable) to NR from 'BB- (sf)' Other Debt Whitebox CLO I Ltd./Whitebox CLO I LLC Subordinated notes, $35.45 million: NR NR--Not rated. [] DBRS Reviews 47 Classes From 8 US RMBS Transactions ------------------------------------------------------ DBRS, Inc. reviewed 47 classes from eight U.S. residential mortgage-backed securities (RMBS) transactions. The transactions reviewed are classified as reverse mortgages. Of the 47 classes reviewed, Morningstar DBRS upgraded its credit ratings to 12 classes, confirmed its credit ratings to 23 classes, and discontinued its credit ratings to 12 classes. The Affected Ratings are available at https://tinyurl.com/3henu2ps The Issuers are: CFMT 2020-AB1, LLC CFMT 2022-HB9, LLC CFMT 2023-HB12, LLC EFMT 2024-RM3 Cascade Funding Mortgage Trust 2022-AB2 Cascade Funding Mortgage Trust 2022-RM4 CFMT 2022-HB8, LLC Finance of America Structured Securities Trust, Series 2024-S4 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 discontinued credit ratings reflect the full repayment of principal to the bondholders. 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. Notes: All figures are in US dollars unless otherwise noted. [] Moody's Upgrades Ratings on 24 Bonds from 9 US RMBS Deals ------------------------------------------------------------ Moody's Ratings has upgraded the ratings of 24 bonds from nine US residential mortgage-backed transactions (RMBS), backed by subprime and Option-ARM mortgages issued by multiple issuers. 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: ACE Securities Corp. Home Equity Loan Trust, Series 2006-HE1 Cl. A-1B2, Upgraded to Aaa (sf); previously on Jun 7, 2022 Upgraded to Aa2 (sf) Underlying Rating: Upgraded to Aaa (sf); previously on Jun 7, 2022 Upgraded to Aa2 (sf) Financial Guarantor: Assured Guaranty Inc. (Affirmed at A1, Outlook stable on Jul, 2024) Cl. A-2D, Upgraded to Aaa (sf); previously on Jun 7, 2022 Upgraded to Aa2 (sf) Cl. M-1, Upgraded to Ca (sf); previously on Apr 14, 2010 Downgraded to C (sf) Issuer: Argent Securities Inc., Series 2005-W5 Cl. A-2C, Upgraded to Aaa (sf); previously on Sep 10, 2024 Upgraded to A1 (sf) Cl. A-2D, Upgraded to Aaa (sf); previously on Sep 10, 2024 Upgraded to A1 (sf) Cl. M-1, Upgraded to Ca (sf); previously on Apr 12, 2010 Downgraded to C (sf) Issuer: Asset Backed Securities Corporation Home Equity Loan Trust, Series OOMC 2006-HE5 Cl. M1, Upgraded to Caa1 (sf); previously on Apr 13, 2018 Upgraded to Ca (sf) Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB2 Cl. AF-2, Upgraded to Caa1 (sf); previously on Mar 26, 2018 Upgraded to Caa3 (sf) Cl. AF-3, Upgraded to Caa1 (sf); previously on Mar 26, 2018 Upgraded to Caa3 (sf) Cl. AF-4, Upgraded to Caa1 (sf); previously on Mar 26, 2018 Upgraded to Caa3 (sf) Cl. AV, Upgraded to Aaa (sf); previously on Mar 14, 2023 Upgraded to Aa2 (sf) Issuer: C-BASS Mortgage Loan Asset-Backed Certificates, Series 2006-CB6 Cl. A-II-4, Upgraded to Aaa (sf); previously on Oct 25, 2024 Upgraded to Aa1 (sf) Cl. M-1, Upgraded to Caa3 (sf); previously on Nov 20, 2018 Upgraded to Ca (sf) Issuer: CSFB Home Equity Asset Trust 2006-3 Cl. M-2, Upgraded to Ba1 (sf); previously on Oct 21, 2024 Upgraded to Ba3 (sf) Issuer: Lehman XS Trust Series 2006-GP3 Cl. 1-A1, Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Ca (sf) Cl. 2-A1, Upgraded to Caa1 (sf); previously on Nov 19, 2010 Downgraded to Caa3 (sf) Cl. 2-A2, Upgraded to Ca (sf); previously on Nov 19, 2010 Downgraded to C (sf) Cl. 3-A3A, Upgraded to Caa2 (sf); previously on Nov 19, 2010 Downgraded to Ca (sf) Cl. 3-A5B, Upgraded to Caa3 (sf); previously on Nov 19, 2010 Downgraded to C (sf) Issuer: Long Beach Mortgage Loan Trust 2005-3 Cl. I-A, Upgraded to Aaa (sf); previously on Dec 12, 2023 Upgraded to Aa3 (sf) Cl. M-1, Upgraded to Ca (sf); previously on Apr 30, 2010 Downgraded to C (sf) Issuer: Long Beach Mortgage Loan Trust 2006-3 Cl. I-A, Upgraded to A3 (sf); previously on Nov 5, 2024 Upgraded to Ba1 (sf) Cl. II-A3, Upgraded to Caa3 (sf); previously on Apr 30, 2010 Confirmed at Ca (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 has either incurred a missed or delayed disbursement of an interest payment or is currently, or expected to become, undercollateralized, which may sometimes be reflected by a reduction in principal (a write-down). Moody's expectation of loss-given-default assesses losses experienced and expected future losses as a percent of the original bond balance. The rest of the rating upgrades, for bonds that have not or are not expected to take a loss, are a result of the improving performance of the related pools, and/or an increase in credit enhancement available to the bonds. The credit enhancement over the past 12 months has grown, on average, 1.08x for these bonds. Moody's analysis also considered the existence of historical interest shortfalls for some of the bonds. No actions were taken on the other rated classes in these deals because their expected losses remain commensurate with their current ratings, after taking into account the updated performance information, structural features, credit enhancement and other qualitative considerations. 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. [] S&P Takes Various Actions on 104 Classes From 77 US RMBS Deals ----------------------------------------------------------------- S&P Global Ratings completed its review of 104 classes from 77 U.S. RMBS transactions issued between 1999 and 2007. The review yielded 28 downgrades and 76 discontinuances. Rating Actions S&P said, "The rating actions reflect our analysis of the transactions' interest shortfalls and/or missed interest payments on the affected classes. We lowered our ratings in accordance with our "S&P Global Ratings Definitions," published Dec. 2, 2024, which imposes a maximum rating threshold on classes that have incurred missed interest payments resulting from credit or liquidity erosion. In applying our ratings definitions, we determined if the applicable class received additional compensation beyond the imputed interest due as direct economic compensation for the delay in interest payments (e.g., interest on interest) and if the missed interest payments will be repaid by the maturity date. "In instances where the class does receive additional compensation for outstanding interest shortfalls, our analysis considers the likelihood that the missed interest payments, including the capitalized interest, would be reimbursed under our various rating scenarios. In this review, 28 classes from 25 transactions were affected. "In accordance with our surveillance and withdrawal policies, we discontinued 76 ratings from 53 transactions that had observed interest shortfalls or missed interest payments during recent remittance periods. We previously lowered our rating on these classes to 'D (sf)' because of principal losses, accumulated interest shortfalls, missed interest payment, and/or credit related reductions in interest due to loan modification. We view a subsequent upgrade to a rating higher than 'D (sf)' as unlikely under the relevant criteria within this review. "We will continue to monitor our ratings on securities that experience interest shortfalls and/or missed interest payments, and we will further adjust our ratings as we consider appropriate." 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